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Show WM HUE BILL WASHINGTON, March 7. The administration ad-ministration bill to create a war finance fi-nance corporation with a fund of $4,-500,000,000 $4,-500,000,000 to aid war industry was passed by tho senate lato today and now goes to the house. The vote was 74 to 3, Senators Hard-ing Hard-ing of Ohio and Sherman of Illinois, Republicans, and Hardwlck of Georgia voting against the measure. Opposition to the measure dwindled after various important amendments had been made in tho original draft. Senator Owen of Oklahoma, chairman of the banking committee and a leader lead-er of tho opposition forces, withheld his vote, declaring he could not approve ap-prove the legislation. Tho house ways and means committee commit-tee already has prepared a report on tho bill and its consideration in the house will begin next week. Expedition is strongly urged by the administration administra-tion because of the measure's effect on general finance and especially the third Liberty loan in April. Creation of' the war finance corporation, corpora-tion, to be managed by Secretary Mc-Adoo Mc-Adoo and four directors, appointed by the president and subject to senate confirmation with capital of $500,000,- 000 and authority to issue bonds up to $4,000,000,000 is provided for In the bill. Tho corporation's directors would be authorized to make advances, generally gen-erally through tho federal reserve banking system, to banks, trust companies, com-panies, savings banks, fire and life insurance in-surance companies, and to make direct loans to railroad and public utility corporations cor-porations and to going business contributory con-tributory to the war. Instead of a plan for compulsory licensing li-censing of security issues of $100,000 and more, the senate, after vigorous opposition to his original scheme, substituted sub-stituted a systom of voluntary licensing, licens-ing, through a "capital, issues commit- 1 tee," of five officials, including three I members of the federal reserve board, with advisory powers only. Late today the senate adopted an amendment by Senator Owen prescribing that this committee shall be appointed by the president and confirmed by the senate instead of by the federal reserve board with Secretary McAdoo's approval. The lifo of the corporation is not specifically limited in tho bill, but it is provided that final liquidation of its assets shall begin six months after peace is declared. rn |