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FEDERAL. RESERVE BANK OF DALLAS FISCAL AGENT O F THE UNITED STATES Dallas, Texas, March 20,1948. EXCHANGE OFFERING To All Banking Institutions, and Others Concerned in the Eleventh Federal Reserve District: There is reproduced on the reverse side hereof Treasury Department Circular No. 824 in which the Secretary of the Treasury offers 1Ys % Treasury Certificates of Indebtedness of Series D-1949 on an exchange basis, par for par, to holders of Treasury Certificates of Indebtedness of Series D-1948, maturing April 1, 1948, in the amount of $1,321,139,000. Cash subscriptions will not be received. The new certificates will be dated April 1, 1948, and will bear interest from that date at the rate of lYs% per annum, payable with the principal at maturity on April 1, 1949. They will be issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000, and since the interest is payable with the principal at maturity no interest coupons .will be attached. The books for the receipt of subscriptions to this exchange offering will be opened Monday, March 22, 1948. 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 form, with surrender of the maturing 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 the forms are received. Additional subscription forms will be forwarded on request. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close for the receipt of all subscriptions at the close of business, Wednesday, March 24. No further closing announcement will be made. Subscriptions addressed to a Federal Reserve bank or branch or to the Treasury Department and placed in the mail before midnight o f the closing day 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 ONE AND ONE-EIGHTH PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES D -1949 Dated and bearing interest from April 1,1948 1948 Department Circular No. 824 Due April 1, 1949 TR EASU RY DEPARTMENT Office of the Secretary Washington, March 22,1948 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 certificates of indebted ness o f the United States, designated 1Ys percent Treasury Certificates o f Indebtedness of Series D-1949, in exchange for Treasury Certificates of Indebtedness of Series D-1948, maturing April 1, 1948. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated April 1, 1948, and will bear interest from that date at the rate of 1Vs percent per annum, payable with the principal at maturity on April 1, 1949. 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 accept able 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 o f 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. 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 subscrip tions 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 April 1, 1948, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series D-1948, maturing April 1, 1948, which will be accepted at par and should accompany the subscription. The full year’s interest on the certificates surrendered will be paid to the subscriber following acceptance o f 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 allotment notices, to receive payment for certificates allotted, to make delivery o f 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 supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Brinks. JOHN W. SNYDER, Secretary o f the Treasury.
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