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:118 FEDE:RAL RESERVE BOARD WASHINGTON X-3317 February 2, 1922. SUBJECT: Temporary lldvances to Dealers Against Victory Notes. Dear Sir: You are re~uested to aavise your Executive. Committee that until further notice the Federal Reserve Board will not object to any arrangements ยท.vhich y'our Bank may desire to make for temporary advanees to dealers against Victory Notes on the same tasis as advances ha1re heretofore teen made ageinst Treasury Notes a."'ld. Certificates. Victory Notes are naw so ne~r their maturity tha.t they may be treated as short-time ohlig~tions. Your Bank cannot, of course, make loan~ direct to deE"lers on the security of Victory . Notes, but under its open market powers may :pUrchase them or carry there for dealers. under agreements by them to repurchase at stated times. Very truly yours, G o v e r n o r. CHAIRMEN ALL F. R. B.ANRS.
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