Full text of Federal Reserve Bank of New York Circulars : 2857. Sixth War Loan, General Information and Treasury Circulars

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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
R Circular No. 2 8 5 7 1
L November 1, 1944 J

SIXTH W A R LOAN
GENERAL INFORMATION AND TREASURY CIRCULARS

To all Banking Institutions
in the Second Federal Reserve

District:

The Treasury Department has established for the Sixth War Loan Drive a goal of
14 billion dollars, to be raised through the sale of United States Government securities to
investors other than banking institutions accepting demand deposits.
individuals, included in this amount, is 5 billion dollars.

The quota for

The drive will start on

November 20 and will run through December 16, 1944, but all subscriptions to Savings
Bonds and Savings Notes processed by the Federal Reserve Banks or the Treasury
Department during the months of November and December will be credited to the drive.
With critical phases of the war still ahead, it is urgent that the objectives of the drive be
attained and exceeded. Special emphasis will be placed upon the attainment of the quota for
individuals. The efficient cooperation of the banks of the country and of this District will continue to be a major factor in the solicitation and entering of subscriptions, particularly for
their customers.
In accordance with our procedure in previous drives, this circular contains general
information regarding the drive and the official offering circulars relating to each of the
issues to be sold. If the members of your staff will study carefully the material on pages 2 to 8
of this circular prior to the opening of the drive and retain copies for ready reference during the drive, we believe that their work will be facilitated and the success of the drive
promoted.
ALLAN

SPROUL,

President.

\




You will want additional copies of this circular.
Please advise us of the number you will need.

SIXTH W A R LOAN
INFORMATION FOR BANKING INSTITUTIONS
The following information is of particular importance to banking institutions in view of the essential
functions which they will perform during the Sixth War Loan Drive. It should be read carefully by the
members of their staffs who will work on matters pertaining to the drive.
Securities offered
In order to afford easy reference to the detailed terms of the securities to be sold during the drive, and
to facilitate the answering of questions regarding them, the following Treasury Department circulars, in
form as revised and amended to date, are reproduced on the pages indicated:
Subject

War Savings Bonds, Series E
Savings Bonds, Series F and G
Regulations Governing United States Savings Bonds
Treasury Savings Notes, Series C
% % Treasury Certificates of Indebtedness of Series H-1945
1 % % Treasury Notes of Series C-1947
2% Treasury Bonds of 1952-54
2 % % Treasury Bonds of 1966-71

Treasury
Circular No.

653
654
530
696
758
757
756
755

Page

9
13
21
33
37
38
39
41

Restrictions on subscriptions by commercial banks for own account
The 14 billion dollar goal of the Sixth War Loan Drive is to be raised entirely from nonbanking sources.
Accordingly, commercial banks (banking institutions accepting demand deposits) will not be permitted to
enter cash subscriptions for their own account to the securities offered in the drive except to the limited extent
provided in this paragraph. Commercial banks holding savings deposits or issuing time certificates of
deposit, as defined in Regulation Q of the Board of Governors of the Federal Reserve System, may enter cash
subscriptions to 2y 2 % Treasury Bonds of 1966-71 and 2% Treasury Bonds of 1952-54, during the period
November 20 to December 16, 1944, and to United States Savings Bonds of Series F-1944 or Series G-1944,
during the period November 17 to December 30, 1944, but the amount of such subscriptions may not exceed in
the aggregate 10% of the combined amount of time certificates of deposit (but only those issued in the names
of individuals, and of States, municipalities, political subdivisions, corporations, associations and other
organizations not operated for profit) and of savings deposits, as shown on the bank's books as of the date
of the most recent call statement required by the supervisory authorities prior to the date of subscription
for such bonds, or $500,000, whichever is less. In any event, a bank may not hold more than $100,000
(issue price) of Savings Bonds of Series F-1944 and Series G-1944 combined. If 10% of the combined amount
of savings deposits and eligible time certificates of deposit is an odd amount, the aggregate amount of its
subscriptions may be adjusted to the next highest $1,000. Commercial banks may subscribe for their own
account to Treasury Savings Notes, Series C*, in any amount. Subscriptions to any of these issues by
commercial banks for their own account will not be counted toward the goal of 14 billion dollars and will
not be credited to any quota.
Except for the subscriptions in limited amounts in relation to savings deposits and time certificates
of deposit, the 2 % % Treasury Bonds of 1966-71 may not be held by commercial banks for their own account
before December 1, 1954.
The Treasury has requested that there be no trading in any of the marketable securities and no purchases of such securities other than on direct subscription until after December 16,1944. Commercial banks
may acquire 2% Treasury Bonds of 1952-54,1*4% Treasury Notes of Series C-1947 or % % Treasury Certificates of Indebtedness of Series H-1945 for their own account in the open market after December 16, 1944.
Receipt of applications for securities and submission of subscriptions
During the drive, banking institutions will receive applications on forms provided by the State War
Finance Committees for securities to be purchased for account of customers and others. These forms should
not be forwarded to the Federal Reserve Bank of New York but should be retained by the banking institution. In cases of applications for Series E War Savings Bonds, the banking institution should issue the
bonds directly; in cases of applications for any other securities, the banking institution should submit to the
Federal Reserve Bank of New York a subscription on the appropriate subscription form furnished by the
Federal Reserve Bank.
* Any sueh notes purchased by commercial banks bear interest only if used in the payment of Federal taxes.
Page 2



Subscriptions for 21/2% Treasury Bonds of 1966-71, 2% Treasury Bonds of 1952-54, PA% Treasury
Notes of Series C-1947, and %% Treasury Certificates of Indebtedness of Series H-1945, for account of
customers may be submitted only by banking institutions. Security dealers, brokers, savings and loan associations and others may not enter subscriptions to such issues for account of customers except through
banking institutions.
Subscriptions for Treasury Savings Notes of Series G for account of customers may be submitted by
banking institutions and security dealers.
Subscriptions for Series E War Savings Bonds may be filled directly by any organization duly authorized to issue such bonds. Subscriptions for Series F and Series G Savings Bonds for account of customers
may be submitted to the Federal Reserve Bank by any banking institution or by any other organization
authorized to issue Series E bonds.
In order to permit the full use of War Loan Deposit Accounts and to minimize the amount of accrued
interest payable, customers and others should be encouraged to submit their subscriptions through banking institutions. Where this is not feasible, however, a purchaser may submit a subscription for his own
account directly to the Federal Reserve Bank of New York.
Subscriptions submitted to the Federal Reserve Bank of New York should be made on the official
forms furnished by it. The appropriate forms for use in subscribing to each type of security offered,
are as follows:
Issue

2i/ 2 % Treasury Bonds of 1966-71
—Coupon Form
—Registered Form
2 % Treasury Bonds of 1952-54
—Coupon Form
—Registered Form
i y 4 % Treasury Notes of Series C-1947
% % Treasury Certificates of Indebtedness of Series H-1945
Savings Bonds, Series F
Savings Bonds, Series G
Treasury Savings Notes, Series C

Form No.

1
2
3
4
5
6
G.B. 339
G.B. 340
G.B. 401

A sample of each of these forms is. enclosed; additional supplies will be furnished to all banking institutions in the Second Federal Reserve District in advance of the opening of the Sixth War Loan Drive.
Since the limited subscriptions by commercial banks for their own account to 2 y 2 % Treasury Bonds of
1966-71, 2% Treasury Bonds of 1952-54, and United States Savings Bonds of Series F-1944 and Series
G-1944 are considered outside the goal of the drive, copies of Form No. 7 to be used in entering such subscriptions will be sent under separate cover to all commercial banks in the district.
Payment for securities
Subscriptions must be accompanied by payment in full, except in the limited cases of deferred payment referred to on page 5.
Banking institutions qualified as special depositaries of public moneys under Treasury Department
Circular No. 92 (Revised) may pay the full purchase price (both principal and accrued interest) of any
securities subscribed for during the drive by credit to their War Loan Deposit Accounts. Credit for the purchase price of the 2 y 2 % Treasury Bonds of 1966-71, the 2% Treasury Bonds of 1952-54, the 1 % % Treasury
Notes of Series C-1947 and the % % Treasury Certificates of Indebtedness of Series H-1945, may be entered
in a War Loan Deposit Account on or after November 20, 1944, the date of the opening of the drive. Qualified depositaries are urged to make full use of their War Loan Deposit Accounts.
A banking institution qualified as a special depositary of public moneys, which receives an application
for United States Government securities accompanied by a check payable to the order of the Treasurer
of the United States or to the order of the Federal Reserve Bank of New York as fiscal agent of the United
States, may endorse such check as follows:




For credit to War Loan Deposit Account
Federal Reserve Bank of New York
Fiscal Agent of the United States
in payment for U. S. Government securities
(Name of Bank)
Page 3

and credit the proceeds of such check to its War Loan Deposit Account in payment for the securities.
Checks drawn in substantially similar forms, such as to the order of "Secretary of the Treasury", "United
States Treasury", " W a r Finance Committee", or "Federal Reserve Bank", may be handled in the same
manner. In any such case, the War Loan Deposit Account should not be credited and the subscription
should not be submitted to the Federal Reserve Bank (or, in the case of Series E War Savings Bonds, the
bonds should not be delivered) until the banking institution is satisfied that the check has been paid in
actually and finally collected funds.
Any member bank of the Federal Reserve System or any nonmember clearing bank may pay for securities by authorizing a charge to the reserve account or nonmember clearing account maintained by it with
the Federal Reserve Bank of New York.
Any banking institution may pay for securities by check. Checks should be drawn by the banking
institution either to the order of the Federal Reserve Bank of New York or to the order of the Treasurer
of the United States. Checks payable to the order of others will not be accepted even though they are
endorsed to the Federal Reserve Bank of New York or to the Treasurer of the United States.
If payment for more than one issue is made by charge to a reserve or nonmember clearing account
or by check, it is desirable that a separate authorization to charge such account or a separate check be
submitted for each issue.

Calculation and payment of accrued interest
The 2 y 2 % Treasury Bonds of 1966-71, the 2 % Treasury Bonds of 1952-54, the 1 % % Treasury Notes
of Series C-1947, and the % % Treasury Certificates of Indebtedness of Series H-1945 will be sold at par
plus accrued interest from December 1 to the date payment is received ~by the Federal Reserve Bank, except
that accrued interest is waived on $500 and $1,000 subscriptions to the 2 y 2 % Treasury Bonds of 1966-71
and the 2% Treasury Bonds of 1952-54. One day's accrued interest per $1,000 on each of the issues is
as follows:
One Day's
Interest

Issue

21/2%
2%
11/4%
%%

Treasury
Treasury
Treasury
Treasury

Bonds of 1966-71
Bonds of 1952-54
Notes of Series C-1947
Certificates of Indebtedness of Series H-1945

$0,069
0.055
0.035
0.024

The following table, showing interest per day per $1,000, may be used in computing accrued interest
when payment is received by the Federal Reserve Bank after December 1:
Date payment received
by Federal Reserve
Bank

December

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

Days

1
Sunday
3
4
5
6
7
8
Sunday
10
11
12
13
14
15

2xAt% Treasury
Bonds of
1966-71

$0,069
—

0.207
0.276
0.345
0.414
0.483
0.552
—

0.690
0.759
0.828
0.897
0.966
1.035

2% Treasury
Bonds of
1952-54

$0,055
—

0.165
0.220
0.275
0.330
0.385
0.440
—

0.550
0.605
0.660
0.715
0.770
0.825

2 % % Treasury Notes
of Series
C-1947

%% Treasury
Certificates
of Indebtedness
o f Series H-1945

$0,035

$0,024

—

0.105
0.140
0.175
0.210
0.245
0.280
—

0.350
0.385
0.420
0.455
0.490
0.525

—

0.072
0.096
0.120
0.144
0.168
0.192
—

0.240
0.264
0.288
0.312
0.336
0.360

The date on which payment is received by the Federal Reserve Bank will depend upon the method by
which payment for the subscription is made by the banking institution, that is:
If payment is made by credit to a War Loan Deposit Account, payment is considered received on
the date the account is credited; and accrued interest should be paid to that date.
If payment is made by charge to a reserve account or nonmember clearing account maintained with

Page 4


the Federal Reserve Bank, payment is considered received on the date the authorization to charge
the account is received by the Federal Reserve Bank; and accrued interest should be paid to that date.
If payment is made by check drawn on the Federal Reserve Bank, accrued interest should be
paid to the date such check is received by the Federal Reserve Bank.
If payment is made by check drawn on a bank other than the Federal Reserve Bank, accrued
interest should be paid to the date on which funds in payment of such check will be available to the
Federal Reserve Bank in the normal course of collection.
Although a savings bank may submit subscriptions for account of itself and its customers directly to
the Federal Reserve Bank, a savings bank may minimize the amount of accrued interest on such subscriptions by entering them through its correspondent bank and making arrangements for the correspondent to
pay by credit to its War Loan Deposit Account.
No accrued interest is payable on subscriptions for Savings Bonds of Series E, F or G or Treasury
Savings Notes of Series C. Where subscriptions for such securities are submitted to the Federal Reserve
Bank at the end of the month, it is important that the following instructions be observed in order to assure
the issuance of the securities dated as of the first day of that month:
If payment is made by credit to a War Loan Deposit Account, the credit should be entered not
later than the last business day of the month, and the subscription form and advice of such credit
should be mailed to the Federal Reserve Bank on the day of entry.
If payment is made by charge to a reserve account or nonmember clearing account maintained
with the Federal Reserve Bank, the subscription form and authorization to make such charge should
be received by the Federal Reserve Bank not later than the last business day of the month.
If payment for Savings Bonds is made by check, the subscription form and check should be
received by the Federal Reserve Bank not later than the last business day of the month.
If payment for Treasury Savings Notes is made by check, the subscription form and the check
should be received by the Federal Reserve Bank in sufficient time so that the proceeds of collection of the cheek will be available to the Federal Reserve Bank in finally collected funds not later than
the last business day of the month.
Deferred payment of certain subscriptions
Payment for the 2 y 2 % Treasury Bonds of 1966-71 and the 2% Treasury Bonds of 1952-54 subscribed
for by a life insurance company, savings institution, State, municipality, political subdivision or
similar public corporation, or agency thereof, may be made, in whole or in part, at par and accrued
interest, at any time or times, with payment to be completed not later than February 28, 1945. If payment
is to be deferred, the subscription for the bonds should be submitted on the regular subscription form which
should be modified by striking out the sections which commence with the words ' 1 Classification of subscriptions f o r computation of interest accrual" and " P a y m e n t in full for such securities is made as indicated
below". The subscription form so modified should be accompanied in each case by a letter from the subscriber signed by a duly authorized officer stating that in consideration of the acceptance of such subscription by the Federal Reserve Bank of New York the subscriber agrees to make payment in full on or before
February 28, 1945, at par and accrued interest from December 1,1944, to the date or dates of payment, for
the bonds allotted on the subscription.
The subscription form and letter may be forwarded through a banking institution or sent directly to
the Federal Reserve Bank of New York. Each payment should include interest on the principal amount
covered by the payment to the date on which payment is received by the Federal Reserve Bank. Each
payment should be clearly identified with the related subscription, and if such payment is to be made by a
banking institution by credit to its War Loan Deposit Account, the institution should furnish the Federal
Reserve Bank at that time with a letter advising it of the date and amount of such credit. If payment is
made in more than one instalment, the subscriber will have the option (a) of taking delivery in the normal
course, following each instalment payment, of bonds of a par amount equal to the principal amount covered by such payment, or (b) of taking the receipt of the Federal Reserve Bank for the amount of each
instalment payment and deferring delivery of the bonds until the final payment is made. In the absence
of advice to the contrary, it will be assumed that the subscriber has elected the second alternative.
Registration of securities
In all cases, the registration should express the true ownership of the security, that is, full legal title
with complete power of disposition; registration is not permitted in the name of an agent, nominee or
attorney-in-fact.



Page 5

The registration of securities in the name of a woman should include the prefix Miss or Mrs., and the
Christian name of a married woman should be given, e.g. "Mrs. Mary B. D o e " , not "Mrs. John A. D o e " .
The regulations regarding the registration of United States Savings Bonds differ from those regarding the registration of other Government securities.
United States Savings Bonds of Series E, F and G are not transferable and are issued in registered form
only. The permissible forms of registration for each series are set forth in detail in Subpart B of Treasury
Department Circular No. 530, Fifth Revision, as amended, which appears on pages 22 and 23 of this
circular.
The 2^/2% Treasury Bonds of 1966-71 and the 2% Treasury Bonds of 1952-54 are issued in either
registered or coupon form. Such bonds may be registered in the name o f —
one individual, e.g. "Mrs. Mary B. D o e " ;
two individuals as coowners without right of survivorship, e.g. " J o h n A. Doe or Mrs. Mary B. Doe,
or either of t h e m " ;
two individuals as joint owners with right of survivorship, e.g. " J o h n A. Doe and Mrs. Mary B. Doe,
or the survivor";
a corporation, e.g. "Smith and Jones, Inc., a corporation";
a partnership, e.g. "Smith & Doe, a partnership";
an unincorporated association, lodge, society, or similar body, e.g. " T h e Lotus Club, an unincorporated
association";
a fiduciary, e.g. " J o h n A. Smith, trustee under will of John B. Doe, deceased";
a custodian of public funds, e.g. "Treasurer, City of Buffalo, New Y o r k " .
In all cases, the complete post-office address (including the postal unit number, if any) of the registered
owner should be given in order to assure the proper mailing of interest checks.
The P-/^fo Treasury Notes of Series C-1947 and the 7/8% Treasury Certificates of Indebtedness
Series H-1945 are issued in bearer form only.

of

Treasury Savings Notes, Series C, are not transferable and are inscribed in the name of a single owner.
Notes may be inscribed in the name of an individual, corporation, partnership, unincorporated association
or society, fiduciary, town, city, county or other governmental body. Notes which the purchaser expects to
use in making payment of Federal estate, income or gift taxes should be inscribed in the exact form used by
the purchaser in making Federal tax returns. Where two individuals make a joint tax return, the notes
should be inscribed in the name of one of them. Notes inscribed in the name of a partnership or other
entity, which is not a Federal taxpayer, are not acceptable in payment of taxes.
If questions arise concerning forms of registration not specifically covered by this summary or by the
following Treasury circulars, it is suggested that they be referred directly to the Federal Reserve Bank.
Purchase of securities for resale
It is the Treasury's aim to obtain during the drive the maximum investment of funds of individuals
and other nonbank investors, and to avoid unnecessary redistribution of securities in the Government
security market following the close of the drive. Persons other than security dealers and brokers should
not enter subscriptions for such securities with the intention of selling them during the period immediately
following the close of the drive. As stated on page 7, banking institutions are requested to take steps to
help prevent subscriptions being submitted for the purpose of acquiring securities for resale shortly after
the drive.
Subscriptions by security dealers and brokers
Subscriptions by dealers and brokers in securities are to be limited to an amount not in excess of (a)
50 per cent of their net worth, or (b) the amount of securities included in the Fifth War Loan Drive sold by
them directly to customers other than commercial banks and dealers and brokers during the first thirty days
following the close of the Fifth War Loan Drive, whichever is greater. Generally speaking, the volume of
purchases for subsequent resale to customers should be small regardless of the size of the investment firm,
as most customers will have ample opportunity to subscribe during the drive. Dealers and brokers are
requested to discourage subscriptions by their customers for the purpose of resale in the market.
Loans to purchase securities
In order to help in achieving the Treasury's objective of selling as many securities as possible to investors
other than commercial banks, all banking institutions have been requested by the Treasury to decline to
make speculative loans for the purchase of Government securities. In particular, commercial banks have
Page 6



been requested not to make loans for the purpose of acquiring drive securities later for their account. On
the other hand, the Treasury favors banks making loans to facilitate permanent investment in Government securities if such loans are made in accord with the joint statement issued by the National and State
bank supervisory authorities in November 1942, which reads in part as follows:
' ' In connection with Government financing, individual subscribers relying upon anticipated income
may wish to augment their subscriptions by temporary borrowings from banks. Such loans will not be
subject to criticism but should be on a short term or amortization basis fully repayable within
periods not exceeding six months."
The Treasury is requesting each banking institution to examine subscriptions for the four marketable issues placed through it to see if the amounts of the subscriptions are in excess of the ability of
the subscribers to pay. If, in the opinion of the banking institution, any such subscription is in excess of
the ability of the subscriber to pay or appears to have been submitted for the purpose of acquiring the
securities for resale shortly after the drive, the banking institution should write the Federal Reserve Bank
of New York stating the circumstances and all available information. The subscription should not be entered
with the Federal Reserve Bank until instructions have been received from it.

Limitations on amount of purchases
The limitations affecting subscriptions by commercial banking institutions and security dealers and
brokers for their own account are set forth on pages 2 and 6, respectively. Except as stated under the three
preceding headings, there is no limitation on the amount of subscriptions by any other eligible investor for
the 2i/ 2 % Treasury Bonds of 1966-71, the 2% Treasury Bonds of 1952-54, the 1 ^ % Treasury Notes of
Series C-1947, the % % Treasury Certificates of Indebtedness of Series H-1945, or the Treasury Savings
Notes, Series C.
In the case of War Savings Bonds of Series E, the amount of bonds of such series issued during any
one calendar year (January 1—December 31) that may be held by any one person at any one time is
limited to $5,000 (maturity value). Additional holdings are permitted, however, in certain circumstances
where bonds are registered in coownership form. In the case of Series E bonds so registered, no excess
exists if in a particular group of coowners the holdings are such that the entire amount held can be allocated among the several coowners without apportioning an aggregate amount in excess of $5,000 (maturity
value) to any one person, including any amount chargeable to that person individually. For example, if
a married man with two children has already purchased in 1944 $5,000 maturity value of Series E bonds
registered in his own name, and his wife and children are not named as the registered owners or coowners of
any Series E bonds issued in 1944, he may purchase an additional $15,000 maturity value of such bonds
registered as follows: $5,000 in his name with his wife as coowner, $5,000 in his name with one child as
coowner, and $5,000 in his name with the other child as coowner. In such circumstances, the man as the
sole owner of $5,000 maturity value and as a coowner of $15,000 maturity value of bonds would be entitled
under the regulations to redeem all or part of such bonds without obtaining the signature of any of the
other coowners.
The amount of Savings Bonds of either Series F or Series G, or of the combined aggregate of both,
issued during any one calendar year (January 1—December 31) that may be held by any one person,
whether registered in his name individually or as a coowner, at any one time is $100,000 (issue price).
Subscriptions to be entered where funds are located
The respective State quotas making up the 14 billion dollar goal for nonbanking subscriptions in the
Sixth War Loan Drive are based in large measure upon the location of bank deposits. For this reason, and
to avoid disturbances to bank reserve positions which might otherwise occur through unnecessary shifts of
deposit balances from one locality to another, or from one institution to another, subscribers to Government
securities should enter their subscriptions through the banks where the funds to be used in payment are
located. A transfer of funds for the purpose of entering a subscription elsewhere not only constitutes a
possible disturbance to bank reserve positions but customarily involves substantial and unnecessary work.
Such a transfer serves no proper purpose which cannot be accomplished by a statistical allocation of credit
for the sale. In order to make transfers of funds unnecessary, the Treasury has established the procedure
described below under which credit for sales may be allocated to other localities upon appropriate request
by the purchasers.
Reporting of sales and geographical distribution of credits therefor
Reports of sales of securities during the drive, and the distribution and allocation of geographical
credits in respect of such sales, will be handled as follows:



Page 7

A.

Reports of Sales. The Federal Reserve Bank of New York will report each day to the War
Finance Committees of the States in the Second Federal Reserve District sales classified by
counties according to the following investor groups: (1) individuals, partnerships and personal
trusts; (2) savings banks; (3) insurance companies; (4) dealers and brokers; (5) Federal agencies and trust funds; (6) State and local governments, including local housing agencies; (7)
building and loan and savings and loan associations; (8) all other investors, including corporations not falling in the foregoing groups, charitable institutions, unions, fraternal benefit associations, national farm loan associations, etc. Any questions regarding local quotas or sales credits,
including credits expected to be allocated to a particular cminty, should be referred to the appropriate War Finance Committee.

B.

Series E War Savings Bonds. Credit for sales of Series E War Savings Bonds will be given to the
county in which the issuing agent is located, except that sales of such bonds issued directly by
the Federal Reserve Banks and the office of the Treasurer of the United States will be credited
to the addresses of the registered owners. No allocation of credit may be made in respect of a
sale of a Series E War Savings Bond.

C.

All Other Issues. In the absence of a specific request for the allocation of geographical credit
elsewhere, credits for sales of all issues other than Series E War Savings Bonds will be given to
the counties indicated by the addresses of the owners as shown on the subscription forms received
by the Federal Reserve Bank, except that credits for subscriptions to marketable issues and savings notes entered by New York City banks for the account of investors in Group 8, referred to
in paragraph A above, will be given to the counties in which such subscriptions are entered.

D.

Allocation of Geographical Credit. If a purchaser (other than an insurance company or a commercial bank) desires that credit for the sale of any security (other than a Series E War Savings Bond) be allocated to a county or counties other than the county to which credit would be
given under the provisions of the preceding paragraph, such allocation may be made provided
the request for such allocation is made on Form RA and such form accompanies the related subscription when filed with the Federal Reserve Bank. Form RA should be prepared in quadruplicate.
The first three copies should be transmitted to the Federal Reserve Bank, stapled or otherwise
firmly attached to the related subscription form, and the fourth retained by the subscribing bank
as its record. Where more than two separate allocations are requested in connection with a single
subscription, additional pages of coupons, designated Form RA-1, will be available. Copies of
Form R A have been furnished to all banking institutions in the Second Federal Reserve District,
and additional copies will be supplied to any interested person in the Second Federal Reserve District upon request to the Federal Reserve Bank of New York. A request for allocation of credit
to a county outside the Second Federal Reserve District will be transmitted through the Federal
Reserve System to the Chairman of the War Finance Committee in the State involved.

E.

Allocation to Several Communities in Single County. A purchaser wishing to distribute credit
among several communities within a single county should arrange with the Chairman of the War
Finance Committee in such county for the distribution desired, since a single credit for the combined total will be given to the county in the sales report made by the Federal Reserve Bank.

F.

Credit for Sales to Insurance Companies and Commercial Banks. No allocation may be made in
respect of any sale to an insurance company; such a sale will be credited to the county in which the
head office of the company is situated. Since subscriptions by commercial banks for their own
account are not considered part of the drive and will not be applied against any quota, no geographical credit will be given for such subscriptions and no allocations may be made.

Exchange offering
Concurrently with the drive, but not as a part of it, holders of % % Treasury Certificates of Indebtedness of Series G-1944, maturing December 1, 1944, will be offered a 0.90% Treasury Note dated December
1, 1944 and maturing January 1, 1946, in exchange for such certificates. Commercial banks holding 4 %
Treasury Bonds of 1944-54, called for redemption on December 15,1944, will be offered the l 1 / 4 % Treasury
Notes of Series C-1947 and the 2 % Treasury Bonds of 1952-54 offered in the drive, in exchange for such
called bonds; all other holders will be offered the l 1 / 4% Treasury Notes of Series C-1947, the 2 % Treasury
Bonds of 1952-54 and the 2 y 2 % Treasury Bonds of 1966-71 offered in the drive. The 4 % Treasury Bonds
of 1944-54 will be exchanged as of December 15, 1944, in available denominations of the new securities, and
accrued interest from December 1 to December 15 will be charged on the new securities. The formal
announcements of these exchange offerings will be included in a circular to be sent to all banking institutions
and other interested persons in the Second Federal Reserve District on or about November 20, 1944.
Page 8



[The form of Treasury Department Circular No. 653, Second Revision, dated August 31,1943, as reproduced below
does not give effect to the First Supplement thereto, dated June 7,1944, relating to the additional denomination of $10
(maturity value) which may J)e purchased only by personnel of the Military and Naval Forces of the United States
from certain specified agencies within their respective establishments. This explanatory note has been added and is not
part of the original text.]

UNITED STATES SAVINGS BONDS—SERIES E
WAR SAVINGS BONDS
1943
Department Circular No. 653
Second Revision

TREASURY

I.

DEPARTMENT,

OFFICE OF THE SECRETARY,

Fiscal Service
Bureau of the Public Debt

Washington, August 31, 1943.

OFFERING OF U N I T E D STATES SAVINGS BONDS OF SERIES E

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, offers
for sale, to the people of the United States, United States Savings Bonds of Series E, currently designated War
Savings Bonds, -which may hereinafter be referred to as bonds of Series E, and their sale will continue until terminated by the Secretary of the Treasury. Bonds of a new design, without change in terms, will be provided for issue
hereunder in regular course without further notice as stocks of the prior bonds of Series E become exhausted.
2. United States Savings Bonds of Series E include all bonds issued as Defense Savings Bonds under this circular
as originally published, and all those issued as War Savings Bonds under this circular as previously or as now revised.
As their terms are identical, no distinction is to be made between any bonds of Series E so issued.

II.

DESCRIPTION A N D TERMS OF BONDS

1. Bonds of Series E will be issued only in registered form, in denominations of $25, $50, $100, $500, and $1,000
(maturity values), at prices hereinafter set forth. Each bond will bear the facsimile signature of the Secretary of
the Treasury, and will bear an imprint (in red) of the Seal of the Treasury. At the time of issue, on the face of each
bond the issuing agent will inscribe the name and address of the owner, and the name of the coowner or beneficiary,
if any, will enter the issue date (which is the first day of the month in which payment of the issue price is received
by the Treasury or an authorized issuing agent), and will imprint his dating stamp (to show date the bond is actually
inscribed). Bonds of Series E shall be valid only if duly inscribed and dated, as above provided, and delivered by the
Treasury or an authorized issuing agent following receipt of payment therefor.
2. The bonds will, in each instance, be dated as of the first day of the month in which payment of the issue price
is received by an agent authorized to issue the bonds, whieh date is hereinafter referred to as the issue date; the bonds
will mature and be payable at face value 10 years from such issue date. The issue date is the basis for determining
the redemption or maturity period of the bond, and the date appearing in the issuing agent's stamp should not be
confused therewith. The bonds may not be called for redemption by the Secretary of the Treasury prior to
maturity, but they may be redeemed prior to maturity, after 60 days from the issue date, at the owner's option, at
fixed redemption values. No interest as such will be paid on the bonds, but they will increase in redemption value
at the end of the first year from issue date, and at the end of each successive half-year period thereafter until
their maturity, when the face amount becomes payable. The increment in value will be payable only upon redemption of the bonds. A table of redemption values appears on each bond. The purchase price of bonds of Series
E has been fixed so as to afford an investment yield of about 2.9 percent per annum compounded semiannually if
the bonds are held to maturity; if the owner exercises his option to redeem a bond prior to maturity the investment yield will be less. The table at the end of this circular shows: (1) How bonds of Series E, by denominations, increase in redemption value during the successive half-year periods following issue; (2) the approximate
investment yield on the issue price from issue date to the beginning of each half-year period; and (3) the approximate investment yield on the current redemption value from the beginning of each half-year period to maturity at the
end of the 10-year period.
3. Bonds of Series E will not be transferable, and will be payable only to the owner named thereon, except in
case of death or disability of the owner or as otherwise specifically provided in the regulations governing savings
bonds, and in any event only in accordance with said regulations. Accordingly, after they are duly issued they may
not be sold, discounted, hypothecated as collateral for a loan or the performance of a service, or disposed of in any
manner other than as provided in the regulations governing savings bonds, and, except as provided in said regulations,
the Treasury Department will recognize only the inscribed owner, during his lifetime, and thereafter his estate or heirs.
4. TAXATION.—For the purpose of determining taxes and tax exemptions, the increment in value represented by
the difference between the price paid for bonds of Series E (which are issued on a discount basis), and the redemption
value received therefor (whether at or before maturity) shall be considered as interest, and such interest is not
exempt from income or profits taxes now or hereafter imposed by the United States.1 The bonds 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.
1 For information concerning the taxable and exempt status under Federal tax laws of the interest (increment in value) on United States
Savings Bonds issued on a discount basis (including bonds of Series E ) , and alternate methods of reporting such interest, see Internal Revenue
Mimeograph, Coll. No. 5299, R. A. No. 1177, dated December 17, 1941. For credits on account of Victory Tax, see Internal Revenue Regulations
103. Sees. 19.453 and 19.454, as amended by Treasury Decision 5249.




