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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.

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