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F E D E R A L R E S E R V E BA N K
O F N EW YORK
Fiscal Agent of the United States
[
C i r c u la r N o . 4 8 0 4 * 1
N o v e m b e r 12, 1959 J
UNITED STATES SAVINGS BONDS, SERIES E
Instructions to Issuing Agents
Revision of Operating Circular No. 20
To A ll Issuing A g en ts in th e Second Federal R eserve D istrict
Qualified fo r Sale o f U nited States Savings Bonds, S eries E :
Enclosed is a copy of our Operating Circular No. 20, Revised November 12, 1959. The
circular has been revised to contain instructions issued by this Bank, as fiscal agent of the
United States, supplementary to the regulations governing savings bonds set forth in Treasury
Department Circulars Nos. 530 and 653. Restatements of provisions set forth in the Treasury
Department circulars have been deleted. The circular also contains the following changes of
substance:
Paragraph 3 (form erly 4 ) requires an issuing agent who accepts an uncollectible check in pay
ment fo r a bond to forw ard to us the agent’s file o r a photographic copy thereof, i f the agent fails to
obtain the return o f the bond after two requests therefor. No advice need be sent us p rior to that time,
as previously required. Paragraph 3 also provides that, i f the issuing agent is required to pay fo r
such a bond, we will, i f the agent so desires, cause the entry o f an appropriate notation against the
bond, and that the agent w ill be advised if and when the bond is presented fo r redemption.
Paragraph 6 (form erly 9 ) requires that savings bond form s forw arded to us by issuing agents be
executed by a duly authorized officer or employee o f the a gen t; the paragraph no longer requires that
the officer’s or em ployee’s authority shall have been previously certified to us.
Paragraph 14 (form erly 25) requires reports o f sales to be made at least once each calendar
month, rather than weekly. Also, it now provides that a stub transmittal control card (F orm PD 2638)
should accom pany each group o f stubs sent with the report.
Paragraph 15 (form erly 26 and 27) now provides that all issuing agents should credit the
proceeds o f sales o f bonds in a separate account on their books (rather than deposit such proceeds in
a separate bank account). Also, special depositaries are no longer required to execute a separate
certificate o f advice fo r each credit to the Treasury Tax and Loan A ccount representing the proceeds
o f sales.
Paragraph 16 (form erly 28) now contains a provision asking issuing agents to send saving stamps
received by them to this Bank, instead o f to post offices, unless to do so would prove inconvenient.
Paragraph 1 9 ( f) (form erly 3 1 ( f ) ) now includes all possessions o f the United States in the list o f
places within which bonds may be delivered b y mail at the risk and expense o f the United States.
Paragraph 22 (form erly 3 4 ), which defines the term “ undeliverable b on d ,” now provides that
after a diligent effort has been made and all available means have been exhausted to make delivery, a
bond will be deemed undeliverable if it remains undelivered after three, instead o f six, months from
the date on which the bond was issued.
Paragraph 30 (form erly 42) now provides fo r reporting the loss, theft, or destruction o f unissued
bond stock or undelivered inscribed bonds on the appropriate Treasury Department claim form.
A d d itio n a l co p ie s o f the re v ise d o p e ra tin g circu la r w ill be fu rn ish ed u p on request.
A lfred H ayes,
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O p e r a t i n g C i r c u l a r N o . 2 0 "1
R e v is e d N o v e m b e r 1 2 , 1 9 5 9 J
U N ITED STATES SAVING S BONDS, SERIES E
Instructions to Issuing Agents
To A ll Issuing A g en ts in the Second Federal R eserve D istrict
Qualified f o r Sale o f U nited States Savings Bonds, Series E :
The Secretary o f the Treasury has provided that issuing agents
qualified fo r sale o f United States Savings Bonds, Series E , must
follow all regulations and instructions issued by the Secretary o f the
Treasury directly or through the Federal Reserve Bank o f the D istrict
in which they are located, as fiscal agent o f the United States, covering
the sale, issue, inscription, and validation o f the bonds and the disposi
tion o f registration stubs. The pertinent regulations o f the Secretary
are set forth in the current revisions o f Treasury Department Circu
lars Nos. 530 and 653; this circular contains additional instructions.
