Annual report of the Secretary of the Treasury on the state of the finances for the year .. . —In the Victory Loan a greater proportion oftotal sales than in any previous loan consisted of sales under the de-ferred payment plan. This plan allowed life insurance companies,savings institutions, State and local governmental units, and certainother public corporations and agencies to defer payment in whole orin part, at par and accrued interest, through February 28, 1946, ontheir subscriptions to the two long-term Treasury bonds. Savingsinstitutions were defined for this purpose in the same way as
Annual report of the Secretary of the Treasury on the state of the finances for the year .. . —In the Victory Loan a greater proportion oftotal sales than in any previous loan consisted of sales under the de-ferred payment plan. This plan allowed life insurance companies,savings institutions, State and local governmental units, and certainother public corporations and agencies to defer payment in whole orin part, at par and accrued interest, through February 28, 1946, ontheir subscriptions to the two long-term Treasury bonds. Savingsinstitutions were defined for this purpose in the same way as for thelimitation on their total subscriptions to marketable securities. (Seep. 35.) Insurance companies and savings banks subscribed to thelargest volume under this plan. Total subscriptions under the de-ferred payment plan amounted to $1,491 million. Concurrent investment of time deposits by commercial banks andTreasury investment accountfj.—Commercial banks (defined for this REPORT OF THE SECRETARY OF THE TREASURY 37 SALES IN THE 7 WAR LOANS AND THE VICTORY LOANBy Investor Classes. Isf 2nd 3rd 4th 5th 6th 7th Victory By Issues DOLLARS Billions 24 DOLLARS Billions 20 Bills— m :iA% M ^ ^ l^.% P ? M ^— p p ^^ ^ 1/2% Bonds w^ Wl —^^% Certificates r- Bonds(Med. Term) ^„^ 2^2 % Bonds(Long Term) Savings Notes ~Series FandG -^ Series £ 24 20 1st 2nd 3rd 4th 5th 6th 7fh Victory Chart 4. 38 REPORT OF THE SECRETARY OF THE TREASURY purpose as banks accepting demand deposits), as in the war loans be-ginning with the Third, were not permitted to subscribe to securitiesin the Victory Loan. As in the Fourth through the Seventh Loans,however, commercial banks were permitted to subscribe in limitedamounts to specified issues offered in the Victory Loan. The securities available were the % percent certificates of indebted-ness, the 2)4 percent and 2}^ percent Treasury bonds, and SeriesF and G savings bonds, with sales limited to the period Decem-ber 3 through December 8. Total pu
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