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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 2559 T L December 12, 1942 J VICTORY LOAN DRIVE and CLOSING OF SUBSCRIPTION BOOKS ON CASH OFFERINGS OF 2V2 Percent Treasury Bonds of 1963-68 Percent Treasury Bonds of 1948 % Percent Treasury Certificates of Indebtedness of Series E-1943 To all Banking Institutions, and Others Concerned, in the Second Federal Eeserve District: The following is quoted from a press statement made public today by the Secretary of the Treasury regarding the progress of the Victory Loan Drive and the closing of the subscription books on three current issues: Secretary Morgenthau announced today that subscriptions to Treasury securities offered in the $9,000,000,000 December Victory Fund Drive now total $6,600,000,000. Although success in achieving the aim now is indicated, he said, there must be no relaxation of effort. The December drive, the Secretary also announced, will terminate, and the subscription books will close, at the close of business December 23, with respect to three issues of securities, namely, Victory 2 ^ s due December 15, 1968, callable December 15, 1963; percent Bonds due June 15, 1948; and % percent Certificates of Indebtedness due December 1, 1943. The sale will continue on the Series A and C Tax Savings Notes and the Series F and G United States Savings Bonds. The Treasury will accept subscriptions which are placed in the mails up to midnight of December 23 for the three issues on which the drive ends that day. The issue of % percent certificates of indebtedness, as previously announced, will be open to subscription by commercial banks December 16, 17 and 18 for their own account, in the aggregate sum of $2,000,000,000, with applications from such banks in amounts up to $100,000 to be allotted in full, while larger applications will be subject to percentage allotments. The funds raised through the drive, together with funds to be raised through the sale after January 1 of Treasury bills, savings bonds, certificates of indebtedness and tax savings notes may enable the Treasury to function until some time in March or April before another major financing campaign. Secretary Morgenthau praised the diligence of the 50,000 salesmen of the Victory Fund Committee in soliciting subscriptions to the $9,000,000,000 of new securities. The unselfish devotion of these salesmen is contributing greatly to the indicated success of the drive, he said. Subscriptions through December 10 for the different issues from all sources are: From Bank Sources Treasury bills $ 300,000,000 % % Certificates Treasury Bonds 2,058,000,000 2y 2 % Victory Bonds Tax Notes Savings Bonds (E, F & G ) . . Total $2,358,000,000 From Non-Banking Sources Total $ 891,000,000 589,000,000 2,255,000,000 214,000,000 291,000,000 $ 300,000,000 891,000,000 2,647,000,000 2,255,000,000 214,000,000 291,000,000 $4,240,000,000 $6,598,000,000 Cash subscription Form No. 7 for the use of banks in the Second Federal Reserve District accepting demand deposits in subscribing for their own account to % percent Treasury Certificates of Indebtedness of Series E-1943, dated December 1, 1942, due December 1, 1943 will be mailed by this bank prior to December 16, 1942. ALLAN SPROUL, President. FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States December 15, 1942 SUBSCRIPTIONS BY COMMERCIAL BANKS TO % Percent Treasury Certificates of Indebtedness of Series E-1943 To each Bank in the Second, Federal Reserve District Accepting Demand Deposits: W e send you herewith cash subscription F o r m No. 7 for your use in subscribing for your own account to % percent T r e a s u r y Certificates of Indebtedness of Series E-1943, dated December 1, 1942, due December 1, 1943. As stated in T r e a s u r y Department Circular No. 703, dated November 30, 1942, which accompanied our Circular No. 2549, the books will be open on December 16, December 17 and December 18, 1942, for the receipt of subscriptions from commercial banks (which are defined for this purpose as banks accepting demand deposits) for their own account. P a y m e n t for certificates allotted to commercial banks must be made on December 28, 1942 at par and accrued interest from December 1 to December 28, 1942. ALLAN SPROUL, President.