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FEDERAL RESERVE BANK
OF N EW YORK
Fiscal Agent of the United States
r Circular No. 3 5 1 7 "I
L December S, 1949 J

OFFERING OF
1 % Percent Treasury Notes of Series A-1954
Dated and bearing interest from December 15, 1949

Due March 15, 1954

IN EXCHANGE FOR

iy 4 Percent Treasury Certificates o f Indebtedness o f Series H-1949, Maturing December 15,1949.
2 Percent Treasury Bonds o f 1949-51, Dated July 15, 1942,
3]/g Percent Treasury Bonds of 1949-52, Dated December 15, 1934,
2*4 Percent Treasury Bonds of 1949-53, Dated December 15, 1936,
All Called for Redemption on December 15, 1949.

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

The follow ing press statement 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-1954, open on an exchange basis, par for par, in
authorized denominations, to holders of 1% percent Treasury Certificates of Indebtedness of Series
H-1949, maturing December 15, 1949, in the amount of $519,153,000, or 2 percent Treasury Bonds of
1949-51 (dated July 15, 1942) in the amount of $2,097,615,100, 3% percent Treasury Bonds of 1949-52
(dated December 15, 1934) in the amount of $491,375,100 or 2*4 percent Treasury Bonds of 1949-53
(dated December 15, 1936) in the amount of $1,786,109,950, all called for redemption on December 15,
1949. Cash subscriptions will not be received.
The notes now offered will be dated December 15, 1949, and will bear interest from that date at
the rate of 1% percent per annum, payable on a semiannual basis on September 15, 1950, and there­
after on March 15 and September 15 in each year until the principal amount becomes payable. They
will mature March 15, 1954. They will be issued in bearer form only, with interest coupons attached,
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 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 securities to be
exchanged. 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
Thursday, 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 terms o f this offering are set forth in Treasury Department Circular No. 854, dated
December 5, 1949, copy of which is printed on the follow ing pages.
The subscription books are now open and applications will be received by this bank as
fiscal agent o f 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 l l a n

S prohl,

President.

UNITED STATES OF AMERICA
1H PERCENT TREASURY NOTES OF SERIES A-1954
Dated and bearing interest from December 15, 1949

Due March 15, 1954

Interest payable March 15 and September 15

TREASURY DEPARTMENT,

1949
Department Circular No. 854

_

____

O f f ic e

D
ebt

___ „
of t h e

Secretary,

Washington, December 5, 1949.
I.

O F F E R IN G O F N O T E S

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-1954, in payment of which any of the following listed Treasury securi­
ties, singly or in combinations aggregating $1,000 or multiples thereof, may be tendered:
Treasury Certificates of Indebtedness:
1% percent certificates, Series H-1949, dated December 15, 1948, maturing December 15, 1949.
Treasury Bonds:
2 percent bonds of 1949-51, dated July 15, 1942, due December 15, 1951, called for redemption
December 15, 1949,
3Ya percent bonds of 1949-52, dated December 15, 1934, due December 15, 1952, called for redemp­
tion December 15, 1949,
2Y percent bonds of 1949-53, dated December 15, 1936, due December 15, 1953, called for redemp­
2
tion December 15, 1949.
II.

D E S C R IP T IO N O F N O T E S

1. The notes will be dated December 15, 1949, and will bear interest from that date at the rate of 1% per­
cent per annum, payable on a semiannual basis on September 15, 1950, and thereafter on March 15 and Septem­
ber 15 in each year until the principal amount becomes payable. They will mature March 15, 1954, 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 with interest coupons attached 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 pre­
scribed, governing United States notes.
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 notes applied for, and to close the books as to any or all subscriptions at any time with­



out notice; and any action he may take in these respects shall be final. Subject to these reservations, all subscrip­
tions will be allotted in full. Allotment notices will be sent out promptly upon allotment.
IV .

PAYM ENT

1. Payment at par for notes allotted hereunder must be made on or before December 15, 1949, or on later
allotment, and may be made only in Treasury Certificates of Indebtedness of Series H-1949, maturing December
15, 1949, or in Treasury Bonds of 1949-51, Treasury Bonds of 1949-52 or Treasury Bonds of 1949-53, all called for
redemption December 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.
Final interest due December 15 on bonds surrendered will be paid, in the case of coupon bonds, by payment of
December 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, Treasury Bonds of 1949-52 or Treasury Bonds of 1949-53 in registered form
tendered in payment for notes offered hereunder should be assigned by the registered payees or assignees thereof
to “ The Secretary of the Treasury for exchange for Treasury Notes of Series A-1954 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, Wash­
ington, 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 sub­
scriptions, 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 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 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.

