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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
29
[Circular No. 19454 6 "J!
May 21,

OFFERING OF

0.90 Percent Treasury Notes of Series D-1946
Dated and bearing interest from June 1, 1945

Dae July 1, 1946

IN EXCHANGE FOR

YQ Percent Treasury Certificates of Indebtedness of Series C-1945, Maturing June 1, 1945
or
Home Owners' Loan Corporation 1*4 Percent Bonds of Series M-1945-47,
Called for Redemption on June 1, 1945

To all Banking Institutions, and Others
Concerned,
in the Second Federal Beserve
Distriot:

The following press statement was today made public:
Secretary of the Treasury Morgenthau today announced an offering, through the Federal Reserve
Banks, of 0.90 percent Treasury Notes of Series D-1946, open on an exchange basis to holders of
% percent Treasury Certificates of Indebtedness of Series C-1945, maturing June 1, 1945, and Vfa
percent Home Owners' Loan Corporation Bonds of Series M-1945-47, called for redemption on June 1,
1945. Exchanges will be made par for par, in amounts or multiples of $1,000. The offering is limited
to the amount of maturing certificates and called bonds tendered in exchange, and cash subscriptions
will not be received.
The notes now offered will be dated June 1,1945, and m i l bear interest from that date at the rate
of 0.90 percent per annum, payable on a semiannual basis on January 1 and July 1, 1946. They will
mature July 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 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
or called bonds. Subject to the usual reservations, all subscriptions will be allotted in full.
There are now outstanding $4,770,046,000 of the Series C-1945 certificates and $754,904,000 of the
Home Owners' Loan Corporation Bonds of Series M-1945-47.

The terms of this offering are set forth in Treasury Department Circular No. 767, dated
May 21, 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
0.90 PERCENT T R E A S U R Y NOTES OF SERIES D-1946
Dated and bearing interest from June 1, 1945
Interest payable January 1 and July 1

Due July 1, 1946

TRE ASURY DEPARTMENT,

Departmeat^Coxular No. 767
FUcaTservic
Bureau ofCthe Public Debt

OFFICE OF THE SECRETARY,
I.

OFFERING

OF

NOTES

Washington,

May 21, 1945.

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
O.yi) percent Treasury Motes of Series D-1946, in exchange for % percent Treasury Certificates of Indebtedness
oi Series C-1945, maturing June 1, 1945, or Home Owners' Loan Corporation 1 % percent Bonds of Series
M-1945-47, called for redemption on June 1, 1945.
II.

DESCRIPTION

OF

NOTES

1. The notes will be dated June 1, 1945, and will bear interest from that date at the rate of 0.90 percent per
annum, payable on a semiannual basis on January 1 and July 1, 1946. They will mature July 1, 1946, 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 ail taxation now or hereafter imposed on tne principal or interest thereof by any State, or any of
tne possessions of the United States, or by any local taxing authority.
3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in
payment of taxes.
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. S U B S C R I P T I O N

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, 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 prompty upon allotment.
IV.

PAYMENT

1. Payment at par for notes allotted hereunder must be made on or before June 1, 1945, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series C-1945, maturing June 1, 1945,
or in Home Owners' Loan Corporation Bonds of Series M-1945-47, called for redemption on June 1, 1945, which
will be accepted at par, and should accompany the subscription.
V.

SURRENDER

OF CALLED

BONDS

1. Coupon bonds.—Home Owners' Loan Corporation 1 p e r c e n t Bonds of Series M-1945-47 in coupon form
tendered in payment for notes offered hereunder should be presented and surrendered with the subscription to a
Federal Reserve Bank or Branch or to the Treasurer of the United States, Washington, D. C. Coupons dated
December 1, 1945, and all coupons bearing subsequent dates should be attached to such bonds when surrendered,
and if any such coupons are missing, the subscription must be accompanied by cash payment equal to the face
amount of the missing coupons. The bonds must be delivered at the expense and risk of the holder. Facilities for
transportation of bonds by registered mail insured may be arranged between incorporated banks and trust companies and the Federal Reserve Banks, and holders may take advantage of such arrangements when available,
utilizing such incorporated banks and trust companies as their agents.
2. Registered bonds.—Home Owners' Loan Corporation
percent Bonds of Series M-1945-47 in registered
form tendered in payment for notes offered hereunder should be assigned by the registered payees or assignees
thereof to " T h e Secretary of the Treasury for exchange for Treasury Notes of Series D-1946 to be delivered
to
" , in accordance with the general regulations of the Treasury Department governing assignments for transfer or exchange, and thereafter should be presented and surrendered with the subscription to a Federal Reserve Bank or Branch or to the Treasury Department, Division of Loans and Currency,
Washington, D. C. The bonds must be delivered at the expense and risk of the holder.
VI.

