Daily Kennebec journal., 1925-04-08

Hinckley. And only the dog and
manger policy that the state has
been pursuing for years, and by
which it has been growing less and
less populous, weaker and poorer in
every way, can prey ent the LegiSla-
ture passing this act"
The motion Of Senator Carter to
Indefinitely postpone the bin was lost
by vote of 8 to 10.
The bill was then passed to be en-
crossed.
Fox Bill Defeated
Senator Morrison moved the mi
nority repo. t ought not to pass" of
the committee on banks and banking
on the bill placing the sale of con-
tracts for fur bearing animals under
the provisions of the blue sky law,
So-called.
Senator Foster opposing the mo-
ton said that this blue sky law had
been great protection to those un-
acquainted with the investment of
money. He felt that the time had
come to n ore clearly define what
should como under the provisions Of
this law. in this sale of fox con-
tracts investors had told him they
had at first received 75 percent, but
that they do not expect to receive
more than u percent next time, with
possibility of further reductions.
There was no question in his mind
but what these contracts were Sc
curities in the fullest accepted mean
ing of the word.
Those engaged in the business
ought, he thought, welcome this law
but they did not. Instead they had
hrnilOhf nf ha
strongest lobbies to the State House
which had been here this winter. lie
read at length from an editorial II
the Portland Press Herald of Mon
day and declared that had he invest
ed $4,000 in foxes received a 75 per
cent dividend. then was waiting one
or 81 per cent he would be a good
sprt and vote for this to prevent
others buying n gold brick
senator Morrison said he had felt
from the first that the proposed bin
was a special class legislation aimed
at one individual, but suggested that
those citizens who invested in the fox
proposition had not supported the bill
and were not in favor of it.
lie pointed that the bill had been
u[at Tea by one department in the
STATE House: that the head of this de-
"rtIhpit had appeared for it in the
committee hearing; that if it were
passeu TINS department would imme-
diately place its stamp of disapprova1
upon the Gordon fox business. drive ~
to the wall and thus deprive soua
4U00 Maine investors of any return
Whatever on their investments.
senator Foster retaliated with the
remark that the arguments advanced
ny senator Morrison were verbatim,
statements of those who had opposed
the Dill in hearing. He said the ONLY
issue was whether this business
should be placed under the Same laws
as other security business and he
thought that if the business is honest
and above board its supporters should
welcome being placed on a uniform
basis.
Replying to Senator Fosters state
ment that his remarks had been YER
batlm for those used by the opponents
IN the committee, Senator Morrison
SAID he had not appeared in the COM
mittee and had not, therefore, heard
the remarks. He pointed out that the
Gordon fox firm has stood the test of
publicity and several investigations
and has not been proven illegal.
Senator Foster thought It was an
illegal business, but Senator Morrison
wanted to know how he judged that,
but Senator Foster said they were d.
verting from the real issue at stake.
The vote on Sen. Morrisons motion
for acceptance of the minority report,
Ought not to pass" was doubted by
the Chair.
Sen. Morrison called for the yeas
and nays, but a sufficient number did
not arise for such a vote.
The minority report then was ac-
cepted by a rising vote of Is to 8.
The Senate adjourned to $50 A. NJ.
Wednesday.
Discuss Needed Construction for Insti-
tutions
The question whether the Legisla-
ture should try to hold TO a seven mill
tax or make provision for some needed
construction at State institutions, pro-
voked considerable discussion in the
Senate Tuesday morning, when Sena-
tor Smith of Somerset county moved
the adoption of the committee Ought
to pass" report in favor of an addition