Questions that do not appear to be covered by the Treasury’s circulars
or by this circular should be referred to this Bank before action
is taken.
A uthority o f issuing agents
1. A ll organizations qualified as issuing agents are authorized to
sell and issue Series E bonds to individuals (natural persons) only.
The bonds may be inscribed only in the authorized form s o f registra
tion specified in Treasury Department Circular No. 530. Em ployers
qualified as issuing agents fo r sale o f Series E bonds to employees
participating in a payroll savings plan are also authorized to sell and
issue bonds to individuals not participating in the plan.
2. Only the Federal Reserve Banks and Branches and the Treasury
Department are authorized to issue Series E bonds registered in names
other than those o f individuals. Issuing agents are authorized to
receive applications fo r the purchase o f bonds from others than indi
viduals and to forw ard the applications and payments to u s; special
application form s fo r this purpose will be furnished to issuing agents
by this Bank upon request.
Sale o f bonds— receipt o f checks tendered in payment
3.
Issuing agents should accept cash and savings stamps in pay
ment o f Series E bonds, and may accept checks. However, an issuing
agent who accepts a check does so at its own risk and subject to the
limitations specified in paragraph 4 on checks drawn payable to the
order o f the Treasurer o f the United States or o f this Bank. The
follow in g instructions should be observed by issuing agents when
checks are tendered in paym ent fo r b on d s:
( a ) T h e b o n d sh ou ld n ot b e relea sed f o r d eliv ery u n til sufficient tim e
has ela p sed a ft e r d e p o s it f o r the ch eck to b e retu rn ed to the
a gen t in the even t it is u n collectib le.
( b ) I f the b o n d is d eliv ered a n d the ch eck is su b seq u en tly retu rn ed
u n p a id , the a gen t w ill be e x p ected to ob ta in p a y m en t o r have
the b o n d retu rn ed im m ed iately f o r ca n cella tion .
( c ) I f the a gen t fa ils to ob ta in p r o m p t p a y m e n t f o r o r the retu rn o f
th e b o n d a ft e r tw o requ ests th e re fo r, th e a gen t’ s file o r a p h o t o
g r a p h ic c o p y th e r e o f sh ou ld be fo r w a r d e d p r o m p t ly to this
B a n k f o r fu r t h e r a ction .
( d ) I f the re c o v e r y o f the b o n d o r the a m ou n t d u e is n o t effected,
th e issu in g a gen t w ill b e req u ired t o m ake p a y m en t o f th e issue
p r ic e . I f th e a gen t s o desires, w e w ill ca u se th e en try o f an
a p p r o p r ia t e n o ta tio n a ga in st th e b on d , and , i f a n d w h en the
b o n d is p resen ted f o r re d e m p tio n , th e a g e n t w ill b e a dvised.
4.
A n y issuing agent that is a banking institution qualified as a
Special Depositary pursuant to Treasury Department Circular No. 92
(R evised ), as amended, is authorized to endorse any check drawn on
itself and payable to the order o f the Treasurer o f the United States
or o f this Bank in paym ent o f savings bonds received b y such insti
tution, as follow s:
F o r cre d it to T rea su ry T a x a n d L o a n A cco u n t
F e d e ra l R e serv e B a n k o f N ew Y o r k
F is c a l A g e n t o f the U n ited States
in p a y m e n t f o r U. S . G overn m en t securities
(N a m e o f B a n k )
and credit the proceeds o f the check to its Treasury Tax and Loan
Account. A n issuing agent qualified as a Special D epositary may
handle in the same manner checks drawn on itself and made payable
to the order o f substantially similar payees, such as “ Secretary o f
the Treasury,” “ United States T reasury,” “ Treasury D epartm ent,”
or “ Federal Reserve B ank.” E xcept as herein expressly authorized,
no issuing agent is authorized to endorse checks drawn payable to
the order o f the Treasurer o f the United States or o f this Bank, and
delivered to such issuing agent in paym ent for bonds; and in no case
will we receive, in remittance fo r Series E bond stock, any check
delivered to any issuing agent in paym ent fo r bonds. A ccordingly,
if any issuing agent receives, in paym ent fo r a Series E bond, any
check drawn payable to the order o f the Treasurer o f the United
States, or o f this Bank, that it is not authorized to endorse as herein
provided, the bonds should not be issued by the agent; but the
application and check should be forw arded to us, in order that the
check may be cleared and the bond issued.
