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FEDERAL RESERVE BANK
OF N E W YORK
Fiscal Agent of the United States
r Circular No. 3 2 5 2 1

L September 2, 1947 J

OFFERING OF
1 Percent Treasury Notes of Series B-1948
Dated and bearing interest from September 15, 1947

Due October 1, 1948

IN EXCHANGE FOR

iy2Percent Treasury Notes of Series A -1947, or
l 1 Percent Treasury Notes of Series C-1947,
/^
Both Maturing September 15, 1947

To all Banking Institutions, and Others Concerned,
in the Second Federal Beserve D istrict:

The follow in g press statement was today made p u b lic :
Secretary of the Treasury Snyder today announced the offering, through the Federal Reserve
Banks, of 1 percent Treasury Notes of Series B-1948, open on an exchange basis, par for par in author­
ized denominations, to holders of l 1 percent Treasury Notes of Series A-1947, in the amount of
^
$2,707,289,000, or l 1 percent Treasury Notes of Series C-1947, in the amount of $1,687,244,000, both
/^
maturing September 15, 1947.
The notes now offered will be dated September 15, 1947, and will bear interest from that date at
the rate of one percent per annum. As in the case of the certificates offered by the Treasury during the
past year, interest on the note now offered will be paid with the principal at maturity on October 1,
1948. The notes 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, as amended, interest upon the notes
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 notes.
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
Thursday, September 4.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before midnight September 4, will be considered as having been entered before the
close of the subscription books.
The term s o f this offerin g are set forth in T reasu ry D epartm ent C ircular No. 813, dated
Septem ber 2, 1947, cop y 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 o f the U nited States. Cash su bscriptions will not be received. E xchange subscrip­
tions should be m ade on official subscription blanks and m ailed im m ediately or, if filed by
telegram o r letter, should be confirm ed im m ediately by mail on the blanks provided.




A

llan

S proul,

P resid en t.
(

o v e r

)

UNITED STATES OF AMERICA
1 P E R C E N T T R E A S U R Y N O T E S O F S E R I E S B -1948
Dated and bearing interest from September 15, 1947

Due October 1, 1948

TREASURY DEPARTMENT,

1947
Departm ent Circular No. 813

O
F iscal Service
Bureau o f the Public Debt

f f ic e

of

the

Secretary,

Washington, September 2, 1947.
I.

O F F E R IN G O F N O 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 notes of the United States,
designated 1 percent Treasury Notes of Series B-1948, in exchange for 1y2 percent Treasury Notes of Series
A-1947, or 1^4 percent Treasury Notes of Series C-1947, both maturing September 15, 1947.
II.

D E S C R IP T IO N O F N O T E S

1. The notes will be dated September 15, 1947, and will bear interest from that date at the rate of
1 percent per annum, payable with the principal at maturity on October 1, 1948. They will not be subject
to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all taxes now or hereafter imposed under the
Internal Revenue Code, or laws amendatory or supplementary thereto. The notes 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 notes will be acceptable to secure deposits of public moneys. They will not be acceptable in pay­
ment of taxes.
4. Bearer notes will be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000.
The notes will not be issued in registered form.
5. The notes will be subject to the general regulations of the Treasury Department, now or hereafter
prescribed, governing United States notes.
III.

S U B S C R IP T I O 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 notes 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 .

PAYM ENT

1.
Payment at par for notes allotted hereunder must be made on or before September 15, 1947, or on
later allotment, and may be made only in Treasury Notes of Series A-1947, or in Treasury Notes of Series
C-1947, both maturing September 15, 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 notes allotted, to make delivery of notes on full-paid subscriptions allotted, and they may issue
interim receipts pending delivery of the definitive notes.
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

E A -N -l

For use when United States of America 1% percent Treasury Notes of Series C-1947,
maturing September 15, 1947 are tendered in payment.
EXCHANGE SUBSCRIPTION
F O R U N IT E D ST AT ES OF A M E R IC A 1 PER CE N T T R E A S U R Y N OTES OF SERIES B-1948
D A T E D SEPTEM BER 15, 1947, DUE O CTO BE R 1, 1948

Important
1. S u b je c t to the reserva tion s in T reasu ry D epartm en t C ircu la r No. 81 3 , dated S eptem ber 2, 1947, all subscriptions w ill be
a llo tte d in fu ll.
2. C ou pon s m aturing S ep tem ber 15, 1 947, should be d eta ch ed from the n otes o f Series C -1 94 7 w hich are ten dered in paym ent
a nd c o lle c t e d in the usual m anner.
3. In terest on the new n otes o f Series B -1 94 8 w ill be p a id w ith the principal at m aturity on O cto b e r 1, 1948. O ne day's
in terest on the new n otes is as fo llo w s :
F or p e rio d fro m (b u t n ot in clu d in g ) S ep tem ber 15, 1 9 4 7 , to and in cluding O cto b e r 1, 1947 ( 1 6 days in 3 65 da y y e a r)
on e d a y ’ s in terest on $ 1 ,0 0 0 is $ 0 .0 2 7 3 9 7 2 6 0 .
F or p e rio d fro m (b u t n ot in clu d in g ) O cto b e r 1, 1 947, to and including O ctober 1, 1948 (3 6 6 day y ea r) one day’ s interest
on $ 1 ,0 0 0 is $ 0 .0 2 7 3 2 2 4 0 4 .
F

ederal

R

eserve

B

a n k

of

N

ew

Y

ork

,

Fiscal 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. 813, dated September 2, 1947, the undersigned hereby
subscribes for United States of America 1 percent Treasury Notes of Series B-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 1% percent Treasury Notes of Series
C-1947, maturing September 15, 1947, as follows:
m
,
„
To be delivered to you
„
.
To M withdrawn from
for our aecount b .............................................
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 e n o m in a t io n s

