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F E D E R A L R E S E R V E BANK OF NEW YORK Fiscal Agent of the United States J" Circular No. 3 4 4 8 "1 L May 19, 1949 J OFFERING OF 1% Percent Treasury Certificates of Indebtedness of Series E-1950 Dated and bearing interest from June 1, 1949 Due June 1, 1950 IN EXCHANGE FOR 1 Percent Treasury Certificates of Indebtedness of Series E-1949, Maturing June 1, 1949, or 2 Percent Treasury Bonds of 1949-51, Dated January 15, 1942, Called for Redemption on June 15, 1949 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 l 1/^ percent Treasury Certificates of Indebtedness of Series E-1950, open on an exchange basis, in authorized denominations, to holders of lYs percent Treasury Certificates of Indebtedness of Series E-1949, maturing June 1, 1949, in the amount of $4,301,117,000, or 2 percent Treasury Bonds of 1949-51, dated January 15,1942, called for redemption on June 15,1949, in the amount of $1,014,018,900. Exchanges will be made par for par in the case of the maturing certificates, and at par with an adjust ment of interest as of June 15, 1949, in the case of the called bonds. Cash subscriptions will not be received. The certificates now offered will be dated June 1, 1949, 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 June 1, 1950. 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 securities to be exchanged, and where called bonds in coupon form are presented, by payment of accrued interest on the new certificates at the rate of $0.47945 per $1,000, since in these cases interest is to be adjusted as of June 15, 1949. 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 Monday, May 23. Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and placed in the mail before midnight May 23, 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. 846, dated May 19, 1949, 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 tele gram 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 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 E-1950 Dated and bearing interest from June 1, 1949 Due June 1, 1950 1949 TR EA SU R Y DEPARTM ENT, Departm ent Circular No. 846 ------- ^ O f f ic e of t h e 0 S ecretary, Washington, May 19, 1949. Bureau ofC? h fp rubUc D ebt 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 from the people of the United States for certificates of indebtedness of the United States, designated 1*4 percent Treasury Certificates of Indebtedness of Series E-1950, in exchange for 1 Ys percent Treasury Certificates of Indebtedness of Series E-1949, maturing June 1, 1949, or 2 percent Treasury Bonds of 1949-51, dated January 15, 1942, called for redemption on June 15, 1949. Exchanges will be made par for par in the case of the maturing certificates, and at par with an adjustment of interest as of June 15, 1949, in the case of the called bonds. 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 June 1, 1949, and will bear interest from that date at the rate of 1% percent per annum, payable with the principal at maturity on June 1,1950. They will not be subject to call for redemp tion 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. f 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. 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 Depart ment, 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 for certificates allotted hereunder must be made on or before June 1, 1949, or on later allotment. Payment of the principal amount may be made only in Treasury Certificates of Indebtedness of Series E-1949, maturing June 1, 1949, or in Treasury Bonds of 1949-51, called for redemption on June 15, 1949, 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. In the case of the called bonds in coupon form, payment of accrued interest on the new certificates from June 1, 1949 to June 15, 1949 ($0.47945 per $1,000) should be made when the subscription is tendered. In the case of called 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 June 15 on bonds surrendered will be paid, in the case of coupon bonds, by payment of June 15, 1949 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 S S IG N M E N T O F R E G IS T E R E D B O N D S 1. Treasury Bonds of 1949-51 in registered form tendered in payment for certificates offered hereunder 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 E-1950 to be delivered to................................. , ” in accordance with the general regulations of the Treasury 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. V I. 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 amenda tory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. JOHN W. SNYDER, Secretary of the Treasury. Application Number Subscriber’s Reference No. EA-C United States of America 1 % percent Treasury Certificates of Indebtedness of Series E-1949, maturing June 1, 1949, must be tendered in payment for this subscription. