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FE D E RA L R E SE R V E BANK O F N EW YO R K
Fiscal A g en t o f the U nited States
rC ircular N o. 3 5 4 7*1
L
M arch 20, 1950
J

E X C H A N G E O F FE R IN G S
O F F E R IN G O F
II/4 P e r ce n t T rea su ry N otes o f S eries C-1951
Dated and bearing interest from A pril 1, 1950

Due July 1, 1951

IN E X C H A N G E FO R
1% P e r ce n t T rea su ry C ertifica tes o f In d e b te d n e s s o f Series D -1950, M a tu r in g A p ril 1, 1950
O F F E R IN G O F
li /2 P e r ce n t T rea su ry N otes o f Series A-1955
Dated and bearing interest from March 15, 1950

Due March 15, 1955

A D D IT IO N A L ISSUE

IN E X C H A N G E F O R
1 % P e r c e n t T rea su ry N o te s o f Series A -1950, M a tu r in g A pril 1, 1950
T o all Banking Institutions, and Others Concerned,
in the Second F ederal R eserve 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 1% percent Treasury Notes o f Series C-1951, open on an exchange basis, par for par, to
holders o f 1^4 percent Treasury Certificates o f Indebtedness o f Series D-1950, m aturing A p ril 1, 1950,
in the amount o f $962,544,000. A t the same time the Secretary announced the offering, on an exchange
basis, at par and accrued interest, o f an additional amount o f i y 2 percent Treasury Notes of Series
A-1955 to holders o f 1 % percent Treasury Notes o f Series A-1950, m aturing A p ril 1, 1950, in the
amount o f $3,595,997,000. Cash subscriptions will not be received.
The notes o f Series C-1951 now offered w ill be dated A p ril 1, 1950, and will bear interest from that
date at the rate o f 1% percent per annum, payable on a semiannual basis on January 1 and J u ly 1,
1951. They will mature J u ly 1, 1951, and w ill not be subject to call fo r redemption p rior to maturity.
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.
The notes o f Series A-1955 now offered will be an addition to and will form a part o f the series
issued pursuant to Treasury Department Circular No. 859, dated February 17,1950. They are identical
in all respects with such notes, with which they will be freely interchangeable. The notes o f this series
are dated March 15, 1950, and will bear interest from that date at the rate o f l 1 percent per annum,
/^
payable semiannually on March 15 and September 15 in each year. They will mature M arch 15, 1955,
and will not be subject to call fo r redemption p rior to maturity. They will be issued in bearer form
only, with interest coupons attached, in denominations o f $1,000, $5,000, $10,000, $100,000 and
$1,000,000.
Pursuant to the provisions of the Public 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 amendatory
or supplementary thereto. The fu ll provisions relating to taxability are set forth in the official circulars
released today.
Subscriptions fo r both issues w ill 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 securi­
ties to be exchanged. Paym ent o f accrued interest from M arch 15, 1950, to A p ril 1, 1950 ($0.69293 per
$1,000) on the notes o f Series A-1955 should be made when the subscription is tendered. Subject to
the usual reservations, all subscriptions will be allotted in full.
The subscription books w ill close fo r the receipt o f all subscriptions at the close o f business
Thursday, March 23.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before m idnight March 23, w ill be considered as having been entered before the close
o f the subscription books.

The terms of these offerings are set forth in Treasury Department Circulars Nos. 860
and 861, both dated March 20, 1950, copies o f which are printed on the following 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
telegram or letter, should be confirmed immediately by mail on the blanks provided.



A

l l a n

S

p r o u l

,

President.

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 C-1951
D ated and bearing interest from A p ril 1, 1950

D u e July 1, 1951

TREASU RY DEPARTM ENT,

D e p a r t m e n t ^C ircu lar N o . 860
F is c a lS e r v ic e

O F F IC E O F T H E S E C R E T A R Y ,

W ashington, March 20, 1950.

B ureau o f th e P u b lic D e b t

I.

O F F E R IN G

OF NOTES

1. The Secretary o f the Treasury, pursuant to the authority o f the Second L iberty B ond A ct, as
amended, invites subscriptions, at par, from the people o f the United States fo r notes o f the United States,
designated 1 % percent Treasury Notes o f Series C-1951, in exchange for Treasury Certificates o f Indebt­
edness o f Series D-1950, m aturing A p ril 1, 1950.
II.

D E S C R IP T IO N

OF NOTES

1. The notes will be dated A p ril 1, 1950, and w ill bear interest from that date at the rate o f 1 % per­
cent per annum, payable on a semiannual basis on January 1 and J u ly 1, 1951. They will mature J u ly 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 supplem entary 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 will not be acceptable in
payment 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 w ill 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 o tice ; and any action he may take in these respects shall be final. Subject to these reserva­
tions, all subscriptions will be allotted in full. A llotm ent notices will be sent out prom ptly upon allotment.
IV .

