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F E D E R A L R E S E R V E BANK
O F NEW YORK
Fiscal Agent of the United States
["C ircular N o. 3 0 7 0 ~ l
L
M arch 20, 1946
J
OFFERING OF
7/q Percent Treasury Certificates of Indebtedness of Series D-1947
Dated and bearing interest from April 1, 1946
Dae April 1, 1947
IN EXCHANGE FOR
Yq Percent Treasury Certificates of Indebtedness of Series C-1946, Maturing April 1, 1946
To all Banking Institutions, and Others Concerned,
in the Second Federal Beserve District:
The following press statement was today made public:
Secretary of the Treasury Yinson today announced the offering, through the Federal Reserve Banks,
of % percent Treasury Certificates of Indebtedness of Series D-1947, open on an exchange basis, par for
par, to holders of Treasury Certificates of Indebtedness of Series C-1946, in the amount of
$4,810,554,000, which will mature on April 1, 1946. Since it is planned to retire about $2,000,000,000
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 April 1,1946, and will bear interest from that date at the
rate of seven-eighths of one percent per annum, payable semiannually on October 1,1946, and April 1,
1947. They will mature April 1, 1947. They will be issued in bearer form only, in denominations of
$1,000, $5,000, $10,000, $100,000 and $1,000,000.
Pursuant to the provisions of the Public Debt Act of 1941, interest upon the certificates now offered
shall not have any exemption, as such, under Federal tax Acts now or hereafter enacted. The full 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 Friday, March 22, 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 of business Monday, March 25.
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.
The terms of this offering are set forth in Treasury Department Circular No. 786, dated
March 20, 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 lla n S prou l ,
President.
( over)
UNITED STATES OF AMERICA
7/s PER CENT T R E A SU R Y
CER TIFICATES OF IN D EBTED N ESS OF SERIES D-1947
Dated and bearing interest from April 1, 1946
Due April 1, 1947
V946 , M
TREASURY DEPARTMENT,
D e p a r tm e n t C ir c u la r N o . 786
--------
O
f f ic e
of
th e
S
ecretary
,
Washington, March 20, 1946.
BureauFÔ{CtheSp u b H c D e b t
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 for certificates of indebtedness
of the United States, designated % percent Treasury Certificates of Indebtedness of Series D-1947, in
exchange for Treasury Certificates of Indebtedness of Series C-1946, maturing April 1, 1946. Approxi
mately $2,000,000,000 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 April 1, 1946, and will bear interest from that date at the rate of
% percent per annum, payable semiannually on October 1, 1946, and April 1, 1947. They will mature
April 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. 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 here
after prescribed, governing United States certificates.
III.
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 reserva
tions, 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 April 1, 1946, or on
later allotment, and may be made only in Treasury Certificates of Indebtedness of Series C-1946, maturing
April 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
payment for certificates allotted, to make delivery of certificates on full-paid subscriptions allotted, and they
may issue interim receipts pending delivery of the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or
amendatory rules and regulations governing the offering, which will be communicated promptly to the
Federal Reserve Banks.
O. MAX GARDNER,
Acting Secretary of the Treasury.
Application Number
Subscriber rB Reference No.
E A -C
EXCHANGE SUBSCRIPTION
(S u b ject to allotm ent if in excess o f $25,000)
FOR UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES D-1947, DATED APRIL 1, 1946, DUE APRIL 1, 1947
NOTICE TO SUBSCRIBERS:
1. Payment for the securities allotted on this subscription may be made only in % percent Certificates of
Indebtedness of Series C-1946. The amount of this subscription must not exceed the par value of % percent Certifi
cates of Indebtedness of Series C-1946 tendered with this subscription.
2. The amount of % percent Certificates of Indebtedness of Series C-1946 in excess of the % percent Certifi
cates of Indebtedness of Series D-1947 allotted on this subscription will be redeemed as of April 1, 1946, and the
proceeds of redemption will be paid in accordance with instructions given below.
3. Coupons maturing April 1, 1946, should be detached from the Certificates of Indebtedness of Series C-1946
which are tendered in payment and collected in the usual manner.
