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FEDERAL RESERVE BANK OF DALLAS FISCAL. A G E N T O F TH E U N ITE D STATES Dallas, Texas, August 1, 1952 EXCHANGE OFFERING To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: The press statement concerning the 2 percent Treasury Certificates of Indebtedness of Series C-1953, offered in exchange for 1% percent Certificates of Indebtedness of Series C-1952, maturing August 15, 1952, or 1% percent Certificates of Indebtedness of Series D-1952, matur ing September 1, 1952, is reproduced on the reverse hereof. Treasury Department Circular No. 912 which governs the offering, together with a supply of subscription forms, is enclosed. Additional circulars and forms will be forwarded upon request. Cash subscriptions will not be received. The books for the receipt of subscriptions for this offering will be opened on Monday, August 4, 1952, and subscriptions will be received at this bank and its branches at El Paso, Houston, and San Antonio. Subscriptions should be submitted on the enclosed form with the surrender of the matur ing certificates. The full amount of interest due on the certificates of Series C-1952 surrendered will be paid to the subscriber following acceptance of the certificates. In the case of the cer tificates of Series D-1952, accrued interest from October 1, 1951, to August 15, 1952 ($16.34221 per $1,000) will be paid to the subscriber following acceptance of the certificates. 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. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business, Thursday, August 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 August 7, will be considered as having been entered before the close of the subscription books. It will be observed from the press statement that the option to call for redemption on December 15, 1952, 2% Treasury Bonds of 1952-54, maturing June 15, 1954; 2^4% Treasury Bonds of 1952-55, maturing June 15, 1955; 2% Treasury Bonds of 1951-55, maturing Decem ber 15, 1955, and 2% Treasury Bonds of 1952-54, maturing December 15, 1954, eligible to be called on that date, will not be exercised. 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) TREASURY DEPARTMENT Washington Release, morning newspapers, Monday, August 4, 1952 Secretary of the Treasury Snyder today announced the offering, through the Federal Reserve Banks, of 2 percent Treasury Certificates of Indebtedness of Series C-195B, open on an exchange basis to holders of 1% percent Treasury Certificates of Indebtedness of Series C-1952, in the amount of $583,202,000, maturing August 15, 1952, or 1% percent Treasury Certificates of Indebtedness of Series D-1952, in the amount of $1,832,446,000, maturing Sep tember 1, 1952. Exchanges will be made par for par in the case of the certificates of Series C-1952, and at par with an adjustment of interest as of August 15, 1952, in the case of the certificates of Series D-1952. Cash subscriptions will not be received. The Secretary also announced that the option to call for redemption on December 15, 1952, the four issues of Treasury bonds eligible to be called on that date, will not be exercised. The certificates now offered will be dated August 15, 1952, and will bear interest from that date at the rate of 2 percent per annum, payable with the principal at maturity on August 15, 1953. They will be issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Pursuant to the provisions of the Public Debt Act of 1941, as amended, interest upon the certificates now offered shall not have any exemption, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The full provisions relating to taxability are set forth in the official circular released today. Subscriptions will be received at the Federal Reserve Banks and Branches, and at the Treasury Department, Washington, and should be accompanied by a like face amount of the maturing certificates. Subject to the usual reservations, all subscriptions will be allotted in full. The subscription books will close for the receipt of all subscriptions at the close of busi ness Thursday, August 7. Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Depart ment, and placed in the mail before midnight August 7, will be considered as having been entered before the close of the subscription books. UNITED STATES OF AMERICA TW O PERCEN T TREASU RY C E R T IF IC A T E S O F IN D E B T E D N E S S O F S E R IE S C - 1 9 5 3 Dated and bearing interest from August 15, 1952 Due August 15, 1953 1952 TREASU RY DEPARTMENT Office of the Secretary Washington, August 4,1952 Department Circular No. 912 Fiscal Service Bureau o f 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 from the people of the United States for certificates of indebtedness of the United States, designated 2 percent Treasury Certificates of Indebtedness of Series C-1953, in exchange for 1% percent Treasury Certificates of Indebtedness of Series C-1952, maturing August 15, 1952, or 1% percent Treasury Certificates of Indebtedness of Series D-1952, maturing September 1, 1952. Exchanges will be made par for par in the case of the certificates of indebted ness of Series C-1952, and at par with an adjustment of interest as of August 15, 1952, in the case of the certificates of indebtedness of Series D-1952. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated August 15, 1952, and will bear interest from that date at the rate of 2 percent per annum, payable with the principal at maturity on August 15, 1953. 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 Treas ury 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 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 for certificates allotted hereunder must be made on or before August 15, 1952, or on later allotment. Payment of the principal amount may be made only in Treasury Certificates of Indebtedness of Series C-1952, maturing August 15, 1952, or in Treasury Certificates of Indebt edness of Series D-1952, maturing September 1, 1952, which will be accepted at par and should accompany the subscription. The full amount of interest due on the certificates of Series C-1952 surrendered will be paid to the subscriber following acceptance of the certificates. In the case of the certificates of Series D-1952, accrued interest from October 1, 1951, to August 15, 1952 ($16.34221 per $1,000) will be paid to the subscriber following acceptance of the certificates. V. GENERAL PROVISIONS 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 certificates allotted, to make delivery of certificates on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive cer tificates. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental 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.
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