Indianapolis Times, Volume 47, Number 268, Indianapolis, Marion County, 17 January 1936 — Page 11

ETAN. 17, 1989.

BORAH FOSTERS i BILL TO RAISE U. S. EXPENSE

HOLC Measure Would Cost Nation $500,000,000 Over 15 Years. tv United Prets WASHINGTON. Jan. 17.—New Dealers discovered in the bottom of the legislative hopper today a bill Introduced by Senator William E. Borah (R., Ida.), which they believe would raise Federal expenditures $34,300,000 annually for 15 years. The measure probably will attract unusual attention because Borah is a passive candidate for the Republican presidential nomination. It would reduce interest rates on Home Owners Loan Corporation mortgages from 5 per cent to 3. An executive council order long ago forbade New Dealers to discuss pending legislation. But it was possible to learn on good authority that the HOLC fears the Borah bill. It is suggested that it would cost the government $500,000,000, demoralize the country’s private loan business, artificially increase the value of some homes by as much as S2OOO, lower the worth of others in proportion and perhaps ruin the home loan corporation. “Fiddlesticks,” exclaimed Senator Borah, when asked what was behind the measure. "It explains itself. There is nothing mysterious about it. It means Just what it says —reduce the rates from 5 to 3 per cent.” Says Present Rate Too High He said he thought the 5 per cent rates were too heavy a burden upon distressed home owners, who are the principal clients of the HOLC, and indicated his belief that the measure would have no disastrous effects, either upon the government, or upon private business. Experts not connected with the HOLC said that ramifications of the bill could be discovered by any one with pencil and paper, taking as a starting point the fact that the corporation now has about $3,000,000,000 in loans outstanding to nearly 1,000,000,000 home owners, and that it expects to take in next year $150,000,000 in interest payments. Reduction of these interest charges by 2 per cent would lower the corporation’s income by $60,000,000 the first year, without lowering its operating expenses, nor the 2.7 per cent it now pays for the money it has lent out. Margin Would Be Small Borah’s bill would leave the HOLC with a margin of three-tenths of 1 per cent in interest income to pay operating costs and losses—which are expected to be considerable. It was estimated that Congress would have to pass a deficiency bill of about $60,000,000 next year if the bill became law and the HOLC were to survive. There would be necessary similar smaller appropriations during the next 14 years, totaling something more than $500,000,000 before the affairs of the corporations could be liquidated. Similarly it was pointed out that the bill would mean a reduction in payments by the average mortgagemaking householder of one dollar a month, but would have the effect of raising the value of his home artificially about SSOO to S2OOO. Might Demoralize Business That is because a house with a 3 per cent mortgage would be worth considerably more than an identical dwelling with a 5 per cent loan upon it. This fact, it was said, would have a tendency to demoralize the private mortgage lending business, which was none too happy when the New Deal placed its rates at 5 per cent. Building and loan association rates, including all charges, now average more than 7 per cent, while other private lending agencies frequently charge more. Critics of the Borah bill raid few citizens would care to ma ie loans at these prices when the ,r neighbors were dealing with the government at lower rates. U. S. TO AID TRUCKERS IN PERMIT REQUESTS Motor Bureau Agents to Be at Three Cities in State Next Week. Truck operators of Indiana were notified today by the Indiana Motor Traffic Association, 1 Inc., that representatives of Federal Motor Carrier Bureau are to be available at three cities in Indiana to assist in preparing applications for permits. A representative will be at the Keenan Hotel, Fort Wayne, Saturday, Sunday and Monday; at the Jefferson Hotel, South Bend, Tuesday and Wednesday; at the Seelbach Hotel, Louisville, Monday to Thursday, and at the Union Station, Vincennes, next Friday and Saturday.

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TWO OVERCOME BY SMOKE HERE Custodian and Aged Man Are Rescued in Apartment Fire. Two persons were overcome by smoke in a fire early today in an apartment building at 350 N. Sen-ate-av and damage of S3OO reported when a smoldering fire in the basement destroyed a storage room and its contents. Warren Wise, 58, the building custodian, was overcome when he attempted to fight the fire with a garden hose and had to be assisted from the building by firemen. Geroge W. McLoskey, 86, an occupant of the apartment directly above the fire, was overcome and rescued by his wife and step-daugh-ter, Miss Marie Gilcher, after Mrs. McLoskey discovered the fire. All occupants of the 20-apartment building were awakened by Mrs. McLoskey’s screams. A fire at the Thomas L. Green Manufacturing Cos., makers of bakery equipment, at Ohio-st and Miley-av, did damage of less than SIOO early today. An overheated steam pipe in the boiler room ignited timbers in the floor above. The fire alarm was sounded by the automatic sprinkler system.

