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F E D E R A L R E S E R V E BAN K
O F NEW YORK
Fiscal A gent of the United States
r
U

C ircular N o. 3 1 0 0 *
1
June 1 9 , 1 9 4 6 J

OFFERING OF

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

Due July 1, 1947

IN EXCHANGE FOR

0.90 Percent Treasury Notes of Series D-1946, Maturing July 1, 1946

To all Banking Institutions, and Others Concerned,
in the Second Federal Beserve District:

The following press statement was released by the Treasury Department for publication
on Friday, June 14, 1946:
Secretary of the Treasury Vinson today announced the offering, through, the Federal Reserve
Banks, of % percent Treasury Certificates of Indebtedness of Series F-1947, open on an exchange
basis, par for par, to holders of Treasury Notes of Series D-1946, in the amount of $4,909,727,000,
which will mature on July 1, 1946. Since it is planned to retire about $2,000,000,000 of the maturing
notes 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 subscription books for this offering will open on June 19,1946.
The certificates now offered will be dated July 1, 1946, and will bear interest from that date at the
rate of seven-eighths of one percent per annum, payable semiannually on January 1 and July 1,1947.
They will mature July 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 provisions relating to taxability are set forth in the official circular released today.
Subscriptions will be received at the Federal Reserve Banks and Branches, and at the Treasury
Department, Washington, and should be accompanied by a like face amount of the maturing notes.
The subscription books will close at the close of business Friday, June 21, except for the receipt
of subscriptions from holders of $25,000 or less of the maturing notes. The subscription books will
close for the receipt of subscriptions of the latter class at the close of business Monday, June 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.

The terms of this offering are set forth in Treasury Department Circular No. 790, dated
June 14, 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 jllan " S p r o u l ,

President.
( over)

UNITED STATES OF AMERICA
Yi PERCEN T T R E A SU R Y C E R TIFICATES OF IN DEBTEDN ESS OF SERIES F-1947
Dated and bearing interest from July 1, 1946

Due July 1, 1947

194 6
D e p a r tm e n t C ir c u la r N o . 7 9 0

TREASURY DEPARTMENT,
O f f ic e

of t h e

Secretary,

Washington, June 14, 1946.

F is c a l S e r v ic e
B u re a u o f th e P u b lic 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 F-1947, in
exchange for Treasury Notes of Series D-1946, maturing July 1, 1946. Approximately $2,000,000,000 of
the maturing notes 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 July 1, 1946, and will bear interest from that date at the rate of %
percent per annum, payable semiannually on January 1 and July 1, 1947. They will mature July 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
hereafter 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
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, 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 July 1, 1946, or
on later allotment, and may be made only in Treasury Notes of Series D-1946, maturing July 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.
FRED M. VINSON,




Secretary of the Treasury.

Application Number

Subscriber’s Reference No.
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 F-1947, DATED JULY 1, 1946, DUE JULY 1, 1947
N O T IC E T O S U B S C R IB E R S:
1. P aym ent f o r the securities a llotted on this su bscrip tion m ay b e m ade on ly in 0 .9 0 p ercen t T reasu ry
N otes o f Series D -1 9 4 6 . T h e am ount o f this su bscrip tion must n ot e x ceed the par value o f 0 .9 0 percent Treasu ry
N otes o f Series D -1 9 4 6 ten d ered with this subscription .
2. T h e am ount o f 0 .90 p ercen t T reasu ry N otes o f Series D -1 9 4 6 in excess o f the % percent Certificates
o f In deb ted n ess o f Series F -1947 a llotted on this su b scrip tion w ill be red eem ed as o f July 1, 1946, and the p roceed s
o f re d em p tion w ill b e pa id in a cco rd a n ce w ith instructions given b elow .
3. C ou pon s m aturing July 1, 1946, shou ld b e d eta ch ed fro m the Treasu ry N otes o f Series D -19 4 6 w hich are
te n d e re d in paym ent and co lle cte d in the usual m anner.
4 . S u bscriptions f o r am ounts up to and in clu d in g $ 2 5 ,0 0 0 w ill be allotted in fu ll, and subscriptions fo r
am ounts o v e r $ 2 5 ,0 0 0 w ill be a llotted to all h old ers on an equal percentage basis, but n ot less than $ 2 5 ,0 0 0 on
any on e subscrip tion .

