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FEDERAL RESERVE BANK OF DALLAS
F IS C A L

AGENT

O F TH E

U N IT E D S T A T E S

Dallas, Texas, January 14, 1942

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:
There is enclosed a copy of Treasury Department Circular No. 675, dated December 15, 1941,
containing regulations governing the exchange of interim certificates of 2y2 percent Treasury Bonds
of 1967-72 for definitive coupon bonds, such exchanges to be effective on and after January 19, 1942.
Sections 310.2 and 310.8 of the circular refer to special arrangements for banks and trust com­
panies in forwarding the interim certificates to this bank, both for themselves and their customers,
at the expense and risk of the United States Government, as follows:
The interim certificates must bear a legend, typed or written, on the face, and followed
by the signature and title of an official, or clearly stamped on the face in indelible ink, as fol­
lows: “ Presented for exchange for definitive coupon bonds by
(name of bank or trust
company) .” Banks and trust companies should accordingly either type or write such
legend across the face of the interim, to be followed by the autographed signature and title
of an official, or use the necessary rubber stamp. Interim certificates bearing this legend
shall be deemed non-negotiable, and will be accepted for exchange for definitive bonds only
for the account of the bank or trust company named thereon.
Form PD 1732, “ Form of Advice to Accompany Full-Paid Interim Certificates,” should
be prepared in triplicate and signed officially, covering the interim certificates to be for­
warded for exchange for the definitive bonds; the original copy should be forwarded under
separate cover as an advice of shipment, the duplicate copy should be forwarded with the
interim certificates, the triplicate copy may be retained as a file copy.
All shipments should be prepared and sealed in the presence of two adults, and the
persons making the shipment must be certain that the certificates have been cancelled as
indicated above.
The Post Office Department has agreed to accept packages of interim certificates from banks
and trust companies and to dispatch such packages as registered insured mail at the fourth-class
(parcel post) rate of postage, in addition to the insurance fee of fifteen cents, provided:
1. That the interim certificates have been rendered non-negotiable by the written or
rubber stamp legend mentioned above.
2. That the packages are securely wrapped and sealed.
3. That each package weighs more than eight ounces but not more than seventy
pounds.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

4. Such packages must bear the following notation:
“ This article is put up and mailed by authority of the Post Office Department upon
prepayment of postage at the fourth-class (parcel post) rate and insurance fee of 15 cents.
It must be recorded and handled as a registered article by postal employees.
RAMSEY S. BLACK
Third Assistant Postmaster General.”
A supply of the prescribed notation has been prepared on gummed paper and is enclosed for
your convenience. Packages weighing eight ounces or less will be accepted only for registration,
with postage paid thereon at the first-class rate, in addition to the registry fee of fifteen cents. No
registry surcharge will be assessed on any package shipped under this agreement. When interim
certificates are forwarded under the above procedure the cost of postage and insurance will be
reimbursed by this bank. Please indicate the amount of such transportation costs on the shipping
invoice.
Banks and trust companies making shipments of interim certificates under this procedure are
cautioned to maintain an adequate record of all shipments so that in case of loss proof of such ship­
ment may be furnished. The Treasury also advises that banks and trust companies making such
shipments of interim certificates under this procedure will be held responsible for any loss that may
occur as a result of failure to stamp the required legend on the face of the certificates.
The 2 1/2 percent definitive Treasury Bonds of 1967-72 issued in exchange will be forwarded to
the banks and trust companies which present the interim certificates for exchange at the expense
and risk of the United States, provided the deliveries are to be made only in the continental United
States.
Yours very truly,
R. R. GILBERT
President

Title 31—Money and Finance: Treasury
Chapter II—Fiscal Service

Subchapter B— B U R E A U O F T H E PU BLIC DEBT
P A R T 310— R E G U L A T IO N S G O V E R N IN G E X C H A N G E S O F IN T E R IM C E R T IF IC A T E S OF 2>/2% T R E A S U R Y
B O N D S OF 1967-72 FOR D E F IN IT IV E CO UPO N B O ND S
1941
Department Circular No. 675

TREASURY DEPARTMENT,
O f f ic e

Fiscal Service
Bureau of the Public Debt

of t h e

Secretary,

Washington, December 15,19^1.

