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rCircular No. 2 9 3 5 "1
L
May 1, 1945
J
th
7
WAR LOAN
GENERAL I N F O R M A T I O N A N D TREASURY CIRCULARS
C O N T E N T S
Subject
INFORMATION FOR BANKING INSTITUTIONS
Page
Time table for entry of subscriptions in drive
Receipt of applications for securities and submission of subscriptions
Payment for securities
Calculation and payment of accrued interest
Deferred payment of certain subscriptions
Registration of securities
Restrictions on subscriptions by commercial banks for own account....
Restrictions on subscriptions by dealers and brokers
Restrictions on subscriptions to W l % Treasury Bonds of 1950
Purchase of securities for resale
Restrictions on trading in securities
Portfolio adjustments
Abuse of war loan deposit privilege
Loans to purchase securities
Certification by banking institutions
Limitations on amount of purchases
Subscriptions to be entered where funds are located
Reporting of sales and geographical distribution of credits therefor....
TREASURY DEPARTMENT CIRCULARS
War Savings Bonds, Series E
Savings Bonds, Series F and G
Regulations Governing United States Savings Bonds
Treasury Savings Notes, Series C
7/8% Treasury Certificates of Indebtedness of Series E-1946
1 VI% Treasury Bonds of 1950
2Va% Treasury Bonds of 1959-62
2Vi% Treasury Bonds of 1967-72
2
2
3
3
4
5
5
6
6
6
6
6
7
7
7
7
8
8
No.
'.
Page
653
654
530
696
771
770
769
768
9
13
21
42
46
48
50
52
LETTER DATED MARCH 20, 1945, FROM SECRETARY OF THE TREASURY . . . 54
SUMMARY OF INFORMATION REGARDING SECURITIES
55
ms* •
wm
FEDERAL RESERVE BANK OF N E W YORK
Fiscal Agent of the United States
SEVENTH W A R L O A N
The goal for the Seventh War Loan Drive is $14 billion, of which $7 billion is to come from individuals, which are defined for this purpose as including partnerships (other than securities dealers and
brokers) and personal trust accounts created by individuals. Personal holding companies, corporate
trusts, bonus funds, pension funds, and the like are not considered as individuals. Of the quota for
individuals, $4 billion has been established as the goal for sales of Series E War Savings Bonds. The quota
for sales to all other investors except commercial banks is $7 billion. The following information is of
particular importance to banking institutions in the Second Federal Reserve District in view of the essential functions which they will perform during the drive. I t should be read carefully by the members of
their staffs who will work on matters pertaining to the drive.
Time table for entry of subscriptions in drive
The periods during which subscriptions to the issues offered in the drive may be entered for account
of the several classes of investors are as follows:
April 9 through July 7—All subscriptions to Series E, F and G Savings Bonds and Series C
Savings Notes (except subscriptions for account of commercial banks) processed by the Federal Reserve
Banks during this period will be credited to the drive.
May 14 through June 30—Subscriptions to 2y 2 % Treasury Bonds of 1967-72, 2*4% Treasury
Bonds of 1959-62, 1y 2 % Treasury Bonds of 1950, and % % Treasury Certificates of Indebtedness of
Series E-1946 may be entered during this period for account of individuals as defined above.
June 18 through June 30—Subscriptions to 2y 2 % Treasury Bonds of 1967-72, 2*4% Treasury
Bonds of 1959-62, and
Treasury Certificates of Indebtedness of Series E-1946 for account of
other investors may be entered only during this period. Subscriptions of commercial banks under the
limited offering to them referred to on pages 5 and 6, and subscriptions of dealers and brokers under
the formula set forth on page 6, should also be entered in this period.
Receipt of applications for securities and submission of subscriptions
During the drive, banking institutions w i l l 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. I n 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.
Subscriptions for 2y2% Treasury Bonds of 1967-72, 2y±°/o Treasury Bonds of 1959-62, iy2% Treasury
Bonds of 1950, and %% Treasury Certificates of Indebtedness of Series E-1946, for account of customers
may be submitted only by banking institutions. Security dealers and 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 C 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.
I n order to permit the f u l l 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 i n subscribing to each type of security offered,
are as follows :
Issue
2 % % Treasury Bonds of 1967-72
—Coupon Form
—Registered Form
Form
No.
1
2
2*4% Treasury Bonds of 1959-62
—Coupon Form
—Registered Form
Page 2
3
4
Issue
1 y 2 % Treasury Bonds of 1950
—Coupon Form
—Registered Form
7
/ 8 % Treasury Certificates of
Indebtedness of Series E-1946
Savings Bonds, Series F
Savings Bonds, Series G
Treasury Savings Notes, Series C
Form
No.
5
6
7
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 i n the Second Federal Reserve District i n advance of the opening of the Seventh W a r Loan Drive.
Since the limited subscriptions by commercial banks for their own account to 1 % % Treasury Bonds of
1950, y 8 % Treasury Certificates of Indebtedness of Series E-1946, and United States Savings Bonds of
Series F-1945 and Series G-1945, referred to on pages 5 and 6, are considered outside the goal of the drive,
copies of F o r m No. 8 to be used i n entering such subscriptions w i l l be sent under separate cover to all
commercial banks i n the district about June 1.
Payment for securities
Subscriptions must be accompanied by payment i n f u l l , except i n the limited cases of deferred payment referred to on pages 4 and 5.
Banking institutions qualified as special depositaries of public moneys under Treasury Department
Circular No. 92 (Revised) may pay the f u l l purchase price (both principal and accrued interest) of any
securities subscribed for during the drive by credit to their W a r Loan Deposit Accounts. Credit for the purchase price of the 2 y 2 % Treasury Bonds of 1967-72, the 2*4% Treasury Bonds of 1959-62, the 1 y 2 % Treasury
Bonds of 1950 and the % % Treasury Certificates of Indebtedness of Series E-1946, on account of subscriptions of individuals as defined i n the first paragraph on page 2, may be entered i n a W a r Loan Deposit
Account on or after May 14, 1945, the date of the opening of the drive for such investors. Credit f o r the
purchase price of marketable securities on account of subscriptions of investors of other classes may not be
entered prior to June 18, 1945.
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 Y o r k as fiscal agent of the United
States, may endorse such check as follows:
For credit to W a r Loan Deposit Account
Federal Reserve Bank of New Y o t k
Fiscal Agent of the United States
i n payment for U. S. Government securities
(Name of Bank)
and credit the proceeds of such check to its W a r Loan Deposit Account i n payment for the securities.
Checks drawn i n substantially similar forms, such as to the order of "Secretary of the Treasury", " U n i t e d
States Treasury", " W a r Finance Committee", or " F e d e r a l Reserve B a n k " , may be handled i n the same
manner. I n any such case, the W a r Loan Deposit Account should not be credited and the subscription
should not be submitted to the Federal Reserve Bank (or, i n the case of Series E W a r Savings Bonds, the
bonds should not be delivered) u n t i l the banking institution is satisfied that the check has been paid i n
actually and finally collected funds.
A n y 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 w i t h
the Federal Reserve Bank of New York.
A n y 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 Y o r k or to the order of the Treasurer
of the United States. Checks payable to the order of others w i l l not be accepted even though they are
endorsed to the Federal Reserve Bank of New York or to the Treasurer of the United States.
I f payment for more than one issue is made by charge to a reserve or nonmember clearing account
or by check, i t 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 2V 2 % Treasury Bonds of 1967-72, the 2*4% Treasury Bonds of 1959-62, the 1 % % Treasury Bonds
of 1950, and the % % Treasury Certificates of Indebtedness of Series E-1946 w i l l be sold at par plus
accrued interest from June 1 to the date payment is available to the Federal Reserve Bank, except that
accrued interest is waived on $500 and $1,000 subscriptions to the 21/£% Treasury Bonds of 1967-72, the
2^4°/o Treasury Bonds of 1959-62 and the 1 y 2 % Treasury Bonds of 1950. One day's accrued interest per
$1,000 on each of the issues is as follows:
One Day's
Interest
Issue
2i/ 2 %
21/4%
1 V2%
%%
Treasury
Treasury
Treasury
Treasury
Bonds of 1967-72
Bonds of 1959-62
Bonds of 1950
Certificates of Indebtedness of Series E-1946
$0,068
0.061
0.041
0.024
Page 3
The following table, showing interest per day per $1,000, may be used i n computing accrued interest
when payment i n available funds is not received by the Federal Reserve Bank u n t i l after June 1:
%%
Date
payment
available
to
Federal
Reserve
Bank
Days
June 2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1
Sunday
3
4
5
6
7
8
Sunday
10
11
12
13
14
15
2V,%
Treasury
Bonds of
1967,72
2VA%
Treasury
Bonds of
1959-62
1V2%
Treasury
Bonds of
1950
$0,068
$0,061
$0,041
—
0.204
0.272
0.340
0.408
0.476
0.544
—
0.680
0.748
0.816
0.884
0.952
1.020
—
.
0.183
0.244
0.305
0.366
0.427
0.488
—
0.610
0.671
0.732
0.793
0.854
0.915
—
, 0.123
0.164
0.205
0.246
0.287
0.328
—
0.410
0.451
0.492
0.533
0.574
0.615
Treasury
Certificates
of
Indebtedness
of Series
E-1946
$0,024
—
0.072
0.096
0.120
0.144
0.168
0.192
—
0.240
0.264
0.288
0.312
0.336
0.360
Date
payment
available
to
Federal
Reserve
Bank
Days
June 17
18
19
20
21
22
23
24
25
26
27
28
29
30
Sunday
17
18
19
20
21
22
Sunday
24
25
26
27
28
29
2lA%
Treasury
Bonds of
1967-72
—
1.156
1.224
1.292
1.360
1.428
1.496
—
1.632
1.700
1.768
1.836
1.904
1.972
2>A%
Treasury
Bonds of
1959-62
—
1.037
1.098
1.159
1.220
1.281
1.342
—
1.464
1.525
1.586
1.647
1.708
1.769
l'A%
Treasury
Bonds of
1950
—
0.697
0.738
0.779
0.820
0.861
0.902
—
0.984
1.025
1.066
1.107
1.148
1.189
Treasury
Certificates
of
Indebtedness
of Series
E-1946
—
0.408
0.432
0.456
0.480
0.504
0.528
—
0.576
0.600
0.624
0.648
0.672
0.696
Since payments for subscriptions of all investors, other than individuals as defined i n the first paragraph
on page 2, to 2V2% Treasury Bonds of 1967-72, 21A% Treasury Bonds of 1959-62 and % % Treasury Certificates of Indebtedness of Series E-1946, may not be made prior to June 18, payments for such subscriptions must include accrued interest to June 18 or such later date as payment is available to the Federal
Reserve Bank.
The date on which payment is available to the Federal Reserve Bank w i l l depend upon the method by
which payment for the subscription is made by the banking institution, that is:
I f payment is made by credit to a W a r Loan Deposit Account, payment is considered available
on the date the account is credited; and accrued interest should be paid to that date.
I f payment is made by charge to a reserve account or nonmember clearing account maintained w i t h
the Federal Reserve Bank, payment is considered available on the date the authorization to charge
the account is received by the Federal Reserve B a n k ; and accrued interest should be paid to that date.
I f 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.
I f 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 i n payment of such check w i l l be available to the
Federal Reserve Bank i n the normal course of collection.
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, i t is important that the following instructions be observed i n order to assure
the issuance of the securities dated as of the first day of that month:
I f payment is made by credit to a W a r Loan Deposit Account, the credit should be entered not
later than the last business day of the month, and the subscription f o r m and advice of such credit
should be mailed to the Federal Reserve Bank on the day of entry.
I f payment is made by charge to a reserve account or nonmember clearing account maintained
w i t h 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.
I f 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.
I f payment for Treasury Savings Notes is made by check, the subscription form and the check'
should be received by the Federal Reserve Bank i n sufficient time so that the proceeds of collection of the check w i l l be available to the Federal Reserve Bank i n finally collected funds not later than
the last business day of the month.
Deferred payment of certain subscriptions
Payment for the 2i/ 2 % Treasury Bonds of 1967-72 and the 2 1 A% Treasury Bonds of 1959-62 subscribed
for by a life insurance company, savings institution, or a State, municipality, political subdivision or
similar public corporation, or agency thereof, may be made, i n whole or i n part, at par and accrued
interest, at any time or times, w i t h payment to be completed not later than August 31, 1945. I f 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 w i t h the words "Classification of subscriptions for computation of interest accrual" and " P a y m e n t i n f u l l for such securities is made as indicated
below". The subscription form so modified should be accompanied i n each case by a letter f r o m the sub
Page 4
scriber signed by a duly authorized officer stating that i n consideration of the acceptance of such subscription by the Federal Reserve Bank of New York the subscriber agrees to make payment i n f u l l on or before
August 31, 1945, at par and accrued interest from June 1, 1945, 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 available to the Federal Reserve Bank. Each
payment should be clearly identified w i t h the related subscription, and i f 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 w i t h a letter advising i t of the date and amount of such credit. I f payment is
made i n more than one instalment, the subscriber w i l l have the option (1) of taking delivery i n the normal
course, following each instalment payment, of bonds of a par amount equal to the principal amount covered by such payment, or (2) of taking the receipt of the Federal Reserve Bank for the amount of each
instalment payment and deferring delivery of the bonds u n t i l the final payment is made. I n the absence
of advice to the contrary, i t w i l l be assumed that the subscriber has elected the first alternative.
Registration of securities
I n all cases, the registration should express the true ownership of the security, that is, f u l l legal title
w i t h complete power of disposition; registration is not permitted i n the name of an agent, nominee or
attorney-in-fact.
The registration of securities i n 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. " M r s . Mary B. D o e " , not " M r s . John A . D o e " .
The regulations regarding the registration of United States Savings Bonds differ f r o m those regarding the registration of other Government securities.
United States Savings Bonds of Series E, F and G are not transferable and are issued i n registered f o r m
only. The permissible forms of registration for each series are set f o r t h i n detail i n Subpart B of Treasury
Department Circular No. 530, Sixth Revision, which appears on pages 23 to 26.
The 2V2% Treasury Bonds of 1967-72, the 21A% Treasury Bonds of 1959-62 and the iy2%
Treasury
Bonds of 1950 are issued in either registered or coupon form. Such bonds may be registered in the name o f —
one individual, e.g. " M r s . Mary B. D o e " ;
two individuals as coowners without right of survivorship, e.g. " J o h n A. Doe or Mrs. M a r y B. Doe,
or either of t h e m " ;
two individuals as joint owners w i t h right of survivorship, e.g. " J o h n A. Doe and Mrs. M a r y B. Doe,
or the s u r v i v o r " ;
a corporation, e.g. " S m i t h and Jones, Inc., a c o r p o r a t i o n " ;
a partnership, e.g. " S m i t h & Doe, a p a r t n e r s h i p " ;
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 w i l l of John B. Doe, deceased";
a custodian of public funds, e.g. "Treasurer, City of Buffalo, New Y o r k " .
I n all cases, the complete post-office address (including the postal unit number, i f any) of the registered
owner should be given i n order to assure the proper mailing of interest checks.
The 7/q% Treasury Certificates of Indebtedness of Series E-1946 are issued i n bearer form only.
Treasury Savings Notes, Series C, are not transferable and are inscribed i n the name of a single owner.
Notes may be inscribed i n 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 i n making payment of Federal estate, income or g i f t taxes should be inscribed i n the exact form used by
the purchaser i n making Federal tax returns. Where two individuals make a j o i n t tax return, the notes
should be inscribed i n the name of one of them. Notes inscribed i n the name of a partnership or other
entity, which is not a Federal taxpayer, are not acceptable i n payment of taxes.
I f questions arise concerning forms of registration not specifically covered by this summary or by the
following Treasury circulars, i t is suggested that they be referred directly to the Federal Reserve Bank.
Restrictions on subscriptions by commercial banks for o w n account
The 14 billion dollar goal of the Seventh W a r Loan Drive is to be raised entirely from nonbanking
sources. Accordingly, commercial banks (banking institutions accepting demand deposits) w i l l not be permitted to enter cash subscriptions for their own account to the securities offered i n the drive except to
the limited extent provided i n this paragraph. Commercial banks holding savings deposits or issuing
time certificates of deposit, as defined i n Regulation Q of the Board of Governors of the Federal Reserve
System, may enter cash subscriptions to i y 2 % Treasury Bonds of 1950, % % Treasury Certificates
of Indebtedness of Series E-1946, and United States Savings Bonds of Series F-1945 or Series G-1945,
Page 5
during the period June 18 to June 30, 1945, but the amount of such subscriptions may not.exceed i n
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 securities, or $500,000, whichever is less. I n any event, a bank may not hold more than $100,000
(issue price) of Savings Bonds of Series F-1945 and Series G-1945 combined. I f 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, but any such notes purchased by commercial
banks bear interest only i f used i n the payment of Federal taxes. Subscriptions to any of these issues by
commercial banks for their own account w i l l not be counted toward the goal of 14 billion dollars and w i l l
not be credited to any quota.
Restrictions on subscriptions by dealers and brokers
Subscriptions by dealers and brokers in securities are to be limited to 2y 2 % Treasury Bonds of 1967-72
and 2^4% Treasury Bonds of 1959-62. The total subscriptions to such issues by any dealer or broker shall
not exceed (a) the amount of 2i/ 2 % Treasury Bonds of 1965-70 and 2*4% Treasury Bonds of 1956-59 sold
by such dealer or broker outright to customers other than other dealers and brokers in the forty-five day
period following the close of the Fourth W a r Loan Drive on February l o , 1944, or (b) 40% of the
dealer's or broker's net capital, whichever is greater. Forms for reporting such information to the
Federal Reserve Bank of New York have been sent to all dealers and brokers i n the Second Federal Reserve
District. I n no case should the subscription exceed the amount which the dealer or broker expects to be
able to sell outright to customers other than other dealers and brokers within 90 days following June 30,
1945. Generally speaking, the volume of subscriptions by brokers and dealers for subsequent resale to
customers should be small regardless of the size of the firm, since most customers w i l l have ample opportunity to subcribe during the drive.
Restrictions on subscriptions to V/i°/o Treasury Bonds of 1950
The 1 % % Treasury Bonds of 1950 are offered i n the drive only to individuals as defined in the first
paragraph on page 2. No other investors, except commercial banks under the limitations referred to
above, may subscribe for i y 2 % Treasury Bonds of 1950.
Purchase of securities for resale
I t is the Treasury's aim to obtain during the drive the maximum investment of funds of individuals
and other investors except commercial banks, and to avoid unnecessary redistribution of securities i n the
Government security market following the close of the drive. Persons other than security dealers and
brokers should not enter subscriptions for 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.
Restrictions on trading i n securities
The Treasury has requested that there be no trading in any of the marketable securities offered in the
Seventh W a r Loan and no purchases of such securities other than on direct subscription u n t i l after June 30,
1945. The 2y 2 °/o Treasury Bonds of 1967-72 and the 2 % % Treasury Bonds of 1959-62 may not be held
by commercial banks for their own account before June 15, 1962, and June 15, 1952, respectively.
Portfolio adjustments
The Treasury has asked all investors other than commercial banks (which may subscribe only to a
limited extent during the drive) to refrain from selling securities heretofore acquired to obtain funds to subscribe for the securities offered i n the drive, but this request is not intended to preclude normal portfolio
adjustments. I t is recognized that investment requirements change in response to changes in income, the
character of liabilities and other factors, and that a realignment of maturities may be appropriate from time
to time. I t is also recognized that, between drives, investors properly make use of short-term securities, such
as Treasury bills and certificates of indebtedness, as a temporary means of employment of cash balances
pending reinvestment of such funds i n obligations having more appropriate rates and maturities when they
become available i n succeeding war loan drives. I t is not possible, therefore, to define precisely each type
of transaction embraced i n the Treasury's request. I t is believed, however, that portfolio managers and
investors, in most cases, w i l l be able to distinguish between sales of Government securities merely to obtain
funds with which to subscribe for securities offered in the drive, ax^d sales representing normal portfolio
adjustment.
Page 6
Abuse of war loan deposit privilege
The acquisition of outstanding securities by banks on the understanding that a substantially like
amount of drive securities w i l l be subscribed for through such banks, thus enabling the banks to expand
their war loan deposit balances, is an improper practice. Banks have been specifically requested by the
Treasury not to make such purchases.
Loans to purchase securities
I n order to help i n 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. I n particular, commercial
banks have 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
i n Government securities i f such loans are made i n accord w i t h the joint statement issued by the National
and State bank supervisory authorities in November 1942, which reads i n part as follows:
" . . . subscribers relying upon anticipated income may wish to augment their subscriptions by
temporary borrowings from banks. Such loans w i l l not be subject to criticism but should be on a
short term or amortization basis f u l l y repayable w i t h i n periods not exceeding six months."
The Treasury has requested each banking institution to examine subscriptions placed through it, and
to decline to accept subscriptions which appear to be entered for speculative purposes. I f , i n the opinion
of the banking institution, any subscription to any of the four marketable issues is i n 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 subscription should be declined. I n any case i n which the banking institution has any doubt as to the propriety of accepting a subscription presented through it, i t should write
the Federal Reserve Bank of New York stating the circumstances and all available information. The subscription should not be entered w i t h the Federal Reserve Bank u n t i l instructions have been received from it.
Certification by banking institutions
Each form on which a banking institution w i l l submit subscriptions for account of customers to 21/>%
Treasury Bonds of 1967-72, 2 % % Treasury Bonds of 1959-62, 1 % % Treasury Bonds of 1950 or % %
Treasury Certificates of Indebtedness of Series E-1946 w i l l contain a certification by the banking institution to the effect that the subscription is solely for account of its customers specified therein, that the
banking institution has no beneficial interest i n the securities subscribed for, and that to the best of its
knowledge and belief the subscription conforms i n all respects w i t h the requests of the Treasury Department concerning subscriptions, as set f o r t h i n the letter dated March 20, 1945, from the Secretary of the
Treasury. A copy of the Secretary's letter appears on page 54 of this circular. I n the case of subscriptions
for i y 2 % Treasury Bonds of 1950, a banking institution w i l l also certify that to the best of its knowledge
and belief the customers whose applications make up the total amount of such subscriptions include only
individuals, partnerships (other than securities dealers and brokers) and personal trust accounts.
L i m i t a t i o n s on amount of purchases
The limitations affecting subscriptions by commercial banks and security dealers and brokers for their
own account are set f o r t h on pages 5 and 6. Subject to the restrictions on speculative subscriptions, there is
no limitation on the amount of subscriptions by any other eligible investor for the 2y2°/o Treasury Bonds
of 1967-72, the 2*4% Treasury Bonds of 1959-62, the 1 y2% Treasury Bonds of 1950, the % % Treasury
Certificates of Indebtedness of Series E-1946, or the Treasury Savings Notes, Series C.
I n 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, i n certain circumstances
where bonds are registered in coownership form. I n the case of Series E bonds so registered, no excess
exists i f i n 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 i n excess of $5,000 (maturity
value) to any one person, including any amount chargeable to that person individually. F o r example, i f
a married man w i t h two children has already purchased i n 1945 $5,000 maturity value of Series E bonds
registered i n his own name, and his wife and children are not named as the registered owners or coowners of
any Series E bonds issued in 1945, he may purchase an additional $15,000 maturity value of such bonds
registered as follows: $5,000 i n his name w i t h his wife as coowner, $5,000 i n his name w i t h one child as
coowner, and $5,000 i n his name w i t h the other child as coowner. I n 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 i n his name individually or as a coowner, at any one time is $100,000 (issue price).
* Series E bonds, the entire issue price of w h i c h is p a i d w i t h the proceeds of m a t u r i n g Series A bonds d u r i n g the m o n t h
i n which the l a t t e r mature, are not subject t o the l i m i t a t i o n s on holdings of Series E bonds acquired on o r i g i n a l issue.
Page 7
Subscriptions t o be entered where funds are located
The respective State quotas making up the 14 billion dollar goal f o r nonbanking subscriptions i n the
Seventh W a r Loan Drive are based i n 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 i n 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. I n 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 d u r i n g the drive, and the distribution and allocation of geographical
credits i n respect of such sales, w i l l be handled as follows:
A.
Reports of Sales. The Federal Reserve Bank of New Y o r k w i l l report each day to the W a r
Finance Committees of the States i n 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) securities 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 f a l l i n g i n the foregoing groups, charitable institutions, unions, fraternal benefit associations, national f a r m loan associations, etc. Any questions regarding local quotas or sales credits,
including credits expected to be allocated to a particular county, should be referred to the appropriate War Finance Committee.
B.
Series E War Savings Bonds. Credit for sales of Series E W a r Savings Bonds w i l l be given to the
county i n 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 w i l l be credited
to the addresses of the registered owners. No allocation of credit may be made i n respect of a
sale of a Series E W a r Savings Bond.
C.
All Other Issues. I n the absence of a specific request for the allocation of geographical credit
elsewhere, credits for sales of all issues other than Series E W a r Savings Bonds w i l l 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 i n Group 8, referred to
i n paragraph A above, w i l l be given to the counties i n which such subscriptions are entered.
D.
Allocation of Geographical Credit. I f 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 W a r 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 fded with the Federal Reserve Bank. F o r m R A should be prepared i n 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 f o u r t h retained by the subscribing bank
as its record. Where more than two separate allocations are requested i n connection w i t h a single
subscription, additional pages of coupons, designated F o r m RA-1, w i l l be available. Copies of
F o r m R A have been furnished to all banking institutions i n the Second Federal Reserve District,
and additional copies w i l l be supplied to any interested person i n the Second Federal Reserve Dist r i c t 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 w i l l be transmitted through the Federal
Reserve System to the Chairman of the W a r Finance Committee i n the State involved.
E.
Allocation to Several Communities in Single, County.
A purchaser wishing to distribute credit
among several communities w i t h i n a single county should arrange w i t h the Chairman of the W a r
Finance Committee i n such county for the distribution desired, since a single credit for the combined total w i l l be given to the county i n the sales report made by the Federal Reserve Bank.
F.
Credit for Sales to Insurance Companies and Commercial Banks. No allocation may be made i n
respect of any sale to an insurance company; such a sale w i l l be credited to the county i n 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 w i l l not be applied against any quota, no geographical credit w i l l be given for such subscriptions and no allocations may be made.
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 be 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 SAYINGS BONDS—SERIES E
WAR SAYINGS BONDS
1943
D e p a r t m e n t Circular No. 653
Second Revision
TREASURY
I.
DEPARTMENT,
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,
OFFERING
OF
UNITED
STATES SAVINGS BONDS OF SERIES
SECRETARY,
August
31,
1943.
E
1. T h e Secretary of the T r e a s u r y , p u r s u a n t t o the a u t h o r i t y of the Second L i b e r t y B o n d A c t , as amended, offers
f o r sale, t o t h e people of the U n i t e d States, U n i t e d States Savings B o n d s of Series E , c u r r e n t l y designated W a r
Savings Bonds, w h i c h m a y h e r e i n a f t e r be r e f e r r e d t o as bonds of Series E , a n d t h e i r sale w i l l c o n t i n u e u n t i l t e r m i n a t e d b y the Secretary o f the T r e a s u r y . B o n d s o f a new design, w i t h o u t change i n terms, w i l l be p r o v i d e d f o r issue
hereunder i n r e g u l a r course w i t h o u t f u r t h e r notice as stocks o f the p r i o r bonds o f Series E become exhausted.
2. U n i t e d States Savings B o n d s of Series E include a l l bonds issued as Defense Savings Bonds under t h i s c i r c u l a r
as o r i g i n a l l y published, a n d a l l those issued as W a r Savings Bonds under t h i s c i r c u l a r as p r e v i o u s l y or as now revised.
A s t h e i r t e r m s are i d e n t i c a l , no d i s t i n c t i o n is t o be made between a n y bonds of Series E so issued.
II.
DESCRIPTION
AND
TERMS
OF
BONDS
1. B o n d s o f Series E w i l l be issued o n l y i n r e g i s t e r e d f o r m , i n denominations of $25, $50, $100, $500, a n d $1,000
( m a t u r i t y v a l u e s ) , a t prices h e r e i n a f t e r set f o r t h . E a c h b o n d w i l l bear the f a c s i m i l e s i g n a t u r e of the Secretary o f
the T r e a s u r y , a n d w i l l bear a n i m p r i n t ( i n r e d ) o f the Seal of the T r e a s u r y . A t the t i m e of issue, on the face of each
b o n d the i s s u i n g a g e n t w i l l inscribe the name a n d address of the owner, a n d the name o f the coowner or beneficiary,
i f a n y , w i l l enter the issue date ( w h i c h is the first day of t h e m o n t h i n w h i c h p a y m e n t of the issue p r i c e is received
b y the T r e a s u r y or a n a u t h o r i z e d i s s u i n g a g e n t ) , a n d w i l l i m p r i n t his d a t i n g s t a m p ( t o show date the b o n d i s a c t u a l l y
i n s c r i b e d ) . B o n d s of Series E shall be v a l i d only i f d u l y i n s c r i b e d a n d dated, as above p r o v i d e d , a n d delivered b y the
T r e a s u r y or a n a u t h o r i z e d i s s u i n g a g e n t f o l l o w i n g receipt of p a y m e n t t h e r e f o r .
2. The bonds w i l l , i n each instance, be d a t e d as of the first d a y of the m o n t h i n w h i c h p a y m e n t of the issue p r i c e
is received b y a n agent a u t h o r i z e d t o issue the bonds, w h i c h date is h e r e i n a f t e r r e f e r r e d t o as the issue d a t e ; the bonds
w i l l m a t u r e a n d be p a y a b l e a t face value 10 years f r o m such issue date. The issue date is the basis f o r d e t e r m i n i n g
the r e d e m p t i o n or m a t u r i t y p e r i o d o f the bond, a n d the d a t e a p p e a r i n g i n the i s s u i n g a g e n t ' s stamp should n o t be
confused t h e r e w i t h .
T h e bonds m a y n o t be called f o r r e d e m p t i o n b y the Secretary o f the T r e a s u r y p r i o r t o
m a t u r i t y , b u t t h e y m a y be redeemed p r i o r t o m a t u r i t y , a f t e r 60 days f r o m the issue date, a t the o w n e r ' s o p t i o n , a t
fixed r e d e m p t i o n values. N o i n t e r e s t as such w i l l be p a i d on the bonds, b u t they w i l l increase i n r e d e m p t i o n value
a t the end o f the first year f r o m issue date, a n d a t the end o f each successive h a l f - y e a r p e r i o d t h e r e a f t e r u n t i l
t h e i r m a t u r i t y , w h e n the face a m o u n t becomes payable. The i n c r e m e n t i n value w i l l be p a y a b l e o n l y u p o n red e m p t i o n of the bonds. A t a b l e of r e d e m p t i o n values appears o n each bond. T h e purchase p r i c e o f bonds of Series
E has been fixed so as t o a f f o r d a n i n v e s t m e n t y i e l d of a b o u t 2.9 percent per a n n u m compounded s e m i a n n u a l l y i f
the bonds are h e l d t o m a t u r i t y ; i f the owner exercises his o p t i o n t o redeem a b o n d p r i o r t o m a t u r i t y the investm e n t y i e l d w i l l be less. The t a b l e a t the e n d of t h i s c i r c u l a r shows:
( 1 ) H o w bonds of Series E , b y denominat i o n s , increase i n r e d e m p t i o n value d u r i n g the successive h a l f - y e a r periods f o l l o w i n g issue; ( 2 ) the a p p r o x i m a t e
i n v e s t m e n t y i e l d on the issue p r i c e f r o m issue date t o t h e b e g i n n i n g o f each h a l f - y e a r p e r i o d ; a n d ( 3 ) the a p p r o x i m a t e i n v e s t m e n t y i e l d on the c u r r e n t r e d e m p t i o n value f r o m the b e g i n n i n g of each h a l f - y e a r p e r i o d t o m a t u r i t y a t the
end o f the 10-year p e r i o d .
3. B o n d s of Series E w i l l n o t be t r a n s f e r a b l e , a n d w i l l be p a y a b l e only t o the owner n a m e d thereon, except i n
case o f d e a t h or d i s a b i l i t y of the owner or as otherwise specifically p r o v i d e d i n the r e g u l a t i o n s g o v e r n i n g savings
bonds, a n d i n a n y event only i n accordance w i t h s a i d r e g u l a t i o n s . A c c o r d i n g l y , a f t e r they are d u l y issued they m a y
n o t be sold, discounted, h y p o t h e c a t e d as c o l l a t e r a l f o r a l o a n or the p e r f o r m a n c e o f a service, or disposed o f i n a n y
m a n n e r other t h a n as p r o v i d e d i n the r e g u l a t i o n s g o v e r n i n g savings bonds, and, except as p r o v i d e d i n s a i d r e g u l a t i o n s ,
the T r e a s u r y D e p a r t m e n t w i l l recognize only the i n s c r i b e d owner, d u r i n g his l i f e t i m e , a n d t h e r e a f t e r his estate or heirs.
4 . TAXATION.—For the purpose of d e t e r m i n i n g taxes a n d t a x exemptions, the i n c r e m e n t i n v a l u e represented b y
the difference between the p r i c e p a i d f o r bonds o f Series E ( w h i c h are issued on a discount b a s i s ) , a n d the r e d e m p t i o n
value received t h e r e f o r ( w h e t h e r a t or b e f o r e m a t u r i t y ) shall be considered as i n t e r e s t , a n d such i n t e r e s t is n o t
exempt f r o m income or p r o f i t s taxes n o w or h e r e a f t e r imposed b y the U n i t e d States. 1 T h e bonds shall be s u b j e c t t o
estate, i n h e r i t a n c e , g i f t , or other excise taxes, whether F e d e r a l or State, b u t shall be exempt f r o m a l l t a x a t i o n now
or h e r e a f t e r imposed on the p r i n c i p a l or i n t e r e s t t h e r e o f b y a n y State, or a n y of the possessions of the U n i t e d States,
or b y a n y local t a x i n g a u t h o r i t y .
1
F o r i n f o r m a t i o n c o n c e r n i n g t h e taxable and exempt status u n d e r Federal t a x laws of the interest ( i n c r e m e n t i n value) on U n i t e d States
Savings B o n d s issued o n a discount basis ( i n c l u d i n g bonds of Series E ) , and alternate methods of r e p o r t i n g such interest, see I n t e r n a l Revenue
M i m e o g r a p h , Coll. N o . 5299, R . A . N o . 1177, dated December 17, 1941. F o r credits o n account of V i c t o r y T a x , see I n t e r n a l Revenue R e g u l a t i o n s
103, Sees. 19.453 a n d 19.454, as amended b y T r e a s u r y Decision 5249.
Page 9
III.
PURCHASE
OF
BONDS
1. AGENCIES.—Bonds o f Series E m a y be purchased, w h i l e t h i s o f f e r is i n effect, as f o l l o w s :
(а)
Over-the-counter
for
cash:
( 1 ) A t U n i t e d States p o s t offices o f t h e first, second, a n d t h i r d classes, a n d a t selected post offices o f t h e
fourth
class, a n d g e n e r a l l y a t classified s t a t i o n s a n d branches.
( 2 ) A t such i n c o r p o r a t e d banks, t r u s t companies, a n d m u t u a l savings banks, F e d e r a l s a v i n g s a n d l o a n associations, a n d other o r g a n i z a t i o n s as are d u l y d e s i g n a t e d a n d have d u l y q u a l i f i e d as i s s u i n g agents p u r s u a n t t o t h e provisions o f T r e a s u r y D e p a r t m e n t C i r c u l a r N o . 657, as amended a n d supplemented, a n d a t t h e T r e a s u r y
Department,
W a s h i n g t o n , D . C., a n d a t F e d e r a l Eeserve B a n k s a n d Branches.
(б)
On mail
order.—Bonds
o f Series E m a y be p u r c h a s e d b y m a i l u p o n a p p l i c a t i o n t o t h e T r e a s u r e r o f t h e U n i t e d
States, W a s h i n g t o n 25, D . C., or t o a n y F e d e r a l Reserve B a n k or B r a n c h , accompanied b y a r e m i t t a n c e t o cover the
issue p r i c e .
A n y f o r m o f exchange, i n c l u d i n g personal checks, w i l l be accepted, s u b j e c t
t o collection.
Checks,
or
other f o r m s o f exchange, s h o u l d be d r a w n t o the order o f the T r e a s u r e r o f t h e U n i t e d States or t h e F e d e r a l Eeserve
B a n k , as t h e case m a y be.
(c)
Other
Checks p a y a b l e b y endorsement are n o t acceptable.
agencies.—The
S e c r e t a r y o f t h e T r e a s u r y , i n his d i s c r e t i o n , m a y designate other agencies f o r t h e issue
o f , or f o r t h e h a n d l i n g o f a p p l i c a t i o n s f o r , bonds o f Series E , w h i c h s h a l l operate under such t e r m s a n d c o n d i t i o n s as
the S e c r e t a r y o f t h e T r e a s u r y m a y prescribe or a p p r o v e .
2. POSTAL SAVINGS.—Subject
to
regulations
p r e s c r i b e d b y t h e B o a r d o f Trustees o f t h e P o s t a l S a v i n g s System,
the w i t h d r a w a l o f p o s t a l savings deposits w i l l be p e r m i t t e d f o r t h e purpose o f a c q u i r i n g savings bonds.
3. UNITED STATES WAR SAVINGS STAMPS TOE INSTALLMENT P A Y M E N T S . — W a r S a v i n g s S t a m p s , i n
denominations
o f 10, 25, a n d 50 cents, a n d $ 1 a n d $5, m a y be purchased a t a n y post office where bonds o f Series E are on sale a n d at
such other agencies as m a y be d e s i g n a t e d f r o m t i m e t o t i m e .
t h e purchase o f W a r Savings Bonds.
These stamps m a y be used t o a c c u m u l a t e c r e d i t s f o r
A l b u m s , f o r a f f i x i n g t h e stamps, w i l l be a v a i l a b l e w i t h o u t
charge, a n d
albums w i l l be receivable, i n t h e a m o u n t o f the affixed stamps, on t h e purchase p r i c e o f W a r S a v i n g s B o n d s .