F

ederal

R

ese r v e

B ank

of

New Y

ork,

Fiscal Agent of the United States,
Government Bond Department— 2nd Floor:

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

.1946

D ear S ir s :

Subject to the provisions of Treasury Department Circular No. 790, dated June 14, 1946, the undersigned hereby
subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series F-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 ...........................................................................................................

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

and tenders in payment therefor a like par amount of United States of America 0.90 percent Treasury Notes of
Series D-1946, maturing July 1, 1946, as follows:
m
„
To be delivered to you
To be withdrawn from
.
, ,
rw v
j
i, t ,
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 check ...............................................................................................................

□

By credit to our reserve account..........................................................................

□

(F21 in all required spaces before signing)
Application submitted by.
TO SUBSCRIBER:

(P le a s e p rin t)

YES..

Please indicate if this is a confirmation.

By.

NO.

(Official signature required)

(Title)

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.

Name of Customer

(Please print or use typewriter)

Address

Amount Subscribed

AMOUNT
ALLOTTED

Do not list subscriptions for $ 2 5 ,0 0 0 or less on same application with those in excess o f $ 2 5 ,0 00




Application Number

F

ederal.

R

eserve

B

ank

of

N

ew

Y

ork

Fiscal Agent of the United States

NOTICE OF ALLOTMENT
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 $
U N IT E D S T A T E S

O F A M E R IC A

y8

(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 SE R IE S F -1 9 4 7
D A T E D JU L Y 1, 1 9 4 6 , D U E JU L Y 1, 1 9 4 7

for which you have applied under the provisions o f 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 notes of Series D-1946 in face
amount equivalent to the amount of their exchange subscriptions, notwithstanding any reduced allotment that may be made.
The amount of such maturing Treasury notes in excess of the allotment will be redeemed as of July 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 safekeeping 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 W ar 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 p N e w Y
Fiscal Agent o f the United States

ork,

LETTER OF INSTRUCTIONS
T o F e d e r a l R e se r v e B a n k

of

New 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

(par value)

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

%

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 F -1 9 4 7
D A T E D JU L Y 1, 1 9 4 6 , D U E J U L Y 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:
DENOMINATIONS
Par Value

Pieces

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 u ndersigned, if a b a n k o r trust com p a n y , h ereb y certifies that the securities w h ich y o u a re h ereb y o r h erea fter instructed
to disp ose o f in the m anner in dica ted in item s n um bered 3 and 4 a b o v e a re the sole p r o p e rty o f the undersigned.

fg r ’This 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.
(Please print)

B y ....
(Title)

(Official signature required)

Street ad d ress.....................................

Fiscal A g e n t o f the U nited States.

City, Town or Village, P. 0 . No., and State...............
S p aces b e lo w are fo r the use o f the Federal R eserve Bank o f N ew Y o rk

Delivery Receipt

Released
Taken from Vault-

Securities
received by-

Counted

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

Checked
Checked byDelivered
NA-C




Date.

By.

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

1

A D V IC E TO S U B S C R IB E R

To

Application No.
Date

Your exchange subscription for $..............................................United States of America % percent Treasury Certificates
of Indebtedness of Series F-1947, dated July 1, 1946, due July 1, 1947, and tender of like amount of United States of
America ().!)() percent Treasury Notes of Series D-1946 maturing July 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.
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 ed era l R eserve B a n k

o f N ew

F ederal R eserve B a n k of N e w Y o r k ,

Fiscal Agent of the United States.

Y ork :

You are hereby authorized to deliver to
Teller
( N a m e o f R e p re se n 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 orized


(P le a s e P rin t)

(O fficia l S ign a tu re R e q u ire d )

R ep resen ta tiv e)

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

2

F IL E R E C O R D

To

Application No.
Date

Your exchange subscription for $..............................................United States of America % percent Treasury Certificates
of Indebtedness of Series F-1947, dated July 1, 1946, due July 1, 1947, and tender of like amount of United States of
America 0.90 percent Treasury Notes of Series D-1946 maturing July 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 tlie 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

Bank

op

New Y

ork,

Fiscal Agent of the United States.
S e c u r it ie s
Checked B y




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