To Holders of full-paid interim certificates of 2 \ 2 percent Treasury Bonds of 1967-72, banks and
trust companies incorporated in the United States under Federal or State law, and any others
concerned:
Sec. 310.0 Scope of regulations.— The provisions of this circular are hereby prescribed as the
regulations to govern the exchange of full-paid interim certificates, issued pursuant to Treasury De­
partment Circulars No. 368, Revised, dated October 15, 1941 (6 FR 5289), No. 670, dated October
9, 1941 (6 FR 5150), and No. 672, dated December 4, 1941 (6 FR 6257), for definitive 2y2 per­
cent Treasury Bonds of 1967-72, dated October 20, 1941, in bearer form with coupons covering
interest to maturity attached (which may hereinafter be referred to as definitive coupon bonds,
definitive bonds, or definitives) .*
Sec. 310.1 Official agencies.— The official agencies for the exchange hereunder of interim certifi­
cates for definitive coupon bonds are the Federal Reserve Banks and their Branches, and the Treas­
ury Department, Division of Loans and Currency, Washington, D. C.
Sec. 310.2 Exchanges at official agencies.— Exchanges may be effected beginning January 19,
1942. Interim certificates to be exchanged must be presented and surrendered to an official agency,
at the risk and expense of the holders, and, unless delivered in person, should be forwarded by reg­
istered mail or prepaid express. Each delivery of interim certificates must be accompanied by
appropriate written advice transmitting the certificates and giving instructions for the delivery of
the definitives issued in exchange (see appropriate form appended to this circular). Exchanges
will be made on a like par amount basis, and unless other instructions are given in the advice, defin­
itives of the highest possible denominations will be delivered. No charge for the exchange will be
made by the United States, and deliveries of definitives will be made within the United States, its ter­
ritories and possessions at the expense and risk of the United States. No deliveries elsewhere will
be made, nor will delivery of definitives be made other than to the party presenting the interim
certificates. IMPORTANT: SEE THE NEXT FOLLOWING SECTION FOR SPECIAL
ARRANGEMENTS FOR PRESENTATION OF INTERIM CERTIFICATES TO FEDERAL
RESERVE BANKS BY BANKS AND TRUST COMPANIES.
Sec. 310.3 Special arrangements for banks and trust companies.— It is expected that incorpo­
rated banks and trust companies within the United States, generally will offer their services to their
customers in effecting exchanges of interim certificates for definitive bonds without expense to the
holders, and, accordingly, any holders of interim certificates who avail themselves of any such offer
should, of course, present and surrender their interim certificates through such institutions. Any
such bank or trust company may arrange with the Federal Reserve Bank of its district for the trans­
portation of interim certificates to the Federal Reserve Bank by registered mail at the expense and
risk of the United States. Full information concerning such arrangements will be furnished
by Federal Reserve Banks to incorporated banks and trust companies upon application. The
interim certificates forwarded by incorporated banks and trust companies to the Federal Reserve
Banks for exchange pursuant to such arrangements must be clearly stamped on the face, in indel* The regulations prescribed in this circular apply to full-paid interim certificates the issue of which was incident to the issue of 2% % Treas­
ury Bonds o f 1967-72 pursuant to the authority of the Second Liberty Bond Act, as amended.
X
6—25392-1

2

ible ink, with a legend reading as follows: “ Presented for exchange for definitive coupon bonds by
______________________________________________”

All such interim certificates so stamped shall

(Name of bank or trust company)

thenceforth be deemed nonnegotiable and will be accepted by the Federal Reserve Bank only when
presented for exchange by or for account of the bank or trust company named thereon. Such a r­
rangements may not be made with the Treasury Department, nor may they be made by individ­
uals or institutions except as herein provided. Deliveries of definitive bonds issued upon such
exchanges will be made to the incorporated bank or trust company presenting the interim certificates
for exchange, and will be made at the expense and risk of the United States. Incorporated banks
and trust companies, in effecting exchanges pursuant to this paragraph, act as agents of the holders
of the interim certificates and not as agents of the United States, and the United States will not be
responsible for the receipt or custody of the interim certificates or for the custody or delivery of the
definitive bonds by the banks or trust companies. The provisions of this section may be extended
to private banks doing a recognized banking business and approved by the Federal Reserve Bank
of the district in which located.
Sec. 310.4 Authority of Federal Reserve Banks.— Federal Reserve Banks, as fiscal agents o f
the United States, and their branches are authorized to perform all necessary acts within the pur­
view of this circular, and to carry out such instructions in connection therewith as may, from
time to time, be given by the Secretary of the Treasury.
Sec. 310.5 Reservations.— The Secretary of the Treasury reserves the right at any time or
from time to time to amend, supplement, or withdraw any or all of the provisions of this circular.
16- 25392-1

D. W . B e l l ,
Acting Secretary of the Treasury.

(Filed with the Division o f the Federal Register, December 23, 1941)

TREASURY DEPARTMENT
B ureau

of

the

P ublic D ebt

Form PD 1732

FORM O F A D V IC E TO A C C O M P A N Y F U L L -P A ID IN T E R IM C E R T IF IC A T E S OF 2«/2% T R E A S U R Y BONDS OF
1967-72 P R E S E N T E D FOR E X C H A N G E FOR D E F IN IT IV E CO UPON B O ND S

(Indicate
which)
To □ FEDERAL RESERVE BANK O F ______________________________________________________
□ TREASURY DEPARTMENT, Division of Loans and Currency, Washington, D. C.
Pursuant to the provisions of Treasury Department Circular No. 675, dated December 15,1941,
the undersigned presents and surrenders herewith full-paid interim certificates of the 2y2% Treasury
Bonds of 1967-72 (as listed below), and requests their exchange for a like face amount of definitive
coupon bonds (in the denominations indicated), to be delivered to the undersigned at the address
given.
Interim certificates herewith
Denomination

Number of
pieces

Serial numbers of certificates *

$50

Definitive bonds to be issued
Face amount

Number of
pieces

Face amount

$

$-------------

$100
$500
$1,000
$5,000
$10,000
$100,000
Total amounts (must agree)__ $--------------

$--------------

.* If space is not ample for listing, back of form or separate sheet may be used.

Signature_________________________________________________
Name_____________________________________________________
(Please print or type)

(Please print or type)

Dated__________________________ 1942.
16- 25392-1

U

S. GOVERNMENT PRINTING OFFICE