E
A-C

Use this form when United States of America 1 % percent Treasury Certificates of Indebtedness
of Series H-1949, maturing December 15, 1949, are tendered in payment.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY NOTES OF SERIES A-1954
DATED DECEMBER 15, 1949, DUE MARCH 15, 1954
I m p o r ta n t — S u b je ct to the reservations in Treasury D epartm ent C ircular N o. 8 54, dated D ecem ber 5, 1949, all subscriptions w ill be

a llotted in full.
F e d e r a l R e serve B a n k o r N e w 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
Sms:
Subject to the provisions of Treasury Department Circular No. 854, dated December 5, 1949, the undersigned hereby
subscribes for United States of America 1% percent Treasury Notes of Series A-1954 as stated below:

D ear

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 H-1949, maturing December 15, 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 December 15, 1949, on maturing securities as follows:
By check.................................................................... □
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

1,000
5,000
10,000

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 h e u n dersign ed , i f a bank or trust com pan y, h ereby certifies that the securities w hich you are h ereb y or h e re a fte r instructed
to d isp ose o f in the m anner in dicated in items num bered 3 and 4 a b o v e are the sole p rop erty o f the u ndersigned.
(Fill in all required spaces before signing)
Application submitted by.
TO SU B S C R IB E R :

(Please print)

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
S p aces b elow are f o r the use o f the F ederal R eserve Bank o f N ew Y ork
V a u l t R ecord

S a f e k e e p in g R ecord

Released
Taken from Vault-

Delivered




Checked by-

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

Oounted
Checked

G o v e r n m e n t B o n d R ecord

Securities
received by-

Checked by
and delivered-

Subscriber.

Date.

By.

List o f customers whose applications are included in the foregoing subscription

Amount Subscribed




Name of Customer
(Please print or use typewriter)

Address

Application Number

Subscriber’s Reference No.
EA -B -l

Use this form when United States of America 2 percent Treasury Bonds of 1949-51, dated
July 15, 1942, called for redemption on December 15, 1949 are tendered in payment.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1 % PERCENT TREASURY NOTES OF SERIES A-1954
DATED DECEMBER 15, 1949, DUE MARCH 15, 1954

Important
1. P lease d o n ot subm it registered and cou pon bonds on the same application .
2. S u b je ct to the reservations in T reasu ry D epartm ent C ircu la r No. 8 5 4 , dated D ecem ber 5, 19 4 9, all subscriptions w ill be
a llotted in full.
3. C ou pon s dated D e cem b er 15, 1949, should be detach ed from the b ea rer securities ten dered in paym ent o f this a pplication
and co lle cte d in the usual manner.
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,
1 q4q
New York 45, N. Y.
.....................................................................
Attention Government Bond Department—2nd Floor

D ear S ir s :

Subject to the provisions of Treasury Department Circular No. 854, dated December 5, 1949, the undersigned hereby
subscribes for United States of America 1% percent Treasury Notes of Series A-1954 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 July 15, 1942, as follows:
□ In bearer form
□ In registered form
To be delivered to you
To be withdrawn from
for our account by...........................................
Delivered to
securities held by you
you herewith $..........................
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 in a t io n s

Pieces

Par Value

$

□ 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 War Loan deposits
□ 5. Special instructions:

Leave Blank

1,000
5,000
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.
T h e u n dersign ed , i f a bank o r trust com pany, h ereb y certifies that the securities w hich you are h ereb y or h e re a fte r instructed
to d isp ose o f in the m anner in d ica ted in items num bered 3 and 4 a b o v e are the sole prop erty o f the u n dersigned.
(Fill in all required spaces before signing)

Application submitted by.
SUBSCRIBES:

(Please print)

.ease indicate if this is a confirmation.

YES.
NO....

B y ..
(Title)

(Official signature required)

Street address..................................
City, Town or Village, P. O. No., and State
S p aces b elow are f o r the use o f the F ederal R eserve Bank o f N ew Y o rk
V a u l t R ecord

Securities
received by-

. '-eleased
Taken from Vault-

Checked by-

Securities
received b y -

Delivery Receipt
R e c e iv e d f r o m F e d e r a l R e s e r v e B a n k o r N e w Y o r k th e a b o v e d e s c r ib e d
U n it e d S ta te s G o v e rn m e n t o b lig a t io n s in th e a m o u n t in d ic a te d a b o v e .

