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FE D E R A L R E S E R V E BANK O F NEW YORK Fiscal Agent of the United States rC I i r c u l a r No. 3 0 M a y 20, 1946 8 8 "1 J OFFERING OF % Percent Treasury Certificates of Indebtedness of Series E-1947 Dated and bearing interest from June 1, 1946 Due June 1, 1947 IN EXCHANGE FOR % Percent Treasury Certificates of Indebtedness of Series E-1946, Maturing June 1, 1946 To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following press statement was today made public: Secretary of the Treasury Vinson today announced that the 3 percent Treasury Bonds of 1946-48, in the amount of $1,035,873,400, and the 3% percent Treasury Bonds of 1946-49, in the amount of $818,627,000, which have been called for redemption on June 15, 1946, will be redeemed in cash. A t the same time, the Secretary announced the offering, through the Federal Reserve Banks, of % percent Treasury Certificates of Indebtedness of Series E-1947, open on an exchange basis, par for par, to holders of Treasury Certificates of Indebtedness of Series E-1946, in the amount of $4,799,491,000, which will mature on June 1, 1946. Since it is planned to retire about $2,000,000,000 of the maturing certificates on cash redemption, subscriptions will be received subject to allotment to all holders on an equal percentage basis, except that subscriptions in amounts up to $25,000 will be allotted in full. Cash subscriptions will not be received. The certificates now offered will be dated June 1, 1946, and will bear interest from that date at the rate of seven-eighths of one percent per annum, payable semiannually on December 1, 1946, and June 1, 1947. They will mature June 1, 1947. They will be issued in bearer form only, in denomina tions of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Pursuant to the provisions of the Public Debt A ct of 1941, interest upon the certificates now offered shall not have any exemption, as such, under Federal tax Acts now or hereafter enacted. The full provisions relating to taxability are set forth in the official circular released today. Subscriptions will be received at the Federal Reserve Banks and Branches, and at the Treasury Department, Washington, and should be accompanied by a like face amount of the maturing certificates. The subscription books will close at the close of business Wednesday, May 22, except for the receipt of subscriptions from holders of $25,000 or less of the maturing certificates. The subscription books will close for the receipt of subscriptions o f the latter class at the close of business Friday, May 24. Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and placed in the mail before midnight of the respective closing days, will be considered as having been entered before the close of the subscription books. The terms of this offering are set forth in Treasury Department Circular No. 788, dated May 20, 1946, copy of which is printed on the reverse side. The subscription books are now open and applications will be received by this bank as fiscal agent of the United States. Cash subscriptions will not be received. Exchange subscrip tions should be made on official subscription blanks and mailed immediately or, if filed by telegram or letter, should be confirmed immediately by mail on the blanks provided. A ll a n S proul, President. ( over) UNITED STATES OF AMERICA Ys PERCEN T T R E A SU R Y C E R TIFIC ATES OF INDEBTEDN ESS OF SERIES E-1947 Dated and bearing interest from June 1, 1946 Due June 1, 1947 1946 Department Circular No. 788 TR E A SU R Y D EPARTM ENT, O f f ic e Fiscal Service Bureau of the Public Debt of t h e Secretary, Washington, May 20, 1946. I. O F F E R IN G O F C E R T IF IC A T E S 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par, from the people of the United States for certificates of indebtedness of the United States; designated % percent Treasury Certificates of Indebtedness o f Series E-1947, in exchange for Treasury Certificates of Indebtedness of Series E-1946, maturing June 1, 1946. A pproxi mately $2,000,000,000 of the maturing certificates will be retired on cash redemption. II. D E S C R IP T IO N O F C E R T IF IC A T E S 1. The certificates will be dated June 1, 1946, and will bear interest from that date at the rate of % percent per annum, payable semiannually on December 1, 1946, and June 1, 1947. They will mature June 1, 1947, and will not be subject to call for redemption prior to maturity. 