Postal Savings Stamps
such
Defense
h e r e t o f o r e issued are i n c l u d e d i n t h e t e r m W a r S a v i n g s S t a m p s a n d no d i s t i n c t i o n is t o be
made between a n y such stamps w h e t h e r issued as Defense P o s t a l Savings S t a m p s or as W a r S a v i n g s S t a m p s , a n d the
stamps o f e i t h e r issue m a y be used i n t e r c h a n g e a b l y as c r e d i t s f o r t h e purchase o f W a r S a v i n g s B o n d s .
4.
ISSUE PRICES.—The issue prices o f t h e v a r i o u s d e n o m i n a t i o n s o f bonds o f Series E f o l l o w :
DENOMINATION
ISSUE
(maturity
(purchase)
value)
$25.00
IV.
1.
$50.00
$100.00
$500.00
$1,000.00
18.75
37.50
75.00
375.00
750.00
PRICE
LIMITATION
ON
HOLDINGS
T h e a m o u n t o f bonds o f Series E o r i g i n a l l y issued d u r i n g a n y one c a l e n d a r y e a r t o a n y one person t h a t m a y
be h e l d b y t h a t person a t a n y one t i m e s h a l l n o t exceed $5,000 ( m a t u r i t y v a l u e ) , c o m p u t e d i n accordance w i t h t h e provisions o f t h e r e g u l a t i o n s g o v e r n i n g U n i t e d States Savings B o n d s .
I f a n y p e r s o n a t a n y t i m e acquires savings bonds
issued d u r i n g a n y one calendar y e a r i n excess o f t h e p r e s c r i b e d a m o u n t , the a m o u n t o f such excess s h o u l d i m m e d i a t e l y
be surrendered f o r r e f u n d o f t h e issue price.
V.
1.
AUTHORIZED
FORMS
OF
REGISTRATION
B o n d s o f Series E m a y be r e g i s t e r e d o n l y i n t h e names o f n a t u r a l persons ( t h a t is, i n d i v i d u a l s ) , w h e t h e r a d u l t s
or m i n o r s , i n t h e i r o w n right, as f o l l o w s : ( 1 ) i n t h e name o f one p e r s o n ; ( 2 ) i n t h e names o f t w o ( b u t n o t more t h a n t w o )
persons as c o o w n e r s ;
d e s i g n a t e d person.
and
(3)
i n t h e name o f one person p a y a b l e on d e a t h t o one ( b u t n o t more t h a n one)
R e g i s t r a t i o n on o r i g i n a l issues a n d on a u t h o r i z e d
reissues, w h e t h e r
as
owners,
other
coowners,
or
d e s i g n a t e d beneficiaries, is r e s t r i c t e d t o residents o f the U n i t e d States ( w h i c h f o r t h e purposes o f t h i s section shall
i n c l u d e t h e t e r r i t o r i e s , i n s u l a r possessions, a n d t h e C a n a l Z o n e ) , citizens o f t h e U n i t e d States t e m p o r a r i l y
residing
a b r o a d , a n d t o n o n r e s i d e n t aliens employed i n t h e U n i t e d States b y t h e F e d e r a l g o v e r n m e n t or an agency
thereof:
Provided,
however,
be
T h a t on o r i g i n a l issues o f bonds, b u t n o t on reissues, a n o n r e s i d e n t a l i e n ( n o t a c i t i z e n o f a n enemy
nation)
may
named
whether
o w n e r , coowner, or beneficiary, succeeding t o t i t l e on d e a t h o f t h e owner, or succeeding t o t i t l e u p o n the
as
coowner
or
designated
beneficiary,
death o f t h e s u r v i v i n g coowner or b e n e f i c i a r y w i l l be e n t i t l e d
before
2.
a n d Provided
further,
That
a nonresident
o n l y t o request a n d receive p a y m e n t
either
alien,
at
or
maturity.
F u l l i n f o r m a t i o n r e g a r d i n g a u t h o r i z e d f o r m s o f r e g i s t r a t i o n a n d r i g h t s t h e r e u n d e r w i l l be f o u n d i n t h e regu-
l a t i o n s c u r r e n t l y i n f o r c e g o v e r n i n g U n i t e d States Savings B o n d s .
VI.
1. P o s t m a s t e r s
DELIVERY
and
other
AND
authorized
SAFEKEEPING
issuing
OF
BONDS
OF
a g e n t s f r o m w h o m bonds o f
SERIES
Series E
a u t h o r i z e d t o deliver such bonds, d u l y i n s c r i b e d a n d d a t e d , u p o n r e c e i p t o f t h e issue p r i c e .
E
may
be purchased
Bonds not delivered
are
in
person a n d bonds issued a g a i n s t m a i l order a p p l i c a t i o n s w i l l be d e l i v e r e d b y m a i l a t the r i s k a n d expense o f t h e U n i t e d
States, a t t h e address g i v e n b y t h e purchaser, b u t o n l y w i t h i n t h e U n i t e d States, i t s t e r r i t o r i e s a n d i n s u l a r possessions a n d t h e C a n a l Zone. 1
1
N o m a i l deliveries elsewhere w i l l be made.
I f purchased b y citizens o f t h e U n i t e d States
D u r i n g the w a r emergency the T r e a s u r y m a y suspend deliveries t o be made at its r i s k and expense f r o m o r t o the c o n t i n e n t a l U n i t e d
States and its t e r r i t o r i e s , insular possessions and the Canal Zone, or between any of such places. Bonds w i l l be delivered t o a n y addresi
w i t h i n the place i n w h i c h they are issued o r , if issued w i t h i n the c o n t i n e n t a l U n i t e d States, w i l l be held i n safekeeping b y the F e d e r a l Reserve
Banks or t h e T r e a s u r y , as the purchaser m a y direct.
P a g e 10
t e m p o r a r i l y r e s i d i n g a b r o a d , bonds w i l l be d e l i v e r e d a t a n address i n the U n i t e d States, or h e l d i n safekeeping, as t h *
purchaser m a y d i r e c t .
P e r s o n a l d e l i v e r y s h o u l d n o t be accepted b y
any
purchaser
c o r r e c t name, or r a m e s , a n d address are d u l y i n s c r i b e d , t h a t t h e issue d a t e
until
he has v e r i f i e d
that
(the f i r s t day of the m o n t h i n
the
which
p a y m e n t o f t h e issue p r i c e was received b y t h e a g e n t ) is d u l y entered, a n d t h a t the d a t i n g s t a m p o f t h e i s s u i n g a g e n t
is d u l y i m p r i n t e d w i t h c u r r e n t d a t e — a l l on t h e f a c e o f t h e bond.
I f received b y m a i l , t h e same v e r i f i c a t i o n s h o u l d be
made, a n d i f a n y e r r o r i n i n s c r i p t i o n or d a t i n g appears, such f a c t
agent, a n d i n s t r u c t i o n s
should i m m e d i a t e l y
be r e p o r t e d t o t h e
issuing
requested.
2. S a v i n g s bonds o f Series E w i l l be h e l d i n s a f e k e e p i n g w i t h o u t charge b y t h e S e c r e t a r y o f t h e T r e a s u r y i f the
holder so desires, a n d i n such connection t h e f a c i l i t i e s o f t h e F e d e r a l Eeserve Banks,* as fiscal agents o f t h e U n i t e d
States, a n d those o f t h e T r e a s u r e r o f the U n i t e d States, w i l l be u t i l i z e d .
k e e p i n g a t t h e t i m e o f purchase, or subsequently.
A r r a n g e m e n t s m a y be made f o r such safe-
P o s t m a s t e r s g e n e r a l l y w i l l assist holders i n a r r a n g i n g f o r safe-
keeping, b u t w i l l n o t act as s a f e k e e p i n g agents.
VII.
PAYMENT
AT
MATURITY
OR
REDEMPTION
PRIOR TO
MATURITY
1. GENERAL.—Any b o n d o f Series E w i l l be p a i d i n f u l l a t m a t u r i t y , or, a t t h e o p t i o n o f t h e owner, a f t e r 00
days f r o m the issue date, w i l l be redeemed i n whole or i n p a r t a t the a p p r o p r i a t e r e d e m p t i o n value p r i o r t o m a t u r i t y ,
f o l l o w i n g p r e s e n t a t i o n a n d s u r r e n d e r o f t h e bond, w i t h t h e request f o r p a y m e n t p r o p e r l y executed, a l l i n
accordance
w i t h t h e r e g u l a t i o n s g o v e r n i n g savings bonds.
2. EXECUTION o r BEQUEST FOB PAYMENT.—The r e g i s t e r e d owner, or other person e n t i t l e d t o p a y m e n t under the
regulations
governing
savings
bonds,
must
appear
b e f o r e one o f t h e officers a u t h o r i z e d b y t h e S e c r e t a r y o f
the
T r e a s u r y t o witness a n d c e r t i f y requests f o r p a y m e n t , e s t a b l i s h his i d e n t i t y , a n d i n t h e presence o f such officer s i g n
t h e request f o r p a y m e n t , a d d i n g t h e address t o w h i c h t h e check is t o be m a i l e d .
A f t e r the request f o r p a y m e n t has
been so signed, the w i t n e s s i n g officer s h o u l d complete a n d s i g n the c e r t i f i c a t e p r o v i d e d f o r his use.
Unless otherwise
a u t h o r i z e d i n a p a r t i c u l a r case, the f o r m o f request a p p e a r i n g on t h e back o f t h e b o n d m u s t be used.
3.
OFFICERS AUTHORIZED TO WITNESS AND CERTIFY BEQUESTS FOR PAYMENT.—The officers a u t h o r i z e d t o witness
a n d c e r t i f y requests f o r p a y m e n t o f savings bonds are f u l l y set f o r t h i n the r e g u l a t i o n s g o v e r n i n g savings bonds, a n d
include b u t are n o t l i m i t e d t o ( 1 ) U n i t e d States p o s t m a s t e r s
employees;
or
its
and certain
other
post
office officials
or
designated
( 2 ) officers ( o r designated employees) o f a l l b a n k s or t r u s t companies i n c o r p o r a t e d i n the U n i t e d States
organized
territories,
including
officers
at
domestic branches
i n s u l a r possessions a n d t h e C a n a l Z o n e ) , or a t f o r e i g n b r a n c h e s ;
( w i t h i n the U n i t e d States or i t s t e r r i t o r i e s or
( 3 ) officers o f c o r p o r a t i o n s a n d other
organizations
which are d u l y q u a l i f i e d as i s s u i n g a g e n t s ; a n d ( 4 ) i n those cases specified i n t h e r e g u l a t i o n s , commissioned officers
o f the A r m y , N a v y , M a r i n e Corps, a n d Coast G u a r d .
A l l certificates m u s t be a u t h e n t i c a t e d b y official seal, i f
is one, o r , i f b y a n i s s u i n g a g e n t , b y a n i m p r i n t o f his d a t i n g
4.
there
stamp.
PRESENTATION AND SURRENDER.—After t h e request f o r p a y m e n t has been d u l y executed by the person e n t i t l e d
a n d b y t h e c e r t i f y i n g officer, t h e b o n d m u s t be presented a n d s u r r e n d e r e d t o a F e d e r a l Eeserve B a n k or B r a n c h , or t o
the T r e a s u r e r o f t h e U n i t e d States, W a s h i n g t o n 25, D . G., a t t h e expense a n d r i s k o f t h e owner.
F o r the
owner's
p r o t e c t i o n , t h e b o n d should be f o r w a r d e d b y r e g i s t e r e d m a i l , i f n o t presented i n person.
5. DISABILITY OR D E A T H . — I n case o f t h e d i s a b i l i t y o f the r e g i s t e r e d owner, or t h e d e a t h o f the r e g i s t e r e d owner
n o t s u r v i v e d b y a coowner or a d e s i g n a t e d beneficiary, i n s t r u c t i o n s s h o u l d be o b t a i n e d f r o m a F e d e r a l Eeserve B a n k
or B r a n c h , or t h e T r e a s u r y
Department, Division
of
L o a n s a n d C u r r e n c y , M e r c h a n d i s e M a r t , Chicago 54, I l l i n o i s ,
before t h e request f o r p a y m e n t is executed.
6. METHOD OF PAYMENT.—The
only
agencies
a u t h o r i z e d t o p a y or redeem savings bonds o f Series E are the
T r e a s u r e r o f t h e U n i t e d States a n d t h e F e d e r a l Eeserve B a n k s
a n d Branches.
Postmasters
are n o t a u t h o r i z e d
make p a y m e n t , b u t g e n e r a l l y t h e y w i l l assist owners i n s e c u r i n g p a y m e n t , a t or b e f o r e m a t u r i t y .
eases w i l l be made b y check d r a w n t o t h e o r d e r o f the r e g i s t e r e d owner
m a i l e d t o t h e address g i v e n i n the request f o r
7. PABTIAL EEDEMPTION.—Partial
Payment in
or other person e n t i t l e d t o p a y m e n t ,
to
all
and
payment.
redemption
at
c u r r e n t r e d e m p t i o n value o f a savings b o n d o f Series E o f &
d e n o m i n a t i o n h i g h e r t h a n $25 ( m a t u r i t y v a l u e ) is p e r m i t t e d , b u t m u s t a c c o r d t o a n a u t h o r i z e d lower
denomination.
I n case o f p a r t i a l r e d e m p t i o n t h e r e m a i n d e r w i l l be reissued i n a u t h o r i z e d d e n o m i n a t i o n s b e a r i n g t h e same issue date
as t h e b o n d surrendered.
VIII.
1.
SERIES
DESIGNATION
U n i t e d States Savings B o n d s o f Series E , issued d u r i n g t h e calendar y e a r 1943 are designated Series E - 1 9 4 3 ,
a n d those w h i c h m a y be issued i n subsequent calendar years w i l l be s i m i l a r l y d e s i g n a t e d b y the series l e t t e r E f o l l o w e d
by the year of
issue.
IX.
LOST, STOLEN,
OR
DESTROYED
BONDS
1. I f a b o n d o f Series E is l o s t , stolen, or destroyed, a d u p l i c a t e m a y be issued on t h e owner f u r n i s h i n g a descrip
t i o n o f t h e b o n d a n d e s t a b l i s h i n g i t s loss, t h e f t , or d e s t r u c t i o n .
3
S a f e k e e p i n g f a c i l i t i e s m a y be o f f e r e d a t some B r a n c h e s of F e d e r a l Reserve B a n k s , a n d i n such c o n n e c t i o n an i n q u i r y m a y be addressed
to the Branch.
P a g e 11
2. I n a n y case o f t h e loss, t h e f t , or d e s t r u c t i o n o f a b o n d o f Series E , t h e owner s h o u l d g i v e i m m e d i a t e n o t i c e t o the
T r e a s u r y D e p a r t m e n t , D i v i s i o n o f L o a n s a n d C u r r e n c y , M e r c h a n d i s e M a r t , Chicago 54, I l l i n o i s , b r i e f l y s t a t i n g t h e f a c t s
and g i v i n g a description of the bond.
O n r e c e i p t o f such n o t i c e , f u l l i n s t r u c t i o n s f o r p r o c e d u r e w i l l be g i v e n t h e owner.
3. A d e s c r i p t i v e r e c o r d o f each b o n d o f Series E h e l d s h o u l d be k e p t b y t h e o w n e r , a p a r t f r o m t h e bonds, so t h a t
a f u l l d e s c r i p t i o n o f t h e bonds w i l l be a v a i l a b l e i f t h e y a r e l o s t , stolen, or destroyed.
show: ( 1 ) the denomination;
T h e r e c o r d f o r each b o n d s h o u l d
( 2 ) t h e s e r i a l n u m b e r ( w i t h i t s p r e f i x a n d suffix l e t t e r ) ;
( 3 ) the inscription (name or
names, a n d address, on t h e f a c e o f t h e b o n d ) ; a n d ( 4 ) t h e issue date ( m o n t h a n d y e a r o f i s s u e ) .
X.
GENERAL
PROVISIONS
1. A l l bonds o f Series E , issued p u r s u a n t t o t h i s c i r c u l a r , shall be s u b j e c t t o t h e r e g u l a t i o n s p r e s c r i b e d f r o m t i m e
t o t i m e b y t h e S e c r e t a r y o f t h e T r e a s u r y t o g o v e r n U n i t e d States S a v i n g s B o n d s .
Such regulations may
require,
a m o n g other t h i n g s , reasonable n o t i c e i n case o f p r e s e n t a t i o n o f bonds o f Series E f o r 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 .
The
present r e g u l a t i o n s
governing
savings
bonds
a r e set f o r t h i n T r e a s u r y
Department
Circular
N o . 530,
Fifth
Revision, as amended, copies o f w h i c h m a y be o b t a i n e d o n a p p l i c a t i o n t o t h e T r e a s u r y D e p a r t m e n t , or t o a n y F e d e r a l
Reserve B a n k or B r a n c h .
2.
T h e S e c r e t a r y o f t h e T r e a s u r y reserves the r i g h t t o r e j e c t a n y a p p l i c a t i o n f o r bonds o f Series E , i n whole o r i n
p a r t , a n d t o refuse t o issue or p e r m i t t o be issued hereunder a n y such bonds i n a n y case or a n y class or classes o f cases
i f lie deems such a c t i o n t o be i n t h e p u b l i c i n t e r e s t , a n d h i s a c t i o n i n a n y such respect s h a l l be
final.
3. Postmasters i n charge o f p o s t offices where bonds o f Series E are on sale, u n d e r r e g u l a t i o n s p r o m u l g a t e d b y t h e
Postmaster General, a n d F e d e r a l Reserve B a n k s a n d B r a n c h e s , as fiscal agents o f t h e U n i t e d States, a r e a u t h o r i z e d
t o p e r f o r m such fiscal agency services as m a y be requested o f t h e m b y t h e S e c r e t a r y o f t h e T r e a s u r y i n c o n n e c t i o n w i t h
the issue, d e l i v e r y , s a f e k e e p i n g , r e d e m p t i o n , a n d p a y m e n t o f bonds o f Series E .
I s s u i n g agencies q u a l i f i e d p u r s u a n t t o
T r e a s u r y D e p a r t m e n t C i r c u l a r N o . 657, as amended or s u p p l e m e n t e d , w i l l be s u b j e c t t o t h e p r o v i s i o n s o f t h a t c i r c u l a r .
4.
T h e S e c r e t a r y o f t h e T r e a s u r y m a y a t a n y t i m e or f r o m t i m e t o t i m e s u p p l e m e n t or a m e n d t h e t e r m s o f
this
c i r c u l a r , or o f a n y a m e n d m e n t s or supplements t h e r e t o , i n f o r m a t i o n as t o w h i c h w i l l be p r o m p t l y f u r n i s h e d t o t h e
Postmaster General a n d t h e F e d e r a l Reserve B a n k s a n d B r a n c h e s .
H E N R Y M O R G E N T H A U , Jr.,
Secretary
of the
Treasury.
U N I T E D STATES SAVINGS B O N D S - S E R I E S
E
T A B L E OF R E D E M P T I O N V A L U E S A N D I N V E S T M E N T
Table showing:
YIELDS
( 1 ) H o w bonds o f Series E , b y d e n o m i n a t i o n s , increase i n r e d e m p t i o n value d u r i n g successive h a l f -
y e a r p e r i o d s f o l l o w i n g issue; ( 2 ) t h e a p p r o x i m a t e i n v e s t m e n t y i e l d on t h e purchase p r i c e f r o m issue date t o t h e b e g i n n i n g o f each h a l f - y e a r p e r i o d ; a n d ( 3 ) t h e a p p r o x i m a t e i n v e s t m e n t y i e l d on t h e c u r r e n t r e d e m p t i o n value f r o m
b e g i n n i n g o f each h a l f - y e a r p e r i o d t o m a t u r i t y .
the
Y i e l d s a r e expressed i n terms o f r a t e p e r c e n t per a n n u m , compounded
semiannually.
MATURITY
Issue Price
VALUE
$25.00
18.75
$50.00
37.50
$100.00
75.00
$500.00
375.00
$1,000.00
.
750.00
i
Period after issue date
F i r s t y2 year
Vi to 1 year
1 t o 1 y 2 years
iy2 t o 2 years
2 to
years
2 y 2 t o 3 years
3 t o 3 % years
3y> to 4 years
4 t o 4 % years
t o 5 years
5 t o 5 y2 years
5 % t o 6 years
6 t o 6 Y i years
6y2 t o 7 years
7 t o 7 y2 years
iy2 t o 8 years
8 t o 8 y2 years
8 y2 t o 9 years
9 t o 9 y2 years
9 % t o 10 years
Maturity Value
( 1 0 y e a r s f r o m issue d a t e )
(1) Redemption values during each half-year period
from issue date
to beginning of
each half-year
period
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
$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
Percent
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.
12
Page
(2) Approximate (3) Approximate
investment
yield on puryield on current
[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
n
•1r-44 , v
,
TREASURY DEPARTMENT,
Department Circular No. 654
Second Revision
OFFICE
OFFERING
THE
Washington,
Fiscal Service
B u r e a u of t h e P u b l i c D e b t
I.
OF
OF UNITED
STATES SAVINGS
BONDS
OF
SERIES
F
SECRETARY,
January
AND
1, 1944.
SERIES
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 6 , which may hereinafter be referred to as bonds
of Series F and Series G. Bonds of a new design, without change i n terms, w i l l 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 w i l l continue u n t i l 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.
DESCRIPTION
AND
TERMS
OF
BONDS
1. Bonds of Series F and Series G w i l l be issued only i n registered form, i n 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 w i l l bear the facsimile signature of the Secretary of the Treasury, and
w i l l bear an i m p r i n t i n color (brown for Series F and blue for Series G) of the Seal of the Treasury.
A t the time of issue, on the face of each bond, the issuing agent w i l l inscribe the name and address of
the owner and the name of the coowner or beneficiary, i f any, w i l l enter the issue date (which is the
first day of the month i n which payment of the issue price is received by the Treasury or an authorized
issuing agent), and w i l l i m p r i n t his dating stamp (to show the date the bond is actually inscribed).
Bonds of Series F and Series G shall be valid only i f 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, i n each instance, be dated as of the first day of the month i n
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 w i l l mature and be payable at face value 12 years
f r o m such issue date. The issue date is the basis for determining the redemption or maturity period
of the bond, and the date appearing i n 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 f r o m the issue date, at
the owner's option, at fixed redemption values.
3. Bonds of Series F w i l l be issued on a discount basis at 74 percent of their maturity value. No interest as such w i l l be paid on the bonds, but they w i l l increase i n redemption value at the end of the
first year from issue date, and at the end of each successive half-year period thereafter u n t i l their
maturity, when the face amount becomes payable. The increment i n value w i l l 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 i f the bonds are held to m a t u r i t y ; i f the owner exercises his option
to redeem'a bond prior to maturity the investment yield w i l l be less.
P a g e 13
4. Bonds of Series G w i l l be issued at par, and w i l l bear interest at the rate of
percent per
annum, payable semiannually from issue date. Interest w i l l be paid by check drawn to the order of
the registered owner. Interest w i l l cease at maturity, or, i n 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, i f the
owner exercises his option to redeem a bond prior to maturity, the investment yield w i l l be less than
the interest rate on the bond. Bonds of Series G may be redeemed at par, in whole or i n part, (1)
upon the death of the owner, or a coowner, i f a natural person, or (2) as to bonds held by a trustee
or other fiduciary, upon the death of any person which results i n termination of the trust. I f the
trust is terminated only i n part, redemption at par w i l l be made only to the extent of the pro rata
portion of the trust so terminated, to the next lower multiple of $100. I n 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 w i t h i n 4 months
after the date of death and i n accordance w i t h 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, d u r i n g 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
f r o m 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 w i l l not be transferable, and w i l l be payable only to the owner
named thereon, except i n case of death or disability of the owner or as otherwise specifically provided
i n the regulations governing savings bonds, and i n any event only i n accordance w i t h said regulations. Accordingly they may not be sold, discounted, hypothecated as collateral for a loan or the performance of a service, or disposed of i n any manner other than as provided i n the regulations governing savings bonds, and, except as provided i n said regulations, the Treasury Department w i l l
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 i n
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 m a t u r i t y )
shall be considered as interest, and that interest and interest on bonds of Series G, are not exempt
f r o m 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 i n 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 w i l l govern the dating of the bonds issued.
2. Payment for bonds.—Every application must be accompanied by payment i n f u l l of the issue
price. A n y f o r m of exchange, including personal checks, w i l l be accepted, subject to collection.
Cheeks, 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
F o r i n f o r m a t i o n c o n c e r n i n g t h e t a x a b l e a n d e x e m p t »tatus u n d e r F e d e r a l t a x l a w s of the i n t e r e s t ( i n c r e m e n t i n v a l u e ) o n U n i t e d S t a t e *
S a v i n g s B o n d s issued o n a d i s c o u n t basis ( i n c l u d i n g b o n d s o f Series F ) , a n d a l t e r n a t e m e t h o d s of r e p o r t i n g s u c h i n t e r e s t , see I n t e r n a l R e v e n u e
M i m e o g r a p h , C o l l . N o . 5299, R . A . N o . 1177, d a t e d D e c e m b e r 17, 1941. F o r c r e d i t s o n a c c o u n t of V i c t o r y T a x , see I n t e r n a l R e v e n u e R e g u l a t i o n s 103, Sees. 19.453 a n d 19.454, as a m e n d e d b y T r e a s u r y D e c i s i o n 5249.
Page 14
acceptable. A n y depositary qualified pursuant to the provisions of Treasury Department Circular
No. 92 (Revised), w i l l be permitted to make payment by credit for bonds applied for on behalf of
its customers up to any amount for which i t shall be qualified i n 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 w i l l be permitted for 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.
Y ) ; (2) the post office address of the owner; (3) address for 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 issue prices of the various denominations of bonds of Series F and Series G
follow:
SERIES F
Denomination (maturity value)
Issue (purchase) Price
$25.00
$18.50
$100
$74
$500
$370
$1,000
$5,000
$3,700
$10,000
$740
$500
$500
$1,000
$1,000
$5,000
$5,000
$10,000
$10,000
$7,400
SERIES G
Denomination (maturity value)
Issue (purchase) Price
$100
$100
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 i n the name of that person alone, and those registered i n the name of that person
w i t h another named as coowner, that may be held by that person at any one time shall not exceed
$100,000 (issue price) : except that i n the case of commercial banks authorized to acquire such bonds
i n accordance w i t h Section V 1 (2) hereof, the amount shall be such as may have been or may hereafter
be provided specifically i n official circulars governing the offering of other Treasury securities, 1 but i n
no event i n 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 i n 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 i n one of the
following forms:
(1) I n the names of natural persons (that is, individuals), whether adults or minors, i n their
own right, as follows: (a) I n the name of one person; (6) i n the names of two (but not more than
two) persons as coowners; and (c) i n the name of one person payable on death to one (but not more
than one) other designated person.
(2) I n the name of an incorporated or unincorporated body i n its own r i g h t ; but may not be
registered i n the names of commercial banks, which are defined for this purpose as those accepting
1
C i r c u l a r s h e r e t o f o r e issued m a k i n g : p r o v i s i o n s f o r s u b s c r i p t i o n t o Series F a n d Series G b o n d s b y c o m m e r c i a l b a n k s are C i r c u l a r s N o s .
729 a n d 740, o f f e r i n g 2 ' / £ % T r e a s u r y B o n d s of 1 9 6 5 - 7 0 ; C i r c u l a r N o . 730, o f f e r i n g 2lA%
T r e a s u r y B o n d s of 1 9 5 6 - 5 9 ; a n d C i r c u l a r N o . 741,
o f f e r i n g 2 % T r e a s u r y B o n d s of 1 9 5 2 - 5 4 .
C i r c u l a r No., 755, o f f e r i n g 2]/2%
T r e a s u r y B o n d s of 1 9 6 6 - 7 1 a n d C i r c u l a r N o . 756, o f f e r i n g 2 %
T r e a s u r y B o n d s of 1 9 5 2 - 5 4 , w i l l also c o n t a i n s i m i l a r p r o v i s i o n s .
Page 15
demand deposits, except to such extent and under such conditions as may have been or may hereafter
be provided specifically i n official circulars governing the offering of other Treasury securities.
(3) I n 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) I n 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 i n 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 w i l l be entitled only to
request and receive payment either at or before maturity and w i l l not be entitled to reissue.
3. F u l l information regarding authorized forms of registration w i l l be found i n the regulations
currently i n 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 w i l l be delivered by mail at the risk and expense of the United States, at
the address given by the purchaser, but only w i t h i n the United States, its territories and insular possessions and the Canal Zone.2 No mail deliveries elsewhere w i l l be made. I f purchased by citizens
of the United States temporarily residing abroad, bonds w i l l be delivered at an address in the United
States, or held i n safekeeping, as the purchaser may direct. Personal delivery should not be accepted by any purchaser u n t i l he has verified that the correct name, or names, and address are duly
inscribed, that the issue date (the first day of the month i n 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 w i t h current date—all on the face of the bond. I f received by mail, the same verification
should be made, and i f any error i n 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 w i l l be held in safekeeping without charge by the
Secretary of the Treasury i f the holder so desires, and i n 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,
w i l l be utilized. Arrangements may be made f o r such safekeeping at the time of purchase, or
subsequently.
VIL
PAYMENT
AT
MATURITY
OR
REDEMPTION
PRIOR
TO
MATURITY
1. General.—Any savings bond of Series F or Series G w i l l be paid i n f u l l at maturity, or, at
the option of the owner, after 6 months from the issue date, w i l l be redeemed i n whole or i n part at
the appropriate redemption value prior to maturity, on the first day of any calendar month, on 1
month's notice i n writing, following presentation and surrender of the bond, w i t h the request for
payment properly executed, all i n accordance w i t h 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 i n w r i t i n g 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 i n advance. A duly executed
request for payment w i l l be accepted as constituting the required notice.
2
D u r i n g t h e w a r e m e r g e n c y t h e T r e a s u r y m a y suspend d e l i v e r i e s t o be m a d e a t i t s r i s k a n d expense f r o m o r t o t h e c o n t i n e n t a l U n i t e d Statea
a n d i t s t e r r i t o r i e s , i n s u l a r possessions a n d t h e C a n a l Z o n e , o r b e t w e e n a n y o f such places.
* S a f e k e e p i n g f a c i l i t i e s m a y b e o f f e r e d a t s o m e B r a n c h e s of F e d e r a l Reserve B a n k s , a n d i n »uch c o n n e c t i o n a n i n q u i r y m a y be addressed t o
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. A f t e r 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 f u l l y set f o r t h i n 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 i n the United States or its organized territories, including
officers at domestic branches ( w i t h i n the United States or its territories or insular possessions and
the Canal Zone), or at foreign branches. A l l certificates should be authenticated by official seal, i f
there is one, or by an i m p r i n t 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, i f not presented i n 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 f r o m 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 i n all cases
w i l l be made by check drawn to the order of the registered owner or other person entitled to payment, and mailed to the address given i n the request for payment.
8. Partial redemption.—Partial
of a denomination higher than $25
higher than $100, is permitted, but
t i a l redemption the remainder w i l l
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. I n case of parbe reissued i n 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 i n subsequent calendar years w i l l be similarly designated by the series letter, F or G, followed
by the year of issue.
IX. LOST, STOLEN, OR DESTROYED
BONDS
1. I f 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. I n 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, f u l l instructions for procedure w i l l 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 f u l l description of the bonds w i l l be available i f they are lost, stolen,
or destroyed. The record for each bond should show: (1) the denomination; (2) the serial number
( w i t h 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
PROVISIONS
1. A l l 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 f o r t h in Treasury Department Circular No. 530, F i f t h Revision, as amended, copies of which may be obtained on a p p l i - '
cation 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, i n whole or in part, and to refuse to issue or permit to be issued hereunder any such savings bonds i n any case or any class or classes of cases i f he deems such action to
be i n the public interest, and his action i n 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 i n connection w i t h 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 f r o m 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.
Page 18
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
U N I T E D STATES SAVINGS BONDS—SERIES
F
T A B L E OF REDEMPTION VALUES A N D INVESTMENT
YIELDS
T a b l e s h o w i n g : ( 1 ) H o w U n i t e d States S a v i n g s B o n d s o f Series F , b y d e n o m i n a t i o n s , increase i n r e d e m p t i o n value
d u r i n g successive h a l f - y e a r periods f o l l o w i n g issue; ( 2 ) t h e a p p r o x i m a t e i n v e s t m e n t y i e l d on t h e purchase p r i c e f r o m issue
d a t e t o t h e b e g i n n i n g o f each h a l f - y e a r p e r i o d ; a n d ( 3 ) the a p p r o x i m a t e i n v e s t m e n t y i e l d on t h e c u r r e n t r e d e m p t i o n value
f r o m t h e b e g i n n i n g o f each h a l f - y e a r p e r i o d t o m a t u r i t y .
Y i e l d s a r e expressed i n t e r m s o f r a t e percent p e r a n n u m ,
compounded s e m i a n n u a l l y .
Maturity Value
Issue Price
$25.00
$18.50
P e r i o d a f t e r issue date
$100.00
$74.00
$500. 00
$370.00
$1,000
$740
$5,000
$3, 700
$10,000
$ 7,400
( 1 ) R e d e m p t i o n v a l u e * d u r i n g each h a l f - y e a r p e r i o d
(2) Approximate
investment yield
on purchase
price f r o m
issue date t o
b e g i n n i n g of
each h a l f - y e a r
0. 00
.27
.45
Percent
• 2 . 53
2.64
2. 73
2. 82
Percent
F i r s t % year
% to 1 year
1 t o 1 % years
1 % t o 2 years
N o t redeemable
$18. 50
$74.00
18. 55
74. 20
18. 62
74. 50
$370.00
371.00
372. 50
$740
742
745
$3,700
3, 710
3, 725
$7, 400
7, 420
7, 450
(3) Approximate
investment yield
on current
redemption value
from beginning
of each h a l f - y e a r
period to m a t u r i t y
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.
75.
76.
76.
90
40
00
70
374. 50
377. 00
380. 00
383.50
749
754
760
767
3,
3,
3,
3,
745
770
800
835
7,
7,
7,
7,
490
540
600
670
.61
.75
.89
1. 03
2. 9 1
2. 99
3.07
3.15
4 to 4 %
4 % to 5
5 to 5%
5% to 6
years
years
years
years
19.
19.
19.
20.
40
65
92
22
77.
78.
79.
80.
60
60
70
90
388.00
393.00
398.50
404.50
776
786
797
809
3,
3,
3,
4,
880
930
985
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.
20.
21.
21.
55
87
20
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,
8,
8,
8,
220
350
480
610
1.
1.
1.
2.
76
87
96
03
3. 29
3.31
3.32
3.35
8 t o 8 % years
8 % t o 9 years
9 t o 9 % years
9 % t o 10 years
21.
22.
22.
22.
85
17
50
85
87.
88.
90.
91.
40
70
00
40
437. 00
443.50
450. 00
457. 00
874
887
900
914
4,370
4, 435
4, 500
4,570
8,
8,
9,
9,
740
870
000
140
2. 09
2.14
2.19
2.24
3.40
3. 46
3.54
3. 63
10 t o 1 0 %
1 0 % t o 11
11 to 11%
l i y 2 t o 12
23.
23.
24.
24.
22
62
05
50
92.
94.
96.
98.
90
50
20
00
464. 50
472. 50
481. 00
490.00
929
945
962
980
4,
4,
4,
4,
9,
9,
9,
9,
290
450
620
800
2.
2.
2.
2.
3. 72
3. 81
3. 9 1
4.08
$100. 00
$500.00
$1,000
years
years
years
years
MATURITY
(12 y e a r s
sue d a t e )
645
725
810
900
29
34
40
46
20
24
27
29
VALUE
f r o m is$25.00
$5,000
$10,000
2. 53
' A p p r o x i m a t e i n v e s t m e n t y i e l d f o r e n t i r e p e r i o d f r o m issuance t o m a t u r i t y .
V a g - 19
UNITED
STATES SAVINGS BONDS—SERIES
T A B L E OF R E D E M P T I O N V A L U E S A N D
G
INVESTMENT
YIELDS
T a b l e s h o w i n g : ( 1 ) H o w U n i t e d States Savings B o n d s o f Series G ( p a y i n g a c u r r e n t r e t u r n a t t h e r a t e o f 2 % percent
p e r a n n u m on t h e purchase price, p a y a b l e s e m i a n n u a l l y ) change i n r e d e m p t i o n value, b y d e n o m i n a t i o n s , d u r i n g successive
h a l f - y e a r p e r i o d s f o l l o w i n g issue; ( 2 ) t h e a p p r o x i m a t e i n v e s t m e n t y i e l d on t h e purchase p r i c e f r o m issue date t o the beginn i n g o f each h a l f - y e a r p e r i o d ; a n d ( 3 ) t h e a p p r o x i m a t e i n v e s t m e n t y i e l d on t h e c u r r e n t r e d e m p t i o n value f r o m t h e b e g i n n i n g
o f each h a l f - y e a r p e r i o d t o m a t u r i t y . Y i e l d s a r e expressed i n t e r m s o f r a t e percent p e r a n n u m , compounded s e m i a n n u a l l y ,
a n d t a k e i n t o account the c u r r e n t r e t u r n .
Maturity Value
Issue Price
$100.00
$100.00
$500.00
$500.00
$1, 000
$1,000
$10,000
$10,000
(1) Redemption valuet during each half-year period
Period after issue date
$98. 80
97. 80
96. 90
% to 1 year
1 t o 1 % years
t o 2 years
$5,000
$5, 000
$494. 00
489. 00
484.50
$988
978
969
$4, 940
4, 890
4, 845
$9, 880
9, 780
9, 690
(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
period to maturity
0.10
.30
.44
Percent
*2.
2.
2.
2.
