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F E D E R A L RESERVE B A N K
OF NEW YORK
Fiscal Agent of the United States
("Circular No. 2 611"1

L

April 19, 1943

J

Exchange Offering of
% Percent Treasury Certificates of Indebtedness of Series C-1944
Dated and bearing interest from May 1, 1943

Due May 1, 1944

Amount of Offering To Be Limited to the Amount of
0.65 Percent Treasury Certificates of Indebtedness of Series C-1943, Maturing May 1, 1943,
and
% Percent Commodity Credit Corporation Notes of Series F, also Maturing May 1, 1943,
Tendered and Accepted
To all Banling Institutions, and Others Concerned,
in the Second Federal Reserve District:

The following press statement was today made public:
Secretary of the Treasury Morgenthau today announced the offering, through the Federal Reserve
Banks, of one-year % percent Treasury Certificates of Indebtedness of Series C-1944, in exchange for
0.65 percent Treasury Certificates of Indebtedness of Series C-1943, maturing May 1, 1943, and %
percent Commodity Credit Corporation Notes of Series F, also maturing May 1, 1943. Exchanges will
be made par for par, and the offering of the new certificates will be limited to the amount of securities
of the two maturing issues tendered and accepted in payment therefor. Cash subscriptions will not be
received. As announced on March 12, 1943, this exchange operation will be conducted outside of the
Second War Loan Campaign. The offering of a new security to holders of the two maturing issues is
not to be considered as a precedent for future refunding operations of the Treasury.
The certificates now offered will be dated May 1,1943, and will bear interest from that date at the
rate of seven-eighths of one percent per annum, payable semiannually on November 1,1943, and May 1,
1944. They will mature May 1, 1944. They will be issued in bearer form only, in denominations of
$1,000, $5,000, $10,000, $100,000 and $1,000,000.
Pursuant to the provisions of the Public Debt Act of 1941, interest upon the certificates now
offered shall not have any exemption, as such, under Federal tax Acts now or hereafter enacted. The
full provisions relating to taxability are set forth in the official circular released today.
Subscriptions will be received at the Federal Reserve Banks and Branches, and at the Treasury
Department, Washington, and should be accompanied by a like face amount of the maturing certificates or notes, with final coupon due May 1, 1943, detached.
The right is reserved to close the books as to any or all subscriptions at any time without notice.
Subject to the reservations set forth in the official circular, all subscriptions will be allotted in full.
The certificates will be redeemed in cash at maturity and will carry no exchange privileges.
There are now outstanding $1,505,727,000 of the Series C-1943 certificates and $289,458,000 of
the Series F notes.

The terms of this offering are set forth in Treasury Department Circular No. 711, dated
April 20, 1943, copy of which is printed on the following pages.
The subscription books will be opened on Tuesday, April 20, 1943, and applications will
be received by this bank as fiscal agent of the United States. Subscriptions should be made
on official subscription blanks and mailed immediately or, if filed by telegram or letter, should
be confirmed immediately by mail on the blanks provided.




ALLAN SPROUL,

President.

UNITED STATES OF AMERICA
7/s P E R C E N T T R E A S U R Y C E R T I F I C A T E S O F I N D E B T E D N E S S O F S E R I E S C-1944
Due May 1, 1944

Dated and bearing interest from May 1, 1943

1943
Department Circular No. 711

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,

Fiscal Service
Bureau of the Public Debt

Washington, April 20, 1943.

I.

OFFERING OF

CERTIFICATES

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par, from the people of the United States for certificates of indebtedness
of the United States, designated % percent Treasury Certificates of Indebtedness of Series C-1944, in payment of which only 0.65 percent Treasury Certificates of Indebtedness of Series C-1943, maturing May 1,
1943, or % percent Commodity Credit Corporation Notes of Series F, also maturing May 1, 1943, may be
tendered. The amount of the offering under this circular will be limited to the amount of such Series
C-1943 certificates and Series F notes tendered and accepted.

II.

DESCRIPTION OF

CERTIFICATES

1. The certificates will be dated May 1, 1943, and will bear interest from that date at the rate of
% percent per annum, payable semiannually on November 1,1943, and May 1, 1944. They will mature May
1, 1944, and will not be subject to call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all Federal taxes, now or hereafter
imposed. The certificates shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or
State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof
by any State, or any of the possessions of the United States, or by any local taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys. They will not be acceptable
in payment of taxes and will not bear the circulation privilege.
4. Bearer certificates with two interest coupons attached will be issued in denominations of $1,000,
$5,000, $10,000, $100,000 and $1,000,000. The certificates will not be issued in registered form.
5. The certificates will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States certificates.

