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FEDERAL RESERVE BANK OF NEW YORK [Circular No. 494, October 12, 1922" Securities Department I Reference to Circular 493 and our letter of October 9,1922 United States of America 4% Per Cent. Treasury Bonds of 1947-52 Cash Subscription Books to Close on October 14, 1922 Exchange Subscriptions to Continue to October 2 1 , 1922 To Member Banks, State Banks and Trust Companies in the Second Federal Reserve District: As announced by the Secretary of the Treasury in the accompanying statement, cash subscriptions to the new 4 ^ per cent. Treasury bonds of 1947-52 will not be accepted after 12 o'clock noon on Saturday, October 14, 1922. We enclose the separate appliEnJ? cation and confirmation (Form 2) referred to in our letter of October 9 to be used by you in making your final report of cash subscriptions. This should be in our hands before noon on Saturday, October 14, 1922. If, however, you receive additional cash subscriptions on Saturday morning which you desire to add to your final report on Form 2, please telegraph the* substance of them to reach us before noon that day. Your allotment will be based on your report on Form 2, and it is very important that it be complete and correct, as it will be impracticable to make adjustments after the books close. While no cash applications can be accepted by us after 12 o'clock noon on Saturday, October 14, 1922, subscriptions for which certificates of indebtedness due December 15, 1922, Victory notes due December 15, 1922, or Victory notes due May 20, 1923, are tendered in payment, will continue to be received up to 12 o'clock noon on Saturday, October 21, 1922, in order that holders of those issues may have a further opportunity to exchange their holdings of them into the present issue of United States Treasury bonds. Very truly yours, BENJ. STRONG, Governor. Statement by Secretary Mellon On Subscriptions to the New Issue of 4>^ Per Cent. Treasury Bonds of 1947-52. Washington, October 11, 1922 Subscriptions for the new 434 per cent. Treasury bonds of 1947-52 have already been received in an amount exceeding the offering of $500,000,000 or thereabouts. Preliminary reports received from the Federal Reserve Banks show that these subscriptions are well distributed over all sections of the country and that the bonds are proving exceptionally attractive to investors. Pursuant to the terms of the Treasury circular announcing the offering and subject to the limitations as to amount, allotments are still being made in full upon applications for amounts not exceeding $10,000 for any one subscriber, as well as on subscriptions for which either 4% P e r cent. Victory notes or December 15th certificates are tendered in payment. All other applications are being received subject to allotment. This means that notwithstanding the oversubscription of the issue investors who subscribe for amounts of $10,000 or less, or who desire to exchange their 4 ^ per cent. Victory notes or December 15th certificates for the new bonds, may still get allotment in full upon their applications, if tendered promptly to the Federal Reserve Banks, preferably through their own banks. It is the Treasury's intention to hold down allotments on the primary offering to $500,000,000 or thereabouts, and with this in view the subscription books for this part of the offering will close at noon on Saturday, October 14, 1922. Subscription books on the exchange offering will not close until Saturday, October 21, 1922, and such subscriptions will continue to be allotted, up to a limited amount, thus giving investors who desire to turn in their Victory notes or December 15th Treasury certificates a further opportunity to invest in the new bonds.
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