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F E D E R A L R E S E R V E BANK
O F NEW YORK
Fiscal Agent of the United States
r Circular No. 3 1 6 4 T
L December 18, 1946 J

OFFERING OF
% Percent Treasury Certificates of Indebtedness of Series A-1948
Dated and bearing interest from January 1, 1947

Due January 1, 1948

IN EXCHANGE FOR
% Percent Treasury Certificates of Indebtedness of Series A-1947, Maturing January 1, 1947

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 Snyder today announced the offering, through the Federal Reserve
Banks, of % percent Treasury Certificates of Indebtedness of Series A-1948, open on an exchange
basis, par for par, to holders of Treasury Certificates of Indebtedness of Series A-1947, in the amount
of $3,330,431,000, which will mature on January 1, 1947. Cash subscriptions will not be received.
The certificates now offered will be dated January 1, 1947, and will bear interest from that date
at the rate of seven-eighths of one percent per annum, payable with the principal at maturity on
January 1, 1948. They will be issued in bearer form only, in denominations of $1,000, $5,000, $10,000,
$100,000 and $1,000,000.
Pursuant to the provisions of the Public Debt Act 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.
Subject to the usual reservations, all subscriptions will be allotted in full.
The subscription books will close at the close of business Friday, December 20, 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 of the latter class at the close of business Monday,
December 23.
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 o f this offering are set forth in Treasury Department Circular No. 798, dated
December 18,1946, copy o f 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

llan

S prou l,

President.
( over)

UNITED STATES OF AMERICA
7/s P E R C E N T T R E A S U R Y C E R T I F I C A T E S O F I N D E B T E D N E S S O F S E R I E S A -1948
Dated and bearing interest from January 1, 1947

1946
Departm ent Circular N o. 798

Due January 1, 1948

TREASURY DEPARTMENT,
O f f ic e o f t h e S e c r e t a r y ,

Fiscal Service
Bureau o ( the P ublic Debt

Washington, December 18,1946.
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 indebted­
ness of the United States, designated % percent Treasury Certificates of Indebtedness of Series A-1948,
in exchange for Treasury Certificates of Indebtedness of Series A-1947, maturing January 1, 1947.
II. DESCRIPTION OF CERTIFICATES

1. The certificates will be dated January 1, 1947, and will bear interest from that date at the rate
of 7 percent per annum, payable with the principal at maturity on January 1, 1948. They will not be
/s
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. They will not be acceptable
in payment of taxes.
4. Bearer certificates 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 here­
after 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 cus­
tomers, 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, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon
allotment.
IV . P A Y M E N T

1. Payment at par for certificates allotted hereunder must be made on or before January 2, 1947,
or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series A-1947,
maturing January 1, 1947, 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 of 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.




JOHN W. SNYDER,

Secretary of the Treasury.

Subscriber’s Reference No.

Application Number

EA-CS

United States of America % percent Treasury Certificates of Indebtedness of Series A-1947,
maturing January 1, 1947 must be tendered in payment for this subscription.

EX C H A N G E SU BSCRIPTION
FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES A-1948, DATED JAN UARY 1, 1947, DUE JANUARY 1, 1948
Important
1.

Subject to the reservations in Treasury D epartm ent C ircular No. 7 98, dated D ecem ber 18, 1946, all subscriptions will be allotted

in full.
2. C oupons m aturing January 1, 19 4 7, should be detached from the certificates of Series A -1 9 4 7 w hich are tendered in paym ent
and collected in the usual manner.

F e d e ra l R eserve B a n k

of

New Y

ork,

Fiscal Agent of the United States,
Government Bond Department— 2nd Floor:

.1946

D e a r S irs :

Subject to the provisions of Treasury Department Circular No. 798, dated December 18, 1946, the undersigned hereby
,subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series A-1948 as stated below :
For own account................................................................................................................................

$...............................

For our customers (for use of banking institutions) as shown on reverse side of this form

$...............................

Total subscription............................................................................................................

$...............................

and tenders in payment therefor a like par amount of United States of America % percent Treasury Certificates of
Indebtedness of Series A-1947, maturing January 1, 1947, as follows:
To be delivered to you
To be withdrawn from
for our account by...............................................
Delivered to
securities held by you
you herewith $...........................
for our account..........
.................................................................
$...............................
Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below:
D x n o u in a t io n b

Pieces

Par Value

$

□ 1. Deliver over the counter to the undersigned
□ 2. Ship to the undersigned

Leave Blank

1,000

□ 3. Hold in safekeeping (for member bank only)

5,000

□ 4. Hold as collateral for War Loan deposits
□ 5. Special instructions :

10,000
100,000
1,000,000
Total
IMPORTANT:

No changes in delivery instructions will be accepted. A separate subscription must be submitted

for each group of securities as to which different delivery instructions are given.
T h e undersigned, if a bank o r trust com pan y, hereby certifies that the securities w hich y ou are hereby o r hereafter instructed
to dispose o f in the m anner indicated in items num bered 3 and 4 a b ov e are the sole property o f the undersigned.

(Fill in all required spaces before signing)
Application submitted by.
(Please print)

TO SUBSCRIBER:
Please indicate if this is a confirmation.

Y E SNO....

B y ........

(Official signature required)

(Title)

Street address....................................................
City, Town or Village, P. O. No., and State.
Spaces b elow are fo r the use o f the F ederal R eserve Bank o f N ew Y ork

Delivery Receipt

Released
Taken from Vault-

Securities
received by-

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.

Counted
Checked
Delivered




Subscriber.
Checkerl by-

Date.

By.

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name of Customer
( Please print or use typewriter)

Address

aV 3 MY

FEDERAL
OF

RESERVE
NEW

BANK

YORK

December 31, 1946.

Sem iannual D ivid en d

G entlem en :

The board o f directors o f Federal R eserve Bank o f New Y ork has
declared a dividend fo r the six-month period ending Decem ber 31,1946,
at the rate o f six per centum per annum on the paid-in capital stock o f
the bank, payable December 31, 1946, to stockholders as shown by the
books o f the bank at the close o f business on that date.

Paym ent o f $..................... ., the amount o f such dividend due you,
is being made at the close o f business today by credit to your reserve
account.




V ery truly yours,

President.

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