50
62
73
84
2 to 2 %
2% to 3
3 to 3
3 % to 4
years
years
years
years
96. 20
95. 60
95.10
94. 80
481. 00
478.00
475.50
474. 00
962
956
951
948
4,
4,
4,
4,
810
780
755
740
9,
9,
9,
9,
620
560
510
480
.61
.75
.88
1. 04
2. 94
3. 04
3.13
3. 20
4 to 4 %
4 % to 5
5 to 5%
to 6
years
years
years
years
94.
94.
94.
95.
473.
473.
474.
476.
50
50
50
00
947
947
949
952
4,
4,
4,
4,
735
735
745
760
9,
9,
9,
9,
470
470
490
520
1. 20
1.35
1. 51
1.66
3.
3.
3.
3.
6 to 6 %
6 % to 7
7 to 7 %
7 % to 8
years
years
years
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, 550
9, 580
9, 610
9,640
1.
1.
1.
2.
79
89
98
05
3. 33
3. 34
3. 35
3.37
8 t o 8 % vears
8 % t o 9 years
9 to
years
9 % t o 10 years
96.
97.
97.
97.
70
00
30
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. 5 1
10 t o 1 0 %
1 0 % t o 11
11 t o 1 1 %
1 1 % t o 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,
9,
9,
9,
790
820
860
920
2. 3 1
2. 35
2. 39
2.44
3.60
3. 75
3. 94
4.13
$100.00
$500.00
$1, 000
$10, 000
2. 50
years
years
years
years
MATURITY
(12 years
sue d a t e )
70
70
90
20
26
30
32
33
VALUE
f r o m is$5, 000
•Approximate investment yield for entire period from issuance to maturity.
OTHER
SERIES
United States Savings Bonds of Series B are also offered for sale concurrently w i t h those of
Series F and Series 6 . They are fntended p r i m a r i l y for the investment of- small or moderate amounts
saved from current income by individuals, and their issue is restricted to individuals i n their own
right, w i t h the amount originally issued to any one person during any one calendar year that that
person may hold limited to $5,000 (maturity value). F u l l particulars regarding Savings Bonds of
Series E are set f o r t h i n Treasury Department Circular No. 653, Second Revision, dated August 31,
1943, copies of which may be obtained f r o m the Treasury Department, "Washington, or f r o m any
Federal Reserve Bank or Branch.
P a g e 20
UNITED STATES TREASURY DEPARTMENT
REGULATIONS
GOVERNING
UNITED STATES
SAVINGS BONDS
Department Circular No. 530
SIXTH REVISION
February 13, 1945
TABLE OF CONTENTS
Subpart A — A P P L I C A B I L I T Y .
Sec. 315.1—Applicability of regulations.
Subpart B — R E G I S T R A T I O N .
Sec. 315.2—General.
Sec. 315.3—Restrictions.
See. 315.4—Authorized forms of registration, Series E , and general
provisions relating to their
use.
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 — L I M I T A T I O N O N HOLDINGS.
Sec. 315.8—Amount which may be held.
Sec. 315.9—Calculation of amount.
Sec. 315.10—Disposition of excess.
Subpart D — L I M I T A T I O N
O N TRANSFER
A N D J U D I C I A L PROCEEDINGS.
Sec. 315.11—Not transferable.
Sec. 315.12—Pledge w i t h the Secretary of
the Treasury or Federal
Reserve Banks.
Sec. 315.13—Judicial proceedings (judgment creditors, trustees i n
bankruptcy, receivers
of
insolvents' estates and conflicting claimants).
Sec. 315.14—Evidence necessary.
Sec. 315.15—Notice of pending proceedings not accepted.
Subpart E — S A F E K E E P I N G F A C I L I T I E S .
Sec. 315.16—Safekeeping of bonds.
Subpart F — L O S T , S T O L E N , M U T I L A T E D ,
D E F A C E D OR DESTROYED BONDS.
Sec. 315.17—Relief i n case of loss, etc., by
owner.
Sec. 315.18—Relief i n case of nonreceipt.
Subpart G—INTEREST.
Sec. 315.19—General.
Sec. 315.20—Appreciation bonds.
Sec. 315.21—Current income bonds.
Subpart H — G E N E R A L P A Y M E N T A N D RED E M P T I O N PROVISIONS.
Sec. 315.22—Payment at maturity.
Sec. 315.23—Redemption before maturity.
Sec. 315.24—Form and execution of requests for payment.
Sec. 315.25—Certifying officers.
Sec. 315.26—General instructions to certif y i n g officers.
Sec. 315.27—Interested person not to certify.
Sec. 315.28—Presentation and surrender—
all series.
Sec. 315.29—Optional procedure limited to
bonds of Series A to E , inclusive, i n names of individual owners or coowners
only.
Sec. 315.30—Partial redemption.
Sec. 315.31—Nonreceipt or loss of checks
issued i n payment.
Page 21
Subpart I — G E N E R A L REISSUE A N D
N O M I N A T I O N A L EXCHANGE.
DE-
Sec. 315.32—General.
Sec. 315.33—Requests for reissue.
Sec. 315.34—Agencies authorized to make
reissue.
Sec. 315.35—Effective date.
Sec. 315.36—Date of bonds on reissue.
Sec. 315.37—Denominational exchange.
Subpart
J —MINORS
AND
PERSONS
UNDER OTHER LEGAL DISABILITY.
Sec. 315.38—Payment to legal guardians.
Sec. 315.39—Payment to minors.
Sec. 315.40—Payment to a parent or other
person on behalf of a minor.
Sec. 315.41—Payment to voluntary guardian of person under disability.
Sec. 315.42—Reissue i n
minor.
the
case
of
a
Subpart K — S I N G L E
NAME—ADDITION
OF COOWNER, ETC.
Sec. 315.43—Payment or reissue.
Sec. 315.44—Reissue for certain purposes.
Subpart L — T W O
NAMES—COOWNERSHIP
FORM.
Sec. 315.45—Payment or reissue.
Subpart M — T W O
NAMES — BENEFICIARY
FORM.
Sec. 315.46—Payment or reissue.
Subpart N—DECEASED OWNERS.
Sec. 315.47—Payment or reissue on death
of owner.
http://fraser.stlouisfed.org/
Page 22
Federal Reserve Bank of St. Louis
t
Subpart 0 — F I D U C I A R I E S .
Sec. 315.48—Payment to fiduciaries.
Sec. 315.49—Reissue i n the name of a
succeeding fiduciary.
Sec. 315.50—Reissue or payment to person
entitled.
Subpart P — P R I V A T E
ORGANIZATIONS
(CORPORATIONS,
ASSOCIATIONS,
PARTNERSHIPS, ETC.)
Sec. 315.51—Payment to corporations or
unincorported associations.
Sec. 315.52—Payment to partnerships.
Sec. 315.53—Payment to other organizations (churches, hospitals,
homes, schools, etc.).
Sec. 315.54—-Reissue i n name of trustee for
investment purposes.
Sec. 315.55—Reissue or payment to successors of corporations, unincorporated
associations
or partnerships.
Sec. 315.56—Reissue or payment on dissolution.
Subpart Q — S T A T E S , P U B L I C C O R P O R A TIONS, A N D P U B L I C BOARDS, COMMISSIONS A N D OFFICERS.
Sec. 315.57—In names of States, public
corporations
and
public
boards.
Sec. 315.58—In names of public officers.
Subpart R — F U R T H E R PROVISIONS.
Sec. 315.59—Regulations prescribed.
Sec. 315.60—Preservation of rights.
Sec. 315.61—Additional proof — bond of
indemnity.
See. 315.62—Correspondence,
certificates,
notices and forms — presentation and surrender.
See. 315.63—Supplements, amendments or
revisions.
Regulations Governing United States Savings Bonds
Department Circular No. 530
Sixth Revision
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Fiscal Service
Bureau of the Public Debt
Washington,
February
IS,
1945.
T o O W N E R S OF U N I T E D S T A T E S S A V I N G S B O N D S , A N D O T H E R S C O N C E R N E D :
Department Circular No. 530, F i f t h Revision, dated June 1, 1942 (31 C. F. R. 315), as amended
and supplemented, is hereby further amended and issued as a Sixth Revision to read as follows:
Subpart A—APPLICABILITY
Sec. 315.1. A p p l i c a b i l i t y of regulations.—These regulations, published for the information and
guidance of all concerned, 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 are issued only i n registered form. The
name and post office (mailing) address of the owner, as well as the name of the coowner or designated
beneficiary, i f any, and the date as of which the bond is issued w i l l be inscribed thereon at the time
of issue by an authorized issuing agent. 1 The f o r m of registration used must express the actual
ownership of and interest i n the bond and, except as otherwise specifically provided i n these regulations, w i l l be considered as conclusive of such ownership and interest. The Treasury Department
w i l l recognize no notices of adverse claims to savings bonds and w i l l enter no stoppages or caveats
against payment i n accordance w i t h 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 i n these
regulations, may be made i n 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 the
Canal Zone), and the Commonwealth of the Philippine Islands, 2 citizens of the United States
temporarily residing abroad and nonresident aliens employed i n the United States by the Federal
Government or an agency thereof may be named as owners, coowners or designated beneficiaries
of savings bonds originally issued on or after A p r i l 1, 1940, or of authorized reissues thereof, except
that such persons may name as coowners or beneficiaries of their bonds American citizens permanently
residing abroad or nonresident aliens who are not citizens of enemy nations. American citizens
permanently residing abroad and nonresident aliens who become entitled to bonds under these
regulations, by right of survivorship or otherwise upon the death of another, w i l l have the right
only to receive payment either at or before maturity. 3
Sec. 315.4. Authorized forms of registration, Series E, and general provisions relating to their
use.
(a) Forms of registration.—Bonds
of Series E may be registered only i n the names of individuals (natural persons), whether adults or minors, i n their own right i n one of the following
forms:
(1) ONE P E R S O N : I n the name of one person, for example:
" J o h n A . Jones."
.
(2) T W O PERSONS — C O O W N E R S H I P F O R M :
I n the names of two (but not more
than two) persons i n the alternative as coowners, for example:
" J o h n A . Jones OR Mrs. E l l a S. Jones."
No other f o r m of registration establishing coownership is authorized.
1
T h e d a t e o f m a t u r i t y is also i n s c r i b e d on s a v i n g s bonds o f Series A , B a n d D .
2
S u b j e c t t o t h e t e r m s o f E x e c u t i v e O r d e r N o . 8389, as amended, a n d t h e r e g u l a t i o n s issued t h e r e u n d e r .
See f o o t -
n o t e 3.
* U n d e r t h e t e r m s o f E x e c u t i v e O r d e r N o . 8389, as amended, a n d t h e r e g u l a t i o n s issued thereunder, bonds m a y
n o t be issued or p a i d t o n a t i o n a l s (as defined i n s a i d O r d e r ) o f blocked c o u n t r i e s or t o n a t i o n a l s o f enemy c o u n t r i e s ,
w h e t h e r or n o t r e s i d i n g i n t h e U n i t e d States, unless such n a t i o n a l s a r e g e n e r a l l y o r specially licensed u n d e r t h e t e r m s
of the Order.
P a g e 23
(3) T W O P E R S O N S — B E N E F I C I A R Y F O R M : I n 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 M a r y 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.
T R E A S U R E R OF T H E U N I T E D S T A T E S AS B E N E F I C I A R Y : I f i t is desired that a
bond revert to the United States upon the death of the owner, i t may be registered i n
the name of the owner w i t h the Treasurer of the United States as beneficiary. A
bond so registered may not be reissued to eliminate the beneficiary. Section 315.46
(6) (2), w i t h regard to reissue to eliminate a beneficiary w i t h his written consent,
shall not apply thereto.
(b)
General provisions
relating
to forms of
registration.—
(1) N A M E S A N D T I T L E S . — T h e f u l l name of the owner and that of the coowner or
beneficiary, i f any, should be used and should be the name by which the person is ordinarily
known or that under which he does business; i f there are two given names the i n i t i a l of one
may be used, and i f a person is habitually known or does business by initials only of his given
names, registration may be i n such form. I n the case of women, the name should be preceded
by " M i s s " or " M r s . " and a married woman's own given name should be used, not that of her
husband, for example, " M r s . Mary A . Jones", not " M r s . Frank B. Jones". The name may be
preceded by any applicable title such as " D r . " , " R e v . " , etc. The use of suffixes such as " S r . "
and " J r . " is desirable whenever applicable. Suffixes such as " M . D . " and " D . D . " may also
be used.
(2) M I N O R S . — A minor, whether or not under legal guardianship, may be named as
owner, coowner, or beneficiary on bonds purchased by another person w i t h such person's own
funds. A minor may name a coowner or beneficiary on bonds purchased by him from his wages,
earnings, or other money i n his possession.
B u t bonds purchased by another person w i t h
funds already belonging to a minor should be registered i n the name of the minor alone, followed
by an appropriate reference i f the minor is under legal guardianship, as, for example, " J o h n
Smith, a minor under legal guardianship", or " J o h n Smith, a minor under legal guardianship of
Henry C. S m i t h . "
(3) INCOMPETENTS.—Bonds should not be registered i n the name of an incompetent,
who is defined for this purpose as a person under disability for reasons other than minority,
unless a legal representative of his estate has been appointed. I f a representative has been
appointed the bonds may be registered i n the name of the incompetent followed by the addition
of appropriate words, for example, " F r a n k Jones, an incompetent under legal guardianship
(or conservatorship) " or " F r a n k Jones, an incompetent under legal guardianship (or conservatorship) of Henry S m i t h . "
(4) TERMS.—The terms " g u a r d i a n " , " l e g a l guardian", or " l e g a l representative", as used
i n this Subpart, refer to a guardian or representative of the estate appointed by a court or otherwise legally qualified. These terms do not refer to a voluntary or natural guardian such as a
parent, including a parent to whom custody of a child has been awarded through divorce proceedings or a parent by adoption through court proceedings.
Sec. 315.5. Authorized forms of registration, Series F and G.—Bonds of Series F or G may
be registered i n the names of individuals (natural persons) i n their own right as set f o r t h i n Section
315.4, subject to the same conditions as therein set forth, and i n the names of fiduciaries, corporations,
associations and partnerships, as owners (not as coowners or beneficiaries), except as follows: (1) they
may not be registered i n the name of a trustee under a statute, regulation, agreement, or other instrument where the funds used represent merely security for the performance of a duty or obligation,
and (2) they may be registered i n the names of commercial banks, which are defined for this purpose
as those accepting demand deposits, only to such extent and under such conditions as may have been
or may hereafter be provided specifically i n official circulars governing the offering of other Treasury
securities.4 The following forms are authorized for such registration:
* Examples o f official circulars governing the o f f e r i n g of other Treasury securities and a u t h o r i z i n g the r e g i s t r a t i o n
o f savings bonds o f Series F and G i n the names of commercial banks under conditions therein specified, are Treasury
Department Circulars Nos. 729, 730, 740, 741, 755, a n d 756. The o f f e r i n g circular f o r savings bonds of Series F a n d G
and this c i r c u l a r w i l l n o t hereafter be amended to include any specific provisions f o r the r e g i s t r a t i o n of such bonds i n
the names o f commercial banks, b u t such provisions shall have the same force and effect as i f specifically incorporated
i n this and i n the o f f e r i n g circular.
Page 24
(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
eourt of competent jurisdiction or otherwise legally qualified, all of whose names must be included
i n the registration, followed by adequate identifying reference to the estate, for example:
" J o h n Smith, executor of the w i l l (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)".
Bonds belonging to a trust which an executor is authorized to administer under the terms of the
will, although he is not named as trustee, may be registered i n accordance w i t h the following
example:
" J o h n Smith, executor of the w i l l of Henry J. Smith, deceased, i n trust for Mrs. Jane
Smith, w i t h remainder over."
I f a guardian or other legal representative holds a common f u n d for the account of two or more
estates or wards, bonds should be registered i n the name of the representative for each such estate or ward separately, even though the representative was appointed i n 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 and title of the trustee, or trustees, of a single duly constituted
trust estate (which w i l l be considered as an entity) substantially i n accordance w i t h the forms set
f o r t h i n subparagraphs (1) to (5) including, unless otherwise indicated therein, an adequate identifying reference to the trust instrument or other authority creating the trust. I n each instance the
trustee, or all the trustees i f there are more than one, should be designated by name and title except
as provided i n subparagraphs (3) to (5) and as follows: I f the trustees are too numerous to be designated i n the inscription by names and title, registration may be i n the form, for example, " J o h n
Smith, Henry Jones, et al, trustees under the w i l l of W i l l i a m C. Brown, deceased", or "Trustees under
the w i l l of W i l l i a m C. Brown, deceased"; i f the instrument creating the trust authorizes the trustees
to act as a board, registration may be by title only, as, for example, "Trustees of the Lotus Club,
Washington, Indiana, under Article X of its constitution", or " B o a r d of Trustees of the Lotus Club,
Washington, Indiana, under Article X of its constitution.'' The following forms of registration are
authorized under this subsection:
(1) T R U S T E E U N D E R W I L L , D E E D OF TRUST, OR S I M I L A R I N S T R U M E N T . —
I n the name of the trustee or trustees under a will, deed of trust, agreement, or similar instrument, for example:
" J o h n C. Brown and the F i r s t National Bank, trustees under the w i l l of Henry C. Brown,
deceased", or " T h e Second National Bank, trustee under an agreement w i t h George
E. White, dated February 1, 1935."
(2) T R U S T E E S O F P E N S I O N , R E T I R E M E N T , OR S I M I L A R F U N D . — I n the
names and title, or title alone, of trustees of a pension or retirement f u n d or of an investment,
insurance, annuity, or similar f u n d or trust, but i n all such cases the f u n d w i l l be regarded as
an entity regardless of the number of beneficiaries or the manner i n which their respective
interests are established or determined. Segregation of individual shares as a matter of bookkeeping or as a result of individual agreements w i t h beneficiaries or the express designation of
individual shares as separate trusts w i l l not operate to constitute separate trusts under these
regulations. Such trusts w i l l not be deemed to terminate, i n whole or i n part, upon the death
of any person, for the purpose of redemption at par under the provisions of Section 315.23 (c).
(3) T R U S T E E S OR B O A R D OF T R U S T E E S OF L O D G E ,
S I M I L A R O R G A N I Z A T I O N . — I n the title of the trustees or the
i n trust the legal title to the property of a lodge, church, society,
lowed preferably by reference to the appropriate provisions of its
example:
C H U R C H , S O C I E T Y , OR
board of trustees who hold
or similar organization, folconstitution or bylaws, for
"Trustees of Jamestown Lodge No. 1000, Benevolent and Protective Order of Elks, under
Section 10 of its b y l a w s " ; "Trustees of the First Baptist Church, Akron, Ohio, acting
as a board under Section 15 of its b y l a w s " ; or " B o a r d of Trustees of the Lotus Club,
Washington, Indiana, under Article X of its constitution.''
P a g e 25
(4) P U B L I C O F F I C E R S , CORPORATIONS, OR B O D I E S A S T R U S T E E S . — I n the
titles of public officers or the names of public corporations or public bodies acting as trustee
under express authprity of law, for example:
" S i n k i n g F u n d Commission, trustee of State Highway Certificates of Indebtedness
Sinking Fund, under Section 5972, Code of South C a r o l i n a " ; or " W a r d e n , Illinois
State Penitentiary, Joliet Branch, Trustee of Inmates' Amusement Fund, under
Chapter 23, Sections 34a and 34b, Illinois Revised Statutes, 1941."
(5) SCHOOL O F F I C E R S AS T R U S T E E S F O R B E N E F I T O F S T U D E N T B O D Y ,
E T C . — I n the title of a principal or other officer of a public, private or parochial school, as
trustee for the benefit of the student body, or a class, group or activity thereof, for example:
' ' Principal, Western H i g h School, i n trust for Class of 1945 L i b r a r y F u n d . ' '
A w r i t t e n agreement of trust w i l l not be required i f the amount to be purchased does not
exceed $250 (maturity value).
(c) Private organizations
(corporations,
associations,
partnerships,
etc.).—In
the name
of any private organization (for commercial banks see Section 315.5), using i n each case the f u l l legal
name of the organization without mention of any officer or member by name or title, but making
reference, i f desired, to a,particular book account or f u n d (not a t r u s t ) , as follows:
(1) A C O R P O R A T I O N . — A business, fraternal, religious or other private corporation,
followed, preferably, by the words " a corporation" (unless the fact of incorporation is shown i n
the name), for example:
" S m i t h Manufacturing Company, a corporation"; or "Jones and Brown, I n c . "
(2) A N U N I N C O R P O R A T E D
A S S O C I A T I O N . — A n unincorporated lodge, society
or similar self-governing association, followed, preferably, 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 P A R T N E R S H I P . — A partnership, considered as an entity, followed by the words
" a partnership", for example:
" S m i t h and Brown, a partnership", or " A c m e Novelty Company, a partnership."
(4) O T H E R O R G A N I Z A T I O N S . — A church, hospital, home, school, or similar institution, regardless of the manner i n which i t is organized or governed or title to its property is
held, for example:
" S h r i n e r s ' Hospital for Crippled Children, St. Louis, Missouri", " S t . Mary's Roman
Catholic Church, Albany, New Y o r k " , or "Rodeph Shalom Sunday School, Philadelphia, Pennsylvania."
(d) States and public corporations.—In
the f u l l legal name or title of the owner or custodian
of public funds, other than trust funds, as follows:
(1) A n y 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) A n y board, commission or other public body duly constituted by law, for example:
" M a r y l a n d State Highway Commission."
(3) A n y public officer designated by title only, for example:
"Treasurer, City of Chicago."
Registration may include reference to a particular bookkeeping account, i f desired.
Sec. 315.6. Unauthorized registration.—Savings bonds inscribed i n a f o r m not substantially
i n agreement w i t h those authorized by this Subpart w i l l not be considered as validly issued and
w i l l be accepted only for a refund of the purchase price, except i n those cases i n 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 issued i n any f o r m of registration permitted by the regulations i n effect on the
date of original issue, w i t h respect to bonds of that series.
Page 26
Subpart C—LIMITATION ON HOLDINGS
Sec. 315.8. 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 A c t 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 for each calendar year.
(b) Series E.—$5,000 (maturity value) for each calendar year.
(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, i n the case of commercial banks authorized to acquire such bonds i n accordance w i t h Section
315.5, the limitation shall be such as may have been or may hereafter be provided specifically i n
official circulars governing the offering of other Treasury securities, but i n no event i n excess of
$100,000 (issue price) for any calendar year.
Sec. 315.9. Calculation of amount.—In computing the amount of savings bonds of any one
series issued d u r i n g any one calendar year held by any one person at any one time for the purpose of
determining whether the amount is i n excess of the authorized l i m i t as set f o r t h i n the next preceding
section, the following rules shall govern:
(а) 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, and
the holdings of each person, individually and i n a fiduciary capacity, shall be computed separately.
(б) I n the case of bonds of Series A , B, C, D and E, the computation shall be based upon mat u r i t y values. I n the case of bonds of Series F and G, the computation shall be based upon issue
prices.
(c) Except as provided i n subsection ( d ) , there must be taken into account: (1) all bonds
originally issued to and registered i n the name of that person alone; (2) all bonds originally issued
to and registered i n the name of that person as coowner or reissued, at the request of the original
owner, to add the name of that person as coowner or to designate him as coowner instead of as
beneficiary under the provisions of this circular, except that the amount of bonds of Series E held
i n coownership f o r m may be applied to the holdings of either of the coowners, but w i l l 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 i n which his interest is only that of a beneficiary under a t r u s t ; or (3)
those to which he is entitled as surviving designated beneficiary upon the death of the registered
owner, 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 i n his own
right before March 1, 1941; or (4) w i t h respect to bonds of Series E, those purchased w i t h the proceeds of matured bonds of Series A , where the Series A bonds were presented by an individual
(natural person i n his own right) owner or coowner for that purpose and the Series E bonds are
registered i n his name i n any f o r m of registration authorized for that series.
(e) Nothing herein contained shall be construed to invalidate any holdings w i t h i n or, except as
provided i n subsection (c) above, to validate any holdings i n excess of, the authorized limits, as
computed under the regulations i n force at the time such holdings were acquired.
Sec. 315.10. Disposition of excess.—If any person at any time acquires savings bonds issued
during any one calendar year i n excess of the prescribed amount, the excess must be immediately
surrendered for refund of the purchase price, less ( i n the case of Series G bonds) any interest which
may have been paid thereon, or for such other adjustment as may be possible.
Subpart D—LIMITATION ON TRANSFER AND JUDICIAL PROCEEDINGS
Sec. 315.11. Not transferable.—Savings bonds are not transferable and are payable only to
the owners named thereon, except i n case of the disability or death of the owner, authorized reissue,
or as otherwise specifically provided i n this Subpart, but i n any event only i n accordance w i t h the
provisions of these regulations. A savings bond may not be hypothecated or pledged as collateral
for a loan or used as security for the performance of an obligation, except as provided i n Section
315.12.
Page 27
Sec. 315.12. Pledge w i t h the Secretary of the Treasury or Federal Reserve Banks.—A savings
bond may be pledged by the registered owner i n lieu of surety under the provisions of Department
Circular No. 154, amended, i f the bond approving officer is the Secretary of the Treasury, in which
case an irrevocable power of attorney shall be executed authorizing the Secretary of the Treasury
to request payment. A savings bond may also be deposited as security w i t h 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 .
Sec. 315.13. Judicial proceedings (judgment creditors, trustees i n bankruptcy, receivers of
insolvents' estates and conflicting claimants).—A claim against an owner or coowner of a savings
bond and conflicting claims as to ownership of or interest i n such bond as between coowners or the
registered owner and a designated beneficiary, w i l l be recognized when established by valid judicial
proceedings and payment or reissue w i l l be made, upon presentation and surrender of the bond,
except as follows:
(1) No such proceedings w i l l be recognized i f 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 a surviving coowner or beneficiary.
(2) A judgment creditor, a trustee i n bankruptcy or a receiver of an insolvent's estate
w i l l have the right to payment (but not to reissue) and a judgment creditor w i l l be limited to
payment at the redemption value current t h i r t y days after the termination of the judicial
proceedings or current at the time the bond is received, whichever is smaller.
(3) I f a debtor, or bankrupt, or insolvent, is not the sole owner of the bond, payment w i l l be
made only to the extent of his interest therein, which must be determined by the court or otherwise validly established.
A divorce decree r a t i f y i n g or confirming a property agreement between husband and wife or
otherwise settling their respective interests i n savings bonds, w i l l be recognized and w i l l not be regarded as a proceeding giving effect to an attempted voluntary transfer for the purpose of this section.
Sec. 315.14. 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 f r o m the clerk of the court, under the court's seal, showing that the
judgment or decree is i n f u l l force and effect. A trustee i n bankruptcy should submit proof of his
authority i n the f o r m of a certificate f r o m the referee showing that he is the duly elected and qualified
trustee, together w i t h a certificate f r o m the clerk of the United States District Court of the particular
district under seal, showing the incumbency of the referee and authenticating his signature.
Sec. 315.15. Notice of pending proceedings not accepted.—Neither the Treasury Department
nor any agency for the issue, reissue, or redemption of savings bonds w i l l accept notices of adverse
claims or of pending judicial proceedings or undertake to protect the interests of litigants who do
not have possession of the bonds.
Subpart E—SAFEKEEPING FACILITIES
Sec. 315.16. Safekeeping of bonds.—A savings bond w i l l be held i n safekeeping, without
charge, by the Secretary of the Treasury i f the holder so desires. I n such connection the Secret a r y w i l l utilize the facilities of the Federal Reserve Banks, as fiscal agents of the United States,
and those of the Treasurer of the United States. Application forms for safekeeping may be
secured f r o m postmasters, Federal Reserve Banks or the Treasury Department.
Subpart F—LOST, STOLEN, MUTILATED, DEFACED OR DESTROYED BONDS
Sec. 315.17. Relief i n case of loss, etc. by owner.—Under the provisions of Sec. 8, 50 Stat.
481, as amended (U. S. C. 1940 Ed., title 31, sec. 738a), relief either by the issue of a substitute
bond or by payment may be given i n case of the loss, theft, destruction, mutilation or defacement
of a savings bond after receipt by the owner or his representative. I n any such case immediate
notice of the facts, together w i t h 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 54, Illinois.
That
division w i l l thereupon furnish an appropriate f o r m and f u l l instructions for presenting the evidence necessary to secure relief under the law and the regulations as contained i n Department
• Safekeeping f a c i l i t i e s m a y be offered a t some Branches o f Federal Reserve Banks, and i n such connection an
i n q u i r y may be addressed to the Branch.
Page 28
Circular No. 300, as amended. I f such bond is subsequently recovered, immediate notice of such
recovery should be given to the Division of Loans and Currency (at the address above) i n order
that delay may be avoided upon a later presentation of the bond for payment or authorized reissue.
Sec. 315.18. Relief i n case of nonreceipt.—If a savings bond, on original issue or on reissue,
is not received f r o m the issuing agent or agency by the registered owner or other person to whom
the bond was to be delivered, the issuing agent or agency should be notified as promptly as possible
and given all the information available i n regard to the transaction. Appropriate instructions and
forms, i f necessary, w i l l then be furnished the owner reporting nonreceipt.
Subpart G—INTEREST
Sec. 315.19. General.—United States Savings Bonds are issued i n 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
m a t u r i t y at fixed redemption values less than the face amount of the bond. A t present Series G
constitutes the only issue of current income savings bonds.
Sec. 315.20. Appreciation bonds.—No interest as such is paid on savings bonds issued on a
discount basis. Such bonds increase i n redemption value at the end of the first year from issue
date and at the end of each successive half-year period thereafter u n t i l their maturity, when the
f u l l amount becomes payable. The increment i n value represents interest and is payable only on
redemption of the bonds, whether at or before maturity.
Sec. 315.21. 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 i n Section 315.23 (c) of Subpart H , f u l l advantage
of interest at the rate specified may be secured only i f the bonds are held to m a t u r i t y ; if bonds are
redeemed before maturity at current redemption values the difference between the face or f u l l matur i t y value and the current redemption value then payable i n accordance w i t h the table printed on
each bond w i l l represent an adjustment of interest for the rate appropriate for the shorter term,
as set f o r t h i n the tables attached to the circular announcing the issue of such bonds.
(а) Method of interest payments.—Interest
due on a current income bond w i l l be paid on
each interest payment date by check drawn to the order of the person or persons i n whose name the
bond is inscribed, i n the same f o r m as their names appear i n the inscription on the bond, except
that i n the case of a bond registered i n the f o r m ' ' A , payable on death to B " , the check w i l l be drawn
to the order of A alone u n t i l the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, receives notice of A ' s death, from which date the payment of interest
w i l l be suspended u n t i l such time as the bond is presented for payment or reissue. Interest so withheld w i l l be paid to the person found to be entitled to the bond. Cheeks issued i n payment of interest on a bond registered i n the names of coowners w i l l be drawn to the order of " A or B " and
w i l l be mailed to the address of record of the payee first named unless otherwise specifically directed
or u n t i l the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago
54, Illinois, receives notice of his death. Upon receipt of notice of the death of the coowner to whom
interest is being mailed the interest w i l l be mailed to the other coowner, if living, or, i f not, w i l l be
held pending the receipt of evidence on the estate of the last surviving coowner.
(б) Change of address.—An owner or coowner of current income bonds should promptly
n o t i f y the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54,
Illinois, of any change i n the address for delivery of interest checks. The notice should refer to
all bonds for which i t is desired that the address be changed and should describe each bond by date,
serial number, series (including years of issue) and inscription appearing on the face of the bond.
(c) Reissue during interest period.—If
a current income bond is reissued for any reason
between interest payment dates, interest for the entire period w i l l be paid, on the next interest payment date, by check drawn to the order of the person i n whose name the bond is reissued. Ordinarily, i f a bond is received for reissue less than one month prior to an interest payment date, reissue cannot be effected u n t i l after such interest payment date.
(d) Termination
of interest.—In
case of redemption prior to maturity, interest on current
income bonds w i l l cease on the last day of the interest period next preceding the date of redemption.
F o r example, i f a bond on which interest is payable on January 1 and J u l y 1 is redeemed on September 1, 1945, interest w i l l cease on J u l y 1, 1945, and no adjustment w i l l be made on account of
the failure to receive interest for the period from J u l y 1 to September 1, 1945. I n case of authorized
reissue i n another form of registration, the interest on the original bond w i l l cease on the last day
of the interest period next preceding the date of reissue and interest on the new bond w i l l begin
P a g e 29
on the following day. The same rules shall apply i n case of partial redemption or partial reissue
w i t h respect to the amount redeemed or reissued.
(e) Consolidation
of accounts.—Whenever
possible the accounts for all current income
bonds of a single series on which interest is payable on the same dates, held by any one person, w i l l
be consolidated, and a single check w i l l be issued on each interest payment date for interest on all
such bonds. F o r example, i f one person is the sole registered owner of bonds bearing issue dates of
January 1 and J u l y 1, and all the bonds are registered in exactly the same name w i t h the same address, the interest payable on the first interest payment date following the date of the last purchase
w i l l be computed on the aggregate amount of both purchases.
( / ) Endorsement of checks.—Interest
checks must be endorsed by the payee, either personally or by an attorney i n fact, i n accordance w i t h the requirements of the Treasurer of the United
States. A f o r m for the appointment of such attorney may be obtained from the Treasurer of the
United States or f r o m any Federal Reserve Bank. I n case of the death of the payee the check may
be endorsed by the legal representative, i f any, of his estate. I f no legal representative has been or
is to be appointed, and if the amount due from the United States does not exceed $500, the Treasurer
of the United States, Washington 25, D . C., or a Federal Reserve Bank, will, upon request, furnish
special instructions.
(g) Nonreceipt or loss of check.—If an interest check is not received or is lost after receipt,
the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois,
should be notified of the facts and should be given information concerning the amount, number,
and inscription of the bonds, as well as a description of the check, if possible, i n case of loss after
the check is received. Upon receipt of this information appropriate instructions w i l l be given.
Subpart H—GENERAL PAYMENT AND REDEMPTION PROVISIONS
Sec. 315.22. Payment at maturity.—Pursuant to its terms, a savings bond of any series w i l l be
paid at or after maturity at its f u l l face or m a t u r i t y value, but only following presentation and
surrender of the bond for that purpose. Unless presented by an individual owner or coowner
to an incorporated bank or trust company or other paying agent, as provided (for bonds of Series A
to E only) i n Section 315.29, the request for payment must be duly signed and certified as provided
herein.
Sec. 315.23. 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
i n whole or i n p a r t at the option of the owner, prior to maturity, under the terms and conditions
set f o r t h i n the offering circular of each series and i n accordance w i t h the provisions of these regulations following presentation and surrender as provided in this Subpart.
(a) Series A, B, C, D and E.—A bond of Series A , B, C, D or E w i l l be redeemed i n whole or
i n part at any time after 60 days f r o m the issue date without advance notice, at the appropriate
redemption value as shown in the table printed on the bonds.
(b) Series F and G.—A bond of Series F or G w i l l be redeemed i n whole or i n part, on one
month's notice i n writing, on the first day of any month not less than six months f r o m the issue date,
at the appropriate redemption value as shown i n the table printed on the bond. The owner's
option to redeem may be shown by a signed request for payment or by express written notice, and
payment w i l l be made as of .the first day of the first month following by at least one f u l l calendar
month the date of receipt of notice by the Treasury Department, Division of Loans and Currency,
Merchandise Mart, Chicago 54, Illinois, or a Federal Reserve Bank. For example, i f the request or
notice is received on June 15, the effective redemption date w i l l be August 1. I f express notice is
given, the bond must be surrendered to the same agency to which' the notice is given not less than
20 days before the effective redemption date. (See Section 315.21 for provisions as to interest in
v
case current income bonds are redeemed prior to maturity.)
(c) Series G—Redemption
at par before maturity.—A
bond of Series G (but not of Series
F ) w i l l be redeemed at par before maturity i n whole or i n part, i n amounts corresponding w i t h
authorized denominations, not less than six months from the issue date, (1) upon the death of an
owner or coowner, i f a natural person, or (2) upon the termination of a trust or other fiduciary
estate by reason of the death of any person, if held by the trustee or other fiduciary, except that i f
the trust or fiduciary estate is terminated only i n part, redemption at par w i l l be made to the extent
of not more than the pro rata portion of the trust or fiduciary estate so terminated. Redemption
w i l l be made only following actual receipt of written notice of intention to redeem at par. Such
notice must be given i n time to be received i n the ordinary course of mail by the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, or a Federal Reserve
Bank w i t h i n six months after the date of death of the owner or coowner or person whose death
results i n the termination of the trust or other fiduciary estate, unless the period w i t h i n which
30
Page
notice must be received is extended i n accordance w i t h the provisions of this subsection. Proof
of the date of death must be furnished and the bond must be surrendered to the same agency to
which notice of intention to redeem at par is given, but they need not accompany such notice.
Ordinarily, payment w i l l be made as of the first day of the first month following by at least one f u l l
calendar month the date of receipt of notice, but payment may be postponed, upon request of the
person presenting the bond, to the second interest payment date following the date of death, except
as follows: i f the period w i t h i n which notice must be received is extended beyond such interest
payment date, i n accordance w i t h the provisions of this subsection, and notice received thereafter
is accepted, the effective redemption date may, upon request, be postponed to the next interest
payment date following the date of receipt of notice. The period w i t h i n which notice must be
received may be extended i n any particular case upon presentation of satisfactory proof that notice
could not seasonably be given by reason of litigation or delay i n the appointment of a legal representative of the estate or i n the receipt of notice of death.
Sec. 315.24. F o r m and execution of requests for payment.—Requests for payment of savings
bonds, unless otherwise authorized i n a particular case, must be executed on the f o r m appearing on
the back of the bond to be surrendered. Unless otherwise specifically requested, payment, pursuant
to a duly executed request, w i l l be made on the earliest day consistent w i t h these regulations.
(a) Date of request.—Ordinarily,
requests executed more than six months before the date of
receipt of a bond for payment w i l l not be accepted.
