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FED ERAL RE SER VE BANK O F NEW YORK Fiscal A g en t o f the U nited States rC ircu lar N o. 3 5 3 0 L January 20, 1950 J O FFE R IN G OF 1% Percent Treasury Notes of Series A-1951 Dated and bearing interest from February 1, 1950 Due October 1, 1951 IN E XC H A N G E FO R V /4 Percent Treasury Certificates of Indebtedness of Series B-1950, Maturing February 1, 1950 To all Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The following press statement was today made public: Secretary o f the Treasury Snyder today announced the offering, through the Federal Reserve Banks, o f l a/4 percent Treasury Notes o f Series A-1951, open on an exchange basis, par fo r par, to holders o f Treasury Certificates o f Indebtedness o f Series B-1950, in the amount o f $1,993,250,000, which w ill mature on February 1, 1950. Cash subscriptions will not be received. The notes now offered will be dated Febru ary 1, 1950, and will bear interest from that date at the rate o f one and one-quarter percent per annum, payable on a semiannual basis on October 1, 1950, and A p ril 1 and October 1, 1951. They w ill be issued in bearer form only, in denominations o f $1,000, $5,000, $10,000, $100,000 and $1,000,000. Pursuant to the provisions o f the P ublic Debt A ct o f 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 fu ll 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, W ashington, and should be accompanied by a like face amount o f the m aturing certificates. Subject to the usual reservations, all subscriptions w ill be allotted in full. The subscription books will close fo r the receipt o f all subscriptions at the close o f business Tuesday, January 24. Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and placed in the mail before m idnight January 24, will be considered as having been entered before the close o f the subscription books. The terms o f this offering are set forth in Treasury Department Circular No. 856, dated January 20, 1950, copy o f which is printed on the reverse side. 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 telegram 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 N O T E S O F S E R IE S A-1951 D ated and bearing interest from F ebru ary 1, 1950 D u e O ctober 1, 1951 Interest payable A pril 1 and O ctober 1 1950 D ep a rtm en t C ircular N o. 856 TREASURY DEPARTM ENT, O ffice F isc a l S ervice B u rea u o f the P u b lic D eb t of t h e S e c r et a r y , W ashington, January 20, 1950. I. O F F E R IN G O F N O T E S 1. The Secretary o f the Treasury, pursuant to the authority o f the Second Liberty B ond A ct, as amended, invites subscriptions, at par, from the people o f the United States fo r notes o f the U nited States, designated 1*4 percent Treasury Notes o f Series A-1951, in exchange fo r Treasury Certificates o f Indebted ness o f Series B-1950, m aturing February 1, 1950. II. D E S C R IP T IO N OF NOTES 1. The notes w ill be dated February 1, 1950, and will bear interest from that date at the rate o f 1 14 percent per annum, payable on a semiannual basis on October 1, 1950, and A p ril 1 and October 1, 1951. They will mature October 1, 1951, and w ill not be subject to call fo r redemption p rior 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, g ift 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 o f the possessions o f the United States, or by any local taxing authority. 3. The notes will be acceptable to secure deposits o f public moneys. They w ill not be acceptable in paym ent o f taxes. 4. Bearer notes will be issued in denominations o f $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 o f the Treasury Department, now or hereafter prescribed, governing United States notes. . III. S U B S C R IP T IO N A N D ALLOTM ENT 1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury Department, W ashington. Banking institutions generally may submit subscriptions fo r account o f cus tomers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. The Secretary o f the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount o f notes applied for, and to close the books as to any or all subscriptions at any time without n otice; and any action he may take in these respects shall be final. Subject to these reserva tions, all subscriptions w ill be allotted in full. A llotm ent notices w ill be sent out prom ptly upon allotment. IV . PAYM ENT 1. Payment at par fo r notes allotted hereunder must be made on or before Febru ary 1, 1950, or on later allotment, and may be made only in Treasury Certificates o f Indebtedness o f Series B-1950, maturing February 1, 1950, which w ill be accepted at par, and should accom pany the subscription. V. G E N E R A L P R O V IS IO N S 1. A s fiscal agents o f 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 b y the Secretary o f the Treasury to the Federal Reserve Banks o f the respective Districts, to issue allotment notices, to receive pay ment fo r notes allotted, to make delivery o f notes on full-paid subscriptions allotted, and they may issue interim receipts pending delivery o f the definitive notes. 2. The Secretary o f the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which w ill be communicated prom ptly to the Federal Reserve Banks. JOHN W . SN YD ER, Secretary o f the Treasury. A p p lic a tio n N um ber Subscriber’s Reference No. EA-C United States of America 1 % percent Treasury Certificates of Indebtedness o f Series B-1950, maturing February 1, 1950, must be tendered in payment for this subscription. E X C H A N G E S U B S C R IP T IO N FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY NOTES OF SERIES A-1951 DATED FEBRUARY 1, 1950, DUE OCTOBER 1, 1951 I m p o r ta n t— S ubject to the reservation* in Treasury Departm ent Circular No. 8 5 6 , dated January 2 0 , 1 9 5 0 , all subscriptions will be allotted in full. F e d e r a l R eserve B a n k of N ew Dated at......................................................................... Y ork, Fiscal Agent o f the United States, Federal Reserve P. 0 . Station, New York 45, N. Y . ................................................................................ 1950 Attention Government Bond Department— 2nd Floor D ear S ir s : Subject to the provisions of Treasury Department Circular No. 856, dated January 20, 1950, the undersigned hereby subscribes for United States o f America 1*4 percent Treasury Notes o f Series A-1951 as stated below : F or own account........................................................................................................................................ "• F or our customers (for use of banking institutions) as shown on reverse side o f this form Total subscription.............................................................. $. and tenders in payment therefor a like par amount of United States o f America 1^4 percent Treasury Certificates o f Indebtedness o f Series B-1950, maturing February 1, 1950, as follows: D elivered to t o u herewith $ ............................................ T o b e delivered to you f o r o u r accoun t T o b e w ithdraw n from securities held b y you fo r our a c c o u n t............ t. Pay the proceeds of interest due February 1, 1950, on maturing securities as follow s: By c h e c k ............................................................................ □ B y credit to our reserve account................................... □ Issu e and dispose o f 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 V alue P ieces $ □ L eave Blank 1. 1,000 a 2. □ 3. 5,000 □ 4. Account 10,000 n s. 100,000 1.000,000 Total IM P O R T A N T : N o changes in delivery instructions will be accepted. A separate subscription must be submitted for each group o f securities as to which different delivery instructions are given. T he undersigned, if a bank or trust com pany, hereby certifies that the securities which you are hereby instructed to dispos* 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 s ig n in g ) Application submitted by. (Please print) T O SU B SC R IB ER : Please indicate if this is a confirmation. YE S By. NO... (Official signature required) (T itle) Street address .................................... City, Town or Village, P. O. No., and State Spaces below are for the use o f the Federal Reserve Bank o f N ew Y ork -I V a u l t R ecord S a f e k e e p in g R ecord Released Taken from Vault- Securities received by- Delivered ond R e c or 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 p N e w Y o r k the ab ove described United States Government obligations in the amount indicated above. Counted Checked Go vernm ent B Securities received bv- Checked by and delivered • Subscriber................................................................................................ Date. By. List of customers whose applications are included in the foregoing subscription .rxoiiqroadfje *ir1 Am ount Subscribed g fin u ia m Name o f Customer (Please print or use typewriter) Address
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