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FEDERAL RESERVE OF NEW BANK YORK Fiscal Agent of the United States r Circular N o . 2 8 9 4 " 1 L J a n u a r y 2 2 , 1945 J Exchange Offering of % Percent Treasury Certificates of Indebtedness of Series A-1946 Dated and bearing interest from February 1, 1945 Due February 1, 1946 Amount of Offering To Be Limited to the Amount of % Percent Treasury Certificates of Indebtedness of Series A-1945, Maturing February 1, 1945 and l]/8 Percent Commodity Credit Corporation Notes of Series G, Maturing February 15, 1945 Tendered and Accepted To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District : T h e f o l l o w i n g p r e s s statement w a s t o d a y m a d e p u b l i c : Secretary of the Treasury Morgenthau today announced the offering, through the Federal Reserve Banks, of one-year Treasury Certificates of Indebtedness of Series A-1946, in exchange for % percent Treasury Certificates of Indebtedness of Series A-1945, maturing February 1, 1945, and 1 % percent Commodity Credit Corporation Notes of Series G, maturing February 15,1945. Exchanges will be made par for par, with an adjustment of interest as of February 1 in the case of Commodity Credit Corporation notes exchanged. The offering of the new certificates is limited to the amount of securities of the two maturing issues tendered in exchange, and cash subscriptions will not be received. The certificates now offered will be dated February 1, 1945, and will bear interest from that date at the rate of seven-eighths of one percent per annum, payable semiannually on August 1, 1945, and February 1, 1946. They will mature February 1, 1946. They will be issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Pursuant to the provisions of the Public Debt Act of 1941, interest upon the certificates now offered shall not have any exemption, as such, under Federal tax Acts now or hereafter enacted. The full provisions relating to taxability are set forth in the official circular released today. Subscriptions will be received at the Federal Reserve Banks and Branches, and at the Treasury Department, Washington, and should be accompanied by a like face amount of the maturing certificates or notes. Where Commodity Credit Corporation Notes of Series G are surrendered, the final coupon due February 15, 1945, should be attached, and accrued interest from August 15, 1944, to February 1, 1945, will be paid following acceptance of the notes. The right is reserved to close the books as to any or all subscriptions at any time without notice. Subject to the usual reservations, all subscriptions will be allotted in full. There are now outstanding $5,048,179,000 of the Series A-1945 certificates and $411,596,000 of the Series G notes. T h e t e r m s o f this o f f e r i n g are set f o r t h in T r e a s u r y D e p a r t m e n t Circular N o . 763, dated J a n u a r y 2 2 , 1 9 4 5 , c o p y o f which is p r i n t e d on the r e v e r s e side. T h e s u b s c r i p t i o n b o o k s a r e n o w o p e n a n d a p p l i c a t i o n s will be r e c e i v e d b y this bank as fiscal a g e n t o f the U n i t e d States. Cash subscriptions will not be received. S u b s c r i p t i o n s should b e m a d e on official subscription blanks and mailed i m m e d i a t e l y or, if filed b y t e l e g r a m o r letter, s h o u l d be c o n f i r m e d i m m e d i a t e l y b y mail on the blanks p r o v i d e d . A L L A N SPROUL, President. (OVER) UNITED STATES OF AMERICA 7/s P E R C E N T T R E A S U R Y C E R T I F I C A T E S O F I N D E B T E D N E S S O F S E R I E S A-1946 Dated and bearing interest f r o m February 1, 1945 Due February 1, 1946 1945 Department Circular N o . 763 T R E A S U R Y D E P A R T M E N T , O F F I C E OF T H E Fiscal Service B u r e a u of t h e P u b l i c D e b t Washington, I. SECRETARY, Jwnuary 22, 1945. OFFERING OF CERTIFICATES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par, from the people of the United States for certificates of indebtedness of the United States, designated % percent Treasury Certificates of Indebtedness of Series A-1946, in exchange for % percent Treasury Certificates of Indebtedness of Series A-1945, maturing February 1, 1945, or V/g percent Commodity Credit Corporation Notes of Series G, maturing February 15, 1945. The amount of the offering under this circular will be limited to the amount of such Series A-1945 certificates and Series G notes tendered and accepted. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated February 1, 1945, and will bear interest from that date at the rate of % percent per annum, payable semiannually on August 1, 1945, and February 1, 1946. They will mature February 1, 1946, and will not be subject to call f o r redemption prior to maturity. 2. The income derived f r o m 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. payment of taxes. They will not be acceptable in 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. 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. 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. IV. PAYMENT 1. Payment at par for certificates allotted hereunder must be made on or before February 1, 1945, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series A-1945, maturing February 1, 1945, or in Commodity Credit Corporation Notes of Series G, maturing February 15, 1945, which will be accepted at par, and should accompany the subscription. Coupons dated February 15, 1945, must be attached to the Series G notes when surrendered, and accrued interest from August 15, 1944, to February 1, 1945 ($5.19701 per $1,000) will be paid following acceptance of the notes. V. GENERAL PROVISIONS 1. A s 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. H E N R Y MORGENTHAU, JR., Secretary of the Treasury. Subscriber's Reference N o . Application. Number EA-CS United States of America % percent Treasury Certificates of Indebtedness of Series A-1945 maturing February 1, 1945 must be tendered in payment for this subscription. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES A-1946, DATED FEBRUARY 1, 1945, DUE FEBRUARY 1, 1946 Important • f n 1 " S u b j e c t t o t h e reservations in Treasury Department Circular N o . 