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BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Office Correspondence
To

Chairman Egcleg

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D t J i n. 112
ae uy
9+,
Subject:

Mr* Thurston
The following is from an address by Governor Towers at the Bankers Association
f o r Foreign Trade in June, 19U2:




"The Second Victory Loan of last February produced a
t o t a l of $8i|5 millions cash subscriptions from nearly
1,700,000 subscribers. Translated into terms of U# S.
income and U. S* population, these results could be compared to an American loan yielding |1J b i l l i o n s cash and