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COPYRIGHT, 1918

GUARANTY TRUST COMPANY OF NEW YORK

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War Finance Corporation Act

THE

Approved, April 5, 1918

FOREWORD

Purpose of the Measure

HE War Finance Corporation Act is purely an emergency measure designed to obtain credits and resources for the operation of industries necessary and contributory to the prosecution of the war. To accomplish this, the law has a twofold purpose, first, to provide facilities whereby war industries may obtain necessary funds for operation, and, second, to restrict unnecessary capital expenditures in other than war industries. The term "war industries" is not limited to those industries turning out the actual munitions of war but, as stated by the Secretary of the Treasury, includes "all those supplying any of the elements of production or distribution in an industrial structure designed to meet the diversified requirements of the war."

War Finance Corporation

To provide funds and credits in aid of war industries, the Act creates the War Finance Corporation, the organization and powers of which,

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