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F E D E R AL R E SE R V E BANK
OF N E W YORK
Fiscal A g en t o f the U nited States
f Circular No. 3 7 3 4 *1
L
July 16, 1951
J

OFFE R IN G OF
1 % P e r c e n t T r e a s u ry C ertifica tes o f In d e b te d n e s s o f S eries B -1 9 5 2
Dated and bearing interest from August 1, 1951

Due July 1, 1952

IN E X C H A N G E FOR
V /4 P e r c e n t T r e a s u r y N otes o f S eries E -1 9 5 1 , M a tu rin g A u g u st 1, 1951

To all Batiks, and Others Concerned,
in the Second Federal Reserve District:

The follow in g statement was made public toda y:
Secretary o f the Treasury Snyder today announced the offering, through the Federal Reserve
Banks, o f 1 % percent Treasury Certificates o f Indebtedness o f Series B-1952, open on an exchange
basis, par fo r par, to holders o f l 1 percent Treasury Notes o f Series E-1951, in the amount o f
/^
$5,351,142,000, which will mature on August 1, 1951. Cash subscriptions will not be received.
The certificates now offered will be dated A ugust 1, 1951, and will bear interest from that date at
the rate o f one and seven-eighths percent per annum, payable with the principal at maturity on J u ly 1,
1952. 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 Debt A ct o f 1941, as amended, interest upon the certifi­
cates now offered shall not have any exemption, as such, under the Internal Revenue Code, or laws
amendatory or supplementary thereto. The full 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 b y a like face amount o f the maturing notes.
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, J u ly 19.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before m idnight J u ly 19, will be considered as having been entered before the close
o f the subscription books.

The term s o f this offerin g are set forth in T reasury D epartm ent Circular No. 891, dated
Ju ly 16, 1951, a cop y o f which is printed on the reverse side.
The subscription books are now open and subscriptions w ill be received by this Bank as
fiscal agent o f the U nited States. Cash subscriptions will not be received. Exchange subscrip­
tions should be made on official subscription blanks and m ailed im m ediately or, if filed by
telegram or letter, should be confirm ed im m ediately b y mail on the blanks provided.




A

llan

S proul,

President.
( over)

UNITED STATES OF AMERICA
V/8 P E R C E N T T R E A S U R Y CERTIFICATES O F I N D E B T E D N E S S O F SERIES B-1952
Dated and bearing interest from August 1 1951
,

Due July 1 1952
,

1951
D ep a rtm en t C ircular N o . 891

TREASURY DEPARTM ENT,
O f f ic e

F isca l S ervice
Bureau o f t h e P u b lic D ebt

of th e

Secretary,

W ashington, July 16, 1951.
I.

O F F E R IN G O F C E R T IF IC A T E S

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 certificates o f indebtedness o f
the United States, designated 1 % percent Treasury Certificates o f Indebtedness o f Series B-1952, in exchange
fo r Treasury Notes o f Series E-1951, m aturing A ugust 1, 1951.
II.

D E S C R IP T IO N O F C E R T IF IC A T E S

1. The certificates w ill be dated A ugust 1, 1951, and will bear interest from that date at the rate of
1 % percent per annum, payable with the principal at m aturity on J u ly 1, 1952. They will not be subject
to call fo r redemption p rior to maturity.
2. The income derived from the certificates shall be subject to all taxes, now or hereafter imposed under
the Internal Revenue Code, or laws amendatory or supplementary thereto. The certificates shall be subject
to estate, inheritance, g ift or other excise taxes, whether Federal or State, but shall be exempt from all taxa­
tion 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 certificates will be acceptable to secure deposits o f public moneys. They w ill not be acceptable
in payment o f taxes.
4. Bearer certificates will be issued in denom inations o f $1,000, $5,000, $10,000, $100,000 and $1,000,000.
The certificates w ill not be issued in registered form.
5. The certificates will be subject to the general regulations o f the Treasury Department, now or here­
after prescribed, governing United States certificates.
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 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 customers,
but only the Federal Reserve Banks and the Treasury Departm ent 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 certificates 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. Paym ent at par fo r certificates allotted hereunder must be made on or before A u gust 1, 1951, or on
later allotment, and may be made only in Treasury Notes o f Series E-1951, m aturing August 1, 1951, which
w ill be accepted at par, and should accom pany the subscription. The fu ll amount o f interest due on the notes
surrendered will be paid follow ing acceptance 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 U nited 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 certificates allotted, to make delivery o f certificates on full-paid subscriptions allotted, and they
may issue interim receipts pending delivery o f the definitive certificates.
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.




Subscriber’s Reference No.

Subscription Number

EA-N

United States of America 1 % percent Treasury Notes of Series E-1951, maturing
August 1 ,1 9 5 1 , must be tendered in payment for this subscription.

EXCHANGE SUBSCRIPTION
FO R UNITED STATES OF AMERICA 1 % PERCENT TREASURY CERTIFICATES OF
INDEBTEDNESS OF SERIES B-1952
DATED AUGUST 1, 1951, DUE JULY 1, 1952
Important—

Subject to the reservations in Treasury Department Circular No. 891, dated July 16, 1951, all subscriptions will be
allotted in full.

F e d e r a l R ese r v e B a n k

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

D

ear

S

ir s

1951

:

Subject to the provisions o f Treasury Department Circular No. 891, dated July 16, 1951, the undersigned hereby
subscribes for United States of America 1% percent Treasury Certificates of Indebtedness of Series B-1952 as stated below :
F or own account........................................................................................................................................

$.

