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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 I T E D S T A T E S

Dallas, Texas, October 3,1941

To Designated Agents for the Issuance
of Defense Savings Bonds, Series E:
There is enclosed a copy of the First Amendment to Treasury Department Circular
No. 657. The amendment provides a basis for determining the maximum amount of Series
E bond stock, which, under normal circumstances, a designated issuing agent may obtain
or retain without the pledge of collateral security.
Any designated issuing agent which is, and continues to be, insured by the Federal
Deposit Insurance Corporation, or which is, and continues to be, insured by the Federal
Savings and Loan Insurance Corporation, or any other acceptable State insurance cor­
poration, system or fund, the members of which are subject to Federal or State super­
vision, examination and liquidation, which files an Application-Trust Agreement on Form
384-A with this bank may apply for Defense Savings Bond stock, Series E, sufficient to
meet its requirements without the pledge of collateral security therefor. The aggregate
amount of stock that may be maintained at any one time is set forth in the amendment.
There are also enclosed two copies of Form 384-A, Application-Trust Agreement, one
of which should be submitted by each designated issuing agent which desires to obtain or
retain a supply of Series E bond stock without the pledge of collateral security. Upon
approval, this bank will issue a certificate of qualification to the issuing agent.
Whenever issuing agents are supplied with bond stock without the pledge of collateral
security, each such agent will be required to make remittances and reports of sales at
least once each week and at such other times as the proceeds on hand exceed $5,000.
If issuing agents which are qualified to obtain bond stock without the pledge of col­
lateral security have branches, they may arrange for their branches to be supplied directly
with bond stock, upon the understanding that the total amount of stock to be supplied the
bank and its branches will not exceed the maximum amount fixed by the amendment.

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)

TITLE 31— MONEY AND FINANCE
CHAPTER II— BUREAU OF ACCOUNTS
PART 317— REGULATIONS GOVERNING AGENCIES FOR THE
ISSUE OF DEFENSE SAVINGS BONDS, SERIES E

1941
First Amendment
Departm ent C ircular N o. G57
Fiscal Service
Bureau o f A ccounts

TREASURY DEPARTMENT,
O ffice of the S ecretary,
Washington, October 2,1941.

Treasury Department Circular No. 657, dated April 15, 1941, is hereby amended by deleting the
last paragraph of section 3 (Qualification of issuing agent— ) of the Circular appearing also as the
last paragraph of section 317.3, Title 31, Part 317 of the Code of Federal Regulations of the United
States of America, and inserting in lieu thereof the following:
Q U A L IF IC A T IO N OF ISSUING A G E N T
“ Section 217.3 (c). Notwithstanding the provisions of subsections (a) and (b) hereof any
designated issuing agent which is, and continues to be, insured by the Federal Deposit Insur­
ance Corporation and which files an Application— Trust Agreement on Form 384-A with the
Federal Reserve Bank of its district may apply for Defense Savings Bond stock, Series E, suf­
ficient to meet its requirements without the pledge of collateral security therefor. The aggregate
amount of stock to be maintained at any one time, taken at maturity values, shall not exceed
50 percent of the issuing agents’ capital and surplus or guaranty fund or reserves for capital
purposes or $500,000, whichever is the smaller amount; however, the Secretary of the Treasury,
directly or through the Federal Reserve Bank of the district as fiscal agent, reserves the right
to regulate the amount of stock which may be obtained or maintained by any issuing agent
without the pledge of collateral security, including temporary increases over the limits expressed
in this subsection, whenever circumstances make such action necessary or desirable.
“ (d). Notwithstanding the provisions of subsections (a) and (b) hereof, any designated
issuing agent which is, and continues to be, insured by the Federal Savings & Loan Insurance
Corporation, or any other acceptable State Insurance Corporation, System or Fund, the members
of which are subject to Federal or State supervision, examination and liquidation, which files
an Application— Trust Agreement on Form 384-A with the Federal Reserve Bank of the district
in which it is located may apply for Defense Savings Bond stock, Series E, sufficient to meet its
requirements without the pledge of collateral security therefor. The aggregate amount of stock
to be maintained at any one time, taken at maturity values, shall not exceed 50 percent of the
issuing agents’ capital and surplus or guaranty fund or reserve for capital purposes, or other
similar fund or funds, or $50,000, whichever is the smaller amount; however, the Secretary of
the Treasury, directly or through the Federal Reserve Bank of the district as fiscal agent,
reserves the right to regulate the amount of stock which may be obtained or maintained by any
issuing agent without the pledge of collateral security, including temporary increase over the
limits expressed in this subsection, whenever circumstances make such action necessary or
desirable.
“ (e). Upon approval of the Application and Pledge Agreement, Form 384, or the Appli­
cation— Trust Agreement, Form 384-A, the Federal Reserve Bank will issue a certificate of
qualification to the issuing agent on Form No. 385 or 385-A. The Federal Reserve Bank, as fiscal
agent of the United States, may certify, in whole or in part, the qualification applied for. If the
qualification applied for is not certified, appropriate notice thereof will be transmitted to the
issuing agent making application.”
H E N R Y M O R G E N TH A U , JR.,
Secretary of the Treasury.

