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N

FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States

f Circular No. 2 5 5 8 1
t December 11, 1942 J

SUB-AGENCY ARRANGEMENTS FOR THE ISSUANCE
OF WAR SAVINGS BONDS, SERIES E

To All Banks and Trust Companies in the Second Federal
Reserve District Qualified as Issuing Agents for Sale of
United States War Savings Bonds, Series E:

We have received a number of inquiries as to whether a bank or trust company
qualified as an issuing agent of War Savings Bonds, Series E, may appoint one of its
customers as its sub-agent to sell and issue such bonds.
The Treasury Department has advised us that it has no objection to the establishment of such sub-agency arrangements by banks and trust companies, and it has
indicated that only in this manner may certain organizations falling in classes which
the Treasury Department does not deem it advisable to qualify directly as issuing
agents, participate to the greatest advantage in the War Savings Bond program.
Under the arrangement referred to, you would furnish your customer with War
Savings bond stock to be issued by him; the customer would use an issuing agent's
stamp, which we will provide upon request, similar to the one you use for issuing
bonds, with the addition of the customer's name as sub-agent if so desired; and the
customer would account directly to you for the proceeds of bonds sold. Your agreement to act as issuing agent, under the terms of which you are required to account
for all bond stock furnished to you or for the proceeds thereof, would not be modified
or affected in any manner by a sub-agency agreement with one of your customers.
You will find printed on the following pages an appropriate form of agreement,
instructions to sub-agents and a form to be used by sub-agents in requisitioning
War Savings bond stock from you, which have been suggested by the Treasury for
use in such cases.




ALLAN SPROUL,

President.

MAINSTREET NATIONAL

BANK

Gentlemen:
You are hereby designated our Agent for the sale of United States War Savings
Bonds, Series E, which sale shall be made'pursuant and subject to the regulations and
instructions of the Treasury Department.
We will, from time to time, upon your requisition, consign to you a supply of
such Bonds sufficient to meet your requirements; we will also furnish you with the
necessary literature, regulations and instructions, application and other forms, bond
stock, etc., that you will use. Appropriate advertisement will be made by you that
the sale of said Bonds is "through the courtesy of Mainstreet National Bank."
All such Bonds obtained by you, 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. You shall be responsible for all acts of your 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 you use in the care of your
own securities and funds. You shall immediately notify us if Bonds are lost or stolen.
The proceeds of all sales of such Bonds are to be deposited by you in a special
bank account you will maintain, designated "Series E, Bond Account." You will remit
to the Mainstreet National Bank at least once a week, but not later than 3 o'clock
P. M. of
of each week, the balance of the said account, by check to the
order of Mainstreet National Bank, together with stubs detached from Bonds sold,
spoiled Bonds, receipted applications for Bonds sold, etc.
This Agency arrangement may be terminated at any time by you or us, and full
settlement shall be made simultaneously.
We appreciate very much your generous willingness to serve with us without
compensation in our Government's program for war financing.
Very truly yours,
MAINSTREET NATIONAL BANK
BY:

Vice President.
A P P R O V E D AND AGREED TO :

, 1942:

BY:.




Vice President.

I N S T R U C T I O N S TO S U B - A G E N T S

United States War Savings Bonds, Series E, in blank will be delivered to your
representative at the office of tlie Mainstreet National Bank, where yonr authorized
signatures are 011 file, and all payments are to be made to the same office.
All payments for bonds are to be accompanied by a duplicate application blank
which must show the serial number of each bond and bear an imprint of your issuing
stamp.
All requests for blank bonds must be signed by the person so authorized and upon
delivery to you of the bonds, they are to be receipted for. A specimen of our requisition form is attached and will be furnished to you by the bank.
Payment for bonds sold must be made at least once each week accompanied by a
memorandum showing the unsold bonds on hand.
Bonds are to be sold in numerical sequence. Care is to be exercised in inscribing
these bonds and full instructions are on the back of the application form. Erasures
or alterations are not permitted. If an error is made, the bond and stubs are to be
marked spoiled and returned. They must not be destroyed.
All denominations in which these bonds are issued and the selling price for each
are shown on the application.
A stamp for imprinting our name as issuing agent 1 in the lower left hand corner
will be supplied by us.
We will be glad to answer any questions that may arise until you are familiar
with all the necessary procedures.

1




The Treasury Department has no objection to the addition on the stamp
of the customer's name as sub-agent, if so desired.

REQUISITION FOR WAR SAVINGS BONDS
SERIES E

Mainstreet National Bank
(Address
of

«...

Please deliver to bearer the following United States War Savings Bonds,
Series E, and charge our consignment account:

Number of
Pieces

Denominations

Total
Maturity Value

$ 25
50
100
500
1,000
Totals

(Name of Firm)

(Address)

(Official Signature)

Received the above bonds




(Date)

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