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Fiscal Agent of the United States

'Circular No. 2 3 6 9 "1
ยป January 28, 1942 J

To Banks and Trust Companies, and Others Concerned
in the Second Federal Reserve District:

Sales of United States Defense Savings Bonds have increased to such an extent as the result of the
entrance of this country into the war and the widespread adoption of payroll allotment plans by employers
that it has become desirable, so far as practicable, to decentralize the work of issuing bonds and thereby to
facilitate prompt delivery to purchasers.
The Secretary of the Treasury has, therefore, authorized this bank, as Fiscal Agent of the United
States, to designate and qualify as issuing agents of Defense Savings Bonds, Series E :
1. Any organization incorporated under the laws of any State of the United States or the District of
Columbia making application for such designation; and
2. The Treasurer or Treasury Department or other appropriate officer or office of each State and of
each County and Municipality thereof, making application for such designation;
provided that such applicant has in operation a payroll allotment plan and provided further that in the
opinion of this bank such applicant will issue a sufficient number of bonds to warrant designation as
issuing agent. The Treasury Department requires issuing agents so designated to deposit with this bank
the full issue price of bonds obtained by them on requisition, except that corporations acting as issuing
agents will be permitted, in lieu of making such deposit, to pledge with this bank an equivalent amount
of direct public debt obligations of the United States, or obligations which are unconditionally guaranteed
as to both principal and interest by the United States.
Pursuant to the authorization referred to above, this bank will now receive from corporations, and
from the chief fiscal officer or office of any State or of any County or Municipality thereof, which have
payroll allotment plans in operation, applications for designation as issuing agents for the sale of Defense
Savings Bonds, Series E. For the time being, this bank considers that only those applicants having approximately 1,000 employees or more would, if designated as issuing agents, issue a sufficient number of bonds
to warrant such designation. Issuing agents so designated may sell bonds not only to employees participating in payroll allotment plans, but also to the general public and to employees making intermittent purchases outside the scope of their payroll allotment plans.
This is brought to the attention of banks and others concerned in the Second Federal Eeserve District
for their information in the event they receive inquiries from corporations or from fiscal officers of States,
Counties and Municipalities which might be eligible, under the conditions stated above, to qualify as
issuing agents for the sale of Defense Savings Bonds, Series E.
Upon request, this bank will furnish complete information, including instructions and the necessary
forms, to any eligible corporation, State, County, or Municipality which may wish to consider applying
for designation as issuing agent for sale of Defense Savings Bonds, Series E.



Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102