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FED ER A L R E SE R V E BANK
OF NEW YORK
Fiscal Agent of the United States
r Circular No. 3 2 1 6 1
L
May 21, 1947
J

O FFERIN G OF

% Percent Treasury Certificates of Indebtedness of Series E-1948
Dated and bearing interest from June 1, 1947

Due June 1, 1948

IN EXCHANGE FOR

% Percent Treasury Certificates of Indebtedness of Series E-1947, Maturing June 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 E-1948, open on an exchange
basis, par for par, to holders of Treasury Certificates of Indebtedness of Series E-1947, in the amount
of $2,774,925,000, which will mature on June 1, 1947. Since it is planned to retire about $1,000,000,000
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 and including
$25,000 will be allotted in full. Cash subscriptions will not be received.
The certificates now offered will be dated June 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 m aturity on
June 1, 1948. They will be issued in bearer form only, in denominations of $1,000, $5,000, $10,000,
$ 1 0 0 ,0 0 0 and $ 1 ,0 0 0 ,0 0 0 .
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.
The subscription books will close for the receipt of all subscriptions at the close of business
Frid ay, May 23.
Subcriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before midnight May 23, will be considered as having been entered before the close
of the subscription books.

Tlie terms of this offering are set forth in Treasury Department Circular No. 807, dated
May 21, 1947, 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 l l a n S pr o u l ,

President.
(o ver)

UNITED STATES OF AMERICA
Yz PER CENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1948

Dated and bearing interest from June 1, 1947
M

Due June 1, 1948

,

T R E A S 7 R Y D EPA R TM EN T,
U

Department Circular No. 807
-------

O

f f ic e

of

th e

S ecreta ry,

W a s h in g to n , M ay 2 1 , 1 9 4 7 .

Bureauif Uie PubHc Debt
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 A ct, as
amended, invites subscriptions, at par, from the people of the United States, for certificates of indebted­
ness of the United States, designated 7 percent Treasury Certificates of Indebtedness of Series E -1948,
/g
in exchange for Treasury Certificates of Indebtedness of Series E-1947, maturing June 1, 1947. Approxi­
mately $ 1 ,0 0 0 , 0 0 0 ,0 0 0 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, 1947, and will bear interest from that date at the rate of

% percent per annum, payable with the principal at maturity on June 1, 1948.
subject to call for redemption prior to maturity.

They will not be

2. The income derived from the certificates shall be subject to all Federal taxes, now or here­
after 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 accept­
able 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
hereafter prescribed, governing United States certificates.
III.

S U B S C R IP T IO N AND 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 subscrip­
tions 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 EN T

1 . Payment at par for certificates allotted hereunder must be made on or before June 2, 1947, or on

later allotment, and may be made only in Treasury Certificates of Indebtedness of Series E -1947, maturing
June 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-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-1948, DATED JUNE 1, 1947, DUE JUNE 1, 1948
NOTICE TO SUBSCRIBERS:
1. Payment for the securities allotted on this subscription may be made only in % percent Certificates of
Indebtedness of Series E-1947. The amount of this subscription must not exceed the par value of % percent Certifi­
cates of Indebtedness of Series E-1947 tendered with this subscription.
2. The amount of % percent Certificates of Indebtedness of Series E-1947 in excess of the % percent Certifi­
cates of Indebtedness of Series E-1948 allotted on this subscription will be redeemed as of June 1, 1947, and the
proceeds of redemption will be paid in accordance with instructions given below.
3. Coupons maturing June 1, 1947, should be detached from the Certificates of Indebtedness of Series E-1947
which are tendered in payment and collected in the usual manner.
4. 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 sub­
scription.

F

ed e r a l

R eserve B an k

of

New Y

o rk ,

F isca l Agent of the United States,

...................................................................................... 1947
Federal Reserve P . 0 . Station,
New York 45, N. Y .
Attention Government Bond Department— 2nd Floor

D ear S ir s :

Subject to the provisions of Treasury Department Circular No. 807, dated May 21, 1947, the undersigned hereby
subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series E-1948 as stated below:
F o r own account.......................................................................................................................................................

