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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States No. 10401 [ Circular June 1, 1931 i $800,000,000 (or thereabouts) Offering of United States of America V/% Per Cent Treasury Bonds of 1946-49 Dated and Bearing Interest from June 15, 1931 Due June 15, 1949 Redeemable at the Option of the United States at Par and Accrued Interest on and after June 15, 1946 Interest payable June 15 and December 15 To all Banks and Trust Companies in the Second Federal Reserve District and Others Concerned: The following statement by Secretary Mellon was today made public: The Treasury is today offering for subscription, at par and accrued interest, through the Federal Keserve Banks, an issue of 3% per cent Treasury bonds of 1946-49. The bonds will be dated and bear interest from June 15, 1931, will mature on June 15, 1949, and will be redeemable at the option of the United States on and after June 15, 1946. The amount of the offering is $800,000,000 or thereabouts. Applications will be received at the Federal Keserve Banks. The Treasury will accept in payment for the new Treasury bonds, at par, Treasury certificates of indebtedness of Series TJ-1931 and TJ2-1931 both maturing June 15, 1931. Subscriptions for which payment is to be tendered in certificates of indebtedness maturing June 15, 1931, will be given preferred allotment up to $325,000,000. The Treasury bonds will be issued both in bearer and registered form, in denominations of $50, $100, $500, $1,000, $5,000, $10,000 and $100,000. The registered bonds will also be issued in the $50,000 denomination. These bonds will be exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. The interest on an amount of bonds and certificates (but not including any certificates of indebtedness issued after June 17, 1929, because they were on that date made exempt from all taxation except estate and inheritance taxes) authorized by the Act approved September 24, 1917, as amended, the principal of which does not exceed in the aggregate $5,000 owned by any individual, partnership, association or corporation, shall be exempt from the taxes provided for in said clause (b) above. About $589,000,000 of Treasury certificates of indebtedness and about $90,000,000 in interest payments on the public debt become due and payable on June 15, 1931. Subject to the terms of this offering and to the provisions of Treasury Department Circular No. 92, dated October 1, 1928, as amended, special depositaries will be permitted to make payment for Treasury bonds of this issue by credit to "War Loan Deposit Accounts"; and in this connection the attention of special depositaries is called to the fact that, by the 1931 Fourth Supplement to Treasury Department Circular No. 92 Revised, the rate of interest to be paid on daily balances in the "War Loan Deposit Accounts" by special depositaries was reduced from 1 per cent per annum to }4 per cent per annum effective June 1, 1931. The subscription books for this offering are now open and applications will be received by this bank as fiscal agent of the United States. The terms of this offering are set forth in full in Treasury Department Circular No. 438, dated June 1, 1931, copy of which is printed on the following pages. GEORGE L. HARRISON, Governor. UNITED STATES OF AMERICA THREE AND ONE-EIGHTH PER CENT TREASURY BONDS OF 1946-49 Dated and bearing interest from June 15, 1931 Due June 15, 1949 REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND AFTER JUNE 15, 1946 Interest Payable June IS and December 15 The Secretary of the Treasury invites subscriptions, at par and accrued interest, from the people of the United States, for three and one-eighth per cent Treasury bonds of 1946-49, of an issue of gold bonds of the United States authorized by the Act of Congress approved September 24, 1917, as amended. The amount of the offering will be $800,000,000, or thereabouts. DESCRIPTION OF BONDS The bonds will be dated June 15, 1931, and will bear interest from that date at the rate of three and one-eighth per cent per annum, payable semi-annually, on December 15, 1931, and thereafter on June 15 and December 15 in each year until the principal amount becomes payable. The bonds will mature June 15, 1949, but may be redeemed at the option of the United States on and after June 15, 1946, in whole or in part, at par and accrued interest, on any interest day or days, on four months' notice of redemption given in such manner as the Secretary of the Treasury shall prescribe. In case of partial redemption the bonds to be redeemed will be