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F E D E R A L R E S E R V E BANK
O F NEW YORK
Fiscal A gent of the United States
r Circular No. 3 0 6 2 *
1
L February 18, 1946 J

OFFERING OF

% Percent Treasury Certificates of Indebtedness of Series C-1947
Dated and bearing interest from March 1, 1946

Dne March 1, 1947

IN EXCHANGE FOR

Yq Percent Treasury Certificates of Indebtedness of Series B-1946, Maturing March 1, 1946
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 that the Treasury Bonds of 1946-56, in the
amount of $489,080,100, which have been called for redemption on March 15, 1946, and the Treasury
Notes of Series A-1946, in the amount of $1,290,640,500, which will mature on March 15, 1946, will be
redeemed in cash.
A t the same time, the Secretary announced the offering, through the Federal Reserve Banks, of
% percent Treasury Certificates of Indebtedness of Series C-1947, open on an exchange basis, par for par,
to holders of Treasury Certificates of Indebtedness of Series B-1946, maturing March 1, 1946. Since it
is planned to retire about $1,000,000,000 of the maturing certificates on cash redemption, subscriptions
will be received subject to allotment to all holders on an equal percentage basis, except that subscriptions
in amounts up to $25,000 will be allotted in full. Cash subscriptions will not be received.
The certificates now offered will be dated March 1, 1946, and will bear interest from that date at
the rate of seven-eighths of one percent per annum, payable semiannually on September 1, 1946, and
March 1, 1947. They will mature March 1, 1947. They will be issued in bearer form only, in denomina­
tions of $1,000, $5,000, $10,000, $100,000 and $1,000,000.
Pursuant to the provisions of the Public Debt Aet 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 pro­
visions relating to taxability are set forth in the official circular released today.
Subscriptions will be received at the Federal Reserve Banks and Branches, and at the Treasury
Department, Washington, and should be accompanied by a like face amount of the maturing certificates.
The subscription books will close at the close of business Wednesday, February 20, except for the
receipt of subscriptions from holders of $25,000 or less of the maturing certificates. The subscription
books will close for the receipt of subscriptions of the latter class at the close o f business Saturday,
February 23.
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 $4,147,310,000 of the Series B-1946 certificates.

The terms of this offering are set forth in Treasury Department Circular No. 785, dated
February 18,1946, 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 subscrip­
tions 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.




A

llan

S proul,

President.
( over)

UNITED STATES OF AMERICA
7 s P E R C E N T T R E A S U R Y C E R T IF IC A T E S O F IN D E B T E D N E S S O F SE R IE S C-1947
/
Dated and bearing interest from March 1, 1946
1946
D epartm ent Circular N o. 785

Due March 1, 1947
TR E A SU R Y D E PARTM EN T,
O f f ic e

Fiscal S ervice
Bureau o f the P ublic D ebt

of t h e

S ecretary,

Washington, February 18, 1946.
I.

O F F E R IN G O F C E R T IF IC A T E S

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par, from the people of the United States fo r certificates of indebtedness
of the United States, designated % percent Treasury Certificates of Indebtedness of Series C-1947, in
exchange for Treasury Certificates of Indebtedness of Series B-1946, maturing March 1, 1946. A pproxi­
mately $1,000,000,000 of the maturing certificates will be retired on cash redemption.
II.

D E S C R IP T IO N O F C E R T IF IC A T E S

1. The certificates will be dated March 1,1946, and will bear interest from that date at the rate of % per­
cent per annum, payable semiannually on September 1, 1946, and March 1, 1947. They will mature March
1, 1947, and will not be subject to call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all Federal taxes, now or hereafter
imposed. The certificates shall be subject to estate, inheritance, gift or other excise taxes, whether Federal
or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof
by any State, or any of the possessions of the United States, or by any local taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys.
in payment of taxes.

They will not be acceptable

4. Bearer certificates with interest coupons attaehed 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 here­
after prescribed, governing United States certificates.
I II.

