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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 1 8 6 2 July 11, 1938 Subscription Books Closed On Offering of Reconstruction Finance Corporation % Percent Notes of Series N, Due July 20, 1941 To all Banking Institutions and Others Concerned in the Second Federal Reserve District: In accordance with instructions received today from the Treasury Department the subscription books for the offering of Reconstruction Finance Corporation % percent notes of Series N, due July 20,1941, dated and bearing interest from July 20, 1938, were closed at the close of business today, Monday, July 11, 1938. Any subscription addressed to a Federal Reserve bank or branch and placed in the mail before midnight, Monday, July 11, 1938, as evidenced by postoffice cancellation, will be considered a timely subscription. GEORGE L. HARBISON, President.