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tk* f i r s t ##0flna ©f
*

*ttgg»tt«4

U5 feilU*a*
ficl#nt t® emrrjr
g
in ©ur
for

Tr«*aury

It
Iti

of

3
^Jf
t&»% f o l i o * .




April

of thi*
of

©f

att«fttlon

tfc»

- 2
X. ftgaaral

iQtttlla^,.of^tb<!L^

Tin® fIjnanoiftis prospMtii *#t forth bolov i s H##l^a#A
to ralaa 115 W l l i o n * of i n m®n®$ 4ur%m% April, iMa*
a t th# t o t a l &«»unt r#ouir«^ t o flnano» th# i t f i a i t
osljr 17 b i l l l o n « t tfei» progi"«iais -will provld# © n^rirla of
(15 th# pr$ip#0tlv# working

bill r#fuadi»f* in m
^ooujit-ti d#jplvii^ froa

in thts# ao«th«t shoala b# «uffloltnt to
t*s# Troa^urj ^*ith a ooafart*>Jsl« worklm balaaoo until
fuadft' & © * t AYailabl* at a r t t u l t of
# €®
to

1
oth*r
•r ril ril
.1

Tax
7/$
1.3

ij

1.5
10.0

Subtotal * n$nbfiinli

(krmnA t o t a l -




.0

10,0
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it
tilhi

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^ i M th* first «f *
e^apiiMit

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.;- if

*kt

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ft****
*lw *ffar%*

• * Victor/

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9 ^ir with kftovn
1

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tfcst ib# M l

l i ^ttimtlf tap*rt»nt £«>r%t0a# •

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tMiVt '^t^ti <s|^e

= t#d f#r
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Her

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'erb, i t t« »«*i»«i!« w i l l
•'• .
f^^ttrit-5

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- 5
CD

4 7 / i i^fiNHIt OOrtiflOfcto dt*# p
II i * propo*o4 that I M l lssuo bo ©ff*r»& to
a l l imr«»tort s>a stead*?, **p*il 5* *»& &•

#$on to b«i)ko fur tfer#» &*/«•
bo
j

ffeo *sfc©»iit to

i«nu* imuld fe# d*K^i April 10
of

for th# tnv»*ta»nt of oorpor&tion fund*
lti
la
t
froii

in(t)

4 a p«p«oftt feomi ©f i M Mi o 15#
M M rk r
I t I t p!*epo«o& tlmt tui* fe# offorod t o
l
l 5

, It *oul4 t o l l *t
of f / p &ftor th# ^^kt «oro
boi^l Is offornd In |?rofoF«$!OO to
porooftt iiitio so fti ^ wmrr ttoo
tkio U«n trivo. It t i n I M M I to
u&l* AA<4 oorporiiitlent <iooiri«f * return

a oortlf-

looto ^«d Hill bo «oc|«lr#4 bf tl*o» ^
^* A secondary ©#dh r#««rro* I t
Ho &ttrsoUf« to
do not
(3)




4
/ ^
p
p
If 60* 70 or & 1965-T5. It l o i«pop©so4
tMo i»«tto bo
not bo #Uglbl# for ee«ua#rolal
•felp until 1953- ^w bond woull
1ft oo^pon ** voll at ro^«tor#4 foi*si«
further p^fO»#4 teit tlit bond bo «*do
to in^Hrldkttoli ^ r
a

tli*t
It i«
MUtltho

of & JWW pwtlg|#a *toiofe voulft mile* rsd#a?tlaa *t pt* la th# «**• of Uw
a«ftth of as o*ra#r wi*o had &#ld th* bond for
•ix »o»th» prior to fei« i«ftth« Thin POpftf3 to

ltiit# oa th« d<Hrn i U l «
In

It

f

It will

i>r#«#nt
y
t» allow th#» t# % #«^uir*4 fey
«
all irm»*tor» ota»r ^n» oo»a#rol«l
!A«tiMk4 of mmtmlf in^tTirfu^ls a? at
It i t fttifjgftftod th»t tli« pro»^#0tl¥
of I bona« to m*%h imrtttwft lit
#n th# ooo^ni^m of tfeo *nnoimo#
»#tit of the dlt9<»i3Uft«uiii9O of tho f ftM