III.

SUBSCRIPTION AND

ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official
agencies.
2. The Secretary of the Treasury reserves
allot less than the amount of certificates applied
any time without notice; and any action he may
tions, all subscriptions will be allotted in full.




the right to reject any subscription, in whole or in part, to
for, and to close the books as to any or all subscriptions at
take in these respects shall be final. Subject to these reservaAllotment notices will be sent out promptly upon allotment.

IV.

PAYMENT

1. Payment at par for certificates allotted hereunder must be made on or before May 1, 1943, or on later
allotment, and may be made only in Treasury Certificates of Indebtedness of Series C-1943 or in Commodity
Credit Corporation Notes of Series F, maturing May 1, 1943, which will be accepted at par, and should
accompany the subscription.
V.

GENERAL

PROVISIONS

1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive
subscriptions, 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, to issue allotment notices, to receive
payment for certificates allotted, to make delivery of certificates on full-paid subscriptions allotted, and
they may issue interim receipts pending delivery of the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or
amendatory rules and regulations governing the offering, which will be communicated promptly to the
Federal Reserve Banks.




HENRY MORGENTHAU, JR.,
Secretary of the Treasury.

EA-CS

For use when United States of America 0.65 percent Treasury Certificates of
Indebtedness of Series C-1943 maturing May 1, 1943 are tendered in payment.

EXCHANGE

SUBSCRIPTION

FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES C-1944, DATED M A Y 1, 1943, DUE MAY 1, 1944
NOTE:
in full.

Subscriptions f o r w h i c h securities o f the United States d e s c r i b e d b e l o w are t e n d e r e d in payment and a c c e p t e d will b e allotted

FEDERAL

RESERVE

BANK

OF

NEW

YORK,

Fiscal Agent of the United States,
Government Bond Department, Second Floor,
New York, N. Y.
DEAR

Dated at
1943

SIRS :

Subject to the provisions of Treasury Department Circular No. 711, dated April 20, 1943, the undersigned hereby
subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series C-1944 as stated below :
For own account

$

For our customers (for use of banking institutions) as shown on reverse side of this form

$

Total Subscription

$

and tenders in payment therefor a like par amount of United States of America 0.65 percent Treasury Certificates of
Indebtedness of Series C-1943, maturing May 1, 1943, as follows:
,
m
1 0 bo

,.
, to
Delivered +
you herewith $
n

.i

„

To be delivered to you
for our account by.

from

securities held by you
for our account
$

:

$

Issue and dispose of United States of America
percent Treasury Certificates of Indebtedness of Series C-1944 allotted
on this subscription in the denominations and amounts as indicated below:
DENOMINATIONS

Par Value

Pieces

$

•
Leave Blank

1,000

•

1. Deliver over the counter to the undersigned
2. Ship to the undersigned

5,000

•

3. Hold in safekeeping (for member bank only)
4. Hold as collateral for War Loan deposits

10,000

•

5. Deliver to

•

against payment of $

100,000

and

credit proceeds—

1,000,000

•

to our Reserve Account

•

Total

to our account with

IMPORTANT: No changes in delivery instructions will be accepted. A separate subscription must be submitted
for each group of securities as to which different delivery instructions are given.
T h e u n d e r s i g n e d , if a bank or trust c o m p a n y , h e r e b y certifies ( a ) that the securities which y o u are h e r e b y or h e r e a f t e r instructed
to d i s p o s e o f in the manner i n d i c a t e d in item n u m b e r e d 3 a b o v e are' the sole p r o p e r t y o f the undersigned, and (b) that the securities
w h i c h y o u a r e h e r e b y or h e r e a f t e r instructed to d i s p o s e o f in the manner indicated in items n u m b e r e d 4 and 5 a b o v e are either' the
sole p r o p e r t y o f the u n d e r s i g n e d o r the p r o p e r t y o f its c u s t o m e r s w h o h a v e authorized in writing such disposition.
(Fill in all required spaces before signing)
Name of Subscriber

( P l e a s e print)

TO S U B S C R I B E R :
Please indicate if this is a confirmation.

YES..
NO...