(b) Identification
and signature of owner.—The registered owner i n 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 Section
315.25), establish his identity and i n the presence of such officer sign the request for payment i n ink,
adding in the space provided the address to which the check issued i n payment is to be mailed.
A signature made by mark ( X ) must be witnessed by at least one person i n addition to the certifying
officer and must be attested by endorsement i n the blank space, substantially as follows: " W i t n e s s
to the above signature by m a r k " , followed by the signature and address of the witness. I f the name
of the registered owner or other person entitled to payment, as i t appears i n the registration or i n
evidence on file at the Treasury Department, Division of Loans and Currency, has been changed by
marriage or i n any other legal manner, the signature to the request for payment should show both
names and the manner i n which the change was made, for example, " M i s s Mary T. Jones, now by
marriage Mrs. Mary T. S m i t h " , or " J u n g Smelt, now by court order John S m i t h . " I n 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 w i l l be recognized by the Treasury
Department except as provided i n Section 315.12.
(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 i n Section
315.28.
Sec. 315.25. Certifying officers.—The following officers are authorized to certify requests for
payment:
(а) At United States post offices.—Any postmaster, acting postmaster or inspector i n charge,
or other post office official or clerk heretofore or hereafter designated for the purpose. One or more
of these officials w i l l 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 i n 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 i m p r i n t of the post office dating stamp.
(б) At banks, trust companies and branches.—Any
officer of any bank or trust company
incorporated i n the United States or its organized territories, or domestic or foreign branch of such
bank or trust company, including those doing business i n 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
for that purpose, who should sign over the title "Designated E m p l o y e e " ; 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, i n 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 i m p r i n t of the issuing agent's dating stamp.
Page 31
(c) Issuing agents not banks or trust companies.—Any officer of a corporation not a bank
or trust company, and of any other organization, which is a duly qualified issuing agent for bonds
of Series E. A l l certifications by such officers must be authenticated by a legible i m p r i n t of the
issuing agent's dating stamp.
(d) Commissioned
officers and warrant
officers of armed forces.—Commissioned
officers
and warrant officers of the United States A r m y , Navy, Marine Corps and Coast Guard, but only for
members (and the families of members) of their respective services 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).
(e) 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; the officer i n 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 F o r t Worth, Texas, and of United States Marine Hospitals
at F o r t Stanton, New Mexico, and Carville, Louisiana, designated for that purpose by the Secretary
of the Treasury ( i n each case, however, only for inmates or employees of the institution involved).
( / ) Officers authorized
in particular
localities.—Certain
officers i n the Treasury Department; the Governors and Treasurers of Hawaii, Puerto Rico and Alaska; the Governor and Commissioner of Finance of the V i r g i n 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 i n the Bureau of
Posts of the Canal Zone; the United States H i g h Commissioner to the Commonwealth of the Philippines, his Executive Assistant, and the Chief Clerk i n 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.
(g) In foreign countries.—In
a foreign country requests for payment may be signed i n 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 i n the United States,
whose signature is attested by an impression of the corporate seal or is certified to the Treasury
Department. I f such an officer is not available, requests for payment may be signed i n the presence
of and be certified by a notary or other officer authorized to administer oaths, but his official character
and jurisdiction should be certified by a United States diplomatic or consular officer under seal of
his office.
{h) Special provisions.—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, the Deputy
Commissioner of the Public Debt i n Charge of the Chicago Office, or a Federal Reserve Bank, is
authorized to make special provision for any particular case.
Sec. 315.26. General instructions t o certifying officers.—Certifying officers should require
positive identification of the person signing a request for payment and w i l l be held f u l l y responsible
therefor. I n 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. I f 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. 315.27. 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 i n which he has
an interest, either i n his own right or i n any representative capacity.
Sec. 315.28. Presentation and surrender—all series.—Except for cases coming w i t h i n the
provisions of Section 315.29, after the request for payment has been duly signed by the owner and
certified as above provided, the bond should be presented and surrendered, i f a bond of Series F or G
to a Federal Reserve Bank or to the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, or, i f a bond of any other series, to a Federal Reserve- Bank or to
the Treasurer of the United States, Washington 25, D. C. Usually payment w i l l be expedited by
surrender to a Federal Reserve Bank. I n all cases presentation w i l l be at the expense and risk of
the owner, and, for his protection, the bond should be forwarded by registered mail i f not presented
i n person. Payment w i l l be made by check drawn to the order of the registered owner or other
person entitled and mailed to him at the address given i n his request for payment.
32
Page
Sec. 315.29. Optional procedure limited to bonds of Series A to E, inclusive, i n names of
individual owners or coowners only.—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 i n his own right, may present such bond (unless marked " D U P L I C A T E " ) to any incorporated bank or trust company or
any other organization qualified as a paying agent under the provisions of Department Circular
No. 750 or any amendment thereto. I f such bond is i n order for payment by the paying agent, the
owner or coowner, upon establishing his identity to the satisfaction of the paying agent and upon signi n g the request for payment and adding his home or business address, may receive immediate payment
at the current redemption value, i f the bond is presented prior to maturity, or at f u l l maturity value
i f presented at or after maturity. Even though the request for payment has been signed, or signed
and certified prior to the presentation of the bond, nevertheless the paying agent is required to
establish to its satisfaction the identity of the owner or coowner requesting payment and such paying
agent may require the owner or coowner to sign again the request for payment. No charge w i l l be
made to the owner. This method of presentation is authorized notwithstanding the provisions of
Treasury Department Circulars Nos. 529, 554, 571, 596 and 653, all as supplemented, amended, or
revised, and notwithstanding any instructions which may be printed on the bond and is optional
w i t h individual owners. Bonds of Series A , B, C, D or E requiring documentary evidence to support redemption, or presented for partial redemption, and bonds of Series F and G, are not eligible
for payment at these paying agencies.
Sec. 315.30. Partial redemption.—A savings bond of any series i n a denomination greater
than $25 (maturity value) may be redeemed i n part at current redemption value but only i n amounts
corresponding to authorized denominations of not less than $25 (maturity value), upon presentation
and surrender of the bond to a Federal Reserve Bank or to the Treasurer of the United States, or
to the Treasury Department, Division of Loans and Currency, Merchandise Mart, Chicago 54,
Illinois, all i n accordance w i t h this Subpart. Partial redemption may not be effected at incorporated
banks or trust companies. I n any case i n which partial redemption is authorized, 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 the
savings bond the remainder w i l l be reissued as of the original date as provided i n Subpart I . For
payment of interest on bonds of Series G i n case of partial redemption, see Subpart G.
Sec. 315.31. Nonreceipt or loss of checks issued i n payment.—In case a check i n payment of
a bond surrendered for redemption is not received w i t h i n a reasonable time, or i n case such check is
lost after receipt, notice should be given to the same agency to which the bond was surrendered for
payment, accompanied by a description of the bond by series, denomination, serial number and
registration. The notice should state whether or not the check was received and should give the
date upon which the bond was forwarded. Instructions w i l l be given as to the necessary procedure
to secure a duplicate. I t should be borne i n mind, i n connection w i t h bonds of Series F and G,
that payment is made only on the first day of a calendar month and only after at least one f u l l calendar month following actual receipt of the notice of intention to redeem, and a check cannot be
expected u n t i l that time.
Subpart I—GENERAL REISSUE AND DENOMINATIONAL EXCHANGE
Sec. 315.32. General.—Reissue of a savings bond w i l l be restricted to a form of registration
permitted by the regulations i n effect on the date of original issue of the bond and w i l l be made only
upon surrender of the bond and only i n accordance w i t h the provisions of these regulations. Reissue
of a savings bond i n a different name or i n a different f o r m of registration w i l l be made only i n the
following instances:
(a) To correct an error i n the original issue, upon appropriate request, supported by satisfactory proof of such error unless the error was made by the issuing agent.
(b) To show a change i n the name of an owner, coowner or designated beneficiary, upon his
request, supported by satisfactory proof of the change of name i f for any reason other than marriage.
(c) As otherwise specifically provided i n these regulations.
Sec. 315.33. Requests for reissue.—Requests for reissue should be made on appropriate
forms, which may be obtained from any Federal Reserve Bank or f r o m the Treasury Department,
Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, and should be signed by
the persons authorized under these regulations to make such requests. I f the request is by reason of
a change of name, the signature should show both names and the manner i n which the change took
place, as, for example, " M i s s Mary T. Jones, now by marriage Mrs. Mary T. S m i t h . " A request for
P a g e 33
reissue must be signed i n the presence of and be certified by an officer authorized under Subpart H
to certify requests for payment.
Sec. 315.34. Agencies authorized to make reissue.—Reissues under Sec. 315.22 (5) and (c)
may be made only at a Federal Reserve Bank or the Treasury Department, Division of Loans and
Currency, Merchandise Mart, Chicago 54, Illinois.
Sec. 315.35. Effective date.—In any case of authorized reissue the Treasury Department w i l l
treat the receipt by a Federal Reserve Bank or the Treasury Department of a bond and appropriate
request for reissue thereof, as determining the date upon which reissue is effective.
Sec. 315.36. Date of bonds on reissue.—The new bonds w i l l be of the same series, w i l l bear
the same issue date, and w i l l have the same rights and privileges as the bonds surrendered.
Sec. 315.37. Denominational exchange.—Exchange as between authorized denominations
w i l l not be permitted except i n cases of partial redemption or authorized reissue and then only i n
authorized denominations of not less than $25 (maturity value).
Subpart J—MINORS AND PERSONS UNDER OTHER LEGAL DISABILITY
Sec. 315.38. 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 w i l l be made
only to such guardian or similar legal representative. I n 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 f o r m of registration gives the name of the representative, there must be
submitted i n 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. Except i n the case of corporate
fiduciaries, such certificate or certification should state that the appointment is i n f u l l force and
should be dated not more than six months prior to the date of presentation of the bond for payment.
See Subpart 0 for payment provisions applicable to bonds registered i n the names of guardians and
similar fiduciaries. Where the f o r m 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 w i l l
not be accepted by the Treasury Department for the purpose of preventing payment to the minor or
to a parent or other person on behalf of the minor as provided i n the two following sections. However, i f a legal guardian presents for payment a bond so registered accompanied by proof of his
appointment, payment w i l l be made to such guardian.
Sec. 315.39. Payment to minors.—Unless the f o r m 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 w i l l be made direct to such minor presenting the bond
for payment i f , at the time payment is requested, he is of sufficient competency and understanding
to sign his name to the request and to comprehend the nature of such act. I n general, the fact that
the request for payment has been signed by a minor and duly certified i n accordance w i t h Subpart H
w i l l be accepted as sufficient proof of such competency and understanding.
Sec. 315.40. Payment to a parent or other person on behalf of a m i n o r . — I f the owner of a
savings bond is a minor and the f o r m of registration does not indicate that a guardian or similar legal
representative of the estate of such minor has been appointed by a court or is otherwise legally
qualified, and i f such minor owner is not of sufficient competency and understanding to execute the
request for payment, payment w i l l be made to either parent of the minor w i t h whom he resides, or
i f the minor does not reside w i t h either parent, then to the person who furnishes his chief support.
Such parent or other person must surrender the bond w i t h the request for payment properly executed,
and furnish a certificate, which may be typed on the back of the bond, showing his right to act for
the minor. I f a parent signs the request, the certificate and signature thereto should be i n substantially the following f o r m :
" I certify that I am the mother (or father) of John C. Jones and the person w i t h whom he
resides.- He is
years of age and is not of sufficient competency and understanding to sign
this request.
i
Mrs. Mary Jones on behalf of John C. Jones."
Page 34
I f a person other than a parent signs the request, the certificate and signature thereto, including a
reference to the person's relationship, i f any, to the minor, should be i n substantially the following
form:
" I certify that John C. Jones does not reside w i t h either parent and that I furnish his chief
support. He is
years of age and is not of sufficient competency and understanding to sign
this request.
Mrs. Alice Brown, grandmother, on behalf of John C. Jones."
The Treasury Department may i n 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.
Sec. 315.41. 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 is otherwise
satisfactorily established, and no duly qualified legal representative of his estate is acting, and the
entire gross value of his personal estate does not exceed $500, payment w i l l be made to a member of his
family or other person acting as voluntary guardian, upon presentation of satisfactory proof 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. Application for such payment
should be made only on appropriate forms, which may be obtained f r o m the Treasury Department,
Division of Loans and Currency, Merchandise Mart, Chicago 54, Illinois, or any Federal Reserve
Bank. The request for payment should not be executed, nor the bond presented, u n t i l the application has been approved and instructions have been given by the Treasury Department.
Sec. 315.42. Reissue i n the case of a minor.—A savings bond of which a minor is the owner,
or i n which he has an interest, may be reissued upon an authorized reissue transaction under the
following conditions:
(1) Reissue w i l l be restricted to a form of registration which preserves the existing ownership
or interest of the minor, except that a minor of sufficient competency and understanding to sign
his name to the request and to comprehend the nature of such act, shall have the right to request
reissue to add a coowner or beneficiary to a bond registered i n his name alone or to which he is
entitled i n his own right.
(2) Reissue w i l l be subject to the terms and conditions prescribed by Sections 315.38, 315.39
and 315.40 of this Subpart, governing a request for payment of such bond.
Subpart K—SINGLE NAME—ADDITION OF COOWNER, ETC.
Sec. 315.43. Payment or reissue.—A savings bond registered i n the name of one person i n
his own right without a coowner or beneficiary, or to which one person is entitled i n his own right
under these regulations, w i l l be paid to such person during his lifetime upon a duly executed request
for payment. Upon the death of the owner, such bond, i f not previously redeemed, w i l l be considered
as belonging to his estate and w i l l be paid or reissued accordingly. (See Subpart N.)
Sec. 315.44. Reissue for certain purposes.—A savings bond registered i n the name of one
person i n his own right, or to which one person is shown to be entitled i n his own right under these
regulations, may be reissued, upon appropriate request, for the following purposes:
(a) Addition of a coowner.—Reissue i n the name of the owner w i t h that of another natural
person as coowner. Bonds reissued i n accordance w i t h this subsection upon request of the original
owner w i l l be considered for the purposes of computation of holdings under Subpart C of these
regulations as originally issued i n both names, and no reissue w i l l be effective which results i n any
one person holding bonds i n excess of the established l i m i t for the series to which the bonds belong.
Requests for reissue under this subsection should be made on F o r m P D 1787.
(b) Addition of a beneficiary.—Reissue i n the name of the owner w i t h that of another natural
person as designated beneficiary. Requests for reissue under the provisions of this subsection should
be made on F o r m P D 1787.
(c) A trustee of a living trust.—Reissue i n the name of a trustee of a living trust created by
the owner for his benefit, i n whole or i n part, during his lifetime, whether or not containing an absolute power of revocation i n the grantor; but such reissue w i l l be allowed only i n the case of bonds of
those series which may be originally issued i n the name of a trustee. Requests for reissue under this
subsection should be made on F o r m P D 1851.
P a g e 35
Subpart L—TWO NAMES—COOWNERSHIP FORM
Sec. 315.45. Payment or reissue.—A savings bond registered i n the names of two persons as
coowners i n the form, for example, " J o h n A. Jones or Mrs. M a r y C. Jones", w i l l be paid or reissued
as follows:
(а) Payment during the lives of both. coowners.—During
the lives of both coowners the
bond w i l l 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
i n the bond. The bond w i l l also be paid to both coowners upon their j o i n t request, i n which case
payment w i l l be made by check drawn to the order of both coowners i n the f o r m ' ' John A. Jones and
Mrs. Mary C. Jones", and the check must be endorsed by both payees.
(б) Reissue during the lives of both coowners.—During
bond may be reissued upon the request of both, as follows:
the lives of both coowners the
(1) I f one of the coowners is married after the issue of the bond, the bond may be reissued to
eliminate the name of the other coowner and to name the former's wife or husband as coowner
or beneficiary. Requests for reissue under this provision should be made on F o r m P D 1938.
(2) I f the coowners are divorced from each other after the issue of the bond, the bond
may be reissued i n the name of either coowner, alone or w i t h a new coowner or a beneficiary.
The request must be supported by a copy of the divorce decree, certified by the clerk of the
court under its seal. Application for the appropriate form to be used hereunder may be made
to a Federal Reserve Bank or to the Treasury Department, Division of Loans and Currency,
Merchandise Mart, Chicago 54, Illinois.
(3) I f the bond is of a series which may be originally issued i n the name of a trustee, i t
may be reissued i n the name of a trustee of a l i v i n g trust created by both coowners for the
benefit of both, i n whole or i n part, during their lifetime, whether or not containing an absolute
power of revocation i n the grantors. Requests for reissue under this provision should be made
on F o r m P D 1851.
No other reissue w i l l be permitted i n any f o r m during the lives of both coowners except as specifically provided i n these regulations.
(c) Payment or reissue after the death of one coowner.—If
either coowner dies without
the bond having been presented and surrendered for payment or authorized reissue, the surviving
coowner w i l l be recognized as the sole and absolute owner of the bond and payment or reissue, as
though the bond were registered i n his name alone, w i l l be made only to such survivor. I f the
survivor requests reissue, he must present proof of the death of the other coowner. I f a coowner
dies after he has presented and surrendered the bond for payment, payment of the bond or check,
i f one has been issued, w i l l be made to his estate (see Subpart N ) . I f either coowner dies after the
bond has been presented and surrendered for authorized reissue, the bond w i l l be treated as though
such reissue had been made before the death of such coowner (see Section 315.35).
(d) Payment or reissue on death of both coowners in common disaster.—If
both coowners die i n a common disaster under such conditions that i t cannot be established, either by presumption of law or otherwise, which coowner died first, the bond w i l l be considered as belonging to
the estates of both coowners, and payment or reissue w i l l be made accordingly (see Subpart N ) .
(e) Payment or reissue after the death of the surviving
coowner.—If
a surviving coowner who becomes solely entitled to the bond under the provisions of subsection (c) of this section,
dies without having presented and surrendered the bond for payment or authorized reissue, the bond
w i l l be considered as belonging to his estate and w i l l be paid or reissued accordingly (see Subpart N ) .
I n this case, proof of the death of both coowners and of the order i n which they died w i l l be required.
The term "presented and surrendered" as used i n this Subpart means the actual receipt of a
bond, for payment, by a Federal Reserve Bank or the Treasury Department, or an incorporated
bank or trust company or any other agency duly qualified to make payment of the bond, or, for
reissue, by a Federal Reserve Bank or the Treasury Department, w i t h an appropriate request for the
particular transaction.
Subpart M—TWO NAMES—BENEFICIARY FORM
Sec. 315.46. Payment or reissue.—A savings bond registered i n the name of one person payable on death to another, for example, " H e n r y W . Ash, payable on death to John C. B l a c k " , w i l l
be paid or reissued as follows:
(a) Payment to the registered oivner.—The bond w i l l be paid to the registered owner during
his lifetime upon his properly executed request as though no beneficiary had been named i n the
registration.
Page 36
(b) Reissue during
the lifetime
of the registered owner as follows:
(1) The bond w i l l be reissued, on the duly certified request of the registered owner, to
name the beneficiary designated on the bond as coowner. Bonds so reissued upon the request
of the original owner w i l l be considered for the purposes of computation of holdings under
Subpart C of these regulations as originally issued i n both names and no reissue w i l l be effective
which, results i n any one person holding bonds i n excess of the established l i m i t for the series
to which the bonds belong.
(2) The bond w i l l also be reissued upon the duly certified request of the registered owner,'
together w i t h the duly certified consent of the designated beneficiary, to eliminate such beneficiary 6 or to substitute another person as beneficiary, or to name another person as coowner.
Under this provision the bond may also be reissued i n the name of a trustee of a living trust
created by the owner for his benefit, i n whole or i n part, during his lifetime, whether or not
containing an absolute power of revocation i n the grantor, i f it is a bond of a series which
may be originally issued i n the name of a trustee.
(3) I f the beneficiary should predecease the registered owner, upon proof of such death
and upon request of the registered owner the bond may be reissued as though i t were registered i n his name alone.
Requests for reissue under this subsection should be made on F o r m P D 1787, except that Form
P D 1849 should be used for reissue to a trustee of a living trust under the provisions of
subparagraph 2.
(c) Payment or reissue after the death of the registered owner.—If
the registered owner
dies without having presented and surrendered the bond for payment or authorized reissue and
is survived by the beneficiary, upon proof of such death and survivorship, the beneficiary w i l l be
recognized as the sole and absolute owner of the bond, and payment or reissue, as though the bond
were registered i n his name alone, w i l l be made only to such survivor. I f the registered owner dies
after he has presented and surrendered the bond for payment, payment of the bond, or check, i f
one has been issued, w i l l be made to his estate (see Subpart N ) . I f the registered owner dies after
the bond has been presented, and surrendered for an authorized reissue, the bond w i l l be treated
as though such reissue had been made before the death of the registered owner (see Sec. 315.35).
(d) Payment or reissue after the death of the surviving
beneficiary.—If
a surviving
beneficiary who becomes entitled to the bond under the provisions of subsection (c) of this section,
dies without having presented and surrendered the bond for payment or reissue, the bond w i l l be
considered as belonging to his estate and w i l l be paid or reissued accordingly (see Subpart N ) .
I n this case, proof of the death of both the registered owner and the beneficiary and of the order i n
which they died w i l l be required.
The term "presented and surrendered" as used i n this Subpart means the actual receipt of a
bond, for payment, by a Federal Reserve Bank or the Treasury Department, or an incorporated
bank or trust company or any other agency d u l y qualified to make payment of the bond, or, for
reissue, by a Federal Reserve Bank or the Treasury Department, w i t h an appropriate request for
the particular transaction.
Subpart N—DECEASED OWNERS
Sec. 315.47. Payment or reissue on death of owner.—Upon the death of the owner of a savings bond who was not survived by a coowner or designated beneficiary and who had not during his
lifetime presented and surrendered the bond to a Federal Reserve Bank or the Treasury Department
for an authorized reissue, the bond w i l l be considered as belonging to his estate and w i l l be paid or
reissued accordingly, as hereinafter provided, except that reissue under the provisions of this Subpart
w i l l not be made to a creditor. I n any case, reissue w i l l be restricted to a form of registration permitted by the regulations i n effect on the date of original issue of the bond, but the person entitled
to the bond may hold i t without change of registration and w i l l have the right to payment before or
at maturity. The provisions of this section shall also apply to savings bonds registered i n the names
of executors or administrators, except that proof of their appointment and qualification may not be
required. Established forms for use i n such cases and for requests for payment or reissue may be
obtained from any Federal Reserve Bank or from the Treasury Department, Division of Loans and
Currency, Merchandise Mart, Chicago 54, Illinois, and should be used i n every instance.
(a) In course of administration.—If
the estate of the decedent is being administered i n a
court of competent jurisdiction, the bond w i l l be paid to the duly qualified representative of the
estate or w i l l be reissued i n the names of the persons entitled to share i n the estate, upon request
8
A b o n d registered i n the name of the owner payable on death t o the Treasurer o f the U n i t e d States may n o t
be reissued to eliminate the beneficiary.
P a g e 37
of the duly appointed and qualified representative of the estate and compliance w i t h the following
conditions:
(1) "Where there are two or more legal representatives, all must unite i n the request for
payment or reissue, unless by express statute or decree of court, or by testamentary provision,
some one or more of them may properly execute the request.
(2) The request for payment or reissue should be signed i n the form, for example: " J o h n
A . Jones, administrator of the estate (or executor of the w i l l ) of Henry W . Jones, deceased",
and must be supported by proof of the representative's authority i n the f o r m 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 seal of the court,
and, except i n the case of a corporate representative, must contain a statement that the appointment is i n f u l l force and should be dated w i t h i n six months of the date of presentation of the bond.
(3) I n case of reissue the personal representative should certify that the persons named are
entitled to share i n the estate to the extent specified for each and have consented to such reissue. A request for reisssue by an individual legal representative should be made on F o r m
P D 1455 and a request by a corporate representative should be made on F o r m P D 1498. I f a
person i n whose name reissue is requested desires to name a coowner or beneficiary, such person
should execute an additional request for that purpose, using F o r m P D 1787.
(4) I f a sole representative is himself the person entitled and desires reissue i n his own
name, the request for reissue must be supported by an order of court showing that he is entitled
to the bond i n his own right.
(b) After settlement through court proceedings.—If
the estate of the decedent has been
settled i n a court of competent jurisdiction, the bond w i l l be paid to or reissued i n the name of the
person entitled thereto as determined by the court. The request for payment or reissue should be
made by the person shown to be entitled and supported by duly certified copies of the representative's
final account and the decree of distribution or other pertinent court records, supplemented, i f there
are two or more persons having an apparent interest i n the bonds, by an agreement executed by
them. I f i t is established to the satisfaction of the Secretary of the Treasury that the representative
is not required by law or rules of court to render an accounting, reissue may be made i n his name,
upon his request as representative, supported by proof of compliance w i t h all legal requirements
and of all the facts necessary to establish his right to the bond.
(c) Without
administration.—If
no legal representative of the decedent's estate has been
or is to be appointed and the amount of savings bonds belonging to the estate does not exceed $250
(maturity value), or i f i t is established to the satisfaction of the Secretary of the Treasury that the
gross value of the personal estate of the decedent does not exceed $500 or that administration of the
estate is not required i n the State of the decedent's last domicile, the bond w i l l be paid to or reissued
i n the name of the persons entitled, pursuant to an agreement and request by all persons entitled to
share i n the estate, executed on the f o r m prescribed by the Treasury Department and supported by
the evidence called for by such form. Application for the appropriate f o r m to be used hereunder
may be made to any Federal Reserve Bank or to the Treasury Department, Division of Loans and
Currency, Merchandise Mart, Chicago 54, Illinois. The applicant should state whether or not the
amount of bonds belonging to the decedent's estate is i n excess of $250 (maturity value). No payment or reissue w i l l be permitted without administration i f any of the persons entitled are minors or
incompetents, except to them or i n their names, i n whole or to the extent of their interests i n the
decedent's entire personal estate, whichever is less, unless such interests are otherwise protected to
the satisfaction of the Secretary of the Treasury.
Subpart 0—FIDUCIARIES
Sec. 315.48. Payment to fiduciaries.—A savings bond registered i n the name of a fiduciary,
or otherwise bel6nging to a fiduciary estate, w i l l be paid to the fiduciaries of such estate upon their
request. A request for payment before maturity must be signed by all acting fiduciaries unless, by
express statute or decree of court or by the terms of the instrument under which the fiduciaries are
acting, some one or more of them may properly execute the request. A request for payment at
maturity signed by any one or more acting fiduciaries w i l l be accepted, but payment w i l l be made
to all. I f the bond is registered i n the names of fiduciaries of the estate who are still acting, no
further evidence of authority w i l l be required. I n other cases the request for payment must be
supported by evidence as specified below:
Page 38
(a) Fiduciaries—By
title only.—If the bond is registered i n the titles without the names of
the fiduciaries, satisfactory proof of their incumbency must be furnished, except i n the case of public
officers.
(b) Succeeding fiduciaries.—If
the fiduciaries i n whose names the bonds were registered
have been succeeded by other fiduciaries, satisfactory proof of successorship must be furnished.
(c) Boards, committees, etc.—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 signed i n the name of the board or other body by an authorized officer or agent thereof
or by all members of the board or other body. A. request executed by an officer or agent must be
supported by a duly certified copy of a resolution of the board or other body authorizing such action
or by a duly certified copy of the trust instrument or excerpt therefrom showing the authority for
such action, except that i n the case of a public board or commission a request signed i n its name by
an authorized officer thereof and duly certified w i l l ordinarily be accepted without further proof of
his authority. A request signed by all members of a private board or committee must be supported
by a duly executed certificate of incumbency.
(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 i n the name of the
corporation or other body, i n the fiduciary capacity i n which i t is acting, by an authorized officer
thereof. A request for payment so signed and duly certified w i l l ordinarily be accepted without
further proof of the officer's authority.
(e) Registration not disclosing trust.—If the form i n which the bond is registered does not
show that i t belongs to a fiduciary estate or does not identify the estate to which i t belongs, satisfactory proof of ownership must be furnished.
Sec. 315.49. Reissue i n the name of a succeeding fiduciary.—If a fiduciary i n whose name a
savings bond is registered has been succeeded as such fiduciary by another, the bond w i l l be reissued
i n the name of the succeeding fiduciary upon appropriate request and satisfactory proof of successorship.
Sec. 315.50. Reissue or payment to person entitled.—
(а) Distribution
of trust estate in kind.—A savings bond to which a beneficiary of a trust
estate has become l a w f u l l y entitled i n his own right or i n a fiduciary capacity, i n whole or i n part,
under the terms of the trust instrument, w i l l be reissued i n his name to the extent of his interest as a
distribution i n kind upon the request of the trustee or trustees and their certification that such
person is entitled and has agreed to reissue i n his name. I f a sole trustee is the person so entitled
i n his own right, bis request for reissue i n his name must be supported by an order of court or other
satisfactory proof that he is so entitled. I f the f o r m i n which the bond is registered does not show
that i t belongs to a trust estate, the request for reissue must be supported by satisfactory proof of
ownership.
(б) After termination
of trust estate.—If the person who would be l a w f u l l y entitled to a
savings bond upon the termination of a trust does not desire to have such distribution to him i n kind,
as provided i n the next preceding subsection, the trustee or trustees should redeem the bond i n
accordance w i t h the provisions of Section 315.48 before the estate is terminated. I f , however,
the estate is terminated without such payment or reissue having been made, the bond w i l l thereafter
be paid to or reissued i n the name of the person l a w f u l l y entitled upon his request and satisfactory
proof of ownership, supplemented, i f there are two or more persons having any apparent interest
i n the bond, by an agreement executed by all such persons.
(c) TJpon termination
of guardianship
estate.—A savings bond registered i n the name of
a guardian or similar legal representative of the estate of a minor or incompetent, i f the estate is
terminated during the ward's lifetime, w i l l be reissued i n the name of the former ward upon the
representative's request and certification that the former ward is entitled and has agreed to reissue
i n his name, or w i l l be paid to or reissued i n the name of the former ward upon his own request,
supported i n either ease 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, i f the State law so provides, w i l l ordinarily be accepted
as sufficient, but i f the disability is removed by court order a duly certified copy of the order w i l l be
necessary. Upon the death of the ward a bond registered i n the name of his guardian or similar
representative w i l l be reissued i n accordance w i t h the provisions of Subpart N as though i t were
registered i n the name of the ward alone.
Page 39
Subpart P—PRIVATE ORGANIZATIONS (CORPORATIONS, ASSOCIATIONS,
PARTNERSHIPS, ETC.)
Sec. 315.51. Payment to corporations or unincorporated associations.—A savings bond registered i n the name of a private corporation or an unincorporated association w i l l 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, f<?r example, " T h e Jones
Coal Company, a corporation, by W i l l i a m A. Smith, President", or " T h e Lotus Club, an unincorporated association, by John Jones, Treasurer." A request for payment so signed and duly certified
w i l l ordinarily be accepted without further proof of the officer's authority.
Sec. 315.52. Payment to partnerships.—A savings bond registered i n the name of a partnership w i l l be paid upon a request for payment signed by a general partner. The signature to the
request should be i n the f o r m " S m i t h and Jones, a partnership, by John Jones, a general p a r t n e r . "
A request for payment so signed and duly certified w i l l ordinarily be accepted as sufficient proof
that the person signing the request is duly authorized.
Sec. 315.53. Payment to other organizations (churches, hospitals, homes, schools, etc.).—A
savings bond- registered i n the name of a church, hospital, home, school, or similar institution without reference i n the registration to the manner i n which i t is organized, governed, or title to its
property is held, w i l l be paid upon a request for payment signed on behalf of such institution by an
authorized representative. For the purpose of this section, a request for payment signed by a pastor
of a church, superintendent of a hospital, president of a college, or by any official generally recognized as having authority to conduct the financial affairs of the particular institution, w i l l ordinarily
be accepted without further proof of his authority. The signature to the request should be i n the
form, for example, " S h r i n e r s ' Hospital for Crippled Children, St. Louis, Missouri, by W i l l i a m A .
Smith, Superintendent", or " S t . Mary's Roman Catholic Church, Albany, New York, by John
Jones, Pastor."
Sec. 315.54. Reissue i n name of trustee for investment purposes.—A savings bond held by a
church, hospital, home, school, or similar institution, whether or not incorporated, may be reissued
upon appropriate request i n the name of a bank or trust company as trustee under an agreement
w i t h such organization, under which the bank or trust company holds the funds of the organization,
i n whole or i n part, i n trust, for the purpose of investing and reinvesting the principal and paying
the income to the corporation or association.
Sec. 315.55. Reissue or payment to successors of corporations, unincorporated associations
or partnerships.—A savings bond registered i n the name of a private corporation, an unincorporated
association or a partnership which has been succeeded by another corporation, unincorporated
association or partnership by operation of law or otherwise, as the result of merger, consolidation,
reincorporation, conversion, reorganization, or i n any manner whereby the business or activities of
the original organization are continued without substantial change, w i l l be paid to, or reissued i n
the name of, the succeeding organization upon appropriate request on its behalf and satisfactory
proof of l a w f u l successorship.
Sec. 315.56. Reissue or payment on dissolution.—
(a) Corporations.—A
savings bond registered i n the name of a private corporation which is
i n process of dissolution w i l l 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 i n 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 w i t h all statutory provisions governing the voluntary dissolution
of such corporation, and that the persons i n whose names reissue is requested are entitled and have
agreed to such reissue. I f 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.
(b) Partnerships.—A
savings bond registered i n the name of a partnership which has been
dissolved by death or withdrawal of a partner, or i n any other manner, w i l l be paid to or reissued
i n 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.
40
Page
Subpart Q—STATES, PUBLIC CORPORATIONS, AND PUBLIC BOARDS, COMMISSIONS AND OFFICERS
Sec. 315.57. I n names of States, public corporations and public boards.—A savings bond
registered i n the name of a State or of a county, city, town, village or other public corporation or
i n the name of a public board or commission, w i l l be paid upon a request signed i n the name of such
State, corporation, board or commission by a duly authorized officer thereof. A request for payment
so signed and duly certified w i l l ordinarily be accepted without further proof of the officer's
authority.
Sec. 315.58. I n names of public officers.—A savings bond registered i n the title, without the
the name, of an officer of a State or public corporation, such as a county, city, town or village, w i l l
be paid upon request for payment signed by the designated officer. The fact that the request for
payment is signed and duly certified w i l l ordinarily be accepted as sufficient proof that the person
signing is the incumbent of the designated office.
Subpart R—FURTHER PROVISIONS
Sec. 315.59. 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 these regulations w i t h respect to bonds registered
i n the names of certain classes of individuals, fiduciaries and organizations are equally applicable
to bonds to which such individuals, fiduciaries and organizations are otherwise shown to be entitled
under these regulations. The provisions of Treasury Department Circular No. 300, as amended,
have no application to savings bonds except as to cases arising under Subpart F of this circular.
Sec. 315.60. Preservation of rights.—Nothing contained i n these regulations shall be construed
to l i m i t 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 i n force at the
time of purchase.
Sec. 315.61. Additional proof—bond of indemnity.—The Secretary of the Treasury, i n any
case arising under these regulations, may require such additional proof as he may consider necessary
or advisable i n the premises; and may require a bond of indemnity w i t h satisfactory sureties, or an
agreement of indemnity, i n any case where he may consider such a bond or agreement necessary
for the protection of the interests of the United States.
Sec. 315.62. Correspondence, certificates, notices and forms—presentation and surrender.—
The Chicago Office of the Bureau of the Public Debt of the Treasury Department (Merchandise
Mart, Chicago 54, Illinois) is charged w i t h all matters relating to United States Savings Bonds
after their original issue, and w i t h i n that office transactions under these regulations are largely conducted by the Division of Loans and Currency, at the same address. I n the same connection the
Federal Reserve Banks, as Fiscal Agents of the United States, and their Branches, are utilized.
Correspondence i n regard to any transactions w i t h respect to United States Savings Bonds within
the scope of these regulations, certificates of court and other certificates required hereunder, notices
of intention to redeem and the like (which must be i n w r i t i n g ) , and any other appropriate forms
or documents, should be addressed accordingly (and, where necessary, the bonds should be presented
and surrendered therewith), except that any specific instructions given elsewhere i n this circular
for addressing particular transactions should be observed, and i n any such instances the term
" F e d e r a l Reserve B a n k " shall include any branch of that bank. Notices or documents not so submitted, or on file i n the Treasury Department elsewhere than w i t h the Bureau of the Public Debt
w i l l not be recognized. Appropriate forms for use in connection w i t h transactions may be obtained
f r o m any Federal Reserve Bank or Branch, or f r o m the Treasury Department, Division of Loans
and Currency, at the Chicago address.
Sec. 315.63. Supplements, amendments or revisions.—The Secretary of the Treasury may at
any time, or f r o m time to time, prescribe additional, supplemental, amendatory or revised rules
and regulations governing United States Savings Bonds.
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
( F i l e d w i t h the D i v i s i o n of the Federal Register Feb. 15, 1945)
P a g e 41
UNITED STATES OF AMERICA
TREASURY SAVINGS NOTES
Series C
TREASURY DEPARTMENT,
1943
Department Circular No. 696
F i r s t Revision
OFFICE
OF
THE
SECRETARY,
Washington,
Fiscal Service
B u r e a u of t h e P u b l i c D e b t
I.
OFFERING
OF
November 20, 1943.
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, i f inscribed i n the name of a
Federal taxpayer, w i l l be receivable as hereinafter provided at par and accrued interest i n payment
of Federal income, estate and g i f t taxes.
2. The term Treasury Savings Notes, Series C, as used i n 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 w i l l continue u n t i l terminated by the Secretary of the Treasury.
II.
