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UNITED STATES TREASURY
WAR FINANCE COMMITTEE
Eleventh Federal Reserve District
Federal Reserve Bank
Dallas, Texas
FOR RELEASE TO NEWSPAPERS OF MONDAY, MARCH 15, 1945

In their first joint war financing council, prior to
the approaching April U. S. Bond Sales Drive, regional chair­
men and managers of the Victory Fund Committees in the Eleventh
Federal Reserve District met in Dallas last Friday with top-flight
executives of the War Savings Staff organizations in the district.
The district includes all of Texas and parts of Louisiana, Oklahoma,
New Mexico and Arizona.

Mr. R. R. Gilbert, President of the Dallas Federal Reserve
Bank, presided as Chairman of the United States Treasury War Finance
Committee for his district, as created March 3, for overall direc­
tion of the Treasury’s bond selling activities for the Second War
Loan drive in April by both the War Savings Staffs and the Victory
Fund Committees throughout the Nation.

Twenty officials from both organizations present at the
Friday meeting were drafted for duty on the newly erected District
War Finance Committee, headed by Mr. Gilbert, so that the two older
and smooth-working sales organizations could coordinate their plans
at once for the April drive, continuing to conduct th*ir separate
activities vdLthout any let-up and at the same time dove-tailing their
efforts for widest effectiveness in the great April, fund-raising
campaign which will be the greatest ever undertaken by the U. S*
Treasury.

At the Friday meeting, Mr. Gilbert informed his district’s

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This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

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new War Financing Committee that on the preceding day a national
quota for this Second War Loan drive was set at $13,000,000,000
by Secretary Morgenthau, and estimated the district’s overall
quota of sales through both the War Savings and Victory Fund
organizations at about half a billion dollars.

The offerings to be sold during the April drive will consist
of:
1.

Twenty-six year £ - • percent bonds dated April .15, 1943,
-§
due June 15, 1969, callable June 15, 1964, to be issued
in coupon or registered form at the option of the buyers.
Commercial banks, which are defined for this purpose as
banks accepting demand deposits, will not be permitted to
own these bonds until April 15, 1955.

There will be no

limit to the amount of this .issue and no restriction upon
the issuance excepting the temporary exclusion of com­
mercial banks from ownership for their own account.

Subs­

cription books will be opened April Ik and will remain
open several weeks.

The bonds will be sold in denominations

from $500 to $1,000,000.
2.

Two percent Treasury Bonds dated April 15, 1942, due
September 15, 1952, callable September 15, 1950.

This

security will be available for subscription by commercial
banks for their own account for the period April 28, 29
and 30, inclusive.

It will, be available for subscription

by all other classes of investors for the entire period

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of the drive.

Sales to commercial banks will be limited

to $2,000,000,000 or thereabouts.

Applications from

commercial banks in amounts up to $100,000 will be allot­
ted in full and larger bank subscriptions on an equal
percentage basis.

All applications from other than com­

mercial banks will be allotted in full.

These bonds will

be in denominations of from $500 to $1,000,000 and will
be issued in coupon or registered foria at the option of the
buyer.

On individual subscriptions of $1,000 or less, no accrued interest will
be charged on the 2 percent or

percent bonds during the period of

the drive, but accrued interest from April 15 will be collected on all
subscriptions in excess of that amount entered after that date.

5.

A 7/8 percent certificate of .indebtedness dated April 15,
1945, due April 1, 1944.

This security will be available

for subscription by commercial banks for their own account
for the first three days of the drive, namely, April 12, 15,
and 14, and will be available for subscription by all classes
of investors during the entire period of the drive.

Sales

to commercial banks will be limited to $2,000,000,000 or
thereabouts.

Applications from commercial banks up to

$100,000 will be allotted in full -aid larger bank subscrip­
tions on an equal percentage basis, and all applications
from other than commercial banks will be allotted in full.
The certificates will be in denominations of $1,000 to
$1,000,000 and will be issued in coupon form only.

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4.

Tax Savings Notes of Series C.

5*

Series E War Savings Bonds.

6.

United States Savings Bends, Series F and G.

Any bank or trust company qualified to hold War Loan deposits will
be permitted to make payment by credit for securities, whether for
its own account or that of its customers up tc any amount for which
it shall be qualified in excess of existing deposits.

Pointing out that W. M. Robbins, Vice President of General
Foods, in Charge of their sales and marketing activities, has been
named by Secretary Morgenthau to head up the nntion-vd.de activities
of the new overall War Financing Committee, as its National Director
of Sales, Mr. Gilbert emphasised that all U. S, bond sales forces
in the Eleventh Federal Reserve District would now have the added
advantage of unified command under Mr. Robbins, a nationally recog­
nized sales-promotion leader, as well as the benefits from the
continuing leaders in both the War Savings and Victory Fund organizations.

