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FEDERAL RESERVE BANK
OF N EW YORK
Fiscal A gen t of the U nited States
’ Circular No. 3 2 8 6 T
. November 19, 1947

J

O F F E R IN G OF

l]/g Percent Treasury Notes of Series A-1949
Dated and bearing interest from December 1, 1947

Due January 1, 1949

IN E X C H A N G E F O R

Ys Percent Treasury Certificates of Indebtedness of Series L-1947, Maturing December 1, 1947, or
2 Percent Treasury Bonds of 1947, Maturing December 15, 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 Notes of Series A -1949, open on an exchange basis, in authorized
denominations, to holders of % percent Treasury Certificates of Indebtedness of Series L-1947, matur­
ing December 1, 1947, in the amount of $3,280,792,000, or 2 percent Treasury Bonds of 1947, maturing
December 15, 1947, in the amount of $701,072,900. Exchanges will be made par for par in the case of
the maturing certificates, and at par with an adjustment of interest as of December 15, 1947, in the
case of the maturing bonds.
The notes now offered will be dated December 1, 1947, and will bear interest from that date at the
rate of one and one-eighth percent per annum. A s in the case of the notes offered by the Treasury last
September, interest on the notes now offered will be paid with the principal at maturity on January 1,
1949. 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 A ct 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 fu ll 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 securities to be
exchanged and, where maturing bonds in coupon form are presented, by payment of accrued interest
on the new notes at the rate of $0.43151 per $1,000, since in these cases interest is to be adjusted as of
December 15, 1947. 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,
November 21.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before midnight November 21, 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. 819, dated
November 19, 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
1ys 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 A -1949
Dated and bearing interest from December
n
,
♦Circular m„ qiq
9
Department V -4 7 1 N o. 819
------ #

BureauilCthe p^bie Debt
fa1S< ic

1, 1947

D ue January

1, 1949

T R E A S U R Y D E P A R T M E N T ,9
O f f ic e

of t h e

Secretary,

W a sh in g ton , N o v em b er 19, 1947.

I. OFFERING OF NOTES
1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond A ct, as
amended, invites subscriptions from the people of the United States for notes of the United States, desig­
nated 1% percent Treasury Notes of Series A -1949, in exchange for % percent Treasury Certificates of
Indebtedness of Series L-1947, maturing December 1, 1947, or 2 percent Treasury Bonds of 1947, maturing
December 15, 1947. Exchanges will be made par for par in the case of the maturing certificates, and at par
with an adjustment of interest as of December 15, 1947, in the case of the maturing bonds.
II. DESCRIPTION OF NOTES
1. The notes will be dated December 1, 1947, and will bear interest from that date at the rate of 1 %
percent per annum, payable with the principal at maturity on January 1, 1949. 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. SUBSCRIPTION 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 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 reserva­
tions, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment.
IV. P A YM E N T
1. Payment for notes allotted hereunder must be made on or before December 1, 1947, or on later
allotment. Payment of the principal amount may be made only in Treasury Certificates of Indebtedness
of Series L-1947, maturing December 1, 1947, or in Treasury Bonds of 1947, maturing December 15, 1947,
which will be accepted at par and should accompany the subscription. The fu ll year’s interest on the cer­
tificates surrendered will be paid to the subscriber following acceptance of the certificates. In the case of
the maturing bonds in coupon form, payment of accrued interest on the new notes from December 1, 1947
to December 15, 1947 ($0.43151 per $1,000) should be made when the subscription is tendered. In the case
of maturing registered bonds, the accrued interest will be deducted from the amount of the check which
will be issued in payment of final interest on the bonds surrendered. Final interest due December 15 on
bonds surrendered will be paid, in the case of coupon bonds, by payment o f December 15, 1947 coupons,
which should be detached by holders before presentation of the bonds, and in the case of registered bonds,
by checks drawn in accordance with the assignments on the bonds surrendered.
V. ASSIGNM ENT OF REGISTERED BONDS
1.
Treasury Bonds of 1947 in registered form tendered in payment for notes offered hereunder should
be assigned by the registered payees or assignees thereof to “ The Secretary of the Treasury for exchange
for Treasury Notes of Series A -1949 to be delivered t o ...................................... ” , in accordance with the gen­
eral regulations of the Treasury Department governing assignments for transfer or exchange, and there­
after should be presented and surrendered with the subscription to a Federal Reserve Bank or Branch or to
the Treasury Department, Division of Loans and Currency, Washington, D. C. The bonds must be delivered
at the expense and risk of the holder.
VI. GENERAL PROVISIONS
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 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

EA-C S

United States of America % percent Treasury Certificates of Indebtedness of Series L-1947,
maturing December 1, 1947 must be tendered in payment for this subscription.
EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY NOTES OF SERIES A-1949
DATED DECEMBER 1, 1947, DUE JANUARY 1, 1949

Important
in full.