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
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 u ndersig ned , if a bank or trust com pany, h ereb y certifies that the securities w hich you are h ereby or h erea fter instructed
to disp ose o f in the m anner in dica ted in item s num bered 3 and 4 a b o v e are the sole prop erty 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.

YE S.

B y ....................

N O ...

(Official signature required)

(Title)

Street address.
City, Town or Village, P. O. No., and State.
Spaces below are fo r the use o f the Federal R eserve Bank o f New Y ork
V a u l t R ecord

Securities
received by-

Released
Taken from Vault-

Securities
received by-

Counted
Cheeked


Delivered


G o v e e 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 p 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

Amount Subscribed




Name of Customer
( Please print or use typewriter)

Address

Subscriber’s Reference No.

Application Number

E A-N -2

For use when United States of America l l/ percent Treasury Notes of Series A-1947,
2
maturing September 15, 1947 are tendered in payment.
EXCHANGE SUBSCRIPTION
F O R U N IT E D STATES OF A M E R IC A 1 PER CENT T R E A S U R Y NOTES OF SERIES B-1948
D A TE D SEPTEM BER 15, 1947, DUE O CTO BE R 1, 1948

Important
1. S u b je ct to the reservations in T reasu ry D epartm ent C ircu la r No. 813, dated
a llotted in full.
2. C ou pon s m aturing S ep tem ber 15, 19 4 7, should be d eta ch ed from the notes o f
and co lle cte d in the usual manner.
3. Interest on the new notes o f Series B -1 94 8 w ill be pa id with the principal
in terest on the new n otes is as fo llo w s :
For p e rio d fro m (b u t not in clu d in g ) S ep tem ber 15, 1 9 4 7, to and in cluding
one d a y ’ s interest on $ 1 ,0 0 0 is $ 0 .0 2 7 3 9 7 2 6 0 .

S eptem ber 2, 1947, all subscriptions w ill be
Series A -1 9 4 7 w hich are ten dered in paym ent
at m aturity on O ctob er 1, 1948.

O ne d a y ’ s

O ctob er 1, 1947 (1 6 days in 365 day y e a r)

For p e rio d fro m (b u t n ot in clu d in g ) O cto b e r 1, 1947, to and including O ctober 1, 1948 (3 6 6 day y ea r) one day’ s interest
on $ 1 ,0 0 0 is $ 0 .0 2 7 3 2 2 4 0 4 .
F

ederal

R

eserve

B

a n k

of

N

ew

Y

ork

,

Fiscal 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. 813, dated September 2, 1947, the undersigned hereby
subscribes for United States of America 1 percent Treasury Notes of Series B-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 V/2 percent Treasury Notes of Series
A-1947, maturing September 15, 1947, as follows:
m ,
„
To be delivered to you
Delivered to
you herewith $...........................

10 be ™lthtdr,a™ irom

for our account by................................................

securities held by you
for our account..........$........................................................................

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

Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below:
D e n o m in a t io n s

Par Value

Pieces

$

□ 1. Deliver over the counter to the undersigned
□ 2. Ship to the undersigned
□ 3. Hold in safekeeping (for member bank only)

Leave Blank

1,000

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

5,000
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 or trust com pany, h ereby certifies that the securities w hich you are hereby or h erea fter instructed
to disp ose o f in the m anner in dicated in items num bered 3 and 4 a b o v e are the sole property o f the undersigned.
(Fill in all required spaces before signing)
Application submitted by.
(Please print)

T O SUBSCRIBER:

Please indicate if this is a confirmation.

YES.

B y...................

NO....

(Official signature required)

(Title)

Street address.
City, Town or Village, P. 0 . No., and State.
S paces b elow are fo r the use o f the Federal R eserve Bank o f New Y ork
S a f e k e e p in g R

V a u l t R ecord
R e le a s e d

ecord

—— —

T a k e n f r o m V a u lt ------------

D liv r e d
Digitizede foreFRASER -----------

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

Securities
received by-------------------------------------r e c e iv e d by

C h e ck e d by
a n d d e liv e r e d -------------------

Checked by----------------------------------------- -

Delivery Receipt

Securities

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.
Subscriber ........................................................................................................
Date..........................................

By....................................................................................

List of customers whose applications are included in the foregoing subscription

A mount $ ubscribcd




Name of Customer
( Please print or use typewriter)

Address

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