DESCRIPTION
OF
NOTES
1. General.—Treasury
Savings Notes, Series C, w i l l i n each instance be dated as of the first day
of the month i n which payment, at pai^, is received and credited by an agent authorized to issue the
notes. They w i l l mature three years from that date, and may not be called by the Secretary of the
Treasury for redemption before maturity. A l l notes issued d u r i n g any one calendar year shall constitute a separate series indicated by the letter " C " followed by the year of maturity. A t the time
of issue the authorized issuing agent w i l l inscribe on the face of each note the name and address of
the owner, w i l l enter the date as of which the note is issued and w i l l i m p r i n t his dating stamp ( w i t h
current date). The notes w i l l be issued i n denominations of $100, $500, $1,000, $5,000, $10,000,
$100,000, $500,000 and $1,000,000. Exchange of authorized denominations f r o m higher to lower,
but not f r o m 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 i n the name of an individual, corporation, or other entity paying Federal estate, income or g i f t taxes, the notes w i l l be receivable, subject to the provisions of Section I V of this circular, at par and accrued interest, i n payment of such
Federal taxes assessed against the owner or his estate. I f not presented i n payment of taxes, or i f
not inscribed i n the name of a Federal taxpayer, and subject to the provisions of Section V of this
circular, the notes w i l l be payable at m a t u r i t y or, at the owner's option and request, they w i l l be
redeemable before maturity, at par and accrued interest.
3. Interest.—Interest
on each $1,000 principal amount of Savings Notes, Series C, w i l l accrue
each month f r o m the month of issue, on a graduated scale, as follows:
F i r s t 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 f r o m month of issue to month of maturity, (a) the amount of interest accrual, (&) the
principal amount of the note w i t h accrued interest (cumulative) added, and (c) the approximate
investment yields. I n no case shall interest accrue beyond the month i n which the note is presented
i n payment of taxes, or for redemption before m a t u r i t y as provided i n Section V of this circular, or
beyond its maturity. Interest w i l l be paid only w i t h the principal amount.
4. Forms of Inscription.—Treasury
Savings Notes, Series C, may be inscribed i n 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 i n the name of a town, city, county or State or other governmental body and i n the
name of a partnership, but notes i n the name of a partnership are not acceptable i n payment of taxes,
since a partnership is not a Federal taxpaying entity. The notes w i l l not be inscribed i n the names
of two or more persons as joint owners or coowners; or i n the name of a public officer, whether or
not named as trustee, where the notes would i n effect be held as security.
Page 42
5. Nontransferability.—The
notes may not be transferred in ordinary course: except that
(1) i f inscribed i n the name of a married man they may be reissued i n the name of his wife, or i f
inscribed in the name of a married woman they may be reissued in the name of her husband, upon
request of the person i n whose name the notes are inscribed and the surrender of the notes to the
agent that issued them; (2) i f inscribed i n the name of a corporation owning more than 50 percent
of the stock, w i t h voting power, of another corporation, the notes may be reissued i n 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 i n accordance w i t h Section V I hereof; and (4) payment but not reissue, may
be made as a result of legal proceedings as set f o r t h i n said Section V I . The notes may not be
hypothecated and no attempted hypothecation or pledge as security w i l l be recognized by the Treasu r y 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 w i l l be redeemed at par and accrued interest to the month i n 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 i n whose name the notes are inscribed.
The notes w i l l not be transferred to a pledgee. The notes w i l l 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, g i f t or other excise taxes, whether
be exempt f r o m 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, i n his discretion, may designate
other agencies for the issue of the notes, or for accepting applications therefor, or for making payments on account of the redemption thereof.
2. Applications and payment.—Applications
w i l l 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 f o r m 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 i n f u l l ,
at par. Any form of exchange, including personal cheeks, w i l l 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 w i l l 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, w i l l be permitted to make payment by credit for
notes applied for on behalf of itself or its customers up to any amount for which i t shall be qualified
in excess of existing deposits.
3. Reservations.—The Secretary of the Treasury reserves the right to reject any application i n
whole or i n part, and to refuse to issue or permit to be issued hereunder any notes i n any ease or in
any class or classes of cases i f he deems such action to be i n the public interest, and his action i n any
such respect shall be final. I f an application is rejected, i n whole or i n part, any payment received
therefor w i l l be refunded.
4. Delivery of notes.—Upon acceptance of full-paid applications, notes w i l l be duly inscribed
and, unless delivered i n person, w i l l 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 w i l l be made.
IV.
PRESENTATION
IN PAYMENT
OF
TAXES
1. D u r i n g 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, w i t h the approval of the Secretary of the Treasury, shall prescribe,
notes issued hereunder i n 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 w i l l be receivable by the Collector at par and accrued
interest from the month of issue to the month, inclusive (but no accrual beyond m a t u r i t y ) , i n which
presented, i n payment of any Federal income taxes (current and back personal and corporation
taxes, and excess-profits taxes), or any Federal estate or g i f t taxes (current and back) assessed
Page 43
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,
i f not presented i n person.
V.
CASH R E D E M P T I O N
AT
OR PRIOR T O
MATURITY
1. General.— (a) A n y Treasury Savings Note of Series C not presented i n payment of taxes,
w i l l be paid at maturity, or, at the option and request of the owner and without advance notice, w i l l
be redeemed before maturity, but the notes may be redeemed before m a t u r i t y only during and after
the sixth calendar month after the month of issue (as shown on the face of each note), (b) Payment at m a t u r i t y or on redemption before m a t u r i t y w i l l be made at par and accrued interest to the
month of payment, except, i f a note is inscribed i n the name of a bank that accepts demand deposits,
payment at m a t u r i t y or on redemption before m a t u r i t y w i l l be made only at the issue price, or par,
of the note. However, i f a note is acquired by any such bank through forfeiture of a loan, payment
w i l l be made at the redemption value for the month i n which so acquired.
2. Execution of request for payment.—The owner i n 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 i n 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. A f t e r
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 f o r t h in Treasury
Department Circular No. 530, F i f t h Revision, as amended, are hereby authorized to witness and
certify requests f o r 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 i n the United States or its organized territories, including officers
at branches thereof, and commissioned officers of the A r m y , 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, i f not presented i n person.
5. Partial redemption.—Partial
cash redemption of a note, corresponding to an authorized denomination, may be made i n the same manner as for f u l l cash redemption, appropriate changes being
made i n the request for payment. I n case of partial redemption of a note, the remainder w i l l be
reissued i n the same name and w i t h the same date of issue as the note surrendered.
6. Payment.—Payment
of any note, either at maturity or on redemption before maturity, w i l l
be made only by the Federal Reserve Bank or Branch or the Treasury Department, as the case may
be, that issued the note, and w i l l be made by check drawn to the order of the owner, and mailed to
the address given i n his request for payment.
VI.
PAYMENT
OR REISSUE TO OTHER T H A N
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 i n payment of taxes, payment w i l l 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 r i g h t ; but no reissue w i l l be made i n two names j o i n t l y or as coowners.
2. Dissolution or Merger of Corporations, etc.—If a corporation or unincorporated body, i n
whose names notes are inscribed, is dissolved, consolidated, merged or otherwise changes its organization, the notes may be paid to, or reissued i n the name of those persons or organizations lawfully
entitled to the assets of such corporation or body by reason of such changes i n organization.
3. Bankruptcy.—If
an inscribed owner of notes is declared bankrupt or insolvent, payment, but
not reissue, w i l l be made to the duly qualified trustee, receiver or similar representative i f the notes
are submitted w i t h satisfactory proof of his appointment and qualification.
4. Creditors' Eights.—Payment,
but not reissue, w i l l be made as a result of judicial proceedings
i n a court of competent jurisdiction, i f the notes are submitted w i t h proper proof of such proceedings
and their finality.
5. Instructions
and Information.—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
f r o m the Treasury Department, Division of Loans and Currency, Washington 25, D. C.
VII.
GENERAL
PROVISIONS
1. Regulations.—Except
as provided i n this circular, the notes issued hereunder w i l l 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 i n force are contained i n Department Circular No. 300, as amended.
44
Page
2. Loss, Theft or Destruction.—In
case of the loss, theft or destruction of a savings note immediate notice (which should include a f u l l 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.
Reserve Banks and their Branches, as fiscal agents of the United
3. Fiscal Agents.—Federal
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 w i l l promptly be furnished to the Federal Reserve Banks.
D. W .
Acting
BELL,
Secretary of the
Treasury.
( F i l e d w i t h the D i v i s i o n of the F e d e r a l Register, N o v e m b e r 23, 1943)
T R E A S U R Y
T A B L E
OF
T A X - P A Y M E N T
OR
SAVINGS
NOTES—SERIES
R E D E M P T I O N
V A L U E S
C
A N D
I N V E S T M E N T
Y I E L D S
The table below shows f o r each month f r o m date of issue to date of m a t u r i t y the amount of interest accrual; the p r i n c i p a l
amount w i t h accrued interest added, f o r notes o f each denomination; the approximate investment yield on the par amount f r o m
issue date to the beginning of each month f o l l o w i n g the month of issue; and the approximate investment yield on the current
redemption value f r o m the beginning of the month indicated to the month of m a t u r i t y .
Par value (issue p r i c e d u r i n g
m o n t h of issue)
$100. 00
A m o u n t of I n t e r e s t a c c r u a l each
m o n t h after m o n t h o f issue
I n t e r e s t accrues a t r a t e of $0.50 per
m o n t h p e r $1,000 p a r a m o u n t :
First month
Fourth month
Fifth month
Sixth month
I n t e r e s t accrues a t r a t e of $0.80 per
m o n t h per $1,000 p a r a m o u n t :
Seventh m o n t h
Eighth month
Tenth month
Eleventh m o n t h
Twelfth month
I n t e r e s t accrues a t r a t e of $0.90 per
m o n t h p e r $1,000 p a r a m o u n t :
Thirteenth month
Fourteenth month
Sixteenth m o n t h
Seventeenth m o n t h
Eighteenth month
I n t e r e s t accrues a t r a t e of $1.00 per
m o n t h per $1,000 p a r a m o u n t :
Nineteenth month
Twentieth month
Twenty-first month
Twenty-second month
Twenty-third month
Twenty-fourth month
I n t e r e s t accrues a t r a t e o f $1.10 per
m o n t h per $1,000 p a r a m o u n t :
Twenty-flfth 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-flfth month
Thirty-sixth month
(MATURITY)
$500. 00
$1. 000. 00
$5, 000. 00
$10, 000. 00
$100, 000. 00
$600, 000. 00 $1, 000, 80S. 00
T a x - p a y m e n t o r r e d e m p t i o n values d u r i n g each m o n t h l y p e r i o d after
m o n t h of i s s u e 1
Approximate
investment
yield on par
amount f r o m
issue date t o
beginning of
each m o n t h l y
period thereafter
Approximate
Investment
yield on c u r r e n i
tax-payment
or redemption
values f r o m
b e g i n n i n g of
each m o n t h l y
period to
maturity
Percent
Percent
$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,
1,
1,
1,
1,
000.
001.
001.
002.
002.
003.
50
00
50
00
50
00
$5,
5,
6,
5,
5,
5,
902.
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
$1.
1,
1,
1,
1,
1,
000,
001,
001,
002,
002,
003,
500.
000.
500.
000.
500.
000.
00
00
00
00
00
00
.
.
.
.
.
.
60
60
60
60
60
60
2 1.
1.
1.
1.
1.
1.
1.
07
08
09
11
12
14
16
100.
100.
100.
100.
100.
100.
38
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
(0
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
00
501,
502,
502,
503,
503,
503,
900.
300.
700.
100.
500.
900.
00
00
00
00
00
00
1,
1,
1,
1,
1,
I,
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.
1.
1.
1.
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.
Olt.
•11.
012.
013.
70
60
60
40
30
20
5,
5,
5,
6,
6,
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,
605,
508,
606,
358.
800.
250.
700.
150.
800.
00
00
00
00
00
00
1,
1,
1,
1,
1,
1,
008 ,
009,
010,
011,
012,
013,
700.
600.
600.
400.
300.
200.
00
00
00
00
00
00
.
.
.
.
.
.
80
82
84
85
86
88
1. 22
101.
101.
101.
101.
101.
101.
42
62
62
72
82
92
507.
507.
508.
508.
509.
509.
10
60
10
60
10
€0
1,
1,
1,
1,
1,
I,
014.
015.
016.
017.
018.
019.
10
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,
607,
508,
608,
509,
609,
100.
600.
100.
600.
100.
600.
00
00
00
00
00
00
1,
1,
1,
I,
1,
1,
014,
015,
016,
017,
018,
019,
200.
200.
200.
200.
200.
200.
00
00
00
00
00
00
.
.
.
.
.
.
89
91
92
93
94
95
1. 28
102.
102.
102.
102.
102.
102.
102.
102.
102.
103.
103.
03
14
25
36
47
58
69
80
91
02
13
510.
510.
511.
611.
512.
512.
613.
514.
614.
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
80
70
80
90
00
10
20
30
6,
5.
5,
5,
5,
6,
5,
5,
5,
5,
5,
101.
107.
112.
118.
123.
129.
134.
140.
145.
151.
156.
60
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.
140.
250.
360.
470.
580.
690.
800.
910.
020.
130.
00
00
00
00
00
00
00
00
00
00
00
510,
510,
511,
511,
512,
612 ,
513,
514,
514,
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
.
.
.
1.
1.
1.
1.
1.
1.
1.
1.
97
98
99
00
01
02
03
04
05
05
06
1.
1.
1.
1.
1.
1.
1.
1.
1.
1.
1.
103. 24
516. 20
1, 032. 40
5, 162. 00
10, 324. 00
103, 240. 00
616, 200. 00
1 032, 400. 00
1. 28
1. 29
29
29
29
29
29
29
29
29
28
28
28
1. 07
1
N o t acceptable i n p a y m e n t of taxes u n t i l d u r i n g a n d a f t e r t h e second c a l e n d a r m o n t h a f t e r t h e m o n t h of issue, a n d n o t redeemable f o r cash u n t i l d u r i n g a n d a f t e r
t h e s i x t h c a l e n d a r m o n t h a f t e r t h e m o n t h of issue.
2
A p p r o x i m a t e i n v e s t m e n t y i e l d f o r e n t i r e p e r i o d f r o m Issuance t o m a t u r i t y .
Page 45
UNITED STATES OF AMERICA
% P E R C E N T TREASURY C E R T I F I C A T E S OF INDEBTEDNESS OF SERIES E-1946
Dated and bearing interest f r o m June 1, 1945
Due June 1, 1946
1945
Department Circular No. 771
T R E A S U R Y
OFFICE
Fiscal Service
Bureau of the Public Debt
D E P A R T M E N T ,
OF T H E
Washington,
I.
OFFERING OF
SECRETARY,
May 14, 1945.
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, f r o m the people of the United States for
certificates of indebtedness of the United States, designated % percent Treasury Certificates of
Indebtedness of Series E-1946. The amount of the offering is not specifically limited.
2. These certificates w i l l not be available for subscription by or for the account of others than
individuals u n t i l June 18, 1945. Individuals are defined for this purpose as including partnerships
(other than securities dealers and brokers) and personal trust accounts.
3. These certificates w i l l 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 i n
Regulation Q of the Board of Governors of the Federal Reserve System) may subscribe, f r o m June 18
to June 30, 1945 (both dates inclusive), to the certificates offered hereunder, to the iy2 percent
Treasury Bonds of 1950 offered simultaneously herewith under Treasury Department Circular No. 770,
and to Series F-1945 and Series G-1945 United States Savings Bonds, under Treasury Department
Circular No. 654, Second Revision, as amended, but the amount of such subscriptions shall not exceed,
i n the aggregate, 10 percent of the combined amount of time certificates of deposit (but only those
issued i n 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
securities, or $500,000, whichever is less, except that the aggregate amount of Series F and Series G
Savings Bonds (Series 1945) held by such bank may not exceed the annual limitation of $100,000
(issue price).
II.
DESCRIPTION OF
CERTIFICATES
1. The certificates w i l l be dated June 1, 1945, and w i l l bear interest from that date at the rate
of % percent per annum, payable semiannually on December 1, 1945, and June 1, 1946. They w i l l
mature June 1, 1946, and w i l l 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, g i f t or other excise taxes,
whether Federal or State, but shall be exempt f r o m 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 w i l l be acceptable to secure deposits of public moneys.
acceptable i n payment of taxes.
They w i l l not be
4. Bearer certificates w i t h interest coupons attached w i l l be issued i n denominations of $1,000,
$5,000, $10,000, $100,000 and $1,000,000. The certificates w i l l not be issued i n registered form.
5. The certificates w i l l be subject to the general regulations of the Treasury Department, now
or hereafter prescribed, governing United States certificates.
III.
SUBSCRIPTION AND
ALLOTMENT
1. Subscriptions w i l l be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. I t is requested that there be no trading i n the securities allotted hereunder and no purchases of such securities other than on direct subscription u n t i l after June 30, 1945.
P a g e 46
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 w i l l not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment i n f u l l for the amount of certificates applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, i n whole or i n
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 i n these respects shall be final.
Subject to these reservations, all subscriptions w i l l be allotted i n f u l l . Allotment notices w i l l be sent
out promptly upon allotment.
IV.
PAYMENT
1. Payment at par and accrued interest, i f any, for certificates allotted hereunder to individuals
must be made on or before June 1, 1945, or on later allotment. Payment at par and accrued interest
to June 18, 1945, or to date of later allotment, for certificates allotted to all others must be made on
or before June 18, 1945, or on later allotment. One day's accrued interest is $0,024 per $1,000. A n y
qualified depositary w i l l be permitted to make payment by credit for certificates allotted to i t for
itself and its customers up to any amount for which i t shall be qualified i n 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 w i l l be communicated promptly
to the Federal Reserve Banks.
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
P a g e 47
UNITED STATES OF AMERICA
i y 2 P E R C E N T T R E A S U R Y BONDS OF 1950
Dated and bearing interest f r o m June 1, 1945
Due December 15, 1950
Interest payable June 15 and December 15
1945
Department Circular No. 770
T R E A S U R Y
OFFICE
Fiscal Service
B u r e a u of t h e P u b l i c D e b t
D E P A R T M E N T ,
OF
THE
Washington,
I.
OFFERING OF
SECRETARY,
May 14, 1945.
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, f r o m the people of the United States
for bonds of the United States, designated 1% percent Treasury Bonds of 1950. The amount of the
offering is not specifically limited.
2. These bonds w i l l not be available for subscription by or for the account of others than individuals, except that commercial banks may subscribe as provided i n the next succeeding paragraph.
Individuals are defined for this purpose as including partnerships (other than securities dealers and
brokers) and personal trust accounts.
3. These bonds w i l l 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
i n Regulation Q of the Board of Governors of the Federal Reserve System) may subscribe, from
June 18 to June 30, 1945 (both dates inclusive), to the bonds offered hereunder, to the 7/s percent
Treasury Certificates of Indebtedness of Series E-1946 offered simultaneously herewith under Treasury Department Circular No. 771, and to Series F-1945 and Series G-1945 United States Savings
Bonds, under Treasury Department Circular No. 654, Second Revision, as amended, but the amount
of such subscriptions shall not exceed, i n the aggregate, 10 percent of the combined amount of time
certificates of deposit (but only those issued i n the names of individuals, and of corporations, associations and other organizations not operated for p r o f i t ) , 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 securities, or $500,000, whichever is less, except that the
aggregate amount of Series F and Series G Savings Bonds (Series 1945) held by such bank may not
exceed the annual limitation of $100,000 (issue price).
II.
DESCRIPTION
OF
BONDS
1. The bonds w i l l be dated June 1, 1945, and w i l l bear interest f r o m that date at the rate of
1% percent per annum, payable on a semiannual basis on December 15, 1945, and thereafter on
June 15 and December 15 i n each year u n t i l the principal amount becomes payable. They w i l l mature
December 15, 1950, and w i l l not be subject to call for redemption prior to maturity.
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, g i f t or other excise taxes, whether Federal or State, but shall be exempt f r o m 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 w i l l be acceptable to secure deposits of public moneys. They w i l l not be entitled
to any privilege of conversion.
4. Bearer bonds w i t h interest coupons attached, and bonds registered as to principal and
interest, w i l l be issued i n denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000.
Provision w i l l be made for the interchange of bonds of different denominations and of coupon and
Page 48
registered bonds, and for the transfer of registered bonds, under rules and regulations prescribed
by the Secretary of the Treasury.
5. The bonds w i l l be subject to the general regulations of the Treasury Department, now or
hereafter prescribed, governing United States bonds.
III.
SUBSCRIPTION AND
ALLOTMENT
1. Subscriptions w i l l be received at the Federal Reserve Banks and Branches and at the Treasury Department, Washington. I t is requested that there be no trading i n the securities allotted
hereunder and no purchases of such securities other than on direct subscription u n t i l after June
30, 1945. 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 w i l l not be permitted to enter subscriptions except for
their own account. Subscriptions must be accompanied by payment i n f u l l for the amount of bonds
applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, i n whole or i n
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 i n these respects shall be final.
Subject to these reservations, all subscriptions w i l l be allotted i n full. Allotment notices w i l l be
sent out promptly upon allotment.
IV.
PAYMENT
1. Payment at par and accrued interest, i f any, for bonds allotted hereunder to individuals
must be made on or before June 1, 1945, or on later allotment. Payment at par and accrued interest
to June 18, 1945, or to date of later allotment, f o r bonds allotted to commercial banks must be
made on or before June 18, 1945, or on later allotment. One day's accrued interest is $0,041 per
$1,000. A n y qualified depositary w i l l be permitted to make payment by credit for bonds allotted to
i t for itself and its customers up to any amount f o r which i t shall be qualified i n 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 w i l l be communicated promptly
to the Federal Reserve Banks.
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
Page 49
UNITED STATES OF AMERICA
214 PERCENT T R E A S U R Y BONDS OF 1959-62
Dated and bearing interest f r o m June 1, 1945
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
Due June 15, 1962
STATES A T P A R A N D
ACCRUED INTEREST ON
AND
A F T E R J U N E 15, 1959
Interest payable June 15 and December 15
1945
D e p a r t m e n t C i r c u l a r N o . 769
T R E A S U R Y
OFFICE
Fiscal Service
B u r e a u of t h e P u b l i c D e b t
D E P A R T M E N T ,
OF T H E
Washington,
I.
OFFERING
OF
SECRETARY,
May 14, 1945.
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 1959-62. The amount of
the offering is not specifically limited.
2. These bonds w i l l not be available for subscription by or for the account of others than individuals u n t i l June 18, 1945. Individuals are defined for this purpose as including partnerships
(other than securities dealers and brokers) and personal trust accounts. These bonds w i l l not be
available for subscription, for their own account, by commercial banks, which are defined for this
purpose as banks accepting demand deposits.
II.
DESCRIPTION
OF
BONDS
1. The bonds w i l l be dated June 1, 1945, and w i l l bear interest from that date at the rate of
214 percent per annum, payable on a semiannual basis on December 15, 1945, and thereafter on June
15 and December 15 i n each year u n t i l the principal amount becomes payable. They w i l l mature
June 15, 1962, but may be redeemed at the option of the United States on and after June 15, 1959,
i n whole or i n part, at par and accrued interest, on any interest day or days, on 4 months' notice
of redemption given i n such manner as the Secretary of the Treasury shall prescribe. I n case of
partial redemption the bonds to be redeemed w i l l be determined by such method as may be prescribed by the Secretary of the Treasury. From the date of redemption designated i n 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, g i f t or other excise taxes, whether Federal
or State, but shall be exempt f r o m 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.
8. The bonds w i l l not be acceptable to secure deposits of public moneys before June 15, 1952.
They w i l l not be entitled to any privilege of conversion.
4. Bearer bonds w i t h interest coupons attached, and bonds registered as to principal and
interest, w i l l be issued i n denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000.
Provision w i l l 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 that they may not, before June 15, 1952, 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 June 15, 1952, because of the failure of such loans to be
paid at m a t u r i t y w i l l be required to dispose of them i n the same manner as they dispose of other assets
not eligible to be owned by banks.
5. A n y bonds issued hereunder which upon the death of the owner constitute part of his estate,
w i l l 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
(&) 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
1
A n exact h a l f - y e a r ' s interest is c o m p u t e d f o r each f u l l h a l f - y e a r period irrespective of the actual n u m b e r of days i n the h a l f year.
a f r a c t i o n a l p a r t of any h a l f year, c o m p u t a t i o n is o n the basis of t h e actual n u m b e r o f days i n such h a l f year.
P a g e 50
For
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 w i l l be paid only at par w i t h 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 w i l l be paid at par plus accrued interest f r o m the reopening of the books to the date of payment. I n either case checks for the f u l l six months' interest due on the last day of the closed period
w i l l be fowarded to the owner i n due course. A l l bonds submitted must be accompanied by F o r m
PD 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 i n force
and effect. Upon payment of the bonds appropriate memorandum receipt w i l l be forwarded to the
representatives, which w i l l be followed i n due course by formal receipt from the Collector of
Internal Revenue.
6. Except as provided i n the preceding paragraphs, the bonds w i l l be subject to the general
regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds.
III.
SUBSCRIPTION AND
ALLOTMENT
1. Subscriptions w i l l be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. I t is requested that there be no trading i n the securities allotted hereunder
and no purchases of such securities other than on direct subscription u n t i l after June 30, 1945.
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 w i l l not be permitted to enter subscriptions except for their own account.
Subscriptions must be accompanied by payment i n f u l l for the amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, i n whole or i n
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 i n these respects shall be final.
Subject to these reservations, all subscriptions w i l l be allotted i n f u l l . Allotment notices w i l l be sent
out promptly upon allotment.
IV.
PAYMENT
1. Payment at par and accrued interest, i f any, for bonds allotted hereunder to individuals
must be made on or before June 1, 1945, or on later allotment. Payment at par and accrued interest
to June 18, 1945, or to date of later allotment, for bonds allotted to all others must be made on or
before June 18, 1945, 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, i n whole or i n part, at par and accrued
interest, at any time or times, w i t h payment to be completed not later than August 31, 1945. One
day's accrued interest is $0,061 per $1,000. A n y qualified depositary w i l l be permitted to make
payment by credit for bonds allotted to its customers up to any amount for which i t shall be qualified
i n 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 w i l l be communicated promptly
to the Federal Reserve Banks.
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
2
T h e t r a n s f e r b o o k s are closed f r o m M a y
3
Copies of F o r m P D
16 t o J u n e 15, a n d f r o m N o v e m b e r 16 to D e c e m b e r 15 ( b o t h dates i n c l u s i v e ) i n each year.
17S2 m a y be o b t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k
or f r o m the Treasury
Department,
Washington,
D.
C.
Page 51
UNITED STATES OF AMERICA
2y z P E R C E N T T R E A S U R Y BONDS OF 1967-72
Dated and bearing interest f r o m June 1, 1945
REDEEMABLE
'
Due June 15, 1972
A T T H E O P T I O N OF T H E U N I T E D STATES A T PAR A N D A C C R U E D I N T E R E S T ON
A F T E R J U N E 15, 1967
AND
Interest payable June 15 and December 15
1945
D e p a r t m e n t Circular No. 768
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
Bureau of the Public Debt
Washington,
I.
OFFERING
OF
SECRETARY,
May 14, 1945.
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, f r o m the people of the United States
for bonds of the United States, designated 2y 2 percent Treasury Bonds of 1967-72. The amount of
the offering is not specifically limited.
2. These bonds w i l l not be available for subscription by or for the account of others than individuals u n t i l June 18, 1945. Individuals are defined for this purpose as including partnerships (other
than securities dealers and brokers) and personal trust accounts. These bonds w i l l not be available
for subscription, for their own account, by commercial banks, which are defined for this purpose as
banks accepting demand deposits.
II.
DESCRIPTION
OF
BONDS
1. The bonds w i l l be dated June 1, 1945, and w i l l bear interest from that date at the rate of 2%
percent per annum, payable on a semiannual basis on December 15, 1945, and thereafter on June 15
and December 15 i n each year u n t i l the principal amount becomes payable. They w i l l mature June
15, 1972, but may be redeemed at the option of the United States on and after June 15,1967, i n whole
or i n part, at par and accrued interest, on any interest day or days, on 4 months' notice of redemption
given i n such manner as the Secretary of the Treasury shall prescribe. I n case of partial redemption
the bonds to be redeemed w i l l be determined by such method as may be prescribed by the Secretary
of the Treasury. F r o m the date of redemption designated i n 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, g i f t or other excise taxes, whether Federal or State, but shall be exempt f r o m 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 w i l l not be acceptable to secure deposits of public moneys before June 15, 1962.
They w i l l not be entitled to any privilege of conversion.
4. Bearer bonds w i t h interest coupons attached, and bonds registered as to principal and interest,
w i l l be issued i n denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision
w i l l 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 that they may not, before June 15,1962, be transferred to or be held by
commercial banks, which are defined for this purpose as banks accepting demands deposits. However,
the bonds may be pledged as collateral for loans, including loans by commercial banks, but any such
bank acquiring such bonds before June 15, 1962, because of the failure of such loans to be paid at
maturity w i l l be required to dispose of them i n the same manner as they dispose of other assets not
eligible to be owned by banks.
5. A n y bonds issued hereunder which upon the death of the owner constitute p a r t of his estate,
w i l l 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
(&) that the Secretary of the Treasury be authorized to apply the entire proceeds of redemption to the payment of Federal estate taxes.
1
A n exact h a l f - y e a r ' s interest is. c o m p u t e d f o r each f u l l h a l f - y e a r period irrespective of the a c t u a l n u m b e r of days i n the half year.
a f r a c t i o n a l p a r t of a n y h a l f y e a r , c o m p u t a t i o n is o n the basis of t h e a c t u a l n u m b e r o f days i n such half year.
Page 52
For
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 f r o m estate of
"
Owing to the periodic closing of the transfer books and
the impossibility of stopping payment of interest to the registered owner d u r i n g the closed period,
registered bonds received after the closing of the books for payment during such closed period w i l l
be paid only at par w i t h a deduction of interest from the date of payment to the next interest payment
date; 1 bonds received during the closed period for payment at a date after the books reopen w i l l be
paid at par plus accrued interest from the reopening of the books to the date of payment. I n either
case checks for the f u l l six months' interest due on the last day of the closed period w i l l be forwarded
to the owner i n due course. A l l bonds submitted must be accompanied by F o r m P D 1782," 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 i n force and effect. Upon payment of the
bonds appropriate memorandum receipt w i l l be forwarded to the representatives, which w i l l be followed i n due course by formal receipt f r o m the Collector of Internal Revenue.
6. Except as provided i n the preceding paragraphs, the bonds w i l l be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds.
III.
SUBSCRIPTION AND
ALLOTMENT
1. Subscriptions w i l l be received at the Federal Reserve Banks and Branches and at the Treasury
Department, "Washington. I t is requested that there be no trading i n the securities allotted hereunder
and no purchases of such securities other than on direct subscription u n t i l after June 30, 1945.
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 w i l l not be permitted to enter subscriptions except for their own account.
Subscriptions must be accompanied by payment i n f u l l for the amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, i n whole or i n
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 i n these respects shall be final.
Subject to these reservations, all subscriptions w i l l be allotted i n f u l l . Allotment notices w i l l be sent
out promptly upon allotment.
IV.
PAYMENT
1. Payment at par and accrued interest, i f any, for bonds allotted hereunder to individuals
must be made on or before June 1, 1945, or on later allotment. Payment at par and accrued interest
to June 18, 1945, or to date of later allotment, for bonds allotted to all others must be made on or
before June 18, 1945, 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, i n whole or i n part, at par and accrued
interest, at any time or times, w i t h payment to be completed not later than August 31,1945. One day's
accrued interest is $0,068 per $1,000. A n y qualified depositary w i l l be permitted to make payment by
credit for bonds allotted to its customers up to any amount for which i t shall be qualified i n 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 Secret a r y 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 f r o m time to time, prescribe supplemental
or amendatory rules and regulations governing the offering, which w i l l be communicated promptly to
the Federal Reserve Banks.
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
2
T h e t r a n s f e r b o o k s are closed f r o m M a y 16 t o J u n e I S , a n d f r o m N o v e m b e r 16 t o D e c e m b e r I S ( b o t h dates i n c l u s i v e ) i n each y e a r .
3
Copies of F o r m
PD
1782 m a y be o b t a i n e d f r o m a n y F e d e r a l
Reserve B a n k o r f r o m t h e T r e a s u r y D e p a r t m e n t , W a s h i n g t o n , D .
C.
P a g e 53
L E T T E R D A T E D M A R C H 20, 1945, F R O M T H E SECRETARY OF T H E T R E A S U R Y
TO B A N K I N G INSTITUTIONS
The Treasury w i l l open the Seventh W a r Loan Drive on May 14, 1945, w i t h a goal of $14 billion.
One of the p r i m a r y objectives of this Drive w i l l be the sale of $7 billion of Government securities to
individuals. This is the largest quota that has ever been set for individuals i n a W a r Loan Drive. As
a part of the campaign to raise this amount, an intensive program for the sale of Series E bonds i n the
plants and factories of the country w i l l begin on A p r i l 9.
The Seventh W a r Loan w i l l be a continuation of the Treasury's intensified war bond sales program.
I t is clear that Federal expenditures are going to remain at a high level for some time to come. I t is
also apparent that funds i n the hands of non-bank investors w i l l continue to increase sharply under
present conditions. I t is highly desirable to channel as much of these funds as possible into Government security investment, and to put them to work i n the prosecution of the war.
To the extent that this objective can be accomplished, the amount of money obtained f r o m the
commercial banking system can be reduced. The basket of securities selected for the Seventh W a r Loan
Drive is designed to accomplish maximum investment of non-banking funds, and to hold indirect participation of commercial bank funds to a minimum. W i t h this i n mind, the following changes i n the
pattern and procedure followed i n previous drives have been made:
(a) The corporation quota has been reduced f r o m the $9 billion that was assigned i n the Sixth
Loan to $7 billion. This w i l l reduce State and county quotas i n proportion and w i l l cut down
excessive subscriptions previously entered for speculative or quota-making purposes.
(b) The basket of securities offered to corporations does not contain the l 1 /^ percent bond that
w i l l be available to individuals during the Drive. I t was i n the corporate basket and on issues
of this type that speculative subscriptions were entered i n previous war loans, and substantial purchases of these issues were made w i t h the proceeds of the sale of securities already owned.
(c) Non-bank investors have been requested to refrain f r o m selling securities now owned solely for
the purpose of obtaining funds w i t h which to subscribe for the securities offered i n the Seventh
W a r Loan Drive. This request is not intended to preclude normal portfolio adjustments.
I earnestly request your cooperation i n the coming Drive, (1) i n declining to make loans for the
speculative purchase of Government securities; (2) i n declining to accept subscriptions f r o m your
customers which appear to be entered for speculative purposes; and (3) i n declining to make loans for
the purpose of acquiring the Drive securities later for your own account. I f you have any doubt as to
the propriety of accepting a subscription for a marketable issue presented through your bank, please
submit the circumstances and all available information to the Federal Reserve Bank of your District.
That bank, i n its capacity as fiscal agent of the United States, w i l l advise you as to the disposition to
be made of the subscription.
I further request your cooperation i n declining to purchase outstanding securities from non-bank
investors on the understanding or condition that a subscription for a substantially like amount of Treasu r y securities offered during the Drive w i l l be made through your bank w i t h payment to be made
through the W a r Loan Account.
The Treasury is i n favor, of course, of loans to facilitate permanent investment i n Government securities provided such loans conform to the provisions of the Joint Statement issued by the National and
State Bank Supervisory Authorities on November 22, 1942. This statement, you w i l l recall, reads in
part as follows:
" . . . subscribers relying upon anticipated income may wish to augment their subscriptions by
temporary borrowing from banks. Such loans w i l l not be subject to criticism but should be on a shortterm or amortization basis f u l l y repayable w i t h i n periods not exceeding six months."
We i n the Treasury realize the difficulties that the Federal Reserve Banks and banking institutions
generally have experienced i n their efforts to handle subscriptions i n accordance w i t h our objectives
during past drives. We also realize that i t is impossible to apply absolutely u n i f o r m standards to the
hundreds of thousands of subscriptions for the marketable securities which are received i n the course of
a big war loan drive. What is desired and expected is a cooperative effort to make the program as effective and equitable as possible.
Another matter w i t h respect to which I should appreciate your continued cooperation is that of
holding transfers of funds for the purchase of Government securities to a minimum. Statistical credits
will, of course, be given to localities desired by the purchaser i n the Seventh Loan as i n previous drives.
I wish to take this opportunity to thank you for the real service that you and the other banks of the
country have rendered i n connection w i t h the W a r Loans, the issue of Savings Bonds, and our financing
operations generally. I bespeak your continued help i n the coming Drive, to the end that we may obtain
maximum investment i n the securities offered of the type of funds we are most anxious to secure.
Page 54
Sincerely,
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
SEVENTH WAR LOAN
Summary of Information Regarding Securities
United States
W a r Savings Bonds,
United States
Savings Bonds,
United States
Savings Bonds,
Treasury
Savings Notes,
SERIES E
Title of Security
SERIES F
SERIES G
SERIES C
y
Treasury
Certificates
of Indebtedness of
Series E - 1 9 4 6
8
%
1 T r e a s u r y
Bonds of
1950
0 1/ * %
JL / 4
Treasury
Bonds of
1959-62
W
E T : 5
1967-72
Dated
1st day of month i n 1st day of month i n 1st day of month i n 1st day of m o n t h i n
June 1, 1945
which purchased
which purchased
which purchased
which purchased
June 1, 1945
June 1, 1945
June 1, 1945 ,
Due
10 yrs. f r o m issue 12 yrs. f r o m issue 12 yrs. f r o m issue 3 yrs. f r o m issue
June 1, 1946
date
date
date
date
Dec. 15, 1950
June 15,1962
June 15, 1972
Cost price
75% of
value
$500 or $1,000 subscription, 100%.
100% and interest Over $1,000,100%
f r o m June 1, 1945 and interest f r o m
June 1, 1945
$500 or $1,000 subscription, 100%.
Over $1,000,100%
and interest f r o m
June 1, 1945
$500 or $1,000 subscription, 100%.