Custody o f bond stock
5.
Issuing agents are expected to have adequate facilities to safe
guard bond stock in their possession. Agents are responsible fo r bond
stock furnished to them, and whether or not they procure insurance
or take other protective measures to guard against the loss o f bond
stock is a matter fo r their decision. In the absence o f negligence,
however, and upon p ro o f o f the facts pertaining to a loss,, the Treasury
Department may grant relief to an issuing agent fo r lost, stolen, or
destroyed bond stock.
Forms
6. The form s referred to below fo r requisitioning Series E bonds,
rem itting fo r the bonds, and returning stubs and spoiled undelivered
bonds may be obtained from this Bank b y ordering them on Form
S A V . B. 209. Each o f the form s forw arded to us by an issuing agent
should be executed b y a duly authorized officer o r employee o f the
issuing agent.
R equisition fo r bonds
7. Issuing agents may obtain unissued Series E bonds from this
Bank by submitting a requisition fo r bond stock on Form S A V . B.
1786. A n agent should limit its inventory o f bond stock to three times
its average monthly sales. Paym ent in fu ll of the issue price o f the
bonds desired must accom pany requisitions submitted by agents that
have agreed to pay in advance fo r bond stock.
Inscribing bonds
8. Care should be exercised in inscribing bonds. Erasures or
alterations on a bond are not permitted. Bonds should be inscribed
as follow s:
( a ) A ty p e w r ite r o r a d d ressin g m a ch in e sh ou ld b e used to insure
the le g ib ility o f the in scrip tio n s , n ot o n ly on th e b on d s b u t also
on th e stubs. (S tu b s o f in scrib ed b on d s a re m icrofilm ed b y the
T re a su ry D ep a rtm en t f o r its p erm a n en t re co rd , a n d it is essen
tial th at all entries on them b e ea sily rea d a b le.)
( b ) T h e nam e a n d p o s t office address (in c lu d in g p o s ta l u n it n um ber,
i f a n y ) o f the reg istered ow n er sh ou ld b e in scrib ed in th e sp a ce
p r o v id e d in th e cen ter o f th e b o n d a n d stub, to th e rig h t o f the
p u n ch e d area. I f the b o n d is to be m ailed in a w in d ow en velope,
th e nam e a n d address o f th e registered o w n e r sh ou ld be p la ced
so that it w ill a p p e a r p r o p e r ly in the w in dow .
(c )
T h e issue date (m on th a n d y e a r o n ly ) sh ou ld be in scrib ed in the
sp a ce p r o v id e d in th e u p p e r rig h t-h a n d p o r tio n o f the b on d .
3
E a ch b on d sh ou ld b e d a ted as o f th e first d a y o f th e m on th in
w hich f u l l p a y m e n t o f th e issu e p r ic e is rece iv ed b y th e issuin g
agen t.
(d )
T he n am e o f the issu in g agen t a n d the date o n w h ich th e b o n d is
in scrib ed sh ou ld be im p rin ted in th e s p a ce in d ica ted b y th e circle
on th e b o n d a n d stu b, u sin g the sta m p fu rn is h e d b y us f o r this
p u r p o s e o r im p rin tin g the nam e a n d address o f th e issu in g agen t
and date o f issuan ce b y use o f a p la te on an a d d ressin g m ach in e.
Spoiled bonds
9. W henever an error has been made in inscribing a bond and the
error has been detected before the bond has been delivered, the
incorrect bond and original stub should be marked “ Spoiled,” the
issuing agent’s stamp impressed thereon, and a new bond issued.
Spoiled bonds and their original stubs should be returned to this Bank
with Form S A Y . B. 1789, executed in duplicate, but the stubs should
not be stapled, clipped, pasted, taped, or in any other manner affixed
to the spoiled bonds; instead, they should be grouped separately and
assembled in the same order as the spoiled bonds.
