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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 2 7 3 8 L December 20, 1943 J FOURTH W A R LOAN Credits for Sales of Securities To all Banking Institutions in the Second Federal Reserve District: The Treasury Department has recently advised the Federal Reserve Banks of the rules which will govern the geographical distribution of credits for sales of securities during the Fourth War Loan Drive. We summarize below the rules established by the Treasury. In the absence of a specific request for allocation elsewhere, credit for sales of 2x/2 % Treasury Bonds of 1965-70, 21A% Treasury Bonds of 1956-59, % % Treasury Certificates of Indebtedness of Series A-1945, and Treasury Savings Notes, Series C, will be given to the counties indicated by the addresses of the purchasers appearing on the subscription forms received by the Federal Reserve Bank of New York, except that in the case of subscriptions for such issues entered in New York City for account of nonbanking corporations other than insurance companies credit will be given to New York City; and credit for sales of United States Savings Bonds of Series F and Series G will be given to the counties indicated by the addresses of the registered owners. Credit for sales of Series E War Savings Bonds will be given to the county in which the issuing agent is situated, with certain minor exceptions. Sales of such bonds directly by the Federal Reserve Banks, by the Office of the Treasurer of the United States, and by certain radio stations will be credited geographically according to the addresses of the registered owners, through sorting operations regularly conducted by the Federal Reserve Banks and the Treasury Department. The Secretary of the Treasury has especially requested that transfers of funds be avoided in entering subscriptions, since such transfers are disturbing to the money market. Purchasers of securities should enter and pay for their subscriptions through banking institutions or other issuing agents in the localities where their funds are located. The Treasury has provided a procedure whereby credits for sales during the Drive may, at the request of the subscriber (but only at the time of subscription), be allocated to any county or counties other than those to which such credits would normally be given, as indicated above. However, no allocation of credit may be made in respect of a subscription by an insurance company, which will be credited to the county in which the head office of the company is situated. The procedure established by the Treasury for requesting allocations of credits for sales will be uniform throughout the country. Complete details, together with samples of the forms ]3rovided for submitting such requests to us, will be transmitted to you in the near future. ALLAN SPROUL, President.