The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-01-20
REACH ACCORD
ON U. s. CREDIT
BILL PASSAGE.
House, Senate ConfereeS
Say Measure Can Get
Action Thursday.
NAVY PROGRAM FLAYED
Economy Plan May Wreck
Nation in Event of War,
Asserts Admiral.
By United Press
-

By United Press
WASHINGTON, Jan. 20.-House
and senate conferees today found a
basis of agreement on the admins
tration's $2,OOO,OOO,oOO emergency
credit project and said privately
that the measure could go to the
senate Thursday for final action.
The confereeS will meet at p. M,
and may require night session to
complete their deliberations.
The senate, meantime, was sched-
uled to act finally on the $125, 100000
federal land bank relief bill, which
includes a provision for a five-year
discretionary moratorium to farm
borrowers.
Another of the administrations
relief proposals encountered in
creasingly vigorous opposition as
mortgage bankers continued their
protests before senate subcom-
mittee against the proposed home
loan bank system.
Henry Robinson of the Common
wealth Title Company, Philadel-
phia, told the committee the banks
would not be self sustaining and
in the end would leave mortgages
just as frozen as they are now.
Denies Credit Difficulty
Winston K. Ogden, Summit, N.
j., residential contractor, said there
was no difficulty now in obtaining
credit for worthy building enter
prises. He feared the bill would
revive speculative building and
eventually cause further deflation
of real estate prices.
Thomas F. Clark, New Haven,
Conn, told the senators that home
owners would lose in the long run,
if the home loan bank system is
established. President Hoover pro-
posed the bill to tlaw small mort
cages and stimulate residential con-
struction to increase employment.
Senator Reed (Rep., Pa), today
gave notice that he would move
for higher tariff rates if deprecia-
ton of foreign currencies is shown
to have opened United States mar
kets to foreign products to the dis
advantage of labor here.
Reed made the statement in the
senate few minutes after the SEN
ate finance committee decided to
take upu Friday the Democratic
tariff revision bill passed by the
house. The senate Tuesday passed
Reeds resolution asking the tariff
commission to report on the effect
of foreign currency depreciation.
+. StimSOn Is Adamant
Secretary of State Stimson re-
fused three times today to acede to
requests of the senate finance COM
mittee for submission to it of cor
reSpondence of the state depart
ment regarding loans to Colombia.
The third refusal left the secre-
tary and the committee in a dead
lock, the committee having served
a virtual ultimatum upon StimSon
that the correspondence be pro-
duced by Monday. Stimson rejected
the ultimatum almost as soon as
he heard of it.
A bitter attack on President
Hoover's naval economy policy was
made in the house naval affairs
committee, with Representative
Britten (Rep., I'D leading the
questioning.
Rear Admiral Upham, chief of the
navy bureau of navigation, told the
committee, in response to questions,
that the naval economies effected
during the last year conceivably
might wreck" the nation, in an
emergency.
Need Larger Army
Britten told the committee that
General Macarthur, chief of staff,
had expressed the opinion that UNI
less congress approved the Vinson
warship building program he, Nc
Arthur, would be forced to ask con-
greSs for larger army in order to
eb prepared ito defend the honor
of the United States.
Upha mtestified that the navy
personnel was now only 84.6 per
cent of what wuold be needed to
man the ships in war time.
Upham said it was logical con-
clusion" that if the present naval
policy is continued, "it is possible
that the United Sttaes might have
to abandon protection of its foreign
commerce in some emergency"
Speculative cotton market trans
actions we're defended before the
house agriculture committee by
Russell .Clarf1, president of the
New Orleans Cotton Exchange, as a
stabilizing factor in cotton prices
which protects both the farmer and
the consumer.
Opposes Short" Bills
Clark appeared 10 oppose various
bills before the committee which
would restrict short selling on both
cotton and grain exchanges.
The Rankin bill, authorizing
pensions for widows and orphans
of World war veterans, advanced a
step today when a house veterans
subcommittee approved the legisla-
ton over protest of the admins
tration.
The subcommittee decided to con-
fine the pensions to widows with
children, upon advice of Frank T
Hines, administrator of veterans
affairs. Pensions of $50 for such
widows and S6 for each dependent
child are provided.
AND HEROISM IN AMI