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FE D E R AL RE SE R V E B A N K O F D A L L A S F IS C A L A G E N T O F THE U N ITED ST A T E S D allas, T exas, J u ly 13, 1951 E X C H A N G E O FFER IN G To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: T h ere is rep rodu ced on th e rev erse side h e r e o f T re a su ry D ep artm en t C ircu lar N o. 891 in w h ich th e S ecreta ry o f th e T rea su ry o ffers 1 % p ercen t T rea su ry C ertificates o f In d ebt edness o f S eries B -1952, on an ex ch a n g e b asis, p ar f o r par, to h old ers o f 1^4 p ercen t T rea su ry N otes o f S eries E -1951, in am ou n t o f $5,351,142,000, w h ich w ill m a tu re on A u g u st 1, 1951. Cash su bscrip tion s w ill n ot b e received. T h e n ew certifica tes w ill be dated A u g u st 1, 1951, and w ill b e a r in terest fr o m th a t date at th e ra te o f 1 % p ercen t p er annum , p aya b le w ith th e princip al a t m a tu rity on July 1, 1952. T h e y w ill be issued in b ea rer fo r m on ly in denom in ation s o f $1,000, $5,000, $10,000, $100,000 and $1,000,000. T h e b ook s f o r th e receip t o f su bscrip tion s to th is exch an ge o ffe rin g w ill be opened M on day, J u ly 16, 1951. A ll tim ely su bscrip tion s w ill be a llotted in fu ll. S u bscrip tion s will be receiv ed a t this bank and its bran ch es at E l P aso, H ou ston and San A n to n io , and should be su b m itted on th e enclosed fo rm , w ith su rren d er o f th e m a tu r in g notes. It is u rg ed th a t su bscrip tion s be en tered on th e su bscrip tion fo r m s ; h ow ever, w hen it is n ecessa ry to enter a su b scrip tion b y letter or oth erw ise, a con firm ation should be f u r n ished on an official su b scrip tion fo r m as soon as th e fo rm s are received. A d d ition a l su b scrip tion fo r m s will be fo rw a rd e d on requ est. CLOSING OF SUBSCRIPTION BOOKS T h e su bscrip tion b ook s w ill close f o r th e re ce ip t o f all su bscrip tion s a t th e close o f business T h u rsd ay , J u ly 19. No further closing announcement will be made. S u bscription s addressed to a F ed era l R eserve ban k or b ran ch o r to th e T reasu ry D ep artm en t and placed in th e m ail b e fo r e m id n ig h t o f th e closin g d a y w ill be considered as h av in g been entered b e fo r e th e close o f the su bscrip tion books. Y o u rs v e r y tru ly , R . R . G IL B E R T President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) UNITED S T A T E S O F AM E R IC A O N E A N D SE V E N -E IG H T H S 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 SS O F SE R IE S B -1 9 5 2 Dated and bearing interest from August 1, 1951 1951 Department Circular No. 891 Due July 1, 1952 TREASURY DEPARTMENT Office of the Secretary Washington, July 16, 1951 Fiscal Service Bureau of the Public Debt I. O FFE R IN G OF C E R TIFICATES 1. The Secretary o f the Treasury, pursuant to the authority o f the Second L iberty Bond A ct, as amended, invites subscriptions, at par, from the people o f the United States fo r certificates o f indebted ness o f the United States, designated 1 % percent Treasury Certificates o f Indebtedness o f Series B-1952, in exchange fo r Treasury Notes o f Series E-1951, m aturing A ugust 1, 1951. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated A ugust 1, 1951, and will bear interest from that date at the rate o f 1 % percent per annum, payable with the principal at m aturity on July 1, 1952. They will not be su b ject to call fo r redem ption prior to m aturity. 2. The incom e derived from the certificates shall be subject to all taxes, now or hereafter im posed under the Internal Revenue Code, or laws am endatory or supplementary thereto. The certificates shall be subject to estate, inheritance, g ift or other excise taxes, whether Federal or State, but shall be exem pt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any o f the possessions o f the United States, or by any local taxing authority. 3. The certificates will be acceptable to secure deposits o f public moneys. They will not be acceptable in paym ent o f taxes. 4. Bearer certificates will be issued in denominations o f $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 su bject to the general regulations o f the Treasury Department, now or hereafter prescribed, governing United States certificates. III. SU BSCRIPTION A N D ALLO TM E N T 1. Subscriptions will be received at the Federal Reserve banks and branches and at the T reasury Department, W ashington. Banking institutions generally m ay submit subscriptions fo r account o f cus tomers, but only the Federal R eserve banks and the Treasury Departm ent are authorized to act as official agencies. 2. The Secretary o f the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount o f certificates applied for, and to close the books as to any or all subscrip tions at any tim e w ithout n otice; and any action he m ay take in these respects shall be final. S u bject to these reservations, all subscriptions will be allotted in full. Allotm ent notices will be sent out prom ptly upon allotment. IV. P A Y M E N T 1. Paym ent at par fo r certificates allotted hereunder must be made on or before A ugust 1, 1951, or on later allotment, and m ay be made only in Treasury N otes o f Series E-1951, maturing A ugust 1, 1951, which will be accepted at par, and should accom pany the subscription. The full amount o f interest due on the notes surrendered will be paid follow ing acceptance o f the notes. V. G E N E R A L PROVISIONS 1. A s fiscal agents o f 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 o f the Treasury to the Federal R eserve banks o f the respective districts, to issue allotment notices, to receive paym ent fo r certificates allotted, to make delivery o f certificates on full-paid subscriptions allotted, and they m ay issue interim receipts pending delivery o f the definitive certificates. 2. The Secretary o f the Treasury m ay at any time, or from time to time, prescribe supplemental or am endatory rules and regulations governing the offering, which will be communicated prom ptly to the Federal R eserve banks. JOHN W . SN Y D E R , Secretary o f the T reasury.
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