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TREASURY DEPARTMENT FOR RELEASE MORNING PAPERS, THURSDAY, OCTOBER 12, 1922. - STATEMENT BY SECRETARY MELLON - Subscriptions for the new Treasury bonds of 1947-52 have already been received in an amount exceeding t*he offer ing of $500,000,000 or thereabouts* Preliminary reports received from the Federal reserve banks show that these subscriptions are well distributed over all sections of the country and that the bonds are proving exceptionally attractive to investors. Pursuant to the terms of the Treasury circular announcing the offering, and subject to the limitations as to amount, allotments are still being made in full upon application for amounts not exceeding $10,000 for any one subscriber, as well as on subscriptions for which either 4fy£ Victory notes or December 15tli certificates are tendered in payment. All other applications are being received subject to allotment. This means that notwithstanding the oversubscription of the issue inves tors who subscribed for amounts of $10,000 or less, or who desire to exchange their 4f5£ Victory notes or December 15th certificates for the new bonds may still get allotment in full upon their applica tions, if tendered promptly to the Federal reserve banks, preferably through their own banks. It is the Treasury’s intention to hold down allotments on the primary offering to $500,000,000 or thereabouts, and with this in view the subscription books for this part of the offering will close at noon on Saturday, October 14, 1922. Subscrip tion books on the exchange offering will not close until Saturday, October 21, 1922, and such subscriptions will continue to be allotted up to a limited amount, thus giving investors who desire to turn in their Victory notes or December 15th Treasury certificates a further opportunity to invest in the new bonds. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