10. I f an error made in inscribing a bond is not detected until
after the stub has been sent to us, the issuing agent must not issue
a new bond to make the correction. The incorrectly inscribed bond
should be obtained from the owner and sent to us with an appli
cation executed b y the issuing agent on Form 15 (w hich may be
obtained from this B ank) requesting reissue o f the incorrectly issued
bond. A new bond with the correct inscription will be issued b y us
and delivered in accordance with the instructions o f the issuing agent.
Registration stubs
11. B efore sending original registration stubs to this Bank with
reports o f sales, the stubs should be examined to see that they carry a
legible inscription o f the form o f registration, the issue date, and the
date o f actual issue. D uplicate stubs, which come with types A and B
bond assemblies only, may be used by issuing agents fo r the purpose
o f obtaining receipts from the purchasers fo r the bonds delivered and
may be retained b y the agents fo r their records.
12. I f a citizen o f the United States tem porarily residing abroad
is named as owner, and his foreign address is given in the registration,
the issuing agent should certify on the lower portion o f the original
registration stub (so as not to interfere with the registration) that the
owner is a citizen o f the United States tem porarily residing abroad.
13. The original registration stubs are specially prepared and
punched so that they may be counted, sorted, and listed by the use
o f mechanical equipment. Stubs that have been damaged as the result
o f folding, tearing, or perforating cannot be handled mechanically,
and issuing agents are requested, therefore, to see that stubs are not
folded, pinned, stapled, taped, clipped, or mutilated in any manner.
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Report of sales and remittance for bonds sold
14. Issuing agents should submit to this Bank on Form S A V . B.
1787 (Revised) reports o f sales o f Series E bonds at least once each
calendar month, whether or not there are any sales to report. Reports
should be made more frequently i f warranted by the volume o f sales.
The reports o f agents who do not pay in advance fo r bond stock
should always be accompanied by remittances fo r the bonds reported
sold. Reports from all agents should be accompanied by the original
stubs from the bonds reported sold. Stubs o f bonds bearing the same
issue date should be assembled in one o r more groups, with no
group containing more than 6,000 stubs or stubs o f bonds exceeding
$900,000 (issue p rice). A separate report and stub transmittal control
card (F orm PD 2638) should accompany each group.
15. A ll issuing agents who do not pay in advance fo r bond stock
should credit the proceeds o f sales o f bonds in a separate account on
their books to be known as “ Series E B ond A ccou n t.” Whenever
a report o f sales is made, as required by paragraph 14, the issuing
agent should remit so much o f the balance in the Series E Bond
A ccount as represents the proceeds o f the sales reported. W hen a
payment is to be made by credit to a Treasury Tax and Loan Account,
Form S A V . B. 197 should be executed and sent to this Bank together
with the report o f sales.
16. United States Savings Stamps received by issuing agents may
be sent to us in payment fo r bonds sold. T o avoid unnecessary dupli
cation in the later handling o f the stamps, issuing agents are asked
to send the stamps to this Bank instead o f to post offices unless to do
so would prove inconvenient. The stamps should be accounted fo r
on the report o f sales, Form S A V . B. 1787 (R evised ), and should be
included in the package containing the report and the original bond
stubs. The stamps should be canceled, either by perforation or b y a
cancelling stamp with nonwashable black ink, but the cancellation
must be made in a manner that will not make verification difficult.
On each paid album, the outside fron t cover (or back cover, i f neces
sary) should show the total dollar amount o f stamps in the album,
legibly recorded in ink, and also the impression o f the issuing agent’s
dating stamp.
17. A ll remittances and shipments o f stubs or spoiled bonds should
be addressed as follow s:
Federal Reserve Bank o f New Y ork
Savings B ond Department
Federal Reserve P . O. Station
New Y ork 45, N. Y .
D elivery o f bonds by mail
18. I f bonds are to be delivered by mail, they may be sent by
ordinary first-class mail, without paym ent o f postage, in special pen
5
alty envelopes with distinctive markings to indicate the character of
the contents. Such envelopes will be furnished to issuing agents
(except Federal departments and agencies) by this Bank upon written
request officially signed, specifying whether regular or window envel
opes are desired. Such envelopes may not be obtained in any other
manner.
19.
The follow ing instructions fo r the use o f special penalty
envelopes must be carefully observed by all agents:
( a ) D e liv eries o f b o n d s b y m ail in sp e cia l p e n a lty en v elop es m ust
b e re stricted to th ose cases w here p e rso n a l d eliv ery eith er is n ot
p r a c tica b le o r is in ad visable.
