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FED ER AL R E SE R V E B AN K
O F N E W YO R K
Fiscal Agent of the United States
r Circular No. 3 3 7 7 1
L September 20, 1948 J

OFFERING OF

1% Percent Treasury Certificates of Indebtedness of Series G-1949
Dated and bearing interest from October 1, 1948

Due October 1, 1949

IN EXCHANGE FOR

1 Percent Treasury Certificates of Indebtedness of Series J-1948,
1 Percent Treasury Certificates of Indebtedness of Series K-1948, or
1 Percent Treasury Notes of Series B-1948,
All Maturing October 1, 1948

To all Banking Institutions, and Others Concerned,
in the Second F ederal Reserve D istrict:

The following press statem ent was today made public:
Secretary of the Treasury Snyder today announced the offering, through the Federal Reserve
Banks, of l 1 percent Treasury Certificates of Indebtedness of Series G-1949, open on an exchange basis,
/^
par for par, to holders of Treasury Certificates of Indebtedness of Series J-1948, in the amount of
$1,353,966,000, or Series K-1948, in the amount of $1,467,076,000, or Treasury Notes of Series B-1948,
in the amount of $4,092,050,000, all maturing October 1,1948. Cash subscriptions will not be received.
The certificates now offered will be dated October 1, 1948, and will bear interest from that date at
the rate of one and one-quarter percent per annum, payable with the principal at maturity on October
1, 1949. 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 securities.
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
Wednesday, September 22.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before midnight September 22 , will be considered as having been entered before the
close of the subscription books.

The terms of this offering are set forth in T reasu ry Departm ent Circular No. 835, dated
Septem ber 20, 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 su bscriptions will not be received. Exchange subscriptions
should be made on official subscription blanks and mailed immediately or, if filed by telegram
or letter, should be confirmed immediately by m ail on the blanks provided.




A lla n S pro u l,

P resident.
(o ver)

UNITED STATES OF AMERICA
1%

PERCEN T TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES G-1949

Dated and bearing interest from October 1, 1948
_ e p a rtm e n t *9 u . r N o. 8 3 5
#
.48
D
C irc la

Due October 1, 1949
TR ’EA SU RY DEPA RTM EN T,

------

Of f i c e

of t h e

Secreta ry,

^V
oshl'U /tO September 20, 1948.
C 'll/,

B u re a u o f th e P u b lic D e b t

I.

O FFERIN G OF C ER T IFIC A TES

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, fur certificates of indebted­
ness of the United States, designated 1*4 percent Treasury Certificates of Indebtedness of Series G-1949,
in exchange for Treasury Certificates of Indebtedness of Series J-1948 or Series K-1948, or Treasury Notes
of Series B-1948, all maturing October 1, 1948.
II.

D ESCRIPTIO N OF C ER T IFIC A TES

1. The certificates will be dated October 1, 1948, and will bear interest from that date at the rate of
114 percent per annum, payable with the principal at maturity on October 1, 1949. 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.

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 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 EN T

1. Payment at par for certificates allotted hereunder must be made on or before October 1 , 1948, or on
later allotment, and may be made only in Treasury Certificates of Indebtedness of Series J-1948 or Series
K-1948, or Treasury Notes of Series B-1948, all maturing October 1, 1948, which will be accepted at par,
and should accompany the subscription. The full amount of interest due on the securities surrendered will
be paid to the subscriber following acceptance of the securities.
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
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.




JOHN W. SNYDER,
Secretary o f the Treasury.

Subscriber’s Reference No.
EA-N

Application Number

United States of America 1 percent Treasury Notes
of Series B-1948, maturing October 1, 1948 must be
tendered in payment for this subscription.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES G-1949, DATED OCTOBER 1, 1948, DUE OCTOBER 1, 1949
Im p o rt a n t — Subject

to the reservations in Treasury Department Circular No. 835, dated September 20, 1948, all subscriptions will
be allotted in full.

F

R eserve B a n k of N e w 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

ed era l

.1948

D ea r S ir s :

Subject to the provisions of Treasury Department Circular No. 835, dated September 20, 1948, the undersigned hereby
subscribes for United States of America V/i percent Treasury Certificates of Indebtedness of Series G-1949 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 B-1948, maturing October 1, 1948, as follows:
m
,
To be withdrawn from
securities held by you
for our account.

Delivered to
you herewith $.

To be delivered to you
for our account by

The denominations of the maturing notes surrendered and the amount of accrued interest thereon due October 1,
1948, are as follows:
Denominations Surrendered1
Par Value

Pieces
$

Pay the proceeds of interest due October 1, 1948 on maturing notes as follows:
Interest

By check ..............................................................

5.000

□

By credit to our reserve account...................

1,000

□

10,000
100,000

(* See face of securities for amount of interest due. It is unnecessary to fill in this
information if the securities are in safekeeping with the Federal Reserve Bank of
New York.)

1,000,000

1

Total

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 D e s i e e d i n E x c h a n g e

$

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

Leave Blank

P ar Value

Pieces

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.

