The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1937-04-01
LIFE INSURANCE
MORTGAGE LOAN
Bill to Allow Loans Up to
Two Thirds Assessed
Property Value
By GEORGE r. MORRIS, JR.
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By GEORGE r. MORRIS, JR.
UNITED Press Staff Correspondent
Hartford, Conn, April 1-(UP)-
The legislatures insurance commit
tee today withheld for further stu
dy q bill authorizing Connecticut
Life Insurance companies to make
mortgage loans up to two-thirds the
assessed value of property.
Adoption Of the law was urged by
State Insurance Commissioner John
G. Blackall, and supported by rep
resentatives of several domestic in
Surance companies, at a public
hearing late yesterday. Blackall ar
gued New York and New Jersey
permit loans up to 66 2-3 per cent
of the appraised value and Massa-
chusetts has placed limit at go
per cent. Connecticut is limited to
so per cent.
What DIackall Says
A question to be decided by the
committee was whether the mort
cages should be amortized. Black
all said the so per cent limit sat
iSfactory to savings banks but con-
filming to insurance companies be-
cause of their wider field of in
veStment.
AS to what effect such provision
might have had during the depres,
sion, Blackall told the committee
New Jersey and New York expert
enced no great difficulty.
The committee also reserved de-
cision on another bill extending
from July l, 1887 to July l, 1889, to
conform with a congressional act
the limitation on insurance COM
pany loans under the Federal
Housing Act.
State Trade Schools
Manufacturers, pointing out the
shortage of skilled labor resulting
from curtailment of apprentice
ships during the past seven years,
appeared before the appropria lions
committee to appeal for restoration
of State Trade schools budget
SlaSheS.
According to Alpheus Winter of
the Bridgeport Manufacturers asso-
citation, expansion of the trade
\ schools program would provide
training for hundreds of high school
graduates, unable to further pursue
their studies and who are now
qualified for skilled jobs.
A hearing on this bill came as
Bridgeport manufacturers proposed
to- meet the shortage of trained
workmen by instituting apprentice
ship courses in factories with rec
ommendation that students obtain
theoreticals training at trades
schools. Success of the plan, said
Chairman Hamilton Merrill of a
special manufacturers committee,
depended upon the appropriation
made available by the General As
Sembly.
Appropriations Asked
Larger appropriation were asked
of the legislatures committee for
tho Teachers College of Connecti-
cut, at New Britain, to relieve con-
gested quarters and provide dormi-
tories for men. A further hearing
was slated for April 8.
Rep. Mrs. Doris H. McBee, r.,
wilmington, appeared in support OF
large appropriations for Connecticut
State College, which has asked at
least 100000 for new buildings
and improvements.
The labor committee heard ar
gumentS on bills to limit working
hours on state construction jobs to
8-hours day and 40-hours week,
STIMULATING supplies be made at the
prevailing rate of wage, and only
U. s. citizens be employed under
state contracts.
Manufacturers opposed the 40
hour week, declaring it would have
a tendency to increase projects
costs.