determined by such method as may be prescribed by the Secretary of the Treasury. From the date of redemption designated in any such notice, interest on the bonds called for redemption shall cease. The principal and interest of the bonds will be payable in United States gold coin of the present standard of value. Bearer bonds with interest coupons attached will be issued in denominations of $50, $100, $500, $1,000, $5,000, $10,000, and $100,000. Bonds registered as to principal and interest will be issued in denominations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000, and $100,000. Provision will be made for the interchange of bonds of different denominations and of coupon and registered bonds and for the transfer of registered bonds, without charge by the United States, under rules and regulations prescribed by the Secretary of the Treasury. The bonds shall be exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority, except (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. The interest on an amount of bonds and certificates (but not including any certificates of indebtedness issued after June 17, 1929) authorized by said Act approved September 24, 1917, as amended, the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, association, or corporation, shall be exempt from the taxes provided for in said clause (b) above. The bonds will be acceptable to secure deposits of public moneys, but do not bear the circulation privilege and are not entitled to any privilege of conversion. The bonds will be subject to the general regulations of the Treasury Department, now or hereafter issued, governing United States bonds. APPLICATION AND ALLOTMENT Applications will be received at the Federal Reserve Banks, as fiscal agents of the United States. Banking institutions generally will handle applications for subscribers, but only the Federal Reserve Banks are authorized to act as official agencies. The right is reserved to reject any subscription, in whole or in part, and to allot less than the amount of bonds applied for and to close the subscriptions at any time without notice; the Secretary of the Treasury also reserves the right to make allotment in full upon applications for smaller amounts, to make reduced allotments upon, or to reject, applications for larger amounts, and to make classified allotments and allotments upon a graduated scale; and his action in these respects will be final. Allotment notices will be sent out promptly upon allotment, and the basis of allotment will be publicly announced. PAYMENT Payment at par and accrued interest for any bonds allotted must be made on or before June 15, 1931, or on later allotment. After allotment and upon payment Federal Reserve Banks may issue interim receipts pending delivery of the definitive bonds. Any qualified depositary will be permitted to make payment by credit for bonds allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its district. Treasury certificates of indebtedness of Series TJ-1931 and TJ2-1931, both maturing June 15, 1931, will be accepted at par in payment for any Treasury bonds of the issue now offered which shall be subscribed for and allotted, with an adjustment of the interest accrued, if any, on the bonds so paid for. GENERAL PROVISIONS As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective districts. Any further information which may be desired as to the issue of Treasury bonds under the provisions of this circular may be obtained upon application to a Federal Reserve Bank. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering. A. W. MELLON, Secretary of the Treasury. TBEASUBT DEPARTMENT, Office of the Secretary, June 1, 1931. Department Circular No. 438 (Public Debt) TO THE INVESTOR: Almost any banking institution in the United States will handle your subscription for you, or you may make subscription direct to the Federal Reserve Bank of your district. Your special attention is invited to the terms of subscription and allotment as stated above. If you desire to purchase, at the market price, bonds of the above issue after the subscriptions close, or bonds of any outstanding issue, you should apply to your own bank, or if it can not obtain them for you, to the Federal Reserve Bank of your district, which will then endeavor to fill your order in the market. Original FEDERAL RESERVE BANK OF NEW YORK Lot Number Application Number NOTICE OF ALLOTMENT Cash Subscription to United States Government Obligations DESCRIBED BELOW ,1931. Referring to your subscription to $ (par value) UNITED STATES OF AMERICA 3 » PER CENT TREASURY BONDS OF 