1.

Subject to the reservation* in Treasury Department Circular No. 819, dated November 19, 1947, all subscriptions will be allotted

2. Interest on the new notes of Series A-1949 will be paid with the principal at maturity on January 1, 1949. One day’s interest
on the new notes is as follows:
For period from (but not including) December 1, 1947, to and including January 1, 1948 (31 days in 365 day year) one
day’s interest on $1,000 is $0.030821918.
For period from (but not including) January 1, 1948, to and including January 1 , 1949 (366 day year) one day’s interest
on $1,000 is $0.030737705.
F e d e r a l R eserve B a n k

op

New Y

ork,

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 ar S i r s :

Subject to the provisions of Treasury Department Circular No. 819, dated November 19, 1947, the undersigned hereby
subscribes for United States of America 1 % percent Treasury Notes of Series A -1949 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 %

percent Treasury Certificates of

Indebtedness o f Series L-1947, maturing December 1, 1947, as follow s:
rn ,
.
To be delivered to you
_
,
be withdrawn from
f or our account by.......................................................
Delivered to
securities held by you
you herewith $.................................
for our account............ $........................................................................................
$......................................
P ay the proceeds of interest due December 1, 1947 on maturing securities as follows:
B y c h e c k .........................................................................................................................................

□

B y 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

□

5,000

2.

Ship to the undersigned

3.

Hold in safekeeping (for member bank only)

□

1,000

1.

4.

Hold as collateral for W a r Loan deposits

□

$

Leave Blank

□
□

Par Value

Pieces

Deliver over the counter to the undersigned

5.

Special instructions:

10,000
100,000
1,000,000
Total
I M P O R T A N T : N o changes in delivery instructions will be accepted. A separate subscription must be submitted
for each group o f securities as to which different delivery instructions are given.
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.
(Fill in all required spaces before signing)
Application submitted by.
(Please print)

TO SUBSCRIBER:
Please indicate if this is a confirmation.

Y E S.
NO...

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

(Official signature required)

(T itle)

Street address
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

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

Cheeked by
and delivered

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.
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

Subscriber’s Reference No.

Application Number

E A -B L R

For use when United States of America 2 percent Treasury Bonds of 1947
IN REGISTERED FORM,
maturing on December 15, 1947 are tendered in payment.
EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY NOTES OF SERIES A-1949
DATED DECEMBER 1, 1947, DUE JANUARY 1, 1949

Important
1.

Subject to the reservations in Treasury Department Circular No. 819, dated November 19, 1947, all subscriptions will be allotted

in full.
2. 2 percent Treasury Bonds of 1947 in registered form tendered in payment for 1 Vs percent Treasury notes of Series A-1949
should be assigned by the registered payees or assignees thereof in the manner provided in paragraph 1 of Section V of Treasury Depart­
ment Circular No. 819.
3. Accrued interest on the new notes from December 1, 1947 to December 15, 1947 will be charged to the subscriber at the rate of
$0.43151 per $1,000. The amount due will be charged against the final interest due December 15, 1947 on the 2 percent Treasury Bonds of
1947 surrendered, which is $10.00 per $1,000, and the difference will be remitted by us to the subscriber upon discharge of registration of
such bonds by the Treasury Department.
4. Interest on the new notes of Series A-1949 will be paid with the principal at maturity on January 1, 1949. One day’s interest
on the new notes is as follows:
For period from (but not including) December 1, 1947, to and including January 1, 1948 (31 days in 365 day year) one
day’s interest on $1,000 is $0.030821918.
For period from (but not including) January 1, 1948, to and including January 1, 1949 (366 day year) one day’s interest
on $1,000 is $0.030737705.
F

ederal

R eserve B

ank

of

N ew Y

ork,

Dated at.

Fiscal A gent of the United States,
Federal Reserve P. 0 . Station,
New York 45, N . Y .

