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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 15,1951 E X C H A N G E OFFERIN G To A ll Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve D istrict: There is reproduced on the reverse side hereof Treasury Departm ent Circular No. 893, dated September 18, 1951, in which the Secretary o f the Treasury offers 1 % percent Treasury Certificates o f Indebtedness o f Series D-1952, on an exchange basis, par fo r par, to holders o f 11/4 percent Treasury N otes o f Series A-1951, in the amount o f $1,918,367,000, which will mature on October 1, 1951. Cash subscriptions will not be received. The new certificates will be dated October 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 September 1, 1952. They will be issued in bearer form only, in denominations o f $1,000, $5,000, $10,000, $100,000 and $1,000,000. The books fo r the receipt o f subscriptions to this exchange offering will be opened on Tuesday, September 18, 1951. Subject to the usual reservations, all tim ely 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 subm itted on the enclosed form , with surrender o f the maturing notes. Final interest due October 1, on the notes surrendered will be paid by paym ent of October 1, 1951 coupons which should be detached b y holders before presentation o f the notes. It is urged that subscriptions be entered on the subscription fo rm 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 received. Additional subscription form s will be fo r warded on request. CLO SING OF TH E SU B SC R IPTIO N BOOKS The subscription books will close fo r the receipt o f all subscriptions at the close o f busi ness Friday, September 21. N o fu rth er 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 m idnight o f the closing day will be considered as having been entered before the close o f the subscription books. Yours very truly, R. R. G ILB 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 STATES OF AMERICA 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 D -1 9 5 2 Dated and bearing interest from O ctober 1, 1951 1951 Department Circular No. 893 Due September 1, 1952 TREASURY DEPARTMENT Office of the Secretary Washington, September 18, 1951 Fiscal Service Bureau o f the P ublic Debt I. O FFERIN G OF CERTIFICATES 1. The Secretary o f the Treasury, pursuant to the authority o f the Second Liberty Bond A ct, as amended, invites subscriptions, at par, from the people o f the United States fo r certificates o f indebtedness o f the United States, designated 1 % percent Treasury Certificates o f Indebtedness o f Series D-1952, in exchange fo r Treasury Notes o f Series A-1951, m aturing October 1, 1951. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated October 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 September 1, 1952. They will not be su bject to call fo r redem ption prior to maturity. 2. The incom e derived from the certificates shall be subject to all taxes, now or hereafter imposed under the Internal Revenue Code, or laws am endatory or supplementary thereto. The certificates shall be su bject 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 subject to the general regulations o f the Treasury Department, now or hereafter prescribed, governing United States certificates. III. SUBSCRIPTION A N D A LLO TM E N T 1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury Departm ent, W ashington. Banking institutions generally m ay subm it subscriptions fo r account o f custom ers, but only the Federal Reserve Banks and the Treasury Department are author ized 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 am ount o f certificates applied for, and to close the books as to any or all subscriptions at any time w ithout notice; and any action he m ay take in these respects shall be final. Subject to these reservations, all subscriptions will be allotted in full. Allotm ent notices will be sent out prom ptly upon allotment. IV. PAYM ENT 1. Paym ent at par fo r certificates allotted hereunder must be made on or before October 1, 1951, or on later allotment, and m ay be made only in Treasury N otes o f Series A-1951, maturing October 1, 1951, which will be accepted at par, and should accom pany the subscription. 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 Reserve Banks o f the respective D istricts, to issue allot ment notices, to receive paym ent fo r certificates allotted, to make delivery o f certificates on fullpaid 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 supple mental or am endatory rules and regulations governing the offering, which will be communicated prom ptly to the Federal Reserve Banks. JOHN W. SN Y D E R Secretary o f the Treasury.
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