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FE D E R A L R E SE R V E BANK O F D ALLAS 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, September 1,1950 EXCHANGE OFFERING To All Ranking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: There is reproduced herein Treasury Department Circular No. 869, dated September 5, 1950, in which the Secretary of the Treasury offers 1^4 percent Treasury Notes of Series F-1951, on an exchange basis, par for par, in authorized denominations to holders of 1*4 percent Treasury Certificates of Indebtedness of Series G-1950, maturing September 15, 1950, in the amount of $1,196,794,000, or 2 percent Treasury Bonds of 1950-52 (dated April 15, 1943) in the amount of $4,939,257,000 or 2^4 percent Treasury Bonds of 1950-52 (dated September 15, 1938) in the amount of $1,185,841,200, both called for redemption on September 15, 1950. Cash subscriptions will not be received. The new notes will be dated September 15, 1950, and will bear interest from that date at the rate of 1*4 percent per annum, payable with the principal at maturity on October 15, 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. Although the two issues of the called bonds are outstanding in denominations lower than $1,000, exchanges may be made only in amounts or multiples of $1,000 in the aggregate, since this is the lowest denomina tion in which the new notes will be available. The books for the receipt of subscriptions to this exchange offering will be opened on Tuesday, September 5, 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 forms, with surrender of the called or maturing securities. The full year’s interest on the certificates surrendered will be paid to the subscriber following acceptance of the certificates. Final interest due September 15 on bonds surrendered will be paid, in the case of coupon bonds, by payment of September 15, 1950, coupons, which should be detached by holders before presentation of the bonds, and in the case of registered bonds, by checks drawn in accordance with the assignments on the bonds surrendered. It is urged that subscriptions be entered on the subscription form s; however, when it is neces sary to enter a subscription by letter or otherwise, a confirmation should be furnished on an official subscription form as soon as received. Additional subscription forms will be forwarded on request. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business Friday, September 8. 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 September 8, 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 O N E A N D O N E -FO U R T H PE R C E N T T R E A SU R Y N O T E S O F S E R IE S F -I9 5 1 Dated and bearing interest from September 15, 1950 1950 Department Circular No. 869 Due October 15, 1951 TREASURY DEPARTMENT Office of the Secretary Washington, September 5, 1950 Fiscal Service Bureau of the Public Debt 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 F-1951, in payment of which any of the following listed Treasury securities, singly or in combinations aggregating $1,000 or multiples thereof, may be tendered: Treasury Certificates of Indebtedness: IY q percent certificates, Series G-1950, dated September 15, 1949, maturing Septem ber 15, 1950. Treasury Bonds: 2 percent bonds of 1950-52, dated April 15, 1943, due September 15, 1952, called for redemption September 15, 1950, 21/2 percent bonds of 1950-52, dated September 15, 1938, due September 15, 1952, called for redemption September 15, 1950. II. DESCRIPTION OF NOTES 1. The notes will be dated September 15, 1950, and will bear interest from that date at the rate of 1*4 percent per annum, payable with the principal at maturity on October 15, 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 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 notes 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 notes allotted hereunder must be made on or before September 15, 1950, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series G-1950, maturing September 15, 1950, or in 2 percent Treasury Bonds of 1950-52 or 2 14 percent Treasury Bonds of 1950-52, both called for redemption September 15, 1950, which will be accepted at par, and should accompany the subscription. The full year’s interest on the certificates surren dered will be paid to the subscriber following acceptance of the certificates. Final interest due September 15 on bonds surrendered will be paid, in the case of coupon bonds, by payment of Sep tember 15, 1950, coupons, which should be detached by holders before presentation of the bonds, and in the case of registered bonds, by checks drawn in accordance with the assignments on the bonds surrendered. V. A S S IG N M E N T OF R E G IS T E R E D B O N D S 1. 2 percent Treasury Bonds of 1950-52 or 21/2 percent Treasury Bonds of 1950-52 in registered form tendered in payment for notes offered hereunder should be assigned by the registered payees or assignees thereof to “The Secretary of the Treasury for exchange for Treasury Notes of Series F-1951 to be delivered to.........................................”, in accordance with the general regulations of the Treasury Department governing assignments for transfer or exchange, and thereafter should be presented and surrendered with the subscription to a Federal Reserve Bank or Branch or to the Treasury Department, Division of Loans and Currency, Washington, D. C. The bonds must be delivered at the expense and risk of the holders. V I. G E N E R A L PR O V ISIO N S 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 sub scriptions 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 supple mental 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. r EXCHANGE OFFERING SUBSCRIPTION FOR 1-1/4% United States Treasury Notes SERIES F-1951 Dated September 15, 1950 Due October 15, 1951 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 For Use of Federal Reserve Bank Number................................... Amount $....................... ....... Pursuant to the provisions of Treasury Department Circular No. 869, dated September 5, 1950, the under signed hereby subscribes for $__ ______ ____, 1 1 4 % United States Treasury Notes, Series F-1951, dated Septem ber 15, 1950, maturing October 15, 1951, and tenders the following securities in payment: lYs % Certificates of Indebtedness, Series G-1950, maturing September 15, 1950............................ $............................. Disposition of proceeds of accrued interest on the maturing Certificates: □ Credit our Reserve Account Q 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 regarding 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 O Hold in Custody Account (A llotted to member banks for own account only) O Pledge to Secure Treasury Tax and Loan Account Number of Pieces DO NOT U SE THIS COLUMN At Amount (A llotted to qualified banks for own account only) $1,000 □ Ship to_______________________________________ $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) (Over) PLEASE FILL IN THE FORM BELOW WHICH WILL BE RETURNED TO YOU AS AN ACKNOWLEDGMENT OF YOUR SUBSCRIPTION Pveceipt is acknowledged of exchange subscription for $------Series F-1951, dated September 15, 1950, maturing October 15, 1951. -United States Treasury Notes of The Federal Reserve Bank or Branch will acknowledge by stamping below. jVlAlL fO ^ Name Address LIST O F SUBSCRIBERS , NAME OF SUBSCRIBER AMOUNT ADDRESS TOTAL $ SERIAL NUMBERS OF TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES G-1950 SURRENDERED Please indicate disposition to be made of accrued interest in space provided on reverse side. EXCHANGE OFFERING SUBSCRIPTION FOR 1-1/4% United States Treasury Notes SERIES F-:951 Dated September 15, 1950 Due October 15, 1951 To: ^ , _ For Use of □ Federal Reserve Bank, Dallas 13, Texas Federal Reserve Bank □ Federal Reserve Bank Branch, El Paso, Texas □ Federal Reserve Bank Branch, Houston 1, Texas Number.................................. □ Federal Reserve Bank Branch, San Antonio 6, Texas Amount $............................ . Pursuant to the provisions of Treasury Department Circular No. 869, dated September 5, 1950, the under signed hereby subscribes for $.... . ..., 1 1 4 % United States Treasury Notes, Series F-1951, dated Septem ber 15, 1950, maturing October 15, 1951, and tenders the following securities in payment: THE AGGREGATE AMOUNT OF THIS SUBSCRIPTION MUST BE IN MULTIPLES OF $1,000 2% COUPON TREASURY BONDS of 1950-52 (dated April 15, 1943) called for redemption September 15, 1950. (Coupons dated March 15, 1951, to be attached to bonds surrendered) ............. .................. 2% REGISTERED Treasury Bonds of 1950-52 (dated April 15, 1943) called for redemption September 15, 1950._______________ _______________ _____________________ ________ ____$.................................. 21/2% COUPON TREASURY BONDS of 1950-52 (dated September 15, 1938) called for re demption September 15, 1950. (Coupons dated March 15, 1951, to be attached to bonds surren dered) _____ ____________ ________ ____________________________ _____________________ g.................................. 21/2% REGISTERED Treasury Bonds of 1950-52 (dated September 15, 1938) called, for re demption September 15, 1950 . . ..... .. ______ ___ .... _____.......................... ................ _$................................. Serial numbers of the called securities tendered should be listed on the reverse side. The called securities should be surrendered with this subscription. f called securities are not tendered with this subscription, please attach a letter giving complete information regarding 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 (A llotted to member banks for own account only) Number of Pieces □ Pledge to Secure Treasury Tax and Loan Account DO NOT U SE THIS COLUMN At Amount (A llotted to qualified banks for own account only) $1,000 □ Ship to________________________________________ $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 of Federal Reserve Bank (Name of Subscriber) By. (Authorized Signature) (Address) (Over) PLEASE FILL IN THE FORM BELOW WHICH WILL BE RETURNED TO YOU AS AN ACKNOWLEDGMENT OF YOUR SUBSCRIPTION Receipt is acknowledged of exchange subscription for $-— ---------------------- United States Treasury Notes of ’eries F-1951, dated September 15, 1950, maturing October 15, 1951. The Federal Reserve Bank or Branch will acknowledge by stamping below. pO Name Address LIST OF SUBSCRIBERS AMOUNT ADDRESS NAME OF SUBSCRIBER TOTAL $ SERIAL NUMBERS OF 2% COUPON TREASURY BONDS OF 1950-52 SURRENDERED Coupons due 3-15-51 and all subsequent should be attached. 500’s 1,000’s 5,000’s 1,000,000’s 100,000’s 10,000’s 2% REGISTERED TREASURY BONDS OF 1950-52 SURRENDERED NA M E APPEA R IN G ON FACE OF SECURITIES SERIAL NUM BER OF SECURITIES NUM BER OF PIECES AND DENOM INATION @ PA R V A LU E § @ @ @ 2 1/ 2 % 50’s COUPON TREASURY BONDS OF 1950-52 SURRENDERED Coupons due 3-15-51 and all subsequent should be attached. 100’s 500’s 1,000’s 5,000’s 10,000’s 100,000’s 1,000,000’s 2 1/2% REGISTERED TREASURY BONDS OF 1950-52 SURRENDERED NA M E APPEA R IN G ON FACE OF SECURITIES SERIAL NUM BER OF SECURITIES NUMBER OF PIECES AND DENOM INATION @ @ @ @ PA R VALUE $
@FedFRASER