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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
r Circular No. 2 7 4 3 "I
L December 27.1943 J

CASH OFFERING
To Banks Holding Both Demand and Savings Deposits
2H Percent Treasury Bonds of 1965-70

2M Percent Treasury Bonds of 1956-59

Dated February 1, 1944

Dated February 1, 1944

Due March 15, 1970

United States Savings Bonds, Series F

To all Commercial Banks
in the Second Federal Reserve

Due September 15,1959

United States Savings Bonds, Series G

District:

The Secretary of the Treasury lias announced that commercial banks, which are defined
for this purpose as banks or trust companies accepting demand deposits, will be permitted
to subscribe for their own account, subject to the limitations stated below, to United States
Savings Bonds of Series F and Series G- on and after January 1, 1944, and to 21/2% Treasury
Bonds of 1965-70 and 21/4% Treasury Bonds of 1956-59 in the period January 18 to February
15, 1944. However, all such subscriptions will be considered outside of the 14 billion dollar
goal of the Fourth War Loan Drive and will not be considered a part of any quota. Copies
of the official circulars relating to the offerings of such issues are included in our Circular
No. 2744, dated January 1, 1944, which is being sent to all banking institutions in the Second
Federal Reserve District.
Subscriptions by such banks for their own account to the issues referred to above may
not exceed, in the aggregate, 10 percent of the savings deposits (as defined in Regulation Q
of the Board of Governors of the Federal Reserve System)* as shown on the bank's books as
of the date of the most recent call statement required by the supervisory authorities prior to
the date of subscription for such issues, or $200,000 (issue price), whichever is less. No such
bank may hold more than $100,000 (issue price) of United States Savings Bonds of Series
F-1944 and Series G-1944, combined.
Copies of our Application Form No. 6, for use by commercial banks in submitting subscriptions for their own account to the issues referred to above, are enclosed. A separate application
should be submitted for each issue in respect of which a subscription is to be entered. Subscriptions to Savings Bonds of Series F or Series G may be made on and after January 1,
1944. Such bonds will be dated as of the first day of the month in which payment is received
by us; accordingly, if bonds of such series dated as of the first day of January are desired,
a subscription accompanied by payment of the full issue price must be in our hands not later
than January 31. Subscriptions to 2V 2 % Treasury Bonds of 1965-70 and 2*4% Treasury
Bonds of 1956-59 may be made during the period January 18 to February 15, 1944, both dates
inclusive. Each of these issues will be sold at par plus accrued interest from February 1, 1944,
to the date payment is received by us, except that accrued interest is waived on $500 and $1,000
subscriptions.
The regulations governing United States Savings Bonds provide that such bonds may
not be hypothecated as collateral; accordingly, bonds of Series F or Series G may not be
deposited with us as collateral for a War Loan Deposit Account. There is no restriction upon
the use of 2V 2 % Treasury Bonds of 1965-70 or 2V4% Treasury Bonds of 1956-59 as collateral,
and bonds of such issues will be acceptable as security for a War Loan Deposit Account. '
ALLAN

SPROUL,

President.
* Section 1 ( f ) of Regulation Q, which defines savings deposits, is printed on the reverse side of this circular.




Extract from Regulation Q of the Board of Governors of the
Federal Reserve System