Page 9

III.

PURCHASE OF BONDS

1. AGENCIES.—Bonds of Series E may be purchased, while this offer is in effect, as follows:
( a ) Over-the-counter

for

cash:

( 1 ) A t United States post offices of the first, second, and third classes, and at selected post offices of the fourth
class, and generally at classified stations and branches.
( 2 ) A t such incorporated banks, trust companies, and mutual savings banks, Federal savings and loan associations, and other organizations as are duly designated and have duly qualified as issuing agents pursuant to the provisions of Treasury Department Circular No. 657, as amended and supplemented, and at the Treasury Department,
Washington, D. C., and at Federal Eeserve Banks and Branches.
(Z>) On mail order.—Bonds of Series E may be purchased by mail upon application to the
States, "Washington 25, D. C., or to any Federal Beserve Bank or Branch, accompanied by a
issue price. Any form of exchange, including personal checks, will be accepted, subject to
other forms of exchange, should be drawn to the order of the Treasurer of the United States
Bank, as the case may be. Checks payable by endorsement are not acceptable.

Treasurer of the United
remittance to cover the
collection. Checks, or
or the Federal Keserva

(o) Other agencies.—The
Secretary of the Treasury, in his discretion, may designate other agencies f o r the issue
of, or f o r the handling of applications for, bonds of Series E, which shall operate under such terms and conditions as
the Secretary of the Treasury may prescribe or approve.
2. POSTAL SAVINGS.—Subject to regulations prescribed by the Board of Trustees of the Postal Savings System,
the withdrawal of postal savings deposits will be permitted for the purpose of acquiring savings bonds.
3.

UNITED STATES WAR SAVINGS STAMPS FOE INSTALLMENT PAYMENTS.—War S a v i n g s Stamps, i n denominations

of 10, 25, and 50 cents, and $1 and $5, may be purchased at any post office where bonds of Series E are on sale and at
such other agencies as may be designated f r o m time to time. These stamps may be used to accumulate credits for
the purchase of War Savings Bonds. Albums, f o r affixing the stamps, will be available without charge, and such
albums will be receivable, in the amount of the affixed stamps, on the purchase price of War Savings Bonds. Defense
Postal Savings Stamps heretofore issued are included in the term War Savings Stamps and no distinction is to be
made between any such stamps whether issued as Defense Postal Savings Stamps or as War Savings Stamps, and the
stamps of either issue may be used interchangeably as credits for the purchase of War Savings Bonds.
4. ISSUE PEICES.—The issue prices of the various denominations of bonds of Series E f o l l o w :
DENOMINATION
ISSUE

(maturity

(purchase)

value)

PRICE

IV.

$25.00

$50.00

$100.00

$500.00

$1,000.00

18.75

37.50

75.00

375.00

750.00

L I M I T A T I O N ON HOLDINGS

1. The amount of bonds of Series E originally issued during any one calendar year to any one person that may
be held by that person at any one time shall not exceed $5,000 (maturity value), computed in accordance with the provisions of the regulations governing United States Savings Bonds. If any person at any time acquires savings bonds
issued during any one calendar year in excess of the prescribed amount, the amount of such excess should immediately
be surrendered f o r refund of the issue price.
V.

AUTHORIZED FORMS OF

REGISTRATION

1. Bonds of Series E may be registered only in the names of natural persons (that is, individuals), whether adults
or minors, in their own right, as follows: ( 1 ) in the name of one person; ( 2 ) in the names of two (but not more than two)
persons as coowners; and ( 3 ) in the name of one person payable on death to one (but not more than one) other
designated person.
Registration on original issues and on authorized reissues, whether as owners, coowners, or
designated beneficiaries, is restricted to residents of the United States (which f o r the purposes of this section shall
include the territories, insular possessions, and the Canal Zone), citizens of the United States temporarily residing
abroad, and to nonresident aliens employed in the United States by the Federal government or an agency thereof:
Provided, however, That on original issues of bonds, but not on reissues, a nonresident alien (not a citizen of an enemy
nation) may be named as coowner or designated beneficiary, and Provided further, That a nonresident alien,
whether owner, coowner, or beneficiary, succeeding to title on death of the owner, or succeeding to title upon the
death of the surviving coowner or beneficiary will be entitled only to request and receive payment either at or
before maturity.
2. Full information regarding authorized forms of registration and rights thereunder will be found in the regulations currently in force governing United States Savings Bonds.

VI.

D E L I V E R Y A N D SAFEKEEPING OF BONDS OF SERIES E

1. Postmasters and other authorized issuing agents from whom bonds of Series E may be purchased are
authorized to deliver such bonds, duly inscribed and dated, upon receipt of the issue price. Bonds not delivered in
person and bonds issued against mail order applications will be delivered by mail at the risk and expense of the United
States, at the address given by the purchaser, but only within the United States, its territories and insular possessions and the Canal Zone. 4 No mail deliveries elsewhere will be made. I f purchased by citizens of the United States
2 During the war emergency the Treasury may suspend deliveries to be made at its risk and expense from or to the continental United
States and its territories, insular possessions and the Canal Zone, or between any of such places. Bonds will be delivered to any address
within the place in which they are issued or, if issued within the continental United States, will be held in safekeeping by the Federal Reserve
Banks or the Treasury, as the purchaser may direct.

Page 10


temporarily residing abroad, bonds will be delivered at an address in the United States, or held in safekeeping, as tha
purchaser may direct. Personal delivery should not be accepted by any purchaser until he has verified that the
correct name, or names, and address are duly inscribed, that the issue date (the first day of the month in which
payment of the issue price was received by the agent) is duly entered, and that the dating stamp of the issuing agent
is duly imprinted with current date—all on the face of the bond. If received by mail, the same verification should be
made, and if any error in inscription or dating appears, such fact should immediately be reported to the issuing
agent, and instructions requested.
2. Savings bonds of Series E will be held in safekeeping without charge by the Secretary of the Treasury if the
holder so desires, and in such connection the facilities of the Federal Reserve Banks,1 as fiscal agents of the United
States, and those of the Treasurer of the United States, will be utilized. Arrangements may be made for sueh safekeeping at the time of purchase, or subsequently. Postmasters generally will assist holders in arranging for safekeeping, but will not act as safekeeping agents.

VII.

P A Y M E N T A T M A T U R I T Y OR R E D E M P T I O N P R I O R T O M A T U R I T Y

1. GENERAL.—Any bond of Series E will be paid in full at maturity, or, at the option of the owner, after 60
days from the issue date, will be redeemed in whole or in part at the appropriate redemption value prior to maturity,
following presentation and surrender of the bond, with the request for payment properly executed, all in accordance
with the regulations governing savings bonds.
2. EXECUTION OF REQUEST FOE PAYMENT.—The registered owner, or other person entitled to payment under the
regulations governing savings bonds, must appear before one of the officers authorized by the Secretary of the
Treasury to witness and certify requests for payment, establish his identity, and in the presence of such officer sign
the request for payment, adding the address to which the check is to be mailed. After the request for payment has
been so signed, the witnessing officer should complete and sign the certificate provided for his use. Unless otherwise
authorized in a particular case, the form of request appearing on the back of the bond must be used.
3.

OFFICERS AUTHORIZED TO WITNESS AND CERTIFY REQUESTS FOR PAYMENT.—The officers a u t h o r i z e d t o witness

and certify requests for payment of savings bonds are fully set forth in the regulations governing savings bonds, and
include but are not limited to (1) United States postmasters and certain other post office officials or designated
employees; (2) officers (or designated employees) of all banks or trust companies incorporated in the United States
or its organized territories, including officers at domestic branches (within the United States or its territories or
insular possessions and the Canal Zone), or at foreign branches; (3) officers of corporations and other organizations
which are duly qualified as issuing agents; and (4) in those cases specified in the regulations, commissioned officers
of the Army, Navy, Marine Corps, and Coast Guard. All certificates must be authenticated by official seal, if there
is one, or, if by an issuing agent, by an imprint of his dating stamp.
4. PRESENTATION AND SURRENDER.—After the request for payment has been duly executed by the person entitled
and by the certifying officer, the bond must be presented and surrendered to a Federal Reserve Bank or Branch, or to
the Treasurer of the United States, Washington 25, D. C., at the expense and risk of the owner. For the owner's
protection, the bond should be forwarded by registered mail, if not presented in person.
5. DISABILITY OR DEATH.—In case of the disability of the registered owner, or the death of the registered owner
not survived by a coowner or a designated beneficiary, instructions should be obtained from a Federal Reserve Bank
or Branch, or the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois,
before the request for payment is executed.
6. METHOD OF PAYMENT.—The only agencies authorized to pay or redeem savings bonds of Series E are the
Treasurer of the United States and the Federal Reserve Banks and Branches.
Postmasters are not authorized to
make payment, but generally they will assist owners in securing payment, at or before maturity. Payment in all
cases will be made by check drawn to the order of the registered owner or other person entitled to payment, and
mailed to the address given in the request for payment.
7. PARTIAL REDEMPTION.—Partial redemption at current redemption value of a savings bond of Series E of a
denomination higher than $25 (maturity value) is permitted, but must accord to an authorized lower denomination.
In case of partial redemption the remainder will be reissued in authorized denominations bearing the same issue date
as the bond surrendered.

VIII.

SERIES DESIGNATION

1. United States Savings Bonds of Series E, issued during the calendar year 1943 are designated Series E-1943,
and those which may be issued in subsequent calendar years will be similarly designated by the series letter E followed
by the year of issue.

IX. LOST, STOLEN, OR D E S T R O Y E D BONDS
1. If a bond of Series E is lost, stolen, or destroyed, a duplicate may be issued on the owner furnishing a description of the bond and establishing its loss, theft, or destruction.
8 Safekeeping facilities may be offered at some Branches of Federal Reserve Banks, and in such connection an inquiry may be addressed to
tbe Branch.




Page 11

2. In any case of the loss, theft, or destruction of a bond of Series E, the owner should give immediate notice to the
Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, briefly stating the facts
and giving a description of the bond. On receipt of such notice, full instructions for procedure will be given the owner.
3. A descriptive record of each bond of Series E held should be kept by the owner, apart from the bonds, so that
a full description of the bonds will be available if they are lost, stolen, or destroyed. The record for each bond should
show: (1) the denomination; (2) the serial number (with its prefix and suffix letter); (3) the inscription (name or
names, and address, on the face of the bond); and (4) the issue date (month and year of issue).

X.

GENERAL PROVISIONS

1. All bonds of Series E, issued pursuant to this circular, shall be subject to the regulations prescribed from time
to time by the Secretary of the Treasury to govern United States Savings Bonds. Such regulations may require,
among other things, reasonable notice in case of presentation of bonds of Series E for redemption prior to maturity.
The present regulations governing savings bonds are set forth in Treasury Department Circular No. 530, Fifth
Revision, as amended, copies of which may be obtained on application to the Treasury Department, or to any Federal
Reserve Bank or Branch.
2. The Secretary of the Treasury reserves the right to reject any application for bonds of Series E, in whole or in
part, and to refuse to issue or permit to be issued hereunder any such bonds in any case or any class or classes of cases
if he deems such action to be in the public interest, and his action in any such respect shall be final.
3. Postmasters in charge of post offices where bonds of Series E are on sale, under regulations promulgated by the
Postmaster General, and Federal Reserve Banks and Branches, as fiscal agents of the United States, are authorized
to perform such fiscal agency services as may be requested of them by the Secretary of the Treasury in connection with
the issue, delivery, safekeeping, redemption, and payment of bonds of Series E. Issuing agencies qualified pursuant to
Treasury Department Circular No. 657, as amended or supplemented, will be subject to the provisions of that circular.
4. The Secretary of the Treasury may at any time or from time to time supplement or amend the terms of this
circular, or of any amendments or supplements thereto, information as to which will be promptly furnished to the
Postmaster General and the Federal Reserve Banks and Branches.
HENRY

MORGENTHAU,

JR.,

Secretary of the Treasury.
UNITED STATES SAVINGS BONDS—SERIES

E

TABLE OF REDEMPTION VALUES A N D INVESTMENT

YIELDS

Table showing: (1) How bonds of Series E, by denominations, increase in redemption value during successive halfyear periods following issue; (2) the approximate investment yield on the purchase price from issue date to the beginning of each half-year period; and (3) the approximate investment yield on the current redemption value from the
beginning of each half-year period to maturity. Yields are expressed in terms of rate percent per annum, compounded
semiannually.
Maturity Value

$25.00
18.75

Period after issue date

First y2 year
% to 1 year
1 to 1 y2 years
iy2 to 2 years
2 to 2 y2 years
2% to 3 years
3 to 3% years
3 % to 4 years
4 to 4 % years
4 y2 to 5 years
5 to 5y2 years
5Y2 to 6 years
6 to 6y2 years
6 y2 to 7 years
7 to 7 y2 years
7% to 8 years
8 to 8 y2 years
8% to 9 years
9 to 9% years
9y2 to 10 vears
MATURITY VALUE
(10 years from issue date)

$50.00
37.50

$500.00
375.00

$100.00
75.00

(1) Redemption values during each half-year period

(2) Approximate
investment
yield on purchase price
from issue date
to beginning of
each half-year
period
Percent

$18.75
18.75
18.87
19.00
19.12
19.25
19.50
19.75
20.00
20.25
20.50
20.75
21.00
21.50
22.00
22.50
23.00
23.50
24.00
24.50

$37.50
37.50
37.75
38.00
38.25
38.50
39.00
39.50
40.00
40.50
41.00
41.50
42.00
43.00
44.00
45.00
46.00
47.00
48.00
49.00

$75.00
75.00
75.50
76.00
76.50
77.00
78.00
79.00
80.00
81.00
82.00
83.00
84.00
86.00
88.00
90.00
92.00
94.00
96.00
98.00

$375.00
375.00
377.50
380.00
382.50
385.00
390.00
395.00
400.00
405.00
410.00
415.00
420.00
430.00
440.00
450.00
460.00
470.00
480.00
490.00

$750.00
750.00
755.00
760.00
765.00
770.00
780.00
790.00
800.00
810.00
820.00
830.00
840.00
860.00
880.00
900.00
920.00
940.00
960.00
980.00

0.00
.00
.67
.88
.99
1.06
1.31
1.49
1.62
1.72
1.79
1.85
1.90
2.12
2.30
2.45
2.57
2.67
2.76
2.84

$25.00

$50.00

$100.00

$500.00

$1,000.00

2.90

• Approximate investment yield for entire period from issuance to maturity.

 Page 12


$1,000.00
750.00

(3)_ Approximate
investment
yield on current
redemption
value from beginning of each
half-year period
to maturity
Percent

2.90"
3.05
3.15
3.25
3.38
3.52
3.58
3.66
3.75
3.87
4.01
4.18
4.41
4.36
4.31
4.26
4.21
4.17
4.12
4.08

[The form of Treasury Department Circular No. 654, Second Revision, dated January 1,1944, reproduced below, gives
effect to Second Amendment, dated November 17, 1944, which in effect supersedes First Amendment, dated June 12,
1944. Section IV, Paragraph 1, and Section V, Paragraph 1 (2), reproduced below, are in the form provided by Second
Amendment. This explanatory note has been added and is not part of the original text.]

UNITED STATES SAVINGS BONDS
SERIES F AND SERIES G
1944

•

TREASURY DEPARTMENT,

Department Circular N o . 6 5 4
Second Revision

OFFICE

Fiscal Service

OF T H E

SECRETARY,

Washington, January 1, 1944.

Bureau of the Public D e b t

I.

O F F E R I N G

O F

U N I T E D

S T A T E S

S A V I N G S

B O N D S

O F

SERIES

F

A N D

S E R I E S

G

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, offers for sale, to the people of the United States, through the Federal Reserve Banks,
United States Savings Bonds of Series F and Series G, which may hereinafter be referred to as bonds
of Series F and Series G. Bonds of a new design, without change in terms, will be provided for issue
hereunder in regular course without further notice as stocks of the prior bonds of Series F and Series
G become exhausted. The sale of bonds of Series F and Series G will continue until terminated by the
Secretary of the Treasury.
2. United States Savings Bonds of Series F and Series G include bonds of any designation
issued under this circular as originally published and amended, and those issued under this circular
as previously or as now revised. As their terms are identical, no distinction is to be made between
any bonds of Series F or Series G so issued.

II.

D E S C R I P T I O N

A N D

T E R M S

O F

B O N D S

1. Bonds of Series F and Series G will be issued only in registered form, in denominations of
$25 (for Series F only), $100, $500, $1,000, $5,000 and $10,000 (maturity values), at prices hereinafter set forth. Each bond will bear the facsimile signature of the Secretary of the Treasury, and
will bear an imprint in color (brown for Series F and blue for Series G) of the Seal of the Treasury.
At the time of issue, on the face of each bond, the issuing agent will inscribe the name and address of
the owner and the name of the coowner or beneficiary, if any, will enter the issue date (which is the
first day of the month in which payment of the issue price is received by the Treasury or an authorized
issuing agent), and will imprint his dating stamp (to show the date the bond is actually inscribed).
Bonds of Series F and Series G shall be valid only if duly inscribed and dated, as above provided, and
delivered by an authorized agent following receipt of payment therefor.
2. The bonds of each series will, in each instance, be dated as of the first day of the month in
which payment of the issue price is received by an agent authorized to issue the bonds, which date
is herein referred to as the issue date; the bonds will mature and be payable at face value 12 years
from such issue date. The issue date is the basis for determining the redemption or maturity period
of the bond, and the date appearing in the issuing agent's stamp should not be confused therewith.
The bonds of either series may not be called for redemption by the Secretary of the Treasury prior
to maturity, but they may be redeemed prior to maturity, after 6 months from the issue date, at
the owner's option, at fixed redemption values.
3. Borids of Series F will be issued on a discount basis at 74 percent of their maturity value. No
interest as such will be paid on the bonds, but they will increase in redemption value at the end of the
first year from issue date, and at the end of each successive half-year period thereafter until their
maturity, when the face amount becomes payable. The increment in value will be payable only upon
redemption of the bonds. A table of redemption values appears on each bond. The purchase price
of bonds of Series F has been fixed so as to afford an investment yield of about 2.53 percent per
annum compounded semiannually if the bonds are held to maturity; if the owner exercises his option
to redeem a bond prior to maturity the investment yield will be less.



Page 13

4. Bonds of Series G will be issued at par, and will bear interest at the rate of 2y 2 percent per
annum, payable semiannually from issue date. Interest will be paid by check drawn to the order of
the registered owner. Interest will cease at maturity, or, in case of redemption before maturity, at
the end of the interest period next preceding the date of redemption. A table of redemption values
appears on each bond, and the difference between the face amount of the bond and the redemption
value fixed for any period represents an adjustment (or refund) of interest. Accordingly, if the
owner exercises his option to redeem a bond prior to maturity, the investment yield will be less than
the interest rate on the bond. Bonds of Series G may be redeemed at par, in whole or in part, (1)
upon the death of the owner, or a coowner, if a natural person, or (2) as to bonds held by a trustee
or other fiduciary, upon the death of any person which results in termination of the trust. If the
trust is terminated only in part, redemption at par will be made only to the extent of the pro rata
portion of the trust so terminated, to the next lower multiple of $100. In any case request for
redemption at par must be received by the Treasury Department, Division of Loans and Currency,
Merchandise Mart, Chicago 54, Illinois, or by a Federal Reserve Bank or Branch within 4 months
after the date of death and in accordance with the regulations governing savings bonds.
5. Tables at the end of this circular show separately for bonds of Series F and those of Series G :
(1) The redemption values, by denominations, during the successive half-year periods following
issue, (2) the approximate investment yield on the issue price from issue date to the beginning of
each half-year period, and (3) the approximate investment yield on the current redemption value
from the beginning of each half-year period to maturity at the end of the 12-year period.
6. Bonds of Series F and Series G will not be transferable, and will be payable only to the owner
named thereon, except in case of death or disability of the owner or as otherwise specifically provided
in the regulations governing savings bonds, and in any event only in accordance with said regulations. Accordingly they may not be sold, discounted, hypothecated as collateral for a loan or the performance of a service, or disposed of in any manner other than as provided in the regulations governing savings bonds, and, except as provided in said regulations, the Treasury Department will
recognize only the inscribed owner, during his lifetime and competency, and thereafter his estate or
heirs.
7. Taxation.—For
the purpose of determining taxes and tax exemptions, the increment in
value represented by the difference between the price paid for bonds of Series F (which are issued
on a discount basis), and the redemption value received therefor (whether at or before maturity)
shall be considered as interest, and that interest and interest on bonds of Series G, are not exempt
from income or profits taxes now or hereafter imposed by the United States.1 The bonds 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.
III. PURCHASE OF BONDS
1. Agencies.—Bonds
of Series F and Series G may be purchased, while this offer is in effect,
upon application to any Federal Reserve Bank or Branch, or to the Treasurer of the United States,
Washington 25, D. C. Sales agencies, duly qualified under the provisions of Treasury Department
Circular No. 657, as amended and supplemented, and banking institutions generally, may submit
applications for account of customers, but only the Federal Reserve Banks and Branches and the
Treasury Department are authorized to act as official agencies, and the receipt of application and
payment at an official agency will govern the dating of the bonds issued.
2. Payment for bonds.—Every application must be accompanied by payment in full of the issue
price. A n y form of exchange, including personal checks, will be accepted, subject to collection.
Checks, or other forms of exchange, should be drawn to the order of the Federal Reserve Bank or
the Treasurer of the United States, as the case may be. Checks payable by endorsement are not
1 For information concerning the taxable and exempt status under Federal tax laws of the interest (increment in value) on United States
Savings Bonds issued on a discount basis (including bonds of Series F ) , and alternate methods of reporting such interest, see Internal Revenue
Mimeograph, Coll. No. 5299, R. A. No. 1177, dated December 17, 1941. For credits on account of Victory Tax, see Internal Revenue Regulations 103, Sees. 19.453 and 19.454, as amended by Treasury Decision 5249.

Page 14



acceptable. Any depositary qualified pursuant to the provisions of Treasury Department Circular
No. 92 (Revised), will be permitted to make payment by credit f o r bonds applied for on behalf of
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.
3. Postal savings.—Subject to regulations prescribed by the Board of Trustees of the Postal
Savings System, the withdrawal of postal savings deposits will be permitted f o r the purpose of
acquiring savings bonds.
4. Form of application.—In applying for bonds under this circular, care should be exercised to
specify whether those of Series F or Series G are desired, and there must be furnished: (1) Instructions for registration of the bonds to be issued, which must be in one of the authorized forms (see Sec.
V ) ; (2) the post office address of the owner; (3) address f o r delivery of the bonds; and ( 4 ) , in case
of bonds of Series G, address for mailing interest checks. The use of an official application form is
desirable, but not necessary. The application should be forwarded to the Federal Reserve Bank, or
Branch, of the district, or to the Treasurer of the United States, accompanied by remittance to cover
the purchase price ($74 for each $100 face amount of bonds of Series F, or $100 for each $100 face
amount of bonds of Series G ) .
5. Issue prices.—The
follow:

issue prices of the various denominations of bonds of Series F and Series G
SERIES F

Denomination (maturity value)
Issue (purchase) Price

$25.00
$18.50

$100
$74

$500
$370

$1,000
$740

$5,000
$3,700

$10,000
$7,400

$500
$500

$1,000

$5,000
$5,000

$10,000
$10,000

SERIES G
Denomination (maturity value)
Issue (purchase) Price

$100
$100

$1,000

IV. LIMITATION ON HOLDINGS
1. The amount of United States Savings Bonds of Series F, or of Series G, or the combined aggregate amount of both series originally issued during any one calendar year to any one person, including those registered in the name of that person alone, and those registered in the name of that person
with another named as coowner, that may be held by that person at any one time shall not exceed
$100,000 (issue price) : except that in the case of commercial banks authorized to acquire such bonds
in accordance with Section V 1 (2) hereof, the amount shall be such as may have been or may hereafter
be provided specifically in official circulars governing the offering of other Treasury securities,1 but in
no event in excess of $100,000 (issue price) for any one calendar year.
2. A n y bonds acquired on original issue which create an excess must immediately be surrendered for refund of the issue price, as provided in the regulations governing savings bonds.
V. AUTHORIZED FORMS OF REGISTRATION
1. United States Savings Bonds of Series F and Series G may be registered only in one of the
following forms:
(1) In the names of natural persons (that is, individuals), whether adults or minors, in their
own right, as follows: (a) In the name of one person; (&) in the names of two (but not more than
two) persons as coowners; and ( c ) in the name of one person payable on death to one (but not more
than one) other designated person.
(2) In the name of an incorporated or unincorporated body in its own right; but may not be
registered in the names of commercial banks, which are defined for this purpose as those accepting
1 Circulars heretofore issued making provisions for subscription to Series F and Series G bonds by commercial banks are Circulars Nos.
729 and 740, offering 2V 2 % Treasury Bonds of 1965-70; Circular No. l 730, offering 2 l A% Treasury Bonds of 1956-59; and Circular No. 741,
offering 2% Treasury Bonds of 1952-54. Circular No. 755, offering 2 /2% Treasury Bonds of 1966-71 and Circular No. 756, offering 2%
Treasury Bonds of 1952-54, will also contain similar provisions.




Page 15

demand deposits, except to such extent and under such conditions as may have been or may hereafter
be provided specifically in official circulars governing the offering of other Treasury securities.
(3) In the name of a fiduciary (except where the fiduciary would hold the bonds merely or principally as security for the performance of a duty or obligation).
(4) In the name of the owner or custodian of public funds.
2. Restrictions.—Registration
on original issues and authorized reissues, whether as owners,
coowners, or designated beneficiaries, is restricted to residents (whether individuals or others) of
the United States (which, for the purposes of this section shall include the territories, insular possessions and the Canal Zone), citizens of the United States temporarily residing abroad, and to nonresident aliens employed in the United States by the Federal Government or an agency thereof: Provided, however, That on original issues but not on reissues, a nonresident alien (not a citizen of an
enemy nation) may be named as coowner or designated beneficiary; and Provided further, That a
nonresident alien, whether owner, coowner or beneficiary, succeeding to title on death of the owner,
or succeeding to title upon the death of the surviving coowner or beneficiary will be entitled only to
request and receive payment either at or before maturity and will not be entitled to reissue.
3. Full information regarding authorized forms of registration will be found in the regulations
currently in force governing United States Savings Bonds.
VI. DELIVERY AND SAFEKEEPING OF BONDS
1. Federal Reserve Banks and Branches and the Treasurer of the United States are authorized
to deliver bonds of Series F and Series G, duly inscribed and dated, upon receipt of the issue price.
Bonds not delivered in person will be delivered by mail at the risk and expense of the United States, at
the address given by the purchaser, but only within the United States, its territories and insular possessions and the Canal Zone. 2 No mail deliveries elsewhere will be made. If purchased by citizens
of the United States temporarily residing abroad, bonds will be delivered at an address in the United
States, or held in safekeeping, as the purchaser may direct. Personal delivery should not be accepted by any purchaser until he has verified that the correct name, or names, and address are duly
inscribed, that the issue date (the first day of the month in which payment of the issue price was
received by the agent) is duly entered, and that the dating stamp of the issuing agent is duly imprinted with current date—all on the face of the bond. If received by mail, the same verification
should be made, and if any error in inscription or dating appears, such fact should immediately be
reported to the issuing agent, and instructions requested.
2. Savings bonds of Series F and Series G will be held in safekeeping without charge by the
Secretary of the Treasury if the holder so desires, and in such connection the facilities of the Federal
Reserve Banks,8 as fiscal agents of the United States, and those of the Treasurer of the United States,
will be utilized. Arrangements may be made f o r such safekeeping at the time of purchase, or
subsequently.
VII. PAYMENT AT MATURITY OR REDEMPTION PRIOR TO MATURITY
1. General.—Any savings bond of Series F or Series G will be paid in full at maturity, or, at
the option of the owner, after 6 months from the issue date, will be redeemed in whole or in part at
the appropriate redemption value prior to maturity, on the first day of any calendar month, on 1
month's notice in writing, following presentation and surrender of the bond, with the request for
payment properly executed, all in accordance with the regulations governing savings bonds.
2. Notice of redemption.—When
a savings bond of Series F or Series G is to be redeemed prior
to maturity, a notice in writing of the owner's intention must be given to and be received by a Federal Reserve Bank or Branch, or the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, not less than 1 calendar month in advance. A duly executed
request for payment will be accepted as constituting the required notice.
2 During the war emergency the Treasury may suspend deliveries to be made at its risk and expense from or to the continental United State*
and its territories, insular possessions and the Canal Zone, or between any of such places.
s Safekeeping facilities may be offered at some Branches of Federal Reserve Banks, and in such connection an inquiry may be addressed to
the Branch.

Page 16



3. Execution of request for payment.—The registered owner, or other person entitled to payment under the regulations governing savings bonds, must appear before one of the officers authorized by the Secretary of the Treasury to witness and certify requests for payment, establish his
identity, and in the presence of such officer sign the request for payment, adding the address to which
the check is to be mailed. After the request for payment has been so signed, the witnessing officer
should complete and sign the certificate provided for his use. Unless otherwise authorized in a particular case, the form of request appearing on the back of the bond must be used.
4. Officers authorized to witness and certify requests for payment.—The
officers authorized to
witness and certify requests for payment of savings bonds are fully set forth in the regulations governing savings bonds, and include but are not limited to (1) United States postmasters and certain
other post office officials or designated employees; and (2) officers (or designated employees) of all
banks or trust companies incorporated in the United States or its organized territories, including
officers at domestic branches (within the United States or its territories or insular possessions and
the Canal Zone), or at foreign branches. All certificates should be authenticated by official seal, if
there is one, or by an imprint of an issuing agent's dating stamp.
5. Presentation and surrender.—After
the request for payment has been duly executed by the
person entitled and by the certifying officer, the bond must be presented and surrendered to a Federal Reserve Bank or Branch, or to the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, at the expense and risk of the owner. For the owner's protection. the bond should be forwarded by registered mail, if not presented in person.
6. Disability or death.—In case of the disability of the registered owner, or the death of the
registered owner not survived by a coowner or a designated beneficiary, instructions should be
obtained from a Federal Reserve Bank or Branch, or the Treasury Department, Division of Loans
and Currency, Merchandise Mart, Chicago 54, Illinois, before the request f o r payment is executed.
7. Method of payment.—The only agencies authorized to pay or redeem savings bonds are the
Federal Reserve Banks and Branches, and the Treasurer of the United States. Payment in all cases
will be made by check drawn to the order of the registered owner or other person entitled to payment, and mailed to the address given in the request for payment.
8. Partial redemption.—Partial
of a denomination higher than $25
higher than $100, is permitted, but
tial redemption the remainder will
date as the bond surrendered.

redemption at current redemption value of a bond of Series F,
(maturity value), or of a bond of Series G, of a denomination
must correspond to an authorized denomination. In case of parbe reissued in authorized denominations bearing the same issue

VIII. SERIES DESIGNATION
1. Bonds of Series F, issued during the calendar year 1944 are designated Series F-1944, and
those of Series G are similarly designated Series G-1944, and those of either series which may be
issued in subsequent calendar years will be similarly designated by the series letter, F or G, followed
by the year of issue.
IX. LOST, STOLEN, OR DESTROYED BONDS
1. If a bond of Series F or Series G is lost, stolen, or destroyed, a duplicate may be issued on the
owner furnishing a description of the bond and establishing its loss, theft, or destruction.
2. In any case of the loss, theft, or destruction of a bond of Series F or Series G, the owner
should give immediate notice to the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, briefly stating the facts and giving a description of the bond. On
receipt of such notice, full instructions for procedure will be given the owner.
3. A descriptive record of each bond of Series F or Series G held should be kept by the owner,
apart from the bonds, so that a full description of the bonds will be available if they are lost, stolen,
or destroyed. The record for each bond should show: (1) the denomination; (2) the serial number
(with its prefix and suffix letters); (3) the inscription (name or names, and address, on the face of
the b o n d ) ; and (4) the issue date (month and year of issue).




