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jit?| MARCH, 1943 MERES HOUl lijCtt CAM HELP IliiSwilSSsS' 3L;--- BUSINESS CONDITIONS A REVIEW BY THE FEDERAL RESERVE BANK OF CHICAGO United States Treasury War Finance Committee Seventh Federal Reserve District Regional Offices Victory Fund Committee ILLINOIS METROPOLITAN CHICAGO Bloomington Chicago National Bank of Bloomington Building Federal Reserve Bank Building, Chicago Telephone Bloomington 13 Telephone Regional Manager Julius P. Klemm Regional Manager Detroit Indianapolis Telephone Reginald Dunhill MICHIGAN INDIANA 720 Circle Tower Harrison 2320 Indianapolis Franklin 3468 Regional Manager, Willis B. Conner, Jr. Federal Reserve Bank Building, Detroit Telephone Regional Manager Cadillac 6880 Edwin K. Hoover WISCONSIN IOWA Des Moines Milwaukee 508 Iowa - Des Moines Bank Building First Wisconsin National Bank Building Telephone Telephone Des Moines 4-0329 Regional Manager, James A. Cummins Broadway 3955 Regional Manager, Harold F. Dickens (Directory of War Savings Staff State Offices on Inside Back Cover) Second War Loan Drive Treasury to Raise Minimum of 13 Billion Dollars Girding itself for a major financing effort, the United States Treasury announced that the Second War Loan Drive would start April 12 with 13 billion dollars as the minimum goal to be reached. The sights have thus been raised from the 9 billion dollar goal of last Decem ber to the present figure of 13 billion, an amount never before scheduled in one financing by any government. The accomplishment of this task will require not only great national effort, but also great national restraint; effort on the part of every volunteer worker to sell the securities being offered and restraint on the part of every person with income or accumulated savings to forego the purchasing of things he might want but can do without. In the words of the President of the United States “Victory cannot be bought with any amount of money, however large; victory is achieved with the blood of soldiers, the sweat of working men and women and the sacrifices of all people.” In announcing the program to the volunteer workers, Secretary of the Treasury, Henry Morgenthau, Jr., stated: “The financing of the war makes necessary another great borrowing campaign in behalf of the United States Treasury, and I appeal to everyone engaged in the April drive to outdo the good results achieved last De cember. Our armed forces now are fighting on all the seas and on many battlefields. In order to supply them, the amount of money to be raised has reached tremen dous proportions. “This means that the scope of the April campaign and of future drives must be greatly broadened to reach more individuals—especially those receiving increased incomes as a result of war activity. It is essential to the success of the drive that the Treasury use the combined services of the War Savings Staff and the Victory Fund Committee in the sale of all Government securities of fered. “I welcome your enlistment as a volunteer worker in this united campaign of placing all available dollars in active service. Your contribution in this undertaking is a patriotic service of which you justly can be proud. It places you in the forefront of those actively further ing the national war effort. “In December we asked the public initially to invest 9 billion dollars in victory and freedom. In the end, the goal was far exceeded, the final returns topping 12.9 billion dollars. Now our goal is 13 billion dollars. And the objective is to reach every American citizen who has funds available for investment in the best securities in the world—the obligations of the United States of America.” The “Basket” of Government Securities At least eight billion dollars of the goal for the April drive must come from non-banking sources and the re mainder from banking sources, including weekly offer ings of Treasury bills. The offerings will consist of vari ous types of securities designed to fit the investment re quirements of all classes of citizens. The “basket,” as the group of securities is called, consists of the following (1) Twenty-six year 2% per cent bonds dated April 15, 1943, due June 15, 1969, callable June 15, 1964, to be issued in coupon or registered form at the buyer’s option. Commercial banks which are defined for this purpose as banks accepting demand deposits will not be permitted to own these bonds until April 15, 1953. No limit has been imposed on the amount of this issue and no re strictions attached to the issuance excepting temporary exclusion of commercial banks from ownership for their own account. Subscription books will be opened April 12 and continue open several weeks. (2) Two per cent Treasury bonds, dated April 15, 1943, due September 15, 1952, callable September 15, 1950. This security will be open for subscription by commercial banks for their own account for the period April 28, 29, and 30. It will also be open to subscrip tion by all other classes of investors for the entire period of the drive. Sales to commercial banks will be limited to 2 billion dollars or thereabouts. Applications from commercial banks in amounts up to $100,000 will be allotted 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 from $500 to $1,000,000 and will be issued in coupon