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FEDERAL RESERVE BANK OF 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, September 1, 1951 EXCHANGE OFFERING To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: There is reproduced herein Treasury Department Circular No. 892, dated September 4, 1951, in which the Secretary of the Treasury offers 1% percent Treasury Certificates of Indebt edness of Series C-1952, on an exchange basis, par for par, in authorized denominations, to holders of 3 percent Treasury Bonds of 1951-55 (dated September 15, 1931) in the amount of $755,429,000, called for redemption on September 15, 1951. Cash subscriptions will not be received. The certificates now offered will be dated September 15, 1951, and will bear interest from that date at the rate of one and seven-eighths percent per annum, payable with the principal at maturity on August 15, 1952. 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 issue of called bonds is out standing in denominations lower than $1,000, exchange may be made only in amounts or multiples of $1,000 in the aggregate since this is the lowest denomination in which the certifi cates will be available. The books for the receipt of subscriptions to this exchange offering will be opened on Tuesday, September 4, 1951. Subject to the usual reservations, 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 bonds. Final interest due September 15 on the called bonds surrendered will be paid, in the case of coupon bonds, by payment of the September 15, 1951, coupons, which should be detached by holders before presentation of 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 forms; 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 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 7. No further closing announcement will be made. Subscriptions addressed to a Federal Reserve bank or branch or to the Treasury Depart ment and placed in the mail before midnight September 7, 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) UNITED STATES OF AMERICA O N E A N D S E V E N -E IG H T H S P E R C E N T T R E A S U R Y CER 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 C - I 9 5 2 Due August 15, 1952 Dated and bearing interest from September 15, 1951 1951 Department Circular No. 892 TREASURY DEPARTMENT Office of the Secretary Washington, September 4, 1951 Fiscal Service Bureau of the Public Debt I. OFFERING OF CERTIFICATES 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 cer tificates of indebtedness of the United States, designated 1% percent Treasury Certificates of Indebtedness of Series C-1952, in exchange for 3 percent Treasury Bonds of 1951-55, dated September 15, 1931, due September 15, 1955, called for redemption September 15, 1951. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated September 15, 1951, and will bear interest from that date at the rate of 1% percent per annum, payable with the principal at maturity on August 15, 1952. They will not be subject to call for redemption prior to maturity. 2. The income derived from the certificates shall be subject to all taxes, now or hereafter imposed under the Internal Revenue Code, or laws amendatory or supplementary thereto. The certificates 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 certificates will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer certificates will be issued in denominations of $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 subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States certificates. 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 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 certificates 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 certificates allotted hereunder must be made on or before Sep tember 15, 1951, or on later allotment, and may be made only in Treasury Bonds of 1951-55, called for redemption September 15, 1951, which will be accepted at par, and should accompany the subscription. Final interest due September 15 on the called bonds surrendered will be paid, in the case of coupon bonds, by payment of the September 15, 1951, 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. ASSIGNMENT OF REGISTERED BONDS 1. Treasury Bonds of 1951-55 in registered form tendered in payment for certifi cates offered hereunder should be assigned by the registered payees or assignees thereof to “ The Secretary of the Treasury for exchange for Treasury Certificates of Indebtedness of Series C-1952 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 subscriptions 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. VI. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve Banks are authorized and re quested to receive subscriptions, to make allotments on the basis and up to the amounts indi cated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Dis tricts, to issue allotment notices, to receive payment for certificates allotted, to make delivery of certificates on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive certificates. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe sup plemental or amendatory rules and regulations governing the offering, which will be com municated promptly to the Federal Reserve Banks. JOHN W. SNYDER, Secretary of the Treasury. EXCHANGE SUBSCRIPTION l 7/s % CERTIFICATES OF INDEBTEDNESS, SERIES C-1952 Dated September 15, 1951 Due August 15, 1952 In Exchange For 3% TREASURY BONDS OF 1951-55 For Use of Federal Reserve Bank To: □ Federal Reserve Bank, Dallas 13, Texas O Federal Reserve Bank Branch, El Paso, Texas □ Federal Reserve Bank Branch, Houston 1, Texas □ Federal Reserve Bank Branch, San Antonio 6, Texas Number________________ Amount $__________ I__ Pursuant to the provisions of Treasury Department Circular No. 892, dated September 4, 1951, the under signed hereby subscribes for $_______________1% % United States Treasury Certificates of Indebtedness, Series C-1952, dated September 15,1951, maturing August 15,1952, and tenders the following securities in payment: THE AGGREGATE AMOUNT OF THIS SUBSCRIPTION MUST BE IN MULTIPLES OF $1,000 3% COUPON TREASURY BONDS of 1951-55 called for redemption September 15, 1951 (Coupons maturing March 15, 1952, and all subsequent coupons should be attached to bonds surrendered)___________________________ _______________________________________ $______________ 3% REGISTERED TREASURY BONDS of 1951-55, called for redemption September 15, 1951 $_____________ Final interest due September 15, 1951, on the called registered bonds will be paid by check drawn in accordance with the assignments on the bonds surrendered. Serial numbers of the maturing securities tendered should be listed on the reverse side and should be sur rendered with this subscription. If maturing securities are not tendered with this subscription, please attach a letter giving complete information regarding their location and approximate date of surrender. 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 banka for own account only) □ Pledge to Secure Treasury Tax and Loan Account Number of Pieces DO NOT USE THIS COLUMN At Amount (Allotted 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) Dated............................................................................................................. (Over) PLEASE FILL IN THE FORM BELOW WHICH WILL BE RETURNED TO YOU AS AN ACKNOWLEDGMENT OF YOUR SUBSCRIPTION This acknowledges your exchange subscription for $________________ United States Treasury Certificates >f Indebtedness, Series C-1952, dated September 15, 1951, maturing August 15, 1952. The Federal Reserve Bank or Branch will acknowledge by stamping below. MAIL TO Name Address LIST OF SUBSCRIBERS AMOUNT ADDRESS NAME OF SUBSCRIBER TOTAL $ SERIAL NUMBERS OF 3 % COUPON TREASURY BONDS OF 1951-55 SURRENDERED Coupons due March 15, 1952, and all subsequent coupons should be attached. 50’s 100’s 500’s 5,000’s 1,000’s 10,000’s 100,000’s 3% REGISTERED TREASURY BONDS OF 1951-55 SURRENDERED N AM E APPEARING ON FACE OF SECURITIES SERIAL NUMBER OF SECURITIES NUMBER OF PIECES AND DENOMINATION @ @ @ @ PAR V A L U E
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