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FED ERAL RESER VE BANK OF NEW YORK Fiscal A gen t o f the U nited States J" Circular No. 3 5 6 1 T L M ay 22, 1950 J O FFE R IN G OF i y 4 Percent Treasury Notes of Series D-1951 Dated and bearing interest from June 1, 1950 Due July 1, 1951 IN E X C H A N G E FO R 1*4 Percent Treasury Certificates of Indebtedness of Series E-1950, Maturing June 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 1 % percent Treasury Notes o f Series D-1951, open on an exchange basis, par fo r par, to holders o f Treasury Certificates o f Indebtedness o f Series E-1950, in the amount o f $5,018,788,000, which will mature on June 1, 1950. Cash subscriptions will not be received. The notes now offered will be dated June 1, 1950, and will bear interest from that date at the rate o f one and one-quarter percent per annum, payable with the principal at maturity on J u ly 1, 1951. They will not be subject to call for redemption p rior to maturity. They will 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 Public D ebt 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 accom panied by a like face amount o f the m aturing certificates. Subject to the usual reservations, all subscriptions will be allotted in full. The subscription books will close fo r the receipt o f all subscriptions at the close o f business Thursday, May 25. Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and placed in the mail before midnight May 25, will be considered as having been entered before the close o f the subscription books. The terms of this offering are set forth in Treasury Department Circular No. 866, dated May 22, 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 AM ERICA 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 D-1951 D ated and bearing interest from June 1, 1950 D ue July 1, 1951 TREASURY DEPARTM ENT, 1950 D ep artm en t C ircu la r N o . 866 O f f ic e F isca l S ervice B ureau o f the P u b lic D ebt of th e Se c r e t a r y , W ashington, M ay 22, 1950. 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 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 United States, designated V/± percent Treasury Notes o f Series D-1951, in exchange fo r Treasury Certificates o f Indebted ness o f Series E-1950, maturing June 1, 1950. II. D E S C R IP T IO N OF NOTES 1. The notes will be dated June 1, 1950, and w ill bear interest from that date at the rate o f 1V4 percent per annum, payable with the principal at m aturity on July 1, 1951. They will not be subject to call for 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 w ill 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 w ill 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 wiU 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 will be allotted in full. Allotm ent notices will 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 June 1, 1950, or on later allotment, and may be made only in Treasury Certificates o f Indebtedness o f Series E-1950, m aturing June 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 will be paid to the subscriber follow ing acceptance o f the certificates. V. GENERAL 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 u p to the amounts indicated by the Secretary o f 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 . SNYDER, S ec r eta r y o f the T rea su ry. Application Number Subscriber ’a Reference No. EA-C % United States of America 1 percent Treasury Certificates of Indebtedness of Series E-1950, maturing June 1, 1950, must be tendered in payment for this subscription. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA 1V PERCENT TREASURY NOTES OF SERIES D-1951 4 DATED JUNE 1, 1950, DUE JULY 1, 1951 I m p o r ta n t— S ubject to the reservation# in Treasury Departm ent Circular No. 8 6 6 , dated M ay 2 2 , 1 9 6 0 , all subscriptions will be allotted in full. F ederal R eserve B a n k of N ew Y Dated at......................................................................... ork, Fiscal Agent of the United States, Federal Reserve P. 0 . Station, New York 45, N. Y . ................................................................................ 1950 Attention Government Bond Department— 2nd Floor D e a r Sir s : Subject to the provisions o f Treasury Department Circular No. 866, dated May 22, 1950, the undersigned hereby subscribes for United States of America V/i percent Treasury Notes of Series D-1951 as stated below: F or own account...................................................................................................................................... $• For our customers (fo r use of 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 1 % percent Treasury Certificates of Indebtedness o f Series E-1950, maturing June 1, 1950, as follows: Delivered to you herewith $............................................ To be delivered to you for our account b y ... To be withdrawn from securities held by you for our account............ $. Pay the proceeds o f interest due June 1, 1950, on maturing securities as follows: By check .......................................................................... □ By credit to our reserve account................................. [71 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. Hold in safekeeping (fo r member bank only) 5,000 □ 4. Hold as collateral fo r Treasury Tax and Loan Account 10,000 $ □ 5. Special instructions: 106,000 1,000,000 Total IM P O R T A N T : No changes in delivery instructions wi|l be accepted. A separate subscription must be submitted for each group o f 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 instructed to dispose of 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. .0 (Please print) SU B SCR IBER : Please indicate i f this is a confirmation. YES. 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 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 b c ob d Released Taken from Vault- Delivered Cliecked 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 or 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 ec or d Securities received by- Checked by and delivered- Subscriber. Date. B y. List o f customers whose applications are included in the foregoing subscription Amount Subscribed Name o f Customer (Please print or use typewriter) A ddress