Indianapolis Times, Volume 46, Number 210, Indianapolis, Marion County, 11 January 1935 — Page 20

PAGE 20

BILL AMENDING BANKING ACT IS BEFORE HOUSE Section Intended to Free Frozen Deposits Is Included. A bill amending and strengthening the Indiana Financial Institutions Act, based on changes which the yer. r and a hall of experience in operation of the department has indicated are needeed. was introduced today in the House of the Indiana General Assembly. # One section of amendments in the bid is designed to make possible reorganization of certain banks now restricted, thereby releasing to depositors In certain Indiana communities between $2,000,000 and $2 OOO.OTK) of funds now "frozen.” The bill also would eliminate certain provisions of the present law which prevent state banks, trust companies and building and loan a oriations from making loans and from utilizing other features of the National Housing Act. One of the major amendments Is oil" prohibiting any person, firm or corporation, other than bank or tru t company, from using the word ••bank” as a part of its name or “to advertise to represent himsejf or itself to the public as a bank or trust company or as affording the services or performing the duties which by law a bank or cornpan- only is entitled to afford and perform.” Building and Loan Section Another important section provides for regulation of paying withdrawals in building and loan associations. Features of this section include: 1. That a building and loan association may not pay any amount in excess of SIOO a month a person without notice. 2. The required notice Is reduced from Oft days to 30 days. 3. That an association unable to dfjnands of all shareholders who ha\V> given notice may not pay any individual shareholder more than SSOO in* one month and that subsequent to such payment his notice for. future withdrawals must bo returned to the bottom of the list and such withdrawing shareholder can not receive any further funds until his name is reached bv the consecutive payment of all notices on file. 4 That associations shall set aside at least one-half of nil fund.- received. exclusive of borrowed money and operating expense, for the purpose of meeting demands of withdrawing members when all such demands can not be met in full. Prevents I.arge Withdrawals These amendments are designed to prevent building and loan associations frem holding out hope to shareholders that funds are demand funds and may be withdrawn at any time and thereby deceive unsuspecting investors as to the true nature of their investments. Also, it makes it impossible for

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EVERYBODY’S WHOLESALE GROCERY Dozens or More. No Less Special Saturday Only Scott Cos. Red Kidney Beans. 24 No. 2 Cans .... *1.22 PINK SALMON. OA No. 1 Cans. Dw tp 1• JU SCOTT CO. RED BEANS. 24 No. 2 C 1 O C Cans V J SCOTT CO. LIMA BEANS. ar 1 ... 51.39 W ASHINGTON PEAS. 24 N°. ' C*l AQ 2 Cans .. ... 1T O GREEN BEANS, 1 PQ 24 No. 2 Cans vl u J SCOTT CO. HOMINY, 24 SCOTT CO. KRAUT. ?£. $1.09 SCOTT CO. PORK & BEANS, 24 No. OQ PHILLIPS MIXED VEGETABLES. £Q 24 No. 2 V * •I? J Si OTT CO. EVERGREEN SWEET CORN. 1 IQ Doz., • 1 •/ CHILI CON CARNE. 24 No. 1 Cl QQ Cans P I*o/ 800 MADISON AVE.

REPRESENTATIVES CONFER AT OPENING SESSION

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This informal group of legislators was photographed prior to a caucus session at the Statehouse,

CITY BANKS DESIGNATED AS STATE DEPOSITORS Lawrence Sullivan, State Auditor, Discloses List. A list of banks which will be depositories lor state funds was announced yesterday by Lawrence Sullivan, auditor of state. Indianapolis banks designated are: The American National Bank, Indiana National Bank, Fletcher Trust Company, Marion County I State Bank, Peoples State Bank, ! Indiana Trust Company, Central i State Bank, Fountain Square State 1 Bank, Brightwood State Bank, Northwestern State Bank, Bankers J Trust Company, Merchants National Bank, State Bank of Massachusetts Avenue, Fidelity Trust Company, Madison Avenue State Bank, Union Trust Company, Spred’ay State Bank and Security Trus Company. STATE RECOVERY ACT NOW BEING PREPARED Bill Supplementing XRA Codes to Be Offered Monday. Technical details of a state recovery act, under which the Govi ernor may approve and enforce! codes of fair competition, today were being worked out in anticipation of the introduction of the meas- j ure in the General Assembly, proba- ■ bly Monday, Such an act, recommended by business groups and approved by Gov. Paul V. McNutt in his message to the Legislature, would provide state agencies to supplement Federal NRA enforcement. Other states have adopted bills setting up machinery for co-operat-ing with the National Recovery Administration in the enforcement of commercial and industrial codes. certain favored shareholders to I withdraw large sums. The department hopes that if the public is properly educaled to the; fact that such money is invested in long -time investments and can not be always readily available, that panic can not develop to the extent I it has developed in periods of crises i m the past. The amendment would bind all ! depositors, creditors or sharehold- | ers to a plan of reorganization approved by 75 per cent of the depositors. creditors or shareholders; gives the State Banking Department exclusive right to enforce individual liability imposed by law on shareholders of banks and trust I companies, prohibits directors from • pledging their qualifying shares to ; any institution, permits the banking department to regulate the rate of interest paid by any mutual savj mgs bank or building and loan association, permits banks to buy any securities issued by any Federal agency, and gives banks the right to make loans to a closed bank being liquidated. One section provides that at any time a member of a building and i loan association has received credit i for a full share or any multiple thereof, the associaion shall apply such share to the principal reduction of the member's loan, thus reducing not only the loan principle but also the amount of interest. Numerous other technical changes are provided as result of omissions ; in the original act.

