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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, April 7, 1964 To All Banking Institutions and Others Concerned in the Eleventh Federal Reserve District: There is quoted below a statement by the Secretary of the Treasury relative to the use of proceeds of matured Series J and K Savings Bonds for purchase of Series E and H Savings Bonds. Please note that, after May 1, 1964, bond holders may use the proceeds from matured Series J and K Savings Bonds for purchase of Series E and H Savings Bonds, which will be exempt from the annual limitation as to holdings. Series J and K Savings Bonds Begin to Mature May 1,1964, and Do Not Earn Interest After Maturity Holders of Series J and K United States Savings Bonds were today reminded by the Treasury that the bonds begin to mature on May 1, 1964, and do not earn interest if held after their maturity dates. The J and K series bonds should be presented promptly for payment at maturity in order that the redemption proceeds may be reinvested, if desired, in other available Treasury obligations, Treasury officials said. Reinvestment may be made in Series E and H Savings Bonds without regard to the limitations on the amounts of such bonds that may be purchased and held in any calendar year but this privilege does not apply to bonds registered in the names of commercial banks in their own right. T o take advantage of the privilege, the matured J and K bonds must be presented to a Federal Reserve Bank or Branch or the Office of the Treasurer of the United States, Washington, D. C. Under the law, Series E and H Savings Bonds are the only bonds which may be held at the option of their owners beyond their original maturity dates and continue to earn interest. E bonds with issue dates of May 1, 1941, through May 1, 1949, may be held for two 10-year optional extension periods. All other E bonds may at this time be held for only one 10-year extension period. At this time only those H bonds with issue dates of June 1, 1952, through January 1, 1957, may be held beyond their original maturity dates for one 10-year optional extension period. Series A, B, C, D, F and G Savings Bonds, in addition to those of Series J and K, were not accorded the optional extension privilege. Bonds of Series A, B, C and D matured some time ago — the last issues of Series F and G bonds mature on April 1, 1964. The Treasury suggests that savings bond owners carefully review their holdings to determine whether any bonds of these series are being held. If so, they should be presented promptly for redemption. The bonds, with requests for payment properly signed and certified, should be forwarded to the Head Office of this bank for payment or exchange, and if an exchange is desired, the bonds should be accompanied by a completed application form FA 907 for Series E or FA 906 for Series H bonds. Enclosed are copies of amendments to the Treasury Department Circulars affected by the exchange provision; Fifth Amendment to Circular No. 530, Second Amendment to Circular No. 653 and Fourth Amend ment to Circular No. 905. Additional copies will be furnished upon request. Yours very truly, Watrous H. Irons President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS 1963 Fifth Amendment to Department Circular No. 530 Eighth Revision, dated December 26, 1957 T reasury D epartment, O ffice of the S ecretary, Washington, October H , 1963. Fiscal Service Bureau of the Public Debt Section 315.11(c) o f Department Circular No. 530, Eighth Revision, as amended (31 CFR, Part 315) is hereby amended by the addition o f the follow ing: (c) Bonds that may he excluded from computation. * * * (9) bonds o f Series E or Series H pur chased with the proceeds of bonds of Series ,T or Series K, at or after maturity, where such matured bonds are presented for that purpose in accordance with the provisions of Department Circular No. 653, Fifth Re vision, as amended, offering bonds o f Series E, and Department Circular No. 905, Second Revision, as amended, offering bonds o f Series H. JOHN K. CARLOCK, Fiscal Assistant Secretary o f the Treasury. U.S. GOVERNMENT PRINTING OFFICE: 1963 O — 709 -7 76 UNITED STATES SAVINGS BONDS SERIES E 1963 Second Amendment to Department Circular No. 653 Fifth Revision, dated September 23, 1959 T reascry D epartment, O ffice of the S ecretary, Washington, October ll/., 1963. Fiscal Service Bureau of the Public Debt scribed in Section 315.6 o f the savings bond regulations.1 (3) The matured bonds must be pre sented to a Federal Reserve Bank or Branch for the specified purpose o f taking advantage o f this privilege. (4) Series E bonds may be purchased with the proceeds o f the matured bonds only up to the denominational amounts that the proceeds thereof will fully cover; any difference between such proceeds and the purchase price o f Series E bonds will be paid to the owner. (5) The Series E bonds will be regis tered in the name o f the owner in any au thorized form o f registration. (6) They will be dated as of the first day o f the month in which the matured bonds are presented to a Federal Reserve Bank or Branch. (7) This privilege will continue until terminated by the Secretary o f the Treasury. Section 316.7 (b) of Department Circular No. 653, Fifth Revision, dated September 23, 1959, as amended (31 CFR, Part 316, Supp. 1963), is hereby amended as follow s: Sec. 316.7. Limitation on holdings. * * * (b) Special limitation fo r owners o f matur ing savings bonds o f Series F , G, J and K . Owners o f outstanding bonds o f Series F, Series G, Series J and Series K are hereby granted the privilege of applying the proceeds of the bonds, at or after maturity, to the purchase of Series E bonds without regard to the general limita tion on holdings, under the following restric tions and conditions: (1) This privilege extends to all owners of matured and maturing bonds o f Series F, Series G, Series J and Series K, except bonds registered in the names of commer cial banks in their own right (as distin guished from a representative or fiduciary capacity). For this purpose commercial banks are defined as those accepting de mand deposits. (2) It is subject to the restrictions pre- 1 Department Circular No. 530, current revision. JOHN K. CARLOCK, Fiscal Assistant Secretary o f the Treasury. U.S. GOVERNMENT PRINTING OFFICE; 1963 O — 709-777 UNITED STATES SAVINGS BONDS SERIE S H 1963 Fourth Amendment to Department Circular No. 905 Second Revision, dated September 23, 1959 T reasury D epartment , O ffice of the S ecretary, , Washington October 1963. Fiscal Service Bureau of the Public Debt Section 332.7 (b) o f Department Circular No. 905, Second Revision, dated September 23,1959, as amended (31 CFR, Part 332, Supp. 1963) is hereby amended as follow s: Sec. 332.7. Limitation on holdings. * * * (b) Special limitation fo r owners o f matur ing savings bonds o f Series F , G. J and K . Owners o f outstanding savings bonds of Series F, Series G, Series J and Series K are hereby granted the privilege o f applying the proceeds o f the bonds, at or after maturity, to the pur chase o f Series H bonds without regard to the general limitation on holdings, under the fol lowing restrictions and conditions: (1) This privilege extends to all owners o f matured and maturing bonds o f Series F, Series G, Series J and Series K, except bonds registered in the names o f commer cial banks in their own right (as distin guished from a representative or fiduciary capacity). For this purpose commercial banks are defined as those accepting de mand deposits. (2) It is subject to the restrictions pre scribed in Sec. 315.6 o f the savings bond regulations.1 (3) The matured bonds must be pre sented to a Federal Reserve Bank or Branch for the specified purpose o f taking advan tage o f this privilege. (4) Series H bonds may be purchased with the proceeds of the matured bonds only up to the denominational amounts that the proceeds thereof will fully cover; any difference between such proceeds and the purchase price of Series H bonds will be paid to the owner. (5) The Series H bonds will be regis tered in the name o f the owner in any authorized form o f registration. (6) They will be dated as o f the first day o f the month in which the matured bonds are presented to a Federal Reserve Bank or Branch. (7) This privilege will continue until terminated by the Secretary o f the Treasury. 1 Department Circular No. 530, current revision. JOHN K. CARLOCK, Fiscal Assistant Secretary o f the Treasury. U.S. GOVERNMENT PRINTING OFFICE: 1863 O — 709 -7 78
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