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I t i t s u n g e s t e d that the Treasury announce not l a t e r than Hovember 16
t h a t b e g i n n i n g on Hovember 23 t h e r e would be o f f e r e d t o the p u b l i c other t h a n
consnercial banks 2 l / 2 per cent bands, 1 3/U per cent bonds, and j/t o f 1 per

cent certificates* The sale of these securities and of the tax notes would be
rigorously promoted by the Victory Fund Committees. The books would be kept
open for about two weeks, but oould be olosed sooner at the discretion of the
Secretary. The two bond issues would be dated Kovanber 2h and the certificates
December 1. The goal would be placed at not l e s s than 5 billion dollars, and
as much more would be sold as possible.
Prior to the closing of the books the 1 3/U per oent bonds and the 7/8 of
1 per cent certificates would be offered for subscription by commercial banks.
The amount that would be offered to commercial banks would be sufficient to bring
total subscriptions to 10 billion dollars. The naximum amount available to
commercial banks would be 5 billion dollars, and i t would be one of the objectives
to reduce this amount by as much as possible.
It i s estimated that sales of tax notes would tot si 1.5 billion dollars,
of certificates 1.0 billion dollars, of 1 3/U per cent bonds 1.0 billion, and of
2 l / 2 per cent bonds 2.0 b i l l i o n . These figures total 5.5 billion dollars and
might be pushed as high as 6.0 b i l l i o n . In that event the commercial banks
would take 4*0 billion dollars. The 10.0 billion dollars of funds from the
drive together with 2.0 billion dollars from savings bonds and 1.2 billion from
b i l l s would leave the Treasury with a balance of about 7 billion at the end of
December. It would not be necessary for the Treasury to enter themarket again
until late in January.