( b ) T h e nam e a n d retu rn a dd ress o f the issu in g a g e n t m u st be
p r in te d o r sta m p ed in th e b la n k s p a ce in the co rn e r ca rd on the
e n velop es o v e r th e w o rd s “ A u th o riz e d Is s u in g A g e n t.”
( c ) T h e sp ecia l p e n a lty en velop es m a y b e u sed o n ly f o r the p u r p o s e
p r o v id e d . A tte n tio n is directed to the f a c t th at a fine m a y be
im p o s e d f o r im p r o p e r u se o f sp ecia l p e n a lty en velop es. T he
P o s t O ffice D ep a rtm en t has ru led th at th e en velop es m a y n o t be
used to m ail m atter oth er than b on d s even th ou gh p o s ta g e is
p a id , b u t th at th ere is n o o b je c tio n t o e n clo s in g a letter o f tran s
m ittal d e s crib in g the con ten ts o r co n ta in in g in fo rm a tio n as to the
co n d itio n o f an e m p lo y e e ’s b o n d a ccou n t u n d er a p a y r o ll sa vin g s
p la n . F ir m a d v ertisin g m a teria l ev en th ough rela tin g la rg ely to
sa vin g s bon d ca m p a ig n s sh ou ld n o t b e en closed in sp ecia l p e n a lty
en v elo p e s.
( d ) T h e u tm ost ca re sh ou ld be used in en closin g b o n d s in en velop es
an d in effe ctin g d eliv ery o f th e b o n d s to th e loca l p o s t office.
T h e y sh ou ld n o t be d ep osited in an o rd in a ry m a il b o x , since
this w ou ld n o t in su re sp e cia l h a n d lin g o f the en v elop es b y the
p o s t office u p o n re ce ip t. A g e n ts are n ot req u ired to ob ta in
re ce ip ts e v id en cin g d eliv ery t o the p o s t office.
(e )
T h e G ov ern m en t L osses in S h ip m en t A c t , as am en ded, is a p p li
ca b le to sh ip m en ts o f in scrib ed b o n d s in sp ecia l p e n a lty en vel
o p e s, a n d claim s f o r r e lie f in th e even t o f losses in sh ip m en t
m a y be m a d e as p r o v id e d in th e A c t and the reg u la tion s issued
th ereu nd er. N o re p o rts o f sh ip m en ts w ill b e req u ired fr o m
issu in g agen ts, n o r w ill it be n ecessa ry t o m ail t o th e addressees
s e p a ra te n otices o f the sh ip m en t o f b on d s. H o w e v e r, agen ts
w ill b e e x p e cte d t o m a in ta in a p p r o p r ia t e re co rd s o f a ll s h ip
m ents, s o th at it w ill b e p o s s ib le to p r o v e th e e x a ct exten t o f
loss in the even t cla im is m ade f o r rep la cem en t o f b o n d s o r
f o r p a y m e n t p u rs u a n t to the G overn m en t L osses in S h ip m en t
A c t . T h e T rea su ry D e p a rtm en t h as stated th at, in th e absence
o f su sp iciou s o r u nusual circu m stan ces, p r o o f sufficient to estab
lish the e x a ct exten t o f loss w ou ld con sist o f ( 1 ) th e a p p lica tio n
f o r b on d s o r a sch ed u le o f p u rch a ses sh ow in g th e req u irem en t
o r n e cessity o f m a ilin g a b o n d o r bon d s, ( 2 ) the rela ted b on d
in fo rm a tio n re co rd e d eith er on th e a p p lica tio n , b o n d stu b, or
elsew here in th e record s u su a lly m ain tain ed b y an agen t, and
( 3 ) evid en ce o f a u n ifo r m m eth od o f h a n d lin g such item s r e q u ir
in g m a ilin g. E v id e n ce o f u n ifo r m it y o f p r o ce d u re a n d exercise
o f due ca re in h a n d lin g the b on d s at th e tim e o f en closu re in
en velop es, sea lin g th e re o f, a n d d isp osa l o f th e item s th erea fter
6
are the im p o rta n t fa c to r s . I f a b o n d m a iled b y a n issu in g agen t
is n o t receiv ed b y the ow n er, w e sh ou ld b e p r o m p t ly n otified o f
th e serial n u m ber o f the b o n d and nam e and address o f the
re gistered o w n e r ; w e w ill fu rn is h in stru ction s a n d fo r m s to be
used in a p p ly in g f o r th e issuan ce o f a su b stitu te b on d .