2. The income derived from the certificates shall be subject to all Federal taxes, now or hereafter imposed. The certificates shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The certificates will be acceptable to secure deposits of public moneys. in payment of taxes. They will not be acceptable 4. Bearer certificates with interest coupons attached will be issued in denominations of $1,000, $5,000, $10.000, $100,000 and $1,000,000. The certificates will not be issued in registered form. 5. The certificates will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States certificates. III. S U B S C R IP T IO N A N D A L L O T M E N T 1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury Department, Washington. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of certificates applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final. Subject to these reservations, subscriptions for amounts up to and including $25,000 will be allotted in full, and subscriptions for amounts over $25,000 will be allotted to all holders on an equal percentage basis, but not less than $25,000 on any one subscription. The basis of the allotment will be publicly announced, and allotment notices will be sent out promptly upon allotment. IV . PAYM ENT 1. Payment at par for certificates allotted hereunder must be made on or before June 1, 1946, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series E-1946, maturing June 1, 1946, which will be accepted at par, and should accompany the subscription. V. G E N E R A L P R O V IS IO N S 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to receive payment for certificates allotted, to make delivery of certificates on full-paid subscriptions allotted, and they may issue interim receipts pending delivery o f the definitive certificates. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. FRED M. VINSON, Secretary of the Treasury. Subscriber’s Reference No. Application Number EA-C EXCHANGE SUBSCRIPTION (Subject to allotment if in excess of $25,000) FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1947, DATED JUNE 1, 1946, DUE JUNE 1, 1947 NOTICE TO SUBSCRIBERS: 1. Paym ent fo r the securities allotted on this subscription may be made only in % percent Certificates of Indebtedness o f Series E -1946. T he am ount o f this subscription must not exceed the par value o f % percent Certifi cates o f Indebtedness o f Series E -1946 tendered with this subscription. 2. The am ount of % percent Certificates o f Indebtedness o f Series E -1946 in excess o f the % percent Certifi cates o f Indebtedness o f Series E -1947 allotted on this subscription will be redeem ed as o f June 1, 1946, and the proceed s o f redem ption will be paid in a ccord a n ce with instructions given below . 3. C ou pon s maturing June 1, 1946, should be detached from the Certificates o f Indebtedness o f Series E -1946 w hich are tendered in paym ent and collected in the usual manner. 4 . Subscriptions fo r amounts up to and including $ 2 5 ,0 0 0 will be allotted in full, and subscriptions fo r amounts o v e r $ 2 5 ,0 0 0 will be allotted to all holders o n an equal percentage basis, but n ot less than $ 2 5 ,0 0 0 on any one sub scription. 5 . Securities allotted on this subscription will be available fo r delivery on M onday, June 3, 1946. F e d e r a l R eserve B a n k of N ew Y ork, P’iseal Agent of the United States, Government Bond Department— 2nd F lo o r : .................................................................... .1946 D ear S ir s : Subject to the provisions of Treasury Department Circular No. 788, dated May 20, 1946, the undersigned hereby subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series E-1947 as stated below : For own a ccou n t...................................................................................................................................... $................................. F or our customers (fo r use of banking institutions) as shown on reverse side of this form $................................. Total Subscription .................................................................................................................. $................................. and tenders in payment therefor a like par amount o f United States of America % percent Treasury Certificates of Indebtedness of Series E-1946, maturing June 1, 1946, as fo llo w s: ^ Delivered to you herewith $............................ m „ To be delivered to you To be withdrawn from „ . , ............................................... for our account by securities held by you for our account........... $.......................................................................... $..... -.......................... Pay the proceeds of redemption of maturing securities, in excess of the amount of new securities allotted, as follow s: B y check ...................................................................................................................... □ B y credit to our reserve account.............................................................................. □ (Fill in all required spaces before signing) Application submitted by. TO SUBSCRIBER: (Please print) YES. Please indicate if this is a confirmation. By. NO. (Title) (Official signature required) Street address .................................. City, Town or Village, P. O. No., and State. Spaces below are for the use of the Federal Reserve Bank of New York Examined Allotment Figured Checked Advised Securities Received by Checked Do not list subscriptions for $25,000 or less on same application with those in excess of $25,000 List of customers whose applications are included in the foregoing subscription Do not use this space. Name of Customer Address Amount Subscribed AMOUNT ALLOTTED ( Please print or use typewriter) : .. . Do not list subscriptions for $ 2 5 ,0 0 0 or less on sam e application with those in excess of $ 2 5 ,0 0 0 Application Number F ed era l R eserve B a n k of N ew Y ork Fiscal A gent of the United States NOTICE OF ALLOTMENT On Exchange Subscription to United States Government Obligations Applied for by Subscriber as Described Below To Subscriber: 1946 R eferring to your subscription, numbered as above indicated, fo r $ (par value) UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1947 DATED JUNE 1, 1946, DUE JUNE 1, 1947 fo r which you have applied under the provisions o f the Treasury Departm ent’s circular containing the offering o f such securities fo r subscription, you have been allotted by the Secretary o f the Treasury $ o f the amount applied for. IMPORTANT INFORMATION FOR SUBSCRIBER 1. To expedite delivery o f the securities o f this issue allotted to subscriber and to facilitate prom pt completion o f this transaction, please observe the follow ing directions, and fill in, sign and return immediately the attached letter of instructions to the Federal Reserve Bank of New York, Fiscal Agent of the United States, New York, N. Y . Payment by Tender of Certain United States Government Obligations 2. Subscribers have been required to present with their subscription forms Treasury certificates o f indebtedness of Series E-1946 in face amount equivalent to the amount o f their exchange subscriptions, notwithstanding any reduced allot ment that may be made. The amount of such maturing Treasury certificates o f indebtedness in excess o f the allotment will be redeemed as o f June 1,1946. Delivery 3. (a ) D elivery o f the securities of this issue will be made by the Federal Reserve Bank o f New Y ork at its head office in New Y ork, N. Y ., and will not be made before M onday, June 3, 1946. (b ) Securities o f this issue allotted to subscriber will be delivered over the counter to a representative o f the subscriber only when a letter o f authority signed officially b y the subscriber identifying such representative is presented by him. (c ) Securities o f this issue allotted to subscriber w ill be delivered to others under special instructions from sub scriber but only when such securities are either the sole p roperty o f the subscriber or are the property o f its customers who have authorized the subscriber in writing to cause their said securities to be so delivered. Further Instructions 4. (a ) Securities o f this issue will be held fo r sakekeeping by, or delivered to the Discount Department of, the Federal Reserve Bank o f New Y ork for the account o f member banks only, provided such securities are the sole property o f the member bank. (b ) Securities o f this issue will be held by the Federal Reserve Bank o f New York, fiscal agent o f the United States, as collateral fo r the W ar Loan Deposit A ccount o f any qualified depositary in the Second Federal Reserve District, provided such securities are the sole property o f such depositary and the depositary elects that they be so held. *» (c ) I t is requested that all blank spaces be typed in where necessary on the attached letter o f instructions to this bank and that such letter be signed officially and returned to this bank without delay. Checked by........................................................ http://fraser.stlouisfed.org/ NA-CReserve Bank of St. Louis Federal F e d e r a l R e se r v e B a n k of N e w Y Fiscal Agent o f the United States ork, LETTER OF INSTRUCTIONS To F e d e r a l R e se r ve B a n k of N ew Y ork, Fiscal Agent o f the United States, Government B ond Department, Federal Reserve P. O. Station, New Y ork 7, N. Y . From (Name and address of Subscriber) 1946 R eferring to our subscription, numbered as above indicated, fo r $ (pa r value) UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1947 