PAYM ENT

1.
Paym ent at par fo r notes allotted hereunder must be made on or before A p ril 1, 1950, or on later
allotment, and may be made only in Treasury Certificates o f Indebtedness o f Series D-1950, maturing
A p ril 1, 1950, which will be accepted at par, and should accom pany the subscription. The fu ll y e a r’s
interest on the certificates surrendered w ill be paid to the subscriber follow in g acceptance of the certificates.
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 by the Secretary of the
Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to receive
paym ent 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 will be communicated prom ptly to the
.Federal Reserve Banks.




JOHN W . SN YDER,
S ecretary o f the Treasury.

UNITED STATES OF AMERICA
i y 2 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-1955
D ated and bearing interest from M arch 15, 1950

D u e M arch 15, 1955

Interest payable M arch 15 and Septem ber 15
A D D IT I O N A L IS S U E

>»*>

TREASURY DEPARTM ENT,

------

O ffice of t h e S e c re ta ry ,

D e p a r t m e n t C ir c u la r N o . 861

W ashington, March SO, 19S0.

B„re, « . M l ! ^ £ r « D . b ,
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 L iberty Bond A ct, as
amended, invites subscriptions, at par and accrued interest, from the people o f the United States fo r notes
o f the United States, designated l 1 percent Treasury Notes o f Series A-1955, in exchange fo r 1 % percent
/^
Treasury Notes o f Series A-1950, m aturing A p ril 1, 1950.
II.

D E S C R IP T IO N

OF NOTES

1. The notes now offered will be an addition to and will form a part o f the series o f 1 ] percent Treasury
/2
Notes o f Series A-1955 issued pursuant to Department Circular No. 859, dated February 17, 1950, w ill be
freely interchangeable therewith, are identical in all respects therewith, and are described in the following
quotation from Department Circular No. 859:
“ 1. The notes will be dated M arch 15, 1950, and will bear interest from that date at the rate of
IV 2 percent per annum, payable semiannually on September 15, 1950, and thereafter on March 15 and
September 15 in each year until the principal amount becomes payable. They will mature March 15,
1955, and will not be subject to call fo r 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, 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 b y any local taxing authority.
“ 3. The notes will be acceptable to secure deposits o f public moneys. They will not be acceptable
in payment o f taxes.
“ 4. Bearer notes w ill 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 here­
after 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 wT be allotted in full. Allotm ent notices will be sent out prom ptly upon allotment.
ill
IV .

PAYM ENT

1. Payment at par and accrued interest from March 15, 1950, to A p ril 1, 1950 ($0.69293 per $1,000)
for notes allotted hereunder must be made on or before A p ril 1, 1950, or on later allotment. Payment o f the
principal amount may be made only in Treasury Notes o f Series A-1950, m aturing A p ril 1, 1950, which
will be accepted at par and should accom pany the subscription. Paym ent o f accrued interest on the neAv
notes should be made when the subscription is tendered. F inal interest due on A p ril 1 on notes surrendered
will be paid by payment o f A p ril 1, 1950 coupons, which should be detached by holders before presentation
o f the notes.
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 by the Secretary of the
Treasury to the Federal Reserve Banks o f the respective Districts, to issue allotment notices, to receive
payment 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 will be communicated prom ptly to the
Federal Reserve Banks.
JOHN W . SN YDER,
Secretary o f the Treasury.



Application Number

Subscriber ’• Reference No.
E A -C

United States of America 1 /4 percent Treasury Certificates of Indebtedness of Series D-1950,
maturing April 1, 1950, must be tendered in payment for this subscription.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY NOTES OF SERIES C-1951
DATED APRIL 1, 1950, DUE JULY 1, 1951
I m p o r ta n t— S u bject to the reservations in Treasury D epartm ent Circular No. 8 6 0 , dated M arch 2 0 , 1 9 5 0 , all subscriptions w ill be
allotted in full.

F ederal R eserve B a n k op N e w Y ork ,

Dated at.

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 i r s :

Subject to the provisions of Treasury Department Circular No. 860, dated March 20, 1950, the undersigned hereby
subscribes for United States of America 1% percent Treasury Notes o f Series C-1951 as stated below :
For own account........................................................................................................................................

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

F or our customers (fo r use o f banking institutions) as shown on reverse side o f this form

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

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

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

and tenders in payment therefor a like par amount o f United States o f America 1V4 percent Treasury Certificates o f
Indebtedness of Series D-1950, maturing A pril 1, 1950, as follows:
Delivered to
you herewith $................... ........................

To be delivered to you
for our account

IT .

To be withdrawn from
securities held by you
for our account............ $_________________

Pay the proceeds of interest due A pril 1, 1950, on maturing securities as follow s:
By c h e c k ............................................................................

