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FEDERAL RESERVE BANK OF DALLAS F I S 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, June 18, 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 District: There is reproduced on the reverse side hereof Treasury Department Circular No. 847, in which the Secretary of the Treasury offers 1T/4 percent Treasury Certificates of Indebtedness of Series F-1950 on an exchange basis, par for par, to holders of Treasury Certificates of Indebtedness of Series F-1949, in the amount of $5,782,890,000, which will mature on July 1, 1949. Cash subscrip tions will not be received. The new certificates will be dated July 1, 1949, and will bear interest from that date at the rate of one and one-quarter percent per annum, payable with the principal at maturity on July 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, June 20, 1949. 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 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 the forms are received. Additional subscription forms will be forwarded on request. CLO SING O F SU B SC R IPTIO N BOOKS The subscription books will close for the receipt of all subscriptions at the close of business Thursday, June 23. 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. 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 O N E A N D O N E -F O U R T H P E R C E N T T R E A S U R Y CE 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 5 0 Dated and bearing interest from July 1, 1949 1949 Departm ent Circular No. 847 . ---------F iscal Service Bureau o f the Public Debt Due July 1, 1950 TREASU RY DEPARTM ENT Office o f the Secretary W ashington, June 20,1949 I. O FFER IN G OF CE R TIFICATES 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 indebtedness of the United States, designated 1^ percent Treasury Certificates of Indebtedness of Series F-1950, in exchange for Treasury Certificates of Indebtedness of Series F-1949, maturing July 1, 1949. II. DESCRIPTION OF CER TIFICATES 1. The certificates will be dated July 1, 1949, and will bear interest from that date at the rate of 11/4 percent per annum, payable with the principal at maturity on July 1, 1950. 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 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 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 . PAYM ENT 1. Payment at par for certificates allotted hereunder must be made on or before July 1, 1949, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series F-1949, maturing July 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. 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 fullpaid. 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 Banks. JOHN W. SNYDER, Secretary of the Treasury. EXCHANGE OFFERING SUBSCRIPTION FOR 1-1/4% United States Treasury Certificates of Indebtedness SERIES F-1950 Dated July 1 ,1 9 4 9 To: O Due July 1 ,1 9 5 0 For Use of Federal Reserve Bank Federal Reserve Bank, Dallas 13, Texas □ Federal Reserve Bank Branch, El Paso, Texas □ Federal Reserve Bank Branch, Houston 1, Texas □ Federal Reserve Bank Branch, San Antonio 6, Texas Number............................. Amount ....................... Pursuant to the provisions of Treasury Department Circular No. 847, dated June 20, 1949, the undersigned hereby subscribes for $____________ , United States Treasury 1*4% Certificates of Indebtedness, Series F-1950, dated July 1, 1949, maturing July 1, 1950, and tenders the following securities in payment: iy 8% Certificates of Indebtedness of Series F-1949, maturing July 1, 1949______ __________$_______ Serial numbers of the maturing securities tendered should be listed on the reverse side. The maturing securi ties 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 o f surrender of the securities. INSTRUCTIONS FOR DELIVERY OF NEW SECURITIES □ Issued in B earer F orm Only. F ill in N um ber o f Pieces B y Denom ination H old in Custody A ccou n t (Allotted to member banks for own account only) □ SCHEDULE FOR ISSUE OF SECURITIES P ledge to secure W a r Loan D eposits Number of Pieces DO NOT USE THIS COLUMN At Amount (Allotted to qualified banka fo r own account only) □ $ ,0 0 10 Ship to------------------------------------------------------------------------- $5,000 □ $0 0 1 ,0 0 $ 0 ,0 0 10 0 $ ,0 0 0 1 0 ,0 0 Securities to be tran sferred by w ire to (State w hether fre e delivery or against funds) TOTAL □ This is an original subscription □ This is a confirmation Time Stamp For use of Federal Reserve Bank (Name o f Subscriber) B y ............................................................................... (Authorized Signature) (Address) Dated. (Over) LIST O F SUBSCRIBERS N A M E OF SU B SCRIB ER AMOUNT ADDRESS TOTAL $ SERIAL NUMBERS OF TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES F-1949 SURRENDERED
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