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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, August 31, 1948

TREASURY SAVINGS NOTES OF SERIES D

To all Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:

There is enclosed a copy o f Treasury Department Circular No. 833, dated August 17,
1948, which contains the regulations and the complete details concerning Treasury Sav­
ings Notes o f Series D.
These notes will become available for purchase on September 1, 1948, and the sale of
Treasury Savings Notes o f Series C will be discontinued after August 31, 1948. As in the
case o f Treasury Savings Notes o f Series C, the new notes o f Series D will be dated as o f
the first day of the month in which purchased, will mature three years thereafter, and
they will be issued at par. The principal change in the new savings notes is in the interest
rate. As heretofore, interest on the notes will accrue each month from the month of issue
on a graduated scale, the equivalent yield if held to maturity being approximately 1.40
percent per annum, compared with 1.07 percent for the Treasury Savings Notes o f Series C.
Treasury Savings Notes o f Series D may be presented in payment of Federal income,
estate or g ift taxes assessed against the inscribed owner or his estate, at par and accrued
interest, during and after the second calendar month after the month o f issue. They may be
redeemed in cash before maturity, at par and accrued interest, during and after the fourth
calendar month after the month o f issue, except that when such notes are inscribed in the
name of a bank that accepts demand deposits and are not presented in payment o f taxes,
they will be redeemed for cash at or before maturity only at the issue price, or par.
Treasury Savings Notes o f Series D may be purchased through this bank and its
branches. Each application must be accompanied by payment in full at par. Any qualified
special depositary is permitted to make payment by credit in its W ar Loan account for
notes applied for on behalf of itself or its customers.
A small supply o f application forms for the new notes is enclosed and additional copies
o f these forms will be furnished upon request.
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)

APPLICATION FOR

TREASURY SAVINGS NOTES, SERIES D
Issued at Par
□

Due 3 Years from Date of Issue

Federal R eserve Bank, Dallas 13, Texas
□ F ederal Reserve Bank Branch, E l Paso, T exas
□

Federal R eserve Bank Branch, H ouston 1, Texas
□ Federal Reserve Bank Branch, San A n ton io 6, T exas

(Date)

The undersigned hereby applies fo r Treasu ry Savings N otes, Series D (issued pursuant to Treasu ry Departm ent Circular N o. 833), as
follow s:
D e n o m in a tio n

$500

$100

$1,000

$5,000

$10,000

$100,000

$500,000

$1,000,000

P a r A m ount
T o ta l C ost

N um ber o f
N o te s

IN SCRIPTION
(See p a r a g r a p h 4 , D ep a r tm e n t C ir c u la r N o.
833.)

P U R C H A S E R ’S N A M E ..................... ......................................................... ......................................
(Typewrite or Print Purchaser’s Name)

ADDRESS
S IG N A T U R E ................. ......................................................................................................................

DATE O F N O T E S

"A Y M E N T

The date funds are made available to this bank o r its branch on collection o f exchange w ill govern the issue
date o f the notes. W here paym ent is made through the W ar Loan D eposit A ccou n t, the date on w hich the de­
posit is set up b y the depositary bank on its books as shown below w ill govern the issue date o f the notes.
□

B y draft or check attached hereto draw n on............................... .............................................................................................

□

B y charge to our reserve account w hich is hereby authorized

□

B y duly authorized deposit on our books in accordance w ith T reasu ry Departm ent Circular N o. 92 (W a r
Loan A ccou n t) on................................................................................................................................................................. (D a te )J

'E L IV E R Y

□ TO B A N K
□

(Name of institution submitting application)

TO PU R C H A S E R

By

(Signature and Title)

(Address)

+The election to pay by credit w ill be deem ed a certification by the officer w ho signs this application form that the fu ll amount o f
kyment due on this application has been deposited on the date h ereof to the credit o f the F ederal R eserve Bank o f D allas, or Branch, as
Seal agent o f the United States, W ar Loan D eposit A ccount, to be held subject to w ithdraw al on demand.
IQTE: This application, accom panied b y paym ent, should be mailed to one o f the above named issuing agencies.

T R E A S U R Y SA V IN G S N O TE S— SE RIE S D
T A B L E O F T A X -P A Y M E N T OR R E D E M PTIO N V A L U E S A N D IN V E S T M E N T Y IE L D S
The table below show s fo r each m onth fro m date o f issue to date o f m aturity the am ount o f interest accrual; the principal
am ount with accrued interest added, f o r notes o f each denom ination; the approxim ate investm ent yield on the p a r am ount from
issue date to the beginning o f each m onth follow in g the m onth o f issue; and the approxim ate investm ent yield on the current
redem ption value from the beginning o f the m onth indicated to the m onth o f m aturity.

Par value (issue price during
month of issue)

*100.00

Amount of interest accrual each
month a f t e r month of issue
Interest accrues at rate of $0.80 per
month per 11,000 par amount:
First month...................................
Second month................................
Third month..................................

