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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States

I"Circular N o . 2 7 4 7
L
January 4, 1944
J

UNITED STATES SAYINGS BONDS OF SERIES G-1944
Supervisory Policy with respect to Investments by Commercial Banks

To all Commercial Banks
in the Second Federal Reserve

District:

As stated in our Circular No. 2743, dated December 27, 1943, commercial banks, which
are defined for this purpose as banks or trust companies accepting demand deposits, are
permitted to subscribe for their own account, subject to the limitations stated in such
circular, to United States Savings Bonds of Series G-1944.
For your information there is set forth below, a joint statement, issued January 3,
1944, by the Comptroller of the Currency, the Federal Deposit Insurance Corporation,
the Board of Governors of the Federal Reserve System and the Executive Committee
of the National Association of Supervisors of State Banks concerning their examination
and supervisory policy with respect to investments in United States Savings Bonds of
Series G-1944:
" I n conformity with the principles applying to the treatment of other Government
securities in reports of examination, Series G Savings Bonds (Series 1944) purchased by banks
under the terms of Treasury Department Circulars Nos. 729 and 730 will be valued at par and
not at pre-maturity redemption values."

Copies of Treasury Department Circulars Nos. 729 and 730, referred to in such joint
statement, are set forth in our Circular No. 2744, dated January 1, 1944.




ALLAN

SPROUL,

President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102