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FED ERAL R E SE R V E B A N K O F D A L L A S F I S C A L A G E N T O F T H E U N IT E D S T A T E S Dallas, Texas, November 2,1944 SIXTH WAR LOAN DRIVE To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: There are enclosed reproductions of the following Treasury Department circulars containing the terms and conditions under which the marketable securities will be offered during the Sixth War Loan drive, beginning November 20, 1944: Circular No. 755 covering 2 ^ % Treasury Bonds of 1966-71 dated December 1, 1944, maturing March 15, 1971, callable March 15, 1966, to be issued in coupon or registered form in denominations of $500 to $1,000,000. Circular No. 756 covering 2% Treasury Bonds of 1952-54 dated December 1, 1944, maturing December 15, 1954, callable December 15, 1952, to be issued in coupon or registered form in denomi nations of $500 to $1,000,000. Circular No. 757 covering 1^4% Treasury Notes of Series C-1947 dated December 1, 1944, maturing September 15, 1947, to be issued in coupon form only in denominations of $1,000 to $1,000,000. Circular No. 758 covering % % Treasury Certificates of Indebtedness of Series H-1945 dated December 1, 1944, maturing December 1, 1945, issued in coupon form only in denominations of $1,000 to $1,000,000. ....... - ------------Inasmuch as additional copies of the circulars will be mailed only upon request, it is urged that the enclosed circulars be retained in your files for ready reference before and during the drive. Appli cation, subscription and other forms will be forwarded to your bank prior to the opening date of the drive. The securities offered during the Sixth War Loan drive will not be available to commercial banks for their own account, except to the extent provided in the formula outlined below. The Treasury has requested that there be no trading in the marketable securities and no purchases of such securities other than on direct subscription until after December 16, 1944, at which time com mercial banks may acquire in the open market the 2% Treasury Bonds of 1952-54, the 1*4% Treas ury Notes of Series C-1947, and the % % Treasury Certificates of Indebtedness of Series H-1945. In order to help in achieving its objective of selling as many securities as possible outside of the banking system, the Treasury requests the cooperation of ail banking institutions in declining to make speculative loans for the purchase of Government securities. The Treasury’s request does (O w ) This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) not apply to loans made by banks to facilitate permanent investment in Government securities pro vided such loans are made in accordance with the joint statement issued by the National and State bank supervisory authorities on November 23, 1942. This statement reads in part as follows: “ . . . subscribers relying upon anticipated income may wish to augment their subscriptions by temporary borrowings from banks. Such loans will not be subject to criticism but should be on a short-term or amortization basis fully repayable within periods not exceeding six months.” FORMULA FOR PURCHASES BY COMMERCIAL BANKS OF SERIES F AND SERIES G SAVINGS BONDS, 2% TREASURY BONDS OF 1952-54 AND 2 y2% TREASURY BONDS OF 1966-71 As provided in section 1(2) of Treasury Department Circulars Nos. 755 and 756, concurrently with the Sixth War Loan drive, but not as a part of it, commercial banks will be permitted to sub scribe for the 2% Treasury Bonds of 1952-54 and the 21 />% Treasury Bonds of 1966-71, as well as for Series F and Series G savings bonds, in limited amounts for the investment of their time de posits. The total limit on such purchases during the Sixth War Loan drive will be 10 percent of the combined amount of the subscribing bank’s savings deposits and time certificates of deposit issued in the names of individuals or of corporations, associations, and other organizations not operated for profit, as shown by the most recent call statement required by the supervising authorities, or $500,000, whichever is less, for any one bank. The limitation of $100,000 on the amount of Series F or Series G savings bonds (Series 1944) or a combination of the two held by any one institution will remain unchanged. Banks desiring to purchase securities under this formula will be required to execute a certificate in the following form: “ We hereby certify that this bank holds savings deposits or issues time certificates of deposit (as each is defined in Regulation Q of the Board of Governors of the Federal Reserve System). We further certify that this subscription, together with any other sub scriptions for Series F and Series G savings bonds, the 2 percent Treasury Bonds of 1952-54 and the 2Vfc percent Treasury Bonds of 1966-71 entered by us during the Sixth War Loan Drive for our own account, is not in excess of 10 percent of the combined amount of our savings deposits and time certificates of deposit issued in the names of individuals and of corporations, associations and other organizations not operated for profit, as shown on our books as of the date of the