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FE D E R AL RESERVE B AN K O F D A L L A S 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, December 2, 1949 EXCHANGE OFFERING To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: There is reproduced herein Treasury Department Circular No. 854, dated December 5, 1949, in which the Secretary of the Treasury offers 1% percent Treasury Notes of Series A-1954, on an exchange basis, par for par, in authorized denominations, to holders of 1*4 percent Treasury Certifi cates of Indebtedness of Series H-1949, maturing December 15, 1949, in the amount of $519,153,000, or 2 percent Treasury Bonds of 1949-51 (dated July 15, 1942) in the amount of $2,097,615,100, 3i/8 percent Treasury Bonds of 1949-52 (dated December 15, 1934), in the amount of $491,375,100, or 21/2 percent Treasury Bonds of 1949-53 (dated December 15,1936) in the amount of $1,786,109,950, all called for redemption on December 15, 1949. Cash subscriptions will not be received. The notes now offered will be dated December 15, 1949, and will bear interest from that date at the rate of 1% percent per annum, payable on a semi-annual basis on September 15, 1950, and thereafter on March 15 and September 15 in each year until the principal amount becomes payable. They will mature March 15, 1954. They will be issued in bearer form only, with interest coupons attached, in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000. Although two issues of the called bonds are outstanding in denominations as low as $50, exchanges may be made only in amounts or multiples of $1,000 in the aggregate, since this is the lowest denomination in which the new notes will be available. The books for the receipt of subscriptions to this exchange offering will be opened on Monday, December 5, 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 called or maturing securities. The full year’s interest on the certificates surrendered will be paid to the subscriber fol lowing acceptance of the certificates. Final interest due December 15 on bonds surrendered will be paid, in the case of coupon bonds, by payment of December 15, 1949, coupons, which should be detached by holders before presentation of the bonds, and in the case of registered bonds, by checks drawn in accordance with the assignments on the bonds surrendered. 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. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business Thursday, December 8. 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 December 8, 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 T H R E E -E IG H T H S P E R C E N T T R E A S U R Y N O T E S O F S E R IE S A - 1 9 5 4 Dated and bearing interest from December 15, 1949 Due March 15, 1954 Interest payable March 15 and September 15 1949 Department Circular No. 854 ■----Fiscal Service Bureau of the Public Debt TREASURY DEPARTMENT Office of the Secretary Washington, December 5, 1949 I. OFFERING OF NOTES 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 notes of the United States, designated 1% percent Treasury Notes of Series A-1954, in payment^ of which any of the following listed Treasury securities, singly or in combinations aggregating $1,000 or multiples thereof, may be tendered: Treasury Certificates of Indebtedness: 11/4 percent certificates, Series H-1949, dated December 15, 1948, maturing December 15, 1949. Treasury Bonds: 2 percent bonds of 1949-51, dated July 15, 1942, due December 15, 1951, called for redemption December 15, 1949, BYs percent bonds of 1949-52, dated December 15, 1934, due December 15, 1952, called for redemption December 15, 1949, 21/2 percent bonds of 1949-58, dated December 15, 1936, due December 15, 1953, called for redemption December 15, 1949. II. DESCRIPTION OF NOTES 1. The notes will be dated December 15, 1949, and will bear interest from that date at the rate of 1% percent per annum, payable on a semiannual basis on September 15, 1950, and thereafter on March 15 and September 15 in each year until the principal amount becomes payable. They will mature March 15, 1954, 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 of the United States, or by any local taxing authority. 3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer notes with interest coupons attached will be issued in denominations of $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 hereafter 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 customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. EXCHANGE OFFERING SUBSCRIPTION FOR 1-3/8% United States Treasury Notes SERIES A-1954 Dated December 15, 1949 Due March 15, 1954 To: □ Federal Reserve Bank, Dallas 13, Texas □ Federal Reserve Bank Branch, El Paso, Texas O Federal Reserve Bank Branch, Houston 1, Texas □ Federal Reserve Bank Branch, San Antonio 6, Texas For Use of Federal Reserve Bank Number................................. Amount $.............................. Pursuant to the provisions of Treasury Department Circular No. 854, dated December 5, 1949, the under signed hereby subscribes for $...................... 