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FORM MISCL. 1 4. 6-1 8 -2 0 M -1476 FEDERAL RESERVE BANK OF DALLAS Circular No* 44 Series 1918. August 23rd, 1 9 1 8 . ADVANCES FOR CROP MOVEMENT PURPOSES FROM THE WAR FINANCE CORPORATION TO THE PRESIDENT OF THE BANK ADDRESSED: Dear Sir:Supplementing my circular letter #41, of August 6th, I wish to advise you that I have received further instructions from the War Finance Corporation Board with reference to advances for crop moving purposes, as follows. "In addition to the kind of paper heretofore an nounced as eligible for security on advances for this purpose, the Corporation will receive applications from Member and Non-Member Banks, and Trust Companies, offer ing their customers* notes secured by Liberty Bonds and Treasury Certificates as collateral, and in such cases financial statements from the makers of these notes will not be required, provided, however, that a written state ment over the official signature of an officer of apply ing bank is given in writing that the proceeds of the proposed advance will be used for Crop Moving Purposes. "The amount of advances for this purpose cannot exceed 75 per cent of the face value of the customers' notes pledged as security, and such leans will not be made for a longer period than four months, at 5 per cent interest, payable in advance." Yours very truly, Governor This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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