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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
$

1. Deliver over the counter to the undersigned

□

Leave Blank

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,olb
o
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

$

1,000

1. Deliver over the counter to the undersigned

□

Leave Blank

2. Ship to the undersigned

□
□
□

5,000
10,000

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

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