Page 17

X.

G E N E R A L

P R O V I S I O N S

1. All bonds of Series F and Series G, issued pursuant to this circular, shall be subject to the
regulations prescribed from time to time by the Secretary of the Treasury to govern United States
Savings Bonds. The present regulations governing savings bonds are set forth in Treasury Department Circular No. 530, Fifth Revision, as amended, copies of which may be obtained on application to the Treasury Department or to any Federal Reserve Bank or Branch.
2. The Secretary of the Treasury reserves the right to reject any application for savings bonds
of either Series F or Series G, in whole or in part, and to refuse to issue or permit to be issued hereunder any such savings bonds in any case or any class or classes of cases if he deems such action to
be in the public interest, and his action in any such respect shall be final.
3. Federal Reserve Banks and Branches, as fiscal agents of the United States, are authorized
to perform such services as may be requested of them by the Secretary of the Treasury in connection with the issue, delivery, safekeeping, redemption, and payment of savings bonds of Series F and
Series G.
4. The Secretary of the Treasury may at any time or from time to time supplement or amend
the terms of this circular, or of any amendments or supplements thereto, information as to which
will be promptly furnished the Federal Reserve Banks and Branches.
HENRY MORGENTHAU,

JR.,

Secretary of the Treasury.

Page 18




UNITED STATES SAVINGS BONDS—SERIES F
TABLE OF REDEMPTION VALUES AND INVESTMENT YIELDS
Table showing: (1) How United States Savings Bonds of Series F, by denominations, increase in redemption value
during successive half-year periods following issue; (2) the approximate investment yield on the purchase price from issue
date to the beginning of each half-year period; and ( 3 ) the approximate investment yield on the current redemption value
from the beginning of each half-year period to maturity. Yields are expressed in terms of rate percent per annum,
compounded semiannually.

Maturity Value
Issue Price

$25.00
$18.50

Period after issue date

First % year
% to 1 year
1 to
years
1 % to 2 years

$100. 00
$74.00

$500. 00
$370. 00

$1, 000
$740

$5,000
$3, 700

$10,000
$ 7,400

(1) Redemption values during: each half-year period

Not redeemable
$18. 50
$74. 00
18. 55
74. 20
18. 62
74. 50

(2) Approximate (3) Approximate
investment yield
investment yield
on purchase
on current
price from
redemption value
issue date to
from beginning
beginning of
of each half-year
each half-year
period to maturity
Percent

$370.00
371.00
372.50

$740
742
745

$3,700
3, 710
3, 725

$7, 400
7, 420
7, 450

0. 00
.27
.45

*2. 53
2.64
2. 73
2. 82

2 to 2 %
2% to 3
3 to 3 %
3 % to 4

years
years
years
years

18. 72
18. 85
19. 00
19.17

74. 90
75. 40
76. 00
76. 70

374. 50
377. 00
380.00
383.50

749
754
760
767

3, 745
3, 770
3, 800
3, 835

7, 490
7, 540
7, 600
7, 670

.61
.75
.89
1. 03

2. 91
2. 99
3. 07
3.15

4 to 4 %
4 % to 5
5 to 5 %
6 % to 6

years
years
years
years

19.40
19. 65
19. 92
20. 22

77. 60
78. 60
79. 70
80. 90

388. 00
393.00
398. 50
404.50

776
786
797
809

3, 880
3, 930
3,985
4,045

7, 760
7, 860
7,970
8, 090

1.19
1. 34
1.49
1. 63

3.
3.
3.
3.

6 to 6 %
6 % to 7
7 to 7 %
7 % to 8

years
years
years
years

20. 55
20. 87
21. 20
21. 52

82. 20
83. 50
84. 80
86.10

411.00
417. 50
424. 00
430.50

822
835
848
861

4,110
4,175
4, 240
4,305

8, 220
8, 350
8,480
8, 610

1. 76
1. 87
1. 96
2. 03

3. 29
3. 31
3. 32
3.35

8 to 8 % years
8 % to 9 years
9 to 9 % years
9 % to 10 years

21. 85
22.17
22. 50
22. 85

87. 40
88. 70
90. 00
91.40

437. 00
443. 50
450.00
457. 00

874
887
900
914

4,370
4, 435
4, 500
4, 570

8, 740
8,870
9, 000
9,140

2. 09
2.14
2.19
2. 24

3.40
3. 46
3. 54
3. 63

10 to 10%
10% to 11
11 to 11%
11% to 12

23. 22
23.62
24. 05
24. 50

92. 90
94. 50
96. 20
98. 00

464. 50
472.50
481.00
490.00

929
945
962
980

4, 645
4, 725
4, 810
4,900

9, 290
9, 450
9, 620
9, 800

2. 29
2. 34
2.40
2.46

3. 72
3. 81
3.91
4. 08

$25.00

$100.00

$500.00

$1,000

$5,000

$10,000

2. 53

years
years
years
years

MATURITY VALUE
(12 years from issue date)

—

20
24
27
29

-

•Approximate investment yield for entire period from issuance to maturity.




Page 19

UNITED STATES SAVINGS BONDS—SERIES G
TABLE OF REDEMPTION VALUES AND INVESTMENT YIELDS
Table showing: (1) How United States Savings Bonds of Series G (paying a current return at the rate of 2 % percent
per anuum on the purchase price, payable semiannually) change in redemption value, by denominations, during successive
half-year periods following issue; (2) the approximate investment yield on the purchase price from issue date to the beginning of each half-year period; and ( 3 ) the approximate investment yield on the current redemption value from the beginning
of each half-year period to maturity. Yields are expressed in terms of rate percent per annum, compounded semiannually,
and take into account the current return.
Maturity Value
Issue Price

$100.00
$100.00

$1, 000
$1,000

$5,000
$5,000

$10,000
$10,000

(1) Redemption values during each half-year period

Period after issue date

First % year
% to 1 year
1 to
years
to 2 years

$500.00
$500.00

Not redeemable
$494.00
$98. 80
489. 00
97. 80
96. 90
484.50

(2) Approximate
investment yield
(3) Approximate
on purchase
investment yield
price from
on current
issue date to
redemption value
beginning of
from beginning
each half-year
of each half-year
period to maturity
period
Percent

$988
978
969

$4, 940
4, 890
4, 845

$9, 880
9, 780
9, 690

0.10
.30
.44

•2. 50
2. 62
2. 73
2. 84

9, 620
9, 560
9, 510
9,480

.61
.75
.88
1. 04

2. 94
3.04
3.13
3. 20

96. 20
95. 60
95.10
94. 80

481.00
478.00
475.50
474.00

962
956
951
948

4,
4,
4,
4,

4 to 4 y<2 years
4 % to 5 years
5 to 5 % years
5 % to 6 years

94.
94.
94.
95.

70
70
90
20

473. 50
473.50
474.50
476. 00

947
947
949
952

4, 735
4, 735
4, 745
4,760

9,
9,
9,
9,

470
470
490
520

1. 20
1. 35
1. 51
1. 66

3. 26
3. 30
3. 32
3. 33

6 to 6 % years
6 % to 7 years
7 to 7V2 years
7 % to 8 years

95. 50
95. 80
96.10
96.40

477.50
479.00
480. 50
482.00

955
958
961
964

4,
4,
4,
4,

775
790
805
820

9,
9,
9,
9,

550
580
610
640

1. 79
1. 89
1. 98
2. 05

3. 33
3. 34
3. 35
3.37

8 to 8 V2 years
8 % to 9 years
9 to 9 % years
9 % to 10 years

96. 70
97. 00
97. 30
97. 60

483.50
485.00
486. 50
488.00

967
970
973
976

4,
4,
4,
4,

835
850
865
880

9,
9,
9,
9,

670
700
730
760

2.12
2.18
2. 23
2. 27

3. 39
3.42
3.46
3. 51

10 to 10y 2
10% to 11
31 to 11%
11% to 12

97.
98.
98.
99.

90
20
60
20

489. 50
491.00
493.00
496. 00

979
982
986
992

4,
4,
4,
4,

895
910
930
960

9, 790
9, 820
9, 860
9, 920

2. 31
2. 35
2. 39
2.44

3.60
3. 75
3. 94
4.13

$100.00

$500. 00

$1, 000

$5,000

$10,000

2. 50

2 to 2 y 2
2 % to 3
3 to 3 %
3 % to 4

years
years
years
years

years
years
years
years

MATURITY VALUE
(12 years f r o m issue date)

810
780
755
740

Percent

•Approximate investment yield for entire period from issuance to maturity.
OTHER

SERIES

United States Savings Bonds of Series E are also offered for sale concurrently with those of
Series F and Series G. They are intended primarily for the investment of small or moderate amounts
saved from current income by individuals, and their issue is restricted to individuals in their own
right, with the amount originally issued to any one person during any one calendar year that that
person may hold limited to $5,000 (maturity value). Full particulars regarding Savings Bonds of
Series E are set forth in Treasury Department Circular No. 653, Second Revision, dated August 31,
1943, copies of which may be obtained from the Treasury Department, Washington, or from any
Federal Reserve Bank or Branch.


Page 20


[The form of Treasury Department Circular No. 530, Fifth Revision, dated June 1, 1942, reproduced below, gives effect to
First Amendment, dated November 23, 1942, Cumulative Amendment, dated June 17, 1943, Third Amendment, dated October 27,
1943, Fourth Amendment, dated January 1, 1944, Fifth Amendment, dated May 1, 1944, First Supplement, dated September 5, 1944,
and Seventh Amendment, dated November 17, 1944, which in effect supersedes Sixth Amendment, @ated June 12, 1944.
Sections
315.2, 315.3, 315.20(b), 315.25, 315.26, 315.27, 315.29, 315.35, 315.36, 315.37, 315.52 and 315.65, reproduced below, are in the
form provided by Cumulative Amendment.
Section 315.10, reproduced below, is in the form provided by First Amendment and
included without change in Cumulative Amendment. Section 315.5(b), reproduced below, is in the form provided by Third Amendment. Section 315.5(d), reproduced below, is in the form provided by Fourth Amendment. Section 315.32, reproduced belqw, is in
the form provided by Fifth Amendment. The second sentence of the first paragraph of Section 315.5 and Section 315.9(c), reproduced below, are in the form provided by Seventh Amendment. The text of First Supplement, effective October 2, 1944, is set forth
following Section 315.24.
This explanatory note has been added and is not part of the original text.]

REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS
T E E A S U R Y

Department Cirenl.r No. 530
Fifth Revision

D E P A R T M E N T ,

OFFICE
B u r e . J o V t h f " u b h c Debt

T A B L E OF CONTENTS

Subpart A—APPLICABILITY.
See. 315.1 —Applicability of regulations.
Subpart B—REGISTRATION.
Sec. 315.2 —General.
Sec. 315.3 —Restrictions.
See. 315.4 —Authorized forms of registration, Series E.
Sec. 315.5 —Authorized forms of registration, Series F
and G.
Sec. 315.6 —Unauthorized registration.
Sec. 315.7 —Forms of registration on reissue.
Subpart C—LIMITATION ON TRANSFER.
Sec. 315.8 —Not transferable.
Subpart D—LIMITATION ON
Sec. 315.9 —Amount which
Sec. 315.10—Calculation of
Sec. 315.11—Disposition of

HOLDINGS.
may be held.
amount.
excess.

Subpart E—LOST, STOLEN, MUTILATED, DEFACED OR
DESTROYED BONDS.
Sec. 315.12—Relief in case of loss, etc.
Subpart F—SAFEKEEPING FACILITIES.
Sec. 315.13—Safekeeping of bonds.
Subpart
Sec.
Sec.
Sec.

G—INTEREST.
315.14—General.
315.15—Appreciation bonds.
315.16—Current income bonds.

Subpart H—GENERAL PAYMENT AND REDEMPTION
PROVISIONS.
Sec. 315.17—Payment at maturity.
Sec. 315.18—Redemption before maturity.
Sec. 315.19—Form and execution of requests for payment.
Sec. 315.20—Certifying officers.
Sec. 315.21—General instructions to certifying officers.
Sec. 315.22—Interested persons not to certify.
Sec. 315.23—Presentation and surrender.
Sec. 315.24—Partial redemption.
Subpart I—MINORS AND PERSONS UNDER OTHER
LEGAL DISABILITY.
Sec. 315.25—Payment to legal guardians.
Sec. 315.26—Payment to minors.
Sec. 315.27—Payment to parents of minors.
Sec. 315.28—Payment to voluntary guardian of person
under disability.
Subpart J—SINGLE NAME—ADDITION OF COOWNER,
ETC.
Sec. 315.29—Reissue for certain purposes.
Sec. 315.30—Reissue upon request of a minor.
Sec. 315.31—Reissue only at Federal Reserve Banks and
Treasury.
Subpart K—TWO NAMES—COOWNERSHIP FORM.
Sec. 315.32—Payment or reissue.
Sec. 315.33—Place of reissue.




OF

THE

SECRETARY,

Washington, June 1, 1942.

Subpart L—TWO NAMES-BENEFICIARY FORM.
Sec. 315.34—Payment to registered owner.
Sec. 315.35—Reissue during the lifetime of registered
owner.
Sec. 315.36—Payment or reissue to beneficiary.
Sec. 315.37—Payment or reissue after death of the surviving beneficiary.
Sec. 315.38—Conditions of reissue.
Subpart
Sec.
Sec.
Sec.

M—FIDUCIARIES.
315.39—Payment to fiduciaries.
315.40—Reissue in the name of a succeeding fiduciary.
315.41—Reissue in the name of, or payment to, the
person entitled.
Sec. 315.42—Bonds held by trustee where reissue not
authorized.

Subpart N—PRIVATE CORPORATIONS, ASSOCIATIONS,
PARTNERSHIPS, ETC.
Sec. 315.43—Payment to corporations or unincorporated
associations.
Sec. 315.44—Payment to partnerships.
Sec. 315.45—Reissue or payment to successors of corporations, unincorporated associations, or partnerships.
Sec. 315.46—Reissue or payment on dissolution.
Subpart O—STATES, PUBLIC CORPORATIONS, AND PUBLIC BOARDS, COMMISSIONS, AND OFFICERS.
Sec. 315.47—In names of States, public corporations, and
public boards.
Sec. 315.48—In names of public officers.
Subpart P—DECEASED OWNERS.
Sec. 315.49—Payment or reissue on death of owner.
Sec. 315.50—Forms of registration on reissue.
Subpart Q—CREDITORS' RIGHTS AND JUDICIAL PROCEEDINGS.
Sec. 315.51—Creditors' rights.
Sec. 315.52—Determination of interest as between owner
and coowner or beneficiary.
Sec. 315.53—Evidence necessary.
Sec. 315.54—Bankruptcy and insolvency.
Subpart R—PLEDGE WITH SECRETARY OF TREASURY
OR FEDERAL RESERVE BANKS.
Sec. 315.55—Deposit under Department Circulars No. 154
and No. 657.
Subpart S—REISSUE AND DENOMINATIONAL EXCHANGE.
Sec. 315.56—General.
Sec. 315.57—Requests for reissue.
Sec. 315.58—Agencies authorized to make reissue.
Sec. 315.59—Date of bonds on reissue.
Sec. 315.60—Effective date.
Sec. 315.61—Denominational exchange.
Subpart T—FURTHER PROVISIONS.
Sec. 315.62—Regulations prescribed.
Sec. 315.63—Preservation of rights.
Sec. 315.64—Additional proof; bond of indemnity.
Sec. 315.65—Correspondence and forms.
Sec. 315.66—Supplements, amendments or revisions.

Page 21

T o OWNERS OF UNITED STATES SAVINGS BONDS, AND OTHEBS CONCERNED:

Department Circular No. 530, Fourth Bevision, Dated April 15, 1941 (6 F. B. 2191), as amended, is hereby further amended
and issued as a Fifth Be vision to read as follows:
The following regulations governing United States Savings Bonds are published for the information and guidance of all
concerned:
Subpart A-APPLICABILITY
Sec. 315.1. Applicability of regulations.—These regulations apply generally to all United States Savings Bonds of all series
of whatever designation and bearing any issue dates whatever except as otherwise specifically provided herein.

Subpart B—REGISTRATION
Sec. 315.2. General.—United States Savings Bonds will be issued only in registered form. The name and complete post office
address of the owner, as well as the name of the coowner or designated beneficiary, if any, and the date as of which the bond is issued
will be inscribed thereon at the time of issue by an authorized issuing agent.1 The form of registration used must express the
actual ownership of and interest in the bond and, except as otherwise specifically provided in these regulations, will be considered
as conclusive of such ownership and interest. The Treasury Department can recognize no notices of adverse claims to savings
bonds and will enter no stoppages or caveats against payment in accordance with the registration of the bonds. No designation of
an attorney, agent or other representative to request or receive payment on behalf of the owner, nor any restriction on the right
of such owner to receive payment of the bond, other than as provided in these regulations, may be made in the registration or
otherwise.

Sec. 315.3. Restrictions.—Only residents (whether individuals or others) of the United States (which for the purposes of
this section shall include the territories, insular possessions and Canal Zone), citizens of the United States temporarily residing
abroad, and nonresident aliens employed in the United States by the Federal Government or an agency thereof, may be named as
owners, coowners or designated beneficiaries on bonds originally issued on or after April 1, 1940, or on authorized reissues thereof:
"Provided, however, That on original issues of bonds, but not on reissues, a nonresident alien (not a citizen of an enemy nation)
may be named as coowner or designated beneficiary, and Provided further, That a nonresident alien, whether owner, coowner or
beneficiary succeeding to title on the death of the owner, or succeeding to title upon the death of a surviving coowner or beneficiary,
will be entitled only to request and receive payment either at or before maturity.*
Sec. 315.4. Authorised forms of registration, Series S.—Bonds of Series E may be registered only in the names of individuals
(natural persons), whether adults or minors, in their own right in one of the following forms of registration:
(a) ON* PERSON: In the name of one person, for example:
" J o h n A. Jones."
(b) Two PERSONS—COOWNERSHIP FORM: In the names of two (but not more than two) persons in the alternative as coowners, for example:
" J o h n A. Jones OB Mrs. Ella S. Jones."
No other form of registration establishing coownership is authorized.
(o) Two PERSONS—BENEFICIARY FORM: In the name of one (but not more than one) person, payable on death to one (but
not more than one) other person, for example:
" J o h n A. Jones, payable on death to Miss Mary E. Jones."
"Payable on death t o " may be abbreviated as " p . o. d . " The first person named is hereinafter referred to as the owner
or registered owner, and the second person named as the beneficiary or designated beneficiary. If it is desired that
a bond revert to the United States upon the death of the owner as a donation, it may be registered in the name of the
owner with the Treasurer of the United States named as beneficiary.
The full name of the owner and that of the coowner or beneficiary, if any, should be used and should be the name by which the
person is ordinarily known and under which he does business; if there are two given names the initial of one may be used, and
if a person is habitually known and does business by initial only of his given names, registration may be in such form. The name
may be preceded by any applicable title such as " D r . " , " B e v . " , etc., and in the case of women should be preceded by " M r s . " or
" M i s s " . A married woman's own name should be used, not that of her husband, for example, " M r s . Mary A. Jones", not " M r s .
Frank B. Jones". A minor, whether or not under legal guardianship, may be named as owner or coowner if the bonds are purchased as a gift to him and a minor may name a coowner or beneficiary on bonds purchased by him from his wages, earnings or
other money in his possession; but bonds purchased by a parent or guardian with funds already belonging to a minor must be
registered in the minor's name alone without the addition of a coowner or beneficiary. If a person named in the registration <>f
the bond is under legal disability and a guardian or similar representative of his estate has been appointed by a court or is otherwise
legally qualified, the registration should indicate such facts by the addition of appropriate wordB, for example, " F r a n k Jones, a
minor under legal guardianship of Henry Smith". Bonds should not be registered in the name of a person under disability for
reasons other than minority unless a legal representative of his estate has been appointed.
Sec. 315.5. Authorized forms of registration, Series F and O.—Bonds of Series F or G may be registered in the names of individuals in their own right as set forth in Sec. 315.4 above, and subject to the same conditions as therein set forth. Bonds of these
1 The date of maturity is also inscribed on Savings Bonds of Series A Series B. and Series D.
2 Under the terms of Executive Order No. 8389, as amended, and the regulations issued thereunder, bonds may not be issued or paid to nationals
(aa defined in said Order) of blocked countries or to nationals of enemy countries, whether or not residing in the United States, unless such nationals
are generally or specially licensed under the terms of the Order.

Page 22



two series may also be registered in the names of fiduciaries, corporations, associations and partnerships as owners (not as coowners
or beneficiaries), but may not be registered in the names of commercial banks, which are defined for this purpose as those accepting
demand deposits, except to such extent and under such conditions as may have been or may hereafter be provided specifically in
official circulars governing the offering of other Treasury securities.1 The following forms are authorized for such registration:
(a) Executors, administrators, guardians, etc.—In the name of one or more executors, administrators, guardians, conservators or other representatives of a single estate appointed by a court of competent jurisdiction or otherwise legally
qualified, all of whose names must be included in the registration, followed by adequate identifying reference to the
estate, for example:
" J o h n Smith, executor of the will (or administrator of the estate) of Henry J. Smith, deceased", or " W i l l i a m
C. Jones, guardian (or conservator, etc.) of the estate of James D. Brown, a minor (or an incompetent)".
If a guardian or other legal representative holds a common fund for the account of two or more estates or wards,
bonds should be registered in the name of the representative for each such estate or ward separately, even though
the representative was appointed in a single proceeding. A father or mother, as such, or as natural guardian, is not
considered a fiduciary for purposes of registration.
(b)

Trustees.—In the name or names of one or more trustees or other fiduciaries of a single duly constituted trust estate,
which will be considered as an entity, followed by adequate identifying reference to the trust instrument or other
authority creating the trust, for example:
" J o h n C. Brown and the First National Bank, trustees under the will of Henry C. Brown, deceased", or " T h e
Second National Bank, trustee under an agreement with George E. White, dated February 1, 1 9 3 5 " .
The names of all trustees must be given, unless they are too numerous, act as a board, or hold office for a limited period
of time. Registration may be in the title without the names of the trustees in the case of unincorporated lodges,
churches, societies or similar organizations, title to whose property is held by trustees, and in the case of public officers,
corporations or bodies acting as trustees under express authority of law, for example:
"Trustees of the First Baptist Church, Akron, Ohio, an unincorporated association", or "Treasurer of the
State of Nebraska, in trust for the policyholders of X Corporation, under Section
of Nebraska Statutes".
If the instrument or other authority creating the trust establishes a board of trustees acting as a board and not as
individuals, registration may be in the name of the board as such, for example:
" B o a r d of Trustees for the State Hospital for the Insane, under Section
of Nebraska Statutes".
Registration may not be made in the names of trustees under a statute, regulation, agreement, or other instrument purporting to create a trust where the funds used represent merely security for the performance of a duty or obligation.

(e)

Pension or retirement funds, etc.—Registration may be made in the names and title, or title alone, of trustees of a pension
or retirement fund or of an investment, savings, insurance, annuity, or similar fund or trust, but in all such cases the
fund will be regarded as an entity regardless of the number of beneficiaries or the manner in which their respective
interests are established or determined. Segregation of individual shares as a matter of bookkeeping or as a result
of individual agreements with beneficiaries will not operate to constitute separate trusts under these regulations.

(d) Private corporations and associations.—In the name of any private organization, whether incorporated or unincorporated
(except that bonds originally issued prior to January 1, 1944, may not be registered in the name of a commercial bank
as hereinbefore defined), using in each case the full legal name of the organization without mention of any officer or
member but making reference, if desired, to a particular bookkeeping account or fund (not a trust), as follows:
(1) A private corporation, followed by the words " a corporation," for example: " S m i t h Manufacturing Company,
a corporation";
(2) An unincorporated association, lodge, church or society, or similar body, followed by the words " a n unincorporated association," for example: " T h e Lotus Club, an unincorporated association." The term " a n unincorporated association" should not be used to describe a trust fund, a partnership or a business conducted
under a trade name;
( 3 ) A partnership, considered as an entity, followed by the words " a partnership," for example: " S m i t h and
Brown, a partnership."
(e)

States and public corporations.—In the full legal name or title of the owner or custodian of public funds, other than
trust funds, as follows:
( 1 ) Any sovereignty, as a State, or any public corporation, as a county, city, town or school district, for example: " S t a t e of M a i n e " , or " T o w n of Rye, New Y o r k " .
(2) Any board, commission or other public body duly constituted by law, for example: "Maryland State Highway
Commission'
(3) Any public officer designated by title only, for example: "Treasurer, City of Chicago".

Registration may include reference to a particular bookkeeping account, if desired.
( f ) Schools.—Registration is not authorized in the name of an unincorporated or public school, or class or activity tnereor.
Bonds held for the benefit of such school, class or activity should be registered in the name of a school principal or
other school officer, as trustee, by title only, for example: "Principal, Western High School, in trust f o r Class of 1940
Library F u n d " ; a written agreement of trust will not be required in cases of small amounts.
Sec. 315.6. Unauthorized registration.—Savings
bonds inscribed in a form not substantially in agreement with those authorized by this subpart will not be considered as validly issued and will be accepted only for a refund of the purchase price, except
in those cases in which reissue can be made under the provisions of these regulations.
Sec. 315.7. Forms of registration on reissue.—Bonds reissued under the provisions of these regulations may be reissued in
any form of registration permitted by the regulations in effect on the date of original issue.
1 Circulars heretofore issued making provisions for subscription to Series F and Series G bonds by commercial banks are Circulars Nos. 729 and 740,
offering 2Vi°/o Treasury Bonds of 1965-70; Circular No. 730, offering 2J4% Treasury Bonds of 1956-59; and Circular No. 741, offering 2 % Treasury
Bonds of 1952-54. Circular No. 755, offering 2 T r e a s u r y Bonds of 1966-71, and Circular No. 756, offering 2 % Treasury Bonds of 1952-54, will
also contain similar provisions.