F or 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 l*/4 percent Treasury Notes of Series
E-1951, maturing August 1, 1951, as follow s:
Delivered to
yon herewith $..........................................

To be delivered to you
for our account by...

To be withdrawn from
securities held b y you
for our account........... $.

Pay interest due August 1, 1951, on maturing notes as follow s:
B y check ............................................................................. □
B y credit to our reserve account ................................... □
Issue and dispose of 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

I ] 2. Ship to the undersigned
| ~ 3. H old in safekeeping (fo r member bank only)
~)

1,000

$

I"! 4. H old as collateral fo r Treasury Tax and Loan

5,000

10,000
.........

1. Deliver over the counter to the undersigned

□

5. Special instructions:

100,000
1 ,000,000
Total

IM PO R TA N T: No 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.
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 of the undersigned.
(F ill in all required spaces before signing)

Subscription submitted by.
(Please print)

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

YES.
N O ...

B y.

(Title)

(Official signature required)

Street a d d r e s s .................................
City, Town or Village, P. 0 . No., and State
Spaces below are for the use o f the Federal Reserve Bank o f New York
V a u l t R e c or d

Securities
received b y-

Released
Taken from Vault-

Securities
received by-

Counted
Checked
Delivered



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

S a f e k e e p i n g R ec oe d

Checked by
and delivered -

Checked byDelivery 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 the above described
United States Government obligations in the amount indicated above.
Subscriber...............
D ate...........................................

By.

List o f cu stom ers in clu d e d in the fo re g o in g su bscrip tion

Amount Subscribed




Name o f Customer
( P l e a s e p r in t o r u s e t y p e w r i t e r )

Address

C Jjf 3 7 3 V

N E W Y O R K -N E W J E R S E Y M U T U A L S A V IN G S BA N K
V O L U N TA R Y C R E D IT R E S TR A IN T C O M M ITTE E
Created pursuant to the Program for Voluntary Credit Restraint
authorized by the Defense Production Act o f 1950
3 3 L IB E R T Y S T R E E T
N E W Y O R K 4 5 . N . Y.

July 17,

1951

To the Chief Executive Officer of each Mutual Savings
Bank in the States of Mew York and Hew Jersey:

As stated in our letter of July 3, 1951, advising you
of the establishment of this Committee,

it is our purpose to help

individual mutual savings banks resolve questions regarding any
proposed loan as to its appropriateness under the Program for
Voluntary Credit Restraint.
To facilitate the work of our Committee, please use the
enclosed form, which should be prepared in triplicate and sent to
G, Morgan Browne, Secretary of the Committee,
New York 45, No Y.

33 Liberty Street,

Additional copies of the form will be furnished

upon request.
Please advise the Secretary of any other persons in
your institution to whom you wish us to send material concerning
the Program.




JOSEPH A. KAISER,
C h a irm a n .

C R -S B 1

(Please Submit in Triplicate)
N

ew

V

Y

ork

-N

ew

oluntary

J
C

ersey

r e d it

M
R

utual

S

e s t r a in t

a y in g s

C

B

.................................................................................. ............

an k

o m m it t e e

,

33 L iberty Street, N ew Y ork 45, New Y ork.
G

entlem en

:

The follow in g inform ation refers to a proposed loan o r investment which we are considering. This in fo r­
m at'on is submitted to you in confidence but w ith the understanding that you may forw a rd it to the national
V oluntary Credit R estraint Committee. In you r opinion, w ill the proposed loan or investment be con trary to
the principles o f the V oluntary Credit R estraint P rogra m ?
V ery truly yours,

(Address)

By.
(T itle)

IN FO R M A T IO N R E G A R D IN G LOAN O R IN V E STM E N T REQUESTED

A . A m ount o f prop osed loan o r investm ent $.................................

M aturity..................................................

B. P u rpose o f loa n : (Check and describe)
T o augm ent w orking capital................

T o refinance debt................

T o finance purchase o f real estate................

T o acquire or retire equity....

T o acquire other fixed assets................

Other....

C. D escription o f real estate or other security:
D. P rop osed am ortization schedule:
E. A dditional inform ation ( i f the prop osed loan is on real e s ta te ):
1. P ortion o f real estate used or occupied b y borrow er ..............................................................................
2. T otal amount o f credit to be outstanding with respect to the prop erty or
with respect to the tr a n s a c tio n ............................................................................................

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

3. Bona fide sales price ( if a sale is i n v o lv e d ) .....................................................................

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

4. L e n d e r’s estimate o f fa ir value o f prop erty ( i f no sale is i n v o l v e d ) ......................

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

IN F O R M A T IO N R E G A R D IN G B O R R O W E R
(D o not give name)

A . Nature o f business or industry:
B.

(C heck) R etail............. .

W holesale................

M anufacturer................

S ervice................

Other.

C. Relationship o f borrow er to the D efense P rogram or other essential production or services:




W e are informed that our rejection o f the proposed loan or investment would have the following result in
respect of the person or company involved:

I f the prop osed loan or investm ent is not made, the D efense P rogra m o r the essential needs o f agriculture,
industry or com m erce would, in our opinion, be affected as follow s:

Other pertinent com m ents:

(T h e spaces below for Committee use only)
The loan does not appear to violate the principles o f the V olu n tary Credit R estraint P rogram
The loan appears to violate the principles o f the V oluntary Credit R estraint P r o g r a m ...............
A dditional Committee com m ents:

N

ew

V

Y

ork

-N

ew

oluntary

C

J

ersey

r e d it

R

M

utual

S

a v in g s

e s t r a in t

C

o m m it t e e

(D a te ;




By
Secretary

B

ank

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