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dealt with. In some of those closed later on it may be that the amount scaled down will be larger.

Mr. BOILEAU. Yes.
Mr. Tobey. Mr. Chairman, I would like to ask this question.

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. Hovey. Yes, they are not subject to the surtax.
Mr. Tobey. The same as the 4 percent bonds?
Mr. HOVEY. No.
Mr. Tobey. Thank you.

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 question was put and the motion was agreed to.)

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.
(Thereupon the committee went into executive session.)
Information referred to is as follows):

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]

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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 Stales-
Continued

(Farm Credit Administration-Division of Economics and Statistics]

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