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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal A g e n t of the United States
Circular
2
[ June N1,o .19459 5 2 1
J

CASH OFFERING
To Certain Commercial Banks
1 y 2 Percent Treasury Bonds of 1950
Dated June 1,1945
Due December 15,1950

%

Percent Treasury Certificates of
Indebtedness of Series E-1946

United States Savings Bonds, Series F

United States Savings Bonds, Series G

Dated June 1,1945

To all Commercial Banks
in the Second Federal Reserve

Due June 1,1946

District:

The Secretary of the Treasury has announced that, in connection with the Seventh W a r 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 \ l/2% Treasury Bonds of 1950 and % % Treasury Certificates
of Indebtedness of Series E-1946. 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. 2935, dated May 1, 1945, 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°/o 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 securities, 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-1945 and Series G-1945 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. 8, 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. Subscriptions may be made only during the period
June 18 to June 30, 1945, both dates inclusive. Each of the marketable issues will be sold at par plus accrued
interest from June 1, 1945 to June 18, 1945, or such later date as payment is available to us, except that accrued
interest is waived on $500 and $1,000 subscriptions to the 1^2% Treasury Bonds of 1950.
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 W a r Loan Deposit Account. There is no restriction upon the use oi i y 2 % Treasury Bonds of 1950 or
Y%°/o Treasury Certificates of Indebtedness of Series E-1946 as collateral, and securities of such issues belonging to a banking institution qualified as a special depositary of public funds will be acceptable as collateral for
its W a r Loan Deposit Account.
ALLAN

SPROUL,

President.

* Sections 1 (c) and 1 (e) of Regulation Q, which define time certificates of deposit and savings deposits, respectively, are
printed on the reverse side of this circular.




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

SECTION 1. DEFINITIONS

( c ) T i m e certificates of deposit.—The term " t i m e certificate of d e p o s i t "
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 o r d e r —
( 1 ) On a certain date, specified in the instrument, not less than 30 days
after the date of the deposit, or
( 2 ) A t the expiration of a certain specified time not less than 30 days after
the date of the instrument, or
( 3 ) U p o n notice in writing which is actually required to be given not less
than 30 days before the date of repayment, 1 and
( 4 ) I n all cases only upon presentation and surrender of the instrument.
•

•

•

•

( e ) Savings deposits.—The term " s a v i n g s d e p o s i t " means a deposit, evidenced by a pass book, consisting of f u n d s ( i ) deposited to the credit of one or
more individuals, or of a corporation, association or other organization operated
primarily f o r religious, philanthropic, charitable, educational, fraternal or other
similar purposes and not operated f o r profit, 4 or ( i i ) in which the entire beneficial
interest is held b y one or more individuals or b y 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, b y the
bank to give notice in writing of an intended withdrawal not less than 30
days before such withdrawal is m a d e ;
( 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 ( i i ) without presentation of the pass book, through payment to the depositor
himself but not t o any other person whether or not acting f o r the depositor.®
The presentation b y any officer, agent or employee of the bank of a pass book
or a duplicate thereof retained b y the bank or b y 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 b y the bank as a p a r t of an estate of
which the bank is a trustee or other fiduciary, or where the pass book is held b y
the bank as security f o r a loan. I f a pass book is retained b y the bank, it m a y
not be delivered to any person other than the depositor f o r the purpose of enabling
such person to present the pass book in order to make a withdrawal, although
the bank m a y deliver the pass book to a d u l y authorized agent of the depositor f o r
transmittal to the depositor.
E v e r y withdrawal made u p o n 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.

* 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.
* 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.




F O R M

NO.

Application Number

8

CASH SUBSCRIPTION
FOR OWN ACCOUNT B Y
BANK HOLDING DEMAND DEPOSITS

Percent Treasury Bonds of 1950

United States Savings Bonds, Series F

% Percent Treasury Certificates of
Indebtedness of Series E-1946
FEDERAL RESERVE B A N K

OF N E W

United States Savings Bonds, Series G

YORK,

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

1945

P u r s u a n t to the p r o v i s i o n s 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 C i r c u l a r , please enter subscription, f o r o u r o w n
a c c o u n t , f o r the issue a n d in the f o r m a n d a m o u n t i n d i c a t e d below :
(A

Separate

Application

Should

Be Submitted

Percent Treasury Bonds of 1950
D a t e d J u n e 1, 1 9 4 5

accrued

$

total

Q

Coupon f o r m

Q

'-

D u e J u n e 1, 1 9 4 6

. a c c r u e d interest, if

payment

Registered form

$

issue ( c o s t )

any

total payment

(Accrued interest must be computed from June 1, 1945 to June 18,
1 945, or such later date as funds will be available to Federal Reserve
Bank, at the rate of $0,024 per day per $1,000 face amount).