Page 23

Subpart C—LIMITATION ON TRANSFER
Sec. 315.8. Not transferable.—United States Savings Bonds are not transferable and are payable only to the owners named
thereon except in case of the disability or death of the owner or as otherwise specifically provided herein, but in any event only in
accordance with the provisions of these regulations. Accordingly, savings bonds may not be sold or hypothecated as collateral
for a loan and may not be used as security for the performance of an obligation except as expressly provided in these regulations.
Subpart D—LIMITATION ON HOLDINGS
Sec. 315.9. Amount which may be held.—As provided by section 22 of the Second Liberty Bond Act, as added February 4,
1935 (U. S. C. 1940 Ed., title 31, section 757c), and by regulations prescribed by the Secretary of the Treasury pursuant to the
authority of that section, as amended by the Public Debt Act of 1941, 55 Stat. 7, the amounts of savings bonds of the several series
issued during any one calendar year that may be held by any one person at any one time are limited as follows:
(a) Series A, B, C, and D—$10,000 (maturity value) of each series.
(ft) Series E—$5,000 (maturity value).
(c) Series F and G—$50,000 (issue price) for the calendar year 1941, and $100,000 (issue price) for each calendar year thereafter, of either series or of the combined aggregate of both, except that, in the case of commercial banks authorized to
acquire such bonds in accordance with Section 315.5, the limitation shall be such as may have been or may hereafter be
provided specifically in official circulars governing the offering of other Treasury securities, but in no event in excess of
$100,000 (issue price) for any calendar year.
The term " p e r s o n " shall mean any legal entity, including but not limited to, an individual, a partnership, a corporation (public or private), an unincorporated association or a trust estate.
Sec. 315.10. Calculation of amount.—In computing the amount of savings bonds of any one series issued during any one
calendar year held by any one person at any one time for the purpose of determining whether the amount is in excess of the
authorized limit as set forth in the next preceding section, the following rules shall govern:
(a) The holdings of each person, as defined in the next preceding section, individually and in a fiduciary capacity, shall be computed separately.
(b) In the case of bonds of Series A, B, C, D and E, the computation shall be based upon maturity values. In the case of
bonds of Series F and G, the computation shall be based upon issue prices.
(c) There must be taken into account: (1) all bonds originally issued to and registered in the name of that person alone;
(2) all bonds originally issued to and registered in the name of that person as a coowner or reissued to add his name as
coowner under the provisions of Section 315.29 ( o ) , or to designate him as coowner instead of as a beneficiary under
the provisions of Section 315.35 hereof: Provided, however, That with respect to bonds of Series E held in coownership form, the amount thereof may be applied to the holdings of either of the coowners, but will not be applied to both,
or the amount may be apportioned between them; and (3) all bonds acquired by him before March 1, 1941, upon the
death of another or the happening of any other event.
(d) There need not be taken into account: (1) bonds of which that person is merely the designated beneficiary; (2) those in
which his interest is only that of a beneficiary under a trust; or (3) those to which he is entitled as an heir or legatee
of the deceased registered owner, or by virtue of the termination of a trust or the happening of any other event unless
he became entitled to any such bonds in his own right before March 1, 1941.
(e) Nothing herein contained shall be construed to invalidate any holdings within or, except as provided in subsection ( c )
above, to validate any holdings in excess of, the authorized limits, as computed under the regulations in force at the
time such holdings were acquired.
Sec. 315.11. Disposition of excess.—If any person at any time acquires savings bonds issued during any one calendar year in
excess of the prescribed amount the excess must be immediately surrendered for refund of the purchase price.
Subpart E—LOST, STOLEN, MUTILATED, DEFACED OR DESTROYED BONDS
Sec. 315.12. Belief in case of loss, etc.—Under the provisions of the Government Losses in Shipment Act, relief either by the
issue of a substitute bond or by payment may be given in case of the loss, theft, destruction, mutilation or defacement of a savings
bond. In any such case immediate notice of the facts, together with a complete description of the bond (including series, year of
issue, serial number and name and address of the registered owner) should be given to the Treasury Department, Division of
Loans and Currency, Merchandise Mart, Chicago, Illinois. The Department will thereupon furnish an appropriate form and full
instructions for presenting the evidence necessary to secure relief under the law and the regulations as contained in Department
Circular No. 300, as amended. If such bond is subsequently recovered immediate notice of such recovery should be given to the
Division of Loans and Currency (at the address above), iD order that delay may be avoided upon a later presentation of the bond
for payment.
Subpart F—SAFEKEEPING FACILITIES
Sec. 315.13. Safekeeping of bonds.—Arrangements may be made for the safekeeping of a savings bond by the Treasury or
by a Federal Beserve Bank as fiscal agent of the United States. Application forms for safekeeping may be secured from postmasters, Federal Beserve Banks or the Treasury Department.
Subpart G—INTEREST
Sec. 315.14. General.—United States Savings Bonds are issued in two forms: (1) appreciation bonds, issued on a discount
basis and redeemable before maturity at increasing fixed redemption values; and (2) current income bonds, bearing interest
payable semiannually and redeemable before maturity at fixed redemption values less than the face amount of the bond. At
present Series G constitutes the only issue of current income savings bonds.
Sec. 315.15. Appreciation "bonds.—No interest as such is paid on savings bonds issued on a discount basis. Such bonds increase
in redemption value at the end of the first year from issue date and at the end of each successive half-year period thereafter until
24
Digitized forPage
FRASER


their maturity, -when the full amount becomes payable. The increment in vaiue represents interest and is payable only on redemption of the bonds, whether at or before maturity.
Sec. 315.16. Current income bonds.—Each such bond bears interest at a specified rate computed on the face amount of the
bond and payable semiannually, beginning six months from issue date. Except for redemption at par as provided in See.
315.18 ( c ) of Subpart H hereof, full advantage of interest at the rate specified may be secured only if the bonds are held to
maturity; if bonds are redeemed before maturity at current redemption values the difference between the face or full maturity
value and the current redemption value then payable in accordance with the table printed on the face of each bond, will represent an adjustment of interest for the rate appropriate for the shorter term, as set forth in the tables attached to the circular
announcing the issue of such bonds.
(а) Method of interest payments.—Interest due on current income bonds will be paid on each interest payment date by
check drawn to the order of the person or persons in whose name the bond is inscribed in the same form as their names
appear in the inscription on the bond, except that in the case of a bond registered in the form " A , " payable on death
to " B , " the check will be drawn to the order of A alone until the Treasury receives notice of A ' s death, from which
date the payment of interest will be suspended until such time as the bond is presented for payment or reissue. Interest
so withheld will be paid to the person entitled to payment of the bond, or in case of reissue to the person in whose name
the bond is reissued. Interest checks on bonds registered in the names of coowners will be mailed to the payee first
named at his address of record unless otherwise specifically directed.
( б ) Reissue during interest period.—If a current income bond is reissued for any reason between interest payment dates,
interest for the entire period will be paid, on the next interest payment date, by check drawn to the person in whose
name the bond is reissued. Ordinarily, if a bond is received for reissue less than a month prior to an interest payment
date, reissue cannot be effected until after such interest payment date.
(o) Change of address.—Prompt notice should be given to the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago, Illinois, of any change of address by the owner of current income bonds. The notice should
refer to all bonds for which it is desired that the address be changed and should describe each bond by date, serial
number, series (including year of issue) and inscription appearing on the face of the bond.
(d) Termination of interest.—In case of redemption prior to maturity of current income bonds interest will cease on the last
day of the interest period next preceding the date of redemption. In case of partial redemption interest on the amount
redeemed will cease on the last day of the interest period next preceding the date of partial redemption, and interest
due thereafter will be paid only on the lower amount remaining after partial redemption.
(e) Consolidation of checks.—Whenever possible a single check will be issued on each payment date for interest on all current income bonds of a single series due to any owner on that date.
(/) Endorsement of checks.—Interest cheeks must be endorsed in accordance with the requirements of the Treasurer of the
United States, by the payees, either personally or by an attorney in fact, or in case of the death of the payee, by his
executor or administrator. Forms for the appointment of such attorney may be obtained from the Treasurer of the
United States or from any Federal Reserve Bank.
Subpart H—GENERAL PAYMENT AND REDEMPTION PROVISIONS
Sec. 315.17. Payment at maturity.—Pursuant to its terms, a savings bond of any series will be paid at or after maturity at
its full face or maturity value, but only following presentation and surrender of the bond for that purpose with a request for payment properly signed and certified as herein provided.
Sec. 315.18. Redemption before maturity.—Pursuant to its terms, a savings bond may not be called for redemption by the
Secretary of the Treasury prior to maturity, but may be redeemed in whole or in part at the option of the owner, prior to maturity
under the terms and conditions set forth in the offering circular of each series and in accordance with the provisions of these
regulations, but only following presentation and surrender for that purpose with a request for payment duly signed and certified
as provided herein.
(а) Series A, B, C, D and E.—A bond of Series A, B, C, D or E will be redeemed in whole or in part at any time after 60
days from the issue date without advance notice, at the appropriate redemption value as shown on the face of the bond.
( б ) Series F and G.—A bond of Series F or G will be redeemed, in whole or in part, on one month's notice in writing, on the
first day of any month not less than six months from the issue date, at the appropriate redemption value as shown
on the face of the bond. The owner's option to redeem may be shown by a signed request for payment or by express
written notice, and payment will be made as of the first day of the first month following by at least one full month
the date of receipt of notice by the Treasury Department or a Federal Reserve Bank. For example, if the request or
notice is received on June 15, the effective redemption date will be August 1. If express notice is given, the bond must
be surrendered to the same agency to which the notice is given not less than fifteen days before the effective redemption date. (See Sec. 315.16 (d) for provisions as to interest in case current income bonds are redeemed prior to
maturity.)
(o) Series G—Redemption at par before maturity.—Subject to the provisions of the preceding subsection a bond of 8eries G
(but not of Series F ) will be redeemed at par before maturity, in whole or in part: (1) upon the death of the owner
or a coowner if a natural person; or (2) if held by a trustee or other fiduciary upon the termination of the trust, in
whole or in part, by reason of the death of any person. If the trust is terminated only in part, redemption at par will
be made to the extent of not more than the pro rata portion of the trust so terminated and only in amounts corresponding to authorized denominations. Proof of death must be furnished and notice of intention to redeem at par before
maturity must be received by the Treasury Department or a Federal Reserve Bank within four months after the date
of death. Payment will ordinarily be made on the first available date: Provided, however, That payment will be postponed until the next interest payment date, upon request of the persons presenting the bond.
Sec. 315.19. Form and execution of requests for payment.—Requests for payment of savings bonds, unless otherwise authorised in a particular case, must be executed on the form appearing on the back of the bond to be surrendered and unless otherwise
specifically requested payment will be made pursuant to a duly executed request on the earliest day consistent with these regulations.
( a ) Date of request.—Ordinarily requests executed more than six months before the date of receipt of a bond by a Federal
Reserve Bank or the Treasury Department will not be accepted.




Page 25

(b) Identification and signature of owner.—The registered owner in whose name the bond is inscribed, or such other person
as may be entitled to payment under the provisions of these regulations, must appear before one of the officers authorized to certify requests for payment (see Sec. 315.20 hereof), establish his identity and in the presence of such officer
sign the request for payment in ink, adding in the space provided the address to which the check issued in payment is
to be mailed. A signature made by mark ( X ) must be witnessed by at least one person in addition to the certifying
officer and must be attested by endorsement in the blank space substantially as follows: "Witness to the above signature by mark", followed by the signature and address of the witness. If the name of the registered owner or other
person entitled to payment, as it appears in the registration or in evidence on file at the Treasury Department, Division of Loans and Currency, has been changed by marriage or in any other legal manner, the signature to the request
for payment should show both names and the manner in which the change was made, for example, " M i s s Mary T. Jones,
now by marriage Mrs. Mary T. Smith", or ' ' Jung Smelt, now by court order John Smith''. In case of a change of name
other than by marriage the request should be supported by satisfactory proof of such change, unless already on file.
No request signed in behalf of the owner or person entitled to payment by an agent or a person acting under a power
of attorney will be recognized by the Treasury Department except in those cases arising under Subpart R hereof.
( c ) Certification of request.—After the request for payment has been signed by the owner the certifying officer should complete and sign the certificate appearing at the end of the form for request for payment, and the bond should then be
presented and surrendered as provided in Sec. 315.23 hereof.
Sec. 315.20. Certifying officers.—The following officers are authorized to certify requests for payment:
(а) At United States post offices.—Any postmaster, acting postmaster or inspector in charge, or other post office official or
clerk heretofore or hereafter designated for the purpose. One or more of these officials will be found at every United
States post office, classified branch or station. A post office official or clerk other than a postmaster, acting postmaster
or inspector in charge, should certify in the name of the postmaster or acting postmaster, followed by his own signature and official title, for example, " J o h n Doe, postmaster, by Richard Roe, postal cashier". Signatures of these officers
should be authenticated by a legible imprint of the post office dating stamp.
( б ) Banks, trust companies and tranches.—Any officer of any incorporated bank or trust company or branch thereof, domestic
or foreign, including banks or trust companies incorporated in the United States or its organized territories, those doing
business in the organized territories or insular possessions of the United States and the Commonwealth of the Philippines
under Federal charter or organized under Federal law, Federal Reserve Banks, Federal Land Banks, and Federal Home
Loan Banks; any employee of any such bank or trust company expressly authorized by the corporation to sign on behalf
of, or for, any officer thereof, and who should sign over the title "Designated Employee"; and Federal Reserve Agents
and Assistant Federal Reserve Agents, located at the several Federal Reserve Banks. Certifications by any of these
officers or designated employees should be authenticated by either a legible impression of the corporate seal of the bank
or trust company or, in the case of banks or trust companies and their branches which are authorized and duly qualified
issuing agents for bonds of Series E, by a legible imprint of the issuing agent's dating stamp.
(o) Issuing agents not banks or trust companies.—Any officers of corporations not banks or trust companies, and of all other
organizations, which are duly qualified issuing agents for bonds of Series E. All certifications by such officers must
be authenticated by a legible imprint of the issuing agent's dating stamp.
(d) United States officials.—Judges, clerks and deputy clerks of United States courts, including United States courts for
the organized territories, insular possessions and the Canal Zone; United States Commissioners; United States attorneys; United States collectors of customs and their deputies; United States collectors of internal revenue and their
deputies; commissioned officers of the United States Army, Navy, Marine Corps and Coast Guard, but only for members of their respective services, members of their families and civilian employees at Posts or Bases or Stations (such
certifying officer should indicate his rank and state that the person signing the request is one of the class whose requests
he is authorized to certify); the officer in charge of any home, hospital or other facility of the Veterans' Administration, but only for patients and members of such facilities; certain officers of Federal penal institutions designated for
that purpose by the Secretary of the Treasury and certain officers of the United States Public Health Service Hospitals at Lexington, Kentucky, and at Fort Worth, Texas, and of United States Marine Hospitals at Fort Stanton, New
Mexico, and Carville, Louisiana, designated for that purpose by the Secretary of the Treasury (in each case, however,
only for inmates or employees of the institution involved).
(e)

Officers authorized in particular localities.—Certain officers in the Treasury Department; the Governors and Treasurers
of Hawaii, Puerto Rico and Alaska; the Governor and Commissioner of Finance of the Virgin Islands; the Governors
and Administrative Naval and Marine officers of Guam and American Samoa; the Governor, paymaster or acting paymaster, and collector or acting collector of the Panama Canal; postmasters and acting postmasters in the Bureau of
Posts of the Canal Zone; the United States High Commissioner to the Commonwealth of the Philippines, his Executive Assistant, and the Chief Clerk in his office, the Treasurer of the Commonwealth and the city treasurers of
Manila and Baguio, and judges and clerks of courts of record of the Commonwealth whose signatures and official positions are certified by the Secretary of Justice.

(/) In foreign countries.—In a foreign country requests for payment may be signed in the presence of and be certified by
any United States diplomatic or consular representative, or manager or other officer of a foreign branch of a bank or
trust company incorporated in the United States, whose signature is attested by an impression of the corporate seal or
is certified to the Treasury Department. If such an officer is not available, requests for payment may be signed in
the presence of and be certified by a notary or other officer authorized to administer oaths, but his official character
and jurisdiction must be certified by a United States diplomatic or consular officer under seal of his office.
(g)

Special provision.—In the event none of the officers authorized to certify requests for payment of savings bonds is readily
accessible, the Commissioner of the Public Debt is authorized to make special provision for any particular ease.

Sec. 315.21. General instructions to certifying officers.—Certifying officers should require positive identification of the person
signing requests for payment and will be held fully responsible therefor. In all cases a certifying officer must affix to the certification his official signature, title, address and seal, or dating stamp, and the date of execution. Officers of Veterans Facilities,
Public Health Service Hospitals, Marine Hospitals, and Federal penal institutions, should use the seal of the particular institution or service, where such seal is available. If a certifying officer, other than a post office official, officer of a bank or trust
company, or officer of an issuing agent, does not possess an official seal, that fact should be made known and attested.
Sec. 315.22. Interested person not to certify.—No person authorized to certify requests for payment may certify a request
for payment of a bond of which he is the owner, or in which he has an interest, either in his own right or in any representative
capacity.
26
Digitized forPage
FRASER


Sec. 315.23. Presentation and surrender.—After the request for payment has been duly signed by the owner and certified
aB above provided, the bond should be presented and surrendered, if a bond of Series F or Q to a Federal Reserve Bank or Branch
or to the "Division of Loans and Currency, Merchandise Mart, Chicago, Illinois, or, if a bond of any other series, to a Federal
Reserve Bank or Branch or to the Treasurer of the United States, Washington, D. 0. Usually payment will be expedited by surrender to a Federal Reserve Bank. In all cases presentation will be at the expense and risk of the owner, and, for his protection,
the bond should be forwarded by registered mail if not presented in person. Payment will be made by check drawn to the order
of the registered owner or other person entitled and mailed to him at the address given in his request for payment.
Sec. 315.24. Partial redemption.—A savings bond of any series in a denomination other than the lowest authorized for that
series may be redeemed in part at current redemption value, but only in amounts corresponding to authorized denominations, upon
presentation and surrender of the bond in accordance with this subpart* In any such case, before the request for payment is
signed there should be added to the first sentence of the request the words " t o the extent of $
(maturity value), and
reissue of the remainder". Upon partial redemption of a savings bond the remainder will be reissued as of the original issue date
as provided in Subpart S hereof. For payment of interest on bonds of Series G in case of partial redemption see Subpart G hereof.

Payment at banks and trust companies: Notwithstanding the foregoing provisions of this subpart, the provisions of Treasury
Department Circulars Nos. 529, 554, 571, 596, and 653, all as supplemented, amended, or revised, and any instructions on the bonds,
an individual (natural person) whose name is inscribed on the face of a bond of Series A, B, C, D, or E, either as owner or
coowner in his own right, may present such bond (unless marked 'duplicate') to any incorporated bank or trust company which
has qualified as a paying agent under the provisions of Department Circular No. 750, dated September 5, 1944, and upon identification to the satisfaction of such paying agent and upon signing the request for payment, may receive immediate payment
for the bond at the current redemption value if presented prior to maturity, or at full maturity value if presented at or after
maturity. No charge will be made to the owner.
Payment at qualified banks or trust companies is confined to bonds of Series A, B, C, D, and E and will be made only to a
person named on the face of the bond as owner or coowner in his own right. Redemption of bonds of Series F and G, and partial
redemption of bonds of any series, may not be effected at incorporated banks or trust companies.
The provisions of this supplement do not supersede the procedure heretofore established for the redemption of savings bonds,
which will continue in full force and effect. However, they provide certain additional facilities for the redemption of savings
bonds, which may be availed of by owners concerned, under the conditions set forth herein and when offered by qualified banks
and trust companies.
Subpart I—MINORS AND PERSONS UNDER OTHER LEGAL DISABILITY
See. 315.25. Payment to legal guardians.—If the form of registration of a savings bond indicates that the owner is a minor
or has been judicially declared to be incompetent to manage his estate and that a guardian or similar representative has been
appointed for the estate of such minor or incompetent by a court having jurisdiction or is otherwise legally qualified, payment will
be made only to such guardian or similar legal representative. In such case the request for payment appearing on the back of the
bond should be signed by the guardian or other legal representative as such, for example, " J o h n A. Jones, guardian (committee) of
the estate of Henry W. Smith, a minor (an incompetent)." Unless the form of registration gives the name of the representative,
there must be submitted in support of the request a certificate or a certified copy of the letters of appointment from the court
making the appointment under the seal of the court, establishing that the appointment is in full force. Such certificate or certification (except in the case of corporate fiduciaries) should be dated not more than 6 months prior to the date of presentation of
the bond for payment. See Subpart M hereof for payment provisions applicable to bonds registered in the names of guardians
and similar fiduciaries. Where the form of registration does not indicate that the owner is a minor for whose estate a guardian
has been appointed, a notice that such guardian has been appointed will not be accepted by the Treasury for the purpose of preventing payment to the minor or his parent as provided in the two following sections.
Sec. 315.26. Payment to minors.—Unless the form of registration of a savings bond indicates that the owner is a minor for
whose estate a guardian or similar legal representative has been appointed or is otherwise duly qualified, payment will be made
direct to such minor, provided he is, at the time payment is requested, of sufficient competency and understanding to sign his name
to the request and to comprehend the nature of such act. In general the fact that the request for payment has been signed by a
minor and duly certified in accordance with Subpart H hereof will be accepted as sufficient proof of such competency and
understanding.
See. 315.27. Payment to parents of minors.—If the owner of a savings bond is a minor and the form of registration does not
indicate that a guardian or similar legal representative of the estate of such minor owner has been appointed or is otherwise
legally qualified, and if such minor owner is not of sufficient competency and understanding to execute the request for payment,
payment will be made to either parent of the minor with whom he resides, or if the minor does not reside with either parent, then
to the person who furnishes his chief support. The parent or such other person should sign the request for payment in his own
name, on behalf of the minor, in the form " M r s . Mary Jones, on behalf of John C. Jones," and should sign a certificate, in substantially the following form, which may be typed on the back of the bond:
" I certify that I am the
whom he resides. He is
sign this request."




(relationship) of John C. Jones and the person with
years of age and is not of sufficient competency and understanding to
Page 27

If a person other than a parent signs the request on behalf of the minor he should also certify that the minor does not reside with
either parent and that he furnishes his chief support. The Treasury Department may in any particular case require further
proof that the minor is not of sufficient competency and understanding to execute the request for payment and of the right of the
person executing the request to act on behalf of the minor.
See. 315.28. Payment to voluntary guardian of person under disability.—In any case where the adult owner of a bond has
been judicially declared incompetent or such incompetency, in the opinion of the Secretary of the Treasury, is otherwise established, and no duly qualified legal representative of his estate is acting, and the entire gross value of his personal e®t?.te
not
exceed $500, payment will be made to a member of his family or other person acting as voluntary guardian, upon presentation
of proof satisfactory to the Secretary of the Treasury that the proceeds of the bond are necessary for the purchase of necessaries
for the incompetent or for his wife or minor children or other persons dependent upon him for support. Applications for such
payment should be made only on appropriate forms, which may be obtained from the Treasury Department, Division of Loans
and Currency, Merchandise Mart, Chicago, Illinois, or any Federal Reserve Bank. The request for payment should not be
executed, nor the bond presented, until the application has been approved and instructions have been given by the Treasury
Department.
Subpart J—SINGLE NAME—ADDITION OF COOWNER, ETC.
See. 315.29. 1Reissue for certain purposes.—A savings bond of any series registered in the name of one person in his own
right, or to which one person is shown to be entitled in his own right under these regulations, may be reissued upon appropriate
request for the following purposes:
(a) Addition of coowner.—Reissue in the name of the owner with that of another natural person as coowner, provided that
bonds reissued in accordance with this subsection will be considered for the purposes of computation of holdings under
Subpart D of these regulations as originally issued in both names and no reissue will be effective which results in any
one person holding bonds in excess of the established limitation for the series to which the bonds belong. Requests for
reissue under this subsection should be made on Form PD 1762.
(ft) Addition of a beneficiary.—Reissue in the name of the owner with the name of another natural person as designated
beneficiary. Applications for reissue under the provisions of this subsection should be made on Form PD 1077.
(c) Reissue in living trust.—Reissue in the name of a trustee of a living trust created by the registered owner for his benefit
in whole or in part, during his lifetime whether or not containing an absolute power of revocation in the grantor; but
such reissue will be allowed only in the case of bonds of those series which may be originally issued in the name of a
trustee.
Sec. 315.30. Reissue upon request of a minor.—Reissues under the provisions of this Subpart will be made upon request of
owners, notwithstanding the fact that they are minors, provided they are of sufficient competency and understanding, and are under
no legal disability other than minority.
See. 315.31. Reissue only at Federal Reserve Banks and Treasury.—Reissues in accordance with the provisions of this Subpart may be made only at Federal Reserve Banks or at the Treasury Department. A coowner may be added only by reissue of the
bond. Federal Beserve Banks, however, may, in appropriate cases, add the name of a beneficiary to bonds already outstanding
without reissue, providing such addition is properly certified by the Federal Beserve Bank.
Subpart K—TWO NAMES—COOWNERSHIP FORM
Sec. 315.32. Payment or reissue.—A savings bond registered in the names of two persons as coowners in the form " J o h n A.
J ones OR Mrs. Mary C. Jones'' will be paid or reissued as follows:
(a) Payment during the lives of both coowners.—During the lives of both coowners the bond will be paid to either coowner upon
his separate request without requiring the signature of the other coowner; and upon payment to either coowner the other
person shall cease to have any interest in the bond. The bond will also be paid to both coowners upon their joint
request, in which ease payment will be made by cheek drawn to the order of both coowners in the form " J o h n A. Jones
and Mrs. Mary C. Jones", and the check must be endorsed by both payees.
(\b) Reissue during the lives of both coowners.—If one of the coowners is unmarried at the time of issue of the bond and subsequently marries, the bond may be reissued upon the request of both coowners to substitute the husband and wife as
coowners. Such request should be on a form provided for that purpose by any Federal Reserve Bank or Branch or by the
Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois. No other reissue will be
permitted in any form during the lives of both coowners except as specifically provided in these regulations.
(c) Payment or reissue after the death of one coowner.—If either coowner dies without having presented and surrendered the
bond for payment to a Federal Reserve Bank or the Treasury Department, the surviving coowner will be recognized as
the sole and absolute owner of the bond, and payment will be made only to him: Provided, however, That if a coowner
dies after he has properly executed the request for payment and after the bond has actually been received by a Federal
Reserve Bank or the Treasury Department, payment of the bond, or check if one has been issued, will be made to his estate
(see Subpart P hereof). Upon proof of the death of one coowner and appropriate request by the surviving coowner
(unless a nonresident alien, in which case see Section 315.3) the bond will be reissued in the name of such survivor alone,
or in his name with another individual as coowner, or in his name payable on death to a designated beneficiary.
(d) Payment or reissue on death of both coowners in common disaster.—If both coowners die in a common disaster under such
conditions that it cannot be established, ejiher by presumption of law or otherwise, which coowner died first, the bond
will be considered as belonging to the estates of both coowners, and payment or reissue will be made accordingly.
(e) Payment or reissue after the death of the surviving coowner.—If a surviving coowner who became solely entitled to the
bond under the provisions of subsection (c) of this section dies without having submitted the bond for payment or reissue,
the bond will be paid or reissued as though it were registered in the name of such last deceased coowner alone. In this
case proof of the death of both coowners and of the order in which they died will be required.
Sec. 315.33. Place of reissue.—Reissues authorized in this Subpart will be made in accordance with the provisions of Subpart S hereof, but only at a Federal Reserve Bank or the Treasury Department, and applications for such reissues should be
made on forms provided for that purpose.
Page 28



Subpart L—TWO NAMES—BENEFICIARY FORM
Sec. 315.34. Payment to registered owner.—A bond registered in the name of one person payable on death to another, for
example, "Henry W. Ash, payable on death to John C. Black", will be paid to the registered owner during his lifetime upon his
properly executed request as though no beneficiary had been named in the registration.
Sec. 315.35. Reissue during the lifetime of a registered owner.—A bond registered in the name of one person payable on death
to another may be reissued, on the duly certified request of the registered owner, to name a beneficiary designated on the bond as
coowner subject to the same restrictions and conditions contained in Section 315.23 (a). A bond may also be reissued upon the
duly certified request of the registered owner, together with the duly certified consent of the designated beneficiary, to eliminate
such beneficiary or to substitute another person as beneficiary, or to name another person as coowner. If the beneficiary should
predecease the registered owner, upon proof of such death and upon request of the registered owner the bond may be reissued in his
name alone or in his name with another individual as coowner, or in his name payable on death to a designated beneficiary.
Requests should preferably be made upon the forms provided for such purpose.
Sec. 315.36. Payment or reissue to beneficiary.—If the registered owner dies without having presented and surrendered the
bond for payment or authorized reissue to a Federal Reserve Bank or the Treasury Department, and is survived by the beneficiary,
upon proof of such death and survivorship, the beneficiary will be recognized as the sole and absolute owner of the bond, and it will
be paid only to him at or before maturity, or (unless such beneficiary be a nonresident alien, in which case see Section 315.3) may
be reissued in his name alone, or otherwise reissued in accordance with Subpart J as though it were registered in his name alone:
Provided, however, That if the bond with a properly executed request by the registered owner for payment or authorized reissue has
actually been received by a Federal Reserve Bank or the Treasury Department, payment of the bond, or check, if one has been
issued, will be made to the estate of the deceased owner in accordance with Section 315.49.
See. 315.37. Payment or reissue after death of the surviving beneficiary.—After the death of a surviving beneficiary who
became entitled under the provisions of this Subpart, the bond will be paid or (except in the case of a nonresident alien) reissued
in accordance with Subpart J as though it were registered in the name of the surviving beneficiary alone. In this case proof of
the death of both the registered owner and the beneficiary and of the order in which they died will be required.
Sec. 315.38. Conditions of reissue.—Reissue under this Subpart will be made in accordance with Subpart S hereof, but only
at a Federal Reserve Bank or the Treasury Department and applications for such reissue should be made on forms provided for
that purpose.
Subpart M—FIDUCIARIES
See. 315.39. Payment to fiduciaries.—A savings bond registered in the name of, or otherwise belonging to, a fiduciary estate,
will be paid to the fiduciaries of such estate upon their request. The request for payment must be signed by all acting fiduciaries,
except for payment at maturity, when a request by any one or more acting fiduciaries will be accepted, but payment will be made
to all. If the bond is registered in the names of individual fiduciaries of the estate who are still acting, no further evidence of
authority will be required. In other cases the request for payment must be supported by evidence as specified below:
(a) Fiduciaries—By title only.—If the bond is registered in the titles without the names of the fiduciaries, satisfactory proof
of the incumbency of the fiduciaries must be furnished, except in the case of public officers.
(b)

Succeeding fiduciaries.—If the fiduciaries in whose names the bonds were registered have been succeeded by other fiduciaries, satisfactory proof of successorship must be furnished.

(c) Boards, committees, etc., as fiduciaries.—If the fiduciaries consist of a board, committee, commission, or public body, or
are otherwise empowered to act as a unit, a request for payment before maturity must be supported by a duly certified
copy of a resolution "of the board or other body authorizing such action, except that in the case of a public board or
commission a request signed in its name by a duly authorized officer thereof will ordinarily be accepted without further
proof of the officer's authority. In any case the request must be signed in the name of the board or other body by an
authorized officer or agent thereof.
(d) Corporate fiduciaries.—If a public or private corporation or a political body, such as a State or county, is acting as a
fiduciary, a request for payment must be signed in the name of the corporation or other body, in the fiduciary capacity
in which it is acting, by an authorized officer thereof.
(e)

Registration not disclosing trust.—If the form in which the bond is registered does not show that it belongs to a fiduciary estate or does not identify the estate to which it belongs, satisfactory proof of ownership must be furnished.

Sec. 315.40. Reissue in the name of a succeeding fiduciary.—If a person in whose name a savings bond is registered as a fiduciary has been succeeded as such fiduciary by another person, the bond will be reissued in the name of the succeeding fiduciary
upon appropriate request and satisfactory proof of successorship.
Sec. 315.41. Reissue in the name of, or payment to, the person entitled.—
(a) Distribution of trust estate in Icind.—A savings bond to which a beneficiary of a trust has become lawfully entitled, in
whole or in part, under the terms of the trust, will be reissued in his name to the extent of his interest, as a distribution in kind, upon the request of the trustee or trustees and their certification that such person is entitled and has
agreed to reissue in his name: Provided, That if a trustee himself is so entitled in his own right, his request for reissue
in his name must be supported by an order of court or other satisfactory proof that he is so entitled, unless a cofiduciary joins in the request: Provided further, That if the form in which the bond is registered does not show that it
belongs to a trust estate, the request for reissue must be supported by satisfactory proof of ownership.
(b) After termination of trust estate.—If the person who would be lawfully entitled to a savings bond upon the termination
of a trust does not desire to have such distribution to him in kind, as provided in the next preceding subsection, the
trustee or trustees should redeem the bond in accordance with the provisions of Sec. 315.39 hereof before the estate
is terminated. If, however, the estate is terminated without such payment or reissue having been made, the bond will
thereafter be paid to or reissued in the name of the person lawfully entitled upon his request and satisfactory proof of
ownership, supplemented, if there are two or more persons having any apparent interest in the bond, by an agreement
executed by all such persons.




Page 29

(c)

Upon termination of guardianship estate.—A savings bond registered in the name of a guardian or similar legal representative of the estate of a minor or incompetent, if the estate is terminated during the ward's lifetime, will be reissued
in the name of the former ward upon the representative's request and certification that the former ward is entitled and
has agreed to reissue in his name, or will be paid to or reissued in the name of the former ward upon his own request,
supported in either case by satisfactory proof that his disability has been removed. Certification by the representative that a former minor has attained his majority, or that the legal disability of a female ward has been removed by
marriage, if the State law so provides, will ordinarily be accepted as sufficient, but if the disability is removed by court
order a duly certified copy of the order will be necessary. Upon the death of the ward a bond registered in the name
of his guardian or similar representative will be reissued in accordance with the provisions of Subpart P as though it
were registered in the name of the ward alone.