By

(Title)

( O f f i c i a l signature required)

Street address
City, Town or Village, and State
S p a c e s b e l o w are f o r the use o f the Federal R e s e r v e Bank o f N e w Y o r k

i

Delivery Receipt

Paid Stamp

Released

Received

Taken f r o m V a u l t Counted

Amount-

Checked

-




By

FEDERAL RESERVE B A N K OF N E W

Subscriber.

-

Delivered

from

YORK the a b o v e

described

United States Government obligations in the amount indicated above.

Date.

By.

List of customers' applications included in the foregoing subscription
entered and certified by
(Name of banking institution)

Post office address

Name of Customer
(Please print or use




typewriter)

Address

State.

Amount Subscribed

EA-CCC-CS

For use when Commodity Credit Corporation % percent Notes of Series F,
maturing May 1, 1943, are tendered in payment.

EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES C-1944, DATED MAY 1, 1943, DUE MAY 1, 1944
N O T E : Subscriptions f o r w h i c h notes o f the C o m m o d i t y C r e d i t C o r p o r a t i o n d e s c r i b e d b e l o w are tendered in payment and a c c e p t e d
will be allotted in full.
FEDERAL

RESERVE

BANK

OP N E W

YORK,

Fiscal Agent of the United States,
Government Bond Department, Second Floor,
New York, N. Y.
DEAR

Dated at
1943

SIRS :

Subject to the provisions of Treasury Department Circular No. 711, dated April 20, 1943, the undersigned hereby
subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series C-1944 as stated below:
For own account

$

For our customers (for use of banking institutions) as shown on reverse side of this form

$

Total Subscription

$

and tenders in payment therefor a like par amount of Commodity Credit Corporation % percent Notes of Series F,
maturing May 1, 1943, as follows:
,
To be delivered to you
m
A
To be withdrawn from
. i.
c
t>, ^
^
14.
...
S , ?
for our account by
Delivered to
securities held by you
you herewith $
for our account
$'
$
Issue and dispose of United States of America % percent Treasury Certificates of Indebtedness of Series C-1944 allotted
on this subscription in the denominations and amounts as indicated below:
•

DENOMINATIONS

Par Value

Pieces

$

Leave Blank

1. Deliver over the counter to the undersigned

•

2. Ship to the undersigned

1,000

•

3. Hold in safekeeping (for member bank only)

5,000

•

4. Hold as collateral for War Loan deposits

•

5. Deliver to

/

10,000

against payment of $
credit proceeds—

100,000
1,000,000

•

Total

to our Reserve Account

•

and

to our account with

IMPORTANT: No changes in delivery instructions will be accepted. A separate subscription must be submitted
for each group of securities as to which different delivery instructions are given.
T h e u n d e r s i g n e d , if a b a n k or trust c o m p a n y , h e r e b y certifies (a) that the securities which y o u are h e r e b y or h e r e a f t e r instructed
to d i s p o s e o f in the manner i n d i c a t e d in item n u m b e r e d 3 a b o v e are the sole p r o p e r t y o f the undersigned, and (b) that the securities
which y o u are h e r e b y o r h e r e a f t e r instructed t o d i s p o s e o f in the m a n n e r indicated in items n u m b e r e d 4 and 5 a b o v e are either the sole
p r o p e r t y o f the u n d e r s i g n e d or the p r o p e r t y o f its c u s t o m e r s w h o have authorized in writing such disposition.
(Fill in all required spaces before signing)
Name of Subscriber.

TO S U B S C R I B E R :
Please indicate if this is a confirmation.

( P l e a s e print)

YESNO...

By

(Title)

( O f f i c i a l signature required)

Street address
City, Town or Village, and State
S p a c e s b e l o w are f o r the use of the Federal R e s e r v e Bank o f N e w Y o r k

Received

Taken from VaultOo unted

Delivery Receipt

Paid Stamp

Released
Amount-




By

FEDERAL, RESERVE B A N K OF N E W

YORK t h e a b o v e

described

United States Government obligations in the amount indicated above.
Subscriber.

Checked
Delivered

from

Date.

By.

List of customers' applications included in the foregoing subscription
entered and certified by
( N a m e of banking institution)

Poat office address

Name of Customer
(Please print or use




typewriter)

Address

State.

Amount Subscribed

F E D E R A L RESERVE BANK
OF N E W Y O R K

April 16, 1943.

To all Banking

Institutions

Second Federal

Reserve

in the
District:

We are pleased to announce that Bank of Gouverneur,
Gouverneur, New York, has become a member of the Federal
Reserve System effective April 16, 1943.




ALT,AN

SPROUL,

President.

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