most recent call statement required by the supervising authorities, or $500,000, whichever is less. We understand that we may not hold either Series F or Series G savings bonds, or a combination of the two, in excess of $100,000 (issue price) issued during the calendar year 1944.” The procedure for allocating credits to the various States and counties will be the same as that followed during the Fifth War Loan drive, and for your convenience there is enclosed a circular out lining the procedure for statistical credits on quotas. Yours very truly, R .R . GILBERT President I's.vU.) UNITED STATES OF AMERICA 2 PERCENT TREASURY RONDS OF 1952-54 Dated and bearing interest from December 1, 1944 Due December 15, 1954 REDEEMABLE A T THE OPTION OF THE UNITED STATES A T PAR A N D ACCRUED INTEREST ON A N D AFTER DECEMBER 15, 1952 Interest payable June 15 and December 15 TREASURY DEPARTMENT, 1944 Department Circular No. 756 O f f ic e Fiscal Service Bureau of the Public Debt of t h e Secretary, W ashington, Novem ber 20, 1944. I. OFFERING OF BONDS 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest, from the people of the United States for bonds of the United States, designated 2 percent Treasury Bonds of 1952-54. The amount of the offering is not specifically limited. 2. These bonds will not be available for subscription, for their own account, by commercial banks, which are defined for this purpose as banks accepting demand deposits, except as follows: a commercial bank holding savings deposits or issuing time certificates of deposit (as each is defined in Regulation Q of the Board of Governors of the Federal Reserve System) may subscribe to the bonds offered hereunder, to the 2^2 percent Treasury Bonds of 1966-71 offered simultaneously here with under Treasury Department Circular No. 755, and to Series F-1944 and Series G-1944 United States Savings Bonds, under Treasury Department Circular No. 654, Second Revision, as amended, but the amount of such subscriptions shall not exceed, in the aggregate, 10 percent of the combined amount of time certificates of deposit (but only those issued in the names of individuals, and of corporations, associations and other organizations not operated for profit), and of savings deposits, as shown on the bank’s books as of the date of the most recent call statement required by the supervising authorities prior to the date of subscription for such bonds, or $500,000, whichever is less, except that the aggregate amount of Series F and Series G Savings Bonds (Series 1944) held by such bank may not exceed the annual limitation of $100,000 (issue price). II. DESCRIPTION OF BONDS 1. The bonds will be dated December 1, 1944, and will bear interest from that date at the rate of 2 percent per annum, payable on a semiannual basis on June 15 and December 15 in each year until the principal amount becomes payable. They will mature December 15, 1954, but may be redeemed at the option of the United States on and after December 15, 1952, in whole or in part, at par and accrued interest, on any interest day or days, on four months’ notice of redemption given in such manner as the Secretary of the Treasury shall prescribe. In case of partial redemption the bonds to be redeemed will be determined by such method as may be prescribed by the Secretary of the Treasury. From the date of redemption designated in any such notice, interest on the bonds called for redemption shall cease. 2. The income derived from the bonds shall be subject to all Federal taxes, now or hereafter imposed. The bonds shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The bonds will be acceptable to secure deposits of public moneys. They will not be entitled to any privilege of conversion. 4. Bearer bonds with interest coupons attached, and bonds registered as to principal and inter est, will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Pro vision will be made for the interchange of bonds of different denominations and of coupon and registered bonds, and for the transfer of registered bonds, under rules and regulations prescribed by the Secretary of the Treasury. 5. The bonds will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds. (O ver) III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions will be received at the Federal Reserve banks and branches and at the Treas ury Department, Washington. It is requested that there be no trading in the securities allotted hereunder and no purchases of such securities other than on direct subscription until after Decem ber 16, 1944. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve banks and the Treasury Department are authorized to act as official agencies. Others than banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment in full for the amount of bonds applied for. 2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of bonds applied for, and to close the books as to any or all sub scriptions at any time without notice; and any action he may take in these respects shall be final. Subject to these reservations, and to the limitations on commercial bank subscriptions prescribed in Section I of this circular, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment. IV. PAYM ENT 1. Payment at par and accrued interest, if any, for bonds allotted hereunder must be made on or before December 1, 1944, or on later allotment; provided, however, that bonds allotted to life insurance companies, to savings institutions, and to States, municipalities, political subdivisions and similar public corporations, and agencies thereof, may be paid for, in whole or in part, at par and accrued interest, at any time or times, with payment to be completed not later than February 28, 1945. One day’s accrued interest is $0,055 per $1,000. Any qualified depositary will be permitted to make payment by credit for bonds allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its District. V. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secre tary of the Treasury to the Federal Reserve banks of the respective Districts, to issue allotment notices, to receive payment for bonds allotted, to make delivery of bonds on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive bonds. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve banks. HENRY MORGENTHAU, Jr., Secretary of the Treasury. UNITED STATES OF AMERICA 1% PERCENT TREASURY NOTES OF SERIES 0 1 9 4 7 Dated and bearing interest from December 1, 1944 Due September 15, 1947 Interest payable March 15 and September 15 TREASURY DEPARTMENT, 1944 Department Circular No. 757 Of f ic e Fiscal Service Bureau of the Public Debt of t h e Secretary, W ashington, Novem ber 20, 19J f.lt. I. OFFERING OF NOTES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest, from the people of the United States for notes of the United States, designated 1% percent Treasury Notes of Series C-1947. These notes will not be available for subscription, for their own account, by commercial banks, which are defined for this purpose as banks accepting demand deposits. The amount of the offering is not specifically limited. II. DESCRIPTION OF NOTES 1. The notes will be dated December 1, 1944, and will bear interest from that date at the rate of D/4 percent per annum, payable on a semiannual basis on March 15 and September 15 in each year until the principal amount becomes payable. They will mature September 15, 1947, and will not be subject to call for redemption prior to maturity. 2. The income derived from the notes shall be subject to all Federal taxes, now or hereafter imposed. The notes shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The notes will be accepted at par during such time and under such rules and regulations as shall be prescribed or approved by the Secretary of the Treasury in payment of income and profits taxes payable at the maturity of the notes. 4. The notes will be acceptable to secure deposits of public moneys. 5. Bearer notes with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The notes will not be issued in registered form. 6. The notes will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States notes. III. SUBSCRIPTION A N D ALLOTMENT 1. Subscriptions will be received at the Federal Reserve banks and branches and at the Treasury Department, Washington. It is requested that there be no trading in the securities allotted here under and no purchases of such securities other than on direct subscription until after December 16, 1944. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve banks and the Treasury Department are authorized to act as official agencies. Others than banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment in full for the amount of notes applied for. 2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of notes applied for, and to close the books as to any or all sub scriptions at any time without notice; and any action he may take in these respects shall be final. Subject to these reservations, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment. (ora) IV. PAYMENT 1. Payment at par and accrued interest, if any, for notes allotted hereunder must be made on or before December 1, 1944, or on later allotment. One day’s accrued interest is $0,035 per $1,000. Any qualified depositary will be permitted to make payment by credit for notes allotted to its cus tomers up to any amount for which it shall be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its District. V . GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve banks of the respective Districts, to issue allot ment notices, to receive payment for notes allotted, to make delivery of notes on full-paid subscrip tions allotted, and they may issue interim receipts pending delivery of the definitive notes. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve banks. HENRY MORGENTHAU, Jr., Secretary of the Treasury. UNITED STATES OF AMERICA 7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES H -1945 Dated and bearing interest from December 1, 1944 Due December 1, 1945 TREASURY DEPARTMENT, 1944 Department Circular No. 758 O f f ic e Fiscal Service Bureau of the Public Debt of t h e Secretary, W ashington, Novem ber 20,1944. I. OFFERING OF CERTIFICATES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest, from the people of the United States for certificates of indebtedness of the United States, designated % percent Treasury Certificates of Indebtedness of Series H-1945. These certificates will not be available for subscription, for their own account, by commercial banks, which are defined for this purpose as banks accepting demand de posits. The amount of the offering is not specifically limited. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated December 1, 1944, and will bear interest from that date at the rate of % percent per annum, payable semiannually on June 1 and December 1, 1945. They will mature December 1, 1945, and will not be subject to call for redemption prior to maturity. 2. The income derived from the certificates shall be subject to all Federal taxes, now or here after imposed. The certificates shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The certificates will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer certificates with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The certificates will not be issued in registered form. 5. The certificates will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States certificates. III. SUBSCRIPTION A N D ALLOTMENT 1. Subscriptions will be received at the Federal Reserve banks and branches and at the Treasury Department, Washington. It is requested that there be no trading in the securities allotted here under and no purchases of such securities other than on direct subscription until after December 16, 1944. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve banks and the Treasury Department are authorized to act as official agencies. Others than banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment in full for the amount of certificates applied for. 2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of certificates applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final. Subject to these reservations, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment. IV. PAYM ENT 1. Payment at par and accrued interest, if any, for certificates allotted hereunder must be made on or before December 1, 1944, or on later allotment. One day’s accrued interest is $0,024 per $1,000. Any qualified depositary will be permitted to make payment by credit for certificates allotted to its customers up to any amount for which it shall be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its District. V. GENERAL PROVISIONS X) 1. As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve banks of the respective Districts, to issue allot ment notices, to receive payment for certificates allotted, to make delivery of certificates on fullpaid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive certificates. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve banks. HENRY MORGENTHAU, Jr., Secretary of the Treasury. UNITED STATES OF AMERICA 2y PERCENT TREASURY BONDS OF 1966-71 2 Dated and bearing interest from December 1, 1944 Due March 15, 1971 REDEEMABLE A T THE OPTION OF THE UNITED STATES A T PAR A N D ACCRUED INTEREST ON AN D AFTER MARCH 15, 1966 Interest payable March 15 and September 15 1944 Department Circular No. 755 TREASURY DEPARTMENT, O f f ic e Fiscal Service Bureau ol the Public Debt of t h e Secretary, W ashington, Novem ber 20,1944. I. OFFERING OF BONDS T. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest, from the people of the United States for bonds of the United States, designated 21/2 percent Treasury Bonds of 1966-71. The amount of the offering is not specifically limited. 2. These bonds will not be available for subscription, for their own account, by commercial banks, which are defined for this purpose as banks accepting demand deposits, except as follows: a commercial bank holding savings deposits or issuing time certificates of deposit (as each is defined in Regulation Q of the Board of Governors of the Federal Reserve System) may subscribe to the bonds offered hereunder, to the 2 percent Treasury Bonds of 1952-54 offered simultaneously here with under Treasury Department Circular No. 756, and to Series F-1944 and Series G-1944 United States Savings Bonds, under Treasury Department Circular No. 654, Second Revision, as amended, but the amount of such subscriptions shall not exceed, in the aggregate, 10 percent of the combined amount of time certificates of deposit (but only those issued in the names of individuals, and of corporations, associations and other organizations not operated for profit), and of savings deposits, as shown on the bank’s books as of the date of the most recent call statement required by the supervising authorities prior to the date of subscription for such bonds, or $500,000, whichever is less, except that the aggregate amount of Series F and Series G Savings Bonds (Series 1944) held by such bank may not exceed the annual limitation of $100,000 (issue price). II. DESCRIPTION OF BONDS 1. The bonds will be dated December 1, 1944, and will bear interest from that date at the rate of 2 V2 percent per annum, payable on a semiannual basis on March 15 and September 15 in each year until the principal amount becomes payable. They will mature March 15, 1971, but may be redeemed at the option of the United States on and after March 15, 1966, in whole or in part, at par and accrued interest, on any interest day or days, on four months’ notice of redemption given in such manner as the Secretary of the Treasury shall prescribe. In case of partial redemption the bonds to be redeemed will be determined by such method as may be prescribed by the Secretary of the Treasury. From the date of redemption designated in any such notice, interest on the bonds called for redemption shall cease. 