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FEDERAL RESERVE
OF

NEW

BANK

YORK

Fiscal Agent of the United States
r Circular N o . 2 8 9 4 " 1
L
J a n u a r y 2 2 , 1945
J

Exchange Offering of
% Percent Treasury Certificates of Indebtedness of Series A-1946
Dated and bearing interest from February 1, 1945

Due February 1, 1946

Amount of Offering To Be Limited to the Amount of
% Percent Treasury Certificates of Indebtedness of Series A-1945, Maturing February 1, 1945
and
l]/8 Percent Commodity Credit Corporation Notes of Series G, Maturing February 15, 1945
Tendered and Accepted
To all Banking Institutions, and Others Concerned,
in the Second Federal Reserve District :

T h e f o l l o w i n g p r e s s statement w a s t o d a y m a d e p u b l i c :
Secretary of the Treasury Morgenthau today announced the offering, through the Federal Reserve
Banks, of one-year Treasury Certificates of Indebtedness of Series A-1946, in exchange for % percent
Treasury Certificates of Indebtedness of Series A-1945, maturing February 1, 1945, and 1 % percent
Commodity Credit Corporation Notes of Series G, maturing February 15,1945. Exchanges will be made
par for par, with an adjustment of interest as of February 1 in the case of Commodity Credit Corporation notes exchanged. The offering of the new certificates is limited to the amount of securities of
the two maturing issues tendered in exchange, and cash subscriptions will not be received.
The certificates now offered will be dated February 1, 1945, and will bear interest from that date
at the rate of seven-eighths of one percent per annum, payable semiannually on August 1, 1945, and
February 1, 1946. They will mature February 1, 1946. They will be issued in bearer form only, 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 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 or notes. Where Commodity Credit Corporation Notes of Series G are surrendered, the final
coupon due February 15, 1945, should be attached, and accrued interest from August 15, 1944, to
February 1, 1945, will be paid following acceptance of the notes.
The right is reserved to close the books as to any or all subscriptions at any time without notice.
Subject to the usual reservations, all subscriptions will be allotted in full.
There are now outstanding $5,048,179,000 of the Series A-1945 certificates and $411,596,000 of the
Series G notes.
T h e t e r m s o f this o f f e r i n g are set f o r t h in T r e a s u r y D e p a r t m e n t Circular N o . 763, dated
J a n u a r y 2 2 , 1 9 4 5 , c o p y o f which is p r i n t e d on the r e v e r s e side.
T h e s u b s c r i p t i o n b o o k s a r e n o w o p e n a n d a p p l i c a t i o n s will be r e c e i v e d b y this bank as fiscal
a g e n t o f the U n i t e d States.

Cash subscriptions

will not be received.

S u b s c r i p t i o n s should b e

m a d e on official subscription blanks and mailed i m m e d i a t e l y or, if filed b y t e l e g r a m o r letter,
s h o u l d be c o n f i r m e d i m m e d i a t e l y b y mail on the blanks p r o v i d e d .




A L L A N SPROUL,

President.

(OVER)

UNITED STATES OF AMERICA
7/s 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 O F I N D E B T E D N E S S O F S E R I E S A-1946
Dated and bearing interest f r o m February 1, 1945

Due February 1, 1946

1945
Department Circular N o . 763

T R E A S U R Y

D E P A R T M E N T ,

O F F I C E OF T H E
Fiscal Service
B u r e a u of t h e P u b l i c D e b t

Washington,
I.

SECRETARY,

Jwnuary 22, 1945.

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 A-1946, in exchange for % percent
Treasury Certificates of Indebtedness of Series A-1945, maturing February 1, 1945, or V/g percent Commodity
Credit Corporation Notes of Series G, maturing February 15, 1945. The amount of the offering under this
circular will be limited to the amount of such Series A-1945 certificates and Series G notes tendered and accepted.
II.

DESCRIPTION OF CERTIFICATES

1. The certificates will be dated February 1, 1945, and will bear interest from that date at the rate of % percent per annum, payable semiannually on August 1, 1945, and February 1, 1946. They will mature February 1,
1946, and will not be subject to call f o r redemption prior to maturity.
2. The income derived f r o m 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 f o r account of customers, but only
the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies.
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 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 February 1, 1945, or on
later allotment, and may be made only in Treasury Certificates of Indebtedness of Series A-1945, maturing
February 1, 1945, or in Commodity Credit Corporation Notes of Series G, maturing February 15, 1945, which
will be accepted at par, and should accompany the subscription. Coupons dated February 15, 1945, must be
attached to the Series G notes when surrendered, and accrued interest from August 15, 1944, to February 1,
1945 ($5.19701 per $1,000) will be paid following acceptance of the notes.
V.

GENERAL PROVISIONS

1. A s 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 MORGENTHAU, JR.,
Secretary of the Treasury.

Subscriber's Reference N o .

