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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 2 7 8 1 "1 L March 23, 1944 J SUBSCRIPTION BOOKS TO CLOSE MARCH 25, 1944 ON EXCHANGE OFFERING OF % Percent Treasury Certificates of Indebtedness of Series B-1945 Dated April 1, 1944 D u e April 1, 1945 To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: In accordance with instructions received today from the Secretary of the Treasury, the subscription books for the current exchange offering of % percent Treasury Certificates of Indebtedness of Series B-1945, open to the holders of Treasury Certificates of Indebtedness of Series B-1944, maturing April 1,1944, will close at the close of business Saturday, March 25, 1944. Subscriptions addressed to a Federal Reserve Bank or Branch and placed in the mail before 12 o'clock midnight, Saturday, March 25, 1944, will be considered as having been entered before the close of the subscription books. ALLAN SPROUL, President. \ \