1946-49 DATED JUNE 15, 1931, DUE JUNE 15, 1949 yon have been allotted $ IMPORTANT To obtain delivery of the securities, the original of this notice properly filled out and signed in the spaces provided below must be returned immediately to the Federal Reserve Bank of New York. In cases where securities are to be delivered over the counter to a representative of the subscriber the duplicate copy of this notice accompanied by a letter of identification must be presented by the representative. FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States. Checked by. Instructions to Federal Reserve Bank of New York Issue the bonds in the form indicated by an x mark below: Special instructions attached Coupon Registered (If registered bonds are desired, the list on the reverse side should be used, giving the names in which the bonds shall >e registered, amounts, etc.) ISSUE THE BONDS IN THE FOLLOWING DENOMINATIONS Pieces Denominations S 50 LEAVE BLANK Par Amount. DISPOSE OF THE BONDS AS INDICATED BELOW Numbers S 100 500 1,000 5,000 10,000 60,000* *Registered only. 100,000 s Total The method of payment is indicated below: By debit t o our reserve account By check - - - - - - - Subscriber - - . . . - - - $ . - - - - - - - - - $ . Street address B y credit t o W a r L o a n Deposit Account a s indicated below. State Town When payment is to be made by credit to War Loan Deposit Account, the following certificate of advice must be filled t and signed. CERTIFICATE OF ADVICE ,1931 (Date) (Use typewriter if possible, otherwise print names carefully) Indicate Under Appropriate Denominations, Number of Bonds Desired. Name In Which Bonds Shall Be Registered, and PostOffice Address For Interest Checks and Mail. Amount i $50 S100 $500 $1,000 $5,000 $10,000 $50,000 SIC Duplicate FEDERAL RESERVE BANK OF NEW YORK Lot Number Application Number NOTICE OF ALLOTMENT Cash Subscription to United States Government Obligations DESCRIBED BELOW ,1931. Referring to your subscription to $ (par value) UNITED STATES OF AMERICA 3% PER CENT TREASURY BONDS OF 1946-49 DATED JUNE 15, 1931, DUE JUNE 15, 1949 you have been allotted $ IMPORTANT To obtain delivery of the securities, the original of this notice properly filled out and signed in the spaces provided below must be returned immediately to the Federal Reserve Bank of New York. In cases where securities are to be delivered over the counter to a representative of the subscriber the duplicate copy of this notice accompanied by a letter of identification must be presented by the representative. FEDERAL RESERVE BANK OP NEW YORK, Fiscal Agent of the United States. Checked by. Instructions to Federal Reserve Bank of New York Issue the bonds in the form indicated by an x mark below: Registered ISSUE THE BONDS IN THE FOLLOWING DENOMINATIONS Pieces Denominations $ LEAVE BLANK DISPOSE OF THE BONDS AS INDICATED BELOW Numbers Par Amount 50 Special instructions attached Coupon $ 100 500 1,000 5,000 10,000 •Registered only. 60,000* 100,000 $ Total i The method of payment is indicated below: B y debit to our reserve account - - . - . - - . $ By check - - $ By c r e d i t t o W a r L o a n D e p o s i t A c c o u n t a s i n d i c a t e d below. Subscriber _ „ Street address - - - - - - - - - - - - - - Town State When payment is to be made by credit to War Loan Deposit Account, the following certificate of advice must be filled >ut and signed. CERTIFICATE OF ADVICE ,1931 1 (Date) Triplicate FEDERAL RESERVE B A N K OF N E W YORK Lot Number Application Number PENDING DELIVERY TICKET on Allotment to United States Government Obligations DESCRIBED BELOW , 1931. Amount of subscription $ (par value) UNITED STATES OF AMERICA 3% PER CENT TREASURY BONDS OF 1946-49 DATED JUNE 15, 1931, DUE JUNE 15, 1949 Amount allotted $. Partial Deliveries Made as Follows: DATE AMOUNT BALANCE DISPOSITION FEDERAL. RESERVE BANK OF NEW YORK GOVERNMENT BONO AND SAFEKEEPING DEPARTMENT No. Not Negotiable Receipt is acknowledged of $ Par Value 2 % % Treasury Certificates Series TJ-1931 [H 1 % % Treasury Certificates Series TJ2-1931 f] Tendered in payment for 3Vs% Treasury Bonds of 1946-49 This memorandum is without value except as an acknowledgment of the receipt of the securities mentioned. Securities will be delivered to your representative upon surrender of this receipt with letter of identification officially signed. FEDERAL RESERVE BANK OF NEW YORK FISCAL AGENT OF THE UNITED STATES Teller Original FEDERAL RESERVE BANK OF NEW YORK Lot Number Application. Number E NOTICE OF ALLOTMENT on Subscription to United States Government obligations described below for which