Application. Number

EA-CS

United States of America % percent Treasury Certificates of Indebtedness of Series
A-1945 maturing February 1, 1945 must be tendered in payment for this subscription.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES A-1946, DATED FEBRUARY 1, 1945, DUE FEBRUARY 1, 1946

Important
• f n 1 " S u b j e c t t o t h e reservations in Treasury Department Circular N o . 7 6 3 , dated January 2 2 , 1 9 4 5 , all subscriptions will be allotted
in full.
2 . C o u p o n s maturing February 1, 1 9 4 5 , should be detached f r o m the certificates of Series A - 1 9 4 5 w h i c h are tendered in payment
and collected sn the usual m a n n e r .
FEDERAL RESERVE B A N K OP N E W Y O R K ,

Fiscal Agent of the United States,
Government Bond Department—2nd F l o o r :

Dated at.
1945

D E A R SIRS :

Subject to the provisions of Treasury Department Circular No. 763, dated January 22, 1945, the undersigned hereby
subscribes f o r United States of America y 8 percent Treasury Certificates of Indebtedness of Series A-1946 as stated below:
F o r own account

$

F o r our customers ( f o r 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 A-1945, maturing February 1, 1945, as follows:
To be withdrawn from
securities held by you
f o r our account
$

Delivered to
you herewith $

^
for

Z

l

^

h/™

0Ur aCC0Unt b y

$

Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below:
DENOMINATIONS

Piocea

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
I M P O R T A N T : Nochanges in delivery instructions will be accepted. A separate subscription must be submitted
or 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 or trust c o m p a n y , h e r e b y c e r t i f i e s that the securities w h i c h y o u a r e h e r e b y o r h e r e a f t e r instructed
to d i s p o s e o f in the m a n n e r i n d i c a t e d in items n u m b e r e d 3 and 4 a b o v e a r e the s o l e p r o p e r t y o f the u n d e r s i g n e d .
(Fill iu all required spaces before signing)
Application submitted by
rO S U B S C R I B E R :

(Please print)

Please indicate if this is a confirmation.

YES.

NO....

>

By

( O f f i c i a l signature r e q u i r e d )

(Title)

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 the use o f the F e d e r a l R e s e r v e Bank o f N e w Y o r k
Delivery Receipt

Released
Taken f r o m VaultCounted
Checked
Delivered




Securities
received b y -

Received f r o m FEDERAL RESERVE BANK OP NEW YORK the above described
United States Government obligations in the amount indicated above.
Subscriber.

Checked b y -

Date.

By.

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name of Customer
(Please print or use

typewriter)

Address

Subscriber's Reference N o .

Application Number

EA-N

Commodity Credit Corporation 1 % percent Notes of Series G, maturing
February 15, 1945 must be tendered in payment for this subscription.

EXCHANGE SUBSCRIPTION
F O R UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES A-1946, DATED FEBRUARY 1, 1945, DUE FEBRUARY 1, 1946

Important
1.
in full.

S u b j e c t to the reservations in Treasury Department Circular No. 7 6 3 , dated January 2 2 , 1 9 4 5 , all subscriptions will be allotted

2 . C o u p o n s dated February 15, 1 9 4 5 , should b e attached t o the Series G notes w h e n surrendered, and a c c r u e d interest
A u g u s t 15, 1 9 4 4 , t o February 1, 1 9 4 5 ( $ 5 . 1 9 7 0 1 p e r $ 1 , 0 0 0 ) will b e paid f o l l o w i n g a c c e p t a n c e of the notes.

from

FEDERAL RESERVE B A N K OP N E W Y O R K ,

Fiscal Agent of the United States,
Government Bond Department—2nd F l o o r :

Dated at.
.1945

DEAR SIRS :

1

Subject to the provisions of Treasury Department Circular No. 763, dated January 22, 1945, the undersigned hereby
subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series A-1946 as stated below:
F o r own account

$

For our customers ( f o r use of banking institutions) as shown on reverse side of this form

$

Total Subscription

$

and tenders in payment therefor a like par amount of Commodity Credit Corporation 1 % percent Notes of Series G,
maturing February 15, 1945, as follows:
To be delivered to you
To be withdrawn from
for our account by.
Delivered to
securities held by you
you herewith $
for our account
$[ by credit to our Reserve account
f by check made payable to our order

Pay accrued interest on securities surrendered.

•
•

Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below:

•
• 2.
• 3.
• 4.

DENOMINATIONS

Pieces

Par Value

$

1.

Leave Blank

1,000
5,000

u

10,000

b.

Deliver over the counter to the undersigned
Ship to the undersigned
Ilold in safekeeping (for member bank only)
Hold as collateral for War Loan deposits
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 undersigned, if a bank o r trust c o m p a n y , hereby certifies that the securities which y o u are h e r e b y or hereafter instructed
t o d i s p o s e o f in the m a n n e r i n d i c a t e d in items n u m b e r e d 3 and 4 a b o v e are the s o l e p r o p e r t y o f the u n d e r s i g n e d .
(Fill in all required spaces before signing)
Application submitted by

TO S U B S C R I B E S :

(Please print)

Please indicate if this is a confirmation.

YESNO....

By

(Official signature required)

(Title)

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 the 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
eased
Taken f r o m Vault-

Delivery Receipt
Securities
received b y -

Counted
Checked
Delivered




Checked b y -

Received f r o m FEDERAL RESERVE BANK OF NEW YORK 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 Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102