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Show COM ill! TYA SIII -VGTOX, Fob. 2 3 . Prompt pssagr, with M-partiy.in support, of Die adminiHtra inn- measure to establish a war fin. 'live rorpora t ion and provide federal fed-eral supervision over private security is-rwiffy is-rwiffy was pin nnc 1 in tiie y natc tod;- y when the revised measure was reported j v. ith unanimous indorsement "f the fi ni coin mitt f. (.'hair man Simmons v. ill call It up next. Monday and thinks only a few days' consideration necessary tor i t s disposal. The house also is preparing pre-paring to expedite act ion. As redrafted, the MIL would create the orpnra.t ion with -t .'.no.iwnnO capital and powrr to issue $4. '. in bonds to hp ddvauoed io war and con t i'ibu t orv industries. in-dustries. ("'" r directors, appointed hy trie president ms'-ad of by Pei-re'ary M' -Adoo, with the latter us had of ihe di-re- i'Tate, would manage the corporation's a ft" a irs. Th most i m nr. rt ant rha ns marie in the original adm inisi ra t inn d ra ft., provides that instead of t !n; corpora t ion's directors, direc-tors, a "capital issues committee" of live members, appoint-,- hy the federal reserve re-serve hoard and comprising: three of its members, would license and control security se-curity issues of ?1 nit, nr nl or more. Another amendment rest ii-i s the cor-porafion's cor-porafion's power to make loans direct to private industries. The committee also provided that instead of issuing short-term short-term notes with v. Inch to secure funds for extending- financial aid to industry, bonds running from one to live years shall be issued up to eight times the capital stock of the corporation. Interest rates on advances ad-vances are fixed at one-half of 1 per cent, instead of 1 per cent in excess of the discount rates in the respective federal reserve districts. The period of advances to sa vines hanks was extended from ninety days to one year. The new provision limiting direct loans provider that the directors shall have power "to make advances directly (It to any corporation owning or controlling (directly or through stock ownership) any railroad or other public utility, and (2) to a ny firm, corpora t ion or association conducting an established and going business whose opera t ions are necessary or contributory to the prosecution of t he war; provided, tha t such advances shall be made only in such cases as the board of directors in their discret ion shall determine de-termine to be of exceptional importance in the public Interest. Such advances may be made for periods not exceeding five years from the passage of this act, upon such terms and upon such security and subjec t to such rules and regulations as may be prescribed from time to time by the board of directors of the corporation, corpora-tion, with the approval of the secretary of the treasury. The corporation shail have and retain power to require additional addi-tional security from time to time." |