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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States ["Circular No. 2 7 5 7 T L January 24, 1944 J Offering of 0.90 Percent Treasury Notes of Series D-1945 Dated and bearing interest from February 1, 1944 Due March 1, 1945 In Exchange for Treasury Certificates of Indebtedness of Series A-1944, maturing February 1, 1944 To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following press statement was today made public: The Secretary of the Treasury today announced an offering, through the Federal Reserve Banks, of 0.90 percent Treasury Notes of Series D-1945, open on an exchange basis, par for par, to all holders of Treasury Certificates of Indebtedness of Series A-1944, maturing February 1, 1944. The subscription books will remain open through Wednesday, January 26. This exchange operation will be conducted outside of the Fourth War Loan Drive, which started last Tuesday, and the subscriptions received will not be a part of any quotas. The notes will be dated February 1, 1944, and will bear interest from that date at the rate of 0.90 percent per annum, payable on a semiannual basis on September 1,1944, and March 1, 1945. They will mature March 1, 1945. They will not be subject to call for redemption prior to maturity. They will be issued in bearer form only, with two interest coupons attached, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Pursuant to the provisions of the Public Debt Act of 1941, interest upon the notes now offered shall not have any exemption, as such, under Federal tax Acts now or hereafter enacted. 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 certificates. Subject to the usual reservations, all subscriptions will be allotted in full. There are now outstanding $2,211,161,000 of the Series A-1944 certificates. The terms of this offering are set forth in Treasury Department Circular No. 732, dated January 24, 1944, copy of which is printed on the reverse side. The subscription books are now open and applications will be received by this bank as fiscal agent of the United States. Exchange 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. Allan Sproul, President. (over) UNITED STATES OF AMERICA 0.90 PERCENT TREASURY NOTES OF SERIES D-1945 Dated and bearing interest from February 1, 1944 Due March 1, 1945 1944 Department Circular No. 732 TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, Bur eau ^ofthe Public Debt Washington, January 24, 1944. I. OFFERING OF NOTES 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 notes of the United States, designated 0.90 percent Treasury Notes of Series D-1945, in exchange for Treasury Certificates of Indebtedness of Series A-1944, maturing February 1, 1944. The amount of the offering will be limited to the amount of such maturing certificates tendered and accepted. II. DESCRIPTION OF NOTES 1. The notes will be dated February 1, 1944, and will bear interest from that date at the rate of 0.90 percent per annum, payable on a semiannual basis on September 1, 1944, and March 1, 1945. They will mature March 1, 1945, and will not be subject to call for redemption prior to maturity. 2. The income derived from the notes shall be subject to all Federal taxes, now or hereafter imposed. The notes 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 notes will be acceptable to secure deposits of public moneys. of taxes. They will not be acceptable in payment 4. Bearer notes with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The notes will not be issued in registered form. 5. The notes will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States notes. 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. Others than banking institutions will not be permitted to enter subscriptions except for their own account. 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 notes 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. PAYMENT 1. Payment at par for notes allotted hereunder must be made on or before February 1, 1944, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series A-1944, maturing February 1, 1944, which will be accepted at par, and should accompany the subscription. 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 notes allotted, to make delivery of notes on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive notes. 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. D. W . BELL Acting Secretary of the Treasury. Application Number For use when United States of America % percent Treasury Certificates of Indebtedness of Series A-1944 maturing February 1, 1944 are tendered in payment. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA 0.90 PERCENT TREASURY NOTES OF SERIES D-1945 DUE MARCH 1, 1945 DATED FEBRUARY 1, 1944 nri portant 1. Subject to the reservations in Treasury Department Circular No. 732, dated January 24, 1944, all subscriptions will be lotted in full. 2. Coupons maturing February 1, 1944, should be detached from the certificates of Series A - 1 9 4 4 which are tendered in payent and collected in the usual manner. 3. Subscription books will be open three days, January 24, 25 and 26, 1944. EDERAL RESERVE BANK OP NEW YORK, Fiscal Agent of the United States, Government Bond Department, Second Floor, New York, N. Y. Dated at 1944 EAR SIRS: Subject to the provisions of Treasury Department Circular No. 732, dated January 24, 1944, the undersigned hereby ibscribes for United States of America 0.90 percent Treasury Notes of Series D-1945 as stated below: For own account.. * $ For our customers (for use of banking institutions) as shown on reverse side of this form $ Total Subscription $ id tenders in payment therefor a like par amount of United States of America % percent Treasury Certificates of idebtedness of Series A-1944, maturing February 1, 1944, as follows: „ To be delivered to you ^ l o b e withdrawn from for our account by r 3livered to securities held by you u herewith $ for our account $ $ Issue and dispose of United States of America 0.90 percent Treasury Notes of Series D-1945 allotted on this subscrip>n in the denominations and amounts as indicated below: DENOMINATIONS Pieces ] Par Value $ Leave Blank 1,000 • 1. Deliver over the counter to the undersigned • 2. Ship to the undersigned • 3. Hold in safekeeping (for member bank only) 5,000 • 4. Hold as collateral for War Loan deposits 10,000 • 5. Special instructions: 100,000 1,000,000 Total IMPORTANT: No changes in delivery instructions will be accepted. A separate subscription must be submitted r each group of securities as to which different delivery instructions are given. The undersigned, if a bank or trust company, hereby certifies that securities which you are hereby or hereafter instructed dispose of in the manner indicated in items numbered 3 and 4 above are the sole property of the undersigned. (Fill in all required spaces before signing) Application submitted by SUBSCRIBER: 'lease indicate if this is a confirmation. YES. NO... By (Please print) (Official signature required) (Title) Street address City, Town or Village, and State Spaces below are f o r the use of the Federal Reserve Bank of New Y o r k xteleased Paid Stamp Taken from VaultCounted Amount- Delivery Receipt Received from FEDERAL RESERVE BANK OF NEW YORK the above described United States Government obligations in the amount indicated above. Subscriber Checked Delivered By Date. By. List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer (Please print or use typewriter) % Address
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