Over $1,000,100%
and interest f r o m
June 1, 1945
Yield
Varies—2.90% i f Varies—2.53% i f V a r i e s — 2 i / 2 % i f Varies—1.07% i f
held to m a t u r i t y held to m a t u r i t y held to m a t u r i t y held to m a t u r i t y '
7
iy2%
2^4%
2 %%
Denominations
$25 to $1,000
$25 to $10,000
$100 to $10,000
$100 t o
$1,000,000
$1,000 to
$1,000,000
$500 t o
$1,000,000
$500 t o
$1,000,000
$500 to
$1,000,000
Registration
Registered f o r m
only
Registered f o r m
only
Registered f o r m
only
Inscribed f o r m
only
Bearer f o r m only
Bearer or
registered f o r m
Bearer or
registered f o r m
Bearer or
registered f o r m
Redeemable f o r
cash p r i o r to
maturity
A t holder 'b option,
60 days f r o m issue
date on variable
redemption schedule
A t holder's option
on 1st o f month
following
one
month's notice, i f
held f o r 6 months
A t holder's option
on 1st of month A t holder's option,
following
one a f t e r 6 months, at N o
m o n t h ' s notice, i f 100% and interest'
held f o r 6 months 1
No
A t Government's
option, on or a f t e r
June 15, 1959, at
100% and interest
A t Government 'a
option, on or a f t e r
June 15, 1967, at
100% and interest
Acceptable i n
payment of Federal
(income, estate or
g i f t ) taxes p r i o r
to m a t u r i t y
No
No
No
Yes, d u r i n g and
a f t e r 2nd calendar N o
month a f t e r purchase
No
Federal estate
taxes only, on
death of owner
Federal estate
taxes only, on
death of owner
Use as collateral
No
No
No
For loans f r o m
banks only
Yes
Yes
Yes
Yes
Salable i n open
market
No
No
No
No
Yes, a f t e r June 30, Yes, a f t e r June 30, Yes, a f t e r June 30, Yes, a f t e r June 30,
1945
1945
1945
1945
W h o may buy
I n d i v i d u a l s only
Anyone'
Anyone'
Anyone
Anyone except
security dealers
or brokers 3
Individuals,
partnerships and
personal t r u s t
accounts only 4
Anyone*
Anyone'
A m o u n t an
eligible investor
may buy
L i m i t e d t o $5,000 N o t more than $100,000 issue price of
m a t u r i t y value in Series F and Q together i n one calen- N o l i m i t
one calendar year 4 dar year*
No l i m i t
No l i m i t
No limit
No l i m i t
1
m a t u r i t y 74% of
value
•
m a t u r i t y 100% of m a t u r i t y
100%
value
On death of owner redeemable a t 100% after 6 months f r o m issue date i f
application is made w i t h i n 6 months a f t e r death.
Notes owned by commercial bank bear interest only i f used i n payment of
Federal taxes.
* Commercial banks may subscribe f o r only a l i m i t e d portion o f their savings deposits
and certain time certificates o f deposit. % % Certificates of Indebtedness may be
purchased i n market a f t e r June 30, 1945, w i t h o u t restriction.
1
/s%
' Security dealers and brokers may not subscribe. Commercial banks may subscribe f o r
only a l i m i t e d p o r t i o n of their savings deposits and certain time certificates of deposit.
Anyone may purchase i n market a f t e r June 30, 1945.
* A d d i t i o n a l bonds may be purchased i n co-ownership f o r m in certain cases.
•Commercial banks may not hold 2 % % Treasury Bonds of 1967-72 or 2 % % Treasury
Bonds of 1959-62 f o r own account before June 15, 1962, and June 15, 1952, respectively.
FCmyiCTORY
BUY
UNITED
STATES
Y F A R
BONDS
A N D
STAMPS
FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the U n i t e d States
May 1, 1945
CASH
OFFERINGS
OF
U M T E D STATES OF A M E R I C A
2y 2 Percent Treasury Bonds of 1967-72
21/4 Percent Treasury Bonds of 1959-62
Percent Treasury Bonds of 1950
y 8 Percent Treasury Certificates of Indebtedness of Series E-1946
To Interested
Institutions,
Persons,
Other than
in the Second Federal
Banking
Reserve
District:
For your information i n connection w i t h the Seventh W a r Loan Drive, which starts May 14, 1945,
the following material is set f o r t h i n this circular:
Treasury Department Circular N o . 768, dated M a y 14, 1945, w i t h respect t o an o f f e r i n g o f
Bonds o f 1967-72.
Percent Treasury
Treasury Department Circular N o . 769, dated M a y 14, 1945, w i t h respect t o a n o f f e r i n g o f 2*4 Percent Treasury
Bonds o f 1959-62.
Treasury Department Circular N o . 770, dated M a y 14, 1945, w i t h respect to an o f f e r i n g of IY2 Percent Treasury
Bonds o f 1950.
Treasury Department Circular N o . 771, dated M a y 14, 1945, w i t h respect to an o f f e r i n g of % Percent Treasury
Certificates o f Indebtedness o f Series E-1946.
Periods for entry of subscriptions
The periods during which subscriptions to such issues may be entered for account of the several classes
of investors are as follows:
May 14 through June 30—Subscriptions to 2 % % Treasury Bonds of 1967-72, 2^4.°/o Treasury
Bonds of 1959-62, 1 y 2 % Treasury Bonds of 1950, and % % Treasury Certificates of Indebtedness of
Series E-1946 may be entered d u r i n g this period for account of individuals, which are defined for this
purpose as including partnerships (other than securities dealers and brokers) and personal trust
accounts created by individuals. Personal holding companies, corporate trusts, bonus funds, pension
funds, and the like are not considered as individuals.
June 18 through June 30—Subscriptions to 2y 2 % Treasury Bonds of 1967-72, 2y^/o Treasury
Bonds of 1959-62, and % % Treasury Certificates of Indebtedness of Series E-1946 for account of
other investors may be entered only d u r i n g this period.
Subscriptions to be entered where funds are located
The respective State quotas making up the 14 billion dollar goal for nonbanking subscriptions i n the
Seventh W a r Loan Drive are based i n 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 f r o m one locality to another, or f r o m one institution to another, subscribers to Government securities should enter their subscriptions through the banks where the funds to be used i n 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. I n 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.
F u l l information regarding such procedure, and supplies of forms for use i n requesting allocations of credits,
have been furnished to all banking institutions i n 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 and brokers, savings and loan associations and others should enter
subscriptions for account of customers through banking institutions. Where, however, i t is not feasible for
a subscription to be entered through a banking institution, i t may be submitted by the purchaser directly
to us.
Subscriptions should be submitted only on the appropriate forms provided by us, as follows:
Issue
Form
2V 2 % Treasury Bonds of 1967-72
—Coupon F o r m
•—Registered Form
2 % % Treasury Bonds of 1959-62
—Coupon F o r m
—Registered F o r m
Two copies of each of these forms are enclosed.
ing institutions i n the district.
No.
Form
Issue
1
2
i y 2 % Treasury Bonds of 1950
—Coupon Form
—Registered Form
5
6
3
4
% % Treasury Certificates of
Indebtedness of Series E-1946
No.
7
Supplies of these forms are being furnished to all bank-
Application forms provided by the State W a r Finance Committees should not be forwarded
to us.
Payment for securities and computation of accrued interest
Subscriptions must be accompanied by payment i n f u l l at par and accrued interest, i f any, except
i n those cases for which deferred payment is permitted as provided below. Each such issue w i l l be sold at
par plus accrued interest from June 1 to the date payment is available to us, except that accrued interest
is waived on $500 and $1,000 subscriptions to the 2 y 2 % Treasury Bonds of 1967-72, the 2 1 / 4% Treasury
Bonds of 1959-62 and the 1 y 2 % Treasury Bonds of 1950. One day's accrued interest per $1,000 on each of
the issues is as follows:
2y2%
2%%
1% %
%%
Issue
Treasury Bonds o f 1967-72
Treasury Bonds o f 1959-62
Treasury Bonds o f 1950
Treasury Certificates o f Indebtedness o f Series E-1946
One Day's
Interest
$0,068
0.061
0.041
0.024
Since payments for subscriptions of all investors, other than individuals as defined at the middle of page
1, to 21/2% Treasury Bonds of 1967-72, 2*4% Treasury Bonds of 1959-62 and % % Treasury Certificates of
Indebtedness of Series E-1946, may not be made prior to June 18, payments for such subscriptions must
include accrued interest to June 18 or such later date as payment is available io the Federal Reserve Bank.
I n the case of a subscription submitted through a banking institution, the purchaser should consult
such institution regarding the amount of accrued interest payable. I n the case of a subscription submitted
directly to us w i t h a check i n payment therefor, accrued interest should be paid to the date on which funds
i n payment of the check w i l l be available to us i n the normal course of collection.
Restrictions on subscriptions to 1 ^ % Treasury Bonds of 1950
The 1 y 2 % Treasury Bonds of 1950 are offered i n the drive only to individuals as defined on page 1.
No other investors, except commercial banks under a limited offering to them i n relation to their holdings
of certain time deposits, may subscribe for 1 y 2 % Treasury Bonds of 1950.
Deferred payment of certain subscriptions
Payment for 2y 2 % Treasury Bonds of 1967-72 and 2*4% Treasury Bonds of 1959-62 subscribed for by
a life insurance company, savings institution, or a State, municipality, political subdivision or similar public
corporation, or agency thereof, may be made, in whole or i n part, at par and accrued interest, at any time
or times, w i t h payment to be completed not later than August 31, 1945. I f 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 w i t h the words "Classification of subscriptions for computation of interest accrual" and " P a y m e n t i n f u l l for such securities is made as indicated below". The
subscription form so modified should be accompanied i n each case by a letter f r o m the subscriber signed
by a duly authorized officer stating that i n consideration of the acceptance of such subscription by us the
subscriber agrees to make payment i n f u l l on or before August 31, 1945, at par and accrued interest
from June 1, 1945, 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 available to us. Each payment should be clearly identified w i t h the related subscription. I f payment is made in more than one instalment, the subscriber w i l l have the option (a) of taking
delivery i n 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 u n t i l the final payment is made. I n the absence of advice
to the contrary, i t w i l l be assumed that the subscriber has elected the first alternative.
2
Page
Subscriptions by security dealers and brokers
Subscriptions by dealers and brokers i n securities are to be limited to 2 % % Treasury Bonds of 1967-72
and 2 1 / 4% Treasury Bonds of 1959-62. The total subscriptions to such issues by any dealer or broker shall
not exceed (a) the amount of
Treasury Bonds of 1965-70 and 2 ^ % Treasury Bonds of 1956-59 sold
by such dealer or broker outright to customers other than other dealers and brokers i n the forty-five day
period following the close of the F o u r t h W a r Loan Drive on February 15, 1944, or (b) 40% of the
dealer's or broker's net capital, whichever is greater. Forms for reporting such information to the
Federal Reserve Bank of New York have been sent to all dealers and brokers i n the Second Federal Reserve
District. I n no case should the subscription exceed the amount which the dealer or broker expects to be
able to sell outright to customers other than other dealers and brokers w i t h i n 90 days following June 30,
1945. Generally speaking, the volume of subscriptions by brokers and dealers for subsequent resale to
customers should be small regardless of the size of the firm, since most customers w i l l have ample opport u n i t y to subscribe during the drive.
Restrictions on t r a d i n g i n securities
The Treasury has requested that there be no trading i n any of the marketable securities offered i n the
Seventh W a r Loan and no purchases of such securities other than on direct subscription u n t i l after June 30,
1945. The 2Y 2 % Treasury Bonds of 1967-72 and the 21A% Treasury Bonds of 1959-62 may not be held
by commercial banks for their own account before June 15, 1962, and June 15, 1952, respectively.
Purchase of securities for resale
I t is the Treasury's aim to obtain during the drive the maximum investment of funds of individuals
and other investors except commercial banks, and to avoid unnecessary redistribution of securities i n the
Government security market following the close of the drive. Persons other than security dealers and
brokers should not enter subscriptions for such securities w i t h the intention of selling them d u r i n g the
period immediately following the close of the drive.
Portfolio adjustments
The Treasury has asked all investors other than commercial banks (which may subscribe only to a
limited extent during the drive) to refrain f r o m selling securities heretofore acquired to obtain funds to subscribe for the securities offered i n the drive, but this request is not intended to preclude normal portfolio
adjustments. I t is recognized that investment requirements change i n response to changes i n income, the
character of liabilities and other factors, and that a realignment of maturities may be appropriate from time,
to time. I t is also recognized that, between drives, investors properly make use of short-term securities, such
as Treasury bills and certificates of indebtedness, as a temporary means of employment of cash balances;
pending reinvestment of such funds i n obligations having more appropriate rates and maturities when they
become available i n succeeding war loan drives. I t is not possible, therefore, to define precisely each type
of transaction embraced i n the Treasury's request. I t is believed, however, that portfolio managers and
investors, i n most cases, w i l l be able to distinguish between sales of Government securities merely to obtain
funds w i t h which to subscribe for securities offered i n the drive, and sales representing normal portfolio
adjustment.
Loans to purchase securities
I n order to help i n 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. I n particular, commercial
banks have 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
i n Government securities i f such loans are made i n accord w i t h the j o i n t statement issued by the National
and State bank supervisory authorities i n November 1942, which reads i n part as follows:
" . . . subscribers relying upon anticipated income may wish to augment their subscriptions by
temporary borrowings f r o m banks. Such loans w i l l not be subject to criticism but should be on a
short term or amortization basis f u l l y repayable w i t h i n periods not exceeding six months."
Other issues offered during the drive
_ I n addition to sales of the issues referred to above, whieh are available for subscription only d u r i n g the
periods indicated on page 1, all subscriptions for the following issues processed by the Federal Reserve
Banks or the Treasury Department from A p r i l 9 through J u l y 7, 1945, w i l l be included i n the totals for
the drive:
United States W a r Savings Bonds of Series E
United States Savings Bonds of Series F and G
Treasury Savings Notes, Series C
F u l l information w i t h respect to the terms of such securities and the methods of subscribing thereto may
be obtained f r o m any banking institution or f r o m any representative of the State W a r Finance Committees.
A summary regarding all the securities on sale d u r i n g the drive is set f o r t h on page 12 of this circular.
ALLAN
SPROUL,
President.
Page
3
UNITED STATES OF AMERICA
2y 2 P E R C E N T T R E A S U R Y BONDS OF 1967-72
Dated and bearing interest f r o m June 1, 1945
Due June 15, 1972
REDEEMABLE
INTEREST ON
A T T H E O P T I O N OF T H E U N I T E D STATES A T P A R A N D A C C R U E D
A F T E R J U N E 15, 1967
AND
Interest payable June 15 and December 15
1945
D e p a r t m e n t C i r c u l a r N o . 768
T R E A S U R Y
OFFICE
Fiscal Service
B u r e a u of t h e P u b l i c D e b t
D E P A R T M E N T ,
OF T H E
Washington,
I.
OFFERING
OF
SECRETARY,
May 14, 1945.
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 2y 2 percent Treasury Bonds of 1967-72. The amount of
the offering is not specifically limited.
2. These bonds w i l l not be available for subscription by or for the account of others than individuals u n t i l June 18, 1945. Individuals are defined for this purpose as including partnerships (other
than securities dealers and brokers) and personal trust accounts. These bonds w i l l not be available
f o r subscription, for their own account, by commercial banks, which are defined for this purpose as
banks accepting demand deposits.
II.
DESCRIPTION
OF
BONDS
1. The bonds w i l l be dated June 1, 1945, and w i l l bear interest f r o m that date at the rate of 2y 2
percent per annum, payable on a semiannual basis on December 15, 1945, and thereafter on June 15
and December 15 i n each year u n t i l the principal amount becomes payable. They w i l l mature June
15, 1972, but may be redeemed at the option of the United States on and after June 15,1967, i n whole
or i n part, at par and accrued interest, on any interest day or days, on 4 months' notice of redemption
given i n such manner as the Secretary of the Treasury shall prescribe. I n case of partial redemption
the bonds to be redeemed w i l l be determined by such method as may b$ prescribed by the Secretary
of the Treasury. F r o m the date of redemption designated i n any such notice, interest on the bonds
called for redemption shall cease.
2. The income derived f r o m the bonds shall be subject to all Federal taxes, now or hereafter
imposed. The bonds shall be subject to estate, inheritance, g i f t or other excise taxes, whether Federal or State, but shall be exempt f r o m 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 w i l l not be acceptable to secure deposits of public moneys before June 15, 1962.
They w i l l not be entitled to any privilege of conversion.
4. Bearer bonds w i t h interest coupons attached, and bonds registered as to principal and interest,
w i l l be issued i n denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000. Provision
w i l l 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, except that they may not, before June 15,1962, 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 June 15, 1962, because of the failure of such loans to be paid at
maturity w i l l be required to dispose of them i n the same manner as they dispose of other assets not
eligible to be owned by banks.
5. A n y bonds issued hereunder which upon the death of the owner constitute p a r t of his estate,
w i l l 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
(&) that the Secretary of the Treasury be authorized to apply the entire proceeds of redemption to the payment of Federal estate taxes.
1
A n exact h a l f - y e a r ' s interest is c o m p u t e d f o r each f u l l half-year p e r i o d irrespective of the a c t u a l n u m b e r of days i n the h a l f year.
a f r a c t i o n a l p a r t o f any h a l f y e a r , c o m p u t a t i o n is o n the basis of the a c t u a l n u m b e r o f days i n such h a l f y e a r .
4
Page
For
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 f r o m 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 w i l l
be paid only at par w i t h a deduction of interest f r o m 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 w i l l be
paid at par plus accrued interest f r o m the reopening of the books to the date of payment. I n either
case checks for the f u l l six months' interest due on the last day of the closed period w i l l be forwarded
to the owner i n due course. A l l bonds submitted must be accompanied by F o r m P D 1782,8 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 i n force and effect. Upon payment of the
bonds appropriate memorandum receipt w i l l be forwarded to the representatives, which w i l l be followed i n due course by formal receipt f r o m the Collector of Internal Revenue.
6. Except as provided i n the preceding paragraphs, the bonds w i l l be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds.
III.
SUBSCRIPTION AND
ALLOTMENT
1. Subscriptions w i l l be received at the Federal Reserve Banks and Branches and at the Treasury
Department, "Washington. I t is requested that there be no trading i n the securities allotted hereunder
and no purchases of such securities other than on direct subscription u n t i l after June 30, 1945.
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 w i l l not be permitted to enter subscriptions except for their own account.
Subscriptions must be accompanied by payment i n f u l l for the amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, i n whole or i n
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 i n these respects shall be final.
Subject to these reservations, all subscriptions w i l l be allotted i n f u l l . Allotment notices w i l l be sent
out promptly upon allotment.
IV.
PAYMENT
1. Payment at par and accrued interest, i f any, for bonds allotted hereunder to individuals
must be made on or before June 1, 1945, or on later allotment. Payment at par and accrued interest
to June 18, 1945, or to date of later allotment, f o r bonds allotted to all others must be made on or
before June 18, 1945, 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, i n whole or i n part, at par and accrued
interest, at any time or times, w i t h payment to be completed not later than August 31, 1945. One day's
accrued interest is $0,068 per $1,000. A n y qualified depositary w i l l be permitted to make payment by
credit for .bonds allotted to its customers up to any amount for which i t shall be qualified i n 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 Secret a r y 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 w i l l be communicated promptly to
the Federal Reserve Banks.
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
2
3
T h e t r a n s f e r b o o k s are closed f r o m M a y
Copies of F o r m P D
16 t o J u n e 15, a n d f r o m N o v e m b e r
1782 m a y be o b t a i n e d f r o m a n y F e d e r a l
16 t o D e c e m b e r I S ( b o t h dates i n c l u s i v e ) i n each year.
Reserve B a n k o r f r o m t h e T r e a s u r y D e p a r t m e n t , W a s h i n g t o n , D .
C.
Page 5
UNITED STATES OF AMERICA
PERCENT T R E A S U R Y BONDS OF 1959-62
Dated and bearing interest from June 1, 1945
REDEEMABLE AT
Due June 15, 1962
T H E O P T I O N OF T H E U N I T E D STATES A T PAR A N D A C C R U E D I N T E R E S T O N
A F T E R J U N E 15, 1959
AND
Interest payable June 15 and December 15
1945
D e p a r t m e n t C i r c u l a r N o . .769
T R E A S U R Y
OFFICE
Fiscal Service
Bureau of the Public Debt
D E P A R T M E N T ,
OF T H E
Washington,
I.
OFFERING
OF
SECRETARY,
May 14, 1945.
BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond A c t ,
as amended, invites subscriptions, at par and accrued interest, from the people of the United States
for bonds of the United States, designated 21/4 percent Treasury Bonds of 1959-62. The amount of
the offering is not specifically limited.
2. These bonds w i l l not be available for subscription by or for the account of others than individuals u n t i l June 18, 1945. Individuals are defined for this purpose as including partnerships
(other than securities dealers and brokers) and personal trust accounts. These bonds w i l l not be
available for subscription, for their own account, by commercial banks, which are defined for this
purpose as banks accepting demand deposits.
II.
DESCRIPTION
OF
BONDS
1. The bonds w i l l be dated June 1, 1945, and w i l l bear interest from that date at the rate of
214 percent per annum, payable on a semiannual basis on December 15, 1945, and thereafter on June
15 and December 15 i n each year u n t i l the principal amount becomes payable. They w i l l mature
June 15, 1962, but may be redeemed at the option of the United States on and after June 15, 1959,
i n whole or i n part, at par and accrued interest, on any interest day or days, on 4 months' notice
of redemption given i n such manner as the Secretary of the Treasury shall prescribe. I n case of
partial redemption the bonds to be redeemed w i l l be determined by such method as may be prescribed by the Secretary of the Treasury. F r o m the date of redemption designated i n any such
notice, interest on the bonds called for redemption shall cease.
2. The income derived f r o m the bonds shall be subject to a l l Federal taxes, now or hereafter
imposed. The bonds shall be subject to estate, inheritance, g i f t 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 w i l l not be acceptable to secure deposits of public moneys before June 15, 1952.
They w i l l not be entitled to any privilege of conversion.
4. Bearer bonds w i t h interest coupons attached, and bonds registered as to principal and
interest, w i l l be issued i n denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000.
Provision w i l l 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 that they may not, before June 15, 1952, 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 June 15, 1952, because of the failure of such loans to be
paid at m a t u r i t y w i l l be required to dispose of them i n the same manner as they dispose of other assets
not eligible to be owned by banks.
5. A n y bonds issued hereunder which upon the death of the owner constitute p a r t of his estate,
w i l l 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 ' ' The Secretary of
the Treasury for redemption, the proceeds to be paid to the Collector of Internal Revenue at
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.
6
Page
For
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 w i l l be paid only at par w i t h a deduction of interest f r o m 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 w i l l be paid at par plus accrued interest f r o m the reopening of the books to the date of payment. I n either case checks for the f u l l six months' interest due on the last day of the closed period
w i l l be forwarded to the owner i n due course. A l l bonds submitted must be accompanied by F o r m
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 s t i l l i n force
and effect. Upon payment of the bonds appropriate memorandum receipt w i l l be forwarded to the
representatives, which w i l l be followed i n due course by formal receipt f r o m the Collector of
Internal Revenue.
6. Except as provided i n the preceding paragraphs, the bonds w i l l be subject to the general
regulations of the Treasury Department, now or hereafter prescribed, governing United States bonds.
III.
SUBSCRIPTION AND
ALLOTMENT
1. Subscriptions w i l l be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. I t is requested that there be no trading i n the securities allotted hereunder
and no purchases of such securities other than on direct subscription u n t i l after June 30, 1945.
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 w i l l not be permitted to enter subscriptions except for their own account.
Subscriptions must be accompanied by payment i n f u l l for the amount of bonds applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, i n whole or i n
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 i n these respects shall be final.
Subject to these reservations, all subscriptions w i l l be allotted i n f u l l . Allotment notices w i l l be sent
out promptly upon allotment.
IV.
PAYMENT
1. Payment at par and accrued interest, i f any, for bonds allotted hereunder to individuals
must be made on or before June 1, 1945, or on later allotment. Payment at par and accrued interest
to June 18, 1945, or to date of later allotment, for bonds allotted to all others must be made on or
before June 18, 1945, 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, i n whole or i n part, at par and accrued
interest, at any time or times, w i t h payment to be completed not later than August 31, 1945. One
day's accrued interest is $0,061 per $1,000. A n y qualified depositary w i l l be permitted to make
payment by credit for bonds allotted to its customers up to any amount for which i t shall be qualified
i n 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 w i l l be communicated promptly
to the Federal Reserve Banks.
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
2
3
T h e t r a n s f e r b o o k s are closed f r o m M a y 16 t o J u n e I S , a n d f r o m X o v e m b e r 16 to D e c e m b e r I S ( b o t h dates i n c l u s i v e ) i n each year.
Copies of F o r m P D 1782 m a y be o b t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k o r f r o m the T r e a s u r y D e p a r t m e n t , W a s h i n g t o n , D . C.
Page 7
-
UNITED STATES OF AMERICA
i y 2 P E R C E N T T R E A S U R Y BONDS OF 1950
Due December 15, 1950
Dated and bearing interest f r o m June 1, 1945
Interest payable June 15 and December 15
Department
1945
Circular No.
T R E A S U R Y
770
OFFICE
Fiscal Service
Bureau of the Public Debt
D E P A R T M E N T ,
OF
THE
Washington,
I.
OFFERING
OF
SECRETARY,
May 14, 1945.
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, f r o m the people of the United States
for bonds of the United States, designated iy2 percent Treasury Bonds of 1950. The amount of the
offering is not specifically limited.
2. These bonds w i l l not be available for subscription by or for the account of others than individuals, except that commercial banks may subscribe as provided i n the next succeeding paragraph.
Individuals are defined for this purpose as including partnerships (other than securities dealers and
brokers) and personal trust accounts.
3. These bonds w i l l 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
i n Regulation Q of the Board of Governors of the Federal Reserve System) may subscribe, from
June 18 to June 30, 1945 (both dates inclusive), to the bonds offered hereunder, to the % percent
Treasury Certificates of Indebtedness of Series E-1946 offered simultaneously herewith under Treasu r y Department Circular No. 771, and to Series F-1945 and Series G-1945 United States Savings
Bonds, under Treasury Department Circular No. 654, Second Revision, as amended, but the amount
of such subscriptions shall not exceed, i n the aggregate, 10 percent of the combined amount of time
certificates of deposit (but only those issued i n the names of individuals, and of corporations, associations and other organizations not operated for p r o f i t ) , 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 securities, or $500,000, whichever is less, except that the
aggregate amount of Series F and Series G Savings Bonds (Series 1945) held by such bank may not
exceed the annual limitation of $100,000 (issue price).
II.
DESCRIPTION
OF
BONDS
1. The bonds w i l l be dated June 1, 1945, and w i l l bear interest f r o m that date at the rate of
1 y 2 percent per annum, payable on a semiannual basis on December 15, 1945, and thereafter on
June 15 and December 15 i n each year u n t i l the principal amount becomes payable. They w i l l mature
December 15, 1950, and w i l l not be subject to call for redemption prior to maturity.
2. The income derived f r o m the bonds shall be subject to all Federal taxes, now or hereafter
imposed. The bonds shall be subject to estate, inheritance, g i f t 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 w i l l be acceptable to secure deposits of public moneys. They w i l l not be entitled
to any privilege of conversion.
4. Bearer bonds w i t h interest coupons attached, and bonds registered as to principal and
interest, w i l l be issued i n denominations of $500, $1,000, $5,000, $10,000, $100,000 and $1,000,000.
Provision w i l l be made for the interchange of bonds of different denominations and of coupon and
Page 8
registered bonds, and for the transfer of registered bonds, under rules and regulations prescribed
by the Secretary of the Treasury.
5. The bonds w i l l be subject to the general regulations of the Treasury Department, now or
hereafter prescribed, governing United States bonds.
III.
SUBSCRIPTION AND
ALLOTMENT
1. Subscriptions w i l l be received at the Federal Reserve Banks and Branches and at the Treasu r y Department, Washington. I t is requested that there be no trading i n the securities allotted
hereunder and no purchases of such securities other than on direct subscription u n t i l after June
30, 1945. 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 w i l l not be permitted to enter subscriptions except for
their own account. Subscriptions must be accompanied by payment i n f u l l for the amount of bonds
applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, i n whole or i n
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 i n these respects shall be final.
Subject to these reservations, all subscriptions w i l l be allotted i n f u l l . Allotment notices w i l l be
sent out promptly upon allotment.
IV.
PAYMENT
1. Payment at par and accrued interest, i f any, for bonds allotted hereunder to individuals
must be made on or before June 1, 1945, or on later allotment. Payment at par and accrued interest
to June 18, 1945, or to date of later allotment, for bonds allotted to commercial banks must be
made on or before June 18, 1945, or on later allotment. One day's accrued interest is $0,041 per
$1,000. A n y qualified depositary w i l l be permitted to make payment by credit for bonds allotted to
i t for itself and its customers up to any amount f o r which i t shall be qualified i n 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 w i l l be communicated promptly
to the Federal Reserve Banks.
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
Page 9
UNITED STATES OF AMERICA
% 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 OF INDEBTEDNESS OF SERIES E-1946
Due June 1, 1946
Dated and bearing interest f r o m June 1, 1945
T R E A S U R Y
Department Circular No. 771
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.
OFFERING OF
SECRETARY,
May 14, 1945.
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 for
certificates of indebtedness of the United States, designated % percent Treasury Certificates of
Indebtedness of Series E-1946. The amount of the offering is not specifically limited.
2. These certificates w i l l not be available for subscription by or for the account of others than
individuals u n t i l June 18, 1945. Individuals are defined for this purpose as including partnerships
(other than securities dealers and brokers) and personal trust accounts.
3. These certificates w i l l 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 i n
Regulation Q of the Board of Governors of the Federal Reserve System) may subscribe, f r o m June 18
to June 30, 1945 (both dates inclusive), to the certificates offered hereunder, to the
percent
Treasury Bonds of 1950 offered simultaneously herewith under Treasury Department Circular No. 770,
and to Series F-1945 and Series G-1945 United States Savings Bonds, under Treasury Department
Circular No. 654, Second Revision, as amended, but the amount of such subscriptions shall not exceed,
i n the aggregate, 10 percent of the combined amount of time certificates of deposit (but only those
issued i n 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
securities, or $500,000, whichever is less, except that the aggregate amount of Series F and Series G
Savings Bonds (Series 1945) held by such bank may not exceed the annual limitation of $100,000
(issue price).
II. DESCRIPTION OF CERTIFICATES
1. The certificates w i l l be dated June 1, 1945, and w i l l bear interest from that date at the rate
of % percent per annum, payable semiannually on December 1, 1945, and June 1, 1946. They w i l l
mature June 1, 1946, and w i l l 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, g i f t or other excise taxes,
whether Federal or State, but shall be exempt f r o m 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 w i l l be acceptable to secure deposits of public moneys.
acceptable i n payment of taxes.
They w i l l not be
4. Bearer certificates w i t h interest coupons attached w i l l be issued i n denominations of $1,000,
$5,000, $10,000, $100,000 and $1,000,000. The certificates w i l l not be issued i n registered form.
5. The certificates w i l l be subject to the general regulations of the Treasury Department, now
or hereafter prescribed, governing United States certificates.
III.
SUBSCRIPTION AND
ALLOTMENT
1. Subscriptions w i l l be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. I t is requested that there be no trading i n the securities allotted hereunder and no purchases of such securities other than on direct subscription u n t i l after June 30, 1945.
Page 10
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 w i l l not be permitted to enter subscriptions except for their own account. Subscriptions must be accompanied by payment i n f u l l for the amount of certificates applied for.
2. The Secretary of the Treasury reserves the right to reject any subscription, i n whole or i n
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 i n these respects shall be final.
Subject to these reservations, all subscriptions w i l l be allotted i n f u l l . Allotment notices w i l l be sent
out promptly upon allotment.
IV.
PAYMENT
1. Payment at par and accrued interest, i f any, for certificates allotted hereunder to individuals
must be made on or before June 1, 1945, or on later allotment. Payment at par and accrued interest
to June 18, 1945, or to date of later allotment, for certificates allotted to all others must be made on
or before June 18, 1945, or on later allotment. One day's accrued interest is $0,024 per $1,000. A n y
qualified depositary w i l l be permitted to make payment by credit for certificates allotted to i t for
itself and its customers up to any amount for which i t shall be qualified i n 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 w i l l be communicated promptly
to the Federal Reserve Banks.
H E N R Y M O R G E N T H A U , Jr.,
Secretary of the Treasury.
Page 11
SEVENTH W A R
LOAN
Summary of Information Regarding Securities
U n i t e d States
W a r Savings Bonds,
United States
S a v i n g s Bonds,
United States
Savings B o n d s ,
Treasury
Savings Notes,
SERIES E
Title o f Security
SERIES F
SERIES G
SERIES C
Treasury
Certificates
o f I n d e b t e d n e s s of
Series E - 1 9 4 6
V A X
1
Treasury
Bonds o f
1950
01A%
Treas
Z
Bonds of
1959-62
«ry
? / • &
I Z T : ,
1967-72
Dated
1st d a y o f m o n t h i n
w h i c h purchased
1st day of m o n t h i n 1st day o f m o n t h i n 1st day o f m o n t h i n
J u n e 1, 1945
w h i c h purchased
w h i c h purchased
which purchased
June 1, 1945
June 1, 1945
June 1, 1945
Due
10 yrs. f r o m issue 12 yrs. f r o m issue 12 yrs. f r o m issue 3 y r s . f r o m issue
June 1,1946
date
date
date
date
Dec. 15, 1950
J u n e 15,1962
June 15, 1972
$500 or $1,000 subscription, 1 0 0 % .
1 0 0 % a n d interest
Over $ 1 , 0 0 0 , 1 0 0 %
f r o m J u n e 1, 1945
a n d interest f r o m
June 1, 1945
$500 or $1,000 subscription, 100%.
Over $ 1 , 0 0 0 , 1 0 0 %
a n d interest f r o m
J u n e 1, 1945
$500 or $1,000 subscription, 100%.
Over $1,000,100%
a n d interest f r o m
J u n e 1, 1945
%%
iy 2 %
2^4%
2ya%
Cost p r i c e
75% of
value
Yield
V a r i e s — 2 . 9 0 % i f Varies—2.53% i f V a r i e s — 2 % % i f V a r i e s — 1 . 0 7 % i f
held t o m a t u r i t y held to m a t u r i t y held to m a t u r i t y held t o maturity®
Denominations
$25 t o $1,000
$25 t o $10,000
$100 to $10,000
$100 t o
$1,000,000
$1,000 t o
$1,000,000
$500 t o
$1,000,000
$500 to
$1,000,000
$500 t o
$1,000,000
Registration
Registered f o r m
only
Registered f o r m
only
Registered f o r m
only
Inscribed f o r m
only
Bearer f o r m only
Bearer or
registered f o r m
Bearer or
registered f o r m
Bearer or
registered f o r m
Redeemable f o r
cash p r i o r t o
maturity
A t holder>s option,
60 days f r o m issue
date on v a r i a b l e
r e d e m p t i o n schedule
A t holder's o p t i o n
on 1st o f m o n t h
following
one
m o n t h ' s notice, i f
held f o r 6 months
A t holder 'a o p t i o n
on 1st o f m o n t h A t h o l d e r ' s option,
following
o n e a f t e r 6 months, a t N o
m o n t h ' s notice, i f 1 0 0 % a n d interest*
held f o r 6 months 1
No
At
Government's
option, on or a f t e r
June 15, 1959, a t
1 0 0 % a n d interest
At
Government's
option, on or a f t e r
June 15, 1967, a t
1 0 0 % a n d interest
Acceptable i n
payment of Federal
( i n c o m e , estate o r
g i f t ) taxes p r i o r
to m a t u r i t y
No
No
No
Yes, d u r i n g a n d
a f t e r 2 n d calendar
No
month a f t e r purchase
No
F e d e r a l estate
taxes only, on
death o f owner
F e d e r a l estate
taxes only, on
death o f owner
Use as collateral
No
No
No
F o r loans f r o m
banks only
Yes
Yes
Yes
Yes
Salable i n open
market
No
No
No
No
Yes, a f t e r June 30, Yes, a f t e r June 30, Yes, a f t e r June 30, Yes, a f t e r June 30,
1945
1945
1945
1945
W h o may b u y
I n d i v i d u a l s only
Anyone
A n y o n e except
security dealers
or brokers 3
Individuals,
partnerships and
personal t r u s t
accounts only 4
Anyone'
Anyone*
A m o u n t an
e l i g i b l e investor
may b u y
L i m i t e d to $5,000 N o t more t h a n $100,000 issue price of
m a t u r i t y value i n Series F a n d G together i n one calen- N o l i m i t
one calendar year" dar year 3
No limit
No limit
No limit
No limit
1
m a t u r i t y 74% of
value
Anyone*
m a t u r i t y 100% of m a t u r i t y
100%
value
Anyone'
On death o f owner redeemable a t 1 0 0 % a f t e r 6 months f r o m issue date i f
a p p l i c a t i o n is made w i t h i n 6 months a f t e r death.
Notes owned b y commercial b a n k bear interest only i f used i n payment o f
F e d e r a l taxes.
1
Commercial banks m a y subscribe f o r o n l y a l i m i t e d p o r t i o n o f t h e i r savings deposits
a n d c e r t a i n t i m e certificates o f deposit. % % Certificates o f Indebtedness m a y be
purchased i n m a r k e t a f t e r June 30, 1945, w i t h o u t restriction.
1
* S e c u r i t y dealers a n d brokers m a y not subscribe. Commercial b a n k s m a y subscribe f o r
only a l i m i t e d p o r t i o n o f t h e i r savings deposits and c e r t a i n t i m e certificates o f deposit.
