Show r I BOND ISSUES OF OVER 1001 u r BE INSPECTED t t In Int n Reserve s e Board Committee 1 cs Supervision b by hy Y r Lower Lorer Minimum l ul I PURPOSE 1 1 OF LOANS I Ii TO TOBE BE 1 DESCRIBED Y I Reasons Must J Be Given Why hy rt Plans PIans Cant Can't Be Put Off X l Till After War r are I. I Washington Washington ton Feb 23 Every E Every ti pa IV bond Issue of oC or more here here- will be passed upon b by the Cedr federal federal fed fed- eral r 1 reserve c boards board's capital Issues IssueR committee committee com com- before belli being floated By re ro reducing le today from flom to the the minimum size of oC municipal h issues les which it will consider the committee committee- u I extended its Influence over o several times tira more moro municipal 1 bond Issues I IThe t The committee after afler analyzing of oC rending pending applications for approval proposed issues found round that the hulk bulk of ot municipal bonds were offered In blocks pf JC less than and therefore not subject to the committees committee's restrictive Influences l federal reserve agents ns of the twelve twelver r reserve ef C banks who tho also act as ns chairmen chair lr men of oC tho lute subcommittees of the capital capital capi capi- tal issues bo body y In their district will come to Washington for Cor a x conference Tue Tuesday da to discuss tho the operation of oC the fie few system stem of oC voluntary regulation re of oC securities c Issues s. s 4 Detail I Is Required LIn 1 th n a circular of oC instructions the com com- and its advisory advisor body bolly headed h by Allen B. B Forbes explained that the purposes purposes purposes pur pur- poses an and circumstances surrounding surrounding- each Issue must be bc described full fully In Inthe Inthe inthe the application for approval al This Is hi particularly necessary u Ii funds lunus arc lC I needed for Cor extensions or improvements relating directly to war production or fulfillment of oC ail any national state or lo- lo I. I cal So requirement In Jn all cases said the instructions vf fall Cull ll reasons should be given gl wh why the proposed I Issues sues cannot be postponed postpone until after the war war Details concerning capitalization and financial conditions of ot a company compan are arc i- i required in conn connection clion with applications H lions s for Issuance of or stoc stock l for or state county count or municipal Issues the te committee requires a copy COP of or tho the bill 1111 resolution or ordinance under which they were Authorized Tile The committee announced toda today that Iris working with the fe federal eral bureau public roads In determining what Contemplated road construction thi thit tilts this t year ar Is necessary for urgent military reasons u Hood 1111 He Be Built Unlit tl Ir Most roads to which the bureau heretofore heretofore here here- has planned to contribute will willbe willbe be built even under the capital issues restrictions It Is sal said since they have been carefully selected on the thc basis oCi of oC i heir lr economic importance The Tiro support sup- sup port of oC state highway commissioners has been enlisted and th they will report lio loan lion n an outline of their curtailed curtail cd road- road building fu programs for the year ear j In normal times highway hwa construe construe- fIcus and maintenance in the United States tates calls for an nn outlay of about a year clr Officials are In Inclined inclined In- In to tho the view that this tills sum will curtailed this but bc greatly year that It will be bc spent on roads vitally necessary for fol transportation of of ot war materials Projects for building of roads ds which cannot be completed for more than a year probably will be given en unfavorable consideration since the capital issues committee Is acting upon the assumption that the war will I not last more than a year longer |