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FEDERAL RESERVE BANK
OF N EW YORK
Fiscal A gen t of the United States
24
August 20,
J
[ Circular No. 31947 7 ~1

O F F E R IN G OF

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

Due July 1, 1948

IN E X C H A N G E FO R

% Percent Treasury Certificates of Indebtedness of Series H-1947, Maturing September 1, 1947

To all Banking Institutions, and Others Concerned,
in the Second Federal Beserve 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 H -1948, open on an exchange basis,
par for par, to holders of Treasury Certificates of Indebtedness of Series H -1947, in the amount of
$2,341,005,000, which will mature on September 1, 1947. Cash subscriptions will not be received.
The certificates now offered will be dated September 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
July 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 A ct of 1941, as amended, interest upon the certificates
now offered shall not have any exemption, as such, under the Internal Revenue Code, or laws amenda­
tory or supplementary thereto. 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 for the receipt of all subscriptions at the close of business Friday,
August 22.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before midnight August 22, 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. 812, dated
August 20, 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

llan

S prou l,

President.

UNITED STATES OF AMERICA
ys PERCENT TREASURY

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 H -1948

Dated and bearing interest from September 1, 1947

1947
Department Circular No. 812

D ue July 1, 1948

TREASURY DEPARTM ENT,
O

f f ic e

Fiscal Service
Bureau of the Public Debt

of

the

Secretary,

Washington, August 20, 1947.
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 indebtedness
of the United States, designated % percent Treasury Certificates of Indebtedness of Series H -1948, in
exchange for Treasury Certificates of Indebtedness of Series H -1947, maturing September 1, 1947.
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 September 1, 1947, and will bear interest from that date at the rate of
7s percent per annum, payable with the principal at maturity on July 1 ,1 9 4 8 . They will not be subject to
/
call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all taxes now or hereafter imposed under
the Internal Revenue Code, or laws amendatory or supplementary thereto. 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 prompty upon
allotment.
IV .

PAYM ENT

1. Payment at par for certificates allotted hereunder must be made on or before September 2, 1947, or
on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series H -1947, matur­
ing September 1, 1947, which will be accepted at par, and should accompany the subscription. The full
year’s interest on the certificates surrendered will be paid to the subscriber following acceptance of the
certificates.
V.

G E N E R A L P R O V IS IO N S

1. A s 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.




JO H N W . SN Y D E R ,
Secretary of the Treasury.

Subscriber’s Reference No.

Application Number

EA-CS

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

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES H-1948, DATED SEPTEMBER 1,1947, DUE JULY 1,1948
Important
S u b je ct to the reserva tion s in T reasu ry D epartm ent C ircu lar No. 8 1 2 , dated A u gust 20, 1947, all subscriptions w ill be a llotted
in fu ll.

F ederal R eserve B a n k of N e w Y o r k ,
Fiscal Agent of the United States,
Federal Reserve P . 0 . Station,
New York 45, N. Y .

........................................................................................ 1947

Attention Government Bond Department— 2nd Floor
D e a r S irs :
Subject to the provisions of Treasury Department Circular No. 812, dated August 20, 1947, the undersigned hereby
subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series H -1948 as stated below:
For own account............................................................................................................................................................

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

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

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

Total su b scrip tio n ....................................................................................................................................

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

and tenders in payment therefor a like par amount of United States of America %
Indebtedness of Series H -1947, maturing September 1, 1947, as follow s:
„
„
Delivered to
you herewith $ ...................:............

percent Treasury Certificates of

m ,
.,,,
„
To be delivered to you
To he.JitM raw m from
for 0M aecount b ' ......................................................
securities held by you
for our a cco u n t...........$ ........................................................................................
$......................................

P ay the proceeds of interest due September 1, 1947 on maturing securities as follow s:
B y ch eek .........................................................................................................................................

[[]

B y credit to our reserve account.......................................................................................

Q

Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below:
D œ o im u T iO N »

Par Value

Pieces

$

□ 1. Deliver over the counter to the undersigned
Leave Blank

□
□
□
□

1,000
5,000
10,000

2.
3.
4.
5.

Ship to the undersigned
Hold in safekeeping (for member bank only)
Hold as collateral for War Loan deposits
Special instructions :

100,000
1,000,000
Total
IM PO RTAN T:

No changes in delivery instructions wfll be accepted.

A separate subscription must be submitted

for each group of securities as to which different delivery instructions are given.
The undersigned, if a bank o r trust com pa n y, hereby certifies that the securities w hich y o u are h ereby o r hereafter instructed
to dispose o f in the m anner indicated in items num bered 3 and 4 a b ove 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 S .........—
N O .................

B y ..............
(Officisi signature required)

(Title)

Street address.
City, Town

ot

Village, P. 0. No., and State.

Spaces below are fo r the use o f the Federal R eserre Bank o f New Y ork
V a u l t R ecord

Securities
received by-

Released
Taken from Vault-

Securities
received by-

Counted
Checked


Delivered


G o v e r n m e n t B o n d R ecord

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

Checked byDelivery Receipt

Received from F e d e r a l R e s e r v e B a n k o f N e w Y o r k the above described
United States Government obligations in the amount indicated above.

Checked by
and delivered-

Subscriber
Date.

By.

List of customers whose applications are included in the foregoing subscription

A m ount Subscribed




Name of Customer
( Please print or use typewriter)

Address

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