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k 4 FEDERAL R E S E R V E BANK OF N E W YORK . Fiscal Agent of the United States r Circular No. 2 9 1 7 1 L March 22, 1945 J Offering of % Percent Treasury Certificates of Indebtedness of Series C-1946 Dated and bearing interest from April 1, 1945 Due April 1, 1946 In Exchange for Treasury Certificates of Indebtedness of Series B-1945, Maturing April 1, 1945 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 % percent Treasury Certificates of Indebtedness of Series C-1946, open on an exchange basis, par for par, to holders of Treasury Certificates of Indebtedness of Series B-1945, maturing April 1, 1945. Cash subscriptions will not be received. The certificates now offered will be dated April 1, 1945, and will bear interest from that date at the rate of seven-eighths of one percent per annum, payable semiannually on October 1, 1945, and April 1, 1946. They will mature April 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. Subject to the usual reservations, all subscriptions will be allotted in full. There are now outstanding $4,876,729,000 of the Series B-1945 certificates. The terms of this offering are set forth in Treasury Department Circular No. 765, dated March 22,1945, 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 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 I N D E B T E D N E S S OF SERIES C-1946 Dated and bearing interest from April 1, 1945 Due April 1, 1946 1945 Department Circular No. 765 TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, Fiscal Service Bureau of the Public Debt Washington, March 22, 1945. I. OFFERING OF CERTIFICATES 1. The Secretary of the Treasury, pursuant to tlie 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 C-1946, in exchange for Treasury Certificates of Indebtedness of Series B-1945, maturing April 1, 1945. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated April 1, 1945, and will bear interest from that date at the rate of % percent per annum, payable semiannually on October 1, 1945, and April 1, 1946. They will mature April 1, 1946, 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. They will not be acceptable in payment of taxes. 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 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 April 2, 1945, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series B-1945, maturing April 1, 1945, 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. HENRY MORGENTHAU, JR., Secretary of the Treasury. Subscriber's Reference No. Application Number EA-CS United States of America % percent Treasury Certificates of Indebtedness of Series B-1945 maturing April 1, 1945 must be tendered in payment for this subscription. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-1946, DATED APRIL 1, 1945, DUE APRIL 1, 1946 Important S u b J ' e c l t o t h e reservations in Treasury Department Circular No. 765, dated March 22, 1945, all subscriptions will be allotted . , in full. 2. Coupons maturing April 1, 1945, should be detached from the certificates of Series B-1945 which are tendered in payment and collected in the usual manner. FEDERAL RESERVE BANK OP NEW YORK, Fiscal Agent of the United States, Government Bond Department—2nd F l o o r : Dated at. .1945 DEAR SIRS : Subject to the provisions of Treasury Department Circular No. 765, dated March 22, 1945, the undersigned herein subscribes f o r United States of America % percent Treasury Certificates of Indebtedness of Series C-1946 as stated below: For 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 United States of America % percent Treasury Certificates of Indebtedness of Series B-1945, maturing April 1, 1945, as follows: rn , , j. To be delivered to you To be withdrawn from i J f o r °Ur a*COimt b y Delivered to securities held by you y o u herewith $ for our account $ $ Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below: DENOMINATIONS PieceB Par Value $ • 1,000 1. Deliver over the counter to the undersigned • Leave Blank 2. Ship to the undersigned • 3. Hold in safekeeping (for member bank only) • 4. Hold as collateral for War Loan deposits • 5,000 5. Special instructions: 10,000 100,000 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. The undersigned, if a bank or trust company, hereby certifies that the securities which you are hereby or hereafter instructed to 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 (Please print) TO SUBSCRIBER: Please indicate if this is a confirmation. YES.. NO.... By "' '. > (Official signature required) (Title) Street address City, Town or Village, P. O. No., and State. Spaces below are f o r the use of the Federal Reserve Bank of New Y o r k Delivery Receipt Released Taken from VaultCounted Checked Delivered Securities received by- R e c e i v e d f r o m FEDERAL RESERVE BANK OF NEW YORK the a b o v e d e s c r i b e d United States Government obligations in tlie 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