United States Savings Bonds, Series G

face amount

$

For)

.face amount

United States Savings Bonds, Series F
$

Applied

interest

(Accrued interest must be computed from June 1, 1945 to June 18,
1945, or such later date as funds will be available to Federal Reserve
Bank, at the rate of $0,041 per day per $1,000 face amount).
I N D I C A T E ONE

Issue

D a t e d J u n e 1, 1 9 4 5

face amount

$

Each

Ys Percent Treasury Certificates of
Indebtedness of Series E-1946

D u e D e c e m b e r 15, 1950

$

For

$

face amount

price
( S e r i e s G B o n d s are issued at p a r ) .

( I s s u e ( c o s t ) p r i c e o f S e r i e s F B o n d s is 7 4 % o f f a c e a m o u n t
or maturity value).

Registered F o r m Only

Registered F o r m Only
P l e a s e i s s u e a n d d i s p o s e o f s u c h b o n d s as f o l l o w s :
Pieces

Denominations
$

25
t nn
•LUU
cnn
OUU

Leave Blank

DISPOSITION

(Series F only)

[

D e l i v e r o v e r the c o u n t e r to the u n d e r signed.

[

S h i p to the

(Series F
and G only)

[

(Series F and G and
11/2% Bonds only)

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

1,000
5,000

(for

member

u

10,000
100,000

undersigned.

2S£3$>

( N o changes in delivery
be accepted.)

P a y m e n t i n f u l l f o r s u c h s e c u r i t i e s is m a d e as f o l l o w s :
p~] B y check and/or cash herewith.
| | By charge to our Reserve Account which is hereby authorized.
—
(For use of member banks only)
p-j B y credit to our War Loan Deposit Account ( f o r use of quali— fied depositaries o n l y ) . 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
lias 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 Deposit Account, to be held subject to withdrawal on demand.
TO S U B S C R I B E R :

* 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.

T y p e w r i t e o r print exact c o r p o r a t e title for registration purposes

Original subscription

•

Confirmation of a telegram

•

Confirmation of

•

By..

Official signature required

Title

City, Town or Village, P. O. No., and State
DO N O T U S E SPACES B E L O W

SUBSCRIPTION

Delivery Receipt

RECORD

R e c e i v e d f r o m F E D E R A L R E S E R V E B A N K OF N E W Y O R K t h e a b o v e
PAYMENT

RECEIVED

EXAMINED

Subscriber
Date.

RELEASED

Taken from Vault




described

United States Government obligations in the amount indicated above.

CARDED

Counted

will

WE HEREBY CERTIFY that the total amount of this subscription,
together with that of any other subscriptions we may have entered f o r
our own account during the period of the Seventh War Loan Drive, for
Series F or Series G Savings Bonds,
percent Treasury Bonds o f
1950 or y 8 percent Treasury Certificates of Indebtedness of Series
E-1946 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 f o r 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 f o r our own account to Savings Bonds
of Series F-1945 or Series G-1945, including this subscription, does
not exceed in the aggregate $100,000 (issue price).

Name of banking institution.

Please indicate whether thia is:

a letter

instructions

By.
Checked

Delivered

Extracts f r o m R e g u l a t i o n Q of the B o a r d of Governors of the
F e d e r a l Reserve System

SECTION 1. DEFINITIONS

( c ) Time certificates of deposit.—The term " t i m e 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) A t 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) I n all cases only upon presentation and surrender of the instrument.
*

«

#

*

(e) Savings deposits.—The term "savings d e p o s i t " 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 f o r 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 f o r 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 f o r
transmittal to the depositor.
E v e r y 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 " t i m e certificate o f d e p o s i t " 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
f o r 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 f o r profit or not operated primarily f o r religious, philanthropic, charitable, educational, fraternal or other similar purposes may not be classified as savings deposits.

* 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