Indianapolis Times, Volume 45, Number 295, Indianapolis, Marion County, 20 April 1934 — Page 13
APRIL 20, 1934
BOEHNE LETTER MAKES APPEAL FOR PWA FUNDS Representative Points Out That State Is Behind on Quota. By Timet Special WASHINGTON. April 20.—Declaring that Indiana has been allotted only 57 per cent of its quota of federal public works funds. Representative John yt. Boehne, Sixth District Democrat, has appealed in writing to Secretary of Interior Harold L. Ickes, the public works administrator, to relax the rigid rule that has been applied to Hoosier municipalities seeking loans. The government. Representative Boehne said in his letter, has set itself up as "a tougher creditor than private corporations.” The Evansville congressman called attention to a recent experience of the city of Terre Haute, which, due to the $1.50 state tax limit law, w f as unable to sell its general obligation bonds to PWA, but was able to float a $45,000 issue with a Chicago investment house at a premium. “The city of Huntington, Indiana, desiring to issue revenue bonds for extensions to an existing system, has unqualified approval of bond counsel,” wrote Mr. Boehne. “However, T am informed this city is in receipt of a contract from the government requiring a test suit, which if filed would probably require a year in its final determination, and therefore of no immediate value, to the recovery program. I could mention other cities where the identical conditiorfe prevail.” The national recovery act, which carried the three billion dollar public works appropriation, Mr. Boehne pointed out, contains a provision which reads: “The President, in his discretion, and under such terms as he may prescribe, may extend any of the benefits of this title to any state, county, or municipality notwithstanding any constitutional or legal restriction or limitation on the right or power of such state, county or municipality to borrow or incur indebtedness.” The letter concludes: “I would like to see the administration take the position: “1. That general obligations of Indiana be accepted whenever the previous high caliber of the applicant’s credit standing represent reasonable assurance of repayment. “2. That the unqualified opinion of nationally recognized municipal bond counsel on revenue bonds in Indiana, whether based on statutory authority, or implied inherent power, be accepted when given sufficient compliance with the qualification of 'reasonable security.’ “I am laying this matter before you as the administrator of the public works administration, because of its extreme importance to us as citizens of the state of Indiana. Will you be good enough to give this matter your very serious consideration.”
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BILL AROUSES STORM
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Powerful opposition is rising in congress to the bill of Representative Edward A. Kenney (Dem., N. J.), above, for a national lottery designed to bring a billion dollars a year to the United States treasury. The lottery would be conducted by the veterans’ administration to pay soldier compensation and. Kenney says, to bring tax relief.
P.-T. FEDERATION TO GIVE HEALTH MEET Open Discussion to Follow Lectures. The Parent-Teacher Federation will sponsor an all-day health conference Wednesday, April 25, at the Central Christian church. Medical authorities will speak on health and hygiene, contagion and epidemics. Round table discussions wall follow each talk. Reservations are limited to 500 for the luncheon to be served from 12 to 1.
OFFICE STAFF FLEES AS ‘PENCIL* BREAKS EMITTING GAS FUMES
By Times Special WORCESTER. Mass., April 19. —When Treasurer Leslie B. Goff broke his pencil, all employes of the Worcester Morris Plan Company wept. The pencil “hissed.” Tears well in Mr. Goff’s eyes. Soon his associates were crying, too. All ran outside. The pencil was a disguised teargas bomb designed to discourage , bandits.
RFC STUDIES SMALL LOANS TO RETAILERS Experiment to Stimulate Buying May Be Tried in Southwest. BY MAX STERN Times Special Writer. WASHINGTON. April 20.—A plan to release immense sums in consumer and small merchant credit is being considered by the Reconstrucj tion Finance Corporation, treasury I and other officials here. Offered by Sidney M. Weil of Albuquerque, the plan would be tried first in the southwest, particularly | in New Mexico and Arizona, and if I successful there extended to other i regions. Mr. Weil has been at work i with Representative Dennis Chavez !of New Mexicon on details and i daily conferences have been held in RFC departments for a fortI night. Briefly the plan is designed to expand credit at* its base, through the retailer by making him loans for the purpose of replenishing merchandising stocks now down to bed rock. Under the plan RFC would furnish the major funds, augmented by capital provided by local communities. Local loan companies would be formed. These would raise capital through sale of common and preferred stock and purchase government securities therewith, which, upon being deposited with RFC, would be expanded seven-fold through advances from RFC. With this new credit loans would be made to merchants. The loans would be repaid in sixteen monthly installments, beginning sixty days after the date of the obligation. A revolving credit feature is included in the plan, whereby merchants may reborrow for continuing merchandise purchases. According to Mr. Weil, the lack of consumer credit all over America is traceable to the inability of merchants to finance their merchandise purchases by bank loans, due, in turn, to restrictions as to terms. This has dammed the flow of normal credit, cut down employment, created a threatening stagnation. Safeguards are provided under the plan against misuse of the new credit by unscrupulous operators and for the repayment of old debts. “We believe this plan will, if applied nationally, result in a kind of controlled inflation, a revival of trade activity, increase employment and produce a higher living standard,” said Mr. Weil. “In supplying new working capital it will correct depleted stocks, encourage broader buying for cash and offer new credit facilities at the customer’s usual market, the retail merchant, the normal distributor of credit.” Under the plan New Mexico merchants would be provided with more than $1,000,000 and Arizona merchants about $2,000,000. The amount to be raised locally would total $250,000 in New Mexico and $375,000 in Arizona. These amounts would be revolved four times a year.
THE INDIANAPOLIS TIMES
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