The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-01-21
INTEREST RATE
CUT ON PETTY
LOANS ASKED
Slash From az to 18 Per
Cent Annually Provided
by Measure.

First step toward passage of a
senate bill slashing the petty loan
interest rate from 3la to IL per
cent a month was taken Friday.
when the bill was reported from
committee without recommends
ton"
This report carries with it the
same intent as approval and was
accepted Immediately by the sena-
tors without a dissenting voice.
Senator Chester K. Watson Dem.
FIT. Wayne), explained before the
session convened that the without
recommendation" course was taken
in difference 10 the administration
banking bill, pending in the house.
Commission to Set Rate
That bill provides that the bank
ing commission, established under
its provisions, set the rate on petty
loans. 1t might be amended in the
senate to incorporate the IL per
cent rate, it was pointed out
Another opportunity may be
given voters to pass judgment on an
income tax amendment. The Joint
house resolution, which would place
such amendment on the ballot, re-
ceived senate committee approval
and the report was adopted.
1t must pass two sessions of the
legislature before again being sub
mitted to a referendum. The
amendment as on the ballot at the
fall election, but failed to receive
a majority of votes cast, although
voted on favorably by a majority
of those who voted for constitu-
tional amendments.
Majority Is Needed
A majority OF all votes cast is nee
eSsary for passage.
The mortgage exemption bill,
previously postponed, was reconsid-
cred and returned TO second reading
for amendment. 1t would increase
mortgage exemptions, in executions
Of judgments and bankruptcies,
from 5000 to $1,000.
Senator Chester A. Perkins CDem.,
South Bend is the author, and
Senator Jacob Weiss (Dem., Indi-
anapoliS) moved for reconsideration
Although referred to the commit
tee on military affairs, bill to
require license from county audi
tors to conduct newspaper and pc
riodical subscription contests re-
ceived a favorable report for pas
sage.
Other bills reported for passage
raise the age of commitment at the
Indiana Boys School from 16 to II
set jurors pay at $3.50 a day and
authorizes municipal water compa-
MES to transfer a surplus to the
general fund.
Measure is RecOmmitted
Although reported for indefinite
postponement, bill of Senator Her
bert V. Tormohton (Rep., Portland
for municipal meter readers was re-
committed so that the senator can
appear before the committee.
Senators have another opportu-
nifty to simplify voting on candi-
dates for President and Vice Presi-
dents of the United States. under
terms of a bill passed by the house
and referred to the senate today.
This measure substitutes names of
the candidates for names of presi-
Dental electors on all ballots.
1t will be considered with a senate
bill covering separation of state and
national tickets on paper ballots as
we'll as on voting machines. Cherry
colored paper for presidential bal
lots and cherry -colored ballot boxes
are required by bill passed to en-
grossment in the senate, in keeping
with attempts to simplify ballots at
all general elections
Attempt to reduce salaries of
commissioners to be appointed by
the Governor if the new highway
commission bill is passed was made
by Senator L. L. Shull (Rep.,
Sharpesville), who offered amend
ment setting salaries at $4,000 in
stead of $5,200 His motion was
voted down by majority members
without debate.
Banks and trust companies would
be prohibited from drawing wills
and soliciting other forms of legal
business by provisions of a bill in
PRODUCED Friday by Senator Jesse E.
Wade Dem, Mt. Vermont.
Other new bills presented at Fri
days session included one to create
state committee on automobile acct
dent prevention and collection OF
statistics. Legalizing of acts of Ger
tain building and loan associations
in northern counties was asked in a
bill sponsored by Senator Chester
K. Watson Dem, Ft. Wayne, who
said his measure would ria rifv Como