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FEDERAL RESERVE BANK OF DALLAS
F IS C A L A G E N T O F TH E U N ITE D ST A T E S

Dallas, Texas, August 21, 1958

To all Sayings Bond Issuing and Paying Agents
in the Eleventh Federal Reserve District:
This bank’s circular letter of August 18,1958, quoted a press statement by the Treasury Department
relative to the reinvestment of proceeds of maturing Series F and Series G savings bonds owned by
individuals (and personal trust estates) which mature on and after September 1, 1958.
There is quoted below another statement issued by the Treasury Department which outlines the
procedure to be followed in submitting maturing Series F and G savings bonds to this bank:

PURCHASE OF SERIES E OR H SAVINGS BONDS WITH PROCEEDS OF MATURING
SERIES F AND G SAVINGS BONDS
“ This privilege is limited to Series F and G bonds maturing on or after September 1, 1958,
owned by individuals or personal trust estates. Individuals includes only natural persons and the
legal representatives of minors, incompetents, and absentees. Personal trust estates is defined
in Sec. 315.2 (k) of Department Circular 530, Eighth Revision.
“ The maturing Series F or G bonds must be presented to a Federal Reserve Bank or Branch
or the Treasurer of the United States. Paying agents, even those qualified under Department
Circular 888, Revised, may not handle these transactions. They may, however, forward bonds,
for the owner, to a Federal Reserve Bank or Branch. The maturing bonds should be accompanied
by an application or applications indicating the amount of the proceeds to be applied to the
purchase o f Series E or H bonds, indicating the denominations and registration desired.
“ The Series E or H bonds may be issued in any authorized form of registration, provided
the presenting owner of the Series F or G bonds is named as owner or coowner of the Series
E or H bonds.
“ The Series E or H bonds may be in any authorized denomination so long as the total
purchase price of the bonds issued does not exceed the total maturity value of and final interest
payable on the bonds presented. Any balance due on bonds presented will be paid by the Federal
Reserve Bank in the usual manner to the owner presenting the bonds. Bonds issued under this
offer are not to be used in computing the amount held by any person subject to the annual
limitation.
“ Bonds issued will be dated as of the first day of the month in which the Series F or G
bonds are received by a Federal Reserve Bank or Branch or the Treasurer of the United States
or the date of their maturity, whichever is later. If bonds of different maturity dates are
presented for purchase of one bond, the last maturity date on the bonds presented will deter­
mine the earliest date as of which the new bond may be issued.”
Any maturing bonds that are to be exchanged for new bonds should be submitted to this bank
twenty to thirty days in advance of their maturity dates. The bonds, with requests for payment properly
signed and certified, should be accompanied by an application form indicating the number, denomination,
and disposition to be made of the new bonds.
Yours very truly,
Watrous H. Irons
President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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