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FED ER AL RESERVE BANK O F DALLAS 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, May 19, 1950 EXCHANGE OFFERING 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. 866, in which the Secretary of the Treasury offers V /i percent Treasury Notes of Series D-1951, on an exchange basis, par for par, to holders of Treasury Certificates of Indebtedness of Series E-1950, in the amount of $5,018,788,000, which will mature on June 1, 1950. Cash subscriptions will not be received. The new notes will be dated June 1, 1950, and will bear interest from that date at the rate of 1% percent per annum, payable with the principal at maturity on July 1, 1951. They will not be subject to call for redemption prior to maturity. They will be issued in bearer form only, 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 Monday, May 22, 1950. All timely subscriptions will be allotted in full. 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, with surrender of the matur ing certificates. It is urged that subscriptions be entered on the subscription form s; 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 the forms are received. Additional subscription forms will be forwarded on request. CLOSING OF THE SUBSCRIPTION BOOKS The subscription books will close for the receipt of all subscriptions at the close of business Thursday, May 25. 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 closing day 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) U N IT E D S T A T E S O F A M E R IC A ONE AND O N E -F O U R T H P E R C E N T T R E A S U R Y N O T E S O F S E R IE S D -1 9 5 1 Dated and bearing interest from June 1, 1950 1950 Department Circular No. 866 Fiscal Service Bureau of the Public Debt Due July 1, 1951 TREASURY DEPARTMENT Office of the Secretary Washington, May 22, 1950 I. OFFERING OF NOTES 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 notes of the United States, designated 1*4 percent Treasury Notes of Series D-1951, in exchange for Treasury Certificates of Indebtedness of Series E-195Q, maturing June 1, 1950. II. DESCRIPTION OF NOTES 1. The notes will be dated June 1, 1950, and will bear interest from that date at the rate of 114 percent per annum, payable with the principal at maturity on July 1, 1951. They will not be subject to call for redemption prior to maturity. 2. The income derived from the notes shall be subject to all taxes now or hereafter imposed under the Internal Revenue Code, or laws amendatory or supplementary thereto. The notes 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 notes will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer notes will be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The notes will not be issued in registered form. 5. The notes will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States notes. 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 notes applied for, and to close the books as to any or all sub scriptions 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 notes allotted hereunder must be made on or before June 1, 1950, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series E-1950, maturing June 1, 1950, which will be accepted at par, and should accompany the subscription. The full year’s interest 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 respective Districts, to issue allot ment notices, to receive payment for notes allotted, to make delivery of notes on full-paid subscrip tions allotted, and they may issue interim receipts pending delivery of the definitive notes. 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. JOHN W. SNYDER, Secretary of the Treasury EXCHANGE OFFERING SUBSCRIPTION FOR 1-1/4% United States Treasury Notes SERIES D-1951 Dated June 1,1950 Due July 1, 1951 For Use of Federal Reserve Bank 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 Number............................. Amount $...................... Pursuant to the provisions of Treasury Department Circular No. 866, dated May 22, 1950, the undersigned hereby subscribes for $---------------------, 1*4% United States Treasury Notes, Series D-1951, dated June 1, 1950, maturing July 1, 1951, and tenders the following securities in payment: 1 1 4 % Certificates of Indebtedness, Series E-1950, maturing June 1, 1950__________________ $_________________ Disposition of proceeds of accrued interest on the maturing Certificates: □ Credit our Reserve Account □ Remit to the undersigned □ Otherwise (Give disposition)______________________ Serial numbers of the maturing securities tendered should be listed on the reverse side. The maturing securi ties should be surrendered with this subscription. If maturing securities are not tendered with this subscription, please attach a letter giving complete information igarding the location and approximate date of surrender of the securities. INSTRUCTIONS FOR DELIVERY OF NEW SECURITIES SCHEDULE FOR ISSUE OF SECURITIES Issued in Bearer Form Only. Fill in Number of Pieces By Denomination □ Hold in Custody Account (Allotted to member banks for own account only) Number of Pieces O Pledge to Secure Treasury Tax and Loan Account DO NOT USE THIS COLUMN At Amount (Allotted to qualified banks for own account only) □ Ship to---------------------------------------------------------------- $1,000 $5,000 $10,000 $100,000 $1,000,000 □ Securities to be transferred by wire to (State whether free delivery or against funds) TOTAL □ This is an original subscription □ This is a confirmation Time Stamp For use o f Federal Reserve Bank (Name of Subscriber) By............................................................... (Authorized Signature) (Address) Dated. (Over) LIST OF SUBSCRIBERS NAME OF SUBSCRIBER AMOUNT ADDRESS TOTAL $ SERIAL NUMBERS OF TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1950 SURRENDERED
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