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FEDERAL RESERVE BANK
O F NEW YORK
Fiscal A gent of the U nited States
rC ircular No. 3 3 9 9"1

1. December 6, 1948 J

OFFERING OF

iy4 Percent

Treasury Certificates of Indebtedness of Series H-1949

Dated and bearing interest from December 15, 1948

Due December 15, 1949

IN EXCHANGE FOR

2 Percent Treasury Bonds of 1948-50, Dated December 8, 1939,
Called for Redemption on December 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 l 1 percent Treasury Certificates of Indebtedness of Series H-1949, open on an exchange
/^
basis, par for par, in authorized denominations, to holders of 2 percent Treasury Bonds of 1948-50
(dated December 8, 1939), called for redemption on December 15,1948, in the amount of $571,431,150.
Cash subscriptions will not be received.
The certificates now offered will be dated December 15, 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
December 15, 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 certifi­
cates now offered shall not have any exemption, as such, under the Internal Revenue Code, or laws
amendatory 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 called bonds.
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, December 8.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before midnight December 8, will be considered as having been entered before the
close of the subscription books.

The term s of this offering are set fo rth in T reasury D epartm ent Circular No. 839, dated
December 6, 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 U nited States. Cash subscriptions will not be received. Exchange subscrip­
tions should be made on official subscription blanks and m ailed immediately or, if filed by
telegram or letter, should be confirmed immediately by mail on the blanks provided.




A l l a n S pr o u l ,

President.
(over)

UNITED STATES OF AMERICA
1y4 P E R C E N T T R E A S U R Y C E R T IF IC A T E S O F IN D E B T E D N E S S O F S E R IE S H-1949
Dated and bearing interest from December 15, 1948
Due December 15, 1949
1948

„

TREASURY DEPARTMENT,

D epartm ent C ircular N o. 8 3 9

------

O f f ic e of t h e S e c r e t a r y ,

Washington, December 6, 1948.

B ureau "of"th e P u b lic D ebt

I,

O F F E R IN G OF C ER TIFIC 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 for certificates of indebtedness
of the United States, designated l 1 percent Treasury Certificates of Indebtedness of Series H-1949, in
/^
exchange for 2 percent Treasury Bonds of 1948-50, dated December 8, 1939, called for redemption on
December 15, 1948.
II.

D E SC R IP T IO N OF C ER TIFIC A TES

1. The certificates will be dated December 15, 1948, and will bear interest from that date at the rate of
11/4 percent per annum, payable with the principal at maturity on December 15, 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 posses­
sions 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
hereafter prescribed, governing United States certificates.
III.

SU B SC R IPTIO N A N D A LLO 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.

PA YM EN T

1. Payment at par for certificates allotted hereunder must be made on or before December 15, 1948, or
on later allotment, and may be made only in Treasury Bonds of 1948-50, called for redemption on Decem­
ber 15, 1948, which will be accepted at par, and should accompany the subscription. Payment of final
interest due December 15 on bonds surrendered will be paid, in the case of coupon bonds, by payment of
December 15, 1948, 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.

A SSIG N M E N T OF R EG ISTER ED BO ND S

1.
Treasury Bonds of 1948-50 in registered form tendered in payment for certificates offered here­
under should be assigned by the registered payees or assignees thereof to “ The Secretary of the Treasury
for exchange for Treasury Certificates of Indebtedness of Series H-1949 to be delivered to........................
in accordance with the general regulations of the t r e a s u r y Department governing assignments for transfer
or exchange, and thereafter 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 holders.
VI.

G ENERAL P R O V ISIO 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.
JOHN W. SNYDER,
Secretary of the Treasury.



Subscriber’s Reference No.

Application Number

EA -B LR S

For use when United States of America 2 percent Treasury Bonds of 1948-50, dated December 8, 1939,
IN REGISTERED FORM,
called for redemption on December 15, 1948, are tendered in payment.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1 % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES H-1949, DATED DECEMBER 15, 1948, DUE DECEMBER 15, 1949
Important
1. S u b je c t to th e re s e rv a tio n s in T re a s u ry D e p a rtm e n t C irc u la r No. 839, d a te d D e cem b er 6, 1948, all su b scrip tio n s
a llo tte d in fu ll.
2. 2 p e rc e n t T re a su ry B onds o f 1948-50, d a te d D e cem b er 8, 1939, in re g is te re d fo rm te n d e re d in p a y m en t fo r 1^4
T re a s u ry C e rtificates o f In d e b te d n e ss o f S erie s H -1 9 4 9 sh o u ld be assig n e d by th e re g is te re d p a y ees or assig n ees th e re o f in th e
p ro v id e d in p a ra g ra p h 1 o f S ectio n V o f T re a su ry D e p a rtm e n t C irc u la r No. 839.
3. P a y m e n t o f final in te re s t d u e D e cem b er 15, 1 948 on re g is te re d b o n d s su rre n d e re d w ill be p aid by ch eck s d ra w n in
a n c e w ith th e assig n m en ts on th e b o n d s s u rre n d e re d .

