View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States

•Circular No. 1739*1
. March 8, 1937 J

Offering of United States of America 2 ^ Percent Treasury Bonds of 1949-53
Dated and bearing interest from December 15, 1936

Due December 15, 1953

REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND AFTER DECEMBER 1 5 , 1 9 4 9

Interest payable June 15 and December 15
ADDITIONAL ISSUE
Only Treasury Notes of Series B-1937, maturing April 15, 1937, may be tendered in payment

To all Banking Institutions and Others Concerned in the
Second Federal Reserve District:

Secretary of the Treasury Morgenthau today announced an offering of 2% percent
Treasury Bonds of 1949-53, additional issue, in payment of which only Treasury Notes
of Series B-1937, maturing April 15, 1937, may be tendered. The terms of this offering are set forth in Treasury Department Circular No. 574, dated March 8,1937, a copy
of which is printed on the following pages.
It will be noted from Treasury Department Circular No. 574 that payment at par
and accrued interest for bonds allotted may be made only through surrender of an
equal face amount of Treasury Notes of Series B-1937 with the April 15, 1937 coupon
attached. Subscribers will be credited with accrued interest from October 15, 1936
to March 15,1937 on the notes surrendered; they will be charged with accrued interest
from December 15,1936 to March 15,1937 on the bonds allotted, and the net adjustment
will be paid to them following acceptance of the notes.
The subscription books for this offering are now open, and applications will be
received by this bank as fiscal agent of the United States. Subscriptions 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.




GEORGE L. HARRISON,

President.

UNITED STATES OF AMERICA
2]/2 PERCENT TREASURY BONDS OF 1949-53
Dated and bearing interest from December 15, 1936

Due December 15, 1953

REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND AFTER
DECEMBER 15, 1949
Interest payable June 15 and December 15
ADDITIONAL ISSUE

i? 37 ,

TREASURY DEPARTMENT,

Department Circular No. 574
OFFICE OF THE SECRETARY,

Public Debt service

Washington, March 8, 1937.

I. OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act,
approved September 24, 1917, as amended, invites subscriptions, at par and accrued interest from December 15, 1936, from the people of the United States for 2~y2 percent bonds of the United States, designated
Treasury Bonds of 1949-53, in payment of which only Treasury Notes of Series B-1937, maturing April 15,
1937, may be tendered. The amount of the offering under this circular will be limited to the amount of
Treasury Notes of Series B-1937 tendered and accepted.
II. DESCRIPTION OF BONDS
1. The bonds now offered will be an addition to and will form a part of the series of 2% percent
Treasury Bonds of 1949-53 issued pursuant to Department Circular No. 572, dated December 7, 1936, will
be freely interchangeable therewith, are identical in all respects therewith, and are described in the following quotation from Department Circular No. 572:
" 1 . The bonds will be dated December 15,1936, and will bear interest from that date at the rate
of 2% percent per annum, payable semiannually on June 15 and December 15 in each year until the
principal amount becomes payable. They will mature December 15,1953, but may be redeemed at the
option of the United States on and after December 15, 1949, in whole or in part, at par and accrued
interest, on any interest day or days, on 4 months' notice of redemption given in such manner as the
Secretary of the Treasury shall prescribe. In case of partial redemption the bonds to be redeemed
will be determined by such method as may be prescribed by the Secretary of the Treasury. From the
date of redemption designated in any such notice, interest on the bonds called for redemption shall cease.
1
' 2. The bonds shall be exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by
any local taxing authority, except (a) estate or inheritance taxes, or gift taxes, and (b) graduated
additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now
or hereafter imposed by the United States, upon the income or profits of individuals, partnerships,
associations, or corporations. The interest on an amount of bonds authorized by the Second Liberty
Bond Act, approved September 24, 1917, as amended, the principal of which does not exceed in the
aggregate $5,000, owned by any individual, partnership, association, or corporation, shall be exempt
from the taxes provided for in clause (b) above.
" 3 . The bonds will be acceptable to secure deposits of public moneys, but will not bear the
circulation privilege and will not be entitled to any privilege of conversion.
" 4 . Bearer bonds with interest coupons attached, and bonds registered as to principal and
interest, will be issued in denominations of $50, $100, $500, $1,000, $5,000, $10,000 and $100,000.
Provision will be made for the interchange of bonds of different denominations and of coupon and
registered bonds, and for the transfer of registered bonds, under rules and regulations prescribed by
the Secretary of the Treasury.
" 5 . The bonds will be subject to the general regulations of the Treasury Department, now or
hereafter prescribed, governing United States bonds."




