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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
r Circular No. 2 9 2 3 1

L

NOTICE

OF CALL FOR

March 31, 1945

J

REDEMPTION

HOME OWNERS' LOAN CORPORATION
To all Banks and Trust Companies in the
Second Federal Reserve District and Others

Concerned:

F o l l o w i n g is a c o p y of a press statement containing the text of a public notice of call dated
March 23,1945, sent to y o u at the request of the T r e a s u r y D e p a r t m e n t :
NATIONAL

HOUSING

AGENCY

Washington
F E D E R A L HOME L O A N B A N K A D M I N I S T R A T I O N
F E D E R A L HOME L O A N B A N K SYSTEM
F E D E R A L SAVINGS & LOAN INSURANCE CORPORATION
HOME O W N E R S ' L O A N CORPORATION

™
1 °r

F H L B A N O A 122
,
A M
g a t n r d a v
^
' o . ™ March dl, lJ4o

WASHINGTON, March 30—A call for the payment on June 1, 1945 of Home Owners' Loan
Corporation Series M, 1 % percent bonds, which mature June 1, 1947, was announced today by
John H. Fahey, Federal Home Loan Bank Commissioner. This issue of bonds now amounts to
$754,904,000.
" A high level of principal repayments on HOLC loan accounts has enabled bond retirements
of the Corporation averaging $28,000,000 monthly since the beginning of the current fiscal year,"
Mr. Fahey said.
" A f t e r June 1, the outstanding Home Owners'Loan Corporation bonds will amount to about
$1,033,000,000, representing a reduction of more than $2,456,000,000, or 70 percent, from the total
of bonds issued by HOLC since its inception."
The official text of the HOLC notice to holders of the Series M bonds is as follows:
Home Owners' Loan Corporation
V/2 Percent B o n d s , Series M
Notice of Call f o r R e d e m p t i o n B e f o r e Maturity
To Holders of Home Owners' Loan Corporation
l1^ percent bonds, Series M, and Others Concerned:
Public notice is hereby given that all outstanding Home Owners' Loan Corporation i y 2 percent bonds of Series M, 1945-47, dated June 1, 1939, are hereby called for redemption on June 1,
1945, and will cease to bear interest on that date.
An offering of interest-bearing obligations of the United States will be made available to
holders of the bonds now called for redemption, concerning which public announcement will bemade by the Secretary of the Treasury.
Full information regarding the presentation and surrender of such Home Owners' Loan Corporation 1Y2 percent bonds of Series M for redemption on June 1, 1945, is contained in United
States Treasury Department Circular No. 666 relating to payment or redemption of securities.
HOME

OWNERS'

LOAN

CORPORATION

JOHN H . FAHEY

Washington, D. C.
March 23, 1945
Approved:

Federal Home Loan Bank Commissioner

HENRY MORGENTHAU, JR.

Secretary of the Treasury

A d d i t i o n a l copies of this circular will be furnished upon request.




ALLAN

SPROUL,

President.

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