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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 Agent of the United States r Circular No. 3 1 4 5 1 L October 21, 1946 J OFFERING OF % Percent Treasury Certificates of Indebtedness of Series K-1947 Dated and bearing interest from November 1, 1946 Due November 1, 1947 IN EXCHANGE FOR Ys Percent Treasury Certificates of Indebtedness o f Series J-1946, Maturing November 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 Snyder today announced the offering, through the Federal Reserve Banks, of % percent Treasury Certificates of Indebtedness of Series K-1947, open on an exchange basis, par for par, to holders of Treasury Certificates of Indebtedness of Series J-1946, in the amount of $3,777,773,000, which will mature on November 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 November 1, 1946, and will bear interest from that date at the rate of seven-eighths of one percent per annum, payable with the principal at maturity on November 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 Wednesday, October 23, 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 Thursday, October 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. 796, dated October 21,1946, 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. (o v e r ) UNITED STATES OF AMERICA 7/& 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 K-1947 Dated and bearing interest from N ovem ber 1, 1946 Departm ent S S h r Due Novem ber 1, 1947 * N o. 796 TREASURY DEPARTMENT, ------- O f f ic e o f t h e S e c r e t a r y , F iscal Service Bureau o f the Public D ebt October 21y 19&6. ^ 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 K-1947, in exchange for Treasury Certificates of Indebtedness of Series J-1946, maturing November 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 November 1, 1946, and will bear interest from that date at the rate of fa percent per annum, payable with the principal at maturity on November 1, 1947. They 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 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 reser vations, 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 November 1, 1946, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series J-1946, matur ing November 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. JOHN W. SNYDER, Secretary of the Treasury. Subscriber’s Reference No. Application Number EA-C E X C H A N G E SUBSCRIPTION (Subject to allotment if in excess of $25,000) FO R UNITED STATES OF AMERICA f 8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES K-1947, DATED NOVEMBER 1, 1946, DUE NOVEMBER 1, 1947 N O TICE T O SUBSCRIBERS: 1. Paym ent fo r the securities allotted on this subscription m ay be made only in % percent Certificates of Indebtedness o f Series J-1946. The am ount o f this subscription must not exceed the par value of % percent Certifi cates o f Indebtedness o f Series J-1946 tendered with this subscription. 2. T he am ount of % percent Certificates o f Indebtedness o f Series J-1946 in excess o f the % percent Certifi cates o f Indebtedness o f Series K -1947 allotted on this subscription will be redeem ed as o f Novem ber 1, 1946, and the p roceeds o f redem ption will be paid in a ccord a n ce with instructions given below . 3. C oupons maturing N ovem ber 1, 1 9 4 6, should b e detached from the Certificates o f Indebtedness of Series J-1946 which are tendered in paym ent and collected in the usual manner. 4. Subscriptions for amounts up to and including $ 2 5 ,0 0 0 will be allotted in full, and subscriptions for amounts over $ 2 5 ,0 0 0 will be allotted to all holders on an equal percentage basis, but n ot less than $ 2 5 ,0 0 0 on any on e sub scription. F ed eral R eserve B a n k of N e w Y o r k , Fiscal Agent of the United States, Government Bond Department—2nd Floor: D ear .............................................................. .1946 S ir s : Subject to the provisions of Treasury Department Circular No. 796, dated October 21, 1946, the undersigned hereby subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series K-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 % percent Treasury Certificates of Indebtedness of Series J-1946, maturing November 1, 1946, as follows: . To be delivered to you lo be withdrawn from » , , t . , . , i, , 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..................................................................... □ (Fill in all required spaces before signing) Application submitted by. TO SUBSCRIBER: (Please print) YES................. Please indicate if this is a confirmation. NO- B y .... ( Official signature required) (Title) Street address .................................. City, Town or Tillage, 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 D o n o t list su b s crip tio n s f o r $ 2 5 , 0 0 0 o r less o n sa m e a p p lic a tio n w ith th o se in e x ce s s o f $ 2 5 , 0 0 0 List of customers whose applications are included in the foregoing subscription Do not use this space. Name of Customer Address Amount Subscribed AM O U N T ALLOTTED ( Please print or use typewriter) Do not list subscriptions for $25,000 or less on same application with those in excess of $25,000 G B -C .l.-E X FEDERAL RESERVE OF NEW 1 BANK A D V IC E T O S U B S C R IB E R YORK To Application No. Date Y our exchange subscription for $..................................................United States of America % percent Treasury Certificates of Indebtedness of Series K-1947, dated November 1, 1946, due November 1, 1947, and tender of like amount o f United States o f America % percent Treasury Certificates of Indebtedness of Series J-1946 maturing November 1, 1946 have been received by this bank, as fiscal agent o f the United States, and, pursuant to the provisions o f the Treasury Departm ent’s circular offering the above-mentioned obligations of 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 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 follozving authority should be executed. F ed era l R eserve B a n k o f N ew Y ork , ^ Fiscal A gent o f the United States. To F ederal R eserve B a n k of N e w Y o rk : You are hereby authorized to deliver to Teller............................................ (Name of Representative) whose signature appears below $................................. par amount of securities allotted and issued in exchange for those above described. Name............................................................................... (Please Print) (Official Signature Required) (Signature of Authorized Representative) G B - C . I .- E X FEDERAL RESERVE BANK O F NEW YORK To 2 F IL E R E C O R D Application No. Date Your exchange subscription for $............................................. United States of America % percent Treasury Certificates of Indebtedness of Series K-1947, dated November 1, 1946, due November 1, 1947, and tender of like amount of United States of America % percent Treasury Certificates of Indebtedness of Series J-1946 maturing November 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 e d e r a l R e se r ve B a n k of New Y ork, Fiscal Agent of the United States. S ecurities C h ecked B y 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: Referring to your subscription, numbered as above indicated, for $ (par value) UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES K-1947 DATED NOVEMBER 1, 1946, DUE NOVEMBER 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 J-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 November 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 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. Digitized forby.............................................................. Checked FRASER http://fraser.stlouisfed.org/ n a -c Federal Reserve Bank of St. Louis F e d e r a l R e s e rv e B a n k op N e w Y o r k , Fiscal Agent of the United States Application Number LETTER OF INSTRUCTIONS T o F e d e r a l R e se r v e B a n k op 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) Referring to our subscription, numbered as above indicated, for $ (par value) UNITED STATES OF AMERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES K-1947 DATED NOVEMBER 1, 1946, DUE NOVEMBER 1, 1947 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 $1,000 □ 1. Deliver over the counter to the undersigned □ 2. Ship to the undersigned 5,000 □ 3. Hold in safekeeping (for member bank only) 10,000 □ 4. Hold as collateral for War Loan deposits 100,000 □ 5. Special instructions : 1,000,000 Total IMPORTANT : 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. ggr’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 .... (Official signature required) (Title) Street ad d ress..................................... Fiscal Agent of the United States. City, Town or Village, P. 0 . 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 r a l R e s e r v e B a k e o p N e w Y o k e th e above d e scrib e d United States Government obligations in the amount indicated above. Subscriber. Checked Delivered NA-C Checked byDate. B y.
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