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FE D E R AL R E SE R V E BAN K
OF N E W YORK
Fiscal Agent of the United States
r Circular No. 3 3 6 9 1
L September 1, 1948 j

OFFERING OF

1% Percent Treasury Notes of Series A-1950
Dated and bearing interest from September 15, 1948

Due April 1, 1950

IN EXCHANGE FOR

iy2 Percent Treasury Notes of Series A-1948, Maturing September 15, 1948

To all Banking Institutions, and Others Concerned,
in the Second Federal Reserve District:

The following press statem ent 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-1950, open on an exchange basis, par for par, to
holders of 1% percent Treasury Notes of Series A-1948, in the amount of $3,747,702,000, which will
mature on September 15, 1948. Cash subscriptions will not be received.
The notes now offered will be dated September 15, 1948, and will bear interest from that date at
the rate of 1% percent per annum, payable on a semiannual basis on April 1 and October 1, 1949, and
April 1, 1950. They will mature April 1, 1950. They will be issued in bearer form only, in denomina­
tions 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 Friday,
September 3.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before midnight September 3, will be considered as having been entered before the
close of the subscription books.

The term s of this offering are set forth in T reasu ry Departm ent Circular No. 834, dated
Septem ber 1, 1948, 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. C ash 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 lla n S pro u l,

P resident.
(over)

UNITED STATES OF AMERICA
1y t PERCEN T TREASURY NOTES OF SERIES A-1950
Dated and bearing interest from September 15, 1948

Due April 1, 1950

TR EA SU R Y DEPA RTM EN T,

1948
D e p a rtm e n t C irc u la r N o. 8 3 4

Of f ic e

F i s c a l S e r v ic e
B u re a u o f th e P u b lic D e b t

of th e

S ec r eta r y,

W ashington, S eptem ber 1, 1948.
I.

O FFERIN G OF NOTES

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 A-1950, in exchange for i y 2 percent Treasury Notes of
Series A-1948, maturing September 15, 1948.
II. DESCRIPTION OF NOTES
1. The notes will be dated September 15,1948, and will bear interest from that date at the rate of
1% percent per annum, payable on a semiannual basis on April 1 and October 1, 1949, and April 1, 1950.
They will mature April 1, 1950, and 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
payment 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 ALLO TM EN 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.

PAYM EN T

1. Payment at par for notes allotted hereunder must be made on or before September 15, 1948, or on
later allotment, and may be made only in Treasury Notes of Series A-1948, maturing September 15, 1948,
which will be accepted at par, and should accompany the subscription.
V.

G EN ERAL PROVISIONS

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 pay­
ment 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,
S ecretary o f the Treasury.

Subscriber’s Reference No.

Application Number

EA -N

United States of America \l/ 2 percent Treasury Notes of Series A-1948, m a tu rin g
September 15, 1948 must be tendered in payment for this subscription.
EXCHANGE SUBSCRIPTION
FO R U N ITED ST A T E S OF AM ERICA 1 % PE R C E N T T R E A SU R Y NOTES OF S E R IE S A-1950
DATED S E P T E M B E R 15, 1948, DUE A P R IL 1, 1950

Important
1. Subject to the reservations in Treasury Department Circular No. 834, dated September 1, 1948, all subscriptions will be
allotted in full.
2. Coupons maturing September 15, 1948, should be detached from the notes of Series A-1948 which are tendered in payment
and collected in the usual manner.
F ed er a l R es e r v e B a n k of N e w Y o rk ,

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

.1945

Attention Government Bond Department— 2nd Floor
D ea r S i r s :

Subject to the provisions of Treasury Department Circular No. 834, dated September 1, 1948, the undersigned hereby
subscribes for United States of America 1% percent Treasury Notes of Series A-1950 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
A-1948, maturing September 15, 1948, as follows:
To be delivered to you
for our account by.....

To be withdrawn from
securities held by you
for our account...........

Delivered to
you herewith $.

Issue and dispose of th e secu rities allo tted on th is su b scrip tio n in th e d en om in ation s and am ou n ts as in d icated b elo w :
D e n o m in a t io n s

P ar Value

P ie c e s

$

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

Leave Blank

1,000

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

5,000

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

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.
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
TO SUBSCRIBER:
Please indicate if this is a

(Please print)
c o n f ir m a ti o n .

Y ES.
NO...

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

(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 ault R

ec o r d

S a f e k e e p i n g R ec o r d

Securities
received by-

Released
Taken from Vault-

Securities
received by-

Counted
Checked
Delivered



Go v ern m en t B

ond

R ec o r d

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.

Cliecked by
and delivered-

Subscriber.
Date.

By-

List of customers wliose applications are included in the foregoing subscription

Amount Subscribed




Name o f Customer
( Please print or use typewriter)

A ddress

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