War Finance Corporation
Encyclopedia
The War Finance Corporation was a government corporation in the United States
created to give financial support to industries essential for World War I
, and to banking institutions that aided such industries. It continued to give support to various efforts during the interwar period
. The corporation was created by a Congressional act of April 5, 1918, and abolished on July 1, 1939.
Since government borrowing to pay for the war had attracted a majority of private capital, little capital was available for corporations to borrow; the War Finance Corporation was designed to make such capital available. After the armistice
in late 1918, the Corporation assisted in the transition to peacetime by financing railroads under government control, and making loans to American exporters and agricultural cooperative marketing associations. The Corporation established agricultural loan agencies in farming areas, and cooperated with several livestock loan companies. Eugene Meyer
, Jr., a wealthy and ambitious capitalist, Wall Street Banker, was its managing director.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
created to give financial support to industries essential for World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, and to banking institutions that aided such industries. It continued to give support to various efforts during the interwar period
Interwar period
Interwar period can refer to any period between two wars. The Interbellum is understood to be the period between the end of the Great War or First World War and the beginning of the Second World War in Europe....
. The corporation was created by a Congressional act of April 5, 1918, and abolished on July 1, 1939.
Since government borrowing to pay for the war had attracted a majority of private capital, little capital was available for corporations to borrow; the War Finance Corporation was designed to make such capital available. After the armistice
Armistice
An armistice is a situation in a war where the warring parties agree to stop fighting. It is not necessarily the end of a war, but may be just a cessation of hostilities while an attempt is made to negotiate a lasting peace...
in late 1918, the Corporation assisted in the transition to peacetime by financing railroads under government control, and making loans to American exporters and agricultural cooperative marketing associations. The Corporation established agricultural loan agencies in farming areas, and cooperated with several livestock loan companies. Eugene Meyer
Eugene Meyer
Eugene Isaac Meyer was an American financier, public official, publisher of the Washington Post newspaper. He served as Chairman of the Federal Reserve from 1930 to 1933. He was the father of publisher Katharine Graham.-Biography:Born in Los Angeles, California, he was one of eight children of...
, Jr., a wealthy and ambitious capitalist, Wall Street Banker, was its managing director.
External links
- Records of the War Finance Corporation at the National Archives and Records AdministrationNational Archives and Records AdministrationThe National Archives and Records Administration is an independent agency of the United States government charged with preserving and documenting government and historical records and with increasing public access to those documents, which comprise the National Archives...