The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1907-03-12
OUR TRENTON LETTER.
CONTINUED FROM FIRST PAeE.l

report states: "We think that an in
surance company should not have con-
troll of another corporation by owning
dominating interest. It's directors
can and will carry on the business of
that corporation and use the capital-of
the insurance company for that pur-
| pose. This is prosecuting a business
| foreign to the trust to which the funds
belong. We therefore recommend linn
iting the amount of the stock which
any insurance company may hold to
10 per cent of the whole"
The committee takes the position
that it is not feasible for so great a
number of policy holders to vote at an
election of directors. The sum of
$400,000000 Of assets is the limit the
committee thought company should
reach as there is a danger, according
to the report, in such companies be-
coming too large.
Among the legislation recommended
for insurance companies is an act, pro-
hibiting the contribution of moneys
for election or campaign funds, the
creation of the office of state director
of life insurance companies, the limi-
tation of capital stock dividends and
distribution of stock to $2,000,000 The
dividends are not to exceed more than
10 per cent of the value of the stock.
A bill by Mr.. Barber amends the pri-
mary election act so that the voters
may vote directly without the inter-
vention of delegates or conventions for
candidates for all elective offices in the
state and in the cities, towns or other
municipalities
A measure offered by Mr. Blohm ena-
bles citizens to move or direct munich
pal governing boards to hold elections
for the purpose of submitting to the
voters of such municipalities the ques-
ton of construction or purchase of
public utilities.
Assemblyman Holcomb of Hunter
don introduced two amendments to the
bishops law embodying his ideas on
the subject. The first provides that
licenses may not be granted to per-
sons in other than first or second class
counties unless they be citizens of the
United States and residents of this
state. In first and second class coun-
ties licensees must be residents of the
city, town, township or other munich
pality for at least one year before the
license is granted.
Mr.. Holcomb's second bill amends
section 10 of the bishops law by the
provision of service of notice for vio-
lation upon a nonresident owner and
also eliminates the penalty which pro-
vides that for conviction of violation
no license shall be granted to sell liq-
uors in the premises for which the Ii
cense was granted.
Railroad Bills.
The house committee on railroads
and canals gave a hearing Tuesday
afternoon on the railroad commission
bill and the series of railroad bills now
before the legislature The hearing
was spirited one and lasted more
than three hours. Several railroad
lawyers appeared to oppose the meas
ures, claiming that there was no need
of such legislation and declaring that
a railroad commission would be a Sc
rious extravaganza. An army of speak
ers, headed by William Mayo Atkin-
son, strongly advocated favorable ac
ton by the committee on the bills.
Farmers from all parts of the state
attended a hearing Tuesday on the
measure providing for unlimited fran
chises in counties of the second, third
and fourth class except in cities of
$4,000 inhabitants or over. The farm
ers claimed unlimited franchises in
the suburbs would result in more troll
ley roads and improve the value of
farm lands. A number of speakers
favored the measure, and others op
posed it.
The house passed Assemblyman
Klenert's bill to abolish the state board
of arbitration.
The fish and game committee of the
house gave hearing Tuesday night
on the measure prohibiting the use OF
the pound net at the seashore. The
line fishermen are for the measure, but
the fishermen of Monmouth county
came here in scores to stamp it out.
After warm debate the house pass
ed Mr. Holcomb's measure to abolish
voting machines.
To Investigate the Erie.
Declaring that the town Of Verona,
in Essex county, is being distressed
and embarrassed by reason of the
withdrawal from it of the railroad
trains, both passenger and freight, and
that the people are suffering from the
lack of coal and other necessities of
life Assemblyman John G. Groel of
Essex Monday night introduced in the
house. of assembly a joint resolution
providing for the investigation of the
Erie Railroad company, which controls
the railroad line to Verona. Speaker
Lethbridge referred the resolution to
the committee on canals.
n. Il. a.aI 90