FEDERAL

RESERVE

BANK

OF

N E W

YORK

Fiscal Agent of the United .States r Circular N o . 3 0 3 1 1 L N o v e m b e r 2 6 , 1945 J

C A S H OFFERING To Certain Commercial Banks i y 2 Percent Treasury Bonds of 1967-72 Dated November 15, 1945

Due December 15, 1972

7/a Percent Treasury Certificates of Indebtedness of Series K-1946 Dated December 3, 1945

254 Percent Treasury Bonds of 1959-62 Dated November 15, 1945

To all Commercial Banks in the Second Federal Reserve

Due December 15, 1962

Due December 1, 1946

United States Savings Bonds, Series F United States Savings Bonds, Series

G

District:

The Secretary of the Treasury has announced that, in connection with the Victory Loan Drive, commercial banks, which are defined for this purpose as banks or trust companies accepting demand deposits, will be permitted to subscribe for their own account, subject to the limitations stated below, to United States Savings Bonds of Series F and Series G, and to 2i/ 2 % Treasury Bonds of 1967-72, 2*4% Treasury Bonds of 1959-62 and % % Treasury Certificates of Indebtedness of Series K-1946. However, all such subscriptions will be considered outside of the 11 billion dollar goal of the drive and will not be considered a part of any quota. Copies of the official circulars relating to the offerings of such issues are included in our Circular No. 3012, dated October 15, 1945, which has been sent to all banking institutions in the Second Federal Reserve District. Subscriptions by such banks for their own account to the issues referred to above may not exceed, in the aggregate, 10% of the combined amount of time certificates of deposit (but only those issued in the names of individuals, and of States, municipalities, political subdivisions, corporations, associations and other organizations not operated for profit) and of savings deposits (as such deposits are defined in Regulation Q of the Board of Governors of the Federal Reserve System*), as shown on the bank's books as of the date of the most recent call statement required by the supervisory authorities prior to the date of the subscription for such securities, or $500,000, whichever is less. In any event, a bank may not hold more than $100,000 (issue price) of Savings Bonds of Series F-1945 and Series G-1945 combined. If 10% of the combined amount of savings deposits and eligible time certificates of deposit is an odd amount, the aggregate amount of its subscriptions may be adjusted to the next highest $1,000. Copies of our Application Form No. 6, for use by commercial banks in submitting subscriptions for their own account to the issues referred to above, are enclosed. A separate application should be submitted for each issue in respect of which a subscription is to be entered. Subscriptions may be made only during the period December 3 to December 8, 1945, both dates inclusive. The 21/2