DATED JUNE 1, 1946, DUE JUNE 1, 1947 fo r which we have applied under the provisions o f the Treasury Departm ent’s circular containing the offering o f such securities fo r subscription, we have received your notice o f allotment stating that we have been allotted by the Secretary o f the Treasury $ o f the amount applied for. A s requested we are sending you the follow ing instructions. Issue and dispose o f securities allotted on this subscription as indicated below : DENOM INATIONS Pieces D IS P O S IT IO N Par Value Leave Blank □ 1. Deliver over the counter to the undersigned $1,000 □ 2. Ship to the undersigned 5,000 □ 3. H old in safekeeping (fo r member bank only) 10,000 □ 4. H old as collateral fo r W ar Loan deposits 100,000 □ 5. Special instructions : 1,000,000 Total IM PORTANT: No changes in delivery instructions will be accepted. The undersigned, if a bank or trust company, hereby certifies that the securities which you are hereby or hereafter instructed to dispose of in the manner indicated in items numbered 3 and 4 above are the sole property of the undersigned. ____ _ . . . . . _ B rT h u letter or instructions must be signed officially in the space provided here and returned immediately to Name o f Subscriber (Pleaseprint) 7 ..............(Official 'signalJrVr'^iV^Y......... ’ .......................(Title')' Federal Reserve Bank of New York, Street address Fiscal Agent of the United States. City, Town or Village, P. O. No., and State............................................ Spaces below are for the use of the Federal Reserre Bank of New York Released Delivery Receipt ---------Securities received by------------------------ Counted ---------- Checked ---------- Delivered ---------- NA-C Received from F e d e r a l R e s e r v e B a n k o r N e w Y o r k the above described United States Government obligations in the amount indicated above. Subscriber................................................................................................................ Checked by--------------------------- G B -C .I .-E X FED ERAL RESERVE BANK O F NEW YO RK 1 A D V IC E TO S U B S C R I B E R To Application No. D afr Y ou r exchange subscription for $................................................ United States of America % percent Treasury Certificates of Indebtedness of Series E-1947, dated June 1, 1946, due June 1, 1947, and tender o f like amount of United States of Am erica % percent Treasury Certificates of Indebtedness of Series E-1946 maturing June 1, 1946 have been received by this bank, as fiscal agent of the United States, and, pursuant to the provisions of the Treasury D epartm ent’s circular offering the above-mentioned obligations o f the United States, allotment notices will be sent out prom ptly upon allotment and allotments will be made on the basis and up to the amounts indicated by the Secretary of the Treasury to this bank. N otice: If the new securities are to be delivered at the Federal Reserve Bank of N ew York over the counter to your representative the following authority should be executed. FEDERAL RESERVE B a n k OP N e w Y o r k , T7r , . ___ , ,, T o F e d e r a l R e se rv e B a n k o f N ew Y o r k : Y ou are hereby authorized to deliver to T e lle r (N a m e o f R e p r e s e n ta tiv e ) whose signature appears below $....................................par amount of securities allotted and issued in exchange for those above described N am e..................................................................................... (S ig n a tu r e o f A u th o r iz e d (P le a s e P r in t) (O ffic ia l S ig n a tu r e R e q u ir e d ) R e p r e s e n ta tiv e ) Tt •* i D i iscal Agent of the United States. G B -C .I .-E X FEDERAL. R E SE R V E B A N K O F NEW YORK 2 F IL E R E C O R D To Application No. Date Y ou r exchange subscription fo r $................................................ United States of America 7 /&percent Treasury Certificates of Indebtedness of Series E-1947, dated June 1, 1946, due June 1, 1947, and tender o f like amount of United States of Am erica % percent Treasury Certificates of Indebtedness of Series E-1946 maturing June 1, 1946 have been received by this bank, as fiscal agent of the United States, and, pursuant to the provisions of the Treasury D epartm ent’s circular offering the above-mentioned obligations of the United States, allotment notices will be sent out prom ptly upon allotment and allotments will be made on the basis and up to the amounts indicated by the Secretary o f the Treasury to this bank. F ederal R ese r v e B a n k of New Y ork, Fiscal Agent of the United States. S e c u r it ie s Checked B y
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