III. SUBSCRIPTION AND ALLOTMENT
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 customers,
but only the Federal Reserve banks and the Treasury Department are authorized to act as official agencies.
The Secretary of the Treasury reserves the right to close the books as to any or all subscriptions or classes
of subscriptions at any time without notice.
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 bonds applied for, to make allotments in full upon applications for smaller
amounts and to make reduced allotments upon, or to reject, applications for larger amounts, or to adopt
any or all of said methods or such other methods of allotment and classification of allotments as shall be
deemed by him to be in the public interest; and his action in any or all of 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. PAYMENT
1. Payment at par and accrued interest for bonds allotted must be made or completed on or before
March 15, 1937, or on later allotment, and may be made only through surrender of an equal face amount
of Treasury Notes of Series B-1937, which will be accepted at par and should accompany the subscription.
Coupons dated April 15, 1937, must be attached to the notes when surrendered, and subscribers will be
credited with accrued interest thereon from October 15, 1936, to March 15, 1937, ($12.445055 per $1,000) ;
they will be charged with accrued interest on the bonds from December 15, 1936, to March 15, 1937,
($6.181319 per $1,000); and the net adjustment ($6.263736 per $1,000) will be paid to them following
acceptance of the notes.
V. GENERAL PROVISIONS
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 amounts indicated by the Secretary
of the Treasury to the Federal Reserve banks of the respective districts, to issue allotment notices, to
receive payment for bonds allotted, to make delivery of bonds on full-paid subscriptions allotted, and
they may issue interim receipts pending delivery of the definitive bonds.
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.




HENRY MORGENTHAU, J R . ,
Secretary of the Treasury.

SIGINAL

NR-N-B

NON-NEGOTIABLE RECEIPT
For United States Government Obligations as Mentioned Below

Issued to.

Number...

Street

Date

Town

_

State.

Receipt is hereby acknowledged of $
_
par amount United States of America 3 Percent Treasury Notes of Series B-1937
surrendered in payment for United States of America 2% Percent Treasury Bonds of 1949-53 subscribed for and allotted in full pursuant to the terms of
Treasury Department Circular No. 574, dated March 8, 1937. If such new securities issued in exchange for those surrendered are to be delivered
at the Federal Reserve Bank of New York over the counter to your representative the "authority to deliver" set forth below should be duly executed
and returned to us.

FEDERAL RESERVE BANK OF NEW YORK

Fiscal Agent of the United States.
Date Received

Mail Sheet No.

Refer to your letter dated

..

No.

Teller.

AUTHORITY TO DELIVER
FEDERAL RESERVE BANK OP N E W YORK

Fiscal Agent of the United States.
You are hereby authorized to deliver to

DELIVERY RECEIPT
Received from the Federal Reserve Bank of New York United
States Government obligations at par in the amount stated above in
exchange for United States Government obligations surrendered in
payment as indicated in the above non-negotiable receipt.

(Name of representative)

whose signature appears below $
par amount
of United States Government obligations subscribed for and allotted
in full in exchange for United States Government obligations surrendered in payment as indicated in the above non-negotiable receipt.
Name

(Please print)

By

(Official signature required)

 of authorized representative)
(Signature


Date

DUPLICATE

FILE COPY OF NON-NEGOTIABLE RECEIPT
For United States Government Obligations as Mentioned Below
Number.

Issued to.
Street.
Town

Date.
State.

Eeceipt is hereby acknowledged of $
par amount United States of America 3 Percent Treasury Notes of Series B-1937
surrendered in payment for United States of America 2% Percent Treasury Bonds of 1949-53 subscribed for and allotted in full pursuant to the terms of
"Treasury Department Circular No. 574, dated March 8, 1937. If such new securities issued in exchange for those surrendered are to be delivered
at the Federal Keserve Bank of New York over the counter to your representative the "authority to deliver" set forth below should be duly executed
and returned to us.

FEDERAL EESEEVE BANK OF NEW YORK

Fiscal Agent of the United States.
Date Received
Refer to your letter dated




...Mail Sheet No
No.