Treasury certificates of indebtedness, of Series TJ-1931 and Series TJ2-1931, both maturing June 15, 1931, are tendered in payment ,1931. Referring to your subscription to $ (par value) UNITED STATES OF AMERICA 3% PER CENT TREASURY BONDS OF 1946-49 DATED JUNE 15, 1931, DUE JUNE 15, 1949 you have been allotted $. IMPORTANT To obtain delivery of the securities, the original of this notice properly filled out and signed in the spaces provided below must be returned immediately to the Federal Reserve Bank of New York. In cases where securities are to be delivered over the counter to a representative of the subscriber the duplicate copy of this notice accompanied by a letter of identification must be presented by the representative. FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States. Checked by. Instructions to Federal Reserve Bank of New York Issue the bonds in the form indicated by an x mark below: Registered Coupon Special instructions attached (If registered bonds are desired, the list on the reverse side should be used, giving the names in which the bonds shall be registered, amounts, etc.) ISSUE THE BONDS IN THE FOLLOWING DENOMINATIONS Pieces Par Amount Denominations $ 50 LEAVE BLANK DISPOSE OF THE BONDS AS INDICATED BELOW Numbers 1 100 500 1,000 5,000 10,000 *Registered only. 50,000* 100,000 Total $ The method of payment is indicated below: 'y surrender of securities as follows: %% Treasury certificates of indebtedness, Series TJ-1931 Subscriber .... Street address (Use typewriter if possible, otherwise print names carefully) Name In Which Bonds Shall Be Registered, and PostOffice Address For Interest Checks and Mail. Indicate Under Appropriate Denominations, Number of Bonds Desired. Amount $50 $100 $500 $1,000 $5,000 $10,000 $50,000 $101 I / Duplicate FEDERAL RESERVE BANK OF NEW YORK Lot Number Application Number E NOTICE OF ALLOTMENT on Subscription to United States Government obligations described below for which Treasury certificates of indebtedness, of Series TJ-1931 and Series TJ2-1931, both maturing June 15, 1931, are tendered in payment .,1931. Referring to your subscription to $ (par value) UNITED STATES OF AMERICA 3VS PER CENT TREASURY BONDS OF 1946-49 DATED JUNE 15, 1931, DUE JUNE 15, 1949 you have been allotted $ IMPORTANT To obtain delivery of the securities, the original of this notice properly filled out and signed in the spaces provided below must be returned immediately to the Federal Reserve Bank of New York. In cases where securities are to be delivered over the counter to a representative of the subscriber the duplicate copy of this notice accompanied by a letter of identification must be presented by the representative. FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States. Checked by. Instructions to Federal Reserve Bank of New York Issue the bonds in the form indicated bv an x mark below: Registered ISSUE THE BONDS IN THE FOLLOWING DENOMINATIONS Pieces Denominations $ 50 Par Amount Special instructions attached Coupon LEAVE BLANK DISPOSE OF THE BONDS AS INDICATED BELOW Numbers $ Hold to secure War Loan Deposits 100 Hold for Safekeeping (For members (>nly) 500 Deliver Over Counter 1,000 Deliver to Loan and Discount Depar 5,000 Ship Definitive Securities 10,000 50,000* •Registered only. Special Instructions 100,000 Total $ The method of payment is indicated below: By surrender of securities as follows: 2%% Treasury certificates of indebtedness, Series 'fJ-1931 Subscriber Street address % a Triplicate FEDERAL RESERVE BANK OF NEW YORK Lot Number Application Number E PENDING DELIVERY TICKET on Allotment to United States Government obligations described below for which Treasury certificates of indebtedness, of Series TJ-1931 and Series TJ2-1931, both maturing June 15, 1931, are tendered in payment ,1931. Amount of subscription $ (par value) UNITED STATES OF AMERICA 3 V& PER CENT TREASURY BONDS OF 1946-49 DATED JUNE IS, 1931, DUE JUNE 15, 1949 Amount allotted $. Partial Deliveries Made as Follows: DATE AMOUNT BALANCE DISPOSITION BTC-B Lot Number Application Number Cash Subscription by Bank or Trust Company To United States Government Obligations Described Below Dated at .1031 FEDERAL EESEKVE BANK OP NEW YORK, Fiscal Agent of the United States, New York, N. Y. DEAB SIRS: Pursuant to the terms stated in Treasury Department Circular No. 438, dated June 1, 1931, please enter subscription as follows at par and accrued interest for UNITED STATES OF AMERICA 3V8 PER CENT TREASURY BONDS OF 1946-49, DATED JUNE 15, 1931 DUE JUNE 15, 1949 • For our own account (not classified below) $ * For our customers (classified below) ======= Total Subscription > CLASSIFICATION OF OUSTOMEES' STJBSCEIPTIONS (For example: Class A — 10 at $1,000) CLASS A Subscriptions of $1,000 and under dumber of 1 Amount 1 lubscript's 1 of Each I Leave Blank CLASS B Subscriptions of $1,100 to $10,000 inclusive Subscriptions of Number of 1 Amount Number of of Each 1 Leave Blank Subscript's 1 Subscript's CLASS C $10,100 to $50,000 Inclusive Amount of Each Leave Blank CLASS D Subscriptions of $50,100 to $100,000 Inc. Number of Amount Subscript's of Each Leave Blank at at at at at at at at at at at at at at at at at at at at at at at at at at at at at CLASS F CLASS E at Sul-i'a nf Sinn inn +„ *z.nn nrtn T™I,,.,;™ i i Hiih'a <if &Wi ion •« «i nnn nnn Amount of Each Number of Subscript's at Leave Blank Amount of Each Number of 1 Subscript's i CLASS G jnni,,ai^a Leave Blank Number of Subscript's Amount of Each at at at at at. at at at at It at at at at at at at at at at at at at at Leave Blank We agree to pay to you on the date of the above issue at par for any securities allotted on account of this subscription, and payment will be made by the method indicated below: By debit to o u r r e s e r v e a c c o u n t By check - - - - - - - - • B y credit to W a r L o a n D e p o s i t A c c o u n t - - - - - - Before signing fill in all required spaces. I | BB CASH SUBSCRIPTION Lot Number Application Number IB To United States Government Obligations Described Below Dated at .1931 FEDERAL EESERVE BANK OF NEW YORK, Fiscal Agent of the United States, New York, N. T. DEAR SIRS: Pursuant to the terms stated in Treasury Department Circular No. 438, dated June 1, 1931, please enter our (my) subscription at par and accrued interest for $ (par value) UNITED STATES OF AMERICA 3V8 PER CENT TREASURY BONDS OF 1946-49, DATED JUNE 15, 1931 DUE JUNE 15, 1949 We (I) agree to pay to you on the date of the above issue at par for any securities allotted on account of this subscription, and payment will be made by the method indicated below: By check n By cash • Payment will be made by (name) This is a confirmation of a previous subscription. Write Tea or Write No Subscriber . . . Street address. Town State THIS SPACE IS FOB THE USE OF THE FEDERAL RESEEVE BANK OF NEW YORK ACKNOWLEDGED CLASSIFIED Allotment Fisured DISPOSITION Payment Checked Advised Released S Date I — - — By Cash By Check — Drawn on Check No. Checked interest Checked Recorded Window Custody Mail EA-B This Form Should Be Used When Treasury Certificates of Indebtedness of Series TJ-1931 and Series TJ2-1931, Both Maturing June 15, 1931, Are Tendered in Payment for Treasury Bonds to be Allotted on Subscriptions Lot Number Application Number E For 3V8 Per Cent Treasury Bonds of 1946-49 Dated June 15, 1931 Due June 15, 1949 NOTICE TO SUBSCRIBERS: A separate similar form should be used for each subscription by a bank for account of each customer payment for which is to be made, upon allotment, by Treasury certificates of indebtedness of Series TJ-1931 and Series TJ2-1931, both maturing June 15, 1931. If payment is to be made by such Treasury certificates of indebtedness now held by the Federal Reserve Bank of New York instructions should be given accordingly. Subscriptions for which such Treasury certificates of indebtedness are tendered in payment will be given preferred allotment up to the aggregate of $325,000,000 of the offering of Treasury bonds of 1946-49. All subscriptions will be received subject to later allotment. .1931 FEDERAL EESEEVE BANK OF NEW YORK, Fiscal Agent of the United States, New York, N. Y. DEAR SIRS: Pursuant to the terms stated in Treasury Department Circular No. 438, dated June 1, 1931, please enter subscription at par and accrued interest for $ (par value) United States of America 3% per cent Treasury bonds of 1946-49. In payment for any Treasury bonds allotted on this subscription we will deliver to you on or before the date of the issue Treasury certificates of indebtedness maturing June 15, 1931, as indicated below: Treasury certificates of indebtedness, Series TJ-1931 $ Treasury certificates of indebtedness, Series TJ2-1931 $ Before signing fill in all required spaces. TO SUBSCRIBER: Mark (X) in proper space to indicate if this is: Original subscription Confirmation of a telegram Confirmation of a letter Subscriber Post Office Address. State Official Signature Required SPACES BELOW FOB THE USE OF THE FEDEEAL RESERVE BANK Ledger Journal Acknowledged Disposition 1 Allotment Received Figured Checked Checked Recorded Advised Security Exchanged Window Amount Safekeeping Date Released Mail By Other Departments