A n y o n e may purchase i n m a r k e t a f t e r J u n e 30, 1945.
5
A d d i t i o n a l bonds m a y be purchased i n co-ownership f o r m i n c e r t a i n cases.
• C o m m e r c i a l banks m a y n o t h o l d 2 % % T r e a s u r y Bonds of 1967-72 or 2 * 4 % Treasury
Bonds o f 1959-62 f o r own account before June 15, 1962, a n d J u n e 15, 1952, respectively.
G. B . 419.4
SEVENTH WAR LOAN DRIVE
REQUISITION FOR FORMS
1945
FEDERAL
RESERVE
BANK
OF
NEW
YORK,
(Date)
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
1
Cash Subscription for 2L/2% Treasury Bonds of 1967-72— Coupon Form.
2
Cash Subscription for 2L/2% Treasury Bonds of 1967-72 — Registered Form.
3
Cash Subscription for 2*4% Treasury Bonds of 1959-62 — Coupon Form.
4
Cash Subscription for 2 T r e a s u r y Bonds of 1959-62—Registered Form.
5
C a ^ Subscription for 1 y 2 % Treasury Bonds of 1950 — Coupon Form.
6
Cash Subscription for V/ 2 % Treasury Bonds of 1950 — Registered Form.
7
Cash Subscription for % % Treasury Certificates of Indebtedness of Series E-1946.
G. B. 338
Application f o r U n i t e d States W a r Savings Bonds, Series E .
G. B. 339
Application f o r U n i t e d States Savings Bonds, Series F .
G. B. 340
Application f o r U n i t e d States Savings Bonds, Series G.
G. B. 401
Application f o r Treasury Savings Notes, Series C.
G. B . 345
Certificate of Advice of Credit to W a r L o a n Deposit Account i n Payment f o r
United States Savings Bonds (For Qualified Depositaries Only).
G. B. 352
Certificate of Advice of Credit to W a r L o a n Deposit Account i n Payment f o r
Treasury Savings Notes, Series C (For Qualified Depositaries Only).
R A
Request for Allocation of Geographical Credit.
(Name of Banking Institution)
By
Street Address
( C i t y , T o w n or Village, P . O. No., and State)
SEVENTH
FORM
WAR
LOAN
NO.
(PURPLE CODE)
1
2
Subscriber's Reference No.
Application No.
I N COUPON FORM
( S u b s c r i p t i o n f o r r e g i s t e r e d b o n d s o f t h i s issue s h o u l d be s u b m i t t e d o n F o r m N o . 2 )
CASH SUBSCRIPTION
UNITED STATES OF AMERICA 2*/ 2 % TREASURY BONDS OF 1967-72
DATED JUNE 1, 1945
DUE JUNE 15, 1972
FEDERAL RESERVE B A N K
OF N E W
YORK,
Dated at
Fiscal Agent of the United States,
1945.
Government Bond Department—5th Floor:
Pursuant to the provisions of Treasury Department Circular No. 768, dated May 14, 1945, please enter subscription
for 2y 2 % Treasury Bonds of 1967-72 in coupon form in face amount as follows:
For own account... $
[Banks which accept demand deposits may not subscribe for own account.]
. T h e u n d e r s i g n e d b a n k i n g i n s t i t u t i o n h e r e b y c e r t i f i e s t h a t t h i s s u b s c r i p t i o n is solely f o r
a c c o u n t o f the c u s t o m e r s l i s t e d o n t h e reverse side h e r e o f , t h a t i t has n o b e n e f i c i a l
i n t e r e s t i n t h e s e c u r i t i e s s u b s c r i b e d f o r , a n d t h a t t o t h e best o f i t s k n o w l e d g e a n d b e l i e f
t h i s s u b s c r i p t i o n c o n f o r m s i n a l l respects w i t h t h e requests o f t h e T r e a s u r y c o n c e r n i n g
s u b s c r i p t i o n s set f o r t h i n t h e l e t t e r o f M a r c h 20, 1945,* f r o m t h e S e c r e t a r y o f the
Treasury r e g a r d i n g the Seventh W a r L o a n .
For customers
* A copy of this letter is contained on page 54 of Circular No. 2935, dated May 1, 1945, of the Federal
Reserve Bank of New York.
Total Subscription $.
Classification of subscriptions for computation of interest accrual:
Aggregate
Subscriptions of $500 and $1,000. No accrued interest
Subscriptions of $1,500 and over. One day's accrued interest is
$0,068 per $1,000*
Face
Amount
Accrued
$
Interest
Total
N O N E
$
F u l l amount of payment
$
* I n t e r e s t m u s t be c o m p u t e d f r o m J u n e 1, 1945 t o d a t e f u n d s w i l l be a v a i l a b l e t o F e d e r a l Reserve B a n k . O n a l l s u b s c r i p t i o n s f o r a c c o u n t of
i n v e s t o r s o t h e r t h a n i n d i v i d u a l s , a c c r u e d i n t e r e s t m u s t be p a i d t o J u n e 18 or such l a t e r d a t e as p a y m e n t w i l l be a v a i l a b l e . F o r t h i s purpose,
" i n d i v i d u a l s " i n c l u d e p a r t n e r s h i p s ( o t h e r t h a n s e c u r i t i e s d e a l e r s a n d b r o k e r s ) a n d p e r s o n a l t r u s t accounts c r e a t e d b y i n d i v i d u a l s .
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
The election to pay b y credit
qualified depositaries only).
•
•
w i l l be deemed a c e r t i f i c a t i o n b y the officer who signs t h i s subs c r i p t i o n f o r m t h a t t h e f u l l a m o u n t o f p a y m e n t due on t h i s
s u b s c r i p t i o n has been d e p o s i t e d o n t h e d a t e h e r e o f t o t h e c r e d i t
o f t h e F e d e r a l Reserve B a n k o f N e w Y o r k , as fiscal a g e n t o f t h e
U n i t e d S t a t e s , W a r L o a n D e p o s i t A c c o u n t , t o be h e l d s u b j e c t t o
w i t h d r a w a l on d e m a n d .
By charge to our Reserve Account which is hereby
authorized. (For use of member banks only)
Please issue and dispose of bonds as follows:
DENOMINATIONS OP COUPON BONDS
Pieces
Face A m o u n t
DISPOSITION
Leave Blank
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:
N o changes i n delivery instructions will be accepted.
A s e p a r a t e s u b s c r i p t i o n m u s t b e s u b m i t t e d f o r e a c h g r o u p of
as to w h i c h d i f f e r e n t d e l i v e r y i n s t r u c t i o n s a r e g i v e n .
TO
securities
SUBSCRIBER:
Application submitted by.
Please i n d i c a t e w h e t h e r t h i s i s :
Typewrite or print
Original subscription
•
Confirmation of a telegram
•
Confirmation of a letter
•
By
Official signature required
DO N O T
USE SPACES
BELOW-
SUBSCRIPTION RECORD
Delivery Receipt
Received f r o m FEDERAL RESERVE B A N K OF N E W YORK t h e above described
U n i t e d S t a t e s G o v e r n m e n t o b l i g a t i o n s i n t h e a m o u n t i n d i c a t e d above.
EXAMINED
P A Y M E N T RECEIVED
CARDED
Subscriber.
Date.
RELEASED
Taken from V a u l t
Title
C i t y , T o w n or V i l l a g e , P . O. N o . , a n d S t a t e .
Counted
By.
Checked
Delivered
L i s t of customers, whose applications f o r coupon bonds are included i n the foregoing subscription, entered and certified by
N a m e of b a n k i n g i n s t i t u t i o n
Post office address
County
State.
C r e d i t f o r the sales listed below w i l l n o r m a l l y be g i v e n to the counties indicated b y the addresses of the purchasers,
it that a s i i h s r n n t i n n onlnrs^ in Mo... V
/-«:*.. C—
. _r
•
,. •
' n ,
.
"
'""'•"••"•"•I
other t h a n the c o u n t y t o w h i c h credit w o u l d n o r m a l l y be g i v e n : ( 1 ) this f o r m should be accompanied b y a request f o r
allocation of credit o n F o i r o R A , copies of w h i c h have been furnished to a l l b a n k i n g i n s t i t u t i o n s ; and (2) no allocation
m a y be made i n respect of a purchase b y an insurance company.
Subscriptions for account of individuals, partnerships (other than securities dealers and brokers)
and personal trust accounts created by individuals may be entered at any time between May 14 and
June 30.
Subscriptions for account of any other investors may be entered only in the period June 18 to
June 30, and should not be included in any subscription entered before that date.
Amount Subscribed
Do not use
this sPace
Name of Customer
(Please
print
or use
typewriter)
Address
(City,
Town or Village,
and
State)
SEVENTH
FORM
WAR
NO.
LOAN
(PURPLE CODE)
2
2
Subscriber's Reference
No.
V
2
%
Application No.
I N REGISTERED FORM
( S u b s c r i p t i o n f o r c o u p o n b o n d s o f t h i s issue s h o u l d be s u b m i t t e d o n F o r m N o . 1 )
CASH SUBSCRIPTION
UNITED STATES OF AMERICA 2Vz% TREASURY BONDS OF 1967-72
DATED JUNE 1, 1945
DUE JUNE 15, 1972
Dated at
1945.
F E D E R A L RESERVE B A N K OF N E W
YORK,
Fiscal Agent of the United States,
Government Bond Department—5th Floor:
Pursuant to the provisions of Treasury Department Circular No. 768, dated May 14, 1945, please enter subscription
for 2i/ 2 % Treasury Bonds of 1967-72 in registered form i n face amount as follows:
For own account . . . $.
[ B a n k s w h i c h accept d e m a n d d e p o s i t s m a y n o t s u b s c r i b e f o r o w n a c c o u n t . ]
For customers
( T h e u n d e r s i g n e d b a n k i n g i n s t i t u t i o n h e r e b y c e r t i f i e s t h a t t h i s s u b s c r i p t i o n is solely f o r
a c c o u n t o f t h e customers l i s t e d on t h e reverse side h e r e o f , t h a t i t has n o b e n e f i c i a l
) interest i n the securities subscribed f o r , a n d t h a t t o the best of i t s knowledge and belief
| t h i s s u b s c r i p t i o n c o n f o r m s i n a l l respects w i t h t h e requests o f t h e T r e a s u r y c o n c e r n i n g
s u b s c r i p t i o n s set f o r t h i n t h e l e t t e r o f M a r c h 20, 1 9 4 5 , * f r o m t h e S e c r e t a r y o f t h e
1 Treasury r e g a r d i n g the Seventh W a r Loan.
' A copy of this letter is contained on page 54 of C i r c u l a r N o . 2935, dated M a y 1, 1945, of the F e d e r a l
Reserve B a n k of N e w Y o r k .
Total Subscription $.
Classification of subscriptions for computation of interest accrual:
Aggregate
Face
Amount
Accrued
$
Subscriptions of $500 and $1,000. No accrued interest
Subscriptions of $1,500 and over. One day's accrued interest is
$0,068 per $1,000*
$
Interest
Total
NONE
F u l l amount of payment
$
* I n t e r e s t m u s t b e c o m p u t e d f r o m J u n e 1, 1945 t o d a t e f u n d s w i l l be a v a i l a b l e t o F e d e r a l Reserve B a n k . O n a l l s u b s c r i p t i o n s f o r a c c o u n t o f
i n v e s t o r s o t h e r t h a n i n d i v i d u a l s , a c c r u e d i n t e r e s t m u s t b e p a i d t o J u n e 18 or such l a t e r d a t e as p a y m e n t w i l l b e a v a i l a b l e . F o r t h i s p u r p o s e ,
" i n d i v i d u a l s " i n c l u d e p a r t n e r s h i p s ( o t h e r t h a n s e c u r i t i e s dealers a n d b r o k e r s ) a n d p e r s o n a l t r u s t a c c o u n t s c r e a t e d b y i n d i v i d u a l s .
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 d e p o s i t a r i e s only). T h e e l e c t i o n t o p a y b y c r e d i t
•
•
w i l l be deemed a c e r t i f i c a t i o n b y t h e officer w h o signs t h i s subs c r i p t i o n f o r m t h a t t h e f u l l a m o u n t o f p a y m e n t due o n t h i s
s u b s c r i p t i o n has b e e n d e p o s i t e d o n t h e d a t e h e r e o f t o t h e c r e d i t
o f t h e F e d e r a l Reserve B a n k o f N e w Y o r k , as fiscal a g e n t o f t h e
U n i t e d States, W a r L o a n Deposit Account, t o be h e l d subject t o
w i t h d r a w a l on d e m a n d .
By charge to our Reserve Account which is hereby
authorized. (For use of member banks only)
Please inscribe bonds as indicated on the reverse side of this form, and deliver as follows:
D e l i v e r over the counter to undersigned
(
)
M a i l to undersigned
(
)
M a i l t o registered owner (e)
(
)
IMPORTANT:
are
TO
Special I n s t r u c t i o n s :
N o changes i n delivery instructions will be accepted.
A separate subscription must
given.
be submitted f o r each
group
of
securities
as t o
which
different
delivery
instructions
SUBSCRIBER:
Application submitted by
Typewrite or print
Please i n d i c a t e whether t h i s i s :
Original subscription
Confirmation of a telegrajn
•
By
Title
O f f i c i a l signature required
Q
/
Confirmation of a letter
•
C i t y , T o w n or V i l l a g e , P . O. N o . , a n d S t a t e .
DO N O T USE SPACES
BELOW
Delivery Receipt
SUBSCRIPTION RECORD
Received f r o m
P A Y M E N T RECEIVED
EXAMINED
FEDERAL RESERVE B A N K
OF N E W
YORK t h e above
$
CARDED
Date
Taken from Vault
described
U n i t e d States G o v e r n m e n t o b l i g a t i o n s i n t h e a m o u n t i n d i c a t e d above.
Counted
By
ChecKed
Delivered
SCHEDULE FOR ISSUE OF REGISTERED BONDS
BSIP Names and addresses must be printed
or
typewritten.
C r e d i t f o r the sales listed below w i l l n o r m a l l y be g i v e n to the counties indicated b y the addresses of the purchasers,
nr r h a r a j s n h c r r m f m n
a
A
T
P
:
*
.
.
r—
..^i. „ r
•
.
•
/^i
«
..
»,
.
.
I
° £ t t h a n * h e c ° " n t y to w h i c h credit w o u l d n o r m a l l y be g i v e n : (1) this f o r m should be accompanied b y a request f o r
allocation of credit o n F o r m R A , copies of w h i c h have been furnished t o all b a n k i n g i n s t i t u t i o n s ; and (2) no allocation
m a y be made m respect of a purchase b y an insurance company.
Subscriptions for account of individuals, partnerships (other than securities dealers and brokers)
and personal trust accounts created by individuals may be entered at any time between May 14 and
June 30.
Subscriptions for account of any other investors may be entered only in the period June 18 to
June 30, and should not be included in any subscription entered before that date.
Do not
use this
space
I n d i c a t e u n d e r appropriate denominations, n u m b e r of bonds desired.
N a m e i n w h i c h bond of this issue shall be registered, a n d postoffice address f o r interest checks a n d m a i l .
Amount
$500
$1,000
$5,000
$10,000
$100,000
$1,000,000
SEVENTH
WAR
LOAN
(GREEN CODE)
FORM
NO.
3
2V4%
Subscriber's Reference No.
Application No.
I N COUPON FORM
( S u b s c r i p t i o n f o r r e g i s t e r e d b o n d s o f t h i s issue s h o u l d be s u b m i t t e d o n F o r m N o . 4 )
CASH SUBSCRIPTION
UNITED STATES OF AMERICA 2 % % TREASURY BONDS OF 1959-62
DATED JUNE 1, 1945
DUE JUNE 15, 1962
F E D E R A L R E S E R V E B A N K OF N E W Y O R K ,
Dated at
Fiscal Agent of the United States,
:
> 3945 Government Bond Department—5th Floor:
Pursuant to the provisions of Treasury Department Circular No. 769, dated May 14, 1945, please enter subscription
for 2 % % Treasury Bonds of 1959-62 in coupon form in face amount as follows:
For own account . . . $.
[ B a n k s w h i c h accept d e m a n d deposits m a y n o t s u b s c r i b e f o r o w n a c c o u n t . ]
• T h e u n d e r s i g n e d b a n k i n g i n s t i t u t i o n h e r e b y c e r t i f i e s t h a t t h i s s u b s c r i p t i o n is solely f o r
a c c o u n t o f t h e customers l i s t e d on t h e reverse s i d e h e r e o f , t h a t i t has n o b e n e f i c i a l
I i n t e r e s t i n t h e s e c u r i t i e s s u b s c r i b e d f o r , a n d t h a t t o t h e best o f i t s k n o w l e d g e a n d b e l i e f
I t h i s s u b s c r i p t i o n c o n f o r m s i n a l l respects w i t h t h e requests o f t h e T r e a s u r y c o n c c r n i n g
s u b s c r i p t i o n s set f o r t h i n t h e l e t t e r o f M a r c h 20, 1945,* f r o m t h e S e c r e t a r y o f t h e
, Treasury r e g a r d i n g the Seventh W a r L o a n .
A copy of this letter is contained on page 54 of Circular No. 2935, dated May 1, 1945, of the Federal
Reserve Bank of iNcw York.
For customers
Total Subscription $.
Classification o f subscriptions f o r c o m p u t a t i o n o? i n t e r e s t a c c r u a l :
Aggregate
Subscriptions of $500 and $1,000. No accrued interest
Subscriptions of $1,500 and over. One day's accrued interest is
$0,061 per $1,000*
Face Amount
Accrued
$
$
$
Interest
Total
NONE
$
F u l l amount of payment
$
* I n t e r e s t m u s t be c o m p u t e d f r o m J u n e 1, 1945 t o d a t e f u n d s w i l l be a v a i l a b l e t o F e d e r a l Reserve B a n k . O n a l l s u b s c r i p t i o n s f o r a c c o u n t o f
i n v e s t o r s o t h e r t h a n i n d i v i d u a l s , a c c r u e d i n t e r e s t m u s t b e p a i d to J u n e 18 or such l a t e r d a t e a3 p a y m e n t w i l l b e a v a i l a b l e . F o r t h i s purpose,
" i n d i v i d u a l s " i n c l u d e p a r t n e r s h i p s ( o t h e r t h a n s e c u r i t i e s dealers a n d b r o k e r s ) a n d p e r s o n a l t r u s t accounts c r e a t e d b y i n d i v i d u a l s .
P a y m e n t i n f u l l f o r such securities is m a d e as i n d i c a t e - I b e l o w :
•
•
•
By check and/or cash herewith
By Credit to our War Loan Deposit Account (For use of
qualified depositaries only). T h e e l e c t i o n t o p a y b y c r e d i t
w i l l be deemed a c e r t i f i c a t i o n b y t h e officer w h o signs t h i s subscription f o r m t h a t the f u l l amount o f payment due on this
s u b s c r i p t i o n has been d e p o s i t e d o n t h e d a t e h e r e o f t o t h e c r e d i t
o f t h e F e d e r a l Reserve B a n k o f N e w Y o r k , as fiscal a g e n t o f t h e
U n i t e d States, W a r L o a n D e p o s i t A c c o u n t , t o b e h e l d s u b j e c t t o
w i t h d r a w a l on demand.
By charge to our Reserve Account which is hereby
authorized. (For use of member banks only)
Please issue and dispose of bonds as follows:
DENOMINATIONS OF COUPON BONDS
Pieces
Face A m o u n t
DISPOSITION
Leave Blank
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:
N o changes i n delivery instructions will be accepted.
A s e p a r a t e s u b s c r i p t i o n m u s t be s u b m i t t e d f o r e a c h g r o u p of
as t o w h i c h d i f f e r e n t d e l i v e r y i n s t r u c t i o n s a r e given.
TO
Application submitted
SUBSCRIBER:
securities
by..
Typewrite or print
Please i n d i c a t e whether t h i s i s :
Original subscription
•
Confirmation of a telegram
•
Confirmation of a letter
By
•
Official signature required
DO N O T U S E SPACES
BELOW
Delivery Receipt
SUBSCRIPTION RECORD
P A Y M E N T RECEIVED
Title
C i t y , T o w n or V i l l a g e , P . O. N o . , a n d S t a t e .
R e c e i v e d f r o m FEDERAL RESERVE B A N K OF N E W YORK t h e above described
U n i t e d S t a t e s G o v e r n m e n t o b l i g a t i o n s i n t h e a m o u n t i n d i c a t e d above.
EXAMINED
CARDED
RELEASED
Taken f r o m V a u l t
Bv
Counted
Checked
Delivered
List of customers, whose applications for coupon bonds are included in the foregoing subscription, entered and certified by
N a m e of b a n k i n g i n s t i t u t i o n
Post office address
for
he
County
State.
aI es I i s t e d
^
*
? .
below w i l l n o r m a l l y be g i v e n to the counties indicated b y the addresses of the purchasers,
except that a s u b s c r i p t i o n entered i n N e w Y o r k C i t y f o r account of an investor i n Class 8 (see Circular N o . 2935 dated
f F
deral Re e
S r i
Vt' °
u
f ™ e B a n k of N e w Y ? r k ) w i l l be credited to the c o u n t y i n w h i c h such subscription is
2 w f h J ; » f p " r c l ^ s e + r so desires credit m a y be given, subject t o the f o l l o w i n g limitations, to a c o u n t y or counties
other t h a n the c o u n t y t o w h i c h credit w o u l d n o r m a l l y be g i v e n : (1) this f o r m should be accompanied b y a request f o r
allocation of credit o n F o n n R A , copies of w h i c h have been furnished to all b a n k i n g i n s t i t u t i o n s : and (2) no allocation
m a y be ma,de i n respect o f a purchase b y an insurance company.
V W Subscriptions for account of individuals, partnerships (other than securities dealers and brokers)
and personal trust accounts created by individuals may be entered at any time between May 14 and
June 30.
Subscriptions for account of any other investors may be entered only in the period June 18 to
June 30, and should not be included in any subscription entered before that date.
Amount Subscribed
Do not use
this space
Name of Customer
CP/ease print
$
or use typewriter)
Address
(City,
Toum or Village,
and
State)
SEVENTH
FORM
WAR
NO.
LOAN
(GREEN
4
2V4%
Subscriber's Reference N o .
CODE)
Application No.
I N REGISTERED FORM
( S u b s c r i p t i o n f o r c o u p o n bonds o f t h i s issue s h o u l d b e s u b m i t t e d o n F o r m N o . 3 )
CASH SUBSCRIPTION
UNITED STATES OF AMERICA 2 * 4 % TREASURY BONDS OF 1959-62
DATED JUNE 1, 1945
DUE JUNE 15, 1962
Dated at
1945.
F E D E R A L RESERVE B A N K OF N E W
YORK,
Fiscal Agent of the United States,
Government Bond Department—5th Floor:
Pursuant to the provisions of Treasury Department Circular No. 769, dated May 14, 1945, please enter subscription
for
Treasury Bonds of 1959-62 in registered form in face amount as follows:'
For own account
[ B a n k s w h i c h a c c e p t d e m a n d deposits m a y n o t s u b s c r i b e f o r o w n a c c o u n t . ]
T h e u n d e r s i g n e d b a n k i n g i n s t i t u t i o n h e r e b y certifies t h a t t h i s s u b s c r i p t i o n is solely f o r
a c c o u n t o f t h e c u s t o m e r s l i s t e d o n t h e reverse side h e r e o f , t h a t i t has n o b e n e f i c i a l
i n t e r e s t i n t h e s e c u r i t i e s s u b s c r i b e d f o r , a n d t h a t t o t h e best o f i t s k n o w l e d g e a n d b e l i e f
t h i s s u b s c r i p t i o n c o n f o r m s i n a l l respects w i t h the requests o f t h e T r e a s u r y c o n c e r n i n g
s u b s c r i p t i o n s set f o r t h i n t h e l e t t e r o f M a r c h 20, 1945,* f r o m t h e S e c r e t a r y o f t h e
Treasury r e g a r d i n g the Seventh W a r L o a n .
* A copy of this letter is contained on page 54 of Circular No. 2935, dated May 1, 1945, of the Federal
Reserve Bank of New York.
For customers
Total Subscription $.
Classification of subscriptions for computation of interest accrual:
Aggregate
Face
Amount
Accrued
Subscriptions of $500 and $1,000. No accrued interest.
$
Subscriptions of $1,500 and over. One day's accrued interest is
$0,061 per $1,000*,
$
Interest
Total
N O N E
"Full amount of payment.
$
* I n t e r e s t m u s t be c o m p u t e d f r o m J u n e 1, 1945 t o d a t e f u n d s w i l l bo a v a i l a b l e t o F e d e r a l Reserve B a n k . O n a l l s u b s c r i p t i o n s f o r account o f
i n v e s t o r s o t h e r t h a n i n d i v i d u a l s , a c c r u e d i n t e r e s t m u s t be p a i d t o J u n e 18 o r such l a t e r d a t e as p a y m e n t w i l l be a v a i l a b l e . F o r t h i s purpose,
* * i n d i v i d u a l s ' iln c lluld O p a rrttn e rrs h im s ( o tfh e rr tthor> s e c u r i t i e s dealers a n d b r o k e r s ) a n d p e r s o n a l tfr uis tt accounts c r e a t e d b y 4** d i v i d u a l s .
nn l ^e nn no oh p o / n ho
nnA lM»Alrn«-a\ ntid TkafanTiol w a n/i/)Aim4-<<
h a n oaAtmfiaa
in
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). T h e e l e c t i o n t o p a y b y c r e d i t
•
•
w i l l be deemed a c e r t i f i c a t i o n b y t h e officer w h o signs t h i s subs c r i p t i o n f o r m t h a t t h e f u l l a m o u n t o f p a y m e n t due o n t h i s
s u b s c r i p t i o n has been d e p o s i t e d o n t h e d a t e h e r e o f t o t h e c r e d i t
o f t h e F e d e r a l Reserve B a n k o f N e w Y o r k , as fiscal a g e n t o f t h e
U n i t e d States, W a r L o a n Deposit Account, t o be held subject t o
w i t h d r a w a l on demand.
By charge to our Reserve Account which,is hereby
authorized. (For use of member banks only)
Please inscribe bonds as indicated on the reverse side of this form, and deliver as follows:
Deliver over the counter to undersigned
(
)
M a i l to undersigned
(
)
M a i l to registered owner(B)
(
)
IMPORTANT:
N o changes i n delivery instructions w i l l be
A separate subscription
a r e given.
TO
Special
Instructions:
accepted.
m u s t be s u b m i t t e d f o r
each
group
of
securities
as t o
which
different
delivery
instructions
SUBSCRIBER:
Application submitted by.
Please i n d i c a t e whether t h i s i s :
Typewrite or print
Original subscription
•
Confirmation of a telegram
•
Confirmation of a letter
•
By
Official signature required
C i t y , T o w n o r V i l l a g e , P . O. N o . , a n d S t a t e .
DO N O T USE SPACES
BELOW
Delivery Receipt
SUBSCRIPTION RECORD
Received
P A Y M E N T RECEIVED
EXAMINED
FEDERAL RESERVE B A N K OF N E W YORK t h e above
Subscriber.
Date.
RELEASED
Taken from Vault
from
described
U n i t e d States G o v e r n m e n t o b l i g a t i o n s i n t h e a m o u n t i n d i c a t e d above.
CARDED
Title
Counted
By.
Checked
Delivered
SCHEDULE FOR ISSUE OF REGISTERED BONDS
ESP Names and addresses must be printed
or
typewritten.
C r e d i t f o r t h e sales l i s t e d below w i l l n o r m a l l y be g i v e n to the counties indicated b y the addresses of the purchasers,
except t h a t a s u b s c r i p t i o n entered i n N e w Y o r k C i t y f o r account o f an investor i n Class 8 (see C i r c u l a r N o . 2935, dated
M a y 1 1945, of F e d e r a l Reserve B a n k of N e w Y o r k ) w i l l be credited to the c o u n t y i n w h i c h such subscription is
entered. I f a purchaser so desires, credit m a y be given, subject t o the f o l l o w i n g l i m i t a t i o n s , to a c o u n t y o r counties
other t h a n the c o u n t y t o w h i c h credit w o u l d n o r m a l l y be g i v e n : ( 1 ) this f o r m should be accompanied b y a request f o r
allocation of credit o n F o r m R A , copies of w h i c h have been f u r n i s h e d t o a l l b a n k i n g i n s t i t u t i o n s ; a n d (2) no allocation
m a y be made i n respect o f a purchase b y a n insurance company.
StST Subscriptions for account of individuals, partnerships (other than securities dealers and brokers)
and personal trust accounts created by individuals may be entered at any time between May 14 and
June 30.
Subscriptions for account of any other investors may be entered only in the period June 18 to
June 30, and should not be included in any subscription entered before that date.
D o not
use thi>
•pace
I n d i c a t e under appropriate denominations, n u m b e r of bonds desired.
N a m e i n w h i c h b o n d of t h i s issue shall be registered, and postoffice address f o r interest checks a n d m a i l .
Amount
$500
$1,000
$5,000
$10,000
,,
,
$100,000
$1,000,000
SEVENTH
FORM
WAR
LOAN
NO.
(BROWN
iy2%
5
Application No.
I N COUPON FORM
Subscriber's Reference N o .
CODE)
( S u b s c r i p t i o n f o r r e g i s t e r e d b o n d s o f t h i s issue s h o u l d be s u b m i t t e d on F o r m N o . 6 )
CASH SUBSCRIPTION
UNITED STATES OF AMERICA H / 2 % TREASURY BONDS OF 1950
DATED JUNE 1, 1945
DUE DECEMBER 15, 1950
F E D E R A L R E S E R V E B A N K OF N E W Y O R K ,
Dated at
Fiscal Agent of the United States,
1945.
Government Bond Department—5th Floor:
Pursuant to the provisions of Treasury Department Circular No. 770, dated May 14, 1945, please enter subscription
for i y 2 % Treasury Bonds of 1950 in coupon form in face amount as follows:
For own account . . . $.
For customers
[ B a n k s h o l d i n g d e m a n d d e p o s i t s w h i c h m a y s u b s c r i b e f o r o w n a c c o u n t m u s t use F o r m N o . 8 . ]
' T h e u n d e r s i g n e d b a n k i n g i n s t i t u t i o n h e r e b y certifies t h a t t h i s s u b s c r i p t i o n i s solely f o r
a c c o u n t o f t h e c u s t o m e r s l i s t e d on t h e reverse side h e r e o f , t h a t i t has n o b e n e f i c i a l
interest i n the securities subscribed f o r , a n d t h a t to the best o f i t s knowledge and belief
| t h i s s u b s c r i p t i o n c o n f o r m s i n a l l respects w i t h t h e requests o f t h e T r e a s u r y c o n c e r n i n g
s u b s c r i p t i o n s set f o r t h i n t h e l e t t e r o f M a r c h 20, 1945,* f r o m t h e S e c r e t a r y o f t h e
I Treasury r e g a r d i n g the Seventh W a r Loan.
$.
I t f u r t h e r c e r t i f i e s t h a t a l l o f such customers, t o t h e b e s t o f i t s k n o w l e d g e a n d b e l i e f , are
e i t h e r i n d i v i d u a l s , p a r t n e r s h i p s ( o t h e r t h a n s e c u r i t i e s dealers a n d b r o k e r s ) or p e r s o n a l
\ t r u s t accounts created b y individuals.
A copy of this letter is contained on page 54 of Circular No. 2935, dated May 1, 1945, of the Federal
Reserve Bank of New York.
Total Subscription $.
Classification of subscriptions for computation of interest accrual:
Aggregate
Subscriptions of $500 and $1,000. No accrued interest
Subscriptions of $1,500 and over. One day's accrued interest is
$0,041 per $1,000*
Face
Amount
$
Accrued
Interest
Total
NONE
$
F u l l amount of payment
$
* I n t e r e s t m u s t be c o m p u t e d f r o m J u n e 1, 1945 t o d a t e f u n d s w i l l be a v a i l a b l e t o F e d e r a l Reserve B a n k .
Payment in full for such securities is made as indicated below s
•
By Credit to our "War Loan Deposit Account (For use of
By check and/or cash herewith
qualified depositaries only). T h e e l e c t i o n t o p a y b y c r e d i t
•
•
w i l l b e deemed a c e r t i f i c a t i o n b y t h e officer w h o signs t h i s subs c r i p t i o n f o r m t h a t t h e f u l l a m o u n t o f p a y m e n t due o n t h i s
s u b s c r i p t i o n has b e e n d e p o s i t e d o n t h e d a t e h e r e o f t o t h e c r e d i t
o f t h e F e d e r a l Reserve B a n k o f N e w Y o r k , as fiscal a g e n t o f t h e
U n i t e d States, W a r L o a n D e p o s i t A c c o u n t , t o b e h e l d s u b j e c t t o
w i t h d r a w a l on d e m a n d .
By charge to our Reserve Account which is hereby
authorized. (For use of member banks only)
Please issue and dispose of bonds as follows:
DENOMINATIONS OF COUPON BONDS
Face A m o u n t
Pieces
$
DISPOSITION
Leave Blank
1. Deliver over the counter to undersigned (
1,000
5,000
)
2. Mail to undersigned
500
)
(
3. Special Instructions:
10,000
<
100,000
1,000,000
Total
A separate subscription must be submitted f o r each group
as t o w h i c h d i f f e r e n t d e l i v e r y i n s t r u c t i o n s a r e g i v e n .
TO
of
securities
SUBSCRIBER:
Application submitted by
Please i n d i c a t e whether t h i s i s :
Typewrite or print
Original subscription
•
Confirmation of a telegram
•
By
Official signature required
Title
C i t y , T o w n o r V i l l a g e , P . O. N o . , a n d S t a t e .
Confirmation of a letter
DO N O T
USE SPACES
BELOW
Delivery Receipt
SUBSCRIPTION RECORD
R e c e i v e d f r o m FEDERAL RESERVE B A N K OF N E W YORK t h e a b o v e d e s c r i b e d
U n i t e d S t a t e s G o v e r n m e n t o b l i g a t i o n s i n the a m o u n t i n d i c a t e d above.
EXAMINED
P A Y M E N T RECEIVED
CARDED
RELEASED
Taken from Vault
Date
Counted
By
Checked
Delivered
List of customers, whose applications for coupon bonds are included i n the foregoing subscription, entered and certified by
N a m e of b a n k i n g i n s t i t u t i o n
P o s t office address
County
State.
C r e d i t f o r the sales listed b e l o w w i l l n o r m a l l y be given t o the counties indicated b y the addresses of the purchasers.
I f a purchaser so desires, credit m a y be g i v e n t o a c o u n t y or counties other than the c o u n t y t o w h i c h credit w o u l d n o r m a l l y be given, p r o v i d e d this f o r m is accompanied by a request f o r allocation of credit o n F o r m R A , copies of w h i c h
have been f u r n i s h e d to a l l b a n k i n g i n s t i t u t i o n s .
fiST" These bonds are available for subscription by or for account of individuals only. For this
purpose, " i n d i v i d u a l s " include partnerships (other than securities dealers and brokers) and personal
trust accounts created by individuals. Personal holding companies, corporate trusts, bonus funds,
pension funds, and the like are not considered as individuals.
Amount Subscribed
Do not use
this space
Name of Customer
(Please
print
or use
typewriter)
Address
(City,
Town or Village,
and
State)
SEVENTH WAR
LOAN
FORM
6
NO.
(BROWN
1 1
/
/
Subscriber's Reference N o .
I
n
q /
2
CODE)
n
/ ^
Application No.
REGISTERED FORM
N
( S u b s c r i p t i o n f o r coupon bonds o f t h i s issue should be submitted on F o r m No. 5)
CASH SUBSCRIPTION
UNITED STATES OF AMERICA 1 V 2 % TREASURY BONDS OF 1950
DATED JUNE 1, 1945
DUE DECEMBER 15, 1950
D a t e d at
1945.
F E D E R A L RESERVE B A N K OF N E W Y O R K ,
Fiscal Agent of the United States,
Government Bond Department—5th Floor:
Pursuant to the provisions of Treasury Department Circular No. 770, dated May 14, 1945, please enter subscription
for 1V2% Treasury Bonds of 1950 in registered form in face amount as follows:
For own a c c o u n t . . . $
For customers
[ B a n k s h o l d i n g demand deposits which may subscribe f o r own account must use F o r m No. 8]
' T h e undersigned b a n k i n g i n s t i t u t i o n hereby certifies t h a t t h i s subscription is solely f o r
account o f the customers listed on the reverse side hereof, t h a t i t has no beneficial
interest i n the securities subscribed f o r , and t h a t to the best o f its knowledge and belief
J this subscription conforms i n a l l respects w i t h the requests o f the Treasury concerning
/ s u b s c r i p t i o n s set f o r t h i n the letter of M a r c h 20, 1945,* f r o m the Secretary o f the
(Treasury r e g a r d i n g the Seventh W a r Loan.
I t f u r t h e r certifies t h a t a l l of such customers, to the best o f i t s knowledge and belief, are
either i n d i v i d u a l s , partnerships (other than securities dealers and brokers) or personal
I t r u s t accounts created by individuals.
* A copy of this letter is contained on page 54 of Circular No. 2935, dated May 1, 1945, of the Federal
Reserve Bank of New York.
$
Total Subscription $
Classification of subscriptions for computation of interest accrual:
Aggregate
Subscriptions of $500 and $1,000. No accrued interest
Subscriptions of $1,500 and over. One day's accrued interest is
$0,041 per $1,000*
Face Amount
Accrued
$
$
$
Interest
Total
NONE
$
$
$
F u l l amount of payment
* I n t e r e s t must be computed f r o m June 1, 1945 to date funds w i l l 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
•
n
w i l l be deemed a certification b y the officer who signs t h i s subscription f o r m t h a t the f u l l amount of payment due on this
subscription has been deposited on the date hereof to the credit
the Federal Reserve B a n k of N e w Y o r k as fiscal agent o f the
U n i t e d States, W a r L o a n Deposit Account, to be held subject to
w i t h d r a w a l on demand.
