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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular N o . 3 0 2 8 "1 L N o v e m b e r 19, 1945 J OFFERING OF % Percent Treasury Certificates of Indebtedness of Series J-1946 Dated and bearing interest from December 1, 1945 Due November 1, 1946 IN EXCHANGE FOR % Percent Treasury Certificates of Indebtedness of Series H-1945, Maturing December 1, 1945 % Percent Treasury Notes of Series B-1945, National Defense Series, Maturing December 15, 1945 or 2y 2 Percent Treasury Bonds of 1945, Maturing December 15, 1945 To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: The following press statement was today made public: Secretary of the Treasury Vinson today announced the offering, through the Federal Reserve Banks, of an eleven-month Treasury Certificate of Indebtedness of Series J-1946, in exchange for three maturing series of Treasury securities, Treasury Certificates of Indebtedness of Series 11-1945, maturing December 1, 1945, and Treasury Notes of Series B-1945 and Treasury Bonds of 1945, both maturing December 15, 1945. Exchanges will be made par for par in the case of the maturing certificates, at par with an adjustment of interest as of December 1, 1945, in the case of the maturing notes, and at par with an adjustment of interest as of December 15, 1945, in the ease of the maturing bonds. Cash subscriptions will not be received. The certificates now offered will be dated December 1, 1945, and will bear interest from that date at the rate of seven-eighths of one percent per annum, payable on a semiannual basis on May 1 and November 1, 1946. They will mature November 1, 1946. They will be issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. Although the maturing notes and bonds are outstanding in denominations as low as $100 in the case of the notes and $50 in the case of the bonds, exchanges may be made only in amounts or multiples of $1,000 in the aggregate, since this is the lowest denomination in which the new certificates will be available. Pursuant to the provisions of the Public Debt Act of 1941, interest upon the certificates now offered shall not have any exemption, as such, under Federal tax Acts, now or hereafter enacted. The full provisions relating to taxability are set forth in the official circular released today. Subscriptions will be received at the Federal Reserve Banks and Branches, and at the Treasury Department, "Washington, and should be accompanied by a like face amount of the securities to be exchanged and, where maturing bonds in coupon form are presented, by payment of accrued interest on the new certificates at the rate of $0.3384 per $1,000, since in these cases interest is to be adjusted as of December 15, 1945. Subject to the usual reservations, all subscriptions will be allotted in full. The subscription books will close at the close of business Wednesday, November 21, except for the receipt of subscriptions from holders of $100,000 or less of the maturing securities eligible for exchange. The subscription books will close for the receipt of subscriptions of the latter class at the close of business Saturday, November 24. Subscriptions addressed to a Federal Reserve Bank or Branch, or to the Treasury Department, and placed in the mail before midnight of the respective closing days, will be considered as having been entered before the close of the subscription books. There are now outstanding $4,395,400,000 of the Series H-1945 certificates, $530,837,200 of the Series B-1945 notes and $540,843,550 of the Treasury Bonds of 1945. The terms of this offering are set forth in Treasury Department Circular No. 781, dated November 19,1945, copy of which is printed on the reverse side. The subscription books are now open and applications will be received by this bank as fiscal agent of the United States. Cash subscriptions will not be received. Exchange subscriptions should be made on official subscription blanks and mailed immediately or, if filed by telegram or letter, should be confirmed immediately by mail on the blanks provided. ALLAN SPROUL, President. (OVER) UNITED STATES OF AMERICA 7/& P E R C E N T T R E A S U R Y C E R T I F I C A T E S O F I N D E B T E D N E S S O F S E R I E S J-1946 Dated and bearing interest from December 1, 1945 Due November 1, 1946 1 9 45 n Mo . 