Sec. 315.42. Bonds held by trustee where reissue not authorised.—Savings bonds which by their terms or under the regulations in force at the time of their issue may not be registered in the name of a fiduciary may be held without change of registration
by a trustee or other fiduciary under the will of a deceased owner of the bonds, but will not be reissued in the name of the fiduciary. Upon proof of the appointment and authority of the fiduciary bonds so held will be paid to the fiduciary, or upon termination
of the trust will be reissued in the names of the persons entitled in their own right in accordance with the provisions of this
Subpart.
Subpart N—PRIVATE CORPORATIONS, ASSOCIATIONS, PARTNERSHIPS, ETC.
Sec. 315.43. Payment to corporations or unincorporated associations.—A savings bond registered in the name of a private
corporation or an unincorporated association will be paid to such corporation or unincorporated association upon request for payment on its behalf by a duly authorized officer thereof. The signature to the request should be in the form, for example, " T h e
Jones Coal Company, a corporation, by William A. Smith, president", or ' ' The Lotus Club, an unincorporated association, by John
Jones, treasurer". A request for payment so signed and duly certified will ordinarily be accepted without further proof of the
officer's authority.
Sec. 315.44. Payment to partnerships.—A savings bond registered in the name of a partnership will be paid upon a request
for payment signed by a general partner. The signature to the request should be in the form ' ' Smith and Jones, a partnership, by
John Jones, a general partner". A request for payment so signed and duly certified will ordinarily be accepted as sufficient proof
that the person signing the request is duly authorized.
Sec. 315.45. Reissue or payment to successors of corporations, unincorporated associations or partnerships.—A savings bond
registered in the name of a private corporation, an unincorporated association or partnership, which has been succeeded by another corporation, unincorporated association or partnership as the result of merger, consolidation, reincorporation, conversion,
reorganization, or otherwise by operation of law or in any manner whereby the ownership of the succeeding organization is substantially identical with that of its predecessor, will be paid to, or reissued in the name of, the succeeding corporation, unincorporated association or partnership upon appropriate request on its behalf supported by satisfactory proof of lawful successorship.
Sec. 315.46. Reissue or payment on dissolution.—
(а) Corporations.—A savings bond registered in the name of a private corporation which is in process of dissolution will be
paid to the authorized representative of the corporation upon a duly executed request for payment supported by satisfactory evidence of the representative's authority. Upon the termination of dissolution proceedings such bonds may
be reissued in the names of those persons, other than the creditors, entitled to the assets of the corporation to the
extent of their respective interests upon the duly executed request of the authorized representative of the corporation
and upon proof of compliance with all statutory provisions governing the voluntary dissolution of such corporation,
and that the persons in whose names reissue is requested are entitled and have agreed to such reissue: Provided, That
if the dissolution proceedings are had under the direction of a court, proof of the authority of the representative and
of the persons entitled to distribution must consist of certified copies of orders of the court.
( б ) Partn-erships.—A savings bond registered in the name of a partnership which has been dissolved by death or withdrawal
of a partner, or in any other manner, will be paid to or reissued in the names of the persons entitled thereto as the
result of such dissolution to the extent of their respective interests, upon their request supported by satisfactory evidence of their title, including proof that the debts of the partnership have been paid or properly provided for.
Subpart O—STATES, PUBLIC CORPORATIONS, AND PUBLIC BOARDS, COMMISSIONS AND OFFICERS
Sec. 315.47. In names of States, public corporations and public boards.—A savings bond registered in the name of a State
or of a county, city, town, village or other public corporation, or in the name of a public board or commission, will be paid upon a
request signed in the name of such State, corporation, board or commission by a duly authorized officer thereof. A request for
payment so signed and duly certified will ordinarily be accepted without further proof of the officer's authority.
Sec. 315.48. In names of public officers.—A savings bond registered in the title, without the name, of an officer of a State or
public corporation, such as a county, city, town or village, will be paid upon request for payment signed by the designated officer.
The fact that the request for payment is signed and duly certified will ordinarily be accepted as sufficient proof that the person
signing is the incumbent of the designated office.
Subpart P—DECEASED OWNERS
Sec. 315.49. Payment or reissue on
a coowner or designated beneficiary and
Bank or the Treasury Department with
reissued as hereinafter provided. The
executors or administrators except that

Page 30




death of owner.—Upon the death of the owner of a savings bond, who was not survived by
who had not during hie lifetime presented and surrendered the bond to a Federal Reserve
a duly executed and proper request for an authorized reissue, the bond will be paid or
provisions of this section shall also apply to savings bonds registered in the names of
proof of their appointment and qualification may not be required. Established forms

for use in such cases and for requests for payment or reissue may be obtained from any Federal Reserve Bank OT from the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago, Illinois, and should be used in every instance.
( a ) In course of administration.—If the estate of the decedent is being administered in a court of competent jurisdiction,
the bond will be paid to the duly qualified representative of the estate or will be reissued in the names of the persons
entitled to share in the estate upon the request of the duly appointed and qualified representative of the estate, who
should certify that the persons named are entitled to the extent specified for each and have consented to such reissue.
The request for payment or reissue should be signed in the form, for example, " J o h n A. Jones, administrator of the
estate (or executor of the will) of Henry W. Jones, deceased". Reissue will be made to the persons entitled in their
names alone, or with a coowner (provided no excess holdings will be created) or beneficiary upon appropriate request
by such persons. A request for payment or reissue must be supported by proof of the representative's authority. Such
proof may consist of a court certificate or a certified copy of the representative's letters of appointment issued by the
court having jurisdiction; the certificate, or the certification to the letters, must be under the Beal of the court, must
contain a statement that the appointment is in full force, and should be dated within six months of the date of presentation of the bond for payment or reissue. If the representative is himself the person entitled and desires reissue in
his own name, the request for reissue must be supported by an order of court, unless a coadministrator or coexecutor
joins in the request.
(i>) After settlement through court proceedings.—If
the estate of the decedent has been settled in a court of competent jurisdiction, the bond will be paid to, or reissued in the name of, the persons entitled thereto as determined by the court:
Provided, That if there are two or more persons having an apparent interest in the bond, an agreement should be executed by them. The request for payment or reissue, and the agreement, if necessary, must be supported by duly certified copies of the pertinent court records.
( c ) Without administration.—If no legal representative of the decedent's estate has been or is to be appointed, and if it is
established to the satisfaction of the Secretary of the Treasury either that the gross value of the personal estate does
not exceed $500, or that administration of the estate is not required in the State of the decedent's last domicile, the bond
will be paid to, or reissued in the name of, the persons entitled to share in the estate, without requiring administration,
pursuant to an agreement and request by them on the form prescribed by the Treasury Department and supported by
the evidence called for by that form: Provided, however, That reissue will not be made in the name of a creditor of
the estate. No payment or reissue will be permitted without administration if any of the persons entitled are minors
or incompetents, except to them or in their names, in whole or to the extent of their interests in the decedent's entire
personal estate, or upon compliance with the provisions of Subpart I hereof governing payment of savings bonds registered in the names of such persons.
Sec. 315.50 Forms of registration on reissue.—In no case will bonds be reissued hereunder except in a form authorized upon
original issue by the regulations in force at the time bonds surrendered were issued.
Subpart Q—CREDITORS' RIGHTS AND JUDICIAL PROCEEDINGS
Sec. 315.51. Creditors' rights.—A creditor of the owner of a savings bond may secure payment thereof to the extent of the
owner's interest, or to the extent of the creditor's claim, whichever is smaller, through valid judicial proceedings: Provided, however, That no such proceedings will be recognized if they would give effect to an attempted voluntary transfer inter vivos of the
bond or would defeat or impair the rights of survivorship conferred by these regulations upon coowners and beneficiaries. Payment, or partial payment in an amount not in excess of that to which the creditor is entitled, will be made upon presentation and
surrender of the bond with the request for payment duly executed, at the redemption value current 30 days after the proceedings
have become final, or current at the time the bond is presented for payment, whichever is earlier. No reissue of the bond will be
made to the creditor under the provisions of this section.
Sec. 315.52. Determination of interest as between owner and coowner or beneficiary.—Conflicting claims as to ownership of
or interest in a savings bond, as between the registered owner and the coowner or the registered owner and a designated beneficiary
may be determined by valid judicial proceedings, in which case the bond upon surrender by the party requesting reissue may be
reissued in the names of the respective parties to the extent of their respective interests as determined by such proceedings, but
only in authorized denominations. The Treasury can accept no notices of pending judicial proceedings and cannot undertake to
protect the interests of litigants who do not have possession of the bonds.
Sec. 315.53. Evidence necessary.—To establish the validity of judicial proceedings there must be submitted a certified copy
of the judgment or decree of court and of any necessary supplementary proceedings, as well as a certificate from the clerk of the
eourt under the court seal, showing that the judgment or decree is in full force and effect and has become final under the laws of
the jurisdiction. The Secretary of the Treasury may in any case require such further information, documents and security as
he may deem necessary.
Sec. 315.54. Bankruptcy and insolvency.—Payment
(but not reissue) of a savings bond will be made to a duly qualified trustee
in bankruptcy or receiver of the estate of the registered owner, adjudicated bankrupt or insolvent, upon request for payment duly
executed by such trustee or receiver and supported by satisfactory proof of his appointment and qualifications.
Subpart R—PLEDGE WITH SECRETARY OF TREASURY OR FEDERAL RESERVE BANKS
Sec. 315.55. Deposit under Department Circulars No. 164 and No. 657.—Notwithstanding any other provisions of this or any
other circular, a savings bond may be pledged by the registered owner in lieu of surety under the provisions of Department Circular No. 154, amended: Provided, That the bond approving officer is the Secretary of the Treasury. In such cases an irrevocable power of attorney shall be executed authorizing the Secretary to request payment, and payment of the bond will, if it becomes
necessary, be made upon such request at the then appropriate redemption value. No pledge to a bond approving officer other
than the Secretary of the Treasury will be permitted. A savings bond may also be deposited as security with a Federal Reserve
Bank under the provisions of Department Circular No. 657 by an institution certified under that circular as an issuing agent for
savings bonds of Series E. In no other cases are savings bonds suitable for use as collateral, nor will a power of attorney to
request payment be recognized in any other case.




Page 31

Subpart S—REISSUE AND DENOMINATIONAL EXCHANGE
See. 315.56. General.—Reissue of savings bonds in different names or in a different form of registration will be made only
in the following instances and only in denominations and forms of registration authorized for the bonds surrendered:
(а) To correct an error in the original issue, upon request of the owner or coowner, supported by satisfactory proof of such
error unless the error was made by the issuing agent;
( б ) To show a change in the name of an owner, coowner, or
the change if for any other reason than marriage;

beneficiary upon his request, supported by satisfactory proof of

(o) As otherwise specifically provided in these regulations.
Sec. 315.57. Bequests for reissue.—Requests for reissue should be signed by the person authorized under these regulations to
make such requests, on appropriate forms which may be obtained from any Federal Reserve Bank or from the Treasury Department, Division of Loans and Currency. If the request is by reason of a change of name the signature should show both names,
and the manner in which the change took place. A request for reissue must be signed in the presence of and be certified by an
officer authorized under Subpart H hereof to certify requests for payment. A request may not be signed by a person under any
legal disability other than minority. It may be signed by a minor who is of sufficient competency and understanding to sign his
name to the request and to comprehend the nature of such act. In general the fact that a request for reissue has been signed by
a minor and duly certified will be accepted as sufficient proof of such competency and understanding.
Sec. 315.58. Agencies authorized to make reissue.—Beissues under (6) and ( c ) hereof may be made only at a Federal Beserve
Bank or the Treasury Department.
Sec. 315.59. Date of bonds on reissue.—The new bonds will be of the same series, will bear the same issue date, and will
have the same rights and privileges as the bonds surrendered.
Sec. 315.60. Effective date.—In any case of authorized reissue the Treasury Department reserves the right to treat the receipt by a Federal Beserve Bank or the Treasury Department of a bond and appropriate request for reissue thereof as determining the date upon which reissue is effective.
Sec. 315.61. Denominational exchange.—Exchange
of partial redemption or authorized reissue.

as between authorized denominations will not be permitted except in eases

Subpart T—FURTHER PROVISIONS
Sec. 315.62. Regulations prescribed.—These regulations are prescribed by the Secretary of the Treasury as governing United
States Savings Bonds issued under the authority of Section 22 of the Second Liberty Bond Act, as amended, and pursuant to the
various Department Circulars offering such bonds for sale. The provisions of Treasury Department Circular No. 300, as amended,
have no application to such savings bonds except as to cases arising under Subpart E hereof.
Sec. 315.63. Preservation of rights.—Nothing in these regulations contained shall be construed to limit or restrict any existing rights which holders of savings bonds heretofore issued may have acquired under the circulars offering such bonds for sale,
or under the regulations in force at the time of purchase.
Sec. 315.64. Additional proof; bond of
tions, may require such additional proof as
indemnity with satisfactory sureties, or an
necessary for the protection of the interests

indemnity.—The Secretary of the Treasury, in any case arising under these regulahe may consider necessary or advisable in the premises; and may require a bond of
agreement of indemnity, in any case where he may consider such a bond or agreement
of the United States.

Sec. 315.65. Correspondence, certificates, notices and forms.—Correspondence in regard to any transactions in United States
Savings Bonds under the provisions of these regulations, certificates of court and other certificates, as well as notices of intention
to redeem, and the like (which must be in writing), should be addressed to a Federal Reserve Bank or to the Treasury Department, Bureau of the Public Debt, Merchandise Mart, Chicago, Illinois. Notices or documents on file with other bureaus of the
Department will not be recognized. Appropriate forms for use in connection with transactions may be procured from any Federal Beserve Bank or from the Division of Loans and Currency.
Sec. 315.66. Supplements, amendments or revisions.—The Secretary of the Treasury may at any time, or from time to time,
prescribe additional, supplemental, amendatory or revised rules and regulations governing United States Savings Bonds.


Page 32


HENRY MORGENTHAU, JR.,
Secretary of the Treasury.

UNITED STATES OF AMERICA

TREASURY SAYINGS NOTES
Series C
1943
Department Circular No. 696
First Revision

TREASURY

DEPARTMENT,

OFFICE OF T H E

Fiscal Service
Bureau of the Public Debt

SECRETARY,

Washington, November 20, 1943.
I.

OFFERING

OF

NOTES

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, offers for sale to the people of the United States, at par, an issue of notes of the United
States, designated Treasury Savings Notes, Series C, which notes, if inscribed in the name of a
Federal taxpayer, will be receivable as hereinafter provided at par and accrued interest in payment
of Federal income, estate and gift taxes.
2. The term Treasury Savings Notes, Series C, as used in this circular shall include Treasury
Notes of Tax Series C, issued under this circular as originally published and Treasury Savings
Notes, Series C, issued under this circular as originally published and amended.
3. The sale of the notes will continue until terminated by the Secretary of the Treasury.
II.

DESCRIPTION

OF

NOTES

1. General.—Treasury Savings Notes, Series C, will in each instance be dated as of the first day
of the month in which payment, at par, is received and credited by an agent authorized to issue the
notes. They will mature three years from that date, and may not be called by the Secretary of the
Treasury for redemption before maturity. All notes issued during any one calendar year shall constitute a separate series indicated by the letter " C " followed by the year of maturity. At the time
of issue the authorized issuing agent will inscribe on the face of each note the name and address of
the owner, will enter the date as of which the note is issued and will imprint his dating stamp (with
current date). The notes will be issued in denominations of $100, $500, $1,000, $5,000, $10,000,
$100,000, $500,000 and $1,000,000. Exchange of authorized denominations from higher to lower,
but not from lower to higher, may be arranged at the office of the agent that issued the note.
2. Acceptance for Taxes or Cash Redemption.—If inscribed in the name of an individual, corporation, or other entity paying Federal estate, income or gift taxes, the notes will be receivable, subject to the provisions of Section IV of this circular, at par and accrued interest, in payment of such
Federal taxes assessed against the owner or his estate. If not presented in payment of taxes, or if
not inscribed in the name of a Federal taxpayer, and subject to the provisions of Section V of this
circular, the notes will be payable at maturity or, at the owner's option and request, they will be
redeemable before maturity, at par and accrued interest.
3. Interest.—Interest on each $1,000 principal amount of Savings Notes, Series C, will accrue
each month from the month of issue, on a graduated scale, as follows:
First to Sixth months, inclusive
Seventh to Twelfth months, inclusive
Thirteenth to Eighteenth months, inclusive
Nineteenth to Twenty-fourth months, inclusive,
Twenty-fifth to Thirty-sixth months, inclusive.

$0.50 each month.
.80 each month.
.90 each month.
1.00 each month.
1.10 each month.

The table appended to this circular shows for notes of each denomination, for each consecutive calendar month from month of issue to month of maturity, (a) the amount of interest accrual, (5) the
principal amount of the note with accrued interest (cumulative) added, and (c) the approximate
investment yields. In no case shall interest accrue beyond the month in which the note is presented
in payment of taxes, or for redemption before maturity as provided in Section Y of this circular, or
beyond its maturity. Interest will be paid only with the principal amount.
4. Forms of Inscription.—Treasury Savings Notes, Series C, may be inscribed in the name of
an individual, corporation, unincorporated association or society, or a fiduciary (including trustees
under a duly established trust where the notes would not be held as security for the performance of
a duty or obligation), whether or not the inscribed owner is subject to Federal taxation. They may
also be inscribed in the name of a town, city, county or State or other governmental body and in the
name of a partnership, but notes in the name of a partnership are not acceptable in payment of taxes,
since a partnership is not a Federal taxpaying entity. The notes will not be inscribed in the names
of two or more persons as joint owners or coowners; or in the name of a public officer, whether or
not named as trustee, where the notes would in effect be held as security.



Page 33

5. Nontransferability.—The
notes may not be transferred in ordinary course: except that
(1) if inscribed in the name of a married man they may be reissued in the name of his wife, or if
inscribed in the name of a married woman they may be reissued in the name of her husband, upon
request of the person in whose name the notes are inscribed and the surrender of the notes to the
agent that issued them; (2) if inscribed in the name of a corporation owning more than 50 percent
of the stock, with voting power, of another corporation, the notes may be reissued in the name of
the subsidiary upon request of the corporation and surrender of the notes to the agent that issued
them; (3) upon the death or disability of an individual inscribed owner or the dissolution, consolidation or merger of a corporation or unincorporated association named as owner, reissue or payment may be made in accordance with Section V I hereof; and (4) payment but not reissue, may
be made as a result of legal proceedings as set forth in said Section V I . The notes may not be
hypothecated and no attempted hypothecation or pledge as security will be recognized by the Treasury Department: Provided, however, that the notes may be pledged as collateral for loans from
banking institutions and if title thereto is acquired by a bank because of the failure of a loan to be
paid, the notes will be redeemed at par and accrued interest to the month in which acquired on surrender to the agent who issued them, accompanied by proof of the date of acquisition and by request
of the pledgee under power of attorney given by the pledgor in whose name the notes are inscribed.
The notes will not be transferred to a pledgee. The notes will not be acceptable to secure deposits of
public moneys.
6. Taxation.—Income
after imposed. The notes
Federal or State, but shall
or interest thereof by any
ing authority.

derived from the notes shall be subject to all Federal taxes, now or hereshall be subject to estate, inheritance, gift or other excise taxes, whether
be exempt from all taxation now or hereafter imposed on the principal
State, or any of the possessions of the United States, or by any local taxIII. PURCHASE OF NOTES

1. Official Agencies.—In addition to the Treasury Department, the Federal Reserve Banks and
their Branches are hereby designated agencies for the issue and redemption of Treasury Savings
Notes, Series C. The Secretary of the Treasury, from time to time, in his discretion, may designate
other agencies for the issue of the notes, or f o r accepting applications therefor, or for making payments on account of the redemption thereof.
2. Applications and payment.—Applications
will be received by the Federal Reserve Banks and
Branches, and by the Treasurer of the United States, Washington, D. C. Banking institutions and
security dealers generally may submit applications for account of customers, but only the Federal
Reserve Banks and their Branches and the Treasury Department are authorized to act as official
agencies. The use of an official application form is desirable but not necessary.
Appropriate
forms may be obtained on application to any Federal Reserve Bank or Branch, or the Treasurer of
the United States, Washington, D. C. Every application must be accompanied by payment in full,
at par. Any form of exchange, including personal checks, will be accepted subject to collection, and
should be drawn to the order of the Federal Reserve Bank or of the Treasurer of the United States,
as payee, as the case may be. The date funds are made available on collection of exchange will govern the issue date of the notes. A n y depositary, qualified pursuant to the provisions of Treasury
Department Circular No. 92, Revised, as amended, will be permitted to make payment by credit for
notes applied f o r on behalf of itself or its customers up to any amount for which it shall be qualified
in excess of existing deposits.
3. Reservations.—The
Secretary of the Treasury reserves the right to reject any application in
whole or in part, and to refuse to issue or permit to be issued hereunder any notes in any case or in
any class or classes of eases if he deems such action to be in the public interest, and his action in any
such respect shall be final. If an application is rejected, in whole or in part, any payment received
therefor will be refunded.
4. Delivery of notes.—Upon acceptance of full-paid applications, notes will be duly inscribed
and, unless delivered in person, will be delivered, at the risk and expense of the United States at the
address given by the purchaser, by mail, but only within the United States, its territories and insular possessions and the Canal Zone. No deliveries elsewhere will be made.
IV. PRESENTATION IN PAYMENT OF TAXES
1. During and after the second calendar month after the month of purchase (as shown by the
issue date on each note), during such time, and under such rules and regulations as the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury, shall prescribe,
notes issued hereunder in the name of a taxpayer (individual, corporation, or other entity) may be
presented and surrendered by such taxpayer, his agent, or his estate, to the Collector of Internal
Revenue to whom the tax return is made, and will be receivable by the Collector at par and accrued
interest from the month of issue to the month, inclusive (but no accrual beyond maturity), in which
presented, in payment of any Federal income taxes (current and back personal and corporation
taxes, and excess-profits taxes), or any Federal estate or gift taxes (current and back) assessed
Page 34



against the inscribed owner or his estate. The notes must be forwarded to the Collector at the risk
and expense of the owner, and, for the owner's protection, should be forwarded by registered mail,
if not presented in person.
V. CASH REDEMPTION AT OR PRIOR TO MATURITY
1. General.—(a)
A n y Treasury Savings Note of Series C not presented in payment of taxes,
will be paid at maturity, or, at the option and request of the owner and without advance notice, will
be redeemed before maturity, but the notes may be redeemed before maturity only during and after
the sixth calendar month after the month of issue (as shown on the face of each note). (b) Payment at maturity or on redemption before maturity will be made at par and accrued interest to the
month of payment, except, if a note is inscribed in the name of a bank that accepts demand deposits,
payment at maturity or on redemption before maturity will be made only at the issue price, or par,
of the note. However, if a note is acquired by any such bank through forfeiture of a loan, payment
will be made at the redemption value f o r the month in which so acquired.
2. Execution of request for payment.—The owner in whose name the note is inscribed must
appear before one of the officers authorized by the Secretary of the Treasury to witness and certify
requests for payment, establish his identity, and in the presence of such officer sign the request for
payment appearing on the back of the note, adding the address to which check is to be mailed. After
the request for payment has been so signed, the witnessing officer should complete and sign the certificate provided for his use.
3. Officers authorized to witness and certify requests for payment.—All officers authorized to
witness and certify requests for payment of United States Savings Bonds, as set forth in Treasury
Department Circular No. 530, Fifth Revision, as amended, are hereby authorized to witness and
certify requests for cash redemption of Treasury notes issued under this circular. Such officers include, among others, United States postmasters, certain other post office officials, officers of all banks
and trust companies incorporated in the United States or its organized territories, including officers
at branches thereof, and commissioned officers of the Army, Navy, Marine Corps and Coast Guard.
4. Presentation and surrender.—Notes
bearing properly executed requests for payment must
be presented and surrendered to the agent that issued the notes (as shown by the agent's dating
stamp), at the expense and risk of the owner. For the owner's protection, notes should be forwarded by registered mail, if not presented in person.
5. Partial redemption.—Partial
cash redemption of a note, corresponding to an authorized denomination, may be made in the same manner as for full cash redemption, appropriate changes being
made in the request f o r payment. In case of partial redemption of a note, the remainder will be
reissued in the same name and with the same date of issue as the note surrendered.
6. Payment.—Payment
of any note, either at maturity or on redemption before maturity, will
be made only by the Federal Reserve Bank or Branch or the Treasury Department, as the case may
be, that issued the note, and will be made by check drawn to the order of the owner, and mailed to
the address given in his request for payment.
VI. PAYMENT OR REISSUE TO OTHER THAN INSCRIBED OWNER
1. Death or Disability.—In case of the death or disability of an individual owner and the notes
are not to be presented in payment of taxes, payment will be made to the duly constituted representative of his estate, or they may be reissued to one or more of his heirs or legatees upon satisfactory
proof of their right; but no reissue will be made in two names jointly or as coowners.
2. Dissolution or Merger of Corporations, etc.—If a corporation or unincorporated body, in
whose names notes are inscribed, is dissolved, consolidated, merged or otherwise changes its organization, the notes may be paid to, or reissued in the name of those persons or organizations lawfully
entitled to the assets of such corporation or body by reason of such changes in organization.
3. Bankruptcy.—If
an inscribed owner of notes is declared bankrupt or insolvent, payment, but
not reissue, will be made to the duly qualified trustee, receiver or similar representative if the notes
are submitted with satisfactory proof of his appointment and qualification.
4. Creditors' Rights.—Payment, but not reissue, will be made as a result of judicial proceedings
in a court of competent jurisdiction, if the notes are submitted with proper proof of such proceedings
and their finality.
5. Instructions and Infoi-mation.—Before
executing the request for payment or submitting the
notes under the provisions of this section, instructions should be obtained from the issuing agent or
from the Treasury Department, Division of Loans and Currency, Washington 25, D. C.
VII. GENERAL PROVISIONS
1. Regulations.—Except
as provided in this circular, the notes issued hereunder will be subject
to the general regulations of the Treasury Department, now or hereafter prescribed, governing
bonds and notes of the United States; the regulations currently in force are contained in Department Circular No. 300, as amended.



Page 35

2. Loss, Theft or Destruction.—In
case of the loss, theft or destruction of a savings note immediate notice (which should include a full description of the note) should be given the agency which
issued the note and instructions should be requested as to the procedure necessary to secure a
duplicate.
3. Fiscal Agents.—Federal
Reserve Banks and their Branches, as fiscal agents of the United
States, are authorized to perform such services or acts as may be appropriate and necessary under
the provisions of this circular and under any instructions given by the Secretary of the Treasury.
4. Amendments.—The
Secretary of the Treasury may at any time or from time to time supplement or amend the terms of this circular, or of any amendments or supplements thereto, and may at
any time or from time to time prescribe amendatory rules and regulations governing the offering
of the notes, information as to which will promptly be furnished to the Federal Reserve Banks.

Acting

D. W .
Secretary

BEI/L,
of the Treasury.

(Filed with the Division of the Federal Register, November 23, 1943)

TREASURY SAVINGS NOTES—SERIES C
TABLE OF TAX-PAYMENT OR REDEMPTION VALUES AND INVESTMENT YIELDS
The table below shows for each month from date of issue to date of maturity the amount of interest accrual; the principal
amount with accrued interest added, for notes of each denomination; the approximate investment yield on the par amount from
issue date to the beginning of each month following the month of issue; and the approximate investment yield on the current
redemption value from the beginning of the month indicated to the month of maturity.

Par value (Issue price during
month of issue)

$100. 00

Amount of interest accrual each
month after month of Issue

Interest accrues at rate of $0.50 per
month per $1,000 par amount:
First month
Second month
Third month
Fourth month
Fifth month
Sixth month
Interest accrues at rate of $0.80 per
month per $1,000 par amount:
Seventh month
Eighth month
Ninth month
Tenth month
Eleventh month
Twelfth month
Interest accrues at rate of $0.90 per
month per $1,000 par amount:
Thirteenth month
Fourteenth month
Fifteenth month
Sixteenth month
Seventeenth month
Eighteenth month
Interest accrues at rate of $1.00 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 $1.10 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-first month
Thirty-second month
Thirty-third month
Thirty-fourth month
Thirty-fifth month
Thirty-sixth month
(MATURITY)

$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 after

50
00
50
00
50
00

month of issue 1

$5,
5,
5,
5,
5,
5,

002.
005.
007.
010.
012.
015.

50
00
50
00
50
00

$10,
10,
10,
10,
10,
10,

005.
010.
015.
020.
025.
030.

00
00
00
00
00
00

$100,
100,
100,
100,
100,
100,

050.
100.
150.
200.
250.
300.

00
00
00
00
00
00

$500,
500,
500,
501,
501,
501,

250.
500.
750.
000.
250.
500.

00
00
00
00
00
00

Approximate
Investment
yield on par
amount from
issue date to
beginning of
each monthly
period thereafter

Approximate
investment
yield on current
tax-payment
or redemption
values from
beginning of
each monthly
period to
maturity

Percent

Percent

$1.
1,
1,
1,
1,
1,

000,
001,
001,
002,
002,
003,

500.
000.
500.
000.
500.
000.

00
00
00
00
00
00

«0
60
60
60
00
60

>1.
1.
1.
1.
1.
1.
1.

O'l
08
09
11
ia
14
16

$100.
100.
100.
100.
100.
100.

05
10
15
20
25
30

$500.
500.
500.
501.
501.
501.

25
50
75
00
25
50

$1,
1,
I,
1,
1,
1,

000.
001.
001.
002.
002.
003.

100.
100.
100.
100.
100.
100.

33
46
54
62
70
78

501.
502.
502.
503.
503.
503.

90
30
70
10
50
90

1,
1,
1,
1,
1,
1,

003.
004.
005.
006.
007.
007.

80
60
40
20
00
80

5,
5,
5,
5,
5,
5,

019.
023.
027.
031.
035.
039.

00
00
00
00
00
00

10,
10,
10.
10.
10,
10,

038.
046.
054.
062.
070.
078.

00
00
00
00
00
00

100.
100,
100.
100,
100,
100,

380.
460.
540.
620.
700.
780.

00
00
00
00
00
CO

501,
502,
502.
503,
503.
503,

900.
300.
700.
100.
500.
300.

00
00
00
00
00
00

1,
1,
1,
1,
1,
1,

003,
004,
005,
006,
007,
007,

800.
600.
400.
200.
000.
800.

00
00
00
00
00
00

65
69
72
74
76
78

1.
1.
L
1.
I.
1.

17
17
18
19
20
21

100.
100.
101.
101.
101.
101.

87
96
05
14
23
32

504.
504.
505.
505.
506.
506.

35
80
25
70
15
60

1,
1,
1,
1,
1,
1,

008.
009.
010.
Oil.
012.
013.

70
60
50
40
30
20

5,
5,
5,
6,
5,
5,

043.
048.
052.
057.
061.
066.

50
00
50
00
50
00

10,
10,
10,
10,
10,
10,

087.
096.
105.
114.
123.
132.

00
00
00
00
00
00

100.
100,
101,
101,
101,
101,

870.
960.
050.
140.
230.
320.

00
00
00
00
00
00

504,
504,
505,
505,
506,
506,

350.
800.
250.
700.
150.
600.

CO
00
00
00
00
00

1.
1,
I,
1,
1,
1,

008,
009,
010,
011,
012,
013,

700.
600.
500.
400.
300.
200.

00
00
00
00
00
00

80
82
84
85
86
88

1.
1.
1.
1.
1.
1.

22
22
23
24
25
26

101.
101.
101.
101.
101.
101.

42
52
62
72
82
92

507.
507.
508.
508.
509.
509.

10
60
10
60
10
60

1,
1,
1,
1,
1,
1,

014.
015.
016.
017.
018.
019.

20
20
20
20
20
20

5,
5,
5,
5,
5,
5,

071.
076.
081.
086.
091.
096.

00
00
00
00
00
00

10.
10,
10,
10,
10,
10,

142.
152.
162.
172.
182.
192.

00
00
00
00
00
00

101,
101,
101,
101,
101,
101,

420.
520.
620.
720.
820.
920.

00
00
00
00
00
00

507,
507,
508,
508,
509,
509,

100.
600.
100.
600.
100.
600.

00
00
00
00
00
00

1,
1,
1,
1,
1,
1.

014,
015,
016,
017,
018,
019,

200.
200.
200.
200.
200.
200.

00
00
00
00
00
00

89
91
92
93
M
95

1.
1.
1.
1.
1.
1.

26
26
27
28
28
29

102. 03
102. 14
102. 25
102. 36
102. 47
102. 58
102. 69
102. 80
102. 91
103. 02
103. 13

510.
510.
511.
511.
512.
512.
513.
514.
514.
515.
515.

15
70
25
80
35
90
45
00
55
10
65

1,
1,
1,
1.
1,
1,
1,
1,
1.
1,
1,

020.
021.
022.
023.
024.
025.
026.
028.
029.
030.
031.

30
40
50
60
70
80
90
00
10
20
30

5,
5,
5.
5.
5.
5,
5,
5,
5,
5.
5,

101.
107.
112.
118.
123.
129.
134.
140.
145.
151.
156.

50
00
50
00
50
00
50
00
50
00
50

10.
10.
10.
10,
10.
10.
10,
10,
10,
10,
10.

203.
214.
225.
236.
247.
258.
269.
280.
291.
302.
313.

00
00
00
00
00
00
00
00
00
00
00

102.
102.
102,
102.
102.
102.
102,
102.
102.
103.
103.

