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F E D E R AL R E SE R V E BANK OF N E W YORK Fiscal Agent of the United States rC ircu la r N o. 3 7 5 8 "1 September 18, 1951 j L OFFERING OF 1 % Percent Treasury Certificates of Indebtedness o f Series D-1952 Dated and bearing interest from O ctober 1, 1951 Due Septem ber 1, 1952 IN EXCH ANGE FOR l l/4 Percent Treasury Notes of Series A-1951, Maturing October 1, 1951 To all Banks, and Others Concerned, in the Second Federal Reserve D istrict: The following statement was made public today: Secretary of the Treasury Snyder today announced the offering, through the Federal Reserve Banks, of 1% percent Treasury Certificates of Indebtedness of Series D-1952, open on an exchange basis, par for par, to holders of 1% percent Treasury Notes of Series A-1951, in the amount of $1,918,367,000, which will mature on October 1, 1951. Cash subscriptions will not be received. The certificates now offered will be dated October 1, 1951, and will bear interest from that date at the rate of one and seven-eighths percent per annum, payable with the principal at maturity on September 1, 1952. They will be issued in bearer form only, in denominations of $1,000, $5,000, $1 0 ,000 , $10 0 ,0 0 0 and $1 ,0 00 ,000 . Pursuant to the provisions of the Public Debt Act of 1941, as amended, interest upon the certificates now offered shall not have any exemption, as such, under the Internal Revenue Code, or laws amenda tory 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, Washington, and should be accompanied by a like face amount of the maturing notes. Subject to the usual reservations, all subscriptions will be allotted in full. The subscription books will close for the receipt of all subscriptions at the close of business Friday, September 21. Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and placed in the mail before midnight September 21, will be considered as having been entered before the close of the subscription books. The terms o f this offering are set forth in Treasury Department Circular No. 893, dated September 18, 1951, a copy o f which is printed on the reverse side. The subscription books are now open and subscriptions 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 p r o it l , President. ( over ) UNITED STATES OF AMERICA 17/q 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 D-1952 Dated and bearing interest from October 1, 1951 i?.51 , Due September 1, 1952 oo TREASURY DEPARTMENT, D ep a rtm e n t C irc u la r N o . 893 ------- O F is c a l S ervice B u re a u of the P u b lic D e b t f f ic e o f t h e . I. S ecretary, Washington, September 18, 1951. O F F E R IN G O F C E R T IF IC A T E S 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par, from the people of the United States for certificates of indebtedness of the United States, designated 1% percent Treasury Certificates of Indebtedness of Series D-1952, in exchange for Treasury Notes of Series A-1951, maturing October 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 will be dated October 1, 1951, and will bear interest from that date at the rate of 1% percent per annum, payable with the principal at maturity on September 1, 1952. They will not be subject to call for redemption prior 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, gift 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 of the possessions of the United States, or by any local taxing authority. 3. The certificates will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer certificates will be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The certificates will not be issued in registered form. 5. The certificates will be subject to the general regulations of 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 will be received at the Federal Reserve Banks and Branches and at the Treasury Department, Washington. Banking institutions generally may submit subscriptions for account of cus tomers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of certificates applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final. Subject to these reservations, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment. IV . PAYM ENT 1. Payment at par for certificates allotted hereunder must be made on or before October 1, 1951, or on later allotment, and may be made only in Treasury Notes of Series A-1951, maturing October 1, 1951, which will be accepted at par, and should accompany the subscription. V. G E N E R A L P R O V IS IO N S 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amount? indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to receive payment for certificates allotted, to make delivery of certificates on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive certificates. 2. The Secretary of 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 promptly to the Federal Reserve Banks. JOHN W. SNYDER, Secretary of the Treasury. (SUBMIT W ITH DUPLICATE WHITE COPY) S u b s c r ib e r ’ s R e fe re n ce N o. EA-N 1 S ubscription Num ber United States of America 1 % percent Treasury Notes of Series A -1951, maturing October 1, ___________ 1951» mi>8t be tendered in payment for this subscription. E X C H A N G E SUBSCRIPTION FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES D-1952, DATED OCTOBER 1, 1951, DUE SEPTEMBER 1, 1952 Important allotted1 'inSfUubli.eCt ‘ ° **“ in the u.uaPmanner dU<! re‘ erVation* in Tre* * ury Department Circular No. 893, dated September 18, 1951, all .ub.cription. will be °Ct°ber *» 1951 F e d e r a l R ese r v e B a n k of N ew Y •hou,<I be detached from the note* tendered in payment of this .ub.cription and collected ork, Dated at. Fiscal Agent of the United States, Federal Reserve P. 0. Station, New York 45, N. Y. Attention Government Bond Department— 2nd Floor .1951 D ear S ir s : Subject to the provisions of Treasury Department Circular No. 893, dated September 18, 1951, the undersigned hereby subscribes for United States of America 1% percent Treasury Certificates of Indebtedness of Series D-1952 as stated below: For own account.................................................. $ For our customers (for use of banking institutions) as shown on reverse side of this form $............ Total subscription....................... $..... and tenders in payment therefor a like par amount of United States of America 1% percent Treasury Notes of Series A-1951, maturing October 1, 1951, as follows: To be delivered to you To be withdrawn from for our account by... Delivered to securities held by you you herewith $.......... for our account... NOTES SURRENDERED L I S T S E R IA L N U M B E R S D K N O M IECXS ( I f insufficient space, use back o f form ) PACE AM OU NT n a t io n $ CERTIFICATES DESIRED IN EXCHANGE D E N O M I N A T IO N P IE C E S 1 ,0 0 0 $ • 5 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 1 0 0 ,0 0 0 1 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 TOTAL TOTAL 1. 2. 3. 4. LEAVE T H IS SPACE BLA N K 1 ,0 0 0 1 0 ,0 0 0 □ □ □ □ PACE AM OU N T Deliver over the counter to the undersigned Ship to the undersigned Hold in safekeeping (for member bank only) Hold as collateral for Treasury Tax and Loan Account □ 5. Special instructions: (IM P O 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 ( i f a bank or tru.t company) 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) Subscription submitted by. (P le a s e p r in t ) TO SU B S C R IB E R : Please indicate if this is a confirmation. YES. By. (O ff ic ia l s ig n a t u r e r e q u ir e d ) N O ... ( T it le ) Street address ................................ City, Town or Village, P. O. No., and State Spaces below are for the use o f the Federal Reserve Bank of New York V a u lt R ecord S a f e k e e p in g R ond R ecord Delivery Reccipt Received from F e d e r a l R e s e r v e B a n k o p N e w Y o r k the above described United States Government obligations in the amount indicated above. Checked by and delivered- Subscriber. CERTIFICATES ISSUED IN EXCHA NGE SUBSCRIPTION NUMBER ............................................. % PERCENT TREASURY CERTIFICATES OF NDEBTEDNE8S OF SERIES D-1952 ISSUED N EXCH AN G E FOR 1% PERCENT TREASURY s'OTES OF SERIES A-1951 MATURING OCTOBER , 1951 B y. Date. Delivered D E N O M I N A T IO N P IE C E S $ 1 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 DELIVERY COMPLETED B Checked by- Securities received by- Counted Checked overnm ent Securities received b y- Released Taken from Vault- G ecord 1 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 TOTAL PACE AM OU N T NUMBERS List of customers included in the foregoing subscription Amount Subscribed Name of Customer Address (P lease print or use typewriter) DENOMINATIONS A ND SERIAL NUMBERS OF NOTES SURRENDERED I . 0 (DUPLICATE COPY FOR USE OF FEDERAL RESERVE B A N K OF N E W YORK) S u bscriber’s Reference No. S ubscription N um ber EA-N 2 United States of America 1 % percent Treasury Notes o f Series A -1951, maturing October 1, 1951, must be tendered in payment for this subscription. E X C H A N G E SUBSCRIPTION FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES D-1952, DATED OCTOBER 1, 1951, DUE SEPTEMBER 1, 1952 Important allotted1 in SfUuli.eCt ^ * * re‘ erVation* in in the «uai°m anner dU<! ° Ct° ber F ederal R eserve B a n k of Department Circular No. 893, dated September 18, 1951, all subscriptions will be 1951 *hou,d be detached from the notes tendered in payment of this subscription and collected N ew Y ork, ^ Fiscal Agent of the United States, Dated at............................ Federal Reserve P. 0. Station, New York 45, N. Y. ...............................1951 Attention Government Bond Department— 2nd Floor D ear S ir s : Subject to the provisions of Treasury Department Circular No. 893, dated September 18, 1951, the undersigned hereby subscribes for United States of America 1% percent Treasury Certificates of Indebtedness of Series D-1952 as stated below: For own account.................................................. $ For our customers (for use of banking institutions) as shown on reverse side of this form $............ Total subscription....................... $.......... and tenders in payment therefor a like par amount of United States of America 1%, percent Treasury Notes of Series A-1951, maturing October 1, 1951, as follows: To be delivered to you To be withdrawn from for our account by... Delivered to securities held by you you herewith $. for our account ... NOTES SURRENDERED L - L IS T S E R IA L N U M B E R S d e n o m i P IE C E S 1 ,0 0 0 n a t io n $ face am o u n t LEAVE T H IS SPACE B L A N K 1 ,0 0 0 5 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 1 0 ,0 0 0 1 0 0 ,0 0 0 1 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 TOTAL TO TAL — > d e n o m i ( I f insufficient space, use back of form) F \CE A M O U N T n a t io n $ CERTIFICATES DESIRED IN EXCHANGE --- Dispose of securities issued on this subscription as indicated below: □ 1. Deliver over the counter to the undersigned □ 5. Special instructions: □ 2. Ship to the undersigned □ 3. Hold in safekeeping (for member bank only) □ 4. Hold as collateral for Treasury Tax and Loan Account (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 ( i f 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) Subscription submitted b y . ( P le a s e p r in t ) TO SU B S C R IB E R : Please indicate i f this is a confirmation. YES. B y. NO... (O ff ic ia l s ig n a t u r e r e q u ir e d ) (T it le ) Street address ................................ City, Town or Village, P. O. No., and State Spaces below are for the use of the Federal Reserve Bank of New York V a u lt R ecord S a f e k e e p in g R Checked by and delivered- ER CE N T T R E A SU R Y C E R T IF IC A T E S OF __ E B T E D N E S S O F SE R IE S D-1952 ISSUED ;N E X C H A N G E FO R 1 % PE R C E N T TR E A SU R Y STOTES OF SE R IE S A-1951 M A T U R IN G OCTOBER R ecord Received from F e d e r a l R e s e r v e B a n k o f N e w Y o r k the above described United States Government obligations in the amount indicated above. Subscriber. D ate........................................... B y. CERTIFICATES ISSUED IN EXCHANGE jfjR IPTIO N NU M BER 1951 ond Delivery Receipt Delivered , B Checked b y- Securities received by- Counted Checked overn m en t Securities received b y- Released Taken from Vault- G ecord D E N O M I N A T IO N P IE C E S $ 1 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 1 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 TO T A L FACE AM OU N T NUMBERS List of customers included in the foregoing subscription Amount Subscribed Name o f Customer (Please print or use typr&riier) Address DENOMINATIONS AND SERIAL NUMBERS OF NOTES SURRENDERED