7701 D e p a r t•m e n t• Cri r -c u l .a r N 81 TREASURY D E P^A R T M E N T ,' OFFICE OF THE SECRETARY, Washington, November 19,1945. I. OFFERING OF CERTIFICATES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty B o n d Act, as amended, invites subscriptions f r o m the people of the United States f o r certificates of indebtedness of the United States, designated % percent Treasury Certificates of Indebtedness of Series J-1946, in exchange f o r Treasury Certificates of Indebtedness of Series H-1945, maturing December 1, 1945, Treasury Notes of Series B-1945, National Defense Series, maturing December 15,1945, or Treasury Bonds of 1945, maturing December 15, 1945. Exchanges will be made par f o r par in the case of the maturing certificates, at par with an adjustment of interest as of December 1, 1945, in the ease of the maturing notes, and at par with an adjustment of interest as of December 15, 1945, in the case of the maturing bonds. B u r e a u K f PubHc Debt II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated December 1, 1945, and will bear interest f r o m that date at the rate of % percent per annum, payable on a semiannual basis on May 1 and November 1, 1946. They will mature November 1, 1946, and will not be subject to call f o r redemption prior to maturity. 2. The income derived f r o m the certificates shall be subject to all Federal taxes, now or hereafter imposed. The certificates shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt f r o m all taxation now or hereafter imposed on the principal or interest thereof b y any State, or any of the possessions of the United States, or by any local taxing authority. 3. The certificates will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer certificates with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The certificates will not be issued in registered form. 5. The certificates will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States certificates. III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury Department, Washington. Banking institutions generally may submit subscriptions f o r account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of certificates applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final. Subject to these reservations, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment. IV. PAYMENT 1. Payment f o r certificates allotted hereunder must be made on or before December 1, 1945, or on later allotment. Payment of the principal amount may be made only in Treasury Certificates of Indebtedness of Series H-1945, maturing December 1, 1945, in Treasury Notes of Series B-1945, National Defense Series, maturing December 15, 1945, or in Treasury Bonds of 1945, maturing December 15, 1945, which will be accepted at par and should accompany the subscription. In the case of the maturing notes, coupons dated December 15, 1945 must be attached to the notes when surrendered, and accrued interest f r o m June 15, 1945 to December 1, 1945 ($3.4631 per $1,000) will be paid following acceptance of the notes. In the case of the maturing bonds in coupon form, payment of accrued interest on the new certificates f r o m December 1, 1945 to December 15, 1945 ($0.3384 per $1,000) should be made when the subscription is tendered. In the case of maturing registered bonds, the accrued interest will be deducted f r o m the amount of the check which will be issued in payment of final interest on the bonds surrendered. Final interest due December 15 on bonds surrendered will be paid, in the case of coupon bonds, by payment of December 15, 1945 coupons, which should be detached by holders before presentation of the bonds, and in the case of registered bonds, by checks drawn in accordance with the assignments on the bonds o i i f f p n d pT"p(] V. ASSIGNMENT OF REGISTERED BONDS 1. Treasury Bonds of 1945 in registered form tendered in payment f o r certificates offered hereunder should be assigned by the registered payees or assignees thereof to ' ' The Secretary of the Treasury f o r exchange f o r Treasury Certificates of Indebtedness of Series J-1946 to be delivered to ", in accordance with the general regulations of the Treasury Department governing assignments f o r transfer or exchange, and thereafter should be presented and surrendered with the subscription to a Federal Reserve Bank or Branch or to the Treasury Department, Division of Loans and Currency, "Washington, D. C. The bonds must be delivered at the expense and risk of the holder. VI. GENERAL PROVISIONS 1. A s fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to receive payment f o r 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 f r o m time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. F R E D M. V I N S O N , Secretary of the Treasury. Subscriber's Beference No. Application Number EA-CS For use when United States of America % percent Treasury Certificates of Indebtedness of Series H-1945, maturing December 1, 1945 are tendered in payment. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES J-1946, DATED DECEMBER 1, 1945, DUE NOVEMBER 1, 1946 Important full. 1. Subject to the reservations in T r e a s u r y Department Circular N o . 