w ill be
p e rc e n t
m anner
a c c o rd ­

F ed e r a l R eser v e B a n k of N e w Y o rk ,

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

.1948

D ea r S i r s :

Subject to the provisions of Treasury Department Circular No. 839, dated December 6, 1948, the undersigned hereby
subscribes for United States of America 1Vi percent Treasury Certificates of Indebtedness of Series H-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 2 percent Treasury Bonds of 1948-50,
dated December 8, 1939, called for redemption on December 15, 1948, in registered form, 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 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

P ar Value

Pieces

$

□ 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

..

IM PORTANT: 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 he undersigned, if a b an k o r tr u s t com p an y , h ereb y certifies th a t th e securities w hich y o u a re h ereb y o r h ere a fte r in stru cted
to dispose of in th e m an n er in d icated in item s n u m b ered 3 an d 4 above a re th e sole p ro p e rty of th e u n dersigned.

(Fill in all required spaces before signing)
Application submitted b y ..................................
(P lease print)

TO S U B SC R IB E R :
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.
S paces below a re fo r th e use of th e F ed eral R eserve B ank of New Y ork

Securities
received by-

Released
Taken from V aultCounted

Securities
received by-

-

-




Cliecked byDelivery Receipt

Received from F ed 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-

Checked
Delivered

G o v e e n m e n t B ond R ecord

S a f e k e e p in g R ec o ed

V a u l t R ecoed

Subscriber.
Date.

By.

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name of Customer

A ddress

(Please print or use typewriter)

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Application Number

Subscriber’s Reference No.
EA -BLCS

For uso when United States of America 2 percent Treasury Bonds of 1948-50, dated December 8, 1939,
IN COUPON FORM,
called for redemption on December 15, 1948, are tendered in payment.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES H-1949, DATED DECEMBER 15, 1948, DUE DECEMBER 15, 1949

Important
1. S u b ject to the reserv atio n s in T re a .u ry D e p artm en t C ircu lar No. 839, d a te d D ecem ber 6, 1948, all su b scrip tio n s will be
a llo tted in full.
. , _ . D _0
2. Coupons d a te d D ecem ber 15, 1948, »hould be d eta c h ed from U n ited State* of A m erica 2 p erce n t T re a su ry Bond* o f 1948-50,
d ate d D ecem ber 8, 1939 w hich are ten d e re d in paym ent an d collected in th e u»ual m anner.

Dated at ......................................................................................

F e d e r a l R e s e r v e B a n k op N e w Y o r k ,

Fiscal Agent of the United States,
Federal Reserve P. 0 . Station,
................................................................................ 1948
New York 45, N. Y.
Attention Government Bond Department—2nd Floor
D ear S i r s :

Subject to the provisions of Treasury Department Circular No. 839, dated December 6, 1948, the undersigned hereby
subscribes for United States of America 1*4 percent Treasury Certificates of Indebtedness of Series H-1949 as stated below:
$..................................
$..................................

Total subscription..............................................................

•

For own account.......................................................................................................................................
For our customers (for use of banking institutions) as shown on reverse side of this form

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

and tenders in payment therefor a like par amount of United States of America 2 percent Treasury Bonds of 1948-50,
dated December 8, 1939, called for redemption on December 15, 1948, in coupon form, as follows:
Delivered to
you herewith $............ ...............

., ,
To be delivered to you
To be withdrawn from
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 i n a t io n s

P a r Value

Pieces

$

1,000
5,000
10,000

»
Leave Blank

□
□
□
Q
□

1.
2.
3.
4.
5.

Deliver over the counter to the undersigned
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 he undersigned, if a b an k or tru st com pany, h ereb y certifies th a t th e secu rities w hich you a re h ereb y or h e re a fte r in stru cted
to dispose of in the m anner in d icated in item s n um bered 3 an d 4 above a re th e sole p ro p e rty of th e u n d ersig n ed .
(P ill in all required spaces before signing)
S a f e k e e p i n g R e co rd

V a u l t R ecord

Securities
Counted

........ .. ~

Checked
Delivered
 -----------

Checked b y
and delivered---------------

W O VEEN M t . N T X JU K U

XVJGUUKU

Securities
, , ,
Checked by .........—
received 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 t h e a b o v e d e s c r ib e d
United States Government obligations in the amount indicated a b o v e .

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name of Customer
(Pleast print or use typewriter)

Address

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