2. The income derived from the bonds shall be subject to all Federal taxes, now or hereafter imposed. The bonds shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The bonds will be acceptable to secure deposits of public moneys. They will not be entitled to any privilege o f conversion. 4. Bearer bonds with interest coupons attached, and bonds registered as to principal and inter est, will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Pro vision will be made for the interchange of bonds of different denominations and of coupon and registered bonds, and for the transfer of registered bonds, under rules and regulations prescribed by the Secretary of the Treasury. Except as provided in Section I of this circular, these bonds may not, before December 1, 1954, be transferred to or be held by commercial banks, which are defined for this purpose as banks accepting demand deposits; however, the bonds may be pledged as col lateral for loans, including loans by commercial banks, but any such bank acquiring such bonds before December 1, 1954, because of the failure of such loans to be paid at maturity will be required to dispose of them in the same manner as they dispose of other assets not eligible to be owned by banks. 5. Any bonds issued hereunder which upon the death of the owner constitute part of his estate, will be redeemed at the option of the duly constituted representatives of the deceased owner’s estate, at par and accrued interest to date of payment,1 Provided: (Ovw) (a) that the bonds were actually owned by the decedent at the time of his death; and (b) that the Secretary of the Treasury be authorized to apply the entire proceeds of redemption to the payment of Federal estate taxes. Registered bonds submitted for redemption hereunder must be duly assigned to “ The Secretary of the Treasury for redemption, the proceeds to be paid to the Collector of Internal Revenue at ___________________ for credit on Federal estate taxes due from estate of________________________ ” Owing to the periodic closing of the transfer books and the impossibility of stopping payment of interest to the registered owner during the closed period, registered bonds received after the closing of the books for payment during such closed period will be paid only at par with a deduction of interest from the date of payment to the nexc interest payment date;2 bonds received during the closed period for payment at a date after the books reopen will be paid at par plus accrued interest from the reopening of the books to the date of payment. In either case checks for the full six months’ interest due on the last day of the closed period will be forwarded to the owner in due course. All bonds submitted must be accompanied by Form PD 1782,3 properly completed, signed and sworn to, and by a certificate of the appointment of the personal representatives, under seal of the court, dated not more than six months prior to the submission of the bonds, which shall -show that at the date thereof the appointment was still in force and effect. Upon payment of the bonds appropriate memorandum receipt will be forwarded to the representatives, which will be followed in due course by formal receipt from the Collector of Internal Revenue. 6. Except as provided in the preceding paragraphs, the bonds will be subject to the general regulations of the Treasury Department, now or hereafter prescribed* governing United States bonds. III. SUBSCRIPTION AN D ALLOTMENT 1. Subscriptions will be received at the Federal Reserve banks and branches and at the Treas ury Department, Washington. It is requested that there be no trading in the securities allotted hereunder and no purchases of such securities other than on direct subscription until after Decem ber 16, 1944. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve banks and the Treasury Department are authorized to act as official agencies. Others than banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment in full for the amount of bonds applied for. 2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of bonds applied for, and to close the books as to any or all sub scriptions at any time without notice; and any action he may take in these respects shall be final. Subject to these reservations, and to the limitations on commercial bank subscriptions prescribed in Section I of this circular, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment. IV. PAYM ENT 1. Payment at par and accrued interest, if any, for bonds allotted hereunder must be made on or before December 1, 1944, or on later allotment; provided, however, that bonds allotted to life insurance companies, to savings institutions, and to States, municipalities, political subdivisions and similar public corporations, and agencies thereof, may be paid for, in whole or in part, at par and accrued interest, at any time or times, with payment to be completed not later than February 28, 1945. One day’s accrued interest is $0,089 per $1,000. Any qualified depositary will be permitted to make payment by credit for bonds allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its District. V. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secre tary of the Treasury to the Federal Reserve banks of the respective Districts, to issue allotment notices, to receive payment for bonds allotted, to make delivery of bonds on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive bonds. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve banks. HENRY MORGENTHAU, Jr., Secretory of the Treasury. 3An exact half-year’s interest is computed for each' full half-year period irrespective of the actual number of day’s in the half year; For a fractional part of any half year, computation is on the basis of the actual number of days in such half year. 2The transfer books are closed from February 16 to March 15, and from August 16 to September 15 (both dates inclusive) in each year. 8Coples of Form PD 1782 may be obtained from any Federal Reserve Bank or from the Treasury Department, Washington, D. C.' FED ERAL RESERVE BANK O F D A L L A S FISCAL. AGENT OF THE UNITED STATES SIXTH WAR LOAN DRIVE PROCEDURE FOR STATISTICAL CREDITS ON QUOTAS The procedure outlined below will be followed in effecting statistical credits for sales of securities offered during the Sixth War Loan Drive. It is suggested that the procedure be studied carefully so that proper advice may be given purchasers who may wish to make allocations of their purchases, and in some instances it may be desirable to furnish pur chasers a copy of this procedure. As many additional copies as may be needed will be forwarded upon request. REGULAR GEOGRAPHICAL CREDIT FOR SALES In the absence of a specific request for allocation elsewhere, credit for sales of mar ketable issues and Treasury Savings Notes of Series C will be given normally to the address of the purchaser as shown on the subscription. Credit for sales of Series F and Series G Savings Bonds will be given normally to the address shown in the inscription on the bond. Credit for sales of Series E Savings Bonds will be given to the county in which the issuing agent is located, except that: (a) When bonds are issued by a Federal Reserve bank or branch or the Treasury Department, credit will be given to the county stated as the address of the registered owner of the bond; or (b) When bonds are issued by certain issuing agents under the payroll deduction plan, credit will be given in accordance with a breakdown of the sales by counties furnished by the issuing agent to the Federal Reserve bank or branch under the regular established procedure. ALLOCATION OF CREDIT FOR SALES If a purchaser desires that credit for a sale of any issue except Series E Savings Bonds be allocated to a county or counties other than the county to which credit would be given under the rules stated above, such allocation may be made, subject to the follow ing limitations: 1. No allocations may be made with respect to subscriptions entered by insur ance companies. (All such subscriptions are to be credited to the home address of the company inasmuch as quotas have been established on that basis.) 2. A request for allocation on behalf of the purchaser, prepared in the manner outlined below, must be delivered to the Federal Reserve bank or branch at the time the related subscription is filed. No allocation may be made after the subscription has been filed. 3. Allocations may be made only in denominational units. (Over) When a purchaser desires to allocate credit for his subscription, a request for such allocation should be made by completing Form RA and filing such form with the Federal Reserve bank or appropriate branch when the related subscription is entered. Form RA is to be prepared in quadruplicate, the first three copies to be transmitted with the sub scription or application and the fourth to be retained by the bank entering the subscrip tion as its record. After the request for allocation has been received by the Federal Reserve bank or branch, it will be functioned through the Federal Reserve System, and the Chairman of the War Finance Committee in the State to which an allocation is requested will be notified of the details of such allocation, including the county or city to be credited, the issue and amount, and the name of the subscriber and of the bank entering the subscription. To insure the successful operation of the procedure, it is important that requests for such allocations be made only on the forms provided. It would be well, too, to place a notation in a space near the purchaser’s name on the application or subscription form to show the desired allocation of the credit. Additional RA forms will be forwarded upon request. While the official period of the Sixth War Loan Drive is