Arizona republican., 1915-01-21
Morning Session of House
 is Short, But Many New
 Bills Are Introduced - Miscellaneous Subj ects Treated in Measures
TAXPAYERS GET
 SOME BILLS READ
Hon. c. Meyer Zulick Again Almost Ridden to Ari- zona, This Time by Leg lslators - Senate Felici- tateS President

Again, as on preceding days, the greater part of the legislature in both branches was spent in cooking up war medicine with which the public as well as the reporters will shortly be dosed and overwhelmed. In other words the mouse and senate are putting in the most Of their time in committee meet ings. Comparatively few of the bills which have been introduced and reter- red have been reported for consdera- tion by the committee of the whole. It's expected that they will be brought In in bunch when violations of the eight hour law on the part of both legislators and newspaper men will become most fragrant The clerks and other attaches are stopped from com plaint by the terms of their employ ment to which they have aeceded under oath.
 New House Bills.
 Many new measures were launched in the house which held only a fore noon session yesterday One of them provides for the creation of mortgage loan associations which may be formed for the purpose of making loans on agricultural lands, forest lands, and dwelling houses. The aggregate amount Of the capital stock shall not be less than S10,000. No other association of any kind shall have name so nearly like that of a land mortgage associa- ton that there may be any confusion. The Orp1tpSt r6c l,a sociation are to be thrown about it. In making loans none shall exceed slXty-five per cent of the amount of the value of property improved and money can be loaned on only forty per cent of the value of unimproved lands. Bonds may be issued secured by the pledge of the mortgages taken. mortgages shall be first and valid lien upon the whole and undivided fee and upon no lesser estate According to the terms of the mortgage the mortga- gor binds himself to soil conservation. There must be provisions for the gradual reduction of the mortgage. No officer of the company may be inter- ested in the mortgaged property ex- cept upon the approval of tWo-thirds of the trustees of the association. Pro- visions are made for the calling of the loan in certain cases and for demand of part of the loan upon any depre- iation of the mortgaged property.
 The aggregate amount of the bonds that may be issued by the company shall not exceed twenty times the amount of the capital and surplus of the company. The securities of the company must be pledged with the state treasurer to secure the payment of the bonds issued by the company The total amount of the bonds actual ly outstanding shall not at any time exceed the total amount unpaid on the notes secured by mortgage belonging to the association and pledged for the payment of the bonds plus such securi- ties and moneys as may be on deposit with the state treasurer. All land mortgages shall be exempt from tax ation- The interest on mortgages and bonds shall be fixed by the corporation commission.
 Three bills were recommended by the Arizona Tax Payers association. One of them enables indigent persons to prosecute or defend actions without the payment of advance fees in cer- tain cases and these cases include all cases in which any citizen is likely to be interested. Another of these bills enables courts of record to fix the time for the trial of civil cases; regulates the manner in which parties interest ed may waive the right to, or claim
 lCoptinuod Pa yChrooA