Show l Asks Reform t C EX A Ton IJ HOD 0 D K E R T L. L Li OWEN TEN who has lias introduced a 1 hill bill to lo keep federal reserve e banks from asking more than Luau thanG C ri per cent interest on Oil day HO-day loans S I k 4 Sd a I S I 6 4 tt 4 S 'S fi t I 1 I I I W WASHINGTON 7 G O Ja Jan 1 iv that high Interest on call Ino c T t-n t tending f lo to check speculation spec spec- spec spec-I depressed market conditions Senator Owen Democrat Oklahoma Olda to today today to to- day n introduced a bill ta tu prohibit federal I i reserve c banks ank from charging chargin more th than n 6 per cent Interest on collateral call callor or Ot thirty day loans I In a a. statement accompanying the bill bUt Mr 11 Owen who is former chairman chairman chair chair- man inan of the Senate banking committee I c r TI u-i u paS P 2 i i SENATOR OWEN I fIGHTS III r HIGH INTEREST RATES r I. I Continued from Page J 1 L 3 it- said eAIl the measure was designed to stabilize commercial interest rates The purpose is to stop violent and arbitrary fluctuations of or Interest rates by ty banks In leading cities on call 4 f loans the senators senator's statement added X Thero is no sound reason I l' l j these cx- cx f call loan rates which are aro alleged al al- al ged to be just Justified Wc b by the desire to check hecl speculation Tho high rates do donot JJ not stop speculation but promote a 3 abear bear market an and 1 create a situation that thata a r permits the tiro Insl Insiders ers ers' to sell short at al a profit v 4 Banks ought to be content with a a. fair air rate and avoid oid usury The They should respect the tho spirit of the statutes which ir r- r puts a a. limit of or 6 per pcr cent as a fair fairI I basis The national banks earned at fair billion dollars last and anti rates rates a year ear the public Is entitled to a fair rate of or it Interest It would woul be better for tor the t. t country countr to lower lowel the rate of ot Interest t. t for or pro productive e and distributive purposes pur- pur poses Doses vo s and thus reduce the tho high cost coet of or living nG I |