(f)
B o n d s m ay be delivered b y m ail at the risk and exp en se o f the
U n ited S ta tes w ith in th e U n ited S tates, its territories and
p ossession s, P u e rto R ico , a n d the C anal Z on e. S p e cia l p en a lty
e n velop es sh ou ld n ot, th e re fo re , be used to m ail b o n d s to p u r
chasers at add resses ou tside the areas specified .
20.
A ll Government departments and agencies are required to
reimburse the Post Office Department fo r all articles mailed under the
penalty indicia. A ccordin gly, all issuing agents must furnish this
Bank with a quarterly report as o f the last days o f March, June,
September, and December in each year on their use o f special penalty
envelopes. The quarterly report, which should be made not later than
the fifth day after the end o f each quarter, should be made on form s
furnished by this Bank to issuing agents p rior to the close o f each
quarter, and should contain the follow ing inform ation concerning the
penalty envelopes:
( a ) N u m b er on h an d at end o f
re p o rte d on .
the q u a rter p r e c e d in g th e one
( b ) N u m b er re ce iv ed d u rin g th e q u a rter r e p o rte d on.
( c ) N u m b er s p o ile d a n d destroyed d u rin g th e q u a rter re p o rte d on
(p e n a lt y e n v elop es used in d e liv erin g sa v in g s b on d s th rou gh
oth er th an p o s ta l channels sh ou ld b e re p o rte d as s p o ile d ).
( d ) N u m b er o n h an d a t the end o f th e q u a rter r e p o rte d on.
( e ) N u m b er used t o m ail sa vin g s b on d s d u rin g the q u a rter re p o rte d
on.
The Treasury has requested issuing agents to use care in com piling
data relating to the number o f penalty envelopes used in each quarter.
U ndeliverable bonds
21. E very issuing agent should make diligent effort and exhaust
all available means to make delivery o f bonds to the registered owners.
W hen, however, the bonds have been issued by an issuing agent at the
request o f a person or organization other than the registered owner,
the issuing agent should request that other person or organization to
make the necessary effort to deliver the bonds.
22. A s used in these instructions, the term “ undeliverable b on d ”
includes any bond issued against payment in fu ll that remains
undelivered after a diligent effort has been made and all available
means have been exhausted to make delivery, and that—
( a ) rem ains u n d elivered in th e p ossession o f an a u th orized issu in g
agen t, o r in the p ossession o f an e m p lo y e r w h o o p era tes a
p a y r o ll sa v in g s p la n b u t is n ot an a u th orized issu in g a gen t, a fte r
th ree f u l l m onths fr o m th e date on w h ich the b o n d w as issued, as
show n b y th e issu in g a gen t’s d a tin g s ta m p ; or
7
(b) rem ain s u n delivered, rega rd less o f the date o f issue, in the
p ossession o f an a u th orized issu in g agen t, w h ose q u a lifica tion is
b ein g term in ated.
23. The agent who issued the undeliverable bonds should send
them to this Bank accompanied by a statement setting forth the name
o f the owner (fo r this purpose the term “ ow ner” means the first
person named on the b on d ), the name o f the ow ner’s employer, the
Social Security number o f the owner, and an outline o f the efforts
made to effect delivery to the owner. W here more than one undeliverable bond is held fo r account o f the same owner (whether or not the
same or different coowners or beneficiaries are named on the bonds),
all may be included in the same statement.
24. In cases where undeliverable bonds have been issued by the
agent at the request o f a person or organization other than the owner,
and that other person or organization has actually endeavored to
deliver the bonds, the statement (referred to in paragraph 23) may be
prepared by that person or organization on behalf o f the issuing agent.
In all such cases, the issuing agent should forw ard the bonds to us
and should retain a cop y o f the statement.
