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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