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FE D E R AL R ESER VE B AN K O F D A L LA S 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, February 16,1946 EXCHANGE OFFERING AND REDEMPTION NOTICE 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. 785 dated February 18, 1946, in which the Secretary of the Treasury offers % % Treasury Certificates of Indebtedness of Series C-1947, on an exchange basis, to holders of Treasury Certificates of Indebt edness of Series B-1946, maturing March 1, 1946. Since it is planned to retire about $1,000,000,000 of the maturing certificates on cash redemption, subscriptions will be received subject to allotment to all holders on an equal percentage basis except that subscriptions in amounts up to $25,000 will be allotted in full. Cash subscriptions will not be received. The new certificates will be dated March 1, 1946, and will bear interest from that date at the rate of % % Per annum, payable semiannually on September 1, 1946 and March 1, 1947. They will be issued in bearer form only, with two interest coupons attached, 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 on Monday, February 18, 1946. In view of the percentage allotment, it is important that subscribers tender maturing certificates in an amount equal to the amount of new certificates subscribed for or arrange for delivery of the maturing certificates to this bank or one of its branches prior to the closing dates. If the maturing certificates are held in safekeeping at this bank or one of its branches, please so indicate on the subscription form. 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. It is urged that subscriptions be entered on the subscription forms rather than by letters or otherwise. Additional subscription forms will be forwarded upon request. CASH REDEMPTION The Secretary of the Treasury also announced that the Treasury bonds of 1946-56 which have been called for redemption on March 15, 1946, and the Treasury Notes of A-I946, which will mature on March 15, 1946, will be redeemed in cash. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close at the close of business Wednesday, February 20, except for the receipt of subscriptions from holders of $25,000 or less of the maturing certificates. The sub scription books will close for receipt of subscriptions of the latter class at the close of business Saturday, February 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 respective closing days 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 S T A T E S O F AM E R IC A SEVEN-EIGHTHS PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C -1947 Dated and bearing interest from March 1, 1946 1946 Department Circular No. 785 ______ Fiscal Service Bureau of the Public Debt Due March 1, 1947 TREASURY DEPARTMENT Office of the Secretary Washington, February 18, 1946 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 indebtedness of the United States, designated % percent Treasury Certificates of Indebtedness of Series C-1947, in exchange for Treasury Certificates of Indebtedness of Series B-1946, maturing March 1, 1946. Approximately $1,000,000,000 of the maturing certificates will be retired on cash redemption. II. DESCRIPITON OF CERTIFICATES 1. The certificates will be dated March 1, 1946, and will bear interest from that date at the rate of % percent per annum, payable semiannually on September 1, 1946, and March 1, 1947. They will mature March 1, 1947, and will not be subject to call for redemption prior to maturity. 2. The income derived from the certificates shall be subject to all Federal taxes, now or here after imposed. 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 with interest coupons attached 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 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 subscriptions at any time without notice; and any action he may take in these respects shall be final. Subject to these reservations, subscriptions for amounts up to and including $25,000 will be allotted in full, and subscriptions for amounts over $25,000 will be allotted to all holders on an equal percentage basis, but not less than $25,000 on any one subscription. The basis of the allotment will be publicly announced, and 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 March 1, 1946, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series B-1946, maturing March 1, 1946, which will be accepted at par, and should accompany the sub scription. 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 Sec retary 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 of certificates on full-paid sub scriptions 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 supple mental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve banks. FRED M. VINSON Secretary of the Treasury. EXCHANGE OFFERING SUBSCRIPTION FOR 7 /8 % United States treasury Certificates of Indebtedness Series C-1947 Dated March 1* 1946 Due March 1,1947 For Use of Federal Reserve Bank Number........................... Amount $....................... To: □ Federal Reserve Bank, Dallas 13, Texas □ Federal Reserve Bank Branch, B1 Paso, Texas □ Federal Reserve Bank Branch, Houston 1, Texas □ Federal Reserve Bank Branch, San Antonio 6, Texas Pursuant to the provisions of Treasury Department Circular No. 785, dated February 18, 1946, the under signed hereby subscribes for $—................... ........... , United States Treasury % % Certificates of Indebtedness, Series C-1947, dated March 1, 1946, maturing March 1, 1947, and tenders the following securities in payment: % percent Certificates of Indebtedness of Series B-1946, maturing March 1, 1946. ...................... ................................................- .......................................................... $............................... Amount of Subscription (s) List your own and customers’ subscriptions on reverse side. Subscriptions in amounts of $25,000 and l e s s .......................................... Subscriptions in amounts over $25,000 .......................................................... Total Subscriptions......................................................................... A SUBSCRIBER MAY ENTER SUBSCRIPTION EITHER FOR AN AMOUNT UP TO AND INCLUDING $25,000, WHICH WILL BE ALLOTTED IN FULL, OR FOR AN AMOUNT OVER $25,000, BUT NOT FOR BOTH. A SUBSCRIBER SUBSCRIBING FOR AN AMOUNT UP TO AND INCLUDING $25,000 WILL BE RESTRICTED TO ONE SUBSCRIPTION. Disposition of proceeds of redemption of Certificates of Indebtedness, Series B-1946, not used in payment of this subscription, to be made as follows: □ Credit our Reserve Account □ Remit to the undersigned “1 Otherwise (Give disposition)........................................ ................................................................................................. Serial numbers of certificates tendered should be listed on the reverse side. The maturing securities should be surrendered with this subscription. (It is important that subscribers tender maturing certificates in an amount equal to the amount of new certifi cates subscribed for or arrange for delivery of the maturing certificates to this bank or one of its branches prior to the closing dates.) SCHEDULE FOR ISSUE OF CERTIFICATES Issued in Coupon Form Only. Fill in Number of Pieces and Denominations Desired Number of Pieces DO NOT USE THIS COLUMN At Amount $ ,0 0 10 $5,000 $0 0 1 ,0 0 $ 0 ,0 0 10 0 $ ,0 0 0 1 0 ,0 0 TOTAL $ Time Stamp' □ This is an original subscription □ This is a confirmation For use of Federal Reserve Bank (Name o f Subscriber) By. (President-Cashier) (Address) Dated. (Over) LIST OF SUBSCRIBERS NAME OF SUBSCRIBER AMOUNT ADDRESS * . - • TOTAL $ SERIAL NUMBERS OF TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES B-1946 SURRENDERED All coupons should be detached from the surrendered certificates.
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