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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
("Circular No. 2 8 6 6 1
L November 13, 1944 J

CASH

OFFERING

T o Certain Commercial Banks
2 J/2 Percent Treasury Bonds of 1 9 6 6 - 7 1

2 Percent Treasury Bonds of 1 9 5 2 - 5 4

Dated December 1, 1944

Dated December 1, 1944

United

States

Due March 15, 1971

Savings Bonds,

Series

F

Due December 15, 1954

United States Savings Bonds, Series G

To all Commercial Banks
in the Second Federal Reserve District:

'

The Secretary of the Treasury has announced that, in connection with the Sixth War Loan Drive,
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, and to 2 y 2 % Treasury Bonds of 1966-71 and 2% Treasury Bonds
of 1952-54. However, all such subscriptions will be considered outside of the 14 billion dollar goal of the
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. 2857, dated November 1, 1944, which has been 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% of the combined amount of time certificates of deposit (but only those issued in the
names of individuals, and of States, municipalities, political subdivisions, corporations, associations and other
organizations not operated for profit) and of savings deposits (as such deposits are 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 the subscription
for such bonds, or $500,000, whichever is less. In any event, a bank may not hold more than $100,000 (issue
price) of Savings Bonds of Series F-1944 and Series G-1944 combined. If 10% of the combined amount of
savings deposits and eligible time certificates of deposit is an odd amount, the aggregate amount of its
subscriptions may be adjusted to the next highest $1,000.
Copies of our Application Form No. 7, 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. Savings Bonds of Series F or Series G will be
dated as of the first day of the month in which payment is received by us. Subscriptions to 2 y 2 % Treasury
Bonds of 1966-71 and 2 % Treasury Bonds of 1952-54 may be made during the period November 20 to
December 16, 1944, both dates inclusive. Each of the issues of Treasury Bonds will be sold at par plus
accrued interest from December 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 2 ^ % Treasury Bonds of 1966-71
or 2 % Treasury Bonds of 1952-54 as collateral, and bonds of such issues belonging to a banking institution
qualified as a special depositary of public funds will be acceptable as security for its War Loan Deposit Account.
ALLAN

SPROUL,

President.
•Sections 1 ( c ) and \{e)

of Regulation Q, which define time certificates of deposit and savings deposits, respectively, are

Digitizedprinted on the reverse side of this circular.
for FRASER


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

SECTION

1.

DEFINITIONS

(c) Time certificates of deposit.—The term "time certificate of deposit"
means a deposit evidenced by a negotiable or nonnegotiable instrument which provides on its face that the amount of such deposit is payable to bearer or to any
specified person or to his order—
(1) On a certain date, specified in the instrument, not less than 30 days
after the date of the deposit, or
(2) At the expiration of a certain specified time not less than 30 days after
the date of the instrument, or
(3) Upon notice in writing which is actually required to be given not less
than 30 days before the date of repayment,1 and
(4) In all cases only upon presentation and surrender of the instrument.
#

#

*

*

(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.
deposit with respect to which the bank merely reserves the right to require notice of not
less than 30 days before any withdrawal is made is not a "time certificate of deposit" within
the meaning of the above definition.
4 Deposits in joint accounts of two or more individuals may be classified as savings deposit
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.




r

ORM

N o

Application Number

7

CASH SUBSCRIPTION
FOR OWN ACCOUNT BY
BANK HOLDING DEMAND DEPOSITS
2Y2 Perccnt Treasury Bonds of 1966-71

United States Savings Bonds, Series F

2 Percent Treasury Bonds of 1952-54

United States Savings Bonds, Series G

F E D E R A L R E S E R V E B A N K OF N E W

YORK,

F i s c a l A g e n t of the U n i t e d States,
F e d e r a l Reserve P . 0 . Station, N e w Y o r k 7, N. Y .

1944.

P u r s u a n t to the provisions o f the a p p r o p r i a t e T r e a s u r y D e p a r t m e n t Circular, please enter subscription, f o r our o w n
c c o u n t , f o r the issue a n d in the f o r m a n d amount indicated b e l o w :
(A Separate

Application

Should

Be Submitted

2 y 2 Percent Treasury Bonds of 1966-71
) a t e d D e c e m b e r 1, 1944

For Each

Issue Applied

For)

2 Percent Treasury Bonds of 1952-54

D u e M a r c h 15, 1971

D a t e d December 1, 1944

D u e December 15, 1954

$

face amount

$

face amount

$

a c c r u e d interest, if any

$

accrued interest, if any

$

total p a y m e n t

$

total p a y m e n t

Accrued interest must be computed from December 1, 1944 to date
'unds will be available to Federal Reserve Bank at the rate of $0,069
er $1,000 face amount).
INDICATE ONE

Q

Coupon form

(Accrued interest must be computed from December 1, 1944 to date
funds will be available to Federal Reserve Bank at the rate of $0,055
per $1,000 face amount).

