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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, August 31, 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. 834, dated September 1, 1948, in which the Secretary of the Treasury offers 1% percent Treasury Notes of Series A-1950, on an exchange basis, par for par, to holders of l 1/? percent Treasury Notes of Series A-1948, in the amount of $3,747,702,000, which will mature on September 15, 1948. Cash subscrip tions will not be received. The new notes will be dated September 15, 1948, and will bear interest from that date at the rate of 1% percent per annum, payable on a semiannual basis on April 1 and October 1, 1949, and April 1, 1950. They will mature April 1, 1950. They will be issued in bearer form only, in denomina tions of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The books for the receipt of subscriptions to this exchange offering will be opened on Wednes day, September 1, 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 o f the maturing securities. Final interest due September 15 on notes surrendered will be paid by payment of September 15, 1948 coupons, which should be detached by holders before presentation of the notes. It is urged that subscriptions be entered on the subscription form s; however, when it is neces sary to enter a subscription by letter or otherwise, a confirmation should be furnished on an official subscription form as soon as forms are received. Additional subscription forms will be forwarded on request. CLOSING OF SU B SC R IPTIO N BOOKS The subscription books will close at the close of business Friday, September 3. No further clos ing 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 of the closing date 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 T H R E E -E IG H T H S PERCENT TREASU RY NOTES Dated and bearing interest from September 15, 1948 OF S E R IE S A - 1 9 5 0 Due April 1, 1950 TREASU RY DEPARTM ENT Office o f the Secretary W ashington, Septem ber 1, 1948 1948 Departm ent Circular N o. 834 Fiscal Service Bureau o f the Public Debt I. OFFERING OF NOTES 1. The Secretary of 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 for notes o f the United States, designated 1% percent Treasury Notes of Series A-1950, in exchange for V/2 percent Treasury Notes of Series A-1948, maturing September 15, 1948. II. DESCRIPTION OF NOTES 1. The notes will be dated September 15, 1948, and will bear interest from that date at the rate o f 13/g percent per annum, payable on a semiannual basis on April 1 and October 1, 1949, and April 1, 1950. They will mature April 1, 1950, and will not be subject to call for redemption prior to maturity. 2. The income derived from the notes shall be subject to all taxes, now or hereafter imposed under the Internal Revenue Code, or laws amendatory or supplementary thereto. The notes 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 o f the United States, or by any local taxing authority. 8. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in payment o f taxes. 4. Bearer notes will be issued in denominations o f $1,000, $5,000, $10,000, $100,000 and $1,000,000. The notes will not be issued in registered form. 5. The notes will be subject to the general regulations of the Treasury Department, now or here after prescribed, governing United States notes. 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 cus tomers, 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 o f notes 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 notes allotted hereunder must be made on or before September 15, 1948, or on later allotment, and may be made only in Treasury Notes o f Series A-1948, maturing September 15, 1948, which will be accepted at par, and should accompany the subscription. 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 notes allotted, to make delivery of notes on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive notes. 2. The Secretary o f 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 o f the Treasury. EXCHANGE SUBSCRIPTION FOR 1% % United States Treasury Notes Series A-1950 Dated September 15, 1948 Due April 1, 1950 T o: □ For Use of Federal Reserve Bank, Dallas 13, Texas □ Federal Reserve Bank Federal Reserve Bank Branch, El Paso, Texas □ Number............................ Federal R eserve Bank Branch, Houston 1, Texas □ Federal Reserve Bank Branch, San A ntonio 6, Texas Amount $........................ Pursuant to the provisions of Treasury Department Circular No. 834, dated September 1, 1948, the under signed hereby subscribes fo r $....................................., 1 % % United States Treasury Notes, Series A-1950, dated September 15, 1948, maturing April 1, 1950, and tenders the following securities in payment: 11/2% Treasury Notes o f Series A-1948, maturing September 15, 1948, with all coupons detached....................■............................................................... « ................................. Serial numbers of securities tendered should be listed on the reverse side. The maturing securities should be surrendered with this subscription. If maturing securities are not tendered with this subscription, please attach a letter giving complete information regarding the location and approximate date of surrender of the securities. INSTRUCTIONS FOR DELIVERY OF N EW SECURITIES □ H old in Custody A ccount □ Pledge to Secure W a r Loan D eposits SCHEDULE FOR ISSUE OF SECURITIES Issued in Coupon Form Only. Fill in Num ber o f Pieces By Denom ination (Allotted to member banks for own account only) Number Pieces of DO NOT USE T H IS COLU M N At A m ount (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 w ire to (State w hether free delivery or against funds) TOTAL $ Unless Otherwise Instructed, Securities W ill Be M ailed D irect to Y ou. Time Stamp □ This is an original subscription □ This is a confirmation For use of Federal Reserve Bank (Name of Subscriber) By- (Authorized Official Signature) (Address) Dated 4 K LIST OF SUBSCRIBERS N A M E OF SU BSCRIB ER AM OUNT AD DRESS TOTAL $ SERIAL NUMBERS OF 1 */2% TREASURY NOTES OF SERIES A-1948 SURRENDERED All coupons should be detached from surrendered notes. 1,000’s 5,000’s 10,000’s 100,000’s 1,000,000’s l
@FedFRASER