dealt with. In some of those closed later on it may be that the amount scaled down will be larger. Mr. BOILEAU. Yes. The CHAIRMAN. Will you come up a little nearer so we can hear you? Mr. TOBEY. You referred, Mr. Myers, to these bonds being sold at par. Governor MYERS. Yes. Mr. Tobey. To what extent will they be exempt from taxation; the same law.applicable to the Liberty Loan? Mr. Hovey. To a greater extent than the bond under the Second Liberty Loan Act as amended, since they are exempt from taxation except estate inheritance and gift taxes as provided therein. Mr. Tobey. Above $5,000? Mr. KLEBERG. I would like to call attention to the fact that in my opinion there will be more difficulty in scaling down these debts because of the present condition in the economic field which may have improved considerably since March 4. The CHAIRMAN. Is that all? Do you gentlemen think, you can submit the information called for in time to have it ready to be printed in the hearings? Governor MYERS. We will be glad to do that. The CHAIRMAN. What is the pleasure of the gentlemen of the committee with reference to the committee going into executive session? Mr. MITCHELL. I move that the committee go into executive session. Mr. KLEBERG. I second the motion. The CHAIRMAN. I would like to ask one or two of you gentlemen to remain with us to furnish any additional information that we might require, Mr. Myers, if that does not interfere with your other plans. Governor MYERS. I can stay, or either of us, if you desire, Mr. Chairman. The Chairman. Perhaps you could furnish any desired information that may be needed during the discussion and the reading of the bill and we will be glad to nave you. Governor MYERS. Yes. Federal Land Banks and Land Bank Commissioner, farm-mortgage loans closed May 1, 1933 to Dec. 31, 1933, and loans outstanding Dec. 31, 1933, by States (Farm Credit Administration-Division of Economics and Statistics) Total... 10,017 39, 453, 600 39, 117 195, 757, 517 Federal Land Banks and Land Bank Commissioner, farm-mortgage loans closed. May 1, 1933 to Dec. 31, 1933, and loans outstanding Dec. 31, 1983, by States-- Federal land banks and land bank commissioner, total number and amount of farm mortgage loans closed during 1932, and by months during 1933 (Farm Credit Administration, Division of Economics and Statistics] Federal land banks and land bank commissioner, total number and amount of farm mortgage loans closed during 1932, and by months during 1933—Continued (Farm Credit Administration, Division of Economics and Statistics) NUMBER OF LOANS–Continued Federal land bank of - June 1933 July 1933 August September October November Decem- 1933 1933 ber 1933 1 Springfield. Total. $260, 500 $341, 700 $373, 900 $477, 900 $1, 152, 800 $1,666, 100 $2, 542, 400 68,500 153, 300 217, 970 612, 653 2,793, 070 3, 422, 590 8,057, 579 500 55, 600 385, 600 1, 122, 075 2,258, 400 339, 400 211, 400 477, 900 797, 400 3,560, 400 9,687, 150 18, 242, 350 166, 700 231, 200 337, 700 775, 100 1,076, 400 2, 129, 100 3, 868, 400 279, 800 305, 100 586, 800 837, 750 1,384, 650 1,836, 950 3,495, 524 1 Preliminary. х |