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F E D E R A L RESERVE BOARD WASHINGTON X-3020 J a n u a r y 13, 1921. Subject: Receipt by F e d e r a l Reserve Banks of S u b s c r i p t i o n s t o Bonds of t h e War Finance C o r p o r a t i o n . Dear S i r : The a c t i v i t i e s of the War Finance C o r p o r a t i o n i n r e s p e c t t o f i n a n c i n g e x p o r t s having b e e n r e v i v e d u n d e r a r e c e n t r e s o l u t i o n passed by the Congress, i t i s p r o b a b l e t h a t the C o r p o r a t i o n w i l l d e c i d e to f l o a t a n o t h e r i s s u e of i t s bonds, i n o r d e r t o o b t a i n f u n d s t o make advances growi n g out of a p p l i c a t i o n s under S e c t i o n 21 of the War Finance C o r p o r a t i o n Act. I f i s s u e s of bonds, as above r e f e r r e d t o , a r e o f f e r e d f o r s a l e by the War Finance C o r p o r a t i o n , t h e F e d e r a l Reserve Banks a r e a u t h o r i z e d , as f i s c a l a g e n t s of the Government, t o r e c e i v e s u b s c r i p t i o n s f o r such b o n d s . Very t r u l y y o u r s , G o v e r n o r . L e t t e r t o Chairmen of a l l F e d e r a l Baserye Banks.
@FedFRASER