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

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

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

Total S u b scription ..............................................................................................................................

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

and tenders in payment therefor a like par amount of United States of America % percent Treasury Certificates of
Indebtedness of Series E-1947, maturing June 1, 1947, as follows:
n r
,,
Delivered to
you herewith $ ................................

m l
• j
j.'i
•
To be delivered to you
To be withdrawn from
.
. ,
, ,, ,
for our account by....................................................
securities held by you
for our account............$......................................................................................
$................................

P ay the proceeds of redemption of maturing securities, in excess of the amount of new securities allotted, as follows:
B y c h e c k .....................................................................................................................................

□

By credit to our reserve account........................................................................................

□

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

TO SUBSCRIBER :

(Please print)

Y E S _________

Please indicate if this is a confirmation.
NO.

B y ....
(Official signature required)

(Title)

Street ad d ress........................................
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 nse
this space.

Name of Customer

(Please print or us* typewriter)

Address

Amount Subscribed

AMOUNT
ALLOTTED

-

- ................- ................

Do not list subscriptions for $25,000 or less on same application with those in excess of $25,000



G B - C .I .- E X
F E D E R A L R E S E R V E BANK
O F N EW Y O R K

1

A D V IC E TO S U B S C R I B E R

To

Application No.
Date

Y o u r exchange subscription for $ ........................................................United States of America % percent Treasury Certificates
of Indebtedness of Series E -1 9 4 8 , dated June 1, 1947, due June 1, 1948, and tender of like amount of United States

of A m erica % percent T reasu ry Certificates of Indebtedness of Series E -1 9 4 7 m atu rin g Ju n e 1, 1947, have
been received by this bank, as fiscal agent of the United States, and, pursuant to the provisions of the Treasury
D ep artm en t’s circu lar offering the above-mentioned obligations of the United States, allotm ent notices will be sent
out prom ptly upon allotm ent and allotments will be made on the basis and up to the amounts indicated by the
S ecretary of the T reasu ry to this bank.
N otice: If the nezv securities are to be delivered at the Federal
Reserve Bank of N ew Y ork over the counter to your
representative the following authority should be executed.

F e d e r a l R e s e r v e B a n k OF N e w Y o r k ,
a

F iscal A gent of the United States.

To F ederal R e se r v e B a n k of N e w Y o r k :
You are hereby authorized to deliver to
Teller
(Nam e of Representative)

whose signature appears below $.....................................par amount of
securities allotted and issued in exchange for those above described.

Name..............................................................................
(Please Print)
(Official Signature Required)
(Signature of Authorized Representative)



G B - C .I .- E X
F E D E R A L R E S E R V E BA N K
O F N EW Y O R K

2

F IL E R ECO R D

To

Application No.
Bate

Y o u r exchange subscription for $ ....................................................... United States of America % percent Treasury Certificates
of Indebtedness of Series E -1 9 4 8 , dated June 1, 1947, due June 1, 1948, and tender of like amount of United States

of A m erica % percent T reasury Certificates of Indebtedness of Series E -1 9 4 7 m aturing Ju n e 1, 1947, have
been received by this bank, as fiscal agent of the United States, and, pursuant to the provisions of the Treasury
D ep artm en t’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
S ecretary of the Treasury to this bank.
F

ed era l

R eserve B

a n k of

Ne w Y

ork,

F iscal Agent of the United States.
S ecurities
C hecked B y




Application Number

F

ed eral

R eserv e B

ank

of

N ew Y

ork

F iscal Agent of the United States

NOTICE OF ALLOTMENT
On Exchange Subscription to United States Government Obligations
Applied for by Subscriber as Described Below
To S u b scrib er:

R eferring to your subscription, numbered as above indicated, for $

(p a r value)

UNITED STA TES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E -1948
DATED JUNE 1, 1947, DUE JUNE 1, 194 8

for which you have applied under the provisions of the T reasury D epartm ent’s circu lar containing the offering of such
securities fo r subscription, you have been allotted by the S ecretary of the Treasury

$

of the amount applied for.

