The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-09
SENATE HARD At WORK.
Two Bills Passed-B. and l.. and Anti
Trust Bills introduced.

The Senate started to doing business yes
terday just as though it were the business
end of the Assembly. 1t has frequently
been remarked that il this body would do
business at the close of the session with
half the vigor that it does at the start il
would not be the graveyard of so much
legislation. 1t met promptly at 10 o'clock
and did business until IL, during which time
it went through one miscellaneous roll cali
and another roll call for bills. On this lat
ter twenty-five bills We're introduced and
two were passed. among those introduced
being a gerreral building and loan law. by
Senator Newby. The two bills passed were
to enable the completion of the courthouses
of Jasper and Allen counties. That for AL
len country was introduced by Senator FL
lison and so framed as to apply to that
county alone. The contract has already
been let for a courthouse to cost 5000 600,
and the county commissioners are author
lied to issue bonds up TO per cent. OF the
tax v3luation OF the county. Senator Eli
son asked that ON account of the urgency
of the case the bill be passed under suspen-
sion of the rules, and while there was OBJ
lection from various members on general
principles, they finally agreed to let it go
through, and il was passed. When the roll
call reached Senator PhareS he had eX-
actly similar bill for the Jasper county
courthouse at Rensselaer,, where the county
commissioners have TO raise about $751; to
complete a courthouse costing 900. The
Senate having passed Senator Ellison's bill
could not well refuse Senator Phares SIM
liar courtesy, and his bill was also passed.
BUILDING AND LOAN BILL.
The most important measure among the
bills introduced was building and loan
measure by Senator Newly, which goes on
the calendar Senate bill No. %. The bill
has all the essential features of the meas
uTe over which there was such a long and
hard fight at the last session, and which
was finally beaten in the Senate. 1t also
has one or two new features. designed to
prevent the transfer of funds under guise
of loans from one series to another, or from
a mo. l. TO st No. 2" Briefly stated, the
features of the bill are these:
l. All initiation fees. withdrawal fees
fines. ETC.. must be put TO the account of
profits.
2. Prepaid and paid-up stock are made
subject TO taxation.
8. The expense fund is abolished and the
expenses are made payable from the profits
and limited TO per cent. of the inst tflment
In many associations they are said TO ru.
as high as l2l2 per cent.
4. The association may create a sinking
fund of no more than per cent of the net
profits until il reaches much as 10 per
cent. of the capital. in order TO meet losses
5. The transfer or loan of funds from one
series TO another is prohibited This was
an association loaned $500 from one Sc
ries which was solvent and paying out to
another which was bankrupt
s. DepOsitors are entitled TO 6 Der cent
upon all stock over one year old the in
terest TO be computed after six months
from the initiation. Upon withdrawal a
member is entitled TO the face value OF his
stock less the penalties that have been
imposed.
Z Each association must. by July 15 fur
nish to the auditor of state q complete
report of it's condition. together with an
itemized statement of all expenses This
Is sworn statement and a COPY of il must
h.. ,pafta IN 81 L hold
s. Examination by the auditor of state
is required. and when an association is
found TO be insolvent the auditor is au-
thoriZed to bring receivership proceedings
i'm the Circuit Court.
g. The penalty for nonpayment OF current
stock Is limited TO 10 per cent and can be
imposed but once.
The bill was referred To the judiciary
committee OF which Senator Newby is to
be the head.
Three bills were introduced for the re-
arrangement of judicial circuits one OF
these by Senator Hubbell. provided for
cutting Lagrange county off the Thirfy-
fourth circuit and adding il TO the Thirty
fifth. thus making a separate circuit of
Elkhart county and throwing Lagrange
Steuben and De kalb into one circuit One
introduced by Senator La Toilette provides
for splitting Adams and Jay counties. now
forming the Twenty-sixth circuit into two
circuits Jay county taking the name of
the Fifty-eighth circuit. Senator O Brien