i

I-

it is

p^
i
M at
|
§
prior to th# start of th* drivo* Xa
, i t In «ttfg#«to4l tfeftt
thftt th« A «#rio« of fox
flio folloviaf t*bl* «u«at*rif«e th# r*»ult»
b# obt&ln#cJ in th# April irlirt l>«##4 t$ » th«
iH&
»bio to &lff«r»ftt olo»»#t of lfnr#itor« *»fl
ospoot to tho r*roporu»ii of #&o^ «!#§§ of
mi%kt bt obtaiatd for imPOitROUt id
*fm&mtml
t i t s , At a«t out la tfeo »#»oraa4u» on * oure«« of fmnio
far NAovml Borrwiiig, fftliotiMP T«*r 19^?** t% •honlrt
o«plkftil«o4 that th#t# fund* will not bo stuta^mtle*lly ia•o«to4. ho«««r*r, mn$ @J»H b« o)>tiLia«4 #nl|r bf * major
l
effort*




«ouritl«t
of Hon&imklng

i>riir# 1

1»llU*a« af

7/t'i.

•-•5

#1
I
10-0

1/

in

Uiktk in t&i# fc&fcl* &r# in




of

•f iapartmut
will
©f

In

tnr

3gttfe*
m l t i l r IM

It •
^mi«tS In ftfet* *«
I I N U tfU h i M fcttl H
N M
94f ftfemdUt fe# •«€# -tff^e*

i f i t l i $# s

9-pftSnr of U^#
'.l«m ©f th*t« »«nn»r"
1 I if
K ^ i r«:J • i -- ; ^ ? »* >f A p r i l
fcMOHl Mlt
if • r #

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1 ( IJ* ' .

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itt^**; .

Tfa*

IE Iln*f

• • »at?

1 lists

•fto«

. i#
*

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"re't*rf. < »I #

ta-i-

fort!

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WWW** tjF v# «4t^#«%Ci t-% i # #1

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for
I XI

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S







•nti I t will fe« Bade no e«sl*r fey the f&ot
th#. t door-1 o -11111 r aaajpi 1 ga§ I *pen<?i forttM5 r
on l*apl< delivery of iMttti —- t t f
y toll Yep? no Latay HMM * 5 hours after
M"
lentlon b»« fc«^n atd*. I t
%tm *p*r*%%9m will
m t i ttM in i«
to to* c^-rri^t t o w M far $* to
neighborhood. Tr*ii *#vt«esi-3is of the
op«r«tlon f i t 19 obrloue, aftj Involve
a in t M
&
ai&fttloa of »«rkstable U H M «
MM p
osophjr of f l r * t Mlliag sin lair#ator nil the
k M ffeocmlr®, ^nct th*n »«ning
M A
limit would b» la
y
i t «§*jUI t>— t If the ainiaui» ^«noa^
L#a of
I500 for *srfr«t«bl» ««ouritl«e off#r^a during
t£i arlv^ l« eontin^i**c?;# ?h« asXttm^is will not
^ «ft th^ I bona off agaifttt
if tfe# Xott-r 60 ^ l smpfcsl to
#e«u?^ of t h u l r t
atior*.
Interest nocrusl or* K*rk«t*.ble **ourltl»*.
p n t inrlag th«i N^taJNv d r l v t
tot «o»pXl«5 tioiiB arltlag froa th«
. of I n t t r t i t »o^rypli& froa tfe# t a i
•«ourlt/ WHS dfttud to the day tisat p«y»*ut
made. Etcfe of the thret lamaa earrled * <^lff^r^nt Ultayaal r»te f SR«" th*r« M m n«w amount
M
of aeoru'-i for en eh ls#«it #aeh d*y. I t ig nu^f gt#i Huit Wo laprovftatnte in prueedur* be
(a! t?3it« the'attTk^t^ble ipeu^s April 10
of th^ ^*^t« they a*f f l r t t offered, (b)
the amount af I n t e r e s t scera^Xs only
using; «» avi%rpf^ figure for the
@ the f i r s t afcsAga, ljnt«rtet
f
on #11 subsarlptloRci t»n^#rtd betweee April 5 s^aa ^pril If- a t l l thereby b#
e l l ^ l n s t e d . By ^#«ni af the seeond
there vl!3 be a»ny Xee» figwr«^ to to?*