For the April campaign of the two coordinated groups, the
War Finance Committee in Mr, Gilbert's district has instructed both
groups to solicit the sale of identical Treasury offerings—

each

group operating its own organisation in harmony with the other organi­
zation, by towns, by counties, by areas and by regions throughout
the Eleventh Federal Reserve District.
overlapping of effort

; assure

He said this would avoid

the solicitation of every family or

individual having idle or accumulated funds$ and complete the April
and subsequent campaigns in the shortest possible time, with the
fewest calls per volunteer worker.

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The unification oi effort, he scid, will mobilize
approximately 25,000 volunteers in the Eleventh Federal Reserve
District for the big job of recruiting its quota' of .approximately
One Half Billion New Fighting Dollars on the Freedom Front in April,
and for the equally important job of recruiting as much as possible
of the vast sum from outside of the banks and from as many indivi­
dual citizens as possible,

f e said that how the money was recruited
i

was as important as how much was recruited, saying that every dollar
raised outside of the banks and every citizen who became the person­
al owner of a bond became a powerful force in preventing inflation
and preserving the value of all dollars.

The Second War Loan Drive, which is the first intensified
bond selling campaign entered into by both groups, under unified
command, will start April 12.

Details for harmonious action by

both organization s are new being woi'ked out down to the county and
town localities,

with publicity being prepared so that every citizen

can know the need for his purchase of bonds long before a volunteer
salesman calls upon him.

Officials of War Savings Staffs attending the Friday meeting,
held in the directors* room in the Federal Reserve Bank of Dallas,
were Frank Scofield, State Administrator for Texas, and C. W. Stephenson
and Emory A. Nielsen, respectively Deputy State Administrators for
Louisiana and New Mexico, and James B. Boyle, State Chairman for
Arizona.
Group,

Mr. Scofield also represented the Oklahoma War Savings
The complete roster of the new War Finance

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Committee, functioning until further notice, in the Eleventh Federal
Reserve. District is as follows:

Nathan Adams - President, First National Bank, Dallas, Texas
Co-Chairman Dallas Regional Victory Fund Committee
W. Russell.Barrow - Barrow, Leary & Co., Shreveport, Louisiana
Co-Gft&irman Shreveport Regional Victory Fund Committee
C. N. Bassett - President, State National Bank, El Paso, Texas
Chairman El Paso Regional Victory Fund Committee
George E. Benson - Vice Pres., Citizens National Bank, Lubbock, Texas
Vice Chairman Amarillo Regional Victory Fund Committee
James B. Boyle - Tucson, Arizona
State Chairman, War Savings Staff, State of Arizona
Fred F. Florence - President, Republic National Bank, Dallas, Texas
Co-Chairman Dallas Regional Victory Fund Committee
Joe H. Frost - President, Frost National Bank, San Antonio, Texas
Co-Chairman San Antonio Regional Victory Fund Committee
R. R. Gilbert - President, Federal Reserve Bank of Dallas
Chairman, Victory Fund Committee, Eleventh Federal Reserve District
R. E. Harding - President, Ft. Worth National Bank, Ft. Worth, Texas
Co-Chairman Ft. Worth Regional Victory Fund Committee
Walter B. Jacobs - President, First Nationtil Bank, Shreveport, Louisiana
Co-Chairman Shreveport Regional Victory Fund Committee
Judson S. James, Jr. - Dallas, Texas, Executive Manager
Victory Fund Committee, Eleventh Federal Reserve District
F. M. Law - President, First National Bank, Houston, Texas
Co-Chairman, Houston Regional Victory Fund Committee
C. C. Me Clung - McClung & Knickerbocker, Houston, Texas
Co-Chairman, Houston Regional Victory Fund Committee
Emory A. Nielsen - Albuquerque, New Mexico, Deputy State Administrator
War Savings Staff, State of New Mexico
Tom H. Obenchain - President, Dallas Union Trust Company
Co-Chairman, Dallas Regional Victory Fund Committee
A. E. Robertson - Dewar, Robertson & Pancoast, San Antonio, Texas
Co-Chairman, San Antonio Regional Victory Fund Committee
Frank Scofield - Austin, Texas, State Administrator
War Savings Staff, State of Texas (Also representing Oklahoma
War Savings Staff)

- 7 Wm, P. Smallwood - Smallwood & Company, Ft. Worth, Texas
Co-Chairman, Ft. Worth Regional Victory Fund Committee
C. W. Stephenson - New Orleans, Louisiana, Deputy State Administrator
War Savings Staff, State of Louisiana
Charles T. Ware - President, Amarillo National Bank, Amarillo, Texas
Chairman, Amarillo Regional Victory Fund Committee


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