The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-06-16
LEGISLATIVE MILL
WHlRLINC RAPIDLY
IN HECTIC SESSION
Housing Bill Passes Senate In.
changed; Labor Measure Is.
Big Issue
MONEY MEASURE APPROVED
Enactment Carrying Public
Works and Relief Funds
Gets Final OK

Congress drove furiously forward
Saturday In the hope Of ending the
present session Saturday night. The
close was expected to come between
10 p. m. and midnight unless unfore-
seen difficulties developed.
Two major problems faced the sen.
ate as the day opened. One Of these
was the administration housing bill.
The other was that giving the presi-
dent power to settle labor disputes
over collective bargaining.
The housing bill was passed early In
the afternoon, after rejecting Repub-
lican attempts to modify the meas
ure.
Other bills passed by the senate in
quick succession were the huge defi-
cheney appropriation bill, carrying
money for public works and relief:
the railway pensions bill. and the bill
Tor compulsory control Of tobacco pro-
duction.
The major legislative jam was in
the senate, the house having It's az
fairs In much better shape. Sand
wiched in between its most pressing
business, however, was q resolution to
drop further inquiry into petitions to
Gust Senator's Long and Overton Of
Louisiana, attacked by residents Of
their home state.
Adopt Conference Reports
Conference reports adopted BY the
senate were those on bills giving In
dians greater degree Of self govern-
ment, the railway pension bill and
the bill providing federal control Of
grazing on public lands. The house
has yet to act on the latter two.
tn farm bankruptcy bill, permit
ting farmers to live on their places
six years after the foreclosure OF
mortgages, passed the house 1873 to Is
and was sent to conference COM
mittee to adjust differences with the
senate.
It provides that any farmer who
fails to obtain an adjustment Of his
debts may be adjudged q bankrupt
and must pay one per cent upon the
appraised value Of the debt within q
year after entering into an agreement
with his creditor. The federal courts
are instructed to appoint appraisers
to Fix the fair and reasonable value
OF such property" Agreement by the
senate is expected. The aim Of the
bill Is to help farmers recover farms
lost through mortgage foreclosure.
A $500, 000, 900 fund under his juris-
diction, to insure 20 per cent Of losses
by private lending institutions In ad-
vancing funds for "installment buy.
ing" Of home repairs and improve
mentS.
Provides Insurance Fund
A mutual mortgage insurance fund,
also under the administrator, to in
sure first mortgages on homes and
second mortgages on low-cost housing
projects. It will apply to mortgages
up to $4,000, amortized over . 40
year period, and representing not
more than 30 per cent Of the valua-
ton Of new homes or 90 per cent Of
old ones.
Authority for creation under the
administrator Of 100000 national
mortgage associations by private In
dividuals to buy first mortgages in =
manner similar TO the way the fed
eral reserve system discounts COM
mercial paper.
A savings and loan insurance cor
poration with q capital stock Of $780,
100000 to insure accounts up to 5000
In savings and loan associations, COM
parable to the insurance Of bank de-
posts.
Additional borrowing power for the
Home Owners Loan Corporation Of
81 900, O00. 900, making 5000 900 900 in
all. with the fund for repair loans On
refinanced homes increased from
5000, 100000 to $500. 900. 900.
Make Minor Amendments
The housing bill, q approved by
the senate, went back to the house
for action on minor senate amend
ments.
The speed with which the senate
acted on the measure set q near
record for q bill Of such importance
and completely.
Debate on 1t did not begin until
Saturday morning and lasted only
about four hours.
It swept through on : II to II
vote.
Administration officials intend to
USE the housing bill as the mainspring |
for q new attack on unemployment |
In the building trades and capital
goods industries. They claim It viii
benefit 100000 wage earners.
Major provisions Of the bill are:
A federal housing administrator, to
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