030. 00
140. 00
250. 00
360. 00
470. 00
580. 00
690. 00
800. 00
910. 00
020. 00
130. 00

510,
510,
511,
511.
512,
512,
513,
514,
614,
515,
515

150.
700.
250.
800.
350.
900.
450.
000.
550.
100.
650.

00
00
00
00
00
00
00
00
00
00
00

1,
1.
1,
1.
1,
1.
1.
1,
1,
1,
1,

020.
021.
022,
023.
024.
025.
026,
028,
029,
030,
031,

300.
400.
500.
600.
700.
800.
900.
000.
100.
200.
300.

00
00
00
00
00
00
00
00
00
00
00

97
98
99
00
01
03
03
04
05
05
06

1. 29
1. 29
1. 29
1. 29
1. 29
1. 29
1. 29
1. 29
1. 28
1. 28
1. 23

103. 24

516. 20

1, 032. 40

5, 162. 00

10, 324. 00

103, 240. 00

516 200. 00

1, 032, 400. 00

\.
1.
1.
1.
1.
I.
1.
1

1 07

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

Page 36



UNITED STATES OF AMERICA
y8

PERCENT

TREASURY

CERTIFICATES OF INDEBTEDNESS OF SERIES H-1945

Dated and bearing interest from December 1,1944

Due December 1, 1945

1944

TREASURY DEPARTMENT,

Department Circular N o . 7 5 8

O F F I C E OF T H E

SECRETARY,

Washington, Novemb er 20,1944.

B u r e a u o f t h e P ^ b H c Debt
I.

O F F E R I N G

O F

C E R T I F I C A T E S

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par and accrued interest, from the people of the United States
for certificates of indebtedness of the United States, designated % percent Treasury Certificates of
Indebtedness of Series H-1945. These certificates will not be available for subscription, for their own
account, by commercial banks, which are defined for this purpose as banks accepting demand deposits.
The amount of the offering is not specifically limited.
II.

D E S C R I P T I O N

O F

C E R T I F I C A T E S

1. The certificates will be dated December 1, 1944, and will bear interest from that date at the
rate of % percent per annum, payable semiannually on June 1 and December 1, 1945. They will
mature December 1, 1945, 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.
4. Bearer certificates with 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.

S U B S C R I P T I O N

A N D

A L L O T M E N T

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. It is requested that there be no trading in the securities allotted hereunder
and no purchases of such securities other than on direct subscription until after December 16, 1944.
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. Others than
banking institutions will not be permitted to .enter subscriptions except for their own account. Subscriptions must be accompanied by payment in full for the amount of certificates applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part,
to allot less than the amount of certificates applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final. Subject
to these reservations, all subscriptions will be allotted in full. Allotment notices will be sent out
promptlv upon allotment.
IV.

P A Y M E N T

1. Payment at par and accrued interest, if any, for certificates allotted hereunder must be made
on or before December 1, 1944, or on later allotment. One day's accrued interest is $0,024 per $1,000.
Any qualified depositary will be permitted to make payment by credit for certificates allotted to 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.
V.

G E N E R A L

P R O V I S I O N S

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.
Page 37

UNITED STATES OF AMERICA
i y 4 PERCENT TREASURY NOTES OF SERIES C-1947
Dated and bearing interest from December 1, 1944
Due September 15, 1947
Interest payable March 15 and September 15
TREASURY DEPARTMENT,

Department^Circular No. 757

OFFICE OF THE SECRETARY,

Washington, November

Bureau o f t h f public Debt
I.

OFFERING OF

20,1944.

NOTES

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par and accrued interest, from the people of the United States for
notes of the United States, designated l1/^ percent Treasury Notes of Series C-1947. These notes will
not be available for subscription, for their own account, by commercial banks, which are defined for
this purpose as banks accepting demand deposits. The amount of the offering is not specifically limited.
II.

DESCRIPTION

OF

NOTES

1. The notes will be dated December 1, 1944, and will bear interest from that date at the rate of
1
percent per annum, payable on a semiannual basis on March 15 and September 15 in each year
until the principal amount becomes payable. They will mature September 15, 1947, and will not be
subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all Federal taxes, now or hereafter
imposed. The notes 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 notes will be accepted at par during such time and under such rules and regulations as
shall be prescribed or approved by the Secretary of the Treasury in payment of income and profits
taxes payable at the maturity of the notes.
4. The notes will be acceptable to secure deposits of public moneys.
5. Bearer notes with interest coupons attached will be issued in denominations of $1,000, $5,000,
$10,000, $100,000 and $1,000,000. The notes will not be issued in registered form.
6. The notes will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States notes.
III.

SUBSCRIPTION AND

ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. It is requested that there be no trading in the securities allotted hereunder
and no purchases of such securities other than on direct subscription until after December 16, 1944.
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. Others than
banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment in full for the amount of notes applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in
part, to allot less than the amount of notes applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final. Subject
to these reservations, ail subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.
IV.

PAYMENT

1. Payment at par and accrued interest, if any, for notes allotted hereunder must be made on or
before December 1, 1944, or on later allotment. One day's accrued interest is $0,035 per $1,000. Any
qualified depositary will be permitted to make payment by credit for notes allotted to 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.
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 notes allotted, to make delivery of notes on full-paid subscriptions allotted, and
they may issue interim receipts pending delivery of the definitive notes.
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.


Page 38


HENRY MORGENTHAU, JR.,
Secretary of the Treasui-y.

UNITED STATES OF AMERICA
2 PERCENT TREASURY BONDS OF 1952-54
Dated and bearing interest from December 1, 1944

Due December 15, 1954

REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER DECEMBER 15, 1952

Interest payable June 15 and December 15
1944
Department Circular No. 756

TREASURY

DEPARTMENT,

OFFICE OF THE SECRETARY,

Fiscal Service
Bureau of the Public Debt

Washington, November
I.

20,1944.

OFFERING OF BONDS

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act,
as amended, invites subscriptions, at par and accrued interest, from the people of the United States
for bonds of the United States, designated 2 percent Treasury Bonds of 1952-54. The amount of the
offering is not specifically limited.
2. These bonds will not be available for subscription, for their own account, by commercial banks,
which are defined for this purpose as banks accepting demand deposits, except as follows: a commercial bank holding savings deposits or issuing time certificates of deposit (as each is defined in Regulation Q of the Board of Governors of the Federal Reserve System) may subscribe to the bonds offered
hereunder, to the 2 % percent Treasury Bonds of 1966-71 offered simultaneously herewith under
Treasury Department Circular No. 755, and to Series F-1944 and Series G-1944 United States
Savings Bonds, under Treasury Department Circular No. 654, Second Revision, as amended, but the
amount of such subscriptions shall not exceed, in the aggregate, 10 percent of the combined amount
of time certificates of deposit (but only those issued in the names of individuals, and of corporations,
associations and other organizations not operated for profit), and of savings deposits, as shown on the
bank's books as of the date of the most recent call statement required by the supervising authorities
prior to the date of subscription for such bonds, or $500,000, whichever is less, except that the aggregate amount of Series F and Series G Savings Bonds (Series 1944) held by such bank may not exceed
the annual limitation of $100,000 (issue price).

II.

DESCRIPTION OF BONDS

1. The bonds will be dated December 1, 1944, and will bear interest from that date at the rate
of 2 percent per annum, payable on a semiannual basis on June 15 and December 15 in each year until
the principal amount becomes payable. They will mature December 15, 1954, but may be redeemed
at the option of the United States on and after December 15, 1952, in whole or in part, at par and
accrued interest, on any interest day or days, on 4 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.
2. The income derived from the bonds shall be subject to all Federal taxes, now or hereafter
imposed. The bonds 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 bonds will be acceptable to secure deposits of public moneys.
any privilege of conversion.

They will not be entitled to

4. Bearer bonds with interest coupons attached, and bonds registered as to principal and interest,
will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. 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, under rules and regulations prescribed by the Secretary
of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds.



Page 39

III.

SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. It is requested that there be no trading in the securities allotted hereunder
and no purchases of such securities other than on direct subscription until after December 16, 1944.
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. Others than
banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment in full for the amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in
part, to allot less than the amount of bonds applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final.
Subject to these reservations, and to the limitations on commercial bank subscriptions prescribed in
Section I of this circular, all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.
IV.

PAYMENT

1. Payment at par and accrued interest, if any, for bonds allotted hereunder must be made on or
before December 1, 1944, or on later allotment; provided, however, that bonds allotted to life insurance
companies, to savings institutions, and to States, municipalities, political subdivisions and similar
public corporations, and agencies thereof, may be paid for, in whole or in part, at par and accrued
interest, at any time or times, with payment to be completed not later than February 28, 1945. One
day's accrued interest is $0,055 per $1,000. A n y qualified depositary will be permitted to make payment by credit for bonds allotted to it f o r 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.
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 bonds allotted, to make delivery of bonds on full-paid subscriptions allotted,
and they may issue interim receipts pending delivery of the definitive bonds.
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.

Page 40



H E N R Y MORGENTHATT, J R . ,
Secretary of the Treasury.

UNITED STATES OF AMERICA
214 PERCENT TREASURY BONDS OF 1966-71
Dated and bearing interest from December 1, 1944

Due March 15, 1971

R E D E E M A B L E A T T H E OPTION OF T H E U N I T E D STATES

AT

PAR

AND

ACCRUED

INTEREST

ON

AND

A F T E R M A R C H 15, 1966

Interest payable March 15 and September 15
1944
Department Circular No. 755

T R E A S U R Y

O F F I C E OF T H E SECRETARY,

Fiscal Service
Bureau of the Public Debt

I.
1. The Secretary of the Treasury,
amended, invites subscriptions, at par
bonds of the United States, designated
offering is not specifically limited.

D E P A R T M E N T ,

Washington, November
OFFERING
pursuant to
and accrued
2y 2 percent

20,1944.

OF BONDS
the authority of the Second Liberty Bond Act, as
interest, from the people of the United States for
Treasury Bonds of 1966-71. The amount of the

2. These bonds will not be available for subscription, for their own account, by commercial banks,
which are defined for this purpose as banks accepting demand deposits, except as follows: a commercial bank holding savings deposits or issuing time certificates of deposit (as each is defined in Regulation
Q of the Board of Governors of the Federal Reserve System) may subscribe to the bonds offered hereunder, to the 2 percent Treasury Bonds of 1952-54 offered simultaneously herewith under Treasury
Department Circular No. 756, and to Series F-1944 and Series G-1944 United States Savings Bonds,
under Treasury Department Circular No. 654, Second Revision, as amended, but the amount of such
subscriptions shall not exceed, in the aggregate, 10 percent of the combined amount of time certificates of deposit (but only those issued in the names of individuals, and of corporations, associations
and other organizations not operated for profit), and of savings deposits, as shown on the bank's books
as of the date of the most recent call statement required by the supervising authorities prior to the
date of subscription for such bonds, or $500,000, whichever is less, except that the aggregate amount of
Series F and Series G Savings Bonds (Series 1914) held by such bank may not exceed the annual
limitation of $100,000 (issue price).
II. DESCRIPTION OF BONDS
1. The bonds will be dated December 1, 1944, and will bear interest from that date at the rate
of 2y 2 percent per annum, payable on a semiannual basis on March 15 and September 15 in each year
until the principal amount becomes payable. They will mature March 15, 1971, but may be redeemed
at the option of the United States on and after March 15,1966, in whole or in part, at par and accrued
interest, on any interest day or days, on 4 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.
2. The income derived from the bonds shall be subject to all Federal taxes, now or hereafter
imposed. The bonds 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 bonds will be acceptable to secure deposits of public moneys. They will not be entitled to
any privilege of conversion.
4. Bearer bonds with interest coupons attached, and bonds registered as to principal and interest,
will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. 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, under rules and regulations prescribed by the Secretary of the Treasury. Except as provided in Section I of this circular, these bonds may not, before
December 1,1954, be transferred to or be held by commercial banks, which are defined for this purpose
as banks accepting demand deposits; however, the bonds may be pledged as collateral for loans,
including loans by commercial banks, but any such bank acquiring such bonds before December 1,
1954, because of the failure of such loans to be paid at maturity will be required to dispose of them in
the same manner as they dispose of other assets not eligible to be owned by banks.
5. Any bonds issued hereunder which upon the death of the owner constitute part of his estate,
will be redeemed at the option of the duly constituted representatives of the deceased owner's estate, at
par and accrued interest to date of payment, 1 Provided:
1 An exact half-year's interest is computed for each full half-year period irrespective of the actual number of days in the half year.
a fractional part of any half year, computation is on the basis of the actual number of days in such half year.




For

P a g e 41

(a) that the bonds were actually owned by the decedent at the time of his death; and
(b) that the Secretary of the Treasury be authorized to apply the entire proceeds of redemption
to the payment of Federal estate taxes.
Registered bonds submitted for redemption hereunder must be duly assigned to " T h e Secretary
of the Treasury for redemption, the proceeds to be paid to the Collector of Internal Revenue at
for credit on Federal estate taxes due from estate of
" Owing to the periodic closing of the transfer books
and the impossibility of stopping payment of interest to the registered owner during the closed period,
registered bonds received after the closing of the books for payment during such closed period will be
paid only at par with a deduction of interest from the date of payment to the next interest payment
date ; 2 bonds received during the closed period for payment at a date after the books reopen will be paid
at par plus accrued interest from the reopening of the books to the date of payment. In either case
checks for the full six months' interest due on the last day of the closed period will be forwarded to
the owner in due course. All bonds submitted must be accompanied by Form P D 1782,3 properly
completed, signed and sworn to, and by a certificate of the appointment of the personal representatives,
under seal of the court, dated not more than six months prior to the submission of the bonds, which
shall show that at the date thereof the appointment was still in force and effect. Upon payment of the
bonds appropriate memorandum receipt will be forwarded to the representatives, which will be followed
in due course by formal receipt from the Collector of Internal Revenue.
6. Except as provided in the preceding paragraphs, the bonds will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds.
III.

SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. It is requested that there be no trading in the securities allotted hereunder
and no purchases of such securities other than on direct subscription until after December 16, 1944.
Banking institutions generally may submit subscriptions f o r account of customers, but only the
Federal Reserve Banks and the Treasury Department are authorized to act as official agencies.
Others than banking institutions will not be permitted to enter subscriptions except f o r their own
account. Subscriptions must be accompanied by payment in full for the amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription in whole or in
part, to allot less than the amount of bonds applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final.
Subject to these reservations, and to the limitations on commercial bank subscriptions prescribed in
Section I of this circular, all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.
IV.

PAYMENT

1. Payment at par and accrued interest, if any, for bonds allotted hereunder must be made on
or before December 1, 1944, or on later allotment; provided, however, that bonds allotted to life insurance companies, to savings institutions, and to States, municipalities, political subdivisions and
similar public corporations, and agencies thereof, may be paid for, in whole or in part, at par and
accrued interest, at any time or times, with payment to be completed not later than February 28, 1945.
One day's accrued interest is $0,069 per $1,000. Any qualified depositary will be permitted to make
payment by credit for bonds allotted to it f o r itself and its customers up to any amount f o r which it
shall be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its
District.
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 bonds allotted, to make delivery of bonds on full-paid subscriptions allotted, and
they may issue interim receipts pending delivery of the definitive bonds.
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.
2
3

The transfer books are closed from February 16 to March IS, and from August 16 to September IS (both dates inclusive) in each year.
Copies of Form PD 1782 may be obtained from any Federal Reserve Bank or from the Treasury Department, Washington, D. C.

Page 42


S I X T H W A R LOAN
Summary of Information Regarding Securities

Title of Security

United States
W a r Savings Bonds,

United States
Savings Bonds,

United States
Savings Bonds,

Treasury
S a v i n g s Notes,

SERIES E

SERIES F

SERIES G

SERIES C

J/^%

Treasury
Certificates
of I n d e b t e d n e s s o f
Series H - 1 9 4 5

1 1 4 %
1

Treasury
N o t e s of
Series C - 1 9 4 7

Mm

eg T r e a s u r y
B o n d s of
1952-54

OV->%
Z

/

Treasury

2

B o n d s of
1966-71

Dated

1st day of month in 1st day of month in 1st day of month in 1st day of month in
Dec. 1,1944
which purchased
which purchased
which purchased
which purchased

Dec. 1,1944

Dec. 1,1944

Dec. 1,1944

Due

10 yrs. from issue 12 yrs. from issue 12 yrs. from issue 3 yrs. from issue
Dec. 1,1945
date
date
date
date

Sept. 15,1947

Dec. 15,1954

March 15,1971

Cost price

75% of maturity 74% of maturity 100% of maturity
100%
value
value
value

$500 or $1,000
bonds, 100%.
100% and interest 100% and interest Over $1,000,100%
from Dec. 1, 1944 from Dec. 1, 1944 and interest from
Dec. 1, 1944

Yield

Varies—2.90% if Varies—2.53% if Varies—2 y 2 % if Varies—1.07% if
held to maturity held to maturity held to maturity held to maturity2

7s %

iy*%

2%

2i/ 2 %

Denominations

$25 to $1,000

$25 to $10,000

$100 to $10,000

$100 to
$1,000,000

$1,000 to
$1,000,000

$1,000 to
$1,000,000

$500 to
$1,000,000

$500 to
$1,000,000

Registration

Registered form
only

Registered form
only

Registered form
only

Inscribed form
only

Bearer or
Bearer form only Bearer form only registered form

Redeemable for
cash prior to
maturity

At holder >s option,
60 days from issue
date on variable
redemption schedule

At holder's option
on 1st of month
following
one
month's notice, if
held for 6 months

At holder's option
on 1st of month A t holder's option,
following
one after 6 months, at No
month's notice, if 100% and interest2
held for 6 months1

Acceptable in
payment of Federal
(income, estate or
gift) taxes prior
to maturity

No

No

No

Use as collateral

No

No

Salable in open
market

No

Who may buy

Individuals only

Amount an
eligible investor
may buy

Limited to $5,000 Not more than $100,000 issue price of
maturity value in Series F and G together in one calen- No limit
one calendar year3 dar year3




Bearer or
registered form

No

At Government's
option, on or after
Dec. 15, 1952, at
100% and interest

At Government's
option, on or after
Mar. 15, 1966, at
100% and interest

Yes, during and
after 2nd calendar
No
month after pur*
chase

No

No

Federal estate
taxes only, on
death of owner

No

For loans from
banks only

Yes

Yes

Yes

Yes

No

No

No

Yes, after Dec. 16, Yes, after Dec. 16, Yes, after Dec. 16, Yes, after Dec. 16,
1944
1944
1944
1944

Anyone3

Anyone3

Anyone

Anyone4

Anyone4

Anyone6

Anyone3

No limit

No limit

No limit

No limit

On death of owner redeemable at 100% after 6 months from issue date if
application is made within 4 months after death.
2 Notes owned by commercial bank bear interest only if used in payment of
Federal taxes.
3 Commercial banks permitted to subscribe for only a limited portion of their
savings deposits and certain time certificates of deposit.

1

$500 or $1,000
bonds, 100%.
Over $1,000,100%
and interest from
Dec. 1,1944

4
5
s

Commerical banks may not subscribe for own account but may purchase in market after
December 16, 1944.
Additional bonds may be purchased in co-ownership form in certain cases.
Commercial banks permitted to subscribe for only a limited portion of their savings
deposits and certain time certificates of deposit but may purchase in market after
December 16, 1944.




VICTORY
BUY
U N I T E D
S T A T E S

WAR

BONDS
AND

STAMPS

as-

FEDERAL
OF

RESERVE
NEW

BANK

YORK

Fiscal Agent of the United States
November 1, 1944

CASH OFFERINGS OF
U N I T E D STATES OF AMERICA
Percent Treasury Bonds of 1966-71
2 Percent Treasury Bonds of 1952-54
1% Percent Treasury Notes of Series C-1947
7/8 Percent Treasury Certificates of Indebtedness of Series H-1945
To Interested Persons, Other than Banking
Institutions, in the Second Federal Reserve

District:

For your information in connection with the Sixth War Loan Drive, which starts November 20, 1944,
the following material is set forth in this circular:
Announcement by the Secretary of the Treasury, released for publication October 6, 1944.
Treasury Department Circular No. 755, dated November 20, 1944, with respect to an offering of 21/& Percent
Treasury Bonds of 1966-71.
Treasury Department Circular No. 756, dated November 20, 1944, -with respect to an offering of 2 Percent
Treasury Bonds of 1952-54.
1 % Percent

Treasury Department Circular No. 757, dated November 20, 1944, with respect to an offering of
Treasury Notes of Series C-1947.

Treasury Department Circular No. 758, dated November 20, 1944, with respect to an offering of 7/s Percent
Treasury Certificates of Indebtedness of Series H-1945.

Subscriptions to be entered where funds are located
The respective State quotas making up the 14 billion dollar goal for nonbanking subscriptions in the
Sixth War Loan Drive are based in large measure upon the location of bank deposits. For this reason, and
to avoid disturbances to bank reserve positions which might otherwise occur through unnecessary shifts of
deposit balances from one locality to another, or from one institution to another, subscribers to Government securities should enter their subscriptions through the banks where the funds to be used in payment
are located. A transfer of funds for the purpose of entering a subscription elsewhere not only constitutes
a possible disturbance to bank reserve positions but customarily involves substantial and unnecessary work.
Such a transfer serves no proper purpose which cannot be accomplished by a statistical allocation of credit
for the sale. In order to make transfers of funds unnecessary, the Treasury has established a procedure
under which credits for sales may be allocated to other localities upon appropriate request by the purchasers.
Full information regarding such procedure, and supplies of forms for use in requesting allocations of credits,
have been furnished to all banking institutions in the Second Federal Reserve District.
Submission of subscriptions
Subscriptions to any of such issues for account of customers may be submitted to us by banking institutions only. Accordingly, security dealers, brokers, savings and loan associations and others should enter
subscriptions for account of customers through banking institutions. Where, however, it is not feasible f o r
a subscription to be entered through a banking institution, it may be submitted by the purchaser directly
to us.
Subscriptions should be submitted only on the appropriate forms provided by us, as follows:
Issue
2V2% Treasury Bonds of 1966-71
—Coupon Form
—Begistered Form
2 % Treasury Bonds of 1952-54
—Coupon Form
—Begistered Form
1 % % Treasury Notes of Series C-1947
7/s% Treasury Certificates of Indebtedness of Series H-1945




Use
Form No.
1
2
3
4
5
6

Two copies of each of these forms are enclosed.
ing institutions in the district.

Supplies of these forms are being furnished to all bank-

Application forms provided by the State War Finance Committees should not be forwarded to us.
Payment for securities and computation of accrued interest
Subscriptions must be accompanied by payment in full at par and accrued interest, if any, except
in those cases for which deferred payment is permitted as provided below. Each such issue will be sold at
par plus accrued interest from December 1 to the date payment is received by us, except that accrued interest
is waived on $500 and $1,000 subscriptions to the 21/£ Percent Treasury Bonds of 1966-71 and the 2 Percent
Treasury Bonds of 1952-54. One day's accrued interest per $1,000 on each of the issues is as follows:
2y2%
2%
1%%
%%

Issue
Treasury Bonds of 1966-71
Treasury Bonds of 1952-54
Treasury Notes of Series C-1947
Treasury Certificates of Indebtedness of Series H-1945

One Day's
Interest
$0,069
0.055
0.035
0.024

In the case of a subscription submitted through a banking institution, the purchaser should consult
such institution regarding the amount of accrued interest payable. In the case of a subscription submitted
directly to us with a check in payment therefor, accrued interest should be paid to the date on which funds
in payment of the check will be available to us in the normal course of collection. Subscriptions will be
allotted in full.
Deferred payment of certain subscriptions
Payment for 2 y 2 % Treasury Bonds of 1966-71 and 2% Treasury Bonds of 1952-54 subscribed for by
a life insurance company, savings institution, State, municipality, political subdivision or similar public
corporation, or agency thereof, may be made, in whole or in part, at par and accrued interest, at any time
or times, with payment to be completed not later than February 28, 1945. If payment is to be deferred,
the subscription for the bonds should be submitted on the regular subscription form which should be modified by striking out the sections which commence with the words "Classification of subscriptions for computation of interest accrual" and "Payment in full for such securities is made as indicated below". The
subscription form so modified should be accompanied in each case by a letter from the subscriber signed
by a duly authorized officer stating that in consideration of the acceptance of such subscription by us the
subscriber agrees to make payment in full on or before February 28, 1945, at par and accrued interest
from December 1, 1944, to the date or dates of payment, for the bonds allotted on the subscription.
The subscription form and letter may be forwarded through a banking institution or sent directly to
us. Each payment should include interest on the principal amount covered by the payment to the date
on which payment is received by us. Each payment should be clearly identified with the related subscription. If payment is made in more than one instalment, the subscriber will have the option (a) of taking
delivery in the normal course, following each instalment payment, of bonds of a par amount equal to the
principal amount covered by such payment, or (b) of taking our receipt for the amount of each instalment
payment and deferring delivery of the bonds until the final payment is made. In the absence of advice
to the contrary, it will be assumed that the subscriber has elected the second alternative.
Purchase of securities for resale
It is the Treasury's aim to obtain during the drive the maximum investment of funds of individuals
and other nonbank investors, and to avoid unnecessary redistribution of securities in the Government
security market following the close of the drive. Persons other than security dealers and brokers should
not enter subscriptions for such securities with the intention of selling them during the period immediately
following the close of the drive.
Subscriptions by security dealers and brokers
Subscriptions by dealers and brokers in securities are to be limited to an amount not in excess of (a)
50 per cent of their net worth, or (b) the amount of securities included in the Fifth War Loan Drive sold
by them directly to customers other than commercial banks and dealers and brokers during the first thirty
days following the close of the Fifth War Loan Drive, whichever is greater. Generally speaking, the volume of purchases for subsequent resale to customers should be small regardless of the size of the investment
firm, as most customers will have ample opportunity to subscribe during the drive. Dealers and brokers are
requested to discourage subscriptions by their customers for the purpose of resale in the market.
Loans to purchase securities
In order to help in achieving the Treasury's objective to sell as many securities as possible to investors
other than commercial banks, all banking institutions have been requested by the Treasury to decline to

Page 2


make speculative loans for the purchase of Government securities. On the other hand, the Treasury favors
bank loans to facilitate permanent investment in Government securities if such loans are made in accord
with the joint statement issued by the National and State bank supervisory authorities in November 1942,
which reads in part as follows:
" I n connection with Government financing, individual subscribers relying upon anticipated
income may wish to augment their subscriptions by temporary borrowings from banks. Such loans
will not be subject to criticism but should be on a short term or amortization basis fully repayable
within periods not exceeding six months."
Period during which subscription books will remain open
The books for receipt of subscriptions to each such issue will open on November 20, 1944. The Secretary of the Treasury has announced that the drive will run through December 16, 1944, but the right
is reserved to close the books as to any or all subscriptions at any time without notice.
Other issues offered during the drive
In addition to sales of the issues referred to above, which are available for subscription only during the
Sixth War Loan Drive, all subscriptions for the following issues processed by the Federal Reserve Banks
or the Treasury Department during the months of November and December 1944, will be included in the
totals for the drive:
United States War Savings Bonds of Series E
United States Savings Bonds of Series F and G
Treasury Savings Notes, Series C
Full information with respect to the terms of such securities and the methods of subscribing thereto may
be obtained from any banking institution or from any representative of the State War Finance Committees.
A summary regarding all the securities on sale during the drive is set forth on page 15 of this circular.
Exchange offering
Concurrently with the drive, but not as a part of it, holders of % % Treasury Certificates of Indebtedness of Series G-1944, maturing December 1, 1944, will be offered a 0.90% Treasury Note dated December.
1, 1944 and maturing January 1, 1946, in exchange for such certificates. Holders, other than commercial
banks, of 4 % Treasury Bonds of 1944-54, called for redemption on December 15, 1944, will be offered the
1 % % Treasury Notes of Series C-1947, the 2% Treasury Bonds of 1952-54 and the 2 y 2 % Treasury Bonds
of 1966-71 offered in the drive, in exchange for such called bonds. The 4 % Treasury Bonds of 1944-54 will
be exchanged as of December 15,1944, in available denominations of the new securities, and accrued interest
from December 1 to December 15 will be charged on the new securities. The formal announcements of
these exchange offerings will be included in a circular to be sent to all banking institutions and other
interested persons in the Second Federal Reserve District on or about November 20, 1944.




A L L A N SPROUL,

President.

Page 3

ANNOUNCEMENT BY THE SECRETARY OF THE TREASURY
Regarding the
SIXTH WAR LOAN

Released for publication October 6, 1944
Henry Morgenthau, Jr., Secretary of the Treasury, announced today the terms of the securities
to be sold in the Sixth W a r Loan which will start on November 20 and will run through December 16.
The goal will be $14,000,000,000, of which $5,000,000,000 is to come from sales to individuals and
$9,000,000,000 to other non-bank investors.
"Since January 1, 1944," the Secretary said, "the direct costs of the war have exceeded
$69,000,000,000. The critical phases of the war are still ahead of us, and for that reason we cannot
expect any material decline in expenditures during the next several months. The $14,000,000,000 is,
therefore, urgently needed."
The Secretary pointed out that the major emphasis throughout the entire period of the drive
will be placed on the quota of $5,000,000,000 for individuals.
During the period from November 20 to December 1, only sales to individuals will be reported
by the Treasury, although subscriptions will be received from all non-banking investors during the
entire period of the drive. The campaign to sell to individuals will be supplemented starting
December 1 with an intensive campaign to sell all other non-banking investors.
The Secretary said that subscriptions for Savings Bonds and Savings Notes processed through
the Federal Reserve Banks between November 1 and December 31 will be counted towards the
drive in order that the millions of persons employed in the nation's industrial corporations may be
permitted to participate in the drive through the purchase of bonds acquired by weekly or semimonthly deductions from their pay during this period.
The goal and the securities to be offered were determined by the Treasury after consultation
with a group of chairmen of the State W a r Finance Committees, officials of the Federal Reserve
System, a Committee of the American Bankers Association, and other investment authorities.
The securities, which will be sold under the direction of the State War Finance Committees,
are as follows:
Series E, F and G Savings Bonds
Series C Savings Notes
2 y 2 % Bonds of 1966-71
2 % Bonds of 1952-54
1 % % Notes of 1947
% % Certificates of Indebtedness.
The 2y2°/o Bonds to be offered in the drive will be dated December 1, 1944, due March 15, 1971,
callable March 15, 1966. The bonds will be issued in coupon or registered form at the option of the
buyers, in denominations from $500 to $1,000,000.
The 2 % Bonds will be dated December 1, 1944, due December 15, 1954, callable December 15,
1952, and will be issued in coupon or registered form at the option of the buyers, in denominations
of $500 to $1,000,000.
The
Notes will be dated December 1, 1944, due September 15, 1947, and will be issued in
denominations of $1,000 to $1,000,000 and in coupon form only.
The } i % Certificates of Indebtedness will be dated December 1, 1944, due December 1, 1945, and
will be issued in denominations of $1,000 to $1,000,000 and in coupon form only.

