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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, June 21,1945 EXCHANGE OF MATURING SAVINGS BONDS OF SERIES A FOR SAVINGS BONDS OF SERIES E To Incorporated Banks and Trust Companies in the Eleventh Federal Reserve District: In this bank’s circular letters of February 10 and 21, 1945, you were advised that individuals (natural persons) owning maturing United States Savings Bonds of Series A would have the privilege of exchanging their bonds for War Savings Bonds of Series E. It was also pointed out that Series E bonds, the entire issue of which is paid with the pro ceeds o f maturing Series A bonds during the month in which the latter mature, would not be subject to the limitation on holdings of Series E bonds acquired on original issue. The Treasury Department has now modified the rule requiring the exchange to be made in the month in which the Series A bonds mature. Under the amended ruling, Series E bonds purchased with the proceeds of redemption of Series A bonds, during and after the month in which Series A bonds mature, will be exempt from the limitation on holdings prescribed for Series E bonds on original issue, provided that: (1) the redemption and purchase are concurrent, (2) the Series A bonds are presented by an individual owner in his own right, and (3) the E bonds issued are registered in his name in any authorized form. All Series E bonds so issued against the proceeds of Series A bonds must be dated as of the first day of the month in which the Series A bonds are presented, and the prescribed nota tion (EX-A35) must be made on all the original registration stubs. The Treasury Department has also made special provision so that servicemen now serving overseas or who, although in the United States, are not in a position to take advan tage of the above privilege at the time their Series A bonds mature, may purchase Series E bonds bearing the same issue month as the matured bonds of Series A presented in pay ment thereof, regardless of whether such Series A bonds are presented in the month of their maturity or subsequently. Exchanges under these circumstances may be made only at the Federal Reserve banks and each case should be referred to a Federal Reserve bank or appropriate branch with a full statement of the facts. 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)
@FedFRASER