4. 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
ederal
R
eserve
B
an k
of
N
e w
Y
ork
,
Fiscal Agent of the United States,
Government Bond Department— 2nd F loor:
........................................................................ 1946
D ear Sir s :
Subject to the provisions of Treasury Department Circular No. 786, dated March 20, 1946, the undersigned hereby
subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series D-1947 as stated below:
For own account.............................................................................................................................
$...............................
For our customers (for use of banking institutions) as shown on reverse side of this form
$...............................
Total Subscription ..........................................................................................I ...............
$...............................
and tenders in payment therefor a like par amount of United States of America % percent Treasury Certificates of
Indebtedness of Series C-1946, maturing April 1, 1946, 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 the proceeds of redemption of maturing securities, in excess of the amount of new securities allotted, as follows:
By cheek ...............................................................................................................
□
By credit to our reserve account..........................................................................
□
(Fill in all required spaces before signing)
Application submitted by.
(P lease print)
TO SUBSCRIBER:
YES..
Please indicate if this is a confirmation.
By.
NO.
(T itle)
(Official signature required)
Street address ..................................
City, Town or Village, P. O. No., and State.
Spaces below are for the use of the Federal Reserve Bank of New York
Examined
Allotment
Figured
Checked
Advised
Securities
Received by
Checked
Do not list subscriptions for $25,000 or less on same application with those in excess of $25,000
List of customers whose applications are included in the foregoing subscription
Do not use
this space.
Address
Name of Customer
Amount Subscribed
AMOUNT
ALLOTTED
( Please print or use typewriter)
'
Do not list subscriptions for $ 2 5 ,0 0 0 or less on same application with those in excess of $ 25,000
Application Number
F e d e ra l R eserve
Bank
o f N ew
Y ork
Fiscal Agent of 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
Referring to your subscription, numbered as above indicated, for $
(par value)
UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES D-1947
DATED APRIL 1, 1946, DUE APRIL 1, 1947
for which you have applied under the provisions of the Treasury Department’s circular containing the offering of such
securities for subscription, you have been allotted by the Secretary of the Treasury
$
of the amount applied for.
IMPORTANT INFORMATION FOR SUBSCRIBER
1. To expedite delivery of the securities of this issue allotted to subscriber and to facilitate prompt completion of
this transaction, please observe the following 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 by Tender of Certain United States Government Obligations
2. Subscribers have been required to present with their subscription forms Treasury certificates of indebtedness of
Series C-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 of indebtedness in excess of the allotment will
be redeemed as of April 1, 1946.
Delivery
3. (a) Delivery of the securities of this issue will be made by the Federal Reserve Bank of New York 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 of the
subscriber only when a letter of authority signed officially by the subscriber identifying such representative is presented
by him.
(c) Securities of this issue allotted to subscriber will be delivered to others under special instructions from sub
scriber but only when such securities are either the sole property of the subscriber or are the property of 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 for sakekeeping by, or delivered to the Discount Department of, the Federal
Reserve Bank of New York for the account of member banks only, provided such securities are the sole property of the
member bank.
(b) Securities of this issue will be held by the Federal Reserve Bank of New York, fiscal agent of the United
States, as collateral for the War Loan Deposit Account of any qualified depositary in the Second Federal Reserve District,
provided such securities are the sole property of 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 of instructions to
this bank and that such letter be signed officially and returned to this bank without delay.
Checked
by........................................................
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 o f N e w Y
Fiscal Agent o f the United States
ork,
LETTER OF INSTRUCTIONS
To F ederal R eserve B a n k
of
N e w Y ork ,
Fiscal Agent of the United States,
Government Bond Department,
Federal Reserve P. 0 . Station,
New York 7, N. Y.
From (Name and address of Subscriber)
1946
Referring to our subscription, numbered as above indicated, for $
U N IT E D S T A T E S
O F A M E R IC A
(par value)
% 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 S E R IE S D -1 9 4 7
D A T E D A P R IL 1, 1 9 4 6 , D U E A P R IL 1, 1 9 4 7
for which we have applied under the provisions of the Treasury Department’s circular containing the offering of such
securities for subscription, we have received your notice of allotment stating that we have been allotted by the Secretary
of the Treasury
$
of the amount applied for.