Page 4


The Treasury will request that there be no trading in the marketable securities and no purchases of such securities other than on direct subscription until after the closing of the drive.
The procedure for handling subscriptions of dealers and brokers will be similar to that prescribed
in the Fifth War Loan Drive.
T o avoid unnecessary transfers of funds from one locality to another, the Treasury again urges
that all subscriptions by corporations and firms be entered and paid for through the banking institutions where funds are located. This request is made to prevent disturbance to the money market
and the banking situation. The Treasury will undertake, as in the Fifth W a r Loan Drive, to see that
statistical credit is given to any locality for such subscriptions as the purchaser may request; except
that subscriptions from insurance companies will be credited to the State of the Home office as in
the past.
In order to help in achieving its objective of selling as many securities as possible outside of the
banking system, the Treasury requests the cooperation of all banking institutions in declining to
make speculative loans for the purchase of Government securities. The Treasury is in favor of the
banks making loans to facilitate permanent investment in Government securities provided such loans
are made in accord with the joint statement issued by the National and State Bank Supervisory
Authorities on November 23, 1942.* However, the Treasury requests the banks not to make loans
for the purpose of acquiring the drive securities later for their own account.
Concurrently with the drive, but not as a part of it, the holders of the Certificates maturing
December 1, 1944 will be offered on or about November 20th a 0.90% Treasury Note dated December
1, 1944 and maturing January 1, 1946, in exchange for such Certificates. Also the commercial bank
holders of the 4% Treasury Bonds of 1944-54 called for redemption on December 15, 1944 will be
offered on or about November 20 the 1 % % Note and the 2 % Bond offered in the drive, in
exchange for such bonds; all other holders will be offered the 1 % % Note, the 2% Bond and the
2 x /2% Bond. The exchanges for the 4 % bonds will be made as of December 15, 1944 in available denominations, and accrued interest will be charged from December 1 to December 15 on
the new securities.
Commercial banks, which are defined for the purpose as banks accepting demand deposits,
will not be permitted to own the 2y2°/o Bonds offered in the drive until December 1, 1954, nor to own
the 2 % Bonds (other than those acquired in exchange for the called 4 % Bonds) until December 18,
1944, except for a limited investment of time deposits in these issues under a formula to be prescribed in the official offering circulars.

* The joint statement referred to reads as follows:
The Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the
Federal Reserve System, and the Executive Committee of the National Association of Supervisors of State Banks
make the following statement of their examination and supervisory policy with special reference to investments in
and loans upon Government securities.
1. There will be no deterrents in examination or supervisory policy to investments by banks in Government
securities of all types, except those securities made specifically ineligible for bank investment by the terms of
their issue.
2. In connection with Government financing, individual subscribers relying upon anticipated income may wish
to augment their subscriptions by temporary borrowings from banks. Such loans will not be subject to criticism
but should be on a short term or amortization basis fully repayable within periods not exceeding six months.
3. Banks will not be criticized for utilizing their idle funds as far as possible in making such investments and
loans and availing themselves of the privilege of temporarily borrowing from or selling Treasury bills to the
Federal Reserve Banks when necessary t« restore their required reserve positions.




Page ?

UNITED STATES OF AMERICA
2y 2 PERCENT TREASURY BONDS OF 1966-71
Dated and bearing interest from December 1, 1944

Due March 15, 1971

REDEEMABLE A T THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER MARCH 15, 1966

Interest payable March 15 and September 15

1944
Department Circular No. 755

TREASURY

DEPARTMENT,

O F F I C E OF T H E SECRETARY,
Fiscal Service
Bureau of the Public Debt

Washington, November
I.

OFFERING OF BONDS

20,1944.
0

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par and accrued interest, from the people of the United States for
bonds of the United States, designated 2y 2 percent Treasury Bonds of 1966-71. The amount of the
offering is not specifically limited.
2. These bonds will not be available for subscription, for their own account, by commercial banks,
which are defined for this purpose as banks accepting demand deposits, except as follows: a commercial bank holding savings deposits or issuing time certificates of deposit (as each is defined in Regulation
Q of the Board of Governors of the Federal Reserve System) may subscribe to the bonds offered hereunder, to the 2 percent Treasury Bonds of 1952-54 offered simultaneously herewith under Treasury
Department Circular No. 756, and to Series F-1944 and Series G-1944 United States Savings Bonds,
under Treasury Department Circular No. 654, Second Revision, as amended, but the amount of such
subscriptions shall not exceed, in the aggregate, 10 percent of the combined amount of time certificates of deposit (but only those issued in the names of individuals, and of corporations, associations
and other organizations not operated for profit), and of savings deposits, as shown on the bank's books
as of the date of the most recent call statement required by the supervising authorities prior to the
date of subscription for such bonds, or $500,000, whichever is less, except that the aggregate amount of
Series F and Series G Savings Bonds (Series 1944) held by such bank may not exceed the annual
limitation of $100,000 (issue price).
II.

DESCRIPTION OF BONDS

1. The bonds will be dated December 1, 1944, and will bear interest from that date at the rate
of 2y 2 percent per annum, payable on a semiannual basis on March 15 and September 15 in each year
until the principal amount becomes payable. They will mature March 15, 1971, but may be redeemed
at the option of the United States on and after March 15,1966, in whole or in part, at par and accrued
interest, on any interest day or days, on 4 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.
2. The income derived from the bonds shall be subject to all Federal taxes, now or hereafter
imposed. The bonds 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 bonds will be acceptable to secure deposits of public moneys.
any privilege of conversion.

They will not be entitled to

4. Bearer bonds with interest coupons attached, and bonds registered as to principal and interest,
will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision
will be made for the interchange of bonds of different denominations and of coupon and registered

Page 6


bonds, and for the transfer of registered bonds, under rules and regulations prescribed by the Secretary of the Treasury. Except as provided in Section I of this circular, these bonds may not, before
December 1,1954, be transferred to or be held by commercial banks, which are defined f o r this purpose
as banks accepting demand deposits; however, the bonds may be pledged as collateral f o r loans,
including loans by commercial banks, but any such bank acquiring such bonds before December 1,
1954, because of the failure of such loans to be paid at maturity will be required to dispose of them in
the same manner as they dispose of other assets not eligible to be owned by banks.
5. Any bonds issued hereunder which upon the death of the owner constitute part of his estate,
will be redeemed at the option of the duly constituted representatives of the deceased owner's estate, at
par and accrued interest to date of payment, 1 Provided:
(a) that the bonds were actually owned by the decedent at the time of his death; and
(b) that the Secretary of the Treasury be authorized to apply the entire proceeds of redemption
to the payment of Federal estate taxes.
Registered bonds submitted for redemption hereunder must be duly assigned to " T h e Secretary
of the Treasury for redemption, the proceeds to be paid to the Collector of Internal Revenue at
for credit on Federal estate taxes due from estate of
" Owing to the periodic closing of the transfer books
and the impossibility of stopping payment of interest to the registered owner during the closed period,
registered bonds received after the closing of the books for payment during such closed period will be
paid only at par with a deduction of interest from the date of payment to the next interest payment
date; 2 bonds received during the closed period for payment at a date after the books reopen will be paid
at par plus accrued interest from the reopening of the books to the date of payment. In either case
checks for the full six months' interest due on the last day of the closed period will be forwarded to
the owner in due course. All bonds submitted must be accompanied by Form P D 1782,3 properly
completed, signed and sworn to, and by a certificate of the appointment of the personal representatives,
under seal of the court, dated not more than six months prior to the submission of the bonds, which
shall show that at the date thereof the appointment was still in force and effect. Upon payment of the
bonds appropriate memorandum receipt will be forwarded to the representatives, which will be followed
in due course by formal receipt from the Collector of Internal Revenue.
6. Except as provided in the preceding paragraphs, the bonds will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds.

III.

SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. It is requested that there be no trading in the securities allotted hereunder
and no purchases of such securities other than on direct subscription until after December 16, 1944.
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.
Others than banking institutions will not be permitted to enter subscriptions except for their own
account. Subscriptions must be accompanied by payment in full for the amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription in whole or in
part, to allot less than the amount of bonds applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final.
Subject to these reservations, and to the limitations on commercial bank subscriptions prescribed in
Section I of this circular, all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.
1 An exact half-year's interest is computed for each full half-year period irrespective of the actual number of days in the half year.
a fractional part of any half year, computation is on the basis of the actual number of days in such half year.

For

2

The transfer books are closed from February 16 to March 15, and from August 16 to September IS (both dates inclusive) in each year.

3

Copies of Form PD 1782 may be obtained from any Federal Reserve Bank or from the Treasury Department, Washington, D. C.




Page 7

IV.

PAYMENT

1. Payment at par and accrued interest, if any, for bonds allotted hereunder must be made on
or before December 1, 1944, or on later allotment; provided, however, that bonds allotted to life insurance companies, to savings institutions, and to States, municipalities, political subdivisions and
similar public corporations, and agencies thereof, may be paid for, in whole or in part, at par and
accrued interest, at any time or times, with payment to be completed not later than February 28,1945.
One day's accrued interest is $0,069 per $1,000. 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.
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 bonds allotted, to make delivery of bonds on full-paid subscriptions allotted, and
they may issue interim receipts pending delivery of the definitive bonds.
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.

Page 8



HENRY MORGENTHAU, JR.,
Secretary of the Treasury.

UNITED STATES OF AMERICA
2 PERCENT TREASURY BONDS OF 1952-54
Dated and bearing interest from December 1, 1944

Due December 15, 1954

REDEEMABLE AT THE OPTION OF THE UNITED STATES AT PAR AND ACCRUED INTEREST ON AND
AFTER DECEMBER 15, 1952

Interest payable June 15 and December 15

1944
Department Circular No. 756

TREASURY

DEPARTMENT,

OFFICE OF THE SECRETARY,

Fiscal Service
Bureau of the Public Debt

Washington, November

I.

20,1944.

OFFERING OF BONDS

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act,
as amended, invites subscriptions, at par and accrued interest, from the people of the United States
f o r bonds of the United States, designated 2 percent Treasury Bonds of 1952-54. The amount of the
offering is not specifically limited.
2. These bonds will not be available for subscription, for their own account, by commercial banks,
which are defined for this purpose as banks accepting demand deposits, except as follows: a commercial bank holding savings deposits or issuing time certificates of deposit (as each is defined in Regulation Q of the Board of Governors of the Federal Reserve System) may subscribe to the bonds offered
hereunder, to the 2 % percent Treasury Bonds of 1966-71 offered simultaneously herewith under
Treasury Department Circular No. 755, and to Series F-1944 and Series G-1944 United States
Savings Bonds, under Treasury Department Circular No. 654, Second Revision, as amended, but the
amount of such subscriptions shall not exceed, in the aggregate, 10 percent of the combined amount
of time, certificates of deposit (but only those issued in the names of individuals, and of corporations,
associations and other organizations not operated for profit), and of savings deposits, as shown on the
bank's books as of the date of the most recent call statement required by the supervising authorities
prior to the date of subscription f o r such bonds, or $500,000, whichever is less, except that the aggregate amount of Series F and Series G Savings Bonds (Series 1944) held by such bank may not exceed
the annual limitation of $100,000 (issue price).

II.

DESCRIPTION OF BONDS

1. The bonds will be dated December 1, 1944, and will bear interest from that date at the rate
of 2 percent per annum, payable on a semiannual basis on June 15 and December 15 in each year until
the principal amount becomes payable. They will mature December 15, 1954, but may be redeemed
at the option of the United States on and after December 15, 1952, in whole or in part, at par and
accrued interest, on any interest day or days, on 4 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.
2. The income derived from the bonds shall be subject to all Federal taxes, now or hereafter
imposed. The bonds 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 bonds will be acceptable to secure deposits of public moneys.
any privilege of conversion.



They will not be entitled to

Page 9

4. Bearer bonds with interest coupons attached, and bonds registered as to principal and interest,
will be issued in denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision
will be made for the interchange of bonds of different denominations and of coupon and registered
bonds, and f o r the transfer of registered bonds, under rules and regulations prescribed by the Secretary
of the Treasury.
5. The bonds will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds.
III.

SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. It is requested that there be no trading in the securities allotted hereunder
and no purchases of such securities other than on direct subscription until after December 16, 1944.
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. Others than
banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment in full for the amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in
part, to allot less than the amount of bonds applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final.
Subject to these reservations, and to the limitations on commercial bank subscriptions prescribed in
Section I of this circular, all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.
IV.

PAYMENT

1. Payment at par and accrued interest, if any, for bonds allotted hereunder must be made on or
before December 1, 1944, or on later allotment; provided, however, that bonds allotted to life insurance
companies, to savings institutions, and to States, municipalities, political subdivisions and similar
public corporations, and agencies thereof, may be paid for, in whole or in part, at par and accrued
interest, at any time or times, with payment to be completed not later than February 28, 1945. One
day's accrued interest is $0,055 per $1,000. A n y 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.
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 bonds allotted, to make delivery of bonds on full-paid subscriptions allotted,
and they may issue interim receipts pending delivery of the definitive bonds.
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.

Page 10


HENRY MORGENTHAU,
Secretary of the

JR.,
Treasury.

UNITED STATES OF AMERICA
114 PERCENT TREASURY NOTES OF SERIES C-1947
Dated and bearing interest from December 1, 1944
Interest payable March 15 and September 15

1944
Department Circular N o . 7 5 7

T R E A S U R Y
OFFICE

Fiscal Service
Bureau of ths Public Debt

Due September 15, 1947

D E P A R T M E N T ,
OF

THE

SECRETARY,

Washington, November
I.

O F F E R I N G

O F

20,1944.

N O T E S

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par and accrued interest, from the people of the United States for
notes of the United States, designated 1% percent Treasury Notes of Series C - 1 9 4 7 . These notes will
not be available for subscription, for their own account, by commercial banks, which are defined for
this purpose as banks accepting demand deposits. The amount of the offering is not specifically limited.

II.

D E S C R I P T I O N

O F

N O T E S

1. The notes will be dated December 1, 1944, and will bear interest from that date at the rate of
l 1 /^ percent per annum, payable on a semiannual basis on March 15 and September 15 in each year
until the principal amount becomes payable. They will mature September 15, 1947, and will not be
subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all Federal taxes, now or hereafter
imposed. The notes 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 notes will be accepted at par during such time and under such rules and regulations as
shall be prescribed or approved by the Secretary of the Treasury in payment of income and profits
taxes payable at the maturity of the notes.
4. The notes will be acceptable to secure deposits of public moneys.
5.
$10,000,

Bearer notes with interest coupons attached will be issued in denominations of
$ 1 0 0 , 0 0 0 and $ 1 , 0 0 0 , 0 0 0 .
The notes will not be issued in registered form.

$1,000,

$5,000,

6. The notes will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States notes.
III.

S U B S C R I P T I O N

A N D

A L L O T M E N T

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, "Washington. It is requested that there be no trading in the securities allotted hereunder
and no purchases of such securities other than on direct subscription until after December 16, 1944.
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. Others than
banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment in full for the amount of notes applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in
part, to allot less than the amount of notes applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final. Subject
to these reservations, all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.



Page 11

IV.

PAYMENT

1. Payment at par and accrued interest, if any, for notes allotted hereunder must be made on or
before December 1, 1944, or on later allotment. One day's accrued interest is $0,035 per $1,000. Any
qualified depositary will be permitted to make payment by credit for notes allotted to 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.
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 notes allotted, to make delivery of notes on full-paid subscriptions allotted, and
they may issue interim receipts pending delivery of the definitive notes.
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.

 Page 12


HENRY MORGENTHAU, JR.,
Secretary of the Treasury.

UNITED STATES OF AMERICA
%

PERCENT

TREASURY

CERTIFICATES OF INDEBTEDNESS OF SERIES H-1945

Dated and bearing interest from December 1, 1944

Due December 1, 1945

1944
Department Circular No. 758

TREASURY

DEPARTMENT,

OFFICE OF THE SECRETARY,

Fiscal Service
Bureau of the Public Debt

Washington, November
I.

OFFERING OF

20,1944.

CERTIFICATES

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par and accrued interest, from the people of the United States
f o r certificates of indebtedness of the United States, designated % percent Treasury Certificates of
Indebtedness of Series 11-1945. These certificates will not be available for subscription, for their own
account, by commercial banks, which are defined for this purpose as banks accepting demand deposits.
The amount of the offering is not specifically limited.
II.

DESCRIPTION

OF

CERTIFICATES

1. The certificates will be dated December 1, 1944, and will bear interest from that date at the
rate of % percent per annum, payable semiannually on June 1 and December 1, 1945. They will
mature December 1, 1945, 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.
acceptable in payment of taxes.

They will not be

4. Bearer certificates with 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. It is requested that there be no trading in the securities allotted hereunder
and no purchases of such securities other than on direct subscription until after December 16, 1944.
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. Others than
banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment in full for the amount of certificates applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part,
to allot less than the amount of certificates applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final. Subject
to these reservations, all subscriptions will be allotted in full. Allotment notices will be sent out
promptly upon allotment.



Page 13

IV.

PAYMENT

1. Payment at par and accrued interest, if any, for certificates allotted hereunder must be made
on or before December 1, 1944, or on later allotment. One day's accrued interest is $0,024 per $1,000.
Any qualified depositary will be permitted to make payment by credit for certificates allotted to 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.
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.

Page 14



HENRY MORGENTHAU, JR.,
Secretary of the Treasury.

S I X T H W A R LOAN
Summary of Information Regarding Securities

Title of Security

United States
W a r Savings Bonds,

United States
S a v i n g s Bonds,

United States
Savings Bonds,

Treasury
Savings Notes,

SERIES E

SERIES F

SERIES G

SERIES C

Treasury
Certificates
of I n d e b t e d n e s s of
Series H - 1 9 4 5

1 1 4 %
1

Treasury
N o t e s of
Series C - 1 9 4 7

rt ^g T r e a s u r y
JL
B o n d s of
1952-54

O V ? %
Mm ' *

T r e a s u r
y
B o n d s of
1966-71

Dated

1st day of month in 1st day of month in 1st day of month in 1st day of month in
Dec. 1,1944
which purchased
which purchased
which purchased
which purchased

Dec. 1,1944

Dec. 1,1944

Dec. 1,1944

Due

10 yrs. from issue 12 yrs. from issue 12 yrs. from issue 3 yrs. from issue
Dec. 1,1945
date
date
date
date

Sept. 15,1947

Dee. 15,1954

March 15,1971

Cost price

75% of maturity 74% of maturity 100% of maturity
100%
value
value
value

$500 or $1,000
bonds, 100%.
100% and interest 100% and interest Over $1,000,100%
from Dec. 1, 1944 from Dec. 1, 1944 and interest from
Dec. 1,1944

$500 or $1,000
bonds, 100%.
Over $1,000, 100%
and interest from
Dec. 1,1944

Yield

Varies—2.90% if Varies—2.53% if Varies—2y 2 % if Varies—1.07% if
held to maturity held to maturity held to maturity held to maturity2

%%

1% %

2%

2y2%

Denominations

$25 to $1,000

$25 to $10,000

$100 to $10,000

$100 to
$1,000,000

$1,000 to
$1,000,000

$1,000 to
$1,000,000

$500 to
$1,000,000

$500 to
$1,000,000

Registration

Registered form
only

Registered form
only

Registered form
only

Inscribed form
only

Bearer or
Bearer form only Bearer form only registered form

Redeemable for
cash prior to
maturity

At holder fs option,
60 days from issue
date on variable
redemption schedule

A t holder's option
on 1st of month
following
one
month's notice, if
held for 6 months

A t holder's option
on 1st of month At holder's option,
following
one after 6 months, at No
month's notice, if 100% and interest2
held for 6 months1

No

At Government's
option, on or after
Dec. 15, 1952, at
100% and interest

At Government's
option, on or after
Mar. 15, 1966, at
100% and interest

Acceptable in
payment of Federal
(income, estate or
gift) taxes prior
to maturity

No

No

No

Yes, during and
after 2nd calendar
No
month after purchase

No

No

Federal estate
taxes only, on
death of owner

Use as collateral

No

No

No

For loans from
banks only

Yes

Yes

Yes

Yes

Salable in open
market

No

No

No

No

Yes, after Dec. 16, Yes, after Dec. 16, Yes, after Dec. 16, Yes, after Dec. 16,
1944
1944
1944
1944

Who may buy

Individuals only

Anyone3

Anyone3

Anyone

Anyone4

Anyone4

Anyone 6

Anyone3

Amount an
eligible investor
may buy

Limited to $5,000 Not more than $100,000 issue price of
maturity value in Series F and G together in one calen- No limit
one calendar year5 dar year3

No limit

No limit

No limit

No limit

On death of owner redeemable at 100% after 6 months from issue date if
application is made within 4 months after death,
2
•fl
Notes owned by commercial bank bear interest only if used in payment of
^
Federal taxes.
n
9 Commercial banks permitted to subscribe for only a limited portion of their
£
savings deposits and certain time certificates of deposit.
1




Bearer or
registered form

Commerical banks may not subscribe for own account but may purchase in market after
December 16, 1944.
Additional bonds may be purchased in co-ownership form in certain cases.
* Commercial banks permitted to subscribe for only a limited portion of their savings
deposits and certain time certificates of deposit but may purchase in market after
December 16, 1944.

4
5




FQRyiCTORY
BUY
U N I T E D
S T A T E S

WAR

^BONDS
AND

.STAMPS

G. B. 419.3

SIXTH WAR LOAN DRIVE
REQUISITION FOR FORMS
FEDERAL RESERVE B A N K

OF N E W

YORK,

(Date)

1944

Fiscal Agent of the United States,
Federal Reserve P. O. Station,
New York 7, N. Y.
Attention: Government Bond Department

Gentlemen:

Please send us supplies of the following forms in the quantities indicated:
Quantity

Form No.

Description

I

Cash Subscription for 2 Y^fo Treasury Bonds of 1966-71 —Coupon Form.

2

Cash Subscription for 2Yi°/o Treasury Bonds of 1966-71 —Registered Form.

3

Cash Subscription for 2cJo Treasury Bonds of 1952-54 — Coupon Form.

4

Cash Subscription for 2% Treasury Bonds of 1952-54 — Registered Form.

5

Cash Subscription for 1%% Treasury Notes of Series C-1947.

6

Cash Subscription for 7/%% Treasury Certificates of Indebtedness of Series H-1945.

G. B. 338

Application for United States War Savings Bonds, Series E.

G. B. 339

Application for United States Savings Bonds, Series F.

G. B. 340

Application for United States Savings Bonds, Series G.

G. B. 401

Application for Treasury Savings Notes, Series C.

G. B. 345

Certificate of Advice of Credit to War Loan Deposit Account in Payment for
United States Savings Bonds (For Qualified Depositaries Only).

G. B. 352

Certificate of Advice of Credit to War Loan Deposit Account in Payment for
Treasury Savings Notes, Series C (For Qualified Depositaries Only).

R A

Request for Allocation of Geographical Credit.




(Name of Banking- Institution)

By
Street Address.

(City, Town or Village, P. O. No., and State)

FORM

t

NO.

(PURPLE CODE)

Subscriber's Reference No.

O l

/

/T1

Application No.

2V2%
IN COUPON FORM
(Subscription for registered bonds of this issue should be submitted on Form No. 2)

CASH SUBSCRIPTION
UNITED STATES OF AMERICA 2 % % TREASURY BONDS OF 1966-71
DATED DECEMBER 1, 1944
DUE MARCH 15, 1971
FEDERAL RESERVE B A N K OF N E W Y O R K ,

Dated at

Fiscal Agent of the United States,
,
Government Bond Department—1st Floor:
'
Pursuant to the provisions of Treasury Department Circular No. 755, dated November 20, 1944, please enter subscription for 2y 2 % Treasury Bonds of 1966-71 in coupon form in face amount as follows:
F o r Own aCCOUnt

$

J Banks holding demand deposits which may sub- )
I scribe for own account must use Form No. 7. |

V

List of customers, whose applications are included inl
this subscription, must be entered on reverse side. Sub-1
j scriptions by securities dealers and brokers for account of
[customers must be entered through banking institutions.]

J
Total subscription... $.

Classification of subscriptions for computation of interest accrual:
Aggregate Face Amount

Subscriptions of $500 and $1,000. No accrued interest
Subscriptions of $1,500 and over. One day's accrued interest is
$0,069 per $1,000'*

Accrued Interest

$

$

$

$

NONE

Total

$
$

Full amount of payment
•
$
* Interest must be computed from December 1, 1944 to date funds will be available to Federal Reserve Bank.

•
•

Payment in full for such securities is made as indicated below:
•
By Credit to our War Loan Deposit Account (For use of
By check and/or cash herewith
qualified depositaries only). The election to pay by credit
By Charge to our Reserve Account which

authorized.

IS

will be deemed a certification by the officer who signs this subscription form that the full amount of payment due on this
subscription has been deposited on the date hereof to the credit
of ^
Federal Reserve Bank of New York, as fiscal agent of the
United States, War Loan Deposit Account, to be held subject to
withdrawal on demand.

hereby

( F o r use of member banks o n l y )

Please issue and dispose of bonds as follows:
DISPOSITION

DENOMINATIONS OF COUPQN BONDS

Pieces

Leave Blank

Face Amount

$

500

1. Deliver over the counter to undersigned (
•

•

••

2. Mail to undersigned

1,000

)

»

(

)

3. Special Instructions:

5,000
10,000
100,000
1,000,000
Total
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.

TO SUBSCRIBER:

Application submitted by.

Please indicate whether this is:
Original subscription

•

Confirmation of a telegram

•

Confirmation of a letter

•

By

Typewrite or print
Title

Official signature required

City, Town or Village, P. O. No., and State.
DO NOT USE SPACES BELOW
Delivery Receipt

SUBSCRIPTION RECORD

'AYMENT RECEIVED

Received f r o m FEDERAL RESERVE BANK OF NEW YORK the above described

EXAMINED

United States Government obligations in the amount indicated above.

CARDED

Subscriber.

RELEASED

Taken from Vault




By.

Date.
Counted

Checked

Delivered

List of customers, whose applications for coupon bonds are included in the foregoing subscription, entered and certified by
Name of banking institution
Post office address

County

State.

Credit for the sales listed below will normally be given to the counties indicated by the addresses of the purchasers,
except that a subscription entered in New York City for account of an investor in Class 8 (see Circular No. 2857, dated
November 1, 1944, of Federal Reserve Bank of New York) will be credited to the county in which such subscription is
entered. If a purchaser so desires, credit may be given, subject to the following limitations, to a county or counties
other than the county to which credit would normally be given: (1) this form should be accompanied by a request for
allocation of credit on Form RA, copies of which have been furnished to all banking institutions; and (2) no allocation
may be made in respect of a purchase by an insurance company.

Amount Subscribed
Do not use
this space

$




Name of Customer

Address

(Please print or use typewriter)

(City, Town or Village, and State)

FORM

NO. 2

CPURPLE CODE)

Subscriber's Reference No.

O l

/

rr/

Application No.

2V2%
IN REGISTERED FORM
(Subscription for coupon bonds of this issue should be submitted on Form No. 1)

CASH SUBSCRIPTION
UNITED STATES OF AMERICA 2 % % TREASURY BONDS OF 1966-71
DATED DECEMBER 1, 1944
DUE MARCH 15, 1971
I FEDERAL RESERVE BANK OF NEW YORK,

Dated at

Fiscal Agent of the United States,
Government Bond Department—1st Floor:

> 1944 -

Pursuant to the provisions of Treasury Department Circular No. 755, dated November 20, 1944, please enter subscription for 2 y 2 % Treasury Bonds of 1966-71 in registered form in face amount as follows:
F o r Own account

$

I Banks holding demand deposits which may sub- )
(scribe for own account must use Form No. 7. j

F o r customers

$

f Subscriptions by securities dealers and brokers for account )
\ of customers must be entered through banking institutions. )

k

Total subscription

\

$

'

Classification of subscriptions for computation of interest accrual:
Aggregate Face Amount

Subscriptions of $500 and $1,000. No accrued interest
Subscriptions of $1,500 and over.
$0,069 per $1,000*

$

Accrued Interest
$

N O N E

Total
$

One day's accrued interest is

Full amount of payment

$

* Interest must be computed from December 1, 1944 to date funds will be available to Federal Reserve Bank.
below:
•
By credit to our "War Loan Deposit Account (For use of
qualified depositaries only). The election to pay by credit

Payment in full for such securities is made as indi<
•

By check and/or cash herewith

Q

By charge to our Reserve Account which is hereby
authorized. (For use of member banks only)

will be deemed a certification by the officer who signs this subscription form that the full amount of payment due on this
subscription has been deposited on the date hereof to the credit
of the Federal Beserve Bank of New York, as fiscal agent of the
United States, War Loan Deposit Account, to be held subject to
withdrawal on demand.

Please inscribe bonds as indicated on the reverse side of this form, and deliver as follows:
Deliver over the counter to undersigned

(

)

Mail to undersigned

(

)

Mail to registered owner(s)

(

)

Special Instructions:

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.

TO SUBSCRIBER:

Application submitted by

Please indicate whether this is:
Original subscription

•

Confirmation of a telegram

•

Confirmation of a letter

O

Typewrite or print

By
Official signature required

I'tie

City, Town or Village, P. O. No., and State
DO NOT USE SPACES BELOW
Delivery Receipt

SUBSCRIPTION RECORD

Received f r o m FEDERAL RESERVE BANK OP NEW YORK the above described

EXAMINED

—

United States Government obligations in the amount indicated above.

CARDED

fv-

Date

I

Taken from Vault




Counted

By
Checked

Delivered

SCHEDULE FOR ISSUE OF REGISTERED BONDS
BS^ Names and addresses must be printed or typewritten.
Credit for the sales listed below will normally be given to the counties indicated by the addresses of the purchasers,
except that a subscription entered in New York City for account of an investor in Class 8 (see Circular No. 2857, dated
November 1, 1944, of Federal Reserve Bank of New York) will be credited to the county in which such subscription is
entered. If a purchaser so desires, credit may be given, subject to the following limitations, to a county or counties
other than the county to which credit would normally be given: (1) this form should be accompanied by a request for
allocation of credit on Form RA, copies of which have been furnished to all banking institutions; and (2) no allocation
may be made in respect of a purchase by an insurance company.

D* not
use this
space

Indicate under appropriate denominations, number of bonds desired.
Name in which bond of this issue shall be registered, and postoffice address for interest checks and mail.




Amount

$500

$1,000

$5,000

$10,000

$100,000 $1,000,000

FORM

NO.

(GREEN

3

Subscriber's Reference No.

CODE)

Application No.

o
IN COUPON FORM
(Subscription for registered bonds of this issue should be submitted on Form No. 4)

CASH SUBSCRIPTION
UNITED STATES OF AMERICA 2 % TREASURY BONDS OF 1952-54
DATED DECEMBER 1, 1944
DUE DECEMBER 15, 1954
FEDERAL RESERVE B A N K

OP N E W Y O R K ,

Dated at

Fiscal Agent of the United States,
Government Bond Department—1st Floor:
, 1944.
Pursuant to the provisions of Treasury Department Circular No. 756, dated November 20, 1944, please enter subscription for 2 % Treasury Bonds of 1952-54 in coupon form in face amount as follows:
For own account.

d-

For customers

$

\ Banks holding demand deposits which may sub- )
\ scribe for own account must use Form No. 7. j

"

[ List of customers, whose applications are included i n :
subscription, must be entered on reverse side. Sub1 scriptions by securities dealers and brokers for account of
[customers must be entered through banking institutions.

J

s

Total subscription. . . $

Classification of subscriptions for computation of interest accrual:

Aggregate Face Amount

Subscriptions of $500 and $1,000. No accrued interest
Subscriptions of $1,500 and over. One day's accrued interest is
$0,055 per $1,000*

Accrued

$

Interest

Total

NONE

$

$

$

Full amount of payment

$

* Interest must be computed from December 1, 1944 to date funds will be available to Federal Reserve Bank.