or registered form at the buyer’s option. On. individual subscriptions of $1,000 or less, no ac crued interest will be charged on the 2 per cent or 2% per cent bonds during the period of the drive, but ac Page 1 crued interest from April 15 will be collected on all subscriptions in excess of that amount entered after that date. (3) A % per cent certificate of indebtedness, dated April 15, 1943, due April 1,1944. This security is open to subscription by commercial banks for their own ac count for the first three days of the drive, namely April 12, 13, and 14, and will be open for subscription by all types of investors during the entire period of the drive. Sales to commercial banks will be limited to 2 billion dollars or thereabouts. Applications from commercial banks up to $100,000 will be allotted in full. The cer tificates will be issued in coupon form only. (4) Series C tax savings notes. (5) Series B war savings bonds. (6) United States Savings bonds, Series P and G. Any bank or trust company qualified to hold war loan deposits may make payments by credit for securities, whether for its own account or that of its customers up to any amount for which it is qualified in excess of existing deposits. Besides the securities already mentioned, the Treas ury will offer on April 20, outside of the Second War Loan campaign, a % Per cent one-year certificate of in debtedness dated May 1, in exchange for the Treasury certificates of indebtedness in the amount of 1,506 mil lion dollars, and Commodity Credit Corporation notes in the amount of 289 million dollars, all maturing on that day. Organization for the Drive Having designed the “basket” of securities, plans had to be effectuated which would mobilize the funds avail able for investment. In the early stages of war financing, the War Savings Staffs and the Victory Fund Com mittees were brought into being. They served different purposes. Today, the war has brought new conditions. The amount of money to be raised has reached tremen dous proportions, and an increasing proportion of the funds must be raised from individuals. Therefore, it has been necessary to expand greatly the volunteer organ ization and to intensify its efforts to reach all persons and firms with accumulated funds and all individuals who receive current income. It was natural, therefore, to weld the activities of the War Savings Staff and the Victory Fund Committee into one operating unit providing single leadership for the direction of the sale of all Government securities. Accordingly, the United States Treasury War Finance Committee was created by the Secretary of the Treas ury on March 1 of this year. This new committee inte grates the activities of the Victory Fund Committee Page 2 and the War Savings Staff during the April drive. The president of each Federal Reserve Bank is chairman of the United States Treasury War Finance Committee in his district and has full authority and responsibility to direct the April drive in his district. Both the Vic tory Fund Committee and the War Savings Staff are represented on this committee. These two groups oper ating as a unified organization will stimulate systematic savings, principally in Series E war savings bonds, and investment by the public from accumulated funds in cur rently offered issues of United States Government se curities. In the Seventh Federal Reserve District, the War Finance Committee will consist of approximately equal representation from the War Savings Staff and the Victory Fund Committee. These men will advise in the execution of appropriate general policies and general programs. To correlate the efforts of the two groups, a compact Liaison Committee has been provided. Likewise, the two groups will be unified as to organization and policy on state, county, and community bases where final responsibility for success ultimately rests. Policies naturally will vary from county to county and town to town because of varying problems of human rela tions and business conditions. These can be worked out readily by the two local groups through a spirit of mu tual helpfulness and a realization of the importance of the undertaking. Except for Iowa, the boundary lines of this Reserve District are not co-extensive with state lines. The exist ing Regional Victory Fund Committees, therefore, in clude only that part of their state lying in this District. The War Savings Staff Chairman and Administrator and the Victory Fund Committee Regional Chairman and Manager will constitute the War Finance Committee for each region in the District. The national War Finance Committee will be under the chairmanship of W. M. Robbins, president of Gen eral Foods Sales Company. His group will include Under-Secretary Daniel Bell, and Assistant Secretaries, Harold N. Graves and George Buffington. The War Finance Committee will direct all sales programs. Mr. Robbins, as national director of sales, is author ized to deal directly with the Federal Reserve Banks in all matters relating to the promotion and sale of Govern ment securities. Mr. Robbins, a specialist in mass sales and distribu tion methods, will function in his new post with the title of national director of sales. For the past eighteen months he has served with the War Production Board in various advisory capacities. Also, he