The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-01-12
SENATE GIVES
APPROVAL TO
CREDIT PLAN
Vote Is So to s in Favor
of Hoover Financial
Relief Program.
HOUSE WILL ACT SOON
Scope of Measure Extended
by Several Amendments,
at Long Session.
HOUSE WILL ACT SOON
Bv United Press

BY gNttEU FTSeS
WASHINGTON, Jan. 12.-Presi-
dent Hoover'S financial relief pro-
gram moved nearer completion to-
day, with adoption Monday night
by the senate of the 100000, 600
reconstruction finance corporation
bill.
A companion bill is being conSid-
cred in the house, and it is hoped
to have a completed measure adopt
ed by both houses and sent to the
President before the end Of the
week. Mr.. Hoover, it is understood,
is ready to set the credit wheels
spinning on short notice, once the
bill becomes law.
The vote in the senate, despite
vocal opposition, was overwhelming
SO to 8. Those opposed were:
Democrats: Connally (Tex), Bu-
low (S. d., Wheeler CMont), Nc
Gill (Kan.), Bratton IN. M.
Republicans: Blaine (Wis), Nor
ris (Neb), Brookhart Qa.).
Paired against the bill: Mcclellan
Dem. Tenn), Black Dem.. Ala),
and Thomas (Dem. Okla).
Climaxes Long Session
The vote was taken after ten
hour continuous session. Today the
senate will take up the second phase
of the Hoover program-the bill to
extend $125,0 100000 additional credit
to federal land banks. This has
been passed by the house.
& number of amendments to the
credit corporation bill we're rejected,
and a number adopted. Among
those rejected were:
l. Copeland amendment for credit
to cities.
2. Shipstead amendment for loans
to states for rural credit.
Those adopted were:
l. Added $4,000 900 for farm
credits to be administered by the
department of agriculture.
2. Restricted loans to specified in
situations, eliminating a "catch-all''
phrase which would have enabled
the new corporation to take over
the business of the privately adj
ministered national credit corpora
ton.
Prohibits War Loans
3. Prohibited loans for export of
war materials.
4. Cut salaries of the four direc-
tors from $4,000 to $4,000 q year.
5. Required quarterly reports from
corporations receiving loans.
s. Authorized federal reserve
banks to act as fiscal agent as well
as depositaries for the corporation.
7. Forbade corporation directors
to pass 'on loans to companies in
which they are interested.
8. Authorized loans to help re-
open closed banks.
9. Eliminated direct appropria-
ton of 100000, 900 for the corpora
ton, thus requiring a second enact
ment to give it funds.
Witness Refuses Answer
The National City Company de-
clined today to tell the senate
finance committee about a short |
term credit to Colombia which it
holds.
Victor Schoepperle, vice president
nf tHn sold L.
sidered the matter confidential be-
tween the banker and the republic.
Answering questions by Senator
Johnson (Rep., CALI, he said the
credit agreement was made June
30, 1890, after the president-elect of
Colombia had discussed it with him.
Johnson warned the witness he
was going to ask the committee to
require the company to make public
the agreement.
NHits Navy Plan
Representative Britten QlI.),
ranking Republican on the house ma
val committee, today announced his |
determination to disclose what in !
fluence" caused the navy depart /
ment to present no warship con-
struction program to congress this |
year.
Admiral William Y. Pratt, in
hearings on the Vinson 100000 |
construction bill, testified. that the
navy had formulated two bills for
new warships but had decided not
to present either.