1% % United States Treasury Notes Series A-1954, dated Decem ber 15, 1949, maturing March 15, 1954, and tenders the following securities in payment: THE AGGREGATE AMOUNT OF THIS SUBSCRIPTION MUST BE IN MULTIPLES OF $1,000 11/4% Certificates of Indebtedness of Series H-1949, maturing December 15, 1949.............................................................. .......................................... ....................... $............................... 2% COUPON Treasury Bonds of 1949-51 (dated July 15, 1942) called for redemption December 15, 1949. (Coupons dated June 15, 1950 to be attached to bonds surrendered)___ $................. -............. 3i/ % COUPON Treasury Bonds of 1949-52 (dated December 15, 1934) called for redemp s tion December 15, 1949. (Coupons dated June 15, 1950 to be attached to bonds surrendered) $..... :........................ 2Y2% COUPON Treasury Bonds of 1949-53 (dated December 15, 1936) called for redemp tion December 15, 1949. (Coupons dated June 15, 1950 to be attached to bonds surrendered) $.............................. 2% REGISTERED Treasury Bonds of 1949-51 (dated July 15, 1942) called for redemption December 15, 1949............................................... .......................... ..................................... ............... $............... ............... 3Ys % REGISTERED Treasury Bonds of 1949-52 (dated December 15, 1934) called for redemption December 15, 1949...... ..... ............ ....... ............................................................. ..........._$........... ................... 2!/2% REGISTERED Treasury Bonds of 1949-53 (dated December 15, 1936) called for redemption December 15, 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 of surrender of the securities. SCHEDULE FOR ISSUE OF SECURITIES INSTRUCTIONS FOR DELIVERY OF NEW SECURITIES I Issued in Bearer Form Only. Fill in Number of Pieces By Denomination □ Hold in Custody Account (Allotted to member banks for own account only) N um ber Pieces □ Pledge to secure War Loan Deposits o f DO N OT U SE T H IS C OLU M N At A m ount (Allotted to qualified banks for 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 transferred by wire to (State whether free delivery or against funds) TOTAL □ This is an original subscription □ This is a confirmation Time Stamp For use o f Federal Reserve Bank (Name of Subscriber) By. (Authorized Signature) (Address) Dated (O e v r) LIST OF SUBSCRIBERS NAME OF SUBSCRIBER AMOUNT ADDRESS TOTAL $ SERIAL NUMBERS OF TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES H-1949 SURRENDERED 100,000’s 10,000’s 5,000’s 1000’s 1,000,000’s SERIAL NUMBERS OF 2% COUPON TREASURY BONDS OF 1949-51 (dated July 15, 1942) SURRENDERED Coupons dated June 15, 1950, must be ATTACHED to Bonds when surrendered. 50’s 3V8% 100’s 500’s 1,000’s 5,000’s 10,000’s 100,000’s SERIAL NUMBERS OF COUPON TREASURY BONDS OF 1949-52 (dated December 15, 1934) SURRENDERED Coupons dated June 15,1950, must be ATTACHED to Bonds when surrendered. 50’s 100’s 500’s 1,000’s 5,000’s 10,000’s 100,000’s SERIAL NUMBERS OF 2 12% COUPON TREASURY BONDS OF 1949-53 (dated December 15, 1936) SURRENDERED / Coupons dated June 15, 1950, must be ATTACHED to Bonds when surrendered. 50’s 100’s 500’s 1,000’s 5,000’s 10,000’s 100,000’s SERIAL NUMBERS OF 2% REGISTERED TREASURY BONDS OF 1949-51 SURRENDERED SERIAL NUMBERS OF 3*4% REGISTERED TREASURY BONDS OF 1949-52 SURRENDERED 50’s 100’s 500’s 1,000’s 5,000’s 10,000’s 100,000’s SERIAL NUMBERS OF 2*4% REGISTERED TREASURY BONDS OF 1949-53 SURRENDERED 50’s 100’s 500’s 1,000’s 5,000’s 10,000’s 100,000’s ^ ' 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 notes applied for, and to dose 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 December 15, 1949, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series H-1949, maturing December 15, 1949, or in Treasury Bonds of 1949-51, Treasury Bonds of 1949-52 or Treasury Bonds of 1949-53, all called for redemption December 15, 1949, 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 of the cer tificates. Final interest due December 15 on bonds surrendered will be paid, in the case of coupon bonds, by payment of December 15, 1949 coupons, which should be detached by holders before presentation of the bonds, and in the case of registered bonds, by checks drawn in accord ance with the assignments on the bonds surrendered. V. ASSIGNMENT OF REGISTERED BONDS 1. Treasury Bonds of 1949-51, Treasury Bonds of 1949-52 or Treasury Bonds of 1949-53 in registered form tendered in payment for notes offered hereunder should be assigned by the registered payees or assignees thereof to “ The Secretary of the Treasury for exchange for Treasury Notes of Series A-1954 to be delivered to_______________________ ,” in accordance with the general regulations of the Treasury Department governing assignments for transfer or exchange, and thereafter should be presented and surrendered with the subscription to a Federal Reserve Bank or Branch or to the Treasury Department, Division of Loans and Cur rency, Washington, D. C. The bonds must be delivered at the expense and risk of the holders. VI. 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 of the Treasury may at any time, or from time to time, prescribe supple mental 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.