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FEDERAL RESERVE BA N K
O F N E W YO R K
Fiscal Agent of the United States
r Circular No.

3262T
L September 22, 1947 J
.

OFFERING OF
1 Percent Treasury Certificates of Indebtedness of Series J-1948
Dated and bearing interest from October 1, 1947

Due October 1, 1948

IN EXCHANGE FOR

7 Percent Treasury Certificates of Indebtedness of
/q

Series J-1947, Maturing October 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 1 percent Treasury Certificates of Indebtedness of Series J-1948, open on an exchange basis,
par for par, to holders of Treasury Certificates of Indebtedness of Series J-1947, in the amount of
$1,439,563,000, which will mature on October 1, 1947. Cash subscriptions will not be received.
The certificates now offered will be dated October 1, 1947, and will bear interest from that date
at the rate of one percent per annum, payable with the principal at maturity on October 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, 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 Wednes­
day, September 24.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before midnight September 24, 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. 816, dated
September 22,1947, 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 proul,

President.
( over)

UNITED STATES OF AMERICA
1 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 J-1948
Dated and bearing interest from October 1, 1947

1947

Due October 1, 1948

TREASURY DEPARTMENT,

Departm ent Circular N o. 816

------

O ff ic e

Bureau o f thePubiic D ebt

of t h e

S ecretary,

Washington, September 22, 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 Act, as
amended, invites subscriptions, at par, from the people of the United States, for certificates of indebtedness
of the United States, designated 1 percent Treasury Certificates of Indebtedness of Series J-1948, in exchange
for Treasury Certificates of Indebtedness of Series J-1947, maturing October 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 October 1, 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 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 taxa­
tion 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 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, all subscriptions will be allotted in full. 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 October 1, 1947, or
on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series J-1947, matur­
ing October 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. 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.




A. L. M. WIGGINS,
Acting Secretary of the Treasury.

Subscriber’s Reference No.

Application Number

E A-CS

United States of America % percent Treasury Certificates of Indebtedness of Series J-1947,
maturing October 1, 1947 must be tendered in payment for this subscription.
EXCHANGE SUBSCRIPTION
F O R U N IT E D STATES OF A M E R IC A 1 PER CEN T T R E A S U R Y CER TIFICATES OF INDEBTEDNESS
OF SERIES J-1948, D A T E D O CTO BE R 1, 1947, DUE O CTO BE R 1, 1948

Important
S u b je ct to the reservation* in T reasu ry D epartm ent C ircu lar No. 8 16, dated Sep tem ber 22, 1947, all subscriptions w ill be
a llotted in fu ll.
F e d er al R eserve B a n k

of

New 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. 816, dated September 22,1947, the undersigned hereby
subscribes for United States of America 1 percent Treasury Certificates of Indebtedness of Series J-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 J-1947, maturing October 1, 1947, as follows:
m _
., ,
„
To be delivered to you
„
J
To be withdrawn from
for our aecount by.............................................
Delivered to
securities held by you
$...............................
you herewith $...........................
for our account..........$........................................................................
Pay the proceeds of interest due October 1, 1947 on maturing securities as follows:
By check................................................................................................................

□

By credit to our reserve 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

□ 1. Deliver over the counter to the undersigned

Par Value

Pieces

$

□ 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 h ereby or h erea fter instructed
to d isp ose o f in the m anner in dica ted in item s n um bered 3 and 4 a b o v e are the sole property o f the undersigned.
(Till in all required spaces before signing)
Application submitted by.
(Please print)

TO SUBSCRIBER:
Please indicate if this is a confirmation.

YES..
NO....

B y....................
(Official signature required)

(Title)

Street address.
City, Town or Village, P. O. No., and State.
Spaces b e lo w are fo r the use o f the F ederal R eserve Bank o f New Y ork
V

ault

R ec ob d

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

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

Securities
received by--------------------------------------Taken from Vault----------

Securities
received by--------------------

Counted

Delivered
---------


Checked by

Checked by

Delivery Receipt
R e c e iv e d f r o m 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 th e a b o v e d e s c rib e d
U n it e d S ta te s G o v e rn m e n t o b lig a t io n s in th e a m o u n t in d ic a te d a b o v e .
S u b s c r ib e r ........................................................................................................................

a n d d e liv e r e d -------------------

Date..........................................

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

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name of Customer
( Please print or use typewriter)

Address

F

ederal
of

R
N

B

eserve

ew

ank

Y ork

45
N ew Y oric* ^

N.

September 2 2 } 1947

To Member Banks and Nonmember Clearing Banks
in the Second Federal Reserve District:
Vie have received from the Federal Reserve Bank of Atlanta advice
to the effect that* as a result of the recent hurricane in Florida and in
the lower Gulf Coast areas* some banks in the affected areas are unable to
give advice and make return of all unpaid items as promptly as usual pending
the restoration of normal communications*
We arc continuing to give credit in accordance with our time
schedules for cash items payable in the affected areas which are served by
the Jacksonville and New Orleans branch offices of the Federal Reserve Bank
of Atlanta, but advice and return of unpaid items may be delayed*

We# of

course* reserve the right to charge back any unpaid item at any time*




ALLAN SFROJL,
President*

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