By charge to our Reserve Account which is hereby
authorized. (For use of member banks only)
v
"
Please inscribe bonds as indicated on the reverse side of this form, and deliver as follows:
Deliver over the counter to undersigned
(
)
M a i l t o undersigned
(
)
M a i l t o registered owner ( s )
(
Special I n s t r u c t i o n s :
)
IMPORTANT:
N o changes in delivery instructions will be accepted.
A separate subscription must be submitted for each group of securities as to which different delivery
are given.
TO
SUBSCRIBER:
A p p l i c a t i o n s u b m i t t e d by
i
Typewrite or print
Please i n d i c a t e whether t h i s i s :
O r i g i n a l subscription
•
„
„
, ,
C o n f i r m a t i o n of a telegram
r—i
U
Confirmation o f a letter
•
Official signature required
,
Delivery Receipt
Received f r o m FEDERAL RESERVE BANK OP NEW YORK the above described
U n i t e d States Government obligations i n the amount indicated above.
EXAMINED
CARDED
Subscriber
RELEASED
Taken f r o m V a u l t
,
BELOW
SUBSCRIPTION RECORD
Title
C i t y , T o w n or V i l l a g e , P . O. No., and State
DO N O T U S E SPACES
PAYMENT RECEIVED
instructions
Date
Counted
By
Checked
Delivered
SCHEDULE FOR ISSUE OF REGISTERED BONDS
SSi5" Names and addresses must be printed
or
typewritten.
C r e d i t f o r t h e sales l i s t e d b e l o w w i l l n o r m a l l y be g i v e n t o t h e c o u n t i e s i n d i c a t e d b y t h e addresses o f t h e purchasers.
^ Purchaser so desires, c r e d i t m a y be g i v e n t o a c o u n t y o r c o u n t i e s other t h a n t h e c o u n t y t o w h i c h c r e d i t w o u l d n o r m a l l y be g i v e n , p r o v i d e d t h i s f o r m is a c c o m p a n i e d b y a r e q u e s t f o r a l l o c a t i o n o f c r e d i t o n F o r m R A , copies o f w h i c h
have been furnished t o a l l b a n k i n g institutions.
ESP These bonds are available for subscription by or for account of individuals only. For this
purpose, " i n d i v i d u a l s " include partnerships (other than securities dealers and brokers) and personal
trust accounts created by individuals. Personal holding companies, corporate trusts, bonus funds,
pension funds, and the like are not considered as individuals.
Indicate under appropriate denominations, number of bonds desired.
N a m e i n w h i c h b o n d of t h i s issue s h a l l be r e g i s t e r e d , a n d postoffice address f o r i n t e r e s t checks a n d m a i l .
Amount
$500
$1,000
$5,000
$10,000
$^00,000
$1,000,000
SEVENTH WAR
LOAN
FORM NO.
7
(PINK CODE)
Vs%
Subscriber 's Reference N o .
Application No.
CERTIFICATES OF INDEBTEDNESS
CASH SUBSCRIPTION
UNITED STATES OF AMERICA
7
/s% TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1946
DATED JUNE 1, 1945
DUE JUNE 1, 1946
F E D E R A L RESERVE B A N K OP N E W Y O R K ,
D a t e d at
Fiscal Agent of the United States,
1945.
Government Bond Department—5th Floor:
Pursuant to the provisions of Treasury Department Circular No. 771, dated May 14, 1945, please enter subscription
for % % Treasury Certificates of Indebtedness of Series E-1946 in face amount as follows:
For own account
[ B a n k s h o l d i n g demand deposits which may subscribe f o r own account must use F o r m No. 8.]
f T h e undersigned b a n k i n g i n s t i t u t i o n hereby certifies t h a t this subscription is solely f o r
account o f the customers listed on the reverse side hereof, t h a t i t has no beneficial
I interest i n the securities subscribed f o r , and t h a t t o the best of its knowledge and belief
I t h i s subscription conforms i n a l l respects w i t h the requests of the Treasury concerning
subscriptions set f o r t h i n the letter o f M a r c h 20, 1945,* f r o m the Secretary o f the
i Treasury r e g a r d i n g the Seventh W a r Loan.
* A copy of this letter is contained on page 54 of Circular No. 2935, dated May 1, 1945, of the Federal
Reserve Bank of New York.
For customers
Total Subscription $.
Computation of interest accrual:
( I n t e r e s t on the entire face amount of t h i s subscription
Federal Reserve B a n k . On a l l subscriptions f o r account of
such later date as payment w i l l be available. F o r t h i s purpose,
a n d personal t r u s t accounts created by i n d i v i d u a l s . One d a y ' s
must be computed f r o m June 1, 1945 t o the date funds w i l l be available to the
investors other t h a n individuals, accrued interest must be p a i d to June 18 or
" i n d i v i d u a l s " include partnerships (other t h a n securities dealers and brokers)
accrued interest is $0,024 per $1,000.)
Aggregate face amount
$
Accrued interest
$
F u l l amount of payment
$
Payment in full for such securities is made as indicated below:
•
•
B y check and/or cash herewith
°
B y
9 . ™ ^ } ° o u r W a r L o a n Deposit Account (For use of
qualified depositaries only). The election t o pay b y credit
w i l l be deemed a certification b y the officer who signs this subs c r i p t i o n f o r m t h a t the f u l l amount o f payment due on this
subscription has been deposited on the date hereof t o the credit
o f the Federal Reserve B a n k o f N e w Y o r k , as fiscal agent o f the
U n i t e d States, W a r L o a n Deposit Account, t o be held subject to
w i t h d r a w a l 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:
DENOMINATIONS
Pieces
DISPOSITION
Face A m o u n t
Leave B l a n k
1. Deliver over the counter to undersigned (
)
5,000
2. Mail to undersigned
)
10,000
3. Special Instructions:
$
1,000
(
100,000
1,000,000
Total
I M P O R T A N T : N o changes in delivery instruction* 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 i n d i c a t e whether t h i s i s :
O r i g i n a l subscription
•
Confirmation o f a t e l e g r a m
•
Confirmation o f a l e t t e r
•
By
Official signature required
C i t y , T o w n or V i l l a g e , P. O. No., and State.
DO N O T U S E S P A C E S
BELOW
Delivery Receipt
SUBSCRIPTION RECORD
PAYMENT RECEIVED
Received f r o m FEDERAL RESERVE BANK OF NEW YORK the above described
U n i t e d States Government obligations i n the amount indicated above.
EXAMINED
CARDED
Subscriber.
RELEASED
Taken f r o m V a u l t
Title
Date.
Counted
By.
Checked
Delivered
List of customers, whose applications are included i n the foregoing subscription, entered
and certified by
N a m e of b a n k i n g i n s t i t u t i o n
Post office address
County
State.
Credit for the sales listed below w i l l n o r m a l l y be given to the counties indicated by the addresses of the purchasers,
except that a subscription entered in N e w Y o r k C i t y for account of an investor i n Class 8 (see Circular N o . 2935, dated
B a r
JJSLii
w 1
* o f N « r Y o r k ) w i l l be credited t o the county i n w h i c h such subscription is
e
i
l u p u r c h a s e r so desires, credit m a y be given, subject t o the f o l l o w i n g limitations, to a county or counties
other than the county t o w h i c h credit w o u l d n o r m a l l y be g i v e n : (1) this f o r m should be accompanied b y a request f o r
allocation of credit o n F o n n R A , copies of w h i c h have been furnished t o all banking institutions; and (2) no allocation
may be made i n respect of a purchase b y a n insurance company.
Subscriptions for account of individuals, partnerships (other than securities dealers and brokers)
and personal trust accounts created by individuals may be entered at any time between May 14 and
June 30.
S u b s c r i p t i o n s f o r a c c o u n t o f a n y o t h e r e l i g i b l e investors m a y b e e n t e r e d o n l y i n t h e p e r i o d
June 1 8 t o June 3 0 , a n d should not be included i n a n y subscription entered before that date.
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
O R I G I N A L
'
T o b e f o r w a r d e d t o F e d e r a l Reserve
B a n k of N e w Y o r k accompanied by
r e m i t t a n c e c o v e r i n g cost o f bonds.
Application for
UNITED STATES SAVINGS BONDS—SERIES F
(12-YEAR
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 P r i c e
(Each bond)
Amount
(Total Cost)
$18.50
$25
$100
$74
.
$370
.
$740
.
$5,000
$3,700
.
$10,000
$7,400
.
$500
$1,000
T o t a l amount o f
purchase
Bonds to be inscribed (see other side) (Please print or write legibly) :
Complete post-office address i n c l u d i n g postal n n i t n u m b e r . If any.
Bonds to be mailed to the address shown above, unless a different address is
indicated i n the f o l l o w i n g space:
Complete post-office address I n c l u d i n g p o s t a l u n i t number. If any.
Application forwarded by
(Name of agency)
(Signature of purchaser)
( A d d r e s s of a g e n c y )
(Address)
Date.
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, F i f t h 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) I n the names of natural persons ( t h a t is, individuals), i n their o w n right, as
follows:
(a) I n the name of one person;
(b) I n the names of t w o (but not m o r e than t w o ) persons in the alternative as
coowners; or
(c) I n the name of one person payable o n death to one (but not more than one)
designated person.
(2) I n the name of a private corporation followed b y the words "a corporation", for
example: " S m i t h Manufacturing Co., a corporation." Bonds m a y not be registered in the name of a bank or t r u s t company which accepts demand deposits
except when held by such bank or trust company in fiduciary capacity.
(3) I n the name of an unincorporated association or other body followed b y the
words "an unincorporated association," f o r example: " T h e Lotus Club, an unincorporated association." T h e term " a n unincorporated association" should not
be used to describe a t r u s t fund, a partnership or a business conducted under
a trade name.
(4) I n the name of a partnership, considered as an entity, followed by the words
" a partnership", for example: " S m i t h B r o w n & Co., a partnership."
(5) I n the name of any public officer designated by title only, for example:
"Treasurer, City of Chicago".
(6) I n 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 t o
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.
I n 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 i n Savings Bonds of Series F , either alone or i n combination
w i t h those of Series G, is l i m i t e d t o $100,000 (cost price) o r i g i n a l l y issued i n any
one calendar year.
DUPLICATE
F. R. B. Form No. G.B. 339.4
~
T o be retained b y agency
accepting application.
Application for
UNITED STATES SAVINGS BONDS—SERIES F
(12-YEAR
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:
Denomination
(Matority Value)
Issue P r i c e
(Each bond)
$25 . .
Number
of bonds
$18.50
•
$
$74 . .
•
$
Amount
( T o t a l Cost)
.
$100 . .
.
$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 i n c l u d i n g postal u n i t n u m b e r , I f a n y .
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 nnit number, if any.
Application forwarded by
(Name of agency)
(Signature of purchaser)
(Address of agency)
(AddreeaJ
Date
C.B. 339.4 150M-10-43
.194
TRIPLICATE
F. R. B. Form No. G.B. 3 5 9 . 4
"
T o be retained b y purchaser.
Application for
UNITED STATES SAVINGS BONDS—SERIES F
(12-YEAR
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 . . .
.
$18.50
Amount
( T o t a l Cost)
. . $
$100 . . . .
$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 I n c l u d i n g postal u n i t n u m b e r , i f any.
Bonds to be mailed to the address shown above, unless a different address is
indicated in the following space:
Complete post-office address i n c l u d i n g p o s t a l u n i t n u m b e r . I f a n y .
(For use of Agency receiving application)
MEMORANDUM
Received $
from
the purchase price of $
Savings Bonds of Series F.
.194
Date
G.B. 339.4 150M-10-43
RECEIPT
(maturity value) United States
F. R. B. Form No. G.B. 340.4
O R I G I N A L
W
T o be f o r w a r d e d t o Federal Reserve B a n k of N e w Y o r k
accompanied b y remittance covering cost of bond*.
Application for
UNITED STATES SAVINGS BONDS—SERIES G
(12-YEAR
INTEREST-BEARING
BONDS)
T h e undersigned hereby applies f o r United States Savings Bonds o f Series G (issued
pursuant to Treasury Department Circular No. 654, revised and amended) as f o l l o w s :
Number
of bonds
Denomination
(Maturity Value)
Issue Price
(Each bond)
Amount
( T o t a l 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 (See other side) (Please print or write legibly) :
Complete post-office address i n c l u d i n g postal unit number, If any.
<«a2« to be mailed to the addreaa shown abore, unless a different addreaa la indicated in the following apace:
Complete post-office address i n c l u d i n g postal u n i t number, if any.
(Signature of
(Address of
Application Forwarded By
( N a m e of
Purchaser)
Purchaser)
Agency)
INSTRUCTIONS
Complete i n f o r m a t i o n and permissible f o r m s o f registration w i l l be
f o u n d i n T r e a s u r y Department Circular N o . 530, F i f t h Revision, and amended.
S t r i c t compliance w i t h the terms o f the circular w i l l avoid delay i n
issuing bonds.
F o r the general guidance o f issuing agents accepting orders, U n i t e d
States Savings Bonds o f Series G may be registered as f o l l o w s :
(1) I n the names of natural persons (that is, individuals), in their o w n right, as
follows:
(a) I n the name of one person;
( b ) I n the names of t w o (but not more than t w o ) persons in the alternative as
coowners; or
(c) I n the name of one person payable on death to one (but not more than one)
designated person.
(2) I n the name of a private corporation followed by the words " a corporation",
for example: " S m i t h Manufacturing Co., a corporation." Bonds may not be
registered in the name of a bank or t r u s t company which accepts demand
deposits, except to the limited extent provided in Treasury Department Circular
No. 530 ( F i f t h Revision) as amended. T h e regulations provide, however, for
the registration of bonds in the name of such a bank or trust company i n a
fiduciary
capacity.
(3-) I n the name of an unincorporated association or other body followed by the
words "an unincorporated association," for example: " T h e Lotus Club, an unincorporated association." T h e term " a n unincorporated association" should not
be used to describe a trust fund, a partnership or a business conducted under
a trade name.
(4) I n the name of a partnership, considered as an entity, followed b y the words
"a partnership", for example: " S m i t h B r o w n & Co., a partnership."
(5) I n the name of any public officer designated by title only, for example:
"Treasurer, City of Chicago".
,
(6) I n the narae 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 t o
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.
R e g i s t r a t i o n is restricted to residents o f the Continental U n i t e d States,
the T e r r i t o r i e s and I n s u l a r Possessions o f the U n i t e d States, the Canal Zone^
or citizens o f the U n i t e d States t e m p o r a r i l y residing a b r o a d ; provided,
however, that a non-resident alien ( n o t a citizen o f an enemy n a t i o n )
may be named as coowner or designated beneficiary, but w i l l be entitled
o n l y t o request and receive payment either at o r before m a t u r i t y .
T h e f u l l name o f the owner and that o f the coowner or beneficiary, i f
any, should be used and should be the name b y w h i c h the person is o r d i n a r i l y
k n o w n and under w h i c h he does business; i f there are t w o g i v e n names the
i n i t i a l o f one m a y be used, o r i f a person is habitually k n o w n and does
business by i n i t i a l o n l y o f his given names, registration may be i n such f o r m .
I n the case o f women, the name must be preceded by " M i s s " o r " M r s . " a n d
a m a r r i e d woman's o w n given name should be used, n o t that of her husband,
f o r example, " M r s . M a r y A . Jones", not " M r s . F r a n k B . Jones".
T h e f o r m o f registration used must express the actual ownership of an
interest i n the bonds; they may not be registered i n the name o f an agent,
attorney-in-fact or nominee.
C A U T I O N : Ownership in Savings Bonds of Series G, either alone or in combination
w i t h those of Series F, is limited t o $100,000 (cost price) originally issued in any
one calendar year.
DUPLICATE
F. R. B. Form No. G.B. 340.4
G
T o be r e t a i n e d by agency
accepting application.
Application for
UNITED STATES SAVINGS BONDS—SERIES G
( 1 2 - Y E A R INTEREST-BEARING
BONDS)
T h e undersigned hereby applies f o r U n i t e d States Savings Bonds o f Series G (issued
pursuant to Treasury Department Circular N o . 654, revised and amended) as f o l l o w s :
Number
of bonds
Denomination
(Maturity Value)
Issue P r i c e
(Each bond)
Amount
( T o t a l 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) :
Complete poet-office address Including postal u n i t number, If any.
labia to be mailed to the addreta shown aboTe, unless a different address la indicated in the following space:
Complete post-office address i n c l u d i n g postal u n i t number, i f any.
(Signature of
(Address of
Application Forwarded By
Date
194
G.B. 340.4 1S0M-5-44
( N a m e of
(Address of
Purchaser)
Purchaser)
Agency)
Agency)
F. R. B. Form No. G.B. 340.4
TRIPLICATE
G
T o be r e t a i n e d b y purchaser.
Application for
UNITED STATES SAVINGS BONDS—SERIES G
(12-YEAR INTEREST-BEARING
BONDS)
T h e undersigned hereby applies f o r U n i t e d States Savings Bonds of Series G (issued
pursuant to T r e a s u r y Department Circular N o . 654, revised and amended) as f o l l o w s :
Denomination
(Maturity Value)
Number
of bonds
Issue P r i c e
(Each bond)
Amount
( T o t a l Cost)
$100
.
$100
.
.
•
$
$500
.
$500
.
.
•
$
. .
$1,000
.
.
.
$1,000
.
.
•
$
.
$5,000
.
.
.
$5,000
.
.
•
$
. . $10,000
.
.
. $10,000
.
.
.
$
of
purchase
.
.
.
Total
amount
$
Bonds to be inscribed (Please print or write legibly?;
Complete post-office address i n c l u d i n g p o s t a l u n i t n u m b e r , i t any.
iondi to be mailed to the address shown above, unless a different address is Indicated i n the following space.
Complete post-office address i n c l u d i n g postal u n i t number, if any
(For use of Agency receiving application)
MEMORANDUM
r
Received $
RECEIPT
m
* <> -
(Signature of
Purchaser;
the purchase price of a
like face amount of United
(Address of
Purchaser)
States Savings Bonds —
( N a m e of
Series G.
Date
G.B. 340.4 150M-5-44
.194
(Address of
Agency)
Agency)
a. B.—401-2—200M—3-44
APPLICATION FOR
U N I T E D STATES OF AMERICA TREASURY SAVINGS NOTES
Series C
FEDERAL RESERVE B A N K OF N E W
YORK,
Date
FISCAL A G E N T OF T H E U N I T E D STATES,
GOVERNMENT BOND
194
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:
( N a m e — P l e a s e t y p e or p r i n t )
(Address—Please t y p e or
print)
(NOTICE T O 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 pur*
chaser 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
Total
Denominations
Do Not
Face A m o u n t
Use
100
500
1,000
5,000
10,000
•
100,000
500,000
1,000,000
•
•
•
•
•
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
PAYMENT
MUST
ACCOMPANY
THIS
Instructions)
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
on behalf of the purchaser
by a Bank or
it
submitted
agent).
Name of Bank or Agent
Official Signature
(Title)
Address
( C i t y , T o w n or V i l l a g e . P . O . N o . , and State)
TB-2'/2
ORIGINAL
ADVICE TO SUBSCRIBER AND METHOD OF PAYMENT RECEIVED
APPLICATION NO.
FEDERAL RESERVE BANK
OF NEW YORK
r
Your subscription for $
2y2°/o Treasury Bonds of 1967-72, dated June 1, 1945, due June 15, 1972,
has been received and pursuant to the terms of Treasury Department Circular No. 768, dated May 14, 1945, the amount
subscribed for will be allotted in full.
AS R E Q U E S T E D T H E S E C U R I T I E S W I L L B E
DISPOSED OF AS I N D I C A T E D B E L O W :
•
•
•
•
•
,
,
•,
T o be delivered over counter to subscriber
To be mailed to subscriber
To be mailed direct to customers
Registered bonds
Special instructions
1
.
.
_
,
RECEIPT OF P A Y M E N T
,
, .
,
IS HEREBY
ACKNOWLEDGED
By check and/or cash
char e t o
S
y°ur Reserve Account
• • • • $
By entry in W a r Loan Deposit Account . . . $
.
Will
you please
check
this
advice
with
your
records.
F E D E R A L R E S E R V E B A N K OF N E W Y O R K
F i s c a l A g e n t o f t h e U n i t e d States
Bonds in coupon form will be available for delivery on
AS FOLLOWS:
$
(Teller) y
TB-2 y,
FEDERAL
OF
BOOK CREDIT
RESERVE
DUPLICATE
PAYMENT
BANK
N E W YORK
Y o u r subscription f o r $
2 T r e a s u r y Bonds of 1967-72, dated June 1, 1945, due June 15, 1972,
has been received and pursuant to the terms of Treasury Department Circular No. 768, dated M a y 14, 1945, the amount
subscribed for w i l l be allotted i n full.
AS REQUESTED T H E SECURITIES W I L L BE
DISPOSED OF AS I N D I C A T E D B E L O W :
•
•
•
•
•
T o be delivered over counter to subscriber
T o be mailed to subscriber
T o be mailed direct to customers
Registered bonds
Special instructions
RECEIPT OF P A Y M E N T IS HEREBY A C K N O W L E D G E D
B y check and/or cash
B y charge to your Reserve Account
.
By entry i n W a r Loan Deposit Account
Bonds i n coupon form w i l l be available f o r delivery on
KSiT3
Will
you please
AS FOLLOWS:
$
check
thia
.
.
.
.
advice
. $
. $
with
your
records.
FEDERAL RESERVE B A N K OF N E W Y O R K
F i s c a l A g e n t o f t h e U n i t e d States
(Teller) "
TB-2J4
OFFICE
FEDERAL
OF
RESERVE
FILE
TRIPLICATE
COPY
BANK
NEW YORK
IW
Y o u r subscription f o r $
2y 2 °/o Treasury Bonds of 1967-72, dated June 1, 1945, due June 15, 1972,
has been received and pursuant to the terms of Treasury Department Circular N o . 768, dated M a y 14, 1945, the amount
subscribed for w i l l be allotted i n full.
AS R E Q U E S T E D T H E S E C U R I T I E S W I L L B E
DISPOSED OF A S I N D I C A T E D B E L O W :
•
•
•
,
T o be delivered over counter to subscriber
T o be mailed to subscriber
T o be mailed direct to customers
•
I
RECEIPT OF P A Y M E N T
,
I /
T
Registered bonds
•
™
Special instructions
L i
-
IS HEREBY
ACKNOWLEDGED
By check and/or cash
char
^e to y°Ur Reserve A c c o u n t
• • •
% entry i n W a r Loan Deposit Account . .
F
Bonds in coupon form will be available for delivery on
I ®
3
W
m
you
PIeaae
AS FOLLOWS:
$
check
this
FEDERAL
advice
• $
. $
with
your
RESERVE B A N K
recorda.
OF N E W Y O R K
Fiscal Agent of the United States
(Teller)"
TB-2J4
FEDERAL
OF
PENDING
RESERVE
QUADRUPLICATE
TICKET
BANK
NEW YORK
>y2%
Your subscription f o r $
2 y 2 % Treasury Bonds of 1967-72, dated June 1, 1945, due June 15, 1972,
has been received and pursuant to the terms of Treasury Department Circular No. 768, dated M a y 14, 1945, the amount
subscribed for w i l l be allotted i n full.
AS R E Q U E S T E D T H E S E C U R I T I E S W I L L B E
DISPOSED OF A S I N D I C A T E D B E L O W :
•
•
•
.
,
T o be delivered over counter to subscriber
T o be mailed to subscriber
T o be mailed direct to customers
•
Registered
•
RECEIPT
OF PAYMENT
IS HEREBY
ACKNOWLEDGED
^
B y check and/or cash
AS FOLLOWS-
$
B
y c h a r S e t o y ° U r R e s e r v e Account . . . . $
By entry i n W a r Loan Deposit Account . . . $
bonds
Special instructions
Bonds i n coupon form will be available f o r delivery on
GS^
y o u
Please
cf
*eck
this
advice
with
your
records.
F E D E R F iL c a l EA g e nV Eo fBtA e U n i OF N E W Y O R K
A s R SER t
h N K t e d States
(Teller)
/
TB-2'/ 2
ORIGINAL
ADVICE TO SUBSCRIBER AND METHOD OF PAYMENT RECEIVED
FEDERAL RESERVE
OF
APPLICATION NO.
BANK
N E W YORK
r
y4%
J
Y o u r subscription for $
2 T r e a s u r y Bonds of 1959-62, dated June 1, 1945, due June 15, 1962, has
been received and pursuant to the terms of Treasury Department Circular No. 769, dated M a y 14, 1945, the amount subscribed
for w i l l be allotted i n full.
AS R E Q U E S T E D T H E S E C U R I T I E S W I L L B E
5PC
DISPOSED OF A S I N D I C A T E D B E L O W :
•
•
•
•
•
T o be delivered over counter to subscriber
T o be mailed to subscriber
T o be mailed direct to customers
Registered bonds
Special instructions
RECEIPT OF PAYMENT
IS HEREBY ACKNOWLEDGED
B y check and/or cash
B y charge to your Reserve Account
.
.
.
B y entry i n W a r Loan Deposit Account
.
.
Digitized forBonds i n coupon f o r m w i l l be available for delivery on
FRASER
jS^
Will
you plea•«
AS FOLLOWS:
$
check
this
FEDERAL
advice
. $
. $
with
your
RESERVE B A N K
records.
OF N E W Y O R K
Fiscal Agent of the United States
(Teller)
y
TB-2M
FEDERAL
OF
OFFICE
RESERVE
FILE
TRIPLICATE
COPY
BANK
N E W YORK
w
Y o u r subscription for $
Treasury Bonds of 1959-62, dated June 1, 1945, due June 15, 1962, has
been received and pursuant to the terms of Treasury Department Circular No. 769, dated M a y 14, 1945, the amount subscribed
for w i l l be allotted i n full.
AS R E Q U E S T E D T H E S E C U R I T I E S W I L L B E
DISPOSED OF A S I N D I C A T E D B E L O W :
•
•
•
T o be delivered over counter to subscriber
T o be mailed to subscriber
T o be mailed direct to customers
]
•
Registered
R
»
^
I
R E C E I P T OF P A Y M E N T
1
J /
I
check
and
or
IS HEREBY ACKNOWLEDGED
<»
I
AS F O L L O W S :
cash
/
$
y c h a r S e t 0 y ° u r Reserve Account . . . . $
By entry i n W a r Loan Deposit Account . . . $
B
bonds
Special instructions
Bonds i n
coupon f o r m w i l l be available for delivery on
B ^ r * Will
you please
check
this
advice
with
your
records.
FEDERAL RESERVE B A N K OF N E W Y O R K
F i s c a l A g e n t o f t h e U n i t e d States
/
(Teller)
"yf
TB-2'4
BOOK CREDIT
FEDERAL
OF
RESERVE
DUPLICATE
PAYMENT
BANK
N E W YORK
>y4%
Y o u r subscription for $
2 % <?0 Treasury Bonds of 1959-62, dated June 1, 1945, due June 15, 1962, has
been received and pursuant to the terms of Treasury Department Circular No. 769, dated M a y 14, 1945, the amount subscribed
for w i l l be allotted i n full.
AS
REQUESTED T H E SECURITIES W I L L BE
DISPOSED OF A S INDICATED BELOW:
•
•
•
T o be delivered over counter to subscriber
T o be mailed to subscriber
T o be mailed direct to customers
•
Registered
•
RECEIPT
check
Special instructions
and
OF PAYMENT
or
IS HEREBY
ACKNOWLEDGED
cash
/
y charge to your Reserve Account .
B y entry i n W a r Loan Deposit Account
B
bonds
Bonds i n
coupon f o r m w i l l be available for delivery on
E s P Will
y o u please
check
this
.
.
advice
.
AS
FOLLOWS-
$
. $
. . $
with
your
records.
FEDERAL RESERVE B A N K OF N E W Y O R K
Fiscal A g e n t o f t h e U n i t e d States
(Teller)
TB-2 a
FEDERAL
OF
QUADRUPLICATE
PENDING TICKET
RESERVE
NEW
BANK
YORK
:v4%
Y o u r subscription for $
2 ] / A % T r e a s u r y Bonds of 1959-62, dated June 1, 1945, due June 15, 1962, has
been received and pursuant to the terms o f T r e a s u r y Department Circular N o . 769, dated M a y 14, 1945, the amount subscribed
f o r w i l l be allotted i n full.
AS R E Q U E S T E D T H E S E C U R I T I E S W I L L B E
DISPOSED OF AS I N D I C A T E D B E L O W :
•
•
•
T o be delivered over counter t o subscriber
T o be mailed t o subscriber
T o be mailed direct t o customers
•
check
Registered bonds
•
RECEIPT
B
Special instructions
a n d
OF P A Y M E N T
o r
IS HEREBY
ACKNOWLEDGED
cash
y
/
y charge to y o u r Reserve A c c o u n t
. . . .
B y entry i n W a r L o a n Deposit A c c o u n t . .
B
Bonds i n
coupon f o r m w i l l be available f o r delivery on
BSir 3 Will
you
please
check
this
advice
A S FOLLOWS-
$
$
. $
with
your
FEDERAL RESERVE B A N K
records.
OF N E W
Fiscal Agent of the United States
(Teller)
YORK
TB-ltf
ORIGINAL
ADVICE TO SUBSCRIBER AND METHOD OF PAYMENT RECEIVED
FEDERAL
OF
RESERVE
APPLICATION NO.
BANK
N E W YORK
DATE
y2%
Your subscription f o r $
V/2% Treasury Bonds of 1950, dated June 1, 1945, due December 15,
1950, has been received and pursuant to the terms of Treasury Department Circular No. 770, dated M a y 14, 1945, the amount
subscribed f o r w i l l be allotted i n full.
AS REQUESTED T H E SECURITIES W I L L B E
DISPOSED OF AS I N D I C A T E D BELOW:
•
•
•
T o be delivered over counter to subscriber
T o be mailed to subscriber
T o be mailed direct to customers
•
Registered
•
_
,
RECEIPT OF P A Y M E N T
,
, .
,
check
Special instructions
and
or
IS HEREBY
ACKNOWLEDGED
cash
/
y charge to your Reserve Account .
By entry i n W a r Loan Deposit Account
B
bonds
Digitized for Bonds i n coupon f o r m will be available for delivery on
FRASER
s ®
3
Will
you
pleate
check
thia
.
.
.
advice
AS
FOLLOWS:
$
. $
. . $
with
your
records.
FEDERAL RESERVE B A N K OF N E W
Fiscal A g e n t o f t h e U n i t e d States
(Teller)"
YORK
T B - 2 y,
BOOK CREDIT
FEDERAL RESERVE
OF
DUPLICATE
PAYMENT
BANK
N E W YORK
Y o u r subscription f o r $
V/2^0 Treasury Bonds of 1950, dated June 1, 1945, due December 15,
1950, has been received and pursuant to the terms of Treasury Department Circular No. 770, dated M a y 14, 1945, the amount
subscribed f o r w i l l be allotted i n full.
AS REQUESTED T H E SECURITIES W I L L BE
DISPOSED OF A S I N D I C A T E D B E L O W :
•
•
•
T o be delivered over counter to subscriber
T o be mailed to subscriber
T o be mailed direct to customers
•
Registered
•
,
RECEIPT OF P A Y M E N T IS HEREBY
,
, ,
check
Special instructions
and
or
ACKNOWLEDGED
cash
/
y charge to your Reserve Account .
By entry i n W a r Loan Deposit Account
B
bonds
Bonds
i n coupon f o r m will be available for delivery on
u ^
3
you please
check
this
.
.
.
advice
AS F O L L O W S :
$
. $
. . $
with
your
records.
FEDERAL RESERVE B A N K OF N E W Y O R K
F i s c a l A g e n t o f t h e U n i t e d States
(Teller) "
TB-VA
TRIPLICATE
OFFICE FILE COPY
FEDERAL RESERVE BANK
OF N E W YORK
A%
Your subscription for $
V/2% Treasury Bonds of 1950, dated June 1, 1945, due December 15,
1950, has been received and pursuant to the terms of Treasury Department Circular No. 770, dated May 14, 1945, the amount
subscribed for will be allotted in full.
AS REQUESTED T H E SECURITIES W I L L BE
DISPOSED OF A S I N D I C A T E D B E L O W :
•
•
•
•
•
To be delivered over counter to subscriber
T o be mailed to subscriber
To be mailed direct to customers
Registered bonds
Special instructions
RECEIPT OF P A Y M E N T
B y check and
or
IS HEREBY ACKNOWLEDGED
AS FOLLOWS:
cash
/
$
y charge to your Reserve Account . . . . $
By entry in W a r Loan Deposit Account . . . $
ESP Will you please check this advice with your
B
Digitized forBonds in coupon form will be available for delivery on
FRASER
records.
FEDERAL RESERVE B A N K OF N E W Y O R K
F i s c a l A g e n t o f t h e U n i t e d States
(Teller)
TB-2J4
OF
QUADRUPLICATE
PENDING TICKET
FEDERAL RESERVE
BANK
NEW YORK
V2%
Your subscription for $
V/2% Treasury Bonds of 1950, dated June 1, 1945, due December 15,
1950, has been received and pursuant to the terms of Treasury Department Circular No. 770, dated May 14, 1945, the amount
subscribed for will be allotted in full.
AS REQUESTED T H E SECURITIES W I L L BE
DISPOSED OF A S I N D I C A T E D B E L O W :
•
•
•
•
•
T o be delivered over counter to subscriber
To be mailed to subscriber
To be mailed direct to customers
Registered bonds
Special instructions
RECEIPT OF P A Y M E N T
IS HEREBY ACKNOWLEDGED
By check and/or cash
$
By charge to your Reserve Account
.
By entry in W a r Loan Deposit Account
Bonds i
n coupon f o r m w i l l be available f o r delivery o n
2g|P
Will
you pleaae
AS FOLLOWS:
check
this
.
.
.
.
advice
. $
. $
with
your
records.
FEDERAL RESERVE B A N K OF N E W Y O R K
F i s c a l A g e n t o f t h e U n i t e d States
(Teller) /
CI
ORIGINAL
ADVICE TO SUBSCRIBER AND METHOD OF PAYMENT RECEIVED
APPLICATION
FEDERAL RESERVE BANK
OF NEW YORK
NO.
Vs%
Y o u r subscription f o r $
Certificates o f Indebtedness, Series E - 1 9 4 6 , dated June 1, 1945, due
June 1, 1946, has been received and pursuant t o the terms o f T r e a s u r y Department Circular N o . 771, dated M a y 14, 1945,
the amount subscribed f o r w i l l be allotted i n f u l l .
AS R E Q U E S T E D T H E S E C U R I T I E S W I L L B E
DISPOSED OF AS I N D I C A T E D B E L O W :
•
•
•
•
.
,
,
T o be delivered over counter t o subscriber
T o be mailed t o subscriber
T o be mailed direct t o customers
Special instructions
RECEIPT OF P A Y M E N T I S HEREBY
,
,
, .
.
-By check a n d / o r cash
ACKNOWLEDGED
.
AS FOLLOWS:
$
B
y char^e t 0 y°ur Reserve Account
• • • • $
B y e n t r y i n W a r L o a n Deposit A c c o u n t . . . $
lEST5 Will you please check this advice with your
i n coupon f o r m w i l l be available f o r delivery on
Certificates
FEDERAL
RESERVE B A N K
records.
OF N E W
Fiscal Agent of the United States
(Teller)
YORK
CI
BOOK CREDIT
FEDERAL
OF
RESERVE
DUPLICATE
PAYMENT
BANK
N E W YORK
Your subscription f o r $
Certificates of Indebtedness, Series E-1946, dated June 1, 1945, due
June 1, 1946, has been received and pursuant to the terms of Treasury Department Circular N o . 771, dated M a y 14, 1945,
the amount subscribed f o r w i l l be allotted i n full.
AS REQUESTED T H E SECURITIES W I L L B E
DISPOSED OF A S I N D I C A T E D B E L O W :
•
•
•
,
,
,
•,
l o be delivered over counter to subscriber
T o be mailed to subscriber
T o be mailed direct to customers
•
Special
_
.
RECEIPT OF P A Y M E N T
,
. .
IS H E R E B Y A C K N O W L E D G E D A S F O L L O W S :
B y check and/or cash
char
B
e t0
ur
$
Reserve Account
^
y°
•
y entry i n W a r Loan Deposit Account
instructions
i n coupon f o r m w i l l be available f o r delivery on
Certificates
Will
you please
check
this
•
.
•
.
advice
• $
. $
with
your
records.
FEDERAL RESERVE B A N K OF N E W Y O R K
F i s c a l A g e n t o f t h e U n i t e d States
(Teller)
CI
TRIPLICATE
OFFICE FILE COPY
FEDERAL RESERVE BANK
OF NEW YORK
Y o u r subscription f o r $
% % Certificates o f Indebtedness, Series E - 1 9 4 6 , dated June 1, 1945, due
June 1, 1946, has been received and pursuant to the terms o f T r e a s u r y D e p a r t m e n t Circular N o . 771, dated M a y 14, 1945,
the amount subscribed f o r w i l l be allotted i n full.
AS R E Q U E S T E D T H E S E C U R I T I E S W I L L B E
DISPOSED OF AS I N D I C A T E D B E L O W :
•
•
•
T o be delivered over counter t o subscriber
T o be mailed t o subscriber
T o be mailed direct t o customers
•
^
RECEIPT OF P A Y M E N T
^^
^
^
Special instructions
IS HEREBY ACKNOWLEDGED
B
y c h a r S e t o y ° u r R e s e r v e Account
. . . .
B y entry i n W a r L o a n Deposit A c c o u n t . .
Digitized Certificates i n coupon f o r m w i l l be available f o r delivery on
for FRASER
Wil1
you
Please
check
this
FEDERAL
advice
AS FOLLOWS:
$
. $
with
your
RESERVE B A N K
records.
OF N E W
Fiscal Agent of the United States
(Teller)
YORK
@FedFRASER