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FEDERAL RESERVE BANK OF DALLAS
F IS C A L A G E N T O F TH E U N ITED S T A T E S

Dallas, Texas, March 19, 1949

E X C H A N G E O FFER IN G

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve D istrict:

There is reproduced on the reverse side hereof Treasury Department Circular No. 844,
in which the Secretary of the Treasury offers 1% percent Treasury Certificates of
Indebtedness of Series D -1950, on an exchange basis, par for par, to holders o f Treasury
Certificates o f Indebtedness of Series D-1949, in the amount o f $1,054,836,000, which will
mature on April 1, 1949. Cash subscriptions will not be received.
The new certificates will be dated April 1, 1949, and will bear interest from that date
at the rate o f one and one-quarter percent per annum, payable with the principal at
maturity on April 1, 1950. They will be issued in bearer form only, in denominations 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
Monday, March 21, 1949. A ll 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 matur­
ing certificates.
d
It is urged that subscriptions be enterei| 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 the forms are received. Additional
subscription forms will be forwarded on req best.
CLOSING OF SUBSCRIPTION BOOKS
The subscription books will close for the receipt o f all subscriptions at the close of
business Thursday, 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 of the closing day will be considered
as having been entered before the close of the subscription books.
Yours very truly,
R. R. G ILBER 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
ONE AND ONE-FOURTH PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES D-19SO
Dated and bearing interest from April 1, 1949

1949
Department Circular No. 844

Due April 1, 1950

TREASURY DEPARTMENT
Office of the Secretary
Washington, March 21, 1949

Fiscal Service
Bureau of the Public Debt
I. O FFE R IN G OF CE R TIFICA TE S
1. The Secretary o f the Treasury, pursuant to the authority of the Second Liberty Bond A ct,
as amended, invites subscriptions, at par, from the people of the United States, for certificates of
indebtedness o f the United States, designated 1*4 percent Treasury Certificates of Indebtedness of
Series D -1950, in exchange for Treasury Certificates o f Indebtedness o f Series D -1949, maturing
April 1, 1949.
II. DESCRIPTION OF CE R TIFICA TE S
1. The certificates will be dated April 1, 1949, and will bear interest from that date at the rate
of 1^4 percent per annum, payable with the principal at maturity on April 1, 1950. They will not be
subject to call for redemption prior to maturity.
iL .

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 o f 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 A N D A L L O T M E N T
1. Subscriptions will be received at the Federal Reserve Banks and Branches and a t 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 . P A Y M E N T
1. Payment at par for certificates allotted hereunder must be made on or before April 1, 1949,
or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series
D -1949, maturing April 1, 1949, which will be accepted at par, and should accompany the subscrip­
tion. The full year’s interest on the certificates surrendered will be paid to the subscriber following
acceptance of the certificates.
V . G E N E R A L PROVISIONS
1. A s 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 fullpaid subscriptions allotted, and they may issue interim receipts pending delivery o f 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 Banks.
JOHN W . SN Y D E R ,
Secretary of the Treasury.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102