November 20 to December 16, 1944, inclusive, all sales of savings bonds and Treasury Savings Notes, Series C, for which settlement is made at the Federal Reserve banks and branches or at the Treasury of the United States from November 1 to December 31, 1944, inclusive, will be credited to the drive. Subscriptions of commercial banks are to be considered outside the goal for the Sixth War Loan Drive and will not be a part of any quotas. Therefore, they are not subject to statistical credit. Reference-—General Ruling No. 11, As Amended Press Service No. 43-92 Saturday, November 4, 1944 TREASURY DEPARTMENT Washington Restrictions on commercial and business communications with liberated France imposed by reason of the German occupation were lifted today by the Treasury De partment. Treasury licenses no longer are required for concerns in the United States and liberated France to exchange financial and commercial information and establish busi ness contacts. Creditors may get in touch with their debtors in France. Banks, broker age houses, and other financial institutions may advise their customers and depositors in France of the status of their accounts. Bank statements, financial records, and com mercial reports may freely be furnished. Wills, legal notices, and birth, death, and mar riage certificates may be transmitted, proxies may be solicited and signature cards may be obtained. Correspondent relations between banks in the United States and banks in France may be established. In addition, support remittances may be sent to France under General Licenses Nos. 32 and 33 as soon as banks in this country are able to make the necessary arrange ments with French banks; These^general licenses permit a maximum of $500 per month to be sent to individuals in France .through banking channels. Currency, money orders, checks or drafts cannot be used for"this purpose since their transmission continues to be prohibited. With the exception of instructions relating to support remittances, business com munications between the United States and France will be restricted for the time being to. the ascertainment of facts and the exchange of information. Accordingly Treasury licenses will not be granted for the present for the sending to France of powers of attorney, executed proxies, payment instructions and other communications which are transactional in nature. It is understood that similar restrictions will remain in effect in France and the United Kingdom. Today’s action by the Treasury was in the form of an amendment to General Rul ing No. 11, removing the liberated areas of France from the category of “ enemy terri tory.” French areas still under control of the enemy will continue to be “ enemy terri tory” and will remain subject to the restrictions contained in the general ruling. 44*30 It (ovfcy) Reference— General Ruling No. 11, As Amended Press Service No. 43-92 Saturday, November 4, 1944 TREASURY DEPARTMENT Washington Restrictions on commercial and business communications with liberated France imposed by reason of the German occupation were lifted today by the Treasury De partment. Treasury licenses no longer are required for concerns in the United States and liberated France to exchange financial and commercial information and establish busi ness contacts. Creditors may get in touch with their debtors in France, Banks, broker age houses, and other financial institutions may advise their customers and depositors in France of the status of their accounts. Bank statements, financial records, and com mercial reports may freely be furnished. Wills, legal notices, and birth, death, and mar riage certificates may be transmitted, proxies may be solicited and signature cards may be obtained. Correspondent relations between banks in the United States and banks in France may be established. In addition, support remittances may be sent to France under General Licenses Nos. 32 and 33 as soon as banks in this country are able to make the necessary arrange ments with French banks: Thesejjeneral licenses permit a maximum of $500 per month to be sent to individuals in .Franco .through banking channels. Currency, money orders, checks or drafts cannot be used for this purpose since their transmission continues to be prohibited. With the exception of instructions relating to support remittances, business com munications between the United States and France will be restricted for the time being to the ascertainment of facts and the exchange of information. Accordingly Treasury licenses will not be granted for the present for the sending to France of powers of attorney, executed proxies, payment instructions and other communications which are transactional in nature. It is understood that similar restrictions will remain in effect in France and the United Kingdom. Today’s action by the Treasury was in the form of an amendment to General Rul ing No. 11, removing the liberated areas of France from the category of “ enemy terri tory.” French areas still under control of the enemy will continue to be “ enemy terri tory” and will remain subject to the restrictions contained in the general ruling.
@FedFRASER