7 6 3 , dated January 2 2 , 1 9 4 5 , all subscriptions will be allotted in full. 2 . C o u p o n s maturing February 1, 1 9 4 5 , should be detached f r o m the certificates of Series A - 1 9 4 5 w h i c h are tendered in payment and collected sn the usual m a n n e r . FEDERAL RESERVE B A N K OP N E W Y O R K , Fiscal Agent of the United States, Government Bond Department—2nd F l o o r : Dated at. 1945 D E A R SIRS : Subject to the provisions of Treasury Department Circular No. 763, dated January 22, 1945, the undersigned hereby subscribes f o r United States of America y 8 percent Treasury Certificates of Indebtedness of Series A-1946 as stated below: F o r own account $ F o r our customers ( f o r use of banking institutions) as shown on reverse side of this form $ Total Subscription $ and tenders in payment therefor a like par amount of United States of America % percent Treasury Certificates of Indebtedness of Series A-1945, maturing February 1, 1945, as follows: To be withdrawn from securities held by you f o r our account $ Delivered to you herewith $ ^ for Z l ^ h/™ 0Ur aCC0Unt b y $ Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below: DENOMINATIONS Piocea Par Value $ Leave Blank 1,000 • 1. Deliver over the counter to the undersigned • 2. Ship to the undersigned • 3. Hold in safekeeping (for member bank only) 5,000 • 4. Hold as collateral for War Loan deposits 10,000 • 5. Special instructions: 100,000 1,000,000 Total I M P O R T A N T : Nochanges in delivery instructions will be accepted. A separate subscription must be submitted or each group of securities as to which different delivery instructions are given. T h e u n d e r s i g n e d , if a b a n k or trust c o m p a n y , h e r e b y c e r t i f i e s that the securities w h i c h y o u a r e h e r e b y o r h e r e a f t e r instructed to d i s p o s e o f in the m a n n e r i n d i c a t e d in items n u m b e r e d 3 and 4 a b o v e a r e the s o l e p r o p e r t y o f the u n d e r s i g n e d . (Fill iu all required spaces before signing) Application submitted by rO S U B S C R I B E R : (Please print) Please indicate if this is a confirmation. YES. NO.... > By ( O f f i c i a l signature r e q u i r e d ) (Title) Street address City, Town or Village, P . 0 . No., and State. S p a c e s b e l o w a r e f o r the use o f the F e d e r a l R e s e r v e Bank o f N e w Y o r k Delivery Receipt Released Taken f r o m VaultCounted Checked Delivered Securities received b y - Received f r o m FEDERAL RESERVE BANK OP NEW YORK the above described United States Government obligations in the amount indicated above. Subscriber. Checked b y - Date. By. List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer (Please print or use typewriter) Address Subscriber's Reference N o . Application Number EA-N Commodity Credit Corporation 1 % percent Notes of Series G, maturing February 15, 1945 must be tendered in payment for this subscription. EXCHANGE SUBSCRIPTION F O R UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES A-1946, DATED FEBRUARY 1, 1945, DUE FEBRUARY 1, 1946 Important 1. in full. S u b j e c t to the reservations in Treasury Department Circular No. 7 6 3 , dated January 2 2 , 1 9 4 5 , all subscriptions will be allotted 2 . C o u p o n s dated February 15, 1 9 4 5 , should b e attached t o the Series G notes w h e n surrendered, and a c c r u e d interest A u g u s t 15, 1 9 4 4 , t o February 1, 1 9 4 5 ( $ 5 . 1 9 7 0 1 p e r $ 1 , 0 0 0 ) will b e paid f o l l o w i n g a c c e p t a n c e of the notes. from FEDERAL RESERVE B A N K OP N E W Y O R K , Fiscal Agent of the United States, Government Bond Department—2nd F l o o r : Dated at. .1945 DEAR SIRS : 1 Subject to the provisions of Treasury Department Circular No. 763, dated January 22, 1945, the undersigned hereby subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series A-1946 as stated below: F o r own account $ For our customers ( f o r use of banking institutions) as shown on reverse side of this form $ Total Subscription $ and tenders in payment therefor a like par amount of Commodity Credit Corporation 1 % percent Notes of Series G, maturing February 15, 1945, as follows: To be delivered to you To be withdrawn from for our account by. Delivered to securities held by you you herewith $ for our account $[ by credit to our Reserve account f by check made payable to our order Pay accrued interest on securities surrendered. • • Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below: • • 2. • 3. • 4. DENOMINATIONS Pieces Par Value $ 1. Leave Blank 1,000 5,000 u 10,000 b. Deliver over the counter to the undersigned Ship to the undersigned Ilold in safekeeping (for member bank only) Hold as collateral for War Loan deposits Special instructions: 100,000 1,000,000 Total I M P O R T A N T : No changes in delivery instructions will be accepted. A separate subscription must be submitted for each group of securities as to which different delivery instructions are given. T h e undersigned, if a bank o r trust c o m p a n y , hereby certifies that the securities which y o u are h e r e b y or hereafter instructed t o d i s p o s e o f in the m a n n e r i n d i c a t e d in items n u m b e r e d 3 and 4 a b o v e are the s o l e p r o p e r t y o f the u n d e r s i g n e d . (Fill in all required spaces before signing) Application submitted by TO S U B S C R I B E S : (Please print) Please indicate if this is a confirmation. YESNO.... By (Official signature required) (Title) Street address City, Town or Village, P . 0 . No., and State. S p a c e s b e l o w a r e f o r the use o f the F e d e r a l R e s e r v e B a n k o f N e w Y o r k eased Taken f r o m Vault- Delivery Receipt Securities received b y - Counted Checked Delivered Checked b y - Received f r o m FEDERAL RESERVE BANK OF NEW YORK the above described United States Government obligations in the amount indicated above. Subscriber. Date. By. List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer (Please print or use typewriter) Address