(Please print)

TO SUBSCRIBER:
Please indicate if this is a confirmation.

YES.

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

NO.

(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

Released

R

ecord

ec o rd

* ---------

Taken from Vault--------/-t

S a fe k e e p in g R

Securities

ond

R ecord

Securities
received by----------------------------------Cheeked by-----------------------------------Delivery 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.

AJ

Checked
--------
http://fraser.stlouisfed.org/
Delivered
--------Federal Reserve Bank of St. Louis

Go v er n m en t B

Checked by
and delivered---------------

Subscriber..................................................................................

List of customers whose applications are included in the foregoing subscription
Amount Subscribed




Name o f Customer
( P lea se print or use typew riter)

A ddress

Subscriber’s Reference No.
EA-C.2

United States of Am erica 1 percent Treasury Certificates of
Indebtedness of Series K-1948, maturing October 1, 1948
must be tendered in payment for this subscription.

Application Number

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1 ]/4 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES G-1949, DATED OCTOBER 1, 1948, DUE OCTOBER 1, 1949
Im p o rt a n t — Subject

to the reservations in Treasury Department Circular No. 835, dated September 20, 1948, all subscriptions will
be allotted in full.

F

R eserv e B a n k of N e w 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

ed era l

.1948

D ea r S ir s :

Subject to the provisions of Treasury Department Circular No. 835, dated September 20, 1948, the undersigned hereby
subscribes for United States of America 1% percent Treasury Certificates of Indebtedness of Series G-1949 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 Certificates of
Indebtedness of Series K-1948, maturing October 1, 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
vou herewith $

The denominations of the maturing certificates surrendered and the amount of accrued interest thereon due October 1 ,
1948, are as follows:
Denominations Surrendered*
Par Value

Pieces
$

1,000

P a y the proceeds of interest due October 1, 1948 on m aturing certificates as follows:

Interest
B y check .......................................................................

5,000

Q

By credit to our reserve a cco u n t.................

......

□

10,000
100,000
(* See face of securities for amount of interest due. It is unnecessary to fill in this
information if the securities are in safekeeping with the Federal Reserve Bank of
New York.)

1,000,000
Total

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 D e s ir e d

in

E

xchange

Par Value

Pieces

$

Leave Blank

1,000

□ 1. Deliver over the counter to the undersigned
n 2. Ship to the undersigned
□ 3. Hold in safekeeping (for member bank only)
□ 4. Hold as collateral for War Loan deposits
□ 5. Special instructions:

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

¿MPORTANT: No changes in delivery instructions will be accepted. A separate subscription must be submitted
foi 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)
•
”
*
---------- TiSCRIBER:

Application submitted by.............................................................................................................
( Please print)

i indicate if this is a confirmation.

r

YES.
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 a u l t R ecord

S a f e k e e p i n g R ecord

Released
Taken from Vault-

Securities
received by-

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 f N e w Y o r k the above described
United States Government obligations in the amount indicated above.

Counted
Checked

http://fraser.stlouisfed.org/
Delivered
Federal Reserve Bank of St. Louis

Go v er n m en t B

Securities
received by-

Checked by
and delivered-

Subscriber.

Date.

By.

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name o f Customer
(Please print or use typewriter)

A ddress

Subscriber’s Reference No.

Application Number

EA-C.l

United States of America 1 percent Treasury Certificates of Indebtedness of Series J-1948,
maturing October 1, 1948 must be tendered in payment for this subscription.
EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES G-1949, DATED OCTOBER 1, 1948, DUE OCTOBER 1, 1949
Important
Subject to the reservations in Treasury Department Circular No. 835, dated September 20, 1948, all subscriptions will be allotted in full.
F

R eserv e B a n k of N e w Y ork,
Dated at...........................................................................
Fiscal Agent of the United States,
Federal Reserve P. 0 . Station,
...................................................................................1948
New York 45, N. Y.
Attention Government Bond Department—2nd Floor

ed era l

D ear

Sms:

Subject to the provisions of Treasury Department Circular No. 835, dated September 20,1948, the undersigned hereby
subscribes for United States of America l 1 percent Treasury Certificates of Indebtedness of Series G-1949 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 Certificates of
Indebtedness of Series J-1948, maturing October 1, 1948, as follows:
m
„
To be delivered to you
^ withdrawn from
for our aceount by..................................................
Delivered to
securities held by you
you herewith $.............................
for our account...........$...............................................................................
$...................................
Pay the proceeds of interest due October 1, 1948 on maturing securities as follows:
By ch e c k ............................................................................... □
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

Par Value

Pieces

$

Q 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

|p

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
(Please print)

) 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 below are for the use of the Federal Reserve Bank of New York
V a u l t R e c o rd

S a f e k e e p i n g R e co rd

Released
Taken from Vault-

G o v e r n m e n t B o nd R e c o r d

Securities
received bySecurities
received by-

Counted
Checked by
Checked
and delivered
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
. *

Amount Subscribed




*

I a

,

Name o f Customer
( Please print or use typewriter)

1 ■ II
1

r

A

%

1

4p j

A ddress

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