Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-01-27
ANTITRUST BILLS
ARE UP THIS WEEK
Busy Sessions Face Both
Houses of New Jersey
Il Legislature.
STATE TREASURER is
TO BE ELECTED ALSO
Then There's the Prudential
Naturalization Bill and Other
Big Measures.
fFrom a stan oorrespondent.l


TRENTON, N. J., Jan. 27.-Gover-
nor Wilson's seven antitrust bills
and legislation affecting the Pruden-
tial Insurance Company are among
the measures that come up before the
Legislature In the third week of its
session beginning today.
Democratic Senators and Assembly
men will meet the Governor Tuesday
10 discuss with him the best means
of securing the passage of the cor
poration bills drawn at his direction,
for his desire is to have them en-
acted into laws before he resigns TO
become President. Confidence in their
passage is expressed by the Demo-
cratic majority, and it is likely there
will be no public hearings.
There are two measures vitality af-
fecting the Prudential company. one
the bill allowing Newark to tax the
companys deferred dividend fund of
nearly $30,000.000, introduced in tt
Assembly last week by Mr.. Rowe,
of Essex, and now in the hands of
the committee on banks and insur-
ance, of which Mr.. Rowe is chairman,
and the other a bill allowing the COM
pany to change from a stock to
mutual corporation. This latter bill,
now ready for presentation. after
series of conferences last week be-
tween the corporations legal depart
ment and State Banking and Insur-
ance Commissioner George NJ La
Monte, will probably be introduced
tomorrow night in the Senate by
the majority leader, J. Warren Davis,
of Salem.
While several committee meetings
have already been held by both
houses the real work of these small
bodies will begin this week. At last
Tuesdays sitting of the House
Speaker Taylor urged the various
committees to get busy, and follow
ing his suggestion chairmen an
nounced series of sessions, wnicn
will be held tomorrow afternoon, Be
sides other Senate committee mect-
ings the committee on railroads and
canals tomorrow afternoon at 3
o'clock will consider the two grade
crossing bills, one introduced by Sen
ator Fielder and the other by Senator
Pierce. Public hearings on these
measures will probably be held later.
sPru. naturalization Bill.
szation is voluminous and has been
prepared with great care. the assis-
fance of many of the States best
lawyers having been obtained in
drafting it. Other big insurance COM
panies will watch its progress in the
Legislature with interest.
Already the fight, has begun by the
Prudential, with its vast influence
throughout New Jersey. against the
bill to tax the special fund which
the company asserts belongs to pol
icy-holders, and in which it declares
1t has no interest save as a trustee
The president of the company, For
rest F. Dryden, is personally direct
ing the battle, and against him on
the other side is City Counsel James
r. Nugent, who for several years
has worked for the interests of New
ark in trying to make it legal for the
city to impose taxes upon the huge
fund.
The courts are through with the
case, having once declared the fund
taxable, and then when it was
claimed to be liability by the COM
pany, rather than an asset, pro-
nouncing it untaxable.
All the company's resources, lying
in it's policy-holders and its many
branch offices, are being brought into
play with the hope of defeatiniJ the
bill. Throughout the twenty-one
counties of the State the company
has sent circular letters stating it's
side of the case and urging policy
holders to appeal to their Senators
and Assemblymen to vote against
the measure when the time comes.
Some members of the Legislature
have already received such appeals
To Elect State Treasurer.
One of the clauses in the circular
letter reads: mo attempt was ever
heretofore made by any State in
the Union to impose a tax of this
character. If this bill becomes a law
it will take money unjustly from
your pocket
The formality of selecting a State
treasurer to succeed Daniel S. Voor-
hees and United State Senator to
succeed Frank o. Briggs will be gone
through by the Senate and Assembly
in joint session Tuesday. State Dem