has served since last November as a member of a committee consulting with Secretary Morgenthau on securities marketing. Treasury Borrowing and Inflation Raising the vast funds for the war effort, as such, does not constitute the problem. The money can and will be provided. The main consideration is the financing of the war with the least inflationary impact on the econ omy of the country. In December, a goal of 9 billion dollars was set and almost 13 billion dollars of securities were sold. The need now is greater, more must be raised outside the banks, and a broader distribution among non-banking subscribers must be secured. The amount of money re quired by the Government is steadily increasing. Pres ent budget estimates call for war expenditures of 100 billion dollars in the fiscal year ending June 30, 1944. This is the largest budget in the history of this or any other nation. Borrowings by the Treasury will he in excess of 70 billion dollars under present tax legislation. Experience indicates that the objective can be reached, although comparison with the present fiscal year shows the huge increase that must be raised. The actual war expenditures in the 1943 fiscal year will run close to 77 billion dollars. Thus the war budget for fiscal 1944 is some 23 billion dollars larger than probable expenditures in the current fiscal year. The December drive was more successful than had been expected, but it is recognized that a better job must be done during April. To lessen the dangers of infla tion inherent in borrowing from the banks, it is of the utmost importance that the present borrowing be carried out, in so far as possible, by the sale of Government se curities to investors other than commercial banks. The total number of non-banking purchases exclusive of E bonds was not as large in the December drive as it should have been. The size of the task is by no means out of proportion to the ability of the people to invest, because a large amount of the billions which the Government spends each month flows into the pockets of individuals and it is money in the hands of individuals which constitutes the inflationary threat. An analysis of the results of the December drive shows that of the 12.9 billion dollars raised only 7.8 came from outside the banking system, while 5.1 billion dollars was placed in the commercial banks, thus swelling bank de- posits to that extent. Individuals, partnerships, and personal trust accounts purchased 1.6 billion dollars. During the April drive, a larger amount must be raised from this group. The present concern of the War Finance Committee is effective organization for a broader coverage of indi vidual prospects so that more of those who have funds to invest are reached. During the present financing, the banks will continue to play a major role. They are expected to buy 5 billion dollars worth of the securities designed for them, but they have the greater task of helping to sell the re mainder of at least 8 billion dollars. This means that the banks must assume a direct sales responsibility which includes solicitation of their own depositors. Seventh District Non-Banking Quotas Non-bank investors in the Seventh District will be ex pected to provide at least 1,050 million dollars of the 8 billion dollar minimum goal set for non-bank investors in the nation. The breakdown of the District quota by areas is shown in the table below. Iowa is the only state lying wholly within the Seventh District. Quotas for the other states include only the counties in this District. The Seventh District portion of Illinois has been further subdivided to indicate the minimum amounts to he raised from the Chicago Metropolitan Area, including Cook, Lake, and Du Page counties, and from the remaining Seventh District counties in Illinois. Non-bank Quotas for April Drive (In millions of dollars) Region Metropolitan Chicago........................................ Rest of Illinois................................................... Indiana........................................................ Iowa...................................................... Michigan................................................. Wisconsin..................................................... Total, Seventh District....................................... Total Non-Bank Sources Per cent of Total 370 90 110 100 220 160 35.2 8.6 10.5 9.5 21.0 15.2 1,050 100.0 The Seventh District share of expected purchases by institutional investors was broken down by counties and areas within the District on the basis of the distribution of the total assets of these institutions within the Seventh District. The quotas for other non-bank investors in Seventh District counties and areas were set with the thought that an intensive effort should be made to obtain as widespread a distribution of the securities as possible. The distribution by counties and areas within the Sev enth District of demand and time deposits of indi viduals, partnerships and corporations was used as a simple indicator of the ability of non-bank investors in those counties and areas to purchase the “basket” of offerings to be made in the April Drive. Quotas will not be set for the Seventh District share in the total of 5 billion dollars to be allotted to hanks in the nation. Page 3 $13,000,000,000 SECOND WAR LOAN DRIVE—UNIT SUMMARY OF UNITED STATES GOVERNMENT Treasury Bills Ctfs. of Indebtedness Series B-1944 Tax Savings Notes Series C Discount basis by tender 100% and interest 100% Offered weekly April 15, 1943 First day of mont in which purchase Generally in 91 days April 1, 1944 3 years from issue date Governed by price bid %% Varies—1.07% if held to maturity Registration.......................................................... Bearer form only Bearer form only In inscribed form only Denominations..................................................... $1,000 to $1,000,000 $1,000 to $1,000,000 $1,000 to $1,000,0( Books open............................................................ Generally on Fridays Banks Apr. 12, 1943 Others Apr. 12, 1943 Continuously Books close............................................................ Generally on Mondays at 2 p.m. (E.W.T.) Banks Apr. 14, 1943 Others upon order of Treasury Upon order of Treasury Payment due on................................................... Generally on Wednesdays Banks—Others on subscription Application Delivery date.................................................... • Generally on Wednesdays A few days after payment A few days after payment Taxable by Federal Government..................... Eligible for subscription by individuals......... Yes Yes Yes Yes Yes Yes Eligible for subscription by commercial banks Yes Yes Acceptable in payment of Federal (income, estate or gift) taxes prior to maturity... No No Issue price.............................................................. A Yes Yes, during and aft 2nd calendar mon after purchase Redeemable for cash prior to maturity-----^ . No* No At holder’s optioi only, after 6 mont at 100% and inters on 1 month’s notic Use as collateral................................................... Yes Yes For loans from banks only Eligible for deposit of public moneys............. Yes Yes No Salable in open market.................................... Yes Yes No Amount for which eligible investor may subscribe........................................................... Limited only by amount of offering No limit1 No limit ♦But Federal Reserve Bank will purchase from holder on discount basis at rate of iTotal sales to commercial banks limited to 2 billion. 2At purchase price only if commercial bank is holder for own account. Page 4 %% per annum. 3Upon death application 4May not be D STATES TREASURY WAR FINANCE COMMITTEE PURITIES ON SALE DURING APRIL 1943 DRIVE United States Savings Bonds, Series F United States Savings Bonds, Series G 75% of maturity value 74% of maturity value 100% First day of month in which purchased First day of month in which purchased First day of month in which purchased April 15, 1943 April 15, 1943 10 years from issue date 12 years from issue date 12 years from issue date Sept. 15, 1952 June 15, 1969 Varies—2.90% if held to maturity Varies—2.53% if held to maturity 2%% 2% 2%% Registered form only Registered form only Registered form only Bearer or registered form Bearer or registered form $25 to $1,000 $25 to $10,000 $100 to $10,000 $500 to $1,000,000 $500 to $1,000,000 Continuously Continuously Continuously Banks Apr. 28, 1943 Others Apr. 12, 1943 April 12, 1943 Upon order of Treasury Upon order of Treasury Upon order of Treasury Banks Apr. 30, 1943 Others upon orders of Treasury Upon order of Treasury Application Application Application Banks—Others on subscription Subscription A few days after payment Yes Yes A few days after payment Yes Yes A few days after payment Yes Yes A few days after payment Yes Yes No No No Yes No No No Yes Yes No No No Yes Not before April 15, 1953 No No Yes Yes No limit1 No limit United States War Bonds, Series E * No At holder’s option only, after 60 days from issue date 2% Treasury Bonds of 1950-52 214% Treasury Bonds of 1964-69 $500 or $1,000 bonds, $500 or $1,000 bonds, 100%. Over $1,000, 100%. Over $1,000, 100% and interest. 100% and interest. A few days after payment Yes Yes No4 Federal estate taxes No No No only, on death of owner At holder’s option . At holder’s option At Govt.’s option At Govt.’s option only, after 6 months, only, after 6 months, on or after Sept. 15, on or after June 15, on variable schedule on variable schedule 1950 at 100% and 1964 at 100% and on 1 month’s notice on 1 month’s notice3 interest interest Not more than $5,000 maturity value in one calendar year No Not more than $100,000 issue price of Series F and G together in one calendar year ner redeemable at 100% after six months from issue date, if edemption is made within four months after decease. >y commercial banks for own account until April 15, 1953. Page 5 Banks and the April Drive The Second War Loan Drive presents the banks with an opportunity to render a patriotic service in the home front battle against inflation by calling upon their de positors to invest as much as possible in Government securities during April. Under existing legislation about a third of Government expenditures are being met through taxation, and if the President’s request for 16 billion dollars in additional taxes is met, this proportion will only be raised to one-half. The remainder must come from other sources. These other sources are two—the sale of Government securities to the