ORANGES! ( urlotid its Florid.i Tree-ripened Oranges. Sweet and .litiey. If f® "> ti Want Cloud Quality see $ 1 .so I FANCY APPLES §j Grimes Golden, Jonathan j GRAPEFRUIT £•* 20c AND 25c DOZ. TANGERINES HAMILL Bros. I 230 Virginia Ave. Sj

nffluiniti 42 X. PENN. ST. Brednut OLEO 1? 5 .21c ir ROAST Lb - 1 J'lC Grcand BEEF Lbs. 1 5 C SSL BACON 1 ?,35 c *

SCHEME DEVISED TO BLOCK BONUS BILL Compromise Is Agreed On by Leaders. By United Press WASHINGTON. Jan. 11—Democratic leaders evolved anew strategy today which they believe will block enactment of the $2,400,000,000 soldiers’ bonus bill. The program, worked out at a series of secret conferences, assumed the bill will pass both the Senate and the House and will be vetoed by President Roosevelt. The leaders believe they can prevent passage of the bill over a veto through a compromise whereby veterans would receive about half the money proposed in the Patman bill. The plan is to bargain with this compromise, holding it until the President had vetoed the original bill and then counting upon it to swing enough votes to sustain the veto. CITY GIRL GIVEN PART IN INDIANA U. PLAY Harriet Flowers One of Principals in ‘Heloise and Abelard.’ By Times Special BLOOMINGTON, Ind., Jan. 11.— Harriet Flowers of Indianapolis will take part in the presentation next Tuesday and Wednesday of “Heloise and Abelard” by the Indiana University Theater. Miss Flowers, a freshman at the university, will appear as Lisette in the play written by William Hodapp of Louisville, post-graduate student in the university. The leads in the show will be taken by Angeline Gutwein of Francesville, Irving Cohen of East Chicago and Ned Lefevre of Elkhart. State School thief to Speak Floyd I. McMurray, State Public ; Instruction superintendent, will deI liver a travel talk before members I of the George Washington Men’s Club at an election meeting to be i held at Washington High School Tuesday.

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THE INDIANAPOLIS TIMES

4 STATE CONGRESSMEN GET COMMITTEE POSTS Farley, Gray, pettingill and Griswold Assigned. By United Press WASHINGTON, Jan. 11.—Important House committee assignments, made by the Committee on Committees and approved by the Democratic caucus, included four from the Indiana delegation. James I. Farley, 4th District, was assigned to the Banking and Currency Committee; Finly H. Gray, 10th District, to the Foreign Affairs Committee; Samuel Pettengill, 3rd District, to the Interstate and Foreign Commerce Committee, and Glenn Griswold, sth District, to the Labor Committee. senate"mourns death OF FORMER MEMBERS Resolutions of Regret Adopted on Passing of Three. Regret over the deaths of three former Senators since the 1933 session was voiced yesterday in the Senate by passage of three resolutions. The resolutions were in memory of Senators Michael M. Mahoney, Indianapolis; Jesse M. Ballard. Marion, and Jacob Cunningham, Kokomo. Senators Thomas Hendricks, Indianapolis; Edward C. Mays, Marion, and Dale Watson, Russiaville, respectively, introduced the resolutions.

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HOUSE MEASURE' ON PARI-MUTUEL BETTINGJEADY Act Legalizing Wages on Horse Races May Be Offered Today. An administration measure to legalize pari-mutuel betting on horse races may be introduced in the Indiana House today. The measure is advocated by the State Board of Agriculture which went on record yesterday as favoring such a law. A similar bill introduced in the | last General Assembly met with considerable opposition, and a determined fight may be launched against this measure. The proposed bill provides that one-half of the proceeds which the state would collect from wagers on races would go to the general fund, one-fourth would be given to the division of agriculture of the Department of Commerce and Industries, and one-fourth would go to the various counties. Provides for Commission A state racing commission, appointed by the Governor for a term of not more than four years, would be established, and the commission j would appoint a state superintend- i ent of racing. The measure would subject to fines and imprisonment upon conviction any “touts,” "fixers,” or other underworld characters who would seek to opeate in this state. A person fixing a race would be guilty of a felony and subject to SIO,OOO fine or imprisonment from two to ten years, or both. Apportionment of Money The Board of Agriculture would use the money which it would receive under the bill for the payment of premiums and purses to make up any deficit inclined in operating the Indiana State Fair. The money given to the counties would be allocated on the basis of premiums and purses paid by fairs and associations of the counties during a given year. One and one-half per cent of the commission each fair or exhibition association received from wagers would be charged by the state as a license fee.

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JAN. 11. 1935