Teller

EA-BA

EXCHANGE SUBSCRIPTION
This Form Should Be Used When United States of America 3 Percent Treasury Notes of Series B-1937 Maturing April 15, 1937 Are
Tendered in Payment for Treasury Bonds to Be Allotted on Subscriptions

FOR UNITED STATES OF AMERICA 2 % PERCENT TREASURY BONDS OF 1949-53
Dated December 15,1936

Due December 15, 1953
ADDITIONAL ISSUE

NOTE:

United States of America 3 percent Treasury Notes of Series B-1937, tendered in payment should be presented and surrendered with this exchange subscription, except that if payment is to be made by such notes now held for the subscriber's account
by the Federal Reserve Bank of New York instructions must be given accordingly in the space provided below.
Coupons dated April IS, 1937, must be attached to the notes when surrendered, and subscribers will be credited with accrued
interest thereon from October 15, 1936, to March 15, 1937, ($12.445055 per $1,000); they will be charged with accrued interest on
the bonds from December 15, 1936, to March 15, 1937, ($6.181319 per $1,000); and the net adjustment ($6.263736 per $1,000)
will be paid to them following acceptance of the notes.
If registered Treasury securities of this series are desired in exchange for Treasury Notes of Series B-1937 presented and surrendered the required necessary instructions must be given in spaces provided on the reverse side of this form.
Subscriptions for which Treasury Notes of Series B-1937 are tendered in payment and accepted will be allotted in full.

Dated at
.1937

FEDERAL EESEBVE BANK OF NEW YORK,

Fiscal Agent of the United States,
New York, N. Y.
DEAR SIRS :

Pursuant to the provisions of Treasury Department Circular No. 574, dated March 8, 1937, the undersigned tenders
herewith in payment for United States of America 2% percent Treasury Bonds of 1949-53, United States of America
3 percent Treasury Notes of Series B-1937 in the amount and as stated below:
For own account.
For our customers (for use of banking institutions) as shown on attached list $.
Total Subscription
Issue Treasury securities allotted on this subscription, as indicated below:
^Indicate by X mark"
and use a s e p a r a t e
form when coupon ox
registered Treasury seeurities of this series
are desired in exchange.

In coupon form

Treasury Notes of Series B-1937 Tendered in Payment
Number of Pieces
X X

Denominations
X

X

X X

In registered form

Issue in the Following Denominations Treasury Securities Allotted to Us on this Subscription
Number of Pieces

Par Amount

X

X

Par Amount

Denominations

Leave this Space Blank

$50

X

$100

100

500

500

1,000

1,000

5,000

5,000

10,000
X X

$.

10,000

X X X

X

X

X

X

X

X

X

X X X

X

100,000

X

X

X

100,000

Total

X

Total

In payment of Treasury securities allotted on this subscription you are authorized to apply $
Treasury Notes of Series B-1937 now held by you for our account.
Dispose of proceeds representing interest adjustment as follows:

par value

By check to
'

Q

By credit to our Reserve account^

By credit to our account with

Q

Hold or dispose of Treasury securities allotted on this subscription in the amounts and as indicated below:
We hereby certify that such securities as you
are instructed, as indicated below, to hold for safekeeping or to deliver to your Discount Department
are the sole property of the below-named bank or
trust company.

Hold for safekeeping (for members only)

Deliver over counter
Ship definitive securities to us

•..

Deliver to your Discount Department

Register the securities as indicated in schedule on
reverse side of this subscription and after registry
deliver or ship as indicated above

We hereby certify that such securities as are
hereby pledged to secure the War Loan Deposit
Account, as indicated below, are either the sole
property of the below-named bank or trust company or are the property of its customers who
have consented in writing to such pledge.

Special instructions:

Hold as collateral security for War Loan Deposit
Account
iPV'Before Signing Fill in All Required Spaces

TO SUBSCRIBER:
Mark (X) in proper space to indicate if this is:

Name
(Please print)

Original subscription

Q

Confirmation of a telegram

Q

Confirmation of a letter

Q

Sign here
(Official signature required)

Street Address
Town and State

Spaces below are for the use of the Federal Reserve Bank of New York
EECEIPT

DELIVERY

Received

Taken from vault

Checked

Counted

Recorded

Checked

Acknowledged

Blotter
Delivered




FIGURED

CHECKED

SCHEDULE FOR ISSUE OF REGISTERED BONDS
NOTE SW* Names and Addresses must be printed or typewritten.
Name In Which Bonds Shall Be Registered, and PostOffice Address For Interest Checks and Mail.




Indicate Under Appropriate Denominations, Number of Bonds Desired.
Amount

$50

$100

$500

$1,000

$5,000

$10,000

XXX

$100

—

List of customers' applications included in the foregoing subscription
entered and certified by
(Name of bank or trait company)
Poet office address

Name of Customer




Address

State.

Amount Subscribed

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