S U B S C R IP T IO N A N D A L L O T M E N T

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. Banking institutions generally may submit subscriptions for account of cus­
tomers, 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, subscriptions for amounts up to and including $25,000 will be allotted in full, and subscriptions
for amounts over $25,000 will be allotted to all holders on an equal percentage basis, but not less than $25,000
on any one subscription. The basis of the allotment will be publicly announced, and allotment notices will be
sent out promptly upon allotment.
IV .

PAYM ENT

1. Payment at par for certificates allotted hereunder must be made on or before March 1, 1946, or on
later allotment, and may be made only in Treasury Certificates of Indebtedness of Series B-1946, maturing
March 1, 1946, which will be accepted at par, and should accompany the subscription.
V.

G E N E R A L P R O V IS IO N S

1. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive
subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the
Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to receive pay­
ment fo 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 from time to time, prescribe supplemental or
amendatory rules and regulations governing the offering, which will be communicated promptly to the
Federal Reserve Banks.
FRED M. VINSON,



Secretary of the Treasury.

Subscriber’s Eeference No.

Number

Application

EA-C

EXCHANGE SUBSCRIPTION
(Subject to allotment if in excess of $25,000)
FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES C-1947, DATED MARCH 1, 1946, DUE MARCH 1, 1947

NOTICE TO SUBSCRIBERS:
1. A separate form must be used for each subscription.
2. Payment for the securities allotted on this subscription may be made only in % percent Certificates of
Indebtedness of Series B-1946. The amount of this subscription must not exceed the par value of % percent Certifi­
cates of Indebtedness of Series B-1946 tendered with this subscription.
3. The amount of % percent Certificates of Indebtedness of Series B-1946 in excess of the % percent Certifi­
cates of Indebtedness of Series C-1947 allotted on this subscription will be redeemed as of March 1, 1946, and the
proceeds of redemption will be paid in accordance with instructions given below.
4. Coupons maturing March 1, 1946, should be detached from the Certificates of Indebtedness of Series B-1946
which are tendered in payment and collected in the usual manner.
5. Subscriptions for amounts up to and including $25,000 will be allotted in full, and subscriptions for amounts
over $25,000 will be allotted to all holders on an equal percentage basis, but not less than $25,000 on any one sub­
scription.

F e d e r a l R e se r v e B a n k

of

N ew Y

ork,

Fiscal Agent o f the United States,
Government Bond Department— 2nd F lo o r:

.......................................................................

.1946

D ear S ir s :

Subject to tlie provisions o f Treasury Department Circular No. 785, dated February 18, 1946, the undersigned hereby
subscribes for United States o f Am erica % percent Treasury Certificates o f Indebtedness o f Series C-1947 as stated b e lo w :
□

F or own account

□

Indicate
one

F or account of...

Do not use
this space.
(N am e of subscriber)

AMOUNT
ALLOTTED

(A ddress)

$ ...........................

and tenders in payment therefor a like par amount o f U nited States o f A m erica %
Indebtedness of Series B-1946, maturing March 1,1946, as fo llo w s :
To be withdrawn from
securities held by you
fo r our account
$

Delivered to
you herewith $

percent Treasury Certificates o f

T ° be delivered *° 3 ™
or our accoun^ y
$

P ay the proceeds o f redemption o f maturing securities, in excess o f the amount o f new securities allotted, as fo llo w s:
B y check

q

B y credit to our reserve account

□
(F ill in all required spaces before signing)

Application submitted by.
TO SUBSCRIBER:

(Please print)

YES.

Please indicate if this is a confirmation.
N O ...

B y .. . .
(O fficial signature required)

(T itle )

Street a d d re s s....................................

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

Spaces below are for the use of the Federal Reserve Bank of New York
Examined

Classified




Figured

Checked

Advised

Securities
Received by

Checked

A p i a i n Number
plcto
F e d e ra l R eserve B an k o f N ew Y o rk
Fiseal A gent o f the United States

NOTICE OF ALLOTM ENT
On Exchange Subscription to United States Government Obligations
Applied for by Subscriber as Described Below
To Subscriber:
1946

R eferring to your subscription, numbered as above indicated, fo r $

(par value)

UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-1947
DATED MARCH 1, 1946, DUE MARCH 1, 1947

fo r which you have applied under the provisions o f the Treasury D epartm ent’s circular containing the offering o f such
securities fo r subscription, you have been allotted by the Secretary o f the Treasury

$

o f the amount applied for.