□

B y credit to our reserve account................................... □
Issue 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

□

1. Deliver over the counter to the undersigned

□

2. Ship to the undersigned

1,000

□

3. H old in safekeeping (fo r member bank only)

5,000

□

4. H old as collateral fo r Treasury Tax and Loan
Account

10,000

□

5. Special instructions:

Par Value

Pieces

$

Leave Blank

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 undersigned, if a bank or trust com pany, hereby certifies that the securities which you are hereby instructed to dispose s f
in the manner indicated in item s 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 S U B S C R IB E S :

(P le a s e prin t)

Please indicate if this is a confirmation.

YES.

B y.

N O ...

(Title)

(O fficia l (iK nature required)

Street address .....................................
City, Town or Village, P . O. N o., 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 ecord

S a t e k e e p in q R ecord

Securities
received by-

Released
Taken from Vault-

Delivery Receipt
Received from 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 t h e a b o v e d e s c r i b e d
United States Government obligations in the amount indicated a b o v e .

Checked by

Subscriber.

and delivered ■
Delivered




Checked by-

Securities
received by-

Counted
Checked

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

D ate.

B y.

List of customer* whose applications are included in the foregoing subscription

Amount Subscribed




Name of Customer
(P itas* print or tu* typewriter)

Address

Application Number

Subscriber's Reference No.
E A -N

United States of America 1 % percent Treasury Notes of Series A -1950, maturing
April 1, 1950, must be tendered in payment for this subscription.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 1 %

PERCENT TREASURY NOTES OF SERIES A-1955

DATED MARCH 15, 1950

DUE M ARCH 15, 1955
AD D ITIO N A L ISSUE

Important
1.

Subject to the reservations in Treasury Departm ent Circular N o . 8 6 1 , dated M arch 2 0 , 1 9 5 0 , all subscriptions will be

allotted in full.
, , .
„
. «
2 . Coupons dated A pril 1, 1 9 5 0 , should be detached from the securities tendered in paym ent o f this application and collected
in the usual manner.
. ^
. . .
3 . A ccrued interest on the new notes from M arch 1 5 , 1 9 5 0 to A pril 1, 1 9 5 0 at the rate o f $ 0 .6 9 2 9 3 per $ 1 ,0 0 0 must accom ­
pany this subscription.

Dated at......................................................................
Fiscal Agent o f the United States,
Federal Reserve P. 0 . Station,
..............................................................................1950
New York 45, N. Y.
Attention Government Bond Department— 2nd Floor

F ederal R eserve B a n k of N ew Y ork ,

D

ear

S ir s :

Subject to the provisions of Treasury Department Circular No. 861, dated March 20, 1950, the undersigned hereby
subscribes for United States o f America 1V2 percent Treasury Notes o f Series A-1955, additional issue, as stated below :
For own account......................................................................................................................................

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

For our customers (fo r use o f banking institutions) as shown on reverse side of this form

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

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

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

and tenders in payment therefor a like par amount o f United States o f America 1 % percent Treasury Notes o f Series
A-1950, maturing April 1, 1950, as follow s:
P
To be delivered to you
To be withdrawn from
£or our account by................................................
Delivered to
securities held by you
for our a c c o u n t .........$............................................................................
$..................................
you herewith $............................
Payment o f accrued interest from March 15, 1950 to A pril 1,1950 ($0.69293 per $1,000) on securities allotted is made
as indicated below :
B y charge to our Reserve Account which is hereby
authorized (For use of member banks only) • - -

By check and/or cash herewith........................ □

□

Issue 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

□

Par Value

Pieces

$

Leave Blank

1. Deliver over the counter to the undersigned

□

2. Ship to the undersigned

1,000

□

3. H old in safekeeping (fo r member bank only)

5,000

□

4. H old as collateral fo r Treasury Tax and Loan
Account

10,000

□

5. Special instructions:

100,000
1,000,000
T o ta l

IM P O R T A N T : No changes in delivery instructions will be accepted. A separate subscription must be submitted
for each group of securities a s 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 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.
(Please print)

TO 8 U B S C B IB E B :
Please indicate i f this is a confirmation.

YES.........

NO--------

By..
(O fficia l signature required)

(T itle )

S t r e e t a d d r e s s ............................................

City, Town or Village, P . O. No., and 8tate
Spaces below are for the use o f the Federal Reserve Bank o f N ew Y ork
V a u lt

R eco rd

S a f e k e e p in g

Securities
received

Released
Taken from Vault-

Delivered




by-

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 r N e w Y o r k t h e a b o v e d e s c r i b e d
United States Government obligations in the amount indicated a b o v e .

Counted
Checked

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

R eco rd

Checked by
and delivered-

Subscriber.
Date.

By.

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name of Customer
(P lea st print t

tu t typew rittr)

Address

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