•

Payment in full for such securities is made as indicated below:
•
By Credit to our War Loan Deposit Account (For use of
By cheek and/or cash herewith
qualified depositaries only). The election to pay by credit

•

By charge to our Reserve Account which is'liereby
authorized. (For use of member banks only)
v

J

'

will be deemed a certification by the officer who signs this eubscription form that the full amount of payment due on this

"

subscription has been deposited on the date hereof to the credit
of the Federal Reserve Bank of New York, as fiscal agent of the
United States, War Loan Deposit Account, to be held subject to
withdrawal on demand.

Please issue and dispose of bonds as follows:
DENOMINATIONS OF

CouroN

Leave Blank

Face Amount

Pieces

DISPOSITION

BONDS

1. Deliver over the counter to undersigned (

)

1,000

2. Mail to undersigned

)

5,000

3. Special Instructions:

%

500

(

10,000
100,000
1,000,000
Total
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.
Application submitted by.

TO SUBSCRIBER:
Please indicate whether this is:
Original subscription

•

Confirmation of a telegram

•

Confirmation of a letter

•

By

Typewrite or print

City, Town or Village, P. O. No., and State.
DO NOT USE SPACES BELOW
Delivery Beceipt

SUBSCRIPTION RECORD




Title

Official signature required

Received from FEDERAL. RESERVE BANK OF NEW YORK the above described
United States Government obligations in the amount indicated above.

EXAMINED

Subscriber.

CARDED

Date.

RELEASED

Counted

By.
Checked

Delivered

List of customers, whose applications for coupon bonds are included in the foregoing subscription, entered and certified by

Name of banking institution
Post office address

County

State.

Credit for the sales listed b e l o v will normally be given to the counties indicated by the addresses of the purchasers,
except that a subscription entered in New York City for account of an investor in Class 8 (see Circular No. 2857, dated
November 1, 1944, of Federal Reserve Bank of New York) will be credited to the comity in which such subscription is
entered If a purchaser so desires, credit may be given, subject to the following limitations, to a county or counties
other than the county to which credit would normally be given: (1) this form should be accompanied by a request for
allocation of credit on Form RA, copies of which have been furnished to all banking institutions; and (2) no allocation
may be made in respect of a purchase by an insurance company.

Amount Subscribed
Do not use
this space




Name of Customer
(Please print or use typewriter)

Address
(City, Town or Village, and State)

FORM

NO.

(GREEN CODE)

4

2%

Subscriber's Reference No.

Application No.

IN REGISTERED FORM
(Subscription for coupon bonds of this issue should be submitted on Form No. 3)

CASH SUBSCRIPTION
UNITED STATES OF AMERICA 2 % TREASURY BONDS OF 1952-54
DATED DECEMBER 1, 1944
DUE DECEMBER 15, 1954
Dated at
., 1944.
FEDERAL RESERVE B A N K

OP N E W

YORK,

Fiscal Agent of the United States,
Government Bond Department—1st Floor:

Pursuant to the provisions of Treasury Department Circular No. 756, dated November 20, 1944, please enter subscription for 2 % Treasury Bonds of 1952-54 in registered form in face amount as follows:
For own account

<fc

For customers

$

.

....

i B a n ks holding demand deposits which may sub- )
X scribe for own account must use Form No. 7. )
f Subscriptions by securities dealers and brokers for account 1
I of customers must be entered through banking institutions. )

Total subscription.
Classification of subscriptions for computation of interest accrual:
Aggregate Face Amount

Subscriptions of $500 and $1,000. No accrued interest
Subscriptions of $1,500 and over. One day's accrued interest is
$0,055 per $1,000*

Accrued Interest

$

Total

NONE

$

Full amount of payment

$

• Interest must be computed from December 1, 1944 to date funds will be available to Federal Reserve Bank.
Payment in full for such securities is made as indicated below:
•
By Credit to our War Loan Deposit Account (For use of
By check and/or cash herewith
qualified depositaries only). The election to pay by credit

•
_
•

will be deemed a certification by the officer who signs this eubscription form that the full amount of payment due on this
subscription has been deposited o n the date hereof to the credit
of the Federal Reserve Bank of New York, as fiscal agent of the
United States, War Loan Deposit Account, to be held subject to
withdrawal on demand.

_
,
.
.
. . . . ,
,
B y charge t o o u r R e s e r v e A c c o u n t w h i c h is h e r e b y
authorized. ( F o r use o f m e m b e r banks o n l y )

Please inscribe bonds as indicated on the reverse side of this form, and deliver as follows:
Deliver over the counter to undersigned

(

)

Mail to undersigned

(

)

Mail to registered owner (s)

(

)

Special Instructions:

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.

TO SUBSCRIBER:

Application submitted by

Please indicate whether this is:
Original subscription

•

Confirmation of a telegram

•

Confirmation of a letter

•

By

Typewrite or print

Title

Official signature required

City, Town or Village, P. O. No., and State.
DO NOT USE SPACES BELOW
Delivery Receipt

SUBSCRIPTION RECORD
Received
. P A Y M E N T RECEIVED

EXAMINED

1*

CARDED

Taken from Vault




FEDERAL RESERVE B A N K

OF N E W

YORK

the

above

Subscriber.

By.

Date.

RELEASED

1—

from

described

United States Government obligations in the amount indicated above.

Counted

Checked

Delivered

SCHEDULE FOR ISSUE OF REGISTERED BONDS
HSF3 Names and addresses must be printed or typewritten.
Credit for the sales listed below will normally be given to the counties indicated by the addresses of the purchasers,
except that a subscription entered in New York City for account of an investor in Class 8 (see Circular No. 2857, dated
November 1, 1944, of Federal Reserve Bank of New York) will be credited to the county in which such subscription is
entered. If a purchaser so desires, credit may be given, subject to the following limitations, to a county or counties
other than the county to which credit would normally be given: (1) this form should be accompanied by a request for
allocation of credit on Form RA, copies of which have been furnished to all banking institutions; and (2) no allocation
may be made in respect of a purchase by an insurance company.
Indicate under appropriate denominations, number of bonds desired.

Do not
use this
•pace

Name in which bond of this issue shall be registered, and postoffice address for interest checks and mail.

Amount

$500

$1,000

$5,000

$10,000

$100,000 $1,000,00.

j
£




Bi

* — \ \

—

FORM

NO.

(BROWN CODE)

5

Subscriber's Reference No.

B A N K S

W H I C H

T H E S E

Application No.

A C C E P T

N O T E S

F O R

D E M A N D
T H E I R

VA%

NOTES

D E P O S I T S

M A Y

O W N

A C C O U N T

N O T

D U R I N G

T E N D E R
T H E

C A S H

S I X T H

S U B S C R I P T I O N S

W A R

L O A N

T O

D R I V E

CASH SUBSCRIPTION
UNITED STATES OF AMERICA
1 y 4 % TREASURY NOTES OF SERIES C-1947
DATED DECEMBER 1, 1944
DUE SEPTEMBER 15, 1947
Dated at

FEDERAL RESERVE B A N K OP N E W Y O R K ,

Fiscal Agent of the United States,
Government Bond Department—1st Floor:

1944.

Pursuant to the provisions of Treasury Department Circular No. 757, dated November 20, 1944, please enter subscription for V / i % Treasury Notes of Series C-1947, in face amount as follows:
| Banks which accept demand deposits ]
I may not subscribe for own account, j
fList of customers, whose applications are included in
J this subscription, must be entered on reverse side. Sub| scriptions by securities dealers and brokers for account of
[ customers must be entered through banking institutions.

For own account.
For customers
Total subscription... $.
Computation of interest accrual:

(Interest on the aggregate face amount of all subscriptions must be computed from December 1, 1944 to date funds will be available to the
Federal Reserve Bank. One day's accrued interest is $0,035 per $1,000.)

•
•

Aggregate face amount

$

Accrued interest

$

Full amount of payment

$

Payment in full for such securities is made as indicated below:
•
By credit to our War Loan Deposit Account (For use of
By check and/or cash herewith
qualified depositaries only). The election to pay by credit
will be deemed a certification by the officer who signs this subscription form that the full amount of payment due on .this
subscription has been deposited on the date hereof to the credit
of the Federal Reserve Bank of New York, as fiscal agent of the
United States, War Loan Deposit Account, to be held subject to
withdrawal on demand.

By charge to our Reserve Account which is hereby
authorized. (For use of member banks only)

Please issue and dispose of notes as follows:
DISPOSITION

DENOMINATIONS

Face Amount

Pieces

Leave Blank

1. Deliver over the counter to undersigned (

)

5,000

2. Mail to undersigned

)

10,000

3. Special Instructions :

J

1,000

(

100,000
1,000,000
Total
IMPORTANT: No change* 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.
TO SUBSCRIBER:

Application submitted b y .

Typewrite or print

Please indicate whether this is:
Original subscription

•

Confirmation of a telegram

•

Confirmation of a letter

•

By

Official signature required

Title

City, Town or Village, P. O. No., and State.
DO NOT USB SPACES BELOW
Delivery Receipt

SUBSCRIPTION RECORD

A Y M E N T RECEIVED

Received f r o m FEDERAL RESERVE BANK OF NEW YORK the above described

EXAMINED

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

CARDED

Date.

RELEASED

Taken from Vault




Counted

By.
Cheeked

Delivered

List of customers, whose applications for securities are included in the foregoing subscription, entered and certified by
Name of banking institution
Post office address

County-

State.

Credit for the sales listed below will normally be given to the counties indicated by the addresses of the purchasers,
except that a subscription entered in New York City for account of an investor in Class 8 (see Circular No. 2857, dated
November 1, 1944, of Federal Reserve Bank of New York) will be credited to the county in which such subscription is
entered. If a purchaser so desires, credit may be given, subject to the following limitations, to a county or counties
other than the county to which credit would normally be given: (1) this form should be accompanied by a request for
allocation of credit on Form RA, copies of which have been furnished to all banking institutions; and (2) no allocation
may be made in respect of a purchase by an insurance company.

Amount Subscribed
Do not use
this space

i




Name of Customer

Address

(Please print or use typewriter)

(City, Town or Village, and State)

FORM

NO.

6

<P1NK

Subscriber's Reference No.

/

CODE

>

Application No.

78%

CERTIFICATES OF INDEBTEDNESS
B A N K S

W H I C H

A C C E P T

F O R

D E M A N D

T H E I R

O W N

D E P O S I T S

A C C O U N T

M A Y

N O T

S U B S C R I B E

T O

D U R I N G

T H E

S I X T H

L O A N

W A R

T H E S E

C E R T I F I C A T E S

D R I V E

CASH SUBSCRIPTION
UNITED STATES OF AMERICA
• % % TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES H-1945
DATED DECEMBER 1, 1944
DUE DECEMBER 1, 1945
FEDERAL RESERVE BANK OP NEW YORK,

Dated at

Fiscal Agent of the United States,
1944.
Government Bond Department—1st Floor:
Pursuant to the provisions of Treasury Department Circular No. 758, dated November 20, 1944, please enter subscription for % % Treasury Certificates of Indebtedness of Series H-1945, in face amount as follows:
<b

For own account

f Banks wliich accept demand deposits }
I may not subscribe for own account, j
fList of customers, whose applications are included in
J this subscription, must be entered on reverse side. Sub1 scriptions by securities dealers and brokers for account of
(^customers must be entered through banking institutions.

For customers
Total subscription..
Computation of interest accrual:

(Interest on the aggregate face amount of all subscriptions must be computed from December 1, 1944 to date funds will be available to the
Federal Reserve Bank. One day's accrued interest is $0,024 per $1,000.)

•
•

Aggregate face amount

$

Accrued interest

$

Full amount of payment

$

Payment in full for such securities is made as indicated below:
•
By credit to our War Loan Deposit Account (For use of
By check and/or cash herewith
qualified depositaries only). The election to pay by credit
will be deemed a certification by the officer who signs this subscription form that the full amount of payment due on this
subscription has been deposited on the date hereof to the credit
of the Federal Reserve Bank of New York, as fiscal agent of the
"United States, War Loan Deposit Account, to be held subject to
withdrawal on demand.

By charge to our Reserve Account which is hereby
authorized. (For use of member banks only)

Please issue and dispose of certificates as follows:
DISPOSITION

DENOMINATIONS

Leave Blank

Face Amount

Pieces

$

1. Deliver over the counter to undersigned (

)

1,000

2. Mail to undersigned

)

5,000

3. Special Instructions:

(

10,000
100,000
1,000,000
Total
IMPORTANT: No changes in delivery instructions will be accepted.
A separate subscription must be submitted for each group o£ securities
as to which different delivery instructions are given.
TO SUBSCRIBER:

Application submitted by.

Typewrite or print

Please indicate whether this is:
Original subscription

•

\ Confirmation of a telegram

•

j Confirmation of a letter

•

By

Official signature required

City, Town or Village, P. O. No., and State.
DO NOT USE SPACES BELOW
Delivery Receipt

SUBSCRIPTION RECORD

A Y M E N T RECEIVED

Received from FEDERAL RESERVE BANK OP NEW YORK the above described
United States Government obligations in the amount indicated above.

EXAMINED

Subscriber.

CARDED

Taken from Yault




By.

Date.

RELEASED

Counted

Checked

Delivered

List of customers, whose applications .for securities are included in the foregoing subscription, entered and certified by
Name of banking institution

Post office address

County

State.

Credit for the sales listed below will normally be given to the counties indicated by the addresses of the purchasers,
except that a subscription entered in New York City for account of an investor in Class 8 (see Circular No. 2857, dated
November 1, 1944, of Federal Reserve Bank of New York) will be credited to the county in which such subscription is
entered. If a purchaser so desires, credit may be given, subject to the following limitations, to a county or counties
other than the county to which credit would normally be given: (1) this form should be accompanied by a request for
allocation of credit on Form RA, copies of which have been furnished to all banking institutions; and (2) no allocation
may be made in respect of a purchase by an insurance company.

Amount Subscribed
Do not use
this space

Name of Customer
(Please print or use typewriter)

$




Address
(City, Town or Village, and State)

F. R. B. Form No.,G.B. 339.4

T o be forwarded to Federal Reserve
Bank of New York accompanied by
remittance covering cost of bonds.

Application for

UNITED STATES SAVINGS BONDS—SERIES F
( 1 2 - Y E A R APPRECIATION

BONDS)

The undersigned hereby applies for United States Savings Bonds of Series F
(issued pursuant to Treasury Department Circular No. 654, revised and
amended) as follows:
Number
of bonds

Denomination
(Maturity Value)

Issue Price
(Each bond)

$25 . . . .
$100 . .
$500 . . . .

$18.50

•

$74 . . .

. $.

$370 . . .

.

$1,000 . . . .

.

$5,000 . . . . $3,700 . . .

•

$•

$•

$740 . . . . S.

. . $7,400 . . .

. $10,000

Amount
(Total Cost)

Total amount of purchase . .

•

$ -

. $•
•

$

Bonds to be inscribed (seeother side) (Please print or write legibly) :

Complete post-office address i n c l u d i n g postal unit number, if any.
»

Bonds to be mailed to the address shown above, unless a different address is
indicated in the following space:

Complete post-office address including: postal unit number, if any.

Application forwarded by
(Name of agency)

(Signature of purchaser)

(Address of agency)

(Address)

DigitizedDate
for FRASER
G.B. 339.4 150M-10-43


194

.

INSTRUCTIONS

Complete information and permissible forms of registration will be
found in Treasury Department Circular No. 530, Fifth Revision, and amended.
Strict compliance with the terms of the circular will avoid delay in
issuing bonds.
For the general guidance of issuing agents accepting orders, United
States Savings Bonds of Series F may be registered as follows:
(1) In the names of natural persons (that is, individuals), in their own right, as
follows:
(a) In the name of one person;
(b) In the names of two (but not more than two) persons in the alternative as
coowners; or
(c) In the name of one person payable on death to one (but not more than one)
designated person.
(2) In the name of a private corporation followed by the words "a corporation", for
example: "Smith Manufacturing Co., a corporation." Bonds may not be registered in the name of a bank or trust company which accepts demand deposits
except when held by such bank or trust company in fiduciary capacity.
(3) In the name of an unincorporated association or other body followed by the
words "an unincorporated association," for example: "The Lotus Club, an unincorporated association." The term "an unincorporated association" should not
be used to describe a trust fund, a partnership or a business conducted under
a trade name.
(4) In the name of a partnership, considered as an entity, followed by the words
"a partnership", for example: "Smith Brown & Co., a partnership."
(5) In the name of any public officer designated by title only, for example:
"Treasurer, City of Chicago".
(6) In the name of one or more executors, administrators, guardians, committees,
conservators or other representatives of a single estate appointed by a court of
competent jurisdiction or otherwise legally qualified, all of whose names must
be included in the registration, followed by adequate identifying reference to
the estate, for example:
"John Smith, executor of the will (or administrator of the estate) of Henry
J. Smith, deceased", or "William C. Jones, guardian (or committee, etc.)
of the estate of James D. Brown, a minor (or an incompetent)".
A father or mother, as such, or as natural guardian, is not considered a
fiduciary for the purposes of registration.

Registration is restricted to residents of the Continental United States,
the Territories and Insular Possessions of the United States, the Canal Zone,
the Philippine Islands, or citizens of the United States temporarily residing
abroad; provided, however, that a non-resident alien (not a citizen of an
enemy nation) may be named as coowner or designated beneficiary, but will
be entitled only to request and receive payment either at or before maturity.
The full name of the owner and that of the coowner or beneficiary, if
any, should be used and should be the name by which the person is ordinarily
known and under which he does business; if there are two given names the
initial of one may be used, or if a person is habitually known and does
business by initial only of his given names, registration may be in such form.
In the case of women, the name must be preceded by "Miss" or "Mrs." and
a married woman's own given name should be used, not that of her husband,
for example, "Mrs. Mary A. Jones", not "Mrs. Frank B. Jones".
The form of registration used must express the actual ownership of an
interest in the bonds; they may not be registered in the name of an agent,
attorney-in-fact or nominee.
C A U T I O N : Ownership in Savings Bonds of Series F, either alone or in combination
with those of Series G, is limited to $100,000 (cost price) originally issued in any
oneFRASER
calendar year.
Digitized for



T o b e retained b y a g e n c y
accepting application.

Application for

UNITED STATES SAVINGS BONDS—SERIES F
( 1 2 - Y E A R APPRECIATION

BONDS)

The undersigned hereby applies for United States Savings Bonds of Series F
(issued pursuant to Treasury Department Circular No. 654, revised and
amended) as follows:
Number
of b o n d s

Denomination
(Maturity Value)

Issue P r i c e
(Each bond)

$25 . .

$18.50

$100 . .

Amount
(Total Cost)

$74 . .

. $.
. $..

$500 . .

.

$370 . .

. $.

$1,000 . .

.

$740 . .

. $..

$5,000 . .

. $3,700 . .

$10,000 . .

•

$•

. $7,400 . . .

Total amount of purchase . . .
Bonds to be inscribed (Please print or write legibly) :

Complete post-office address Including postal unit number, If any.

Bonds to be mailed to the address shown above, unless a different address is
indicated in the following space:

Complete post-office address including postal unit number, If any.

Application forwarded by
(Name of agency)

(Signature of purchaser)

(Address of agency)

(Address)

DigitizedDate
for FRASER
G.B. 339.4 150M-10-43


194

.

lAxr^i^Aia

F. R. B. Form No. G.B. 3JV.4

T o b e retained b y

m

purchaser.

Application for

UNITED STATES SAVINGS BONDS- -SERIES F
( 1 2 - Y E A R APPRECIATION

BONDS)

The undersigned hereby applies for United States Savings Bonds of Series F
(issued pursuant to Treasury Department Circular No. 654, revised and
amended) as follows:
Number
of b o n d s

Denomination
(Maturity Value)

Issue P r i c e
(Each bond)

$25 . . . .
$100 . .

$18.50
$74 . .

Amount
(Total Cost)

$
. $•

™

$•

. $.
. $•

$500 . . . .

$370 . .

.

$1,000 . . . .

$740 . .

.

$5,000 . . . . $3,700 . .

•

$ .

. $10,000 . . . . $7,400 . .

•

$•

Total amount of purchase . .

•

$•

Bonds to be inscribed (Please print or write legibly) :

Complete post-offlce address including- postal unit number, if any.

Bonds to be mailed to the address shown above, unless a different address is
indicated in the following space:

Complete post-offlce address Including postal unit number, if any.

(For use of Agency receiving application)
MEMORANDUM

Received $
from
the purchase price of $
Savings Bonds of Series F.
DigitizedDate
for FRASER
http://fraser.stlouisfed.org/
G.B. 339.4 150M-10-43
Federal Reserve Bank of St. Louis

194

.

RECEIPT

(maturity value) United States

F. R. B. Form No. G.B. 340.2

ORIGINAL

^

T o be forwarded to Federal Reserve
Bank of New York accompanied by
remittance covering cost of bonds.

Application for

United States War Savings Bonds—Series G
(12-YEAR INTEREST-BEARING BONDS)

The undersigned hereby applies for United States War Savings Bonds
of Series G (issued pursuant to Treasury Department Circular No. 654,
revised, dated June 1, 1942) as follows:
Number
of bonds

Denomination
(Maturity Value)

Issue Price
(Each bond)

$100 . . . .

$100 . .

$500 . . . .

$500 . .

$1,000 . . . .

$1,000 . .

$5,000 . . . .

$5,000 . .

$10,000 . . . .

$10,000

Amount
(Total Cost)

. .

Total amount of purchase . .
Bonds to be inscribed (see other side) (Please print or write legibly) :

Bonds will be forwarded by registered mail to the address shown above,
unless otherwise instructed.
Other instructions, if any

Application forwarded by

(Name of agency)

(Signatory of purchaser)

(Address of agency)

(Address)

Digitized Date
for FRASER
http://fraser.stlouisfed.org/
G.B. 340.2 500M 9-42
Federal Reserve Bank of St. Louis

194

INSTRUCTIONS

Complete information and permissible forms of registration will be
found in Treasury Department Circular No. 530, Fifth Revision.
Strict compliance with the terms of the circular will avoid delay in
issuing bonds.
For the general guidance of issuing agents accepting orders, United
States War Savings Bonds of Series G may be registered as follows:
(1) In the names of natural persons (that is, individuals), in their own right, as
follows:
(a) In the name of one person;
(b) In the names of two (but not more than two) persons in the alternative as
coowners; or
(c) In the name of one person payable on death to one (but not more than one)
designated person.
(2) In the name of a private corporation followed by the words "a corporation", for
example: "Smith Manufacturing Co., a corporation." Bonds may not be registered in the name of a bank or trust company which accepts demand deposits
except when held by such bank or trust company in fiduciary capacity.
(3) In the name ot an unincorporated association or other body followed by the
words "an unincorporated association," for example: "The Lotus Club, an unincorporated association." The term "an unincorporated association" should not
be used to describe a trust fund, a partnership or a business conducted under
a trade name.
(4) In the name of a partnership, considered as an entity, followed by the words
"a partnership", for example: "Smith Brown & Co., a partnership."
(5) In the name of one or more executors, administrators, guardians, committees,
conservators or other representatives of a single estate appointed by a court of
competent jurisdiction or otherwise legally qualified, all of whose names must
be included in the registration, followed by adequate identifying reference to
the estate, for example:
"John Smith, executor of the will (or administrator of the estate) of Henry
J. Smith, deceased", or "William C. Jones, guardian (or committee, etc.)
of the estate of James D. Brown, a minor (or an incompetent)".
A father or mother, as such, or as natural guardian, is not considered a
fiduciary for the purposes of registration.

Registration is restricted to residents of the Continental United States,
the Territories and Insular Possessions of the United States, the Canal Zone,
the Philippine Islands, or citizens of the United States temporarily residing
abroad.
The full name of the owner and that of the coowner or beneficiary, if
any, should be used and should be the name by which the person is ordinarily
known and under which he does business; if there are two given names the
initial of one may be used, or if a person is habitually known and does
business by initial only of his given names, registration may be in such form.
In the case of women, the name must be preceded by "Miss" or "Mrs." and
a married woman's own given name should be used, not that of her husband,
for example, "Mrs. Mary A. Jones", not "Mrs. Frank B. Jones".
C A U T I O N : Ownership in War Savings Bonds of Series G, either alone or in combination with those of Series F, is limited to $100,000 (cost price) originally issued
in any one calendar year.




DUPLICATE

F. R. B. Form No. G.B. 340.2

T o be retained by agency
accepting application.

Application for

United States War Savings Bonds—Series G
(12-YEAR INTEREST-BEARING BONDS)

The undersigned hereby applies for United States War Savings Bonds
of Series G (issued pursuant to Treasury Department Circular No. 654,
revised, dated June 1, 1942) as follows:
Number
of bonds

Denomination
(Maturity Value)

Amount
(Total Cost)

Issue Price
(Each bond)

$100 . . .

$100 . .

. .$

$500 . . .

$500 . .

•• $

.

$1,000 . . . .

$1,000 . . . . $.

.

$5,000 . . . .

$5,000 . .

•

•

$ .

. $10,000 . . . . $10,000 . . . . $.
Total amount of purchase . .

. . $.

Bonds to be inscribed (Please print or write legibly) :

Bonds will be forwarded by registered mail to the address shown above,
unless otherwise instructed.
Other instructions, if any

Application forwarded by

(Name of agency)

(Signature of purchaser)

(Address of agency)

(Address)

DigitizedDate
for FRASER
G.B. 340.2 500M 9-42


194

TRIPLICATE

F. R. B. Form No. G.B. 340.2

G

T o be retained by purchaser.

Application for

United States War Savings Bonds—Series G
(12-YEAR INTEREST-BEARING BONDS)

The undersigned hereby applies for United States War Savings Bonds
of Series G (issued pursuant to Treasury Department Circular No. 654,
revised, dated June 1, 1942) as follows:
Number
of bonds

Denomination
(Maturity Value)

Issue Price
(Each bond)

Amount
(Total Cost)

$100 . . .

$100 . .

. .$

$500 . . .

$500 . .

. .$

.

$1,000 . . . .

$1,000 . .

.

.

$5,000 . . . .

$5,000 . .

. . $.

. $10,000 . . . . $10,000 . .

. . $.

Total amount of purchase . .

. . $.

.

$

Bonds to be inscribed (Please print or write legibly) :

Bonds will be forwarded by registered mail to the address shown above,
unless otherwise instructed.
Other instructions, if any

(For use of Agency receiving application)
MEMORANDUM RECEIPT

Received $

from

the purchase price of a like face amount of United States War Savings
Bonds of Series G.

Date


G.B. 340.2 500M 9-42


194

G. B.—401-2—200M—3-44

APPLICATION FOR

UNITED STATES OF AMERICA TREASURY SAVINGS NOTES
Series C
FEDERAL RESERVE BANK OF NEW Y O R K ,

Date

FISCAL AGENT OF THE UNITED STATES,

194

GOVERNMENT BOND DEPARTMENT:

Pursuant to the terms of the appropriate Treasury Department Circular the undersigned submits this application for $

(face amount) Treasury Savings Notes, Series C, at par to be inscribed as follows:
(Name—Please type or print)
(Address—Please typa or print)

(NOTICE TO SUBSCRIBER: Notes purchased by an individual or entity subject to Federal estate,
income or gift taxes should be inscribed in the name used by the purchaser in making Federal tax returns, but may not be inscribed in the
names of joint owners. Notes inscribed in the name of a partnership
or other entity which is not a Federal taxpayer are not acceptable in
payment of taxes,)
Please issue notes in the following denominations and deliver as indicated below:
Number

of
Pieces

Denominations

Total
Face Amount

Do Not Use

100
500
1,000
5,000
10,000
100,000
500,000
1,000,000

•
O
•
Q

•

Forward to owner by registered mail at address stated above
Deliver over the counter to the owner
Forward to the bank or agent named below by registered mail
Deliver over the counter to the bank or agent named below
.(Special Instructions)

PAYMENT

MUST

ACCOMPANY

THIS

APPLICATION

Payment in respect of this application, is made as follows:
•
By cash or check drawn to the order of the Federal Reserve Bank of New York or the Treasurer
of the United States. (The date funds are made available on collection of exchange will govern the
issue date of the notes).
•
By charge to our reserve account, which is hereby authorized (for use of member banks only).
•
By credit to our War Loan Deposit account—Form GB 352 enclosed (for use of qualified depositaries only).




Signature of Purchaser

(This signature is not required when application is submitted
on behalf of the purchaser by a bank or agent).

Name of Bank or Agent
Official Signature
Address

(Title)
(City, Town or Village, P.O. No., and State)

3

FEDERAL

RESERVE

OF NEW

BANK

YORK

Fiscal Agent of the United States

November 3, 1944
(

SIXTH WAR LOAN
Subscriptions By Dealers and Brokers
To All Dealers and Brokers in the
Second Federal Reserve District:

During- the Sixth War Loan Drive, wliich will start November 20 and will run through
December 16, 1944, every effort will be made to sell as many securities as possible to investors
other than commercial banks and to obtain the maximum investment of funds which are
currently available or shortly to become available to such investors. To help in achieving this
objective all banking institutions have been requested by the Treasury Department to take
appropriate steps to help prevent subscriptions being submitted for the purpose of acquiring
securities for resale shortly after the drive, and to decline to make loans to finance speculative
subscriptions or any other loans on Government securities which cannot be paid out of anticipated income within a period not exceeding six months.
Subscriptions by dealers and brokers in securities are to be limited to an amount not in
excess of (a) 50 per cent of their net worth, or (b) the amount of securities included in the Fifth
War Loan Drive sold by them directly to customers other than commercial banks and dealers
and brokers during the first thirty days following the close of the Fifth War Loan Drive, whichever is greater. Generally speaking, the volume of purchases for subsequent resale to customers
should be small regardless of the size of the investment firm, as most customers will have
ample opportunity to subscribe during the drive. In order that there can be no misunderstanding
as to the amount subscribed by a dealer or broker for his own account, subscriptions for account
of customers must not be entered in the name of the dealer or broker.
If you propose to enter subscriptions to any of the marketable issues offered during the
Sixth War Loan Drive, we shall appreciate your informing us of the amount of your net worth
or the amount of marketable securities included in the Fifth War Loan Drive which you sold to
your customers during the thirty day period following the close of that drive. For your convenience in furnishing this information, we are enclosing a form which should be filled in and
returned to us prior to entering a subscription.
In further support of the Treasury's program for the Sixth War Loan Drive, and in
order to avoid an unnecessary redistribution of securities in the Government security market
following the drive, the public has been requested to refrain from entering subscriptions if
subsequent prompt sale of the securities is intended. Dealers and brokers are requested to
cooperate with the Treasury in discouraging subscriptions for Government securities by their
customers for this purpose.




ALLAN

SPROUL,

President.

r<£ry

Note:

It is unnecessary to fill in both paragraphs 1 and 2. Give either net worth or sales.

(Date)

To:

SECURITIES

DEPARTMENT,

FEDERAL RESERVE B A N K OF N E W
FEDERAL RESERVE P . O .
N E W YORK 7, N .

YORK,

STATION,

Y.

For your confidential use in considering subscriptions by us during the Sixth War Loan Drive,
we hereby certify:
1. Our total net worth is $
2. During the period July 9, 1944 to August 7, 1944, inclusive, we made the following sales of
Government securities included in the Fifth War Loan Drive to customers other than commercial banks
and dealers and brokers:

Issue

Amount

Treasury Certificates of Indebtedness of Series C-1945, due
June 1, 1945

$

1 y A % Treasury Notes of Series B-1947, due March 15, 1947
2 % Treasury Bonds of 1952-54, due June 15, 1954
2 y 2 % Treasury Bonds of 1965-70, Additional Issue, due March
15, 1970




T O T A L SALES

:

$

Name of Firm.

By
(Official signature required)

Address

of

Sales