IM P O R T A N T IN FO R M A T IO N FO R SU BSCRIBER
1. To expedite delivery o f the securities o f this issue allotted to subscriber and to facilitate prom pt com pletion of
this transaction, please observe the follow ing directions, and fill in, sign and return immediately the attached letter of
instructions to the Federal Reserve Bank of New York, Fiscal Agent of the United States, New York, N. Y .
Payment b y Tender o f Certain United States Governm ent Obligations
2. Subscribers have been required to present with their subscription form s Treasury certificates o f indebtedness o f
Series B-1946 in face amount equivalent to the amount of their exchange subscriptions, notwithstanding any reduced allot­
ment that may be made. The amount of such maturing Treasury certificates o f indebtedness in excess o f the allotment will
be redeemed as o f March 1, 1946.
D elivery
3. (a) D elivery o f the securities of this issue will be made by the Federal Reserve Bank o f New Y ork at its head
office in New York, N. Y ., and will not be made before the issue date.
(b ) Securities of this issue allotted to subscriber will be delivered over the counter to a representative o f the
subscriber only when a letter o f authority signed officially by the subscriber identifying such representative is presented
by him.
(c ) Securities o f this issue allotted to subscriber w ill be delivered to others under special instructions from sub­
scriber but only when such securities are either the sole p rop erty o f the subscriber or are the property o f its customers who
have authorized the subscriber in writing to cause their said securities to be so delivered.
Further Instructions
4. (a ) Securities of this issue will be held fo r sakekeeping by, or delivered to the Discount Department of, the Federal
Reserve Bank of New Y ork fo r the account o f member banks only, provided such securities are the sole property o f the
member bank.
(b ) Securities o f this issue will be held by the Federal Reserve Bank o f New Y ork, fiscal agent o f the United
States, as collateral fo r the W ar Loan Deposit A ccount o f any qualified depositary in the Second Federal Reserve District,
provided such securities are the sole property o f such depositary and the depositary elects that they be so held.
(c ) It is requested that all blank spaces be typed in where necessary on the attached letter o f instructions to
this bank and that such letter be signed officially and returned to this bank without delay.

Checked b y ......................................................................

http://fraser.stlouisfed.org/
NA-C
Federal Reserve Bank of St. Louis

F e d e r a l R e se r v e B a n k of N e w Y
Fiscal Agent o f the United States

ork,

A pplication N um ber

LETTER OF INSTRUCTIONS
T o F e d e r a l R eserve B a n k o f N ew Y o rk ,
Fiscal A gent o f the United States,
Government Bond Department,
Federal Reserve P. 0 . Station,
New Y ork 7, N. Y .
From (Name and address of Subscriber)
1946

R eferring to our subscription, numbered as above indicated, fo r $

(par value)

UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-1947
DATED MARCH 1, 1946, DUE MARCH 1, 1947

fo r which we have applied under the provisions of the Treasury Departm ent’s circular containing the offering o f such
securities fo r subscription, we have received your notice of allotment stating that we have been allotted by the Secretary
o f the Treasury
$

o f the amount applied for.

A s requested we are sending you the follow ing instructions.
Issue and dispose o f securities allotted on this subscription as indicated below :
DENOMINATIONS
Par Value

Pieces

D IS P O S IT IO N
Leave Blank

□

1. Deliver over the counter to the undersigned

$1,000

□

2. Ship to the undersigned

5,000

□

3. H old in safekeeping (fo r member bank only)

10,000

□

4. H old as collateral fo r W a r Loan deposits

100,000

□

5. Special instructions :

1,000,000
Total
IM P O R T A N T :

No changes in delivery instructions will be accepted.

The undersigned, if a bank or trust company, hereby certifies that the securities which you are hereby or hereafter instructed
to dispose of in the manner indicated in items numbered 3 and 4 above are the sole property of the undersigned.

