The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1920-08-11
TODD MEASURE
IS CONDEMNED
Realty Dealers Adopt ResoIu-
\ tions at Special Called
Meeting Wednesday.
URGE 8. PC. INTEREST RATE

The Chattanooga Real Estate Ex-
change In called session at noon Wednes.
day, at the Patten, went on record In
dorslng a contract interest rate law
Tor Tennessee not cxceeding'S per cent.
and In a second strong resolution went
on record as opposing the personally
tax Dill which viii 20 before the special
session Of the Legislature. The local
realtors took a step further, appointing
committee TO interview all legislative
aspirnnts on the contract per cent. in :
terest rate law and secure their pledge
70 support the measure. The committee
chairman; J, H. I,tter, y. w. Beck, E'
u. Hubble, aid J. Lee Allen
The resolution unanimously passed
Qpposing the personally tax measure was
submitted by Il, y. Hubble and follows
In full: FFSf'
Whereas, the Chattanooga Real
4 tBstate Exchange In yitally inter-
estcd In retaining capital In Ten
nessen and " inviting new capital
~ into tho Mtnte;
Therefore, be itsrasolved, That
the exchange earnestly deplorca and
opposes the present efforts to ham
per investment In personal property
through the proposed law providing
ments.
BE II further resolved. That we
legislature and those who are cam
didates for the legislature asking
them to do all In their power 20
OPPOSE the passage of any such
The contract interest rate bill. In
dorsed by the realtors, which will be
supported by them AZ the January ses-
sion OF the legislature, Is MS follows;
To be entitled. An act TO amend
section 1874 Of the code OF Tenncs.
zee. commonly called the code OF
1853 so as TO permit and allow
conventional or contract rate OF
interest
Section I. BE II enacted by the
generri assembly of the state OF
Tennessee. that section 1914 Of the
code or Tennessee, commonly called
the code OF 1858, be amended by
adding, TO, tho end OF said section
tho following
Provided II shall be lawful 10
receive Or provide for receiving any
rate Of interest not exceeding 4 per
centum per annum to he agreed
upon ny the original parties TO tho
contract, such agreement 10 he cN-
tract.
Section 2. BE Il further enacted.
that act take effect from and after
its passage the public welfare re-
quirinR H."
A. the invitation Of the realtors ".
a. ssdd was present at the Meeting,
explaining certain features of tho rnens.
urc. short dlscupslon Of thr need of
such a law was held by the realtors,
Reso'ution Adopted.
resolution was presented by n, ".
DaEley embracing several subjects, IN
GUIDING inhnrscmant Of the contract
interest bill and several other matters
ne follows.
whereas. II IN the obIoe, nnd the
purpose OF this organization to ndvo.
cate equitable taxation and laws relnt-
@ in,prep.sS, s0 rs esta'e, ~ . to advocate civic
between agents and clients, and u rs
auRurnte such laws and rules as win
promote tho interests of this exrhruro
and the upbullding OF ChnttAnnogn, 10
establish and mnintnln the calling ~
nc realtor with dignity and honor ana
TO do all things necessary for liz gen
ernl good and mutual prof ertlon:
Therefore bc II resolved. That the
Chattanooga real estate board assem-.
pied does hereby indorae tho contract
interest bill which viii be Introduced
~ the January session ~ the state leg.
islnture In session Mt Nashville
BE II resolved That tho Chattanoogp
TEAL Estate hoard hereby authorizes
US committee on entertainment 10 cN-
tend vote OF thanks to the Mountain
Land company and ChattAnooEa Trar.
tion company officials for their conHld-
eration In furnishing free transpoItn-
ION to and from Signal mountal for tho |
Tennessee Realtors IN convention July 81
ne II resolved That the chattanooga |
Real Estate board assembled docs in |
1orse the plans Of the chamber NJ COM |
Inerce and tho Hamilton County Council |
In foStcrinE the Ect-toFethcr spirit |
between the country people nnd tho |
lown folks md that q request he made
~ this board that nll members close
iheir ofiiceF not jattr than ~ O'Clock |
Aug. - rnd turn out 100 pcr
cent in attcndanc" a., the ncnic Echcd-
llod for Aug H. ~ the Nligmedc farm
which Ia the home ~ Mrs. Lewis
shepherd. Hitunted about eight miles
iut on the Cleveland highway. n IL 49,
pecially desired that rehltor take
heir families"