banks, and the sale of these securities to non-banking investors. Treasury borrowing from the banking system creates new deposits. Deposits which previously did not exist are transferred to the Treasury. As these funds are spent by the Treasury, they add to the amount of money held by private persons and firms. On the other hand, the sale of Government securities to non-banking investors does not create new deposits but causes those already in ex istence to be transferred from private hands to the ac count of the Treasury. When the Treasury spends these funds, they are again returned to private holdings. Bank deposits and currency expanded by 36 billion dollars in the three years from December 31,1939 to the end of 1942. Banks purchased approximately one-half of the increase in the public debt in 1942. If we do not do a better job in the future by selling a larger propor tion of Government securities to the public and less to the banks, bank deposits and currency in this year alone will again increase by an amount approaching the 36 billion dollar figure for the entire period 1939-42. An increase in the stock of money in the United States by this amount can become a serious threat to the mainte nance of our inflation controls. It is to the long-run interest of the banks to encourage their customers to invest as heavily as possible in Government securities during the April drive. It is particularly important that banks encourage in dividuals to buy Government securities during the April drive. It has been estimated that during 1943 approxi mately 135 billion dollars will be paid out to individuals as income. Under existing tax legislation, they will pay Page 6 only 14 billion dollars in Federal, State, and local taxes, leaving about 121 billion dollars disposable income after personal taxes available for expenditure. Since at present prices there will be only about 77 billion dollars of goods and services available for individuals to buy, it is im portant that a large part of the remaining 44 billion dollars be diverted to the purchase of Government se curities. Expenditures by consumers during 1943 of more than 77 billion dollars will serve only to increase pressure on prices. In the December drive only 1,589 million dollars was raised from individuals, partnerships, and personal trust accounts out of a total of 12,937 million dollars raised from all sources. This time we must raise substantially greater amounts from indi viduals. Use of War Loan Deposit Accounts The purchase of Government securities by a bank’s customers causes its deposits and reserves to decline by the amount of these purchases if it is not a qualified war loan depositary. As the Treasury spends the money so raised, the deposits and reserves of this bank will again rise—in many cases at least to their original level. Since the Treasury is now following the policy of engaging in major financing drives only every three or four months, the loss of funds during drives by banks which do not make use of the war loan account procedure can be very substantial. Banks which do not have large excess re serves may find it necessary to liquidate earning assets to meet this drain, thereby suffering a loss of income which can only be restored gradually over a period of months as deposits and reserve funds are built up through Treasury expenditures. Where a bank is a qualified war loan depositary, how ever, the purchase of Government securities by its cus tomers does not result in the immediate loss of deposits and reserves, but merely causes the transfer of deposits from private accounts to the account of the United States Government. These Government deposits are withdrawn gradually over a period of months, and notice of each withdrawal is given well in advance by the Federal Beserve bank. As these deposits are withdrawn, experi ence indicates that banks gain deposits on private ac count as Treasury funds are disbursed over the country, in most cases fully offsetting the loss of funds due to the calling of war loan accounts. Through the use of war loan deposit accounts, banks funds to work, banks gaining deposits found that they can retain funds used by their customers to purchase could purchase outstanding securities only at premiums. Government securities, which otherwise would be with This factor makes it doubly advantageous for banks drawn from the banks immediately. Banks may credit in war centers which are gaining deposits rapidly to their war loan deposit account in payment for cus use war loan deposit accounts. Not only do the banks tomers’ subscriptions placed through the bank, not only retain the use of funds which otherwise would tempo of marketable issues but of Series E, F, and G savings rarily be lost through cash payment for Government se bonds and Series A and C tax notes. Any bank, mem curities purchased for their own account and by their ber or nonmember, can qualify as a war loan depositary customers, but also they are able to enhance their income by applying to the Federal Reserve bank and by pledg by purchasing for their own account Government securi ing sufficient collateral. ties at par in anticipation of a probable further growth in private deposits which will offset war loan withdraw als in the months elapsing until the next financing date. The