*500.00

*1,000.00

$5,000.00

*10,000.00

*100,000.00

$500,000.00

$1,000,000.00

Tax-payment or redemption values during each monthly period a fte r month of issue1

Approximate
investment
yield on par
amount from
beginning of
each monthly
period there­
after
P erc en t

Approximate
investment
yield on current
tax-payment
or redemption
values from
beginning of
each monthly
period to
maturity
P er c e n t

*100.08
100.16
100.24
100 32
100.40
100.48

*500.40
500.80
501.20
501 60
502.00
502.40

$1,000.80
1,001.60
1,002.40
1,003.20
i;004.00
1,004.80

*5,004.00
5,008.00
5,012.00
5.016.00
5.020.00
5,024.00

$10,008.00
10,016.00
10,024.00
10 032 00
10,040.00
10,048.00

$100,080.00
100,160.00
100,240.00
100.320.00
100.400.00
100,480.00

$500,400.00
500,800.00
501,200.00
501,600.00
502 000 00
502,400.00

$1 000 800 00
1,001,600.00
1,002,400.00
1 003 200 O
O
lWiOOO.OO
1,004,800.00

.96
.96
.96
.96
.98
.98

*1.40
1.41
1.42
1.44
1.45
1.47
1.48

100 58
100.68
100.78
100 88
100.98
101.08

502 90
503.40
503.90
504 40
504.90
505.40

1.005.80
1.006.80
1,007.80
1,008.80
1,009.80
1,010.80

5 029.00
5,034.00
5,039.00
5.044.00
5.049.00
5,054.00

10.058.00
10.068.00
10,078.00
10,088.00
10,098,00
10,108.00

100,580.00
100 680 00
100,780.00
100,880.00
100,980.00
101,080.00

502.900.00
503.400.00
503,900.00
504.400.00
504.900.00
505,400.00

1,005,800.00
1,006,800.00
1,007,800.00
1,008,800.00
1^009300.00
1,010,800.00

.99
1.02
1.04
1.05
1.07
1.08

1.49
1.50
1.51
1.53
1.54
1.55

101.20
101.32
101.44
101.56
101.68
101.80

506.00
506.60
507.20
507.80
508.40
509.00

1,012.00
1,013.20
1,014.40
1,015.60
1,016.80
1,018.00

5,060.00
5,066.00
5,072.00
5,078.00
5,084.00
5,090.00

10,120.00
10,132.00
10,144.00
10,156.00
10,168.00
10,180.00

101,200.00
101,320.00
101,440.00
101,560.00
101,680.00
101,800.00

506,000.00
506,600.00
507,200.00
507,800.00
508,400.00
509,000.00

1,012,000.00
1,013,200.00
1,014,400.00
1,015,600.00
1,016,800.00
1,018,000.00

1.10
1.11
1.15
1.16
1.18
1.19

1.56
1.57
1.57
1.58
1.59
1.60

101.93
102.06
102.19
102.32
102.45
102.58

509.65
510.30
510.95
511.60
512.25
512.90

1,019.30
1,020.60
1,021.90
1,023,20
1,024.50
1,025.80

5 096 50
5,103.00
5,109.50
5,116.00
5,122.50
5,129.00

10,193.00
10,206.00
10,219.00
10,232.00
10,245.00
10,258.00

101,930.00
102,060.00
102,190.00
102,320.00
102,450.00
102,580.00

509,650.00
510,300.00
510,950.00
511,600.00
512,250.00
512,900.00

1,019,300.00
1 020 600 00
1,021,900.00
1,023,200.00
1,024,500.00
1,025,800.00

1.21
1.23
1.24
1.26
1.27
1.28

1.60
1.61
1.61
1.62
1.62
1.63

Thirty-fourth month.....................
Thirty-fifth month.........................

102.72
102.86
103.00
103.14
103.28
103.42
103 56
103.70
103.84
103.98
104.12

513.60
514.30
515.00
515.70
516.40
517.10
517 80
518.50
519.20
519.90
520.60

1,027.20
1,028.60
1,030.00
1,031.40
1,032.80
1,034.20
1,035.60
1,037.00
1,038.40
1,039.80
1,041.20

5,136.00
5,143.00
5,150.00
5,157.00
5,164.00
5,171.00
5.178.00
5.185.00
5,192.00
5,199.00
5,206.00

10,272.00
10,286.00
10,300.00
10,314.00
10,328.00
10,342.00
in
no
10,370.00
10,384.00
10,398.00
10,412.00

102,720.00
102,860.00
103,000.00
103,140.00
103,280.00
103,420.00
ina^fio on
103,700.00
103,840.00
103,980.00
104,120.00

513 600 00
514,300.00
515,000.00
515,700.00
516,400.00
517,100.00
517,800.00
518,500.00
519,200.00
519,900.00
520,600.00

1,027,200.00
1,028,600.00
1 030 000.00
1,031,400.00
1,032,800.00
1,034,200.00
1,035,600.00
1,037,000.00
1,038,400.00
1,039,800.00
1,041,200.00

1.29
1.31
1.32
1.33
1.34
1.35
1.36
1.37
1.38
1.38
1.39

1.63
1.63
1.63
1.63
1.63
1.62
1.62
1.62
1.62
1.62
1.62

MATURITY.............................

104.26

521.30

1,042.60

5,213.00

10,426.00

104,260.00

521,300.00

1,042,600.00

1.40

Fifth month...................................
Sixth month...................................
Interest accrues at rate of $1.00 per
month per $1,000 par amount:
Eighth month................................
Ninth month.................................
Eleventh month.............................
Twelfth month..............................
Interest accrues at rate of $1.20 per
month per $1,000 par amount:
Thirteenth month..........................
Fourteenth month.........................
Fifteenth month............................
Sixteenth month............................
Seventeenth month........................
Eighteenth month.........................
Interest accrues at rate of $1.30 per
month per $1,000 par amount:
Nineteenth month.........................
Twentieth month...........................
Twenty-first month.......................
Twenty-second month...................
Twenty-third month......................
Twenty-fourth month...................
Interest accrues at rate of $1.40 per
month per $1,000 par amount:
Twenty-fifth month.......................
Twenty-sixth month......................
Twenty-seventh month..................
Twenty-eighth month....................
Twenty-ninth month.....................
Thirtieth month............................
Thirty-second month.....................

1 Not acceptable in payment of taxes until during and after the second calendar month after the month of issue, and not redeemable for cash until during and after the fourth calendar
month after the month of issue.
* Approximate investment yield for entire period from issuance to maturity.