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FEDERAL RESERVE OF NEW BANK YORK Fiscal A g e n t of the United States Circular No. 2 7 9 1 ~ 1 April 24, 1944 J 7/g Offering of Percent Treasury Certificates of Indebtedness of Series D-1945 Dated and bearing interest from May 1, 1944 Due May 1, 1945 In Exchange for Treasury Certificates of Indebtedness of Series C-1944, maturing May 1, 1944 To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following press statement was today made public: Secretary of the Treasury Morgenthau today announced an offering, through the Federal Reserve Banks, of % percent Treasury Certificates of Indebtedness of Series D-1945, open on an exchange basis, par f o r par, to holders of Treasury Certificates of Indebtedness of Series C-1944, maturing May 1, 1944. Cash subscriptions will not be received. The certificates now offered will be dated May 1, 1944, and will bear interest from that date at the rate of seven-eighths of one percent per annum, payable semiannually on November 1, 1944, and May 1, 1945. 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 A c t of 1941, interest upon the certificates 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 $1,655,203,000 of the Series C-1944 certificates. The terms of this offering are set forth in Treasury Department Circular No. 744, dated April 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. Cash subscriptions will not be received. 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 7/s PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES D-1945 Due May 1, 1945 Dated and bearing interest from May 1, 1944 1944 Department Circular No. 744 TREASURY DEPARTMENT, O F F I C E OF T H E Fiscal Service Bureau of the Public Debt SECRETARY, Washington, April 24, 1944. I. OFFERING OF CERTIFICATES 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 certificates of indebtedness of the United States, designated % percent Treasury Certificates of Indebtedness of Series D-1945, in exchange for Treasury Certificates of Indebtedness of Series C-1944, maturing May 1, 1944. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated May 1, 1944, and will bear interest from that date at the rate of % percent per annum, payable semiannually oil November 1, 1944, and May 1, 1945. They will mature May 1, 1945, and will not be subject to call for redemption prior to maturity. 2. The income derived from the certificates shall be subject to all Federal taxes, now or hereafter imposed. The certificates 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 certificates will be acceptable to secure deposits of public moneys. payment of taxes. They will not be acceptable in 4. Bearer certificates with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The certificates will not be issued in registered form. 5. The certificates will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States certificates. 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. 2. The Secretaiy of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of certificates 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 certificates allotted hereunder must be made on or before May 1, 1944, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series C-1944, maturing May 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 certificates allotted, to make delivery of certificates on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive certificates. 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. H E N R Y MORGENTHAIT, JR., Secretary of the Treasury. Subscriber's Reference No. Application Number EACS For use when United States of America % percent Treasury Certificates of Indebtedness of Series C-1944 maturing May 1, 1944 are tendered in payment. EXCHANGE SUBSCRIPTION F O R U N I T E D STATES OF A M E R I C A % P E R C E N T T R E A S U R Y C E R T I F I C A T E S OF INDEBTEDNESS O F SERIES D - 1 9 4 5 DATED M A Y 1, 1 9 4 4 DUE M A Y 1, 1945 Important in full. 1. S u b j e c t to the reservations in Treasury D e p a r t m e n t C i r c u l a r N o . 7 4 4 , dated A p r i l 2 4 , 1 9 4 4 , all subscriptions will be allotted 2 . C o u p o n s maturing M a y 1, 1 9 4 4 , should b e detached f r o m the certificates of Series C - 1 9 4 4 which are tendered in payment and c o l l e c t e d in the usual manner. Fiscal Agent of the United States, Government Bond Department—1st Floor, Dated at Federal Reserve P. 0 . Station, New York 7, N. Y . . FEDERAL RESERVE B A N K OF N E W YORK, 1944 DEAR S I R S : Subject to the provisions of Treasury Department Circular No. 744, dated April 24, 1944, the undersigned hereby subscribes f o r United States of America % percent Treasury Certificates of Indebtedness 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 $ and tenders in payment therefor a like par amount of United States of America % percent Treasury Certificates of Indebtedness of Series C-1944, maturing May 1, 1944, as follows: . .„ , „ To be delivered to you m ; _ r T o he withdrawn from , . f o r Qur a c c o u n t b Delivered to securities held by you ; you herewith $ for our account $ $ i Issue and dispose of United States of America % percent Treasury Certificates of Indebtedness of Series D-1945 allotted on this subscription 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 ( f o r member bank only) 5,000 • 4. Hold as collateral for W a r Loan deposits 10,000 • 5. Special instructions: 100,000 1,000,000 Total I M P O R T A N T : No changes in delivery instructions will be accepted. A separate subscription must be submitted for each group of securities as to which different delivery instructions are given. T h e u n d e r s i g n e d , if a b a n k o r truBt c o m p a n y , h e r e b y certifies that the securities w h i c h y o u are h e r e b y or h e r e a f t e r instructed to dispose of in the m a n n e r indicated in items n u m b e r e d 3 a n d 4 a b o v e a r e the sole p r o p e r t y o f the undersigned. (Fill in all required spaces before signing) Application submitted by TO SUBSCRIBER: Please indicate if this is a confirmation. Released Taken from VaultCounted Checked Delivered YESNO... By (Please print) (Title) (Official signature required) Street address City, Town or Village, P. 0. No., and State. S p a c e s b e l o w a r e f o r t h e use o f the F e d e r a l R e s e r v e B a n k o f N e w Y o r k Delivery Receipt Securities received byChecked by- Received from FEDERAL RESERVE B A N K or N E W Y O B K the above described United States Government obligations in the amount indicated above. Subscriber Date.. By. List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer (Please print or use typewriter) Address FEDERAL RESERVE OF NEW BANK YORK « April 25, 1944. To all Banking Institutions in the Second Federal Reserve District: We are pleased to announce that Citizens Bank of Monroe, Monroe, New York, has become a member of the Federal Reserve System effective April 25, 1944. / ALLAN SPROUL, President.