25. Undeliverable bonds sent to us should not be canceled or
B onds sent b y an issuing agent, in the
manner provided in paragraphs 27 and 28 fo r the sending to us o f
the stubs o f bonds sold, spoiled bonds, and unissued or excess stock,
w ill be covered by the Government Losses in Shipment A ct, as
amended. The issuing agent will be reimbursed in the amount o f
registry and postage fees expended in accordance with the procedure
set forth in paragraph 29.
endorsed in any manner.
26. A request from an issuing agent, organization operating a
payroll savings plan, or registered owner fo r the release and delivery
o f a bond that was previously undeliverable should be addressed to
the Bureau o f the Public D ebt, Division of Loans and Currency, 536
South Clark Street, Chicago 5, Illinois. The bond will be released
by the Treasury and forw arded to the registered owner if satisfactory
evidence is submitted establishing his right to the bond. The request
should not be addressed to this Bank.
Reimbursement for postage and registry fees
expended by issuing agents
27.
Reimbursement w ill be made fo r postage and registry fees
expended by issuing agents in sending to us reports o f sale, rem it
tances, stubs o f bonds sold, spoiled bonds, unissued o r excess bond
stock, and any other matter incident to the issuance o f Series E bonds,
provided the follow in g instructions are com plied w ith :
( a ) P a ck a g e s w e ig h in g u n d er 16 ou n ces sh ou ld b e sent b y first-class
m ail, u n re g is te re d ; th ose co n ta in in g unissued u n s p o ile d bon d s,
cash, o r rem itta n ces o f a co m p a ra b le n atu re sh ou ld, h ow ev er, be
registered.
( b ) P a ck a g e s w e ig h in g 16 ou n ces o r m ore b u t n o t m ore than
the w eigh ts specified in p a rts ( c ) a n d ( d ) o f this p a ra g r a p h
sh ou ld be sen t as in su red m ail to b e treated as reg istered m ail,
a n d p o s ta g e sh ou ld b e p a id th ereon a t the fo u rth -cla s s (p a r c e l
p o s t ) ra te in a d d ition to th e m in im u m in su ra n ce fe e on each
s h ip p in g u n it. E a ch p a ck a g e sh ou ld b ea r a n o ta tio n p la c e d on
it b y th e sen d er b y ru b b e r sta m p im p ression , p r in te d s lip , or
oth erw ise, re a d in g as f o llo w s :
“ T h is a rticle is p u t u p a n d m a iled b y a u th ority o f the
P o s t O ffice D e p a rtm en t u p o n p r e p a y m e n t o f p o s ta g e a t the
fo u rth -cla s s (p a r c e l p o s t ) ra te a n d in su ra n ce fe e . I t m ust
b e re co rd e d a n d h an dled as a reg istered a rticle b y p osta l
em p loyees. A ssis ta n t P o s tm a ster G en eral
( c ) P a ck a g e s w e ig h in g 16 ou nces o r m ore, m ailed at a first-cla ss
p o s t office, a dd ressed to this B a n k , shall b e lim ited in size to 72
in ch es in len gth a n d g irth com b in ed , a n d shall w eigh n ot m ore
than
40 p o u n d s w h en this B a n k is in th e first o r secon d zon e
f r o m th e p o in t o f sh ip m en t, n o r m o re than
20 p o u n d s w h en this B a n k is b e y o n d the secon d zon e fr o m
th e p o in t o f shipm ent.
( d ) P a ck a g e s w e ig h in g 16 ou nces o r m ore, m ailed at a p o s t office
o th er th an o n e o f th e first class, or on a n y ru ral o r sta r r o u te,
a dd ressed to this B a n k , shall be lim ited in size to 100 in ch es in
len gth a n d g irth com b in ed , a n d shall w eigh n o t m ore than 70
pou n d s.
28. Printed stickers bearing the notation mentioned in paragraph
27 (b ) will be furnished upon request fo r the convenience o f agents
in com plying with these instructions.
29. Reimbursement o f postage and registry fees expended by an
issuing agent in accordance with the foregoing provisions will be made
by paym ent o f a draft drawn upon this Bank on Form Sav. B. 223
b y the agent claiming reimbursement. The periods covered by the
drafts should be fo r one or more fu ll calendar months. The drafts
should be deposited and collected in the same manner as checks.