Form N o. 384-A
T R E A S U R Y D E PA R TM E N T
Fiscal Service
Bureau o f Accounts
Division o f Deposits

APPLICATION— TRUST AGREEMENT
(Defense Savings Bonds, Series E)
...................................................................................... , 194......
To the Federal Reserve Bank of Dallas,
As Fiscal Agent of the United States.
Station K, Dallas, Texas
The undersigned, a designated issuing agent for the sale and issue of Defense Savings Bonds, Series E, and a duly qualified
member of

,5 0 % of the*
(Indicate Insurance Corporation, Fund or System)

of which is $

, does hereby desire

to qualify pursuant to provisions of section 3
, of United States Treasury Department Circular No. 657, as amended, to obtain
a stock of such bonds sufficient to meet its requirements without the pledge of collateral security, and agrees to the following
conditions:

CONDITIONS
The entire stock of Defense Savings Bonds, Series E, heretofore or hereafter obtained, until sold, and the proceeds thereof,
when sold, shall at all times be the property of the United States and are to be held in trust for it. The undersigned shall be respon­
sible for all acts of its own officers and employees in the custody, issue, and sale of said bonds and shall be required to use the
same care in the safekeeping of said bonds and the proceeds thereof as it uses in the care of its own securities and funds. If bonds
are lost or stolen, the undersigned shall immediately notify the Federal Reserve Bank of Dallas, Dallas, Texas. All Defense
Savings Bonds, Series E, are to be sold pursuant to the provisions of Treasury Department Circular No. 653, and the proceeds
therefrom are to be remitted in accordance with the provisions of Treasury Department Circular No. 657, as amended, or instruc­
tions issued from time to time by the Federal Reserve Bank of Dallas.
IN W ITNESS W H EREOF, the undersigned has caused this agreement to be executed under seal by the officer below named,
thereunto duly authorized by a resolution of its governing board adopted on the

day of

, 194

(N am e)

[SEAL]
(A ddress)

By
(Signature o f O fficer)

(T itle o f O fficer)
I n d ic a te basis o f com putation, whether capital and surplus, surplus only, guaranty fund, reserve fo r capital purposes or a sim ilar fund or funds.

ACKNOWLEDGMENT
STATE OF....
COUNTY OF
On this..................day of....................................... , 194...... , before me appeared..................................................................., to me personally
(N am e o f O fficer)

known, who, being by me duly sworn, did say that he is the......................................of the..................... .......... ..........................................................
(Title o f O fficer)

(N am e o f Institution)

and that the seal affixed to the above instrument is the official seal of said institution, and that the above instrument was signed and
sealed in behalf of said institution by authority of its governing board, and said officer acknowledged said instrument to be the free
act and deed of said institution.

N otary P ublic.

[SEAL]
(In case the applicant has no official seal, omit the words— “ the seal affixed to the above instrument is the official seal of said
institution and that” and add at the end of the affidavit clause the words— “ and that said institution has no official seal”.)

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