The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FE D E R AL RESERVE B AN K O F D A L L A S FISCAL. AG E N T O F THE U N ITED STATES Dallas, Texas, N ovem ber 30, 1951 E X C H A N G E O FFERIN G T o A ll Banking Institutions, and Others Concerned, in the Eleventh Federal R eserve D istrict: There is reproduced herein Treasury Department Circular No. 897, dated Decem ber 3,1951, in which the Secretary o f the Treasury offers 1 % percent Treasury Certificates o f Indebtedness o f Series F-1952 on an exchange basis, par fo r par, in authorized denominations, to holders o f 21/4 percent Treasury Bonds o f 1951-53 (dated Decem ber 22, 1939) in the amount o f $1,118,051,100, called fo r redem ption on December 15, 1951. Cash subscriptions will not be received. The certificates now offered will be dated D ecem ber 15, 1951, and will bear interest from that date at the rate o f one and seven-eighths percent per annum, payable with the principal at m aturity on Decem ber 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. Although the issue o f called bonds is out standing in denominations lower than $1,000, exchange m ay be made only in amounts or m ulti ples o f $1,000 in the aggregate since this is the lowest denomination in which the certificates will be available. The books fo r the receipt o f subscriptions to this exchange offering will be opened on Monday, Decem ber 3, 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 A ntonio, and should be subm itted on the enclosed form s, with surrender o f the called bonds. Final interest due Decem ber 15 on the called bonds surrendered will be paid, in the case o f coupon bonds, by paym ent o f the Decem ber 15, 1951 coupons, which should be detached by holders before presentation o f bonds, and in the case o f registered bonds, by checks drawn in accordance with the assignm ents on the bonds surrendered. It is urged that subscriptions be entered on the subscription fo rm s; however, when it is necessary to enter a subscription b y letter or otherwise, a confirmation should be furnished on an official subscription form as soon as received. Additional subscription form s will be forw arded on request. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close o f business Thursday, D ecem ber 6. N o 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 m idnight D ecem ber 6, will be considered as having been entered before the close o f 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 ST A T E S O F A M ERICA 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 F -1 9 S 2 Dated and bearing interest from Decem ber 15, 1951 Due December 1, 1952 TREASU RY DEPARTMENT 1951 Department Circular No. 897 Office o f the Secretary Fiscal Service Bureau of the Public Debt W ashington, Decem ber 3, 1951 I. O FFE R IN G OF CERTIFICATES 1. The Secretary o f the Treasury, pursuant to the authority o f the Second Liberty Bond Act, as amended, invites subscriptions, at par, from the people o f the United States fo r certifi cates o f indebtedness o f the United States, designated 1 % percent Treasury Certificates of Indebtedness o f Series F-1952, in exchange fo r 2 1 4 percent Treasury Bonds o f 1951-53, dated Decem ber 22, 1939, due Decem ber 15, 1953, called fo r redem ption Decem ber 15, 1951. II. D ESCRIPTION OF CERTIFICATES 1. The certificates will be dated December 15, 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 December 1, 1952. T h ey will not be su bject to call fo r redemption prior to m aturity. 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 Fed eral or State, but shall be exem pt fro m all taxation now or hereafter imposed on the principal or interest th ereof b y 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 h ereafter 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 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 am ount o f certificates applied for, and to close the books as to any or all subscriptions at any tim e without n otice; 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. P A Y M E N T 1. Paym ent at par fo r certificates allotted hereunder must be made on or before Decem ber 15, 1951, or on later allotment, and m ay be made only in Treasury Bonds o f 1951-53, called fo r redem ption Decem ber 15, 1951, w hich will be accepted at par, and should accom pany the subscription. Final interest due Decem ber 15 on the called bonds surrendered will be paid, in the case o f coupon bonds, b y paym ent o f the Decem ber 15, 1951 coupons, which should be detached by holders before presentation o f the bonds, and in the case o f registered bonds, by checks drawn in accordance with the assignments on the bonds surrendered. V . A SSIG N M E N T OF R E G ISTE R E D BONDS 1. Treasury Bonds o f 1951-53 in registered form tendered in paym ent fo r certificates offered hereunder should be assigned b y the registered payees or assignees thereof to “ The Secretary o f the Treasury fo r exchange fo r Treasury Certificates o f Indebtedness o f Series F-1952 to be delivered to ________________ ,” in accordance with the general regulations o f the Treasury Departm ent governing assignments fo r 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 o f Loans and Currency, W ashington, D. C. The bonds must be delivered at the expense and risk o f the holders. VI. 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 allotment notices, to receive paym ent fo r certificates allotted, to make deliv ery o f certificates on full-paid subscriptions allotted, and they m ay issue interim receipts pend ing delivery o f the definitive certificates. 2. The Secretary o f the Treasury m ay at any time, or from time to time, prescribe sup plemental or am endatory rules and regulations governing the offering, which will be commu nicated prom ptly to the Federal Reserve Banks. E. H. FO LE Y , A cting Secretary o f the Treasury.
@FedFRASER