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1950, DATED JUNE 1, 1949, DUE JUNE 1, 1950 Im p orta nt — Subject to the reservations in Treasury Department Circular No. 846, dated May 19, 1949, all subscriptions will be allotted in full. F ederal R eserve B a n k of New Y ork, Dated at. Fiscal Agent of the United States, Federal Reserve P. 0 . Station, New York 45, N. Y . .1949 Attention Government Bond Department— 2nd Floor D ear S ir s : Subject to the provisions of Treasury Department Circular No. 846, dated May 19, 1949, the undersigned hereby subscribes for United States of America 1% percent Treasury Certificates of Indebtedness of Series E-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 Ys percent Treasury Certificates of Indebtedness of Series E-1949, maturing June 1, 1949, as follows: Delivered to you herewith $.................................... To be delivered to you for our account by....... To be withdrawn from securities held by you for our account.......... Pay the proceeds of interest due June 1, 1949, on maturing securities as follows: By ch eck ......... ....................................................................... □ 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 $ Leave Blank □ 1. Deliver over the counter to the undersigned □ 2. Ship to the undersigned 1,000 □ 3. Hold in safekeeping (for member bank only) 5,000 □ 4. Hold as collateral for W ar Loan deposits □ 5. Special instructions: 10,000 100,000 1,000,000 Total * IM PORTANT: No changes in delivery instruction* 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 o f in the manner indicated in items numbered 3 and 4 above are the sole property o f the undersigned. (Fill in all required spaces before signing) Application submitted by. (Please print) TO SUBSCRIBER: Please indieate if this is a confirmation. YES.. By................. 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 S a f e k e e p in g R V a u l t R e c or d Released --------- Taken from Vault--------- Securities received by------------------ vOUuVCu Checked ecord --------- Checked by Delivered -------- G o v e r n m e n t B o n d R ec or d Securities received by------------------------------ — Checked by Delivery Receipt Received from F e d e r a l R e s e r v e B a k e or N e w Y o r k the above described United States Government obligations in the amount indicated above. Subscriber...................................................... List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer ( P lease print or use typewriter) Address Application Number Subscriber’s Reference No. E A -B -l For use when United States of America 2 percent Treasury Bonds of 1949-51, dated January 15,1942, IN COUPON FORM, called for redemption on June 15, 1949 are tendered in payment. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1950, DATED JUNE 1, 1949, DUE JUNE 1, 1950 Important 1. Subject to the reservations in Treasury Department Circular No. 846, dated May 19, 1949, all subscriptions will be allotted in full. 2. Coupons dated June 15, 1949, should be detached from United States o f America 2 percent Treasury Bonds o f 1949-51, dated January 15, 1942, which are tendered in payment. Coupons dated December 15, 1949, and subsequent coupons should remain attached to the bonds. The detached coupons dated June 15, 1949, should be collected in the usual manner. 3. Accrued interest on the new certificates from June 1, 1949 to June 15, 1949 at the rate o f $0.47945 per $1,000 must accompany this subscription. F ed er al R eserve B a n k of N e w Y o r k , Dated at. Fiscal Agent of the United States, Federal Reserve P. 0 . Station, New York 45, N. Y . Attention Government Bond Department— 2nd Floor .1949 D ear Sir s : Subject to the provisions of Treasury Department Circular No. 846, dated May 19, 1949, the undersigned hereby subscribes for United States of America 1^4 percent Treasury Certificates of Indebtedness of Series E-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 2 percent Treasury Bonds of 1949-51, dated January 15, 1942, called for redemption on June 15, 1949, in coupon 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 $. Payment of accrued interest from June 1, 1949 to June 15, 1949 as indicated below: >.47945 per $1,000) on securities allotted is made By charge to our Reserve Account which is hereby authorized (For use of member banks only) - - - By check and/or cash herewith..................... □ Q 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 1,000 □ 1. Deliver over the counter to the undersigned □ 2. Ship to the undersigned Hold in safekeeping (for member bank only) □ CO $ Leave Blank 5,000 □ 4. Hold as collateral for W ar Loan deposits 10,000 □ 5. Special instructions: 100,000 1,000,olbo 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. The undersigned, i f a bank or trust company, hereby certifies that the securities which you are hereby or hereafter instructed to dispose o f in the manner indicated in items numbered 3 and 4 above are the sole property o f the undersigned. (F ill in all required spaces before signing) Application submitted by. TO SUBSCRIBER: (Please print) Please indicate i f this is a confirmation. Y ESNO__ B y .................. (Official signature required) (Title) Street address......................................................................................................... City, Town or Village, P. O. No., and State........................................................ Spaces below are fo r the use o f the Federal Reserve Bank o f New Y ork V a u l t R ec or d Released S a f e k e e p in g R e c or d ... ^ Securities received by------------------------------------ ---------- Taken from Vault---------- G o v e r n m e n t B ond R Securities received by-------------------- ecord Checked bv------- — --------------------------- 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. VvUZlbCu Checked ---------- Delivered ---------- Checked by Subscriber........................................................................ List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer ( Please print or use typewriter) Address Subscriber’s Reference No. Application Number E A -B -2 For use when United States of America 2 percent Treasury Bonds of 1949-51, dated January 15,1942, IN REGISTERED FORM, called for redemption on June 15, 1949 are tendered in payment. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1950, DATED JUNE 1, 1949, DUE JUNE 1, 1950 Important 1. Subject to the reservations in Treasury Department Circular No. 846, dated May 19, 1949, all subscriptions will be allotted in full. 2. 2 percent Treasury Bonds o f 1949-51, dated January 15, 1942, in registered form tendered in payment for 1 *>4 percent Treasury Certificates o f Indebtedness o f Series E-1950 should be assigned by the registered payees or assignees thereof in the manner provided in paragraph 1 o f Section V o f Treasury Department Circular No. 846. 3. Accrued interest will be charged to the subscriber on the new certificates from June 1, 1949 to June 15, 1949, at the rate o f $0.47945 per $1,000. This amount will be deducted from the final interest, due June 15, 1949, amounting to $10.00 per $1,000 face value o f the surrendered bonds; and the difference ($9.52055 per $1,000) will be remitted by the Federal Reserve Bank to the subscriber upon discharge o f registration o f the bonds by the Treasury Department. F e d e r a l R ese r v e B a n k of N e w Y o r k , Dated at. Fiscal Agent of the United States, Federal Reserve P. 0 . Station, New York 45, N. Y . Attention Government Bond Department— 2nd Floor .1949 D ear S ir s : Subject to the provisions of Treasury Department Circular No. 846, dated May 19, 1949, the undersigned hereby subscribes for United States of America l 1/^ percent Treasury Certificates of Indebtedness of Series E-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 2 percent Treasury Bonds of 1949-51, dated January 15, 1942, called for redemption on June 15, 1949, 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 $. You are authorized to charge the amount of accrued interest from June 1, 1949, to June 15, 1949 on the securities allotted against the amount of final interest due on June 15, 1949 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: D e n o m in a t io n s Par Value Pieces $ Leave Blank 1,000 5,000 10,000 □ 1. Deliver over the counter to the undersigned □ 2. Ship to the undersigned □ 3. Hold in safekeeping (for member bank only) □ 4. Hold as collateral for W ar Loan deposits □ 5. Special instructions: 100,000 1,000.000 4 Total I IM PORTANT: No changes in delivery instructions will be accepted. A separate subscription must be submitted for each group of securities as to which dnferent 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 o f 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 b j (Please print) TO SUBSCRIBES: Please indicate i f 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 S a f e k e e p in g R ecord V a u l t R ecord Released Taken from VaultCounted 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 the above described United States Government obligations in the amount indicated above. Cheeked by and delivered- Checked by- Securities - Checked Delivered G o y e r n m e n t B o n d R ecord Securities received bv- Subscriber. Date. By. List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer ( P lease print or use typewriter) Address
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