1947

Attention Government Bond Department— 2nd Floor
D

ear

S ir s :

Subject to the provisions of Treasury Department Circular No. 819, dated November 19, 1947, the undersigned hereby
subscribes for United States of America 1 % percent Treasury Notes of Series A -1949 as stated below:
F or own account............................................................................................................................................................
«
For 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 2 percent Treasury Bonds of 1947
maturing on December 1 5 ,1 9 4 7 , in registered form, as follow s:
„
To be delivered to you
„
,
To be. withdrawn from
for our account b .......................................................
Delivered to
securities held by you
you herewith $.................................
for our account............ $ ........................................................................................
$ ......................................
Y o u are authorized to charge the amount of accrued interest from December 1, 1947 to December 15, 1947 on the
securities allotted against the amount of final interest due on December 15, 1947 on the registered bonds surrendered, and
to remit the balance upon discharge of registration of such bonds by the Treasury Department.
Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below:

□
$

1.

Deliver over the counter to the undersigned

□

2.

Ship to the undersigned

□

H old in safekeeping (for member bank only)

□

4.

H old as collateral for W a r Loan deposits

□

Par Value

Pieces

CO

D e n o m in a t io n s

5.

Special instructions:

Leave Blank

1,000
5,000
10,000
100,000
1,000,000
Total

I M P O R T A N T : N o changes in delivery instructions will be accepted. A separate subscription must be submitted
for each group o f securities as to which different delivery instructions are given.
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.
(Fill 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. 0. No., and State.
Spaces below are for the use of the Federal Reserve Bank* of New York
V

ault

R ecoed

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 StateB 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

Am ount Subscribed




Name of Customer
( Please print or use typewriter)

Address

Subscriber's Reference No.

Application Number

E A -B L C

For use when United States of America 2 percent Treasury Bonds of 1947
IN COUPON FORM,
maturing on December 15, 1947 are tendered in payment.
EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1 % PERCENT TREASURY NOTES OF SERIES A-1949
DATED DECEMBER 1, 1947, DUE JANUARY 1, 1949

Important
. , ..
in full.

Subiect to thc reservation* in Treasury Department Circular No. 819, dated November 19, 1947, all »ubtcriptions will be allotted

2. Coupons dated December 15, 1947, should be detached from United States of America 2 percent Treasury Bonds of 1947
which are tendered in payment and collected in the usual manner.
3. Payment of accrued interest on the new notes from December 1, 1947 to December 15, 1947 ($0.43151 per $1,000) should be
made when the subscription is tendered.
4. Interest on the new notes of Series A-1949 will be paid with the principal at maturity on January 1, 1949. One day’s interest
on the new notes is as follows:
For period from (but not including) December 1, 1947, to and including January 1, 1948 (31 days in 365 day year) one
day’s interest on $1,000 is $0.030821918.
For period from (but not including) January 1, 1948, to and including January 1, 1949 (366 day year) one day’s interest
on $1,000 is $0.030737705.
F ed eral R eserve B

ank

of

N ew Y

ork,

Dated at.
Fiscal Agent of the United States,
Federal Reserve P. 0 . Station,
New York 45, N . Y .
............................
Attention Government Bond Department— 2nd Floor

1947

D ear S ir s :

Subject to the provisions of Treasury Department Circular No. 819, dated November 19, 1947, the undersigned hereby
subscribes for United States of America 1V& percent Treasury Notes of Series A -1949 as stated below:
For own account............................................................................................................................................................

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

For 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 2 percent Treasury Bonds of 1947
maturing on December 15, 1947, in coupon form as follow s:
m i
•.v j
j
n
To be delivered to you
To be withdrawn from
-j-'» 1 »
■» ,
•, •
i
i
tor our account by ...........................................................................................................
Delivered to
securities held by you
*
you herewith $.................................
for our account............ $ .......................................................................................
$......................................
Payment of accrued interest from December 1, 1947 to December 15, 1947 ($0.43151 per $1,000) on securities allotted
is made as indicated below :
By charge to our Reserve Account which is hereby
By check and/or cash herewith..................... Q
authorized (For use of member banks only) - - - □
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

$

□

5,000
10,000

Ship to the undersigned

3.

H old in safekeeping (for member bank only)

4.

H old as collateral for W a r Loan deposits

□

1,000

Deliver over the counter to the undersigned

2.

□

Leave Blank

1.

□
□

Par Value

Pieces

5.

Special instructions:

100,000
1,000,000
Total
I M P O R T A N T : N o changes in delivery instructions will be accepted. A separate subscription must be submitted
for each group o f securities as to which different delivery instructions are given.
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.
(Fill in all required spaces before signing)
Application submitted by.
(Please print)

TO SUBSCRIBER:
Please indicato if this is a confirmation.

YES..

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

N O ...

(Official signature required)

(Title)

Street address.
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 ec or d

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 i n 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 ou nt 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