OCR Text |
Show $150,000,000 ADVANCED ON WAR CONTRACTS Washington, Feb. 10. Approximately Approxim-ately $150,000,000 has been advanced advanc-ed to contractors on war work by tho war credits board, tho war department de-partment announced today. This In. cludos monoy (or clothing, food, equipment, small ammunition and slmljarf production. The advances, mado under authority author-ity ot Congress, havo stimulated tho production of munitions and other materials to their highest 'posslblo degrco. In somo cases they havo proventod tho closing down of the plants because ot Inability ot contractors con-tractors to get money to meet" tho payrolls. The law permits advances not exceeding 30 por cent ot tho contract con-tract prlco tor supplies, Tho board announces that when a concern which has a contract with tho wax, department for supplies has shown that it noeds flnauclal assist- , ance and has been ablo to comply with tho act by giving Adequate security, se-curity, tho board has approved an advanco payment and the moneyhas boon received by tho contractor,; However, the boar'd does not. act In any sense as a bank. It is only Whon tho manufacturer has rcachod a point where financial assistance Is ncoded, in addition to his banking lines, that a petition tor adrauco payment for his goods is considered favorably by tho board. |