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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 2 5 7 7 "1 L January 22, 1943 J UNITED STATES SAVINGS BONDS TRANSMITTED BY BANKING INSTITUTIONS FOR REDEMPTION To all Incorporated, Baltics and Trust Companies in the Second Federal Reserve District: As the result of the great increase during the past year in the number and value of United States Savings Bonds outstanding, the number of transactions involving redemptions of such bonds has also risen. In this connection, you may be interested to know that the volume of such redemptions in relation to the total value of all bonds outstanding has not increased appreciably, and that a recent study by the Treasury Department indicated that over 98 per cent of all Series E, F and G bonds issued were still in the hands of the original owners. Banking institutions generally have shown splendid cooperation in assisting their customers and others to redeem bonds, by forwarding such bonds to us, as fiscal agent of the United States, for redemption for account of the owners. The extension of this service by banking institutions will expedite payment of the bonds and, therefore, in order to facilitate the procedure, we have prepared standard forms of receipt and transmittal letter for the use of banking institutions in such cases. A supply of the new forms designated GB-414 and GB-415 is enclosed. Form GrB-414 has been prepared in duplicate for use as follows: The original is to be issued to the registered owner as a receipt for the bond or bonds received by you, after the request f o r payment has been certified. (The request for payment may be certified by any of the officers authorized in Treasury Department Circular No. 530, Fifth Revision, including any officer of any duly qualified issuing agent of Series E bonds, such as a corporation issuing bonds to employees enrolled in a payroll allotment plan.) The duplicate is to be retained by you as your record of the transaction. Payment of bonds presented for redemption will be made at current redemption value by check drawn to the order of the registered owner or other person entitled and mailed to him at the address given in his request for payment on the bach of the bond. Where it is indicated in such request that the check is to be mailed to the registered owner in your care, the check may, where you have been so instructed by the payee, be credited to the payee's account without his endorsement when endorsed by you as provided in our Circular No. 2504, dated September 17, 1942. We understand that the Treasury Department has no objection to a banking institution collecting from an owner of Savings Bonds an amount to defray the actual cost of postage and registry fees for bonds forwarded by such institution to the Federal Reserve Bank for account of such owner. Accordingly, provision is made on Form GB-414 for recording the collection of such fees. The duplicate copy of the form also contains a space for indicating the date on which the bond is sent by you to us. Form GB-415 is for your use as a transmittal letter in forwarding bonds to us for redemption. The original copy should be executed and sent to us. The receipt at the bottom will be executed and returned to you if you desire. The duplicate may be retained by you as your record of the bonds transmitted. We believe that you will find that the use of these forms will facilitate redemptions of Savings Bonds handled by you for account of your customers and others. Additional supplies of the forms will be furnished promptly upon request. ALLAN SPROTJL, President. Form GB 414 REGISTERED OWNER'S RECEIPT N 9 (Not Transferable) 31132 Date. Issued to i Receipt is acknowledged of $ (maturity value) UNITED STATES SAVINGS BONDS in the number of pieces and denominations indicated below, DENOMINATIONS 25 100 50 500 1,000 5,000 10,000 N U M B E R OF PIECES deposited with the undersigned together with cents to defray cost of postage and registration in forwarding such bonds to the Federal Reserve Bank of New York, fiscal agent of the United States, for payment at current redemption value for your account. Check in payment will be mailed directly to you by the Federal Reserve Bank of New York. Name of Bank Address By Form GB-414 DUPLICATE N? FORWARDING BANK'S RECORD 31132 Date Received from $ (maturity value) UNITED STATES SAVINGS BONDS in the number of pieces and denominations indicated below, DENOMINATIONS 25 100 50 500 1,000 5,000 10,000 N U M B E R OF PIECES deposited with us by the above together with cents to defray cost of postage and registration in forwarding such bonds to the Federal Reserve Bank of New York, fiscal agent of the United States, for payment st current redemption value. Payment will be made directly to the above by the Federal Reserve Bank of New York by check mailed to the registered owner at the address given in the request for payment on the back of the bond. Bonds forwarded to the Federal Reserve Bank of New York on Name of Bank Address Bv Form GB-415 TRANSMITTAL LETTER N? 21407 Date TO: FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States, Savings Bond Redemption Department. We enclose for redemption for account of the owners thereof United States Savings Bonds in the aggregate amount of $ (maturity value) as follows: *Form GB-414 Number Total Maturity Value *Bond Numbers Name of Owner * First and fourth columns are provided for the convenience of the forwarding bank in maintaining records. Such information is not required by the Federal Reserve Bank. Name of Bank Address By If receipt is desired, fill in name and address below; otherwise receipt will not be acknowledged. Receipt is acknowledged of United States Savings Bonds in the aggregate amount VTO L\ To 01/107 & _L ** U i ^ game number (maturity value) described in the transmittal letter bearing as this receipt. FEDERAL RESERVE BANK OP NEW YORK Name of Forwarding Bank Address Fiscal Agent of the United States By Date Form GB-415 DUPLICATE FILE COPY N? 21407 TO: Date. FEDERAL RESERVE BANK OP NEW YORK, Fiscal Agent of the United States, Savings Bond Redemption Department. We enclose for redemption for account of the owners thereof United States Savings Bonds in the aggregate amount of $ (maturity value) as follows: •Form GB-414 Number Total Maturity Value * First and fourth columns are provided for the convenience of the forwarding bank in maintaining records. Such information is not required by the Federal Reserve Banh. •Bond Numbers Name of Owner Name of Bank Address By
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