HSlf’This letter of instructions must be signed
officially in the space provided here and
returned immediately to
Federal Reserve Bank of New York,
Fiscal Agent of the United States.

Name o f Subscriber.
(Please print)

B y ....
(O fficial signature required)

(T itle)

Street ad d ress.....................................
City, Town or Village, P. O. No., and State...............

Spaces below are for the use of the Federal Reserve Bank of New York
Delivery Receipt

Released
Taken from Vault-

Securities
received by-

Counted

Received from F e d e b a l R e s e r v e B a n k o f N e w Y o r k the above described
United States Government obligations in the amount indicated above.
Subscriber.

Checked
Delivered
N A -C




Checked byDate.

B y.

1
G B -C .I .-E X
FEDERAL RESERVE BANK
OF

NEW

AD VICE TO S U B S C R IB E R

YORK

To

.

Application No.
Date

Y o u r exchange subscription for $................................................ United States of America % percent Treasury Certificates
of Indebtedness of Series C-1947, dated March 1, 1946, due March 1, 1947, aiul tender o f like amount of United States of
A m erica % percent Treasury Certificates of Indebtedness o f Series B-1946 m aturing March 1, 1946 have been
received by this bank, as fiscal agent of the United States, and, pursuant to the provisions o f the Treasury
D epartm ent’s circular offering the above-mentioned obligations o f the United States, allotment notices will be sent
out prom ptly upon allotment and allotments will be made on the basis and up to the amounts indicated by the
Secretary o f the Treasury to this bank.
N otice: If the new securities are to be delivered at the Federal
Reserve Bank of N ew York over the counter to your
representative the following authority should be executed.
To

F ederal R

eserve

B

ank

of

N

ew

Y

ork

FEDERAL RESERVE B A N K OF N e w Y o r k ,

, A
, e , Tt
j
* lsca l A Sen t Ol the United btates.

:

You are hereby authorized to deliver to
Teller
(N am e o f Representative)

whose signature appears below $................................. par amount of
securities allotted and issued in exchange for those above described.
Name...............................................................................


http://fraser.stlouisfed.org/
(Signature of Authorized
Federal Reserve Bank of St. Louis

(Please Print)
(O fficial Signature Required)
Representative)

2
G B -C .l.-E X
FEDERAL RESERVE BANK
O F NEW YORK

PAYM EN T R E C O R D

To

Application No.
Date

Y o u r exchange subscription for $................................................ United States of America % percent Treasury Certificates
of Indebtedness of Series C-1947, dated March 1, 1946, due March 1, 1947, ancl tender of like amount of United States of
A m erica % percent Treasury Certificates of Indebtedness of Series B-1946 maturing March 1, 1946 have been
received by this bank, as fiscal agent of the United States, and, pursuant to the provisions of the Treasury
D epartm ent’s circular offering the above-mentioned obligations o f the United States, allotment notices will be sent
out prom ptly upon allotment and allotments will be made on the basis and up to the amounts indicated by the
Secretary o f the Treasury to this bank.
F e d e r a l R e se r v e B a n k

of

N ew Y

ork,

Fiscal Agent of the United States.
A

llotm ent

$ ...................................................
R edeem ed

$■

Check

$•

Credit




G B -C .I .-E X
FEDERAL RESERVE BANK
OF NEW YORK

To

3
FILE RECORD

Application No.

Date

Y o u r exchange subscription fo r $................................................ United States of America 7 percent Treasury Certificates
/g
of Indebtedness of Series C-1947, dated March 1, 1946, due March 1, 1947, and tender o f like amount of United States of
Am erica % percent Treasury Certificates of Indebtedness o f Series B-1946 maturing March 1, 1946 have been
received by this bank, as fiscal agent of the United States, and, pursuant to the provisions of the Treasury
D epartm ent’s circular offering the above-mentioned obligations o f the United States, allotment notices will be sent
out prom ptly upon allotment and allotments will be made on the basis and up to the amounts indicated by the
Secretary o f the Treasury to this bank.
F ederal R eserve B a n k of N e w Y ork,
Fiscal Agent o f the United States.
S ecurities
C hecked B y




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