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.

HENRY MORGENTHAU, Jr.,
http://fraser.stlouisfed.org/
Secretary of the Treasury.
Federal Reserve Bank of St. Louis

Subscriber's Reference N o .

Application Number

EA-NC

For use when United States of America % percent Treasury Certificates of
Indebtedness of Series C-1945, maturing June 1, 1945, are tendered in payment.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 0.90 PERCENT TREASURY NOTES OF SERIES D-1946
DATED JUNE 1, 1945

DUE JULY I, 1946

Important
• c ,}'
in full.

SubJ'ect

to

the

reservations in Treasury Department Circular No. 767, dated May 21, 1945, all subscriptions will be allotted

2. Coupons maturing June 1, 1945, should be detached from the certificates of Series C - 1 9 4 5 which are tendered in payment
and collected in the usual manner.
FEDERAL RESERVE B A N K OP N E W Y O R K ,

Fiscal Agent of the United States,
Government Bond Department—2nd Floor:

Dated at.
.1945

D E A R SIRS :

Subject to the provisions of Treasury Department Circular No. 767, dated May 21, 1945, the undersigned hereby
subscribes for United States of America 0.90 percent Treasury Notes of Series D-1946 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
Indebtedness of Series C-1945, maturing June 1, 1945, as follows:
To be withdrawn from
securities held by you
for our account
$

Delivered to
you herewith $

$

J

^

f

percent Treasury Certificates of
l

^

t j ™
~-~

f o r 0Ur a c c o m i t b y

~
$

"

"

Issue and dispose of United States of America 0.90 percent Treasury Notes of Series D-1946 allotted on this subscription in the denominations and amounts as indicated below:
DENOMINATIONS
Pieces

Par Value
$

Leave

1,000

Blank

•

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
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 b y

TO SUBSCRIBES:
Please indicate if this is a confirmation.

YESNO...

By

(Please print)

(Official signature required)

(Title)

Street address
City, Town or Village, P . O. No., and State.
Spaces below are for the use of the Federal Reserve Bank of New York
Delivery Receipt

Released
Taken f r o m VaultCounted
Checked
Delivered




Securities
received 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.

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

EANH

For use when Home Owners' Loan Corporation l l / 2 % Bonds of Series M-l945-47,
called for redemption on June 1, 1945, are tendered in payment.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA 0.90 PERCENT TREASURY NOTES OF SERIES D-1946
DATED JUNE 1, 1945

DUE JULY 1, 1946

Important
in f u l /

Subject

to

" " " - v a t i o n . in Treasury Department Circular No. 767, dated May 21, 1945, all subscriptions will be allotted

the

c o u P o n bonds
2If
are tendered in payment, coupons dated December 1, 1945, and all coupons bearing subsequent dates,
should be attached to such bonds when surrendered.
If any such coupons are missing, the subscription must be accompanied by
cash payment equal to the face amount of the missing coupons.
If registered
bonds are tendered in payment, they should be
assigned in accordance with the instructions set forth in Section V, paragraph 2, of Treasury Department Circular No. 767.

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

Fiscal Agent of the United States,
Government Bond Department—2nd Floor:

Dated at
'
1945

DEAR S I R S :

Subject to the provisions of Treasury Department Circular No. 767, dated May 21, 1945, the undersigned hereby
subscribes for United States of America 0.90 percent Treasury Notes of Series D-1946 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 Home Owners' Loan Corporation 1 y 2 % Bonds of Series M-1945-47,
called for redemption on June 1, 1945, as follows
(Do not submit registered bonds and coupon bonds on a single
application):
To be withdrawn from
securities held by you
for our account
$

Delivered to
you herewith $

be delive™d

to you

f o r 0 U r aCCOunt b y

$

Issue and dispose of United States of America 0.90 percent Treasury Notes of Series D-1946 allotted on this subscription in the denominations and amounts as indicated below:
DENOMINATIONS

Pieces

Par Value

$

•

1. Deliver over the counter to the undersigned

•

Leave Blank

2. Ship to the undersigned

1,000

•

3. Hold in safekeeping (for member bank only)

5,000

•

4. Hold as collateral for War Loan deposits

•

5. Special instructions:

10,000
100,000
1,000,000
Total

IMPORTANT: No changes in delivery instruction* 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.
(Pill in all required spaces before signing)

TO

Application submitted by

8UB8CBIBEB:

Please indicate if this is a confirmation.

(Please print)

YES.
NO....

By

(Official signature required)

(Title)

Street address
Oity, Town or Village, P. O. No., and State.
Spaces below are for the use of the Federal Reserve Bank of New York
Released
Taken from VaultCounted
Checked
Delivered




Delivery Receipt
Securities
received byChecked by-

Received from FEDERAL RESERVE BANK or 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