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FE D E R AL R ESER VE B AN K O F D A L L A S F IS C A L . A G E N T O F T H E U N IT E D S T A T E S Dallas, Texas, June 17, 1946 EXCHANGE OFFERING ON ALLOTMENT BASIS To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: There is reproduced on the reverse side hereof Treasury Department Circular No. 790 dated June 14, 1946, in which the Secretary of the Treasury offers % % Treasury Certificates of Indebt edness of Series F-1947, on an exchange basis, to holders of Treasury Notes of Series D-1946, maturing July 1, 1946. Since it is planned to retire about $2,000,000,000 of the maturing notes by redemption in cash, subscriptions will be received subject to allotment to all holders on an equal percentage basis except that subscriptions in amounts up to $25,000 will be allotted in full. Cash subscriptions will not be received. The new certificates will be dated July 1, 1946, and will bear interest from that date at the rate of % % per annum, payable semiannually on January 1 and July 1, 1947. They will be issued in bearer form only, with two interest coupons attached, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The books for the receipt of subscriptions to this exchange offering will be opened on Wednes day, June 19, 1946. In view of the percentage allotment, it is important that subscribers tender maturing notes in an amount equal to the amount of new certificates subscribed for or arrange for delivery of the maturing notes to this bank or one of its branches prior to the closing dates. If the maturing notes are held in safekeeping at this bank or one of its branches, please so indicate on the subscription form. Arrangements should be made to substitute other securities for any maturing pledged notes to be tendered in order that the maturing notes may be available to support the sub scription prior to the closing dates. Subscriptions will be received at this bank and its branches at El Paso, Houston and San Antonio, and should be submitted on the enclosed form. It is urged that subscriptions be entered on the subscription forms rather than by letters or otherwise. Additional subscription forms will be forwarded upon request. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business Friday, June 21, except for the receipt of subscriptions from holders of $25,000 or less of the maturing notes. The subscription books will close for receipt of subscriptions of the latter class at the close of business Monday, June 24. No further closing announcement will be made. Subscriptions addressed to a Federal Reserve bank or branch or to the Treasury Department, and placed in the mail before midnight of the respective closing days, will be considered as having been entered before the close of the subscription books. Yours very truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) UNITED S T A T E S O F AM E R IC A SEVEN-EIGHTHS PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS SERIES F-1947 Dated and bearing interest from July 1, 1946 1946 Department Circular No. 790 Due July 1, 1947 TREASURY DEPARTMENT Office of the Secretary Washington, June 14, 1946 Fiscal Service Bureau of the Public Debt I. 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 F-1947, in exchange for Treasury Notes of Series D-1946, maturing July 1, 1946. Approxi mately $2,000,000,000 of the maturing notes will be retired on cash redemption. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated. July 1, 1946, and will bear interest from that date at the rate of % percent per annum, payable semiannually on January 1 and July 1, 1947. They will mature July 1, 1947, 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 here after 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 Treas ury 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, subscriptions for amounts up to and including $25,000 will be allotted in full, and subscriptions for amounts over $25,000 will be allotted to all holders on an equal percentage basis, but not less than $25,000 on any one subscription. The basis of the allotment will be publicly announced, and 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 July 1, 1946, or on later allotment, and may be made only in Treasury Notes of Series D-1946, maturing July 1, 1946, 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 allot ment notices, to receive payment for certificates allotted, to make delivery of certificates on fullpaid 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 supple mental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve banks. FRED M. VINSON Secretary of the Treasury. Exchange Offering on an Allotment Basis SUBSCRIPTION FOR 7 /8 % United States Treasury Certificates of Indebtedness Series F-1947 Dated July 1, 1946 Due July 1, 1947 For Use of Federal Reserve Bank Number....... ............ ..... Amount $..................... To: □ Federal Reserve Bank, Dallas 13, Texas □ Federal Reserve Bank Branch, El Paso, Texas □ Federal Reserve Bank Branch, Houston 1, Texas □ Federal Reserve Bank Branch, San Antonio 6, Texas Pursuant to the provisions of Treasury Department Circular No. 790, dated June 14, 1946, the undersigned hereby subscribes for _______ .__ ______-...._______ , United States Treasury % % Certificates of Indebtedness, Series F-1947, dated July 1, 1946, maturing July 1, 1947, and tenders the following securities in payment: .90 percent Treasury Notes of Series D-1946, maturing July 1, 1946...............' ......... -..................................................................................—$— -................ ........ List your own and customers’ Subscriptions in amounts of $25,000 and less Subscriptions in amounts over $25,000 - Total Subscriptions - - - - Amount of Subscription (a) subscriptions on reverse side. - - - - - - - - - - - - - - - - - - - - - - - $ $ $ A SUBSCRIBER MAY ENTER SUBSCRIPTION EITHER FOR AN AMOUNT UP TO AND INCLUDING $25,000, WHICH WILL BE ALLOTTED IN FULL, OR FOR AN AMOUNT OYER $25,000, BUT NOT FOR BOTH. A SUBSCRIBER SUBSCRIBING FOR AN AMOUNT UP TO AND INCLUDING $25,000 WILL BE RESTRICTED TO ONE SUBSCRIPTION. Disposition of proceeds of redemption of Treasury Notes, Series D-1946, not used in payment of this subscrip tion, to be made as follows: □ Credit our Reserve Account □ Remit to the undersigned J Otherwise (Give disposition)........... .......... ................................................................................................. .................. Serial numbers of notes tendered should be listed on the reverse side. The maturing securities should be sur rendered with this subscription. i (It is important that subscribers tender maturing notes in an amount equal to the aihount of new certificates subscribed for or arrange for delivery of the maturing notes to this bank or one of its branches prior to the closing dates.) SCHEDULE FOR ISSUE OF CERTIFICATES INSTRUCTIONS FOR DELIVERY OF CERTIFICATES □ □ Issued in Coupon Form Only. Fill in Number of Pieces and Denominations Desired Hold in Custody Account (Allotted to banks for own account only) Pledge to Secure War Loan Deposits (Allotted to qualified banks for own account only) Number of Pieces DO NOT USE THIS COLUMN At Amount $1,000 □ Ship to--------------------------------------------------------------- □ Certificates of Indebtedness to be transferred by wire to $5,000 $10,000 $100,000 $1,000,000 (State whether free delivery or against funds) Time Stamp For use of Federal Reserve Bank TOTAL $ □ This is an original subscription. □ This is a confirmation (Name of Subscriber) By....................... ................................. (President-Cashier) (Address) Dated. (Over) LIST OF SUBSCRIBERS NAME OF SUBSCRIBER ADDRESS AMOUNT *. . , • TOTAL $ SERIAL NUMBERS OF TREASURY NOTES OF SERIES D-I946 SURRENDERED All coupons should be detached from the surrendered notes. 1,000’s 5,000’s 10,000’s 100,000’s 1,000,000’s
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