The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF DALLAS F I S 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, January 30, 1953 EXCHANGE OFFERING To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: The press statement concerning the 2^4 percent Treasury Certificates of Indebtedness of Series A-1954 and 2^2 percent Treasury Bonds of 1958 offered in exchange for 1% percent Treasury Certificates of Indebtedness of Series A-1953 maturing February 15, 1953, is repro duced on the reverse hereof. Treasury Department Circulars Nos. 919 and 920 which govern the offering, together with a supply of subscription forms are enclosed. Additional circulars and forms will be forwarded upon request. Cash subscriptions will not be received. The books for the receipt of subscriptions for this offering will be opened on Monday, February 2, 1953, and subscriptions will be received at this bank and its branches at El Paso, Houston, and San Antonio. Subscriptions should be submitted on the enclosed forms with the surrender of the matur ing certificates. The full amount of interest due on the maturing certificates will be paid to subscribers following acceptance of the maturing certificates. Subject to the usual reservations, all subscriptions will be allotted in full. It is urged that subscriptions be entered on the subscription forms; however, when it is necessary to enter a subscription by letter or otherwise, a confirmation should be furnished on an official subscription form as soon as received. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business, Thursday, February 5. No further closing announcement will be made. Subscriptions addressed to a Federal Reserve bank or branch or to the Treasury Depart ment and placed in the mail before midnight February 5, 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) TREASURY DEPARTMENT Washington Release, morning newspapers, Monday, February 2, 1953. Secretary of the Treasury Humphrey today announced the details of the offering, through the Federal Reserve Banks, of 2% percent Treasury Certificates of Indebtedness of Series A-1954 and 2Y2 percent Treasury Bonds of 1958, open on an exchange basis, par for par, to holders of 1% percent Treasury Certificates of Indebtedness of Series A-1953, maturing Febru ary 15, 1953, in the amount of $8,867,962,000. Cash subscriptions will not be received. The certificates now offered will be dated February 15, 1953, and will bear interest from that date at the rate of 2% percent per annum, payable with the principal at maturity on February 15, 1954. They will be issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The bonds now offered will be dated February 15, 1953, and will bear interest from that date at the rate of 2^/2 percent per annum, payable on a semiannual basis on June 15 and December 15 in each year until the principal amount becomes payable. They will mature December 15, 1958, and will not be subject to call for redemption prior to maturity. Bearer bonds with interest coupons attached and bonds registered as to principal and interest will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Pursuant to the provisions of the Public Debt Act of 1941, as amended, interest upon the securities now offered shall not have any exemption, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The full provisions relating to taxability are set forth in the official circulars released today. Subscriptions for both issues will be received at the Federal Reserve Banks and Branches, and at the Treasury Department, Washington. Subscriptions for the new securities should be accompanied by the certificates to be exchanged. The subscription books will close for the receipt of all subscriptions to both issues at the close of business Thursday, February 5. Subscriptions addressed to a Federal Reserve Bank or Branch, or to the Treasury Depart ment, and placed in the mail before midnight February 5, will be considered as having been entered before the close of the subscription books. UNITED STATES OF AMERICA T W O A N D O N E -F O U R T H P E R C E N T T R E A S U R Y C E R T IF IC A T E S O F IN D E B T E D N E S S O F S E R IE S A - I 9 5 4 Dated and bearing interest from February 15, 1953 1953 Department Circular No. 919 Due February 15, 1954 TR EA SU R Y DEPARTMENT Office of the Secretary Washington, February 2, 1953 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 2*4 percent Treasury Certificates of Indebtedness of Series A-1954, in exchange for 1% percent Treasury Certificates of Indebtedness of Series A-1953, maturing February 15, 1953. The amount of the offering under this circular will be limited to the amount of maturing certificates tendered in exchange and accepted. 2. In addition to the offering under this circular, holders of the maturing certificates are offered the privilege of exchanging all or any part of such certificates for 21/2% Treasury Bonds of 1958, which offering is set forth in Department Circular No. 920, issued simultaneously with this circular. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated February 15, 1953, and will bear interest from that date at the rate of 214 percent per annum, payable with the principal at maturity on February 15, 1954. They will not be subject to call for redemption prior to maturity. 2. The income derived from the certificates shall be subject to all taxes, now or hereafter imposed under the Internal Revenue Code, or laws amendatory or supplementary thereto. 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 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, 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 16, 1953, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series A-1953, maturing February 15, 1953, which will be accepted at par, and should accompany the subscription. The full amount of interest due on the certificates surrendered will be paid fol lowing acceptance of the certificates. 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 full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive cer tificates. 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. G. M. HUMPHREY, Secretary of the Treasury. UNITED STATES OF AMERICA T W O A N D O N E -H A L F P E R C E N T T R E A S U R Y B O N D S O F 1 9 5 8 Dated and bearing interest from February 15, 1953 Due December 15, 1958 Interest Payable June 15 and December 15 1953 Department Circular No. 920 TREASU RY DEPARTMENT Office o f the Secretary Washington, February 2,1953 Fiscal Service Bureau of the Public Debt I. OFFERING OF BONDS 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 bonds of the United States, designated 2 V2 percent Treasury Bonds of 1958, in exchange for 1% percent Treasury Certificates of Indebtedness of Series A-1953, maturing February 15, 1958. The amount of the offering under this circular will be limited to the amount of maturing certificates tendered in exchange and accepted. 2. In addition to the offering under this circular, holders of the maturing certificates are offered the privilege of exchanging all or any part of such certificates for 2 14 % Treasury Certificates of Indebtedness of Series A-1954, which offering is set forth in Department Cir cular No. 919, issued simultaneously with this circular. II. DESCRIPTION OF BONDS 1. The bonds will be dated February 15, 1958, and will bear interest from that date at the rate of 2V& percent per annum, payable on a semiannual basis on June 15 and December 15 in each year until the principal amount becomes payable. They will mature December 15, 1958, and will not be subject to call for redemption prior to maturity. 2. The income derived from the bonds shall be subject to all taxes now or hereafter imposed under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bonds 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 bonds will be acceptable to secure deposits of public moneys. 4. Bearer bonds with interest coupons attached, and bonds registered as to principal and interest, will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision will be made for the interchange of bonds of different denominations and of coupon and registered bonds, and for the transfer of registered bonds, under rules and regulations prescribed by the Secretary of the Treasury. 5. The bonds will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds. 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 bonds 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 bonds allotted hereunder must be made on or before February 16, 1958, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series A-1958, maturing February 15, 1953, which will be accepted at par, and should accompany the subscription. The full amount of interest due on the certificates surrendered will be paid to the subscriber following acceptance of the certificates. 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 respec tive Districts, to issue allotment notices, to receive payment for bonds allotted, to make deliv ery of bonds on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive bonds. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe sup plemental or amendatory rules and regulations governing the offering, which will be com municated promptly to the Federal Reserve Banks. G. M. HUMPHREY, Secretary of the Treasury.
@FedFRASER