Indianapolis Times, Volume 44, Number 254, Indianapolis, Marion County, 3 March 1933 — Page 10

PAGE 10

PETTY LOANERS ARE VICTORIOUS IN LEGISLATURE Complete Triumph Is Seen for Operators After Senate Action. Small loan operators today won a complete victory in the Indiana legislature. With little discussion, the house accepted minor senate amendments to its petty loan bill, and the measure, barring a motion for reconsideration, is ready to go to the Governor. The bill gives full supervisory and interest rate fixing power to the new department of financial institutions, with the provision that in the absence of a department rate schedule, the interest shall be 3 per cent a month on sums up to $l5O, and 2’j above that amount. Senate amendment fixing a flat rate of 2 per cent was adopted Wednesday, but late Thursday afternoon, under of lash of Senator Anderson Ketchum of Greensburg, Democratic floor leader, the amendment was killed. Ketchum had the bill recommitted to himself as "a committee of one,” with specific instructions to eliminate the 2 per cent rate. He reported back at once and the 2 per cent amendment was killed by a voice vote. The low rate amendment was offered by Senator William P. Dennigan (Dem., Vincennes), author of a bill slumbering in the house, also setting a 2 per cent rate. The amendment, leaving the rate making power with the financial institutions department, stipulated that in no event should it be more than 2 per cent. As the bill now stands, the department could fix any rate. It has been explained by supporters of the bill that public pressure will keep the rate down to 3'/s per cent, the present maximum. Ketchum, as a prelude to the movement that killed the low rate

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amendment, denied that the petty loan bill is an administration measure. However, its author is Representative Leo M. Gardner (Dem.. Indianapolis), who. with twenty-six other representatives and nine senators, wrote a companion measure, reorganizing the banking regulation set up of the state and creating the department of financial institutions. The bill has the approval, voiced in committee hearings, of Alex Pursley of Hartford City, Democratic state committee member, and a ; small loan operator, and of F. L. Thompson of Chicago, counsel for the Household Finance Corporation, operating in twelve states. RACCOON BILL PASSED Solemn Senators Approve Measure Barring Eviction. Solemn senators today put their final stamp of approval on the reccoon eviction bill. As soon as the Governor signs the measure it will mean fine or imprisonment, or both, for any one who pushes a racoon family from hole or tree.

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RANK HOLIDAYS ARE DECLARED IN 30STATES List Grows Steadily, With All Parts of Nation Affected. (Continued From Page One) have. No statements indicating possible action were made. The federal reserve bank of New York announced an increase in its rediscount rate from 2Vi to 3V per cent, after the weekly reserve bank statement had shown an increase of $732,000,000 in money in circulation in a week, the largest rise ever recorded in a similar length of time. The total was raised to the new record of $6,720,000,000. Following is a summary of bank

THE INDIANAPOLIS TIMES

moratoria and withdrawal restrictions in the various states: Indiana—Banks authorized to limit demands on their funds to 5 per cent of deposits. California—Three-day holiday declared March 1. Tennessee—Five-day holiday declared March 1; not mandatory. Kentucky Bank holiday not mandatory, extended to March 11. Alabama—Ten-day suspension of banking business ordered by Governor. Banks reopen March 3, w-ith withdrawals limited to 5 per cent. Ohio—Same as Indiana. Pennsylvania—Same as Indiana. Arkansas—Same as Indiana. Maryland Banking moratorium extended, pending enactment of stabilization measures. Michigan Limited withdrawals still in force. Idaho—Governor declared holiday to March 17. Minnesota—State commissioner of banks given power to authorize state banks to suspend business for short periods. Oklahoma Three-day holiday proclaimed, beginning March 2.

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1 Mississippi—Withdrawals limited by state decree, until further notice. New Mexico—Four-day banking : holiday declared. Georgia—Holiday effective today i until March 6. Louisiana—Three-day holiday for “all public business, including banks 1 and other public enterprises” beginning March 2. Arizona Three-day banking moratorium declared, effective March 2. Nevada—Same as Arizona. Texas—Governor closes all banks until and including March 7. Oregon—Three-day bank holiday declared by Governor, effective March 2. West Virginia—State banking commission asked all state banks to limit withdrawals to 5 per cent. lowa—Passed legislation legalizing various safeguards, such as 5 per cent withdraw-al limit. Illinois—Same as lowa. Nebraska—Same as lowa. New Jersey —Same as lowa. Utah—Legal holiday until March 7. Wisconsin—Two weeks’ banking moratorium, effective March 3.

NEW BILL WILL BE DRAFTED ON 51,50 TAX LIMIT Charge of Irregularity in Final Enrollment Brings Changed Decision. A completely new bill will be introduced in the senate today to take i the place of the bill signed late Thursday by the Governor, effecting changes in the $1.50 tax limit law. This was decided in the senate after charges that irregularities had accompanied final enrollment of the measure, prior to its being sent to the Governor. i Senator Anderson Ketchum

(Dem.. Greensburg), Senator Walter S. Chambers (Dem., Newcastle) and Senator Larrv Brandon (Dem., Auburn). the three members directly concerned with the passage of the offending measure in the senate, explained action while the bill was in the upper chamber. “Any charge of irregularity is denied absolutely.” Chambers said. "Everything was done in open session. The error occurred in the house, which ordered the bill en-

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.MARCH 3, 1033

rolled without adding all words contained in the senate amend* ment.

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