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FED ERAL RE SE R V E BANK O F NEW YORK Fiscal A g en t o f the U nited States ["Circular N o. 3 5 9 0 "I L September 18, 1950 J OFFE R IN G OF l 1/. Percent Treasury Notes of Series G-1951 Dated and bearing interest from October 1, 1950 Due November 1, 1951 IN E XC H A N G E FO R 11/q Percent Treasury Certificates of Indebtedness of Series H-1950, Maturing October 1, 1950 To all Banking Institutions, and Others Concerned, in the Second Federal Reserve D istrict: The following statement was made public today: Secretary o f the Treasury Snyder today announced the offering, through the Federal Reserve Banks, o f l 1/^ percent Treasury Notes o f Series G-1951, open on an exchange basis, par fo r par, to holders o f Treasury Certificates o f Indebtedness o f Series H-1950, in the amount o f $6,247,587,000, which will mature on October 1, 1950. Cash subscriptions will not be received. The notes now offered will be dated October 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 November 1, 1951. They w ill not be subject to call fo r redemption prior 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 P ublic 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 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 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 Thursday, September 21. Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and placed in the mail before m idnight September 21, 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. 870, dated September 18, 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 1yA P E R C E N T T R E A S U R Y N O T E S O F SE R IE S G-1951 Dated and bearing interest from October 1, 1950 Due November 1, 1951 TREASURY DEPARTM ENT, 1950 D ep a rtm en t C ircular N o. 8 70 O f f ic e o f t h e S e c r e t a r y , F isc a l S erv ice B ureau o f the P u b lic D eb t W ashington, Septem ber 18, 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 United States, designated 1*4 percent Treasury Notes o f Series G-1951, in exchange fo r Treasury Certificates o f Indebted ness o f Series H-1950, m aturing October 1, 1950. II. D E S C R IP T IO N O F N O T E S 1. The notes will be dated October 1, 1950, and will bear interest from that date at the rate of 1 % percent per annum, payable with the principal at maturity on November 1, 1951. They will 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 payment of 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 U nited 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 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. 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 October 2, 1950, or on later allotment, and may be made only in Treasury Certificates o f Indebtedness o f Series H-1950, maturing October 1, 1950, which w ill 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. 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 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 pay ment fo r notes allotted, to make delivery o f notes on full-paid subscriptions allotted, and they m ay 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 YDER, Secretary o f the Treasury. Application Number Subscriber’s Reference No. EA-C United States of America 1 % percent Treasury Certificates of Indebtedness of Series H-1950, maturing October 1, 1950, must be tendered in payment for this subscription. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA 1Y4 PERCENT TREASURY NOTES OF SERIES G-1951 DATED OCTOBER 1, 1950, DUE NOVEMBER 1, 1951 I m p o r ta n t— Subject to the reservations in Treasury Departm ent Circular No. 8 7 0 , dated Septem ber 1 8 , 1 9 5 0 , all subscriptions w ill be allotted in fu ll. . F ede ra l R e serve B a n k of Dated at........................................................................... N e w 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 Sir s : Subject to the provisions o f Treasury Department Circular No. 870, dated September 18, 1950, the undersigned hereby subscribes for United States of America 1V4 percent Treasury Notes of Series G-1951 as stated below : F or own account....................................................................................................................................... $.................................. For 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 of United States of America V/& percent Treasury Certificates of Indebtedness o f Series H-1950, maturing October 1, 1950, as follows: To be delivered to you for our account by... To be withdrawn from Delivered to securities held by you you herewith $..._................................. for our account.......... $. Pay the proceeds of interest due October 1, 1950, on maturing securities as follow s: B y check .......................................................................... □ By credit to our reserve account................................. □ Issue and dispose of the securities allotted on this subcription in the denominations and amounts as indicated below: D e n o m in a t io n s Par Value Pieces $ f~~| 1. Deliver over the counter to the undersigned Leave Blank □ 2. Ship to the undersigned 1,000 □ 3. Hold in safekeeping (fo r member bank only) 5,000 □ 4. Hold as collateral for Treasury Tax and Account 10,000 □ 5. Special instructions: Loan 100,000 1,000,000 Total 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 as to which different delivery instructions are given. The 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 TO SUBSCRIBER: (Please print) Please indicate i f this is a confirmation. Y E S ...... N O ------ By.. (Official signature required) (T id e ) 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 New Y ork S a t e k e e p in g R ec or d V a u l t R ecord Released --------- Taken from Vault--------- G o v e r n m e n t B o n d R ecord Securiticii received by----------------------------------Securities Checked 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 8tates Government obligations in the amount indicated above. Checked ---------- ^ lt__, Checked by List of customers whose applications arc included in the foregoing subscription Amount Subscribed Name o f Customer ( P i n t * print or mu typ tw rittr) Address