As requested we are sending you the following instructions.
Issue and dispose of securities allotted on this subscription as indicated below:
DENOM INATIONS
Pieces
Par Value
DISPOSITION
Leave Blank
□ 1. Deliver over the counter to the undersigned
$1,000
□
2. Ship to the undersigned
5,000
□
3. Hold in safekeeping (for member bank only)
10,000
□ 4. Hold as collateral for W ar 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.
T h e undersigned, if a ba n k o r trust com p a n y , h ereb y certifies that th e securities w h ich y o u are h ereb y o r h erea fter in stru cted
to disp ose o f in th e m an ner in dica ted in item s n u m bered 3 an d 4 a b ove a re the sole p r o p e rty o f the u n dersigned.
r ^ lTiis letter of instructions must be signed
officially in the space provided here and
returned immediately to
Federal Reserve Bank of New York,
Name o f Subscriber.
(P le a s e p r in t)
B j....
(O ffic ia l sign a tu re re q u ire d )
( T it le )
Street ad d ress.....................................
Fiscal A g e n t o f the U nited States.
City, Town or Village, P. O. No., and State...............
Spaces b e lo w are fo r th e use o f the Federal R eserve Bank o f N ew Y o rk
Delivery Receipt
Eeleased
Taken from Vault-
Securities
received by-
Counted
Received from F e d e r a l R e s e r v e Bank or N e w York the above described
United States Government obligations in the amount indicated above.
Subscriber.
Checked
Delivered
NA-C
Checked byDate.
By.
g b -c . i .- e x
FED ERAL RESERVE BANK
O F NEW YORK
1
A D V IC E T O S U B S C R I B E R
To
Application No.
Date
Your exchange subscription for $............................................. United States of America % percent Treasury Certificates
of Indebtedness of Series D-1947, dated April 1, 1946, due April 1, 1947, and tender of like amount of United States of
America % percent Treasury Certificates of Indebtedness of Series C-1946 maturing April 1, 1946 have been
received by this bank, as fiscal agent of the United States, and, pursuant to the provisions of the Treasury
Department’s circular offering the above-mentioned obligations of the United States, allotment notices will be sent
out promptly upon allotment and allotments will be made on the basis and up to the amounts indicated by the
Secretary of the Treasury to this bank.
Notice: If the new securities are to be delivered at the Federal
Reserve Bank of New York over the counter to your
representative the following authority should be executed.
To
F ed era l R eserve B a n k o f N ew
F ederal R eserve B an k OF N ew Y ork ,
t?,.
, a
,
f
Y ork :
You are hereby authorized to deliver to
T eller
(N a m e o f R ep resen ta tiv e)
whose signature appears below $................................. par amount of
securities allotted and issued in exchange for those above described.
Name...............................................................................
(S ig n a tu re o f A u th o riz e d
(P le a s e P rin t)
(O ffic ia l Sign atu re R e q u ire d )
R e p re se n ta tiv e )
Tt •+ a cu +
iscai Agent ox the United btates.
G B -C .I .-E X
FEDERAL RESERVE BAN K
OF NEW YO RK
To
2
F IL E R E C O R D
Application No.
Bate
Your exchange subscription for $............................................. United States of America % percent Treasury Certificates
of Indebtedness of Series D-1947, dated April 1, 1946, due April 1, 1947, and tender of like amount of United States of
America % percent Treasury Certificates of Indebtedness of Series C-1946 maturing April 1, 1946 have been
received by this bank, as fiscal agent of the United States, and, pursuant to the provisions of the Treasury
Department’s circular offering the above-mentioned obligations of the United States, allotment notices will be sent
out promptly upon allotment and allotments will be made on the basis and up to the amounts indicated by the
Secretary of the Treasury to this bank.
F ederal R eserve B a n k
of
N e w Y ork,
Fiscal Agent of the United States.
S ecurities
C hecked B y
@FedFRASER