> Counted
Checked

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

S a f e k e e p in g R ecord

Checked b y
and delivered-

Delivered




Subscriber.

Date.

B y.

Im portant— Please d o not subm it registered and cou pon bonds on the same application.

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name of Customer
( Please print or use typewriter)

Address

Application Number

Subscriber’s Reference No.
EA-B-2

Use this form when United States of America 3 % percent Treasury Bonds of 1949-52, dated
December 15, 1934, called for redemption on December 15, 1949 are tendered in payment.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1 % PERCENT TREASURY NOTES OF SERIES A-1954
DATED DECEMBER 15, 1949, DUE MARCH 15, 1954

Important
1. Please d o n ot subm it registered and cou pon b on d s on the sam e application .
2. S u b je ct to the reservations in T reasu ry D epartm ent C ircu lar N o. 8 54, da ted D ecem ber 5, 1949, all subscriptions w ill be
a llotted in fu ll.
3. C ou pon s da ted D ecem ber 15, 1949, should b e deta ch ed from the b ea rer securities ten dered in paym ent o f this a pp lica tion
and c o lle cte d in the usual manner.
Federal 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. 854, dated December 5, 1949, the undersigned hereby
subscribes for United States of America 1% percent Treasury Notes of Series A-1954 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 gar amount of United States of America 3y% percent Treasury Bonds of 1949-52,
dated December 15, 1934, as follows:
□ In bearer form
Q In registered form
j- .

i >

j

,

Delivered to
you herewith $...........................

mu
a
To be delivered to you
To be iwithdrawn from
<
•
* •
i
i j
i
tor our account v_
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 in a t io n s

Par Value

Pieces

$

n i. Deliver over the counter to the undersigned
□ 2. Ship to the undersigned

Leave Blank

1,000

□ 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

IMPORTANT: 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 of in the manner indicated in items numbered 3 and 4 above are the sole property of the undersigned.
(Pill in all required spaces before signing)

Application submitted b j.
TO SUBSCRIBER:

(Please print)

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 ecord

Securities
received by-

Released
Taken from Vault

Securities
received by-

Counted
Checked

Delivered




G o v e r n m e n t B o n d B ico r d

S a f e k e e p in g R ecord

Checked by
and delivered-

Cheeked byDelivery Receipt

Received from F e d e r a l R e s e r v e B a n k or N e w Y o r k the above described
United States Government obligations in the amount indicated above.
S u b s c r ib e r .

Date.

B y.

Im portant— Please d o n ot subm it registered and cou pon b on d s on the same application .

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




Name of Customer
(Please print or use typewriter)

Address

Application Number

Subscriber’s Reference No.
EA-B-3

Use this form when United States of America 2l z percent Treasury Bonds of 1949-53, dated
/
December 15, 1936, called for redemption on December 15, 1949 are tendered in payment.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY NOTES OF SERIES A-1954
DATED DECEMBER 15, 1949, DUE MARCH 15, 1954

Important
1. P lease d o n ot subm it registered and cou p on bond s on the same application.
2. S u b je ct to the reservations in Treasury D epartm ent C ircu lar No. 8 54, dated D ecem ber 5, 1949, all subscriptions w ill be
a llotted in fu ll.
(
3. C ou pon s dated D ecem ber 15, 1949, should be detach ed from the b ea rer securities ten dered in paym ent o f this application
and c o lle cte d in the usual manner.
F eder al R eserve B a n k

of

New Y

ork,

D ated a t.................................................................

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 i r s :

Subject to the provisions of Treasury Department Circular No. 854, dated December 5, 1949, the undersigned hereby
subscribes for United States of America 1% percent Treasury Notes of Series A-1954 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 1949-53,
dated December 15, 1936, as follows:
□ In bearer form
□ In registered form
Delivered to
you herewith $.........................

m . . . ,
„
To be delivered to you
To be withdrawn from
for our account by...........................................
securities held by you
for our aecount......... $...................................................................... $..............................

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

□ I- 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 War Loan deposits
□ 5. Special instructions:

100,000
1,000,000
Total
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..

(Title)

(Official signature required)

NO...

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

Securities
received by-

Released
Taken from Vault-

Delivered




Checked by-

Securities
received by-

Delivery Reeeipt
Reeeived 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

G o v e r n m e n t B o n d R ecord

S a f e k e e p in g R ecord

Cheeked by
and delivered-

Subscriber.

Date.

B y.

Im portant— Please d o n ot subm it registered and cou pon bond s on the same application .

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name of Customer
( Please print t r use typewriter)

Address

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