7 8 1 , dated N o v e m b e r 19, 1 9 4 5 , all subscriptions will be allotted 2 . C o u p o n s maturing D e c e m b e r 1, 1 9 4 5 , should be d e t a c h e d f r o m p a y m e n t a n d c o l l e c t e d in the usual manner. the certificates of Series H - 1 9 4 5 which are tendered in FEDERAL RESERVE B A N K OF N E W Y O R K , Fiscal Agent of the United States, Government Bond Department—2nd F l o o r : Dated at. .1945 DEAR SIRS: Subject to the provisions of Treasury Department Circular No. 781, dated November 19, 1945, the undersigned hereby subscribes f o r United States of America % percent Treasury Certificates of Indebtedness of Series J-1946 as stated below: For own account $ For our customers ( f o r use of banking institutions) as shown on reverse side of this form $ Total Subscription $ and tenders in payment therefor a like par amount of United States of America % percent Treasury Certificates of Indebtedness of Series H-1945, maturing December 1, 1945, as follows: , . , , „ To be delivered to you m T o be withdrawn from v a for om. aecount by Delivered to securities held by you you herewith $ for our account $... $ Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below: DENOMINATIONS Par Value Pieces $ Leave • 1. Deliver over the counter to the undersigned • 2. Ship to the undersigned Blank 1,000 • 3. Hold in safekeeping ( f o r member bank only) 5,000 • 4. Hold as collateral for War Loan deposits 10,000 • 5. Special instructions: 100,000 1,000,000 Total :or I M P O R T A N T : No changes in delivery instructions will be accepted. A separate subscription must be submitted each group of securities as to which different delivery instructions are given. T h e u n d e r s i g n e d , if a b a n k o r trust c o m p a n y , h e r e b y certifies that the securities w h i c h y o u are h e r e b y or h e r e a f t e r instructed to d i s p o s e o f in the m a n n e r i n d i c a t e d in items n u m b e r e d 3 a n d 4 a b o v e a r e the s o l e p r o p e r t y o f the u n d e r s i g n e d . ( r i l l in all required spaces before signing) Application submitted b y . (Please print) 'O S U B S C R I B E S : Please indicate if this is a confirmation. YESNO.... By (Official signature required) (Title) Street address City, Town or Village, P . O. No., and State. S p a c e s b e l o w a r e f o r the use o f the F e d e r a l R e s e r v e Bank o f N e w Y o r k Delivery Receipt Released Taken f r o m VaultCounted Checked Delivered Securities received b y - Received f r o m FEDERAL RESERVE BANK OP NEW YORK the above described United States Government obligations in the amount indicated above. Subscriber. Checked b y - Date. By. List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer (Please print or use typewriter) Address Subscriber's Reference N o . Application Number EA-N-3 For use w h e n U n i t e d States of A m e r i c a % percent Treasury Notes of Series B - 1 9 4 5 , National D e f e n s e Series, maturing D e c e m b e r 15, 1 9 4 5 are tendered in payment. EXCHANGE SUBSCRIPTION F O R U N I T E D S T A T E S O F A M E R I C A % 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 OF SERIES J-1946, D A T E D INDEBTEDNESS D E C E M B E R 1, 1945, DUE N O V E M B E R 1, 1946 Important in full. 1. S u b j e c t to the reservations in T r e a s u r y Department Circular N o . 7 8 1 , dated N o v e m b e r 19, 1 9 4 5 , all subscriptions will b e allotted 2 . C o u p o n s dated D e c e m b e r 15, 1 9 4 5 , should be attached to the Series B - 1 9 4 5 notes w h e n surrendered, a n d a c c r u e d interest f r o m June 15, 1 9 4 5 , t o D e c e m b e r 1, 1 9 4 5 ( $ 3 . 4 6 3 1 p e r $ 1 , 0 0 0 ) will b e paid f o l l o w i n g a c c e p t a n c e of the notes. Dated at. FEDERAL RESERVE B A N K OF N E W Y O R K , Fiscal Agent of the United States, Government Bond Department—2nd Floor: .1945 D E A R SIRS : Subject to the provisions of Treasury Department Circular No. 781, dated November 19, 1945, the undersigned hereby subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series J-1946 as stated below: For own account $ For our customers (for use of banking institutions) as shown on reverse side of this form $ Total Subscription $ and tenders in payment therefor a like par amount of United States of America % percent Treasury Notes of Series B-1945, National Defense Series, maturing December 15, 1945, as follows: _ . .