SECTION 1. DEFINITIONS

(e) Savings deposits.—The term "savings deposit" means a deposit, evidenced by a pass book, consisting of funds (i) deposited to the credit of one or
more individuals, or of a corporation, association or other organization operated
primarily for religious, philanthropic, charitable, educational, fraternal or other
similar purposes and not operated for profit,4 or (ii) in which the entire beneficial
interest is held by one or more individuals or by such a corporation, association
or other organization, and in respect to which deposit—
(1) The depositor is required, or may at any time be required, by the
bank to give notice in writing of an intended withdrawal not less than 30
days before such withdrawal is made;
(2) Withdrawals are permitted in only two ways, either (i) upon presentation of the pass book, through payment to the person presenting the pass book,
or (ii) without presentation of the pass book, through payment to the depositor
himself but not to any other person whether or not acting for the'depositor. 5
The presentation by any officer, agent or employee of the bank of a pass book
or a duplicate thereof retained by the bank or by any of its officers, agents or
employees is not a presentation of the pass book within the meaning of this regulation except where the pass book is held by the bank as a part of an estate of
which the bank is a trustee or other fiduciary, or where the pass book is held by
the bank as security for a loan. If a pass book is retained by the bank, it may
not be delivered to any person other than the depositor for the purpose of enabling
such person to present the pass book in order to make a withdrawal, although
the bank may deliver the pass book to a duly authorized agent of the depositor for
transmittal to the depositor.
Every withdrawal made upon presentation of a pass book shall be entered in
the pass book at the time of the withdrawal, and every other withdrawal shall
be entered in the pass book as soon as practicable after the withdrawal is made.
4 Deposits in joint accounts of two or more individuals may be classified as savings deposits
if they meet the other requirements of the above definition, but deposits of a partnership operated
for profit may not be so classified. Deposits to the credit of an individual of funds in which
any beneficial interest is held by a corporation, partnership, association or other organization
operated for profit or not operated primarily for religious, philanthropic, charitable, educational, fraternal or other similar purposes may not be classified as savings deposits.
5 Presentation of a pass book may be made over the counter or through the mails; and
payment may be made over the counter, through the mails or otherwise, subject to the limitations of paragraph ( 2 ) above as to the person to whom such payment may be made.




FORM N O .

Application Number

6

CASH SUBSCRIPTION
FOR O W N ACCOUNT B Y
B A N K HOLDING B O T H DEMAND A N D SAVINGS DEPOSITS

2 y 2 Percent Treasury Bonds of 1965-70

United States Savings Bonds, Series F

2 1 /4 Percent Treasury Bonds of 1956-59

United States Savings Bonds, Series G

OF N E W

FEDERAL RESERVE B A N K

YORK,

Fiscal Agent of the United States,
Federal Reserve P. 0 . Station, New York 7, N. Y.

f

1944.

Pursuant to the provisions of the appropriate Treasury Department Circular, please enter subscription, for our own
account, for the issue and in the form and amount indicated below:
(A Separate Application Should Be Submitted For Each Issue Applied
2Y 2 Percent Treasury Bonds of 1965-70
Dated February 1, 1944

For)

2 % Percent Treasury Bonds of 1956-59

Due March 15, 1970

Dated February 1,1944

Due September 15, 1959

$

face amount

$

face amount

$

accrued interest, if any

$--,

accrued interest, if any

.total payment

.total payment

(Accrued interest must be computed from February 1, 1944 to date
funds will be available to Federal Reserve Bank at the rate of $0,069
per $1,000 face amount).
INDICATE ONE

Q

Coupon f o r m

Q

(Accrued interest must be computed from February 1, 1944 to date
funds will be available to Federal Reserve Bank at the rate of $0,062
per $1,000 face amount).

Registered f o r m

I N D I C A T E ONE

United States Savings Bonds, Series F
$

Coupon form

q

Registered f o r m

United States Savings Bonds, Series G

face amount

$

Q

issue (cost) price

$

face amount

(Series G Bonds are issued at par).

(Issue (cost) price of Series F Bonds is 74% of face amount
or maturity value).
Registered Form Only

Registered Form Only

Please issue and dispose of such bonds as follows:
Pieces

Denominations
25

Leave Blank

D I S P O S I T I O N

(Series F only)

1

and G only)

Deliver over the counter to the undersigned.

j j

Ship to the undersigned.

1,000

I I

5,000

•

Hold in safekeeping
banks only).

500

(for member

10,000
i _ uo ,finn Treasury and 2y4%
(21/2% Bonds only)
J n u uuu

(No changes in delivery instructions will
be accepted.)

