Beaver County News | 1918-03-01 | Page 5 | War Credits Board Approves Advances of Nearly $150,000,000

War Credits Board Approves Advances of Nearly $150,000,000 A statement prepared by the War Credits Board includes the following explanation of its functions and activities: ac-tivities: "When a concern that has a contract con-tract with the War Department for supplies has shown the board that It needs financial assistance and has been able to comply with the act by giving adequate security, the board has approved an advance payment and the money has been received ; in many instances where the case was urgent the money has been paid over to the contractor the same day the application has been filed. However, How-ever, the board does not act in any sense as a bank. It is only when the manufacturer has reached a point where financial assistance is needed, in addition to his banking lines, that application for advance payment for his goods is considered favorably by the board. Between the time of its creation in November and January 24 the board approved advances to contractors contract-ors totaling $145,551,000.