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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 1 5 4 8 1 L May 25. 1935 J SUBSCRIPTION BOOKS TO CLOSE MAY 29, 1935 On Offering of Home Owners' Loan Corporation l*/£ percent Bonds of Series F-1939 To all Banks and Others Concerned in the Second Federal Reserve District: In accordance with instructions from the Treasury Department the subscription books at this bank for the offering of Home Owners' Loan Corporation of the United States of America IY2 percent bonds of Series F-1939, dated and bearing interest from June 1, 1935, due June 1, 1939, offered only in exchange for Home Owners' Loan Corporation 4 percent bonds of Series of 1933-51 called for redemption on July 1, 1935, will close at the close of business Wednesday, May 29, 1935. Any subscription placed in the mail before midnight Wednesday, May 29, 1935, as evidenced by postoffice cancellation, will be considered a timely subscription. GEORGE L. HARRISON, Governor.