Q Registered form

INDICATE ONE

United States Savings Bonds, Series F
$

Q

Registered form

United States Savings Bonds, Series G

f a c e amount

$

Q Coupon form

issue ( c o s t ) p r i c e

$

f a c e amount

(Series G B o n d s are issued at p a r ) .

Issue ( c o s t ) price of Series F B o n d s is 7 4 % of f a c e amount
r maturity value).

Registered F o r m O n l y

Registered F o r m O n l y
Please issue and dispose of such b o n d s as f o l l o w s :
Pieces

Denominations
25

Leave Blank

500

Deliver over the counter to the u n d e r signed.

J |

and O only)

S h i p to the undersigned

•

1,000

•

5,000
10,000
( 2 a
1 VVJ,V;UU Treasury n d 2%
J nn nnn
Bonds only)

| | By check and/or cash herewith.
By charge to our Reserve Account which is hereby authorized.
(For use of member banks only)

r~j By credit to our War Loan Deposit Account (for use of qualified 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, War Loan Depoait Account, to be held subject to withdrawal on demand.
\BSCRIBER:
,»e indicate whether this is:
Original subscription
•
Confirmation of a telegram
•
Confirmation of a letter
•

H o l d in safekeeping
banks o n l y ) .

(for

member

( N o changes in delivery instructions will
be accepted.)

ayment in f u l l f o r such securities is m a d e as f o l l o w s :

•

DISPOSITION

•

(Series F only)

Name of banking institution.
By

WE HEREBY CERTIFY that the total amount of this subscription,
together with that of any other subscriptions we may have entered for
our own account during the period of the Sixth War Loan Drive, for
Series F or Series G Savings Bonds, 2 Percent Treasury Bonds of
1952-54 dated December 1, 1944 or 2J/2 Percent Treasury Bonds of
1966-71 is not in excess of 10 percent of the combined amount of time
certificates of deposit (but only those issued in the names of individuals, and of States, municipalities, political subdivisions, corporations, associations and other organizations not operated for profit)
and of savings deposits*, as shown on our books as of the date of the
most recent call statement required by the supervisory authorities
prior to the date of this subscription, and does not exceed $500,000
(issue price) in the aggregate. We further certify that the total
amount of subscriptions entered for our own account to Savings Bonds
of Series F-1944 or Series G-1944, including this subscription, since
January 1,1944,does not exceed in the aggregate $100,000 (issue price).
* Sections 1 ( c ) and 1(e) of Regulation Q of the Board of Governors of the
Federal Reserve System which define time certificates of deposit and savings
deposits, respectively, are printed on the reverse side of this form.

Typewrite or print exact corporate title for registration purposes
Title

Oriicial signature required

City, Town or Village, P. O. No., and State..
DO NOT USE SPACES BELOW
Delivery Receipt

SUBSCRIPTION RECORD

'AYLFENT RECEIVED

Received from FEDERAL RESERVE BANK OF NEW YORK the above described
United States Government obligations in the amount indicated above.

EXAMINED
CARDED

Date
Taken from Vault




Counted

By
Checked

Delivered

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

SECTION 1 . DEFINITIONS

(c) Time certificates of deposit..—The term "time certificate of deposit"
means a deposit evidenced by a negotiable or nonnegotiable instrument which provides on its face that the amount of such deposit is payable to bearer or to any
specified person or to his order—
(1) On a certain date, specified in the instrument, not less than 30 days
after the date of the deposit, or
(2) At the expiration of a certain specified time not less than 30 days after
the date of the instrument, or
(3) Upon notice in writing which is actually required to be given not less
than 30 days before the date of repayment, 1 and
(4) In all cases only upon presentation and surrender of the instrument.
#

*

$

>»

(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.
1 A deposit with respect to which the bank merely reserves the right to require notice of not
less than 30 days before any withdrawal is made is not a "time certificate of deposit" within
the meaning of the above definition.
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.




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