Loss, theft, or destruction of bond stock or bonds
30. In the event o f the loss, theft, or destruction of unissued bond
stock or o f inscribed bonds that have not been delivered to the p u r
chasers or registered owners thereof, this Bank should be notified
immediately. U pon receipt o f such notice, the appropriate Treasury
Department claim form will be furnished by this Bank.
31. In the event o f the loss, theft, destruction, mutilation, or deface
ment o f a bond after delivery to the purchaser or registered owner,
relief either by the issue o f a duplicate bond or by payment may be
had under the provisions o f the Government Losses in Shipment A ct,
as amended, upon filing a claim and furnishing p roof o f loss satisfac
tory to the Treasury Department. In any such case immediate notice
o f the facts, together with a complete description o f the bond, should
be given by the registered owner to the Bureau of the Public Debt,
9
Division o f Loans and Currency, 536 South Clark Street, Chicago 5,
Illinois. This description should include the series, month and year
o f issue, serial number, and name and address o f the registered owner,
as well as the name o f any coowner or beneficiary appearing on the
bond.
Agent’s record of bonds issued
32.
(a ) Duplicate registration stubs.— Issuing agents should main
tain fo r a period o f at least one year an adequate record o f all bonds
issued by them showing fo r each bond the series, denomination, serial
number, date as o f which issued, date actually issued, and the form
o f registration. The duplicate stubs with types A and B assemblies are
designed fo r this purpose, and accordingly, should be inscribed unless
the issuing agent maintains other adequate records o f bonds issued.
A fter a period o f one year, inscribed duplicate stubs may be destroyed
or salvaged as waste paper, provided they are mutilated in such
manner that lists o f bond owners could not be com piled therefrom.
Other bond issuing records, except as provided in subparagraph (b )
below, may be destroyed in accordance with the issuing agent’s wishes.
Uninscribed duplicate stubs o f issued bonds, and o f bonds spoiled in
issue, may be disposed o f or salvaged as waste paper by the issuing
agent after the face o f each stub has been mutilated or defaced to
prevent its use.
(b ) Applications.— Applications, including payroll authoriza
tion records, fo r which bonds have been issued are original records
and should be retained by issuing agents fo r two years from the date
bonds covered thereby were issued, unless microfilm records o f those
documents are maintained.
Effect of this circular on previous circular
33.
This circular supersedes our Operating C ircular No. 20,
Revised March 3, 1955, and the F irst and Second Supplements thereto
dated June 20, 1955, and J u ly 23, 1958, respectively.
A lfred
H ayes,
President.
JO
TABLE OF CONTENTS
o f Operating Circular N o. 20
Paragraph
Num ber
Topic
A u th o r ity o f issu in g a g e n t s ...........................................................................................
1 ,2
S a le o f b o n d s— r e c e ip t o f ch eck s ten d ered in p a y m e n t ....................................
3 ,4
C u sto d y o f b o n d stock .........................................................................................................
F orm s
5
........................................................................................................................................... 6
R eq u isitio n f o r b o n d s ............................................................................................................ 7
I n s c r ib in g b o n d s
.....................................................................................................................
8
S p o ile d b o n d s ...................................................................................................................... 9 ,1 0
R e g is tra tio n stu bs
..................................................................................................
1 1 ,1 2 ,1 3
R e p o r t o f sales a n d rem itta n ce f o r b o n d s s o l d .................................. 1 4 ,1 5 ,1 6 ,1 7
D e liv e ry o f b o n d s b y m a i l .................................................................................. 1 8 ,1 9 , 20
U n d eliverab le b o n d s
........................................................................ 21, 22, 2 3 ,2 4 , 25, 26
R eim b u rsem en t f o r p o s ta g e a n d re g is try fe e s e x p en d ed b y
issu in g a gen ts ....................................................................................................... 2 7 ,2 8 ,2 9
L oss, th e ft, o r d estru ctio n o f b o n d s tock o r b o n d s ......................................... 3 0 ,3 1
A g e n t’s r e c o r d o f b o n d s i s s u e d ......................................................................................
32
E ffe ct o f this circ u la r on p re v io u s c i r c u l a r .............................................................. 33
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