RITES ARE ARRANGED FOR ELBA C. RUBUSH Salesman to Be Buried Tomorrow in Crown Hill. Services for Elba C. Rubush, 150 E. 46th-st, a salesman for the Crescent Paper Cos. for 26 years, are to be at 2 tomorrow afternoon at the Hisey & Titus Funeral Home, 951 N. Delaware-st. Burial is to be in Crown Hill Cemetery. He was 62 and died last night after a two years’ illness. He had lived in Indianapolis all his life. He was a member of Oriental Lodge, F. & A. M.; Scottish Rite, Murat Temple of the Shrine and the Meridian Heights Presbyterian Church. He is survived by his widow; a daughter, Miss Katherine Rubush; a brother, Preston C. Rubush, and two sisters, Miss Lou A. Rubush and Mrs. Witt Hadley, all of Indianapolis. MARTIAL LAW HINTED AFTER RELIEF DISPUTE Seven Kansas Strikers Hospitalized in Courthouse Clash. By United Press FORT SCOTT, Kas., Jan. 17. Martial law appeared imminent today after a clash betwien relief strikers and county officials at the Courthouse sent seven strikers to the hospital suffering from tear gas. Topeka sources said Adjt. Gen. Milton R. McLean of the National Guard might call out troops this afternoon if there is any indication of additional violence. “We’ll have our full strength back here in a few hours,” one of the strikers declared, “and then you’ll see what happens.” WPA Supervisor Succumbs By United Press WAW AKA, Ind., Jan. 17.—Walter Golden, 61. supervisor of a WPA street repair project here, died yesterday after a stroke of apoplexy. He is survived by# his widow and six sons. 1 checks tztztz COLDS Odd fever sL'.venSse 13 HEADACHES DROPS in 30 minutes

FRIENDS TO PUT ELZA ROGERS IN G. O.j’JATTLE Campaign for Nomination as Governor to Be Launched Wednesday. Friends of Elza O. Rogers, former Republican state chairman, intend to launch his campaign for the G. O. P. nomination for Governor Wednesday at a booster meeting in his Lebanon home town. Mr. Rogers is not formally announced as being in the race, but his friends say he has given assurance he will seek the nomination if his home county of Boone shows sufficient sentiment for his doing so. Mr. Rogers was Republican state chairman from 1928 to 1932 and Mayor of Lebanon from 1910 to 1914. Born in Clinton Township, Boone County, in 1877, he has resided all his life in the county. He is the senior member of the law firm of Rogers & Smith, of Lebanon. He is a member of the Presbyterian church, the fraternal orders of Masons, Elks and Moose, the American Legion, the Indianapolis Columbia Club, Indiana State Bar Association and Rotary Club. Landis Enters Race Gerald W. Landis, Linton High School athletic director, today announced he will seek the Republican nomination for Representative in Congress iron the Seventh District. Mr. Landis was the unsuccessful nominee in the last general election. FORUM TO HEAR LUTZ Attorney General to Talk Before Church Group Sunday. Atty. Gen. Philip Lutz Jr. is to address the Adult Forum at the All Souls Unitarian Church Sunday morning at 9:45. The meeting is open to the public.

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THE INDIANAPOLIS TIMES

Shuffle Along A Grade A tradition doesn’t last Butler University students any time at all now. They had gone through another one today like Sherman through Georgia, and only a few faculty members seemed concerned. Unnamed conspirators slipped an orchestra into the fieldhouse last night, and following the Wabash-Butler basketball game the musicians played a few popular ditties. Soon the concrete floor was full of shuffling persons. School authorities ordered the lights turned out for 15 minutes, but apparently the students liked it better that way. The lights wers turned back on. For several years undergraduate organizations have tried to get permission to hold campus dances, but they always have been refused. There isn’t any rule against it, students say. It is just a tradition.

MAJOR HARRISON RITES TO BE ARRANGED TODAY Veteran Carpet Salesman Is Victim of Heart Disease. Arrangements for services for Major P. Harrison, Banner-White-hill Furniture Cos. carpet salesman who died yesterday of heart disease at the store, are being arranged today. He was 80, bom in Arkansas, and_came ic Indianapolis 53 years ago. He was a member of the Meridian Street M. E. Church. He is survived by a daughter, Mrs. Harold W. Bryant, Grand Rapids, Mich.; a son; Major P. Harrison Jr., St. Louis, Mo., and three sisters, all in Arkansas. HUBERT RILEY BETTER Works Board President Recovering From Serious Illness. Hubert S. Riley, Works Board president, who has been seriously ill at his home for two weeks, was reported today to be slowly improving.

HORNLESS WEEK ADVOCATED FOR CITYAUTOISTS Motor Club Manager Says Honking Can Be Cut With Safety. Even the most violent auto horn tooting will not make the red light change to green a second sooner, Tod Stoops, secretary-manager of the Hoosier Motor Club, pointed out today in advocating a “horn-less driving week.” "Honking can be cut to an amazing extent without detriment to highway safety,” Mr. Stoops said. “Try driving your car a week without use of the horn.” Many cities here and abroad have MEDICATED WITH INGREDIENTS OF Vicks Vapoßub t •,Modem successor to old-fashioned cough syrups... more convenient ... less expensive ... lingers longer in the throat.

anti-honking ordinances, but until their example is followed here, the

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I motoring public could aid greatly by resorting to use of the horn only

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in extreme emergencies, Mr. Stoops said.