Act exempting war loan deposits from Federal Deposit Insurance Corporation assessments and from re serve requirements of the Federal Reserve Act will make Full Investment by Banks Desirable it even more profitable for banks to become qualified as war loan depositaries, since it will enable them to place It is neither profitable nor desirable for banks to hold a larger proportion of their disposable funds in earning large amounts of excess reserves, and the above discus assets and will reduce their expenses. Accordingly, sion of the profit to be gained through the use of war banks should become qualified as war loan depositaries in loan deposit accounts is based on the assumption that sufficient amount to build up their war loan deposit banks wish to be fully invested. Increasingly large accounts during Treasury financing drives. amounts of short-term Government securities are being Treasury Issues for Commercial Banks Commercial banks will be: permitted to buy approxi mately 5 billion dollars of Treasury securities during the April drive. Approximately 2 billion dollars of the % per cent certificates of indebtedness of April 1, 1944 will be allotted to commercial banks, and the subscrip tion books will be open to them on April 12, 13, and 14. The subscription books on the 2 per cent bonds of 1950 52 will be open to commercial banks on April 28, 29, and 30, when they will be permitted to purchase an addi tional 2 billion dollars. The remaining 1 billion dollars allowed to the banks will be taken up by the continued sale of Treasury bills, of which approximately 200 mil lion dollars is being added to the amount outstanding each week. Geographical Distribution of Bank Purchases During the December drive banks in the money market centers subscribed to an unduly large share of total bank purchases. Following the drive, banks outside the money market centers gained deposits as Treasury expenditures distributed funds over the country. In order to put these made available to the banks, and may be purchased with little risk by banks from funds which would otherwise be held idle to meet a possible drain of deposits. Treasury bills under present conditions are the virtual equivalent of excess reserves. The Federal Reserve banks buy at any time all Treasury bills offered at a rate of % of 1 per cent. Moreover, if the seller so desires, he may retain the option to repurchase from the Federal Reserve banks Treasury bills of a like amount and ma turity at the same rate of discount. For banks which do not have sufficient funds or per sonnel available to make profitable the management of a weekly revolving Treasury bill portfolio, Treasury cer tificates of indebtedness offer an attractive outlet for otherwise idle funds with a minimum risk of loss. There is a continuous market for these certificates, and, more over, a bank can obtain advances from Federal Reserve banks secured by Treasury certificates of indebtedness at a discount rate of % of 1 per cent. Thus, even a small bank can profitably employ funds which otherwise would be held idle. Page 7 Why Banks Must Not Buy All the Bonds The total amount of bank deposits and currency in circulation has in creased since the end of 1939 by 36 billion dollars, or more than 50 per cent, and this growth has been en tirely in demand deposits and cur rency. Should banks be called upon in 1943 to purchase half of the increase in the public debt as they did in 1942, the growth in bank deposits and cur rency in this year alone will again approach the 36 billion dollar figure. Source: Federal Reserve Bulletin, February, 1943. Why Individuals Have the Money to Buy Bonds Disposition of Income Payments to Individuals (In billions of dollars) 1939 1940 1941 1943 1942 estimate* Income payments to individuals................. 70.8 Less: Personal taxes and non-tax payments. 3.1 Federal.................................................. 1.3 State and local..................................... 1.9 Equals: Disposable income of individuals. . 67.7 Less: Consumer expenditures...................... 61.7 Equals: Net savings of individuals............. 6.0 76.5 3.3 1.4 1.9 73.2 65.7 7.5 92.2 4.0 2.0 1.9 88.2 74.6 13.7 115.5 6.6 4.7 2.0 108.8 81.9 26.9 Item * Assuming no change in prices after February, 1943. t Based on present tax legislation, tt Break-down not available. Source: Bureau of Foreign and Domestic Commerce, United States Department of Commerce. Page 8 135 14 f ft tt 121 77* 44 United States Treasury War Finance Committee Seventh Federal Reserve District State Offices War Savings Staff ILLINOIS IOWA Chicago Des Moines 105 West Adams Street Telephone Chicago State 2940 State Administrator, Norman B. Collins INDIANA Telephone State Administrator Des Moines Des Moines 4-0147 Vernon L. Clark MICHIGAN Indianapolis Detroit 924 Illinois Building Telephone 800 Walnut Building Indianapolis Riley 2444 State Administrator, Wray E. Fleming 600 Union Guardian Building, Detroit Telephone State Administrator Randolph 8208 Giles Kavanagh WISCONSIN Milwaukee 202 Federal Building Milwaukee Telephone Broadway 4965 State Administrator Frank J. Kuhl (Directory of Victory Fund Committee Regional Offices on Inside Front Cover) SEVENTH FEDERAL ILL • INO RESERVE DISTRICT
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