aoorotary ftorgoathati •




f %hm oalooaaa* Thooo two o&aa&oo m y
a
slow up tfc* r#i^#rtiag $f oiftboorlptloao b
largo iaTottorii, to VHOB * «t*y» latoroot
«ay bo * ooa*l^#r&ti0iu fhof tr# tsf&r*
taat «a$i»$h, fc®v#¥#r, i t woula too* to
a«*o tholr ado Uon wartli whllo for tb*

of

7(v s i l l i - n « v«nt into o#rtlfloct#«
%
tb« l * t t # r «««nrlU»«
to
of

ift
*
f
i
p
ij
( I I t i i t j « i f i i t fe# UelEdta wtU tha** of
tmmwmrmlml bmnk* and *«fc|*at## to % » «
f
e
p«rooAtaga aXlotmtati ( f } thoif » i f ^ t fe*
t l i t i i A a t t d &lts^#th*rj and (3} tte<ty
t
ftcc«rt»a |JI iifeeml Aitmal, no l e tho
4rlvt*
flMi f l r t t two ttot^oin
to oonflao tho tlO b i l l i o n * Quota
f to adufeattfclaf iwrootwo^ f M l i tho
aotfeoa iromli pM^UNi * *Mittf* l a Clio
ruot* to tho oxtont that aoour&tlo* tub*oi*lboi for by Aoalorg woro «ub»* uently
to baot

I

f

i

'

'

J

T

*

B

i F ^

i't ioiilS' pr#vi§i0ii io
to laouro osall iavostor* ao vo!U at largo
lnv»*torit l a tfe# ?-!/*? |»oroo»t bout a^alnot
a prloo aopr«oi^tloa oarrl^i OR bojr$ft& t h t l r
llf«ti»»« f b l i pro^lnloa i « tfe# «aa« &o I t
ao* oarrl#& by Morion 0 «a?lafo bondt, vniob
I t Is r*r$p#toe t# «ll«laftto.
I t would hmvm a
nuoH groator attr*otlTonooi than tho
la tho Dtoontbor t « l / t f o whloft allowt tho to
to bo t o a i t r o i at t?«r for raysoat of #«tfeto
tana.
Tho oxoa^ti^a for tfeo Fodoral ootato tax
i s ;l6o,OOOt and th# tftx In not aa lar>ort*nt Itoa
a n t i i an «nt«to i * ottbfttaatially aboiro this
fcaeuat. I f th# o l ^ t o **n th* voluat of thtto
o«ouritlo9 to bo ^laooa v i t h iatmaualo oro to
b# rta*«<5, i t wmSLi b# holpful to pweeten thm
lo»uo




- 11

Ite pr»s*«*& r#j»ym#at &t par at toatfe
vlal&a Kttild to *tu**etiv« to leivtttors
aautt i t *et*l& I^v* th» • lung-run «ff«tt #.f
lap»rtt*« a r*l$«lv» st*bUttj to ***# pt»i$«
$£ tha i«tia« »it t&ft ctsim *14#« ttaat* i f
lnt#r#at
^

:

of it

to
ury f#.r n&mfmmt*
l

t® %'m treas

^

to 4*®ila«» l a
the

at p
i

l H»A %%
2

.

in n n t i t a i fftkat m

oft« niymalaf i^ April will «ai?r|p
until #mlf, i t

i

.

ffeit will mmm

of fcllXa IM«NI t^ rt«t U
atarting «a -^arofe 1?| to j
ti
£p41 t i l
t $1
J«n# 14.

the triirt 1* art
fe tla# ^iloaoAr
tailing I bonds to t^« iToragi man*
f
|
fillI

»©t #r * l l l i » t iaHPi f«r t**t», and of tho«#




* uny i t not £184 fait ns!$#£ p*rtl«u~