IMPORTANT INFORMATION FOR SUBSCRIBER
1. To expedite delivery of the securities of this issue allotted to subscriber and to facilitate prom pt completion of
this transaction, please observe the following 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 of Indebtedness of
Series E -1 9 4 7 in face amount equivalent to the amount of their exchange subscriptions, notwithstanding any reduced allot­
ment that may be made. The amount of such m aturing T reasu ry certificates of indebtedness in excess of the allotment will
be redeemed as of Ju n e 1, 1947.

Delivery
3. (a ) Delivery of the securities of this issue will be made by the Fed eral Reserve Bank of New York at its head
office in New York, N. Y ., and will not be made before Monday, Ju n e 2, 1947.
(b ) Securities of this issue allotted to subscriber will be delivered over the counter to a representative of the
subscriber only when a letter of authority signed officially by the subscriber identifying such representative is presented
by him.
(c ) Securities of this issue allotted to subscriber will be delivered to others under special instructions from sub­
scriber but only when such securities are either the sole p roperty of the subscriber or are the property of its customers who
have authorized the subscriber in w riting to cause their said securities to be so delivered.

Further Instructions
4. (a ) Securities of this issue will be held for safekeeping by, or delivered to the Discount D epartm ent of, the F ederal
Reserve Bank of New Y o rk for the account of member banks only, provided such securities are the sole property of the
member bank.
(b) Securities of this issue will be held by the F ed eral Reserve Bank of New York, fiscal agent of the United
States, as collateral for the W a r Loan Deposit Account of any qualified depositary in the Second F ederal Reserve D istrict,
provided such securities are the sole property of 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 of instructions to
this bank and th at such letter be signed officially and returned to this bank without delay.

Checked b y ..r. .. ......................................................... ............
NA-C



F e d e r a l R e se rv e B a n k o f N ew Y o r k ,
Fiscal Agent of the United States

Application Number

LETTER OF INSTRUCTIONS
To

F e d e ra l R e se rv e B a n k o f N ew Y o rk ,

Fiscal Agent of the United States,
Government Bond Department,
Federal Reserve P. 0. Station,
New York 45, N. Y.
From (Name and address of Subscriber)

Referring to our subscription, numbered as above indicated, for $

(par value)

UNITED STA TES OF AMERICA % PERCENT TREASURY C ERTIFICATES OF INDEBTEDNESS OF SERIES E -1948
DATED JUNE 1, 1947, DUE JUNE 1, 1948 '

for which we have applied under the provisions of the Treasury Department’s circular containing the offering of such
securities for subscription, we have received your notice of allotment stating that we have been allotted by the Secretary
of the Treasury
$
of the amount applied for.
As requested we are sending you the following instructions.
Issue and dispose of securities allotted on this subscription as indicated below:
DISPOSITION

DENOMINATIONS
Par Value

Pieces

Leave Blank

$1,000

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

5,000

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

10,000

□ 4. Hold as collateral for War Loan deposits

100,000 .

□ 5. Special instructions :

1,000,000
Total
IMPORTANT : 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.
,

ISir’This letter of instructions must be signed
officially in the space provided here and

returned immediately to
Federal Reserve Bank of New York,

Name of Subscriber.........................................................................................................................
(Please print)

B
(Official signature required)

(Title)

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 Reserve Bank of New York
V a u l t R ecord

Released

----------

Taken from Vault---------Counted

----------

Securities
received b y

---------------------------

----------

Checked

S a f e k e e p in g R ecord

NA-C




Checked and
Delivered b y ----------------------

Delivery Receipt
Received from Federal Reserve Bank or New York the above described
United States Government obligations in the amount indicated above.
Subscriber.............................................................. .....................................................

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