„ . „ To be delivered to you ^ . , To be withdrawn from for our account by Delivered to securities held by you you herewith $ for our account $ $ Pay J accrued interest on securities surrendered credit to our Reserve account (by check made payable to our order • • Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below: DENOMINATIONS Par Value Pieces $ Leave Blank 1,000 5,000 10,000 • 1. Deliver over the counter to the undersigned • 2. Ship to the undersigned • 3. Hold in safekeeping (for member bank only) • 4. Hold as collateral for "War Loan deposits • 5. Special instructions: 100,000 1,000,000 Total IMPORTANT: No changes in delivery instructions will be accepted. A separate subscription must be submitted for each group of securities as to which different delivery instructions are given. T h e undersigned, if a bank o r trust c o m p a n y , hereby certifies that the securities which y o u are hereby or hereafter instructed to dispose of in the m a n n e r indicated in items n u m b e r e d 3 and 4 a b o v e a r e the sole p r o p e r t y of the undersigned. (Fill in all required spaces before signing) Application submitted b y . TO SUBSCRIBER: Please indicate if this is a confirmation. YES. NO... By (Please print) (Title) (Official signature required) Street address City, Town or Village, P . 0 . No., and State Spaces b e l o w are f o r the use of the Federal R e s e r v e Bank of New Y o r k Delivery Receipt Released Taken f r o m VaultCounted Checked Delivered Securities received b y - Received from FEDERAL RESERVE B A N K Subscriber. Checked b y - OF N E W YORK the above United States Government obligations in the amount indicated above. Date. .. By described List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer (Please print or use typewriter) Address Subscriber's Beferenco No. Application Number KA-BLR F o r u s e w h e n U n i t e d S t a t e s of A m e r i c a 2 1 / 2 p e r c e n t T r e a s u r y B o n d s of IN R E G I S T E R E D F O R M , m a t u r i n g o n D e c e m b e r 1 5 , 1 9 4 5 a r e t e n d e r e d in p a y m e n t . 1945 EXCHANGE SUBSCRIPTION F O R UNITED STATES OF AMERICA % Important in full. 1. OF SERIES J-1946, DATED PERCENT TREASURY DECEMBER CERTIFICATES OF 1, 1 9 4 5 , D U E N O V E M B E R INDEBTEDNESS 1, 1946 S u b j e c t to the reservations in Treasury Department Circular N o . 7 8 1 , dated N o v e m b e r 19, 1 9 4 5 , all subscriptions will be allotted 2 . 2Vz p e r c e n t T r e a s u r y Bonds of 1 9 4 5 in registered f o r m tendered in p a y m e n t f o r % p e r c e n t Treasury Certificates of Indebtedness of Series J - 1 9 4 6 should b e assigned b y the registered payees or assignees thereof in the manner provided in p a r a g r a p h 1 of S e c t i o n V of Treasury Department Circular N o . 7 8 1 . 3 . A c c r u e d interest will b e c h a r g e d to the subscriber o n the n e w certificates f r o m D e c e m b e r 1, 1 9 4 5 t o D e c e m b e r 15, 1 9 4 5 at the rate of $ 0 . 3 3 8 4 p e r $ 1 , 0 0 0 . This a m o u n t will be charged against the final interest due D e c e m b e r 15, 1 9 4 5 o n the 2V2 percent T r e a s u r y Bonds of 1 9 4 5 surrendered, w h i c h is $ 1 2 . 5 0 p e r $ 1 , 0 0 0 , and the d i f f e r e n c e will b e remitted b y us to the subscriber u p o n d i s c h a r g e of registration of such b o n d s b y the Treasury Department. Dated at. FEDERAL RESERVE B A N K OF N E W Y O R K , Fiscal Agent of the United States, Government Bond Department—2nd F l o o r : DEAR .1945 SIRS: Subject to the provisions of Treasury Department Circular No. 781, dated November 19, 1945, the undersigned hereby subscribes f o r United States of America % percent Treasury Certificates of Indebtedness of Series J-1946 as stated below: For own account For our customers ( f o r use of banking institutions) as shown on reverse side of this form Total Subscription and tenders in payment therefor a like par amount of United States of America V / 2 percent Treasury Bonds of 1945 maturing on December 15,1945, in registered form, as follows: , „ To be delivered to you m To be withdrawn f r o m f o r o u r account by Delivered to securities held by you you herewith $ f o r our account $ $ Y o u are authorized to charge the amount of accrued interest f r o m December 1, 1945 to December 15, 1945 on the securities allotted against the amount of final interest due on December 15, 1945 on the registered bonds surrendered, and to remit the balance upon discharge of registration of such bonds by the Treasury Department. Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below: DENOMINATIONS Par Value Pieces $ Leave Blank 1,000 5,000 10,000 • 1. Deliver over the counter to the undersigned • 2. Ship to the undersigned • 3. Hold in safekeeping ( f o r member bank only) • 4. Hold as collateral for W a r Loan deposits • 5. Special instructions: 100,000 1,000,000 Total :or I M P O R T A N T : No changes in delivery instructions will be accepted. A separate subscription must be submitted each group of securities as to which different delivery instructions are given. T h e undersigned, if a b a n k o r trust c o m p a n y , h e r e b y certifies that the .ecurities w h i c h y o u are h e r e b y or hereafter instructed o d i s p o s e o f in t h e m a n n e r i n d i c a t e d in i t e m , n u m b e r e d 3 a n d 4 a b o v e are the s o l e p r o p e r t y o f t h e u n d e r s i g n e d . (Fill in all required spaces before signing) Application submitted b y 0 (Please print) SUB8CBIBEB: Please indicate if this is a confirmation. YESNO... By (Official signature required) (Title) Street address. City, Town or Village, P . O. No., and State. S p a c e , b e l o w are f o r the use o f the F e d e r a l R e s e r v e Bank o f N e w Y o r k Released — — Taken from Vault Counted ——— Checked - •• Delivered ——— Delivery Beceipt Securities received by- Received f r o m FEDERAL RESERVE BANK OF NITW YOBK the above described United States Government obligations in the amount indicated above. Subscriber. Cheeked by- Date. .. By List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer (Please print or use typewriter) Address Subscriber'a Reference No. Application Number EA-BLC For use when United States of America 2 % percent Treasury Bonds of 1945 IN COUPON FORM, maturing on December 15, 1945 are tendered in payment. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES J-1946, DATED DECEMBER 1, 1945, DUE NOVEMBER 1, 1946 Important in full. 1. Subject to the reservations in Treasury Department Circular No. 781, dated November 19, 1945, all subscriptions will be allotted 2. Coupons dated December 15, 1945, should be detached f r o m United States of America 2 % percent Treasury Bonds of 1945 which are tendered in payment and collected in the usual manner. . 3. A c c r u e d interest on the new certificates f r o m December 1, 1945 to December 15, 1945 at the rate of $ 0 . 3 3 8 4 per $ 1 , 0 0 0 must a c c o m p a n y this subscription. Dated at. FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States, Government Bond Department—2nd F l o o r : .1945 DEAR SIRS : Subject to the provisions of Treasury Department Circular No. 781, dated November 19, 1945, the undersigned hereby subscribes f o r United States of America % percent Treasury Certificates of Indebtedness of Series J-1946 as stated below: F o r own account $ F o r our customers ( f o r use of banking institutions) as shown on reverse side of this form $ Total Subscription - $ and tenders in payment therefor a like par amount of United States of America 2 % percent Treasury Bonds of 1945 maturing 011 December 15, 1945, in coupon form, as follows: , . , , „ To be delivered to you m To be withdrawn f r o m f o r o u r a c c o u n t by Delivered to securities held by you you herewith $ f o r our account .. $ $ Payment of accrued interest from December 1, 1945 to December 15, 1945 on securities allotted is made as indicated below: By charge to our Reserve Account which is hereby By cheek and/or cash herewith - - - - - Q authorized (For use of member banks only) - - - Q Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below: DENOMINATIONS Par Value Pieces $ Leave Blank • 1. Deliver over the counter to the undersigned • 2. Ship to the undersigned • 3. Hold in safekeeping ( f o r member bank only) • 4. Hold as collateral for W a r Loan deposits • 5. Special instructions: 1,000 5,000 10,000 100,000 1,000,000 Total I M P O R T A N T : No changes in delivery instructions will be accepted. A separate subscription must be submitted for each group of securities as to which different delivery instructions are given. The undersigned, if a bank o r trust c o m p a n y , hereby certifies that the securities which y o u are hereby o r hereafter instructed to dispose o f in the manner indicated in items numbered 3 and 4 a b o v e are the sole property o f the undersigned. (Fill in all required spaces before signing) Application submitted by (Please print) TO S U B S C R I B E S : Please indicate if this is a confirmation. YESNO... By (Official signature required) (Title) Street address City, Town or Village, P. 0 . No., and State. Spaces b e l o w are f o r the use of the Federal Reserve Bank of New Y o r k Released Taken from Vault Delivery Receipt Securities received b y - Counted Checked Delivered Received from FEDERAL RESERVE BANK OF NEW YORK the above described United States Government obligations in the amount indicated above. Subscriber. Checked by- Date. .. By List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer (Please Print or use typewriter) Address
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