Payment in full for such securities is made as follows:
| [ B y check and/or cash herewith
| | B y charge to our Reserve Account which is hereby authorized.
—
( F o r use of member banks only)
[—1 B y Credit to our War Loan Deposit Account (For use of quali— fied depositaries only). The election to pay by credit will be
deemed a certification by the officer who signs this subscription
form that the full amount of payment due on this subscription
has been deposited on the date hereof to the credit of the Federal Reserve Bank of New York, as fiscal agent of the United
States, W a r Loan Deposit Account, to be held subject to withdrawal on demand.
^O S U B S C R I B E R :

Namo of banking

Please indicate whether this is:
Original subscription

•

Confirmation of a telegram
a letter

* (Section 1 ( e ) of Regulation Q is printed on the reverse side of this f o r m ) .

institution.

•

Confirmation of

WE HEREBY CERTIFY that the total amount of this subscription
together with that of any other subscriptions we may have entered f o r
our own account for Series F or Series G Savings Bonds, 2 * 4 %
Treasury Bonds of 1956-59 or 2 % % Treasury Bonds of 1965-70 is
not in excess of 10 percent of our savings deposits (as defined in
section 1 ( e ) of Regulation Q of the Board of Governors of the Federal
Reserve System)* as shown on our books as of the date of the most
recent call statement required by the supervisory authorities and does
not exceed $200,000 (issue price) in the aggregate, of which not more
than $100,000 (issue price) is in Series F or G Savings Bonds.

By

Typewrite or print exact corporate title for registration purposes
Title

Official signature required

City, Town or Village, P. O. No., and State.

•

DO N O T USE SPACES B E L O W
SUBSCRIPTION

Delivery Receipt

RECORD

R e c e i v e d f r o m FEDERAL RESERVE B A N K OP N E W Y O R K t h e a b o v e
PAYMENT

RECEIVED

EXAMINED
CARDED

Subscriber




By.

Date.

RELEASED

Taken f r o m Vault

described

United States Government obligations in the amount indicated above.

Counted

Checked

Delivered




Extract from Regulation Q of the Board of Governors of the
Federal Reserve System

SECTION 1. DEFINITIONS

(e) Savings deposits.—The term "savings deposit" means a deposit, evidenced by a pass book, consisting of funds ( i ) deposited to the credit of one or
more individuals, or of a corporation, association or other organization operated
primarily for religious, philanthropic, charitable, educational, fraternal or other
similar purposes and not operated for profit, 4 or (ii) in which the entire beneficial
interest is held by one or more individuals or by such a corporation, association
or other organization, and in respect to which deposit—
(1) The depositor is required, or may at any time be required, by the
bank to give notice in writing of an intended withdrawal not less than 30
days before such withdrawal is made;
(2) Withdrawals are permitted in only two ways, either (i) upon presentation of the pass book, through payment to the person presenting the pass book,
or (ii) without presentation of the pass book, through payment to the depositor
himself but not to any other person whether or not acting for the depositor. 5
The presentation by any officer, agent or employee of the bank of a pass book
or a duplicate thereof retained by the bank or by any of its officers, agents or
employees is not a presentation of the pass book within the meaning of this regulation except where the pass book is held by the bank as a part of an estate of
which the bank is a trustee or other fiduciary, or where the pass book is held by
the bank as security for a loan. If a pass book is retained by the bank, it may
not be delivered to any person other than the depositor for the purpose of enabling
such person to present the pass book in order to make a withdrawal, although
the bank may deliver the pass book to a duly authorized agent of the depositor for
transmittal to the depositor.
Every withdrawal made upon presentation of a pass book shall be entered in
the pass book at the time of the withdrawal, and every other withdrawal shall
be entered in the pass book as soon as practicable after the withdrawal is made.
4 Deposits in joint accounts of two or more individuals may be classified as savings deposits
if they meet the other requirements of the above definition, but deposits of a partnership operated
f o r profit may not be so classified. Deposits to the credit of an individual of funds in which
any beneficial interest is held by a corporation, partnership, association or other organization
operated f o r profit or not operated primarily f o r religious, philanthropic, charitable, educational, fraternal or other similar purposes may not be classified as savings deposits.
6 Presentation of a pass book may be made over the counter or through the mails; and
payment may be made over the counter, through the mails or otherwise, subject to the limitations of paragraph ( 2 ) above as to the person to whom such payment may be made.

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