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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 r Circular No. 3 1 5 6 T L November 18, 1946 J OFFERING OF % Percent Treasury Certificates o f Indebtedness of Series L-1947 Dated and bearing interest from December 1, 1946 Due December 1, 1947 IN EXCHANGE FOR % Percent Treasury Certificates of Indebtedness of Series K-1946, Maturing December 1, 1946 To all Banking Institutions, and Others Concerned, in the Second Federal Eeserve District: The follow ing press statement was today made public: Secretary of the Treasury Snyder today announced that the 1*4 percent Treasury Notes of Series B-1946, in the amount of $3,260,777,000, which will mature on December 15, 1946, will be redeemed in cash. At the same time, the Secretary announced the offering, through the Federal Reserve Banks, of % percent Treasury Certificates of Indebtedness of Series L-1947, open on an exchange basis, par for par, to holders of Treasury Certificates of Indebtedness of Series K-1946, in the amount of $3,768,201,000, which will mature on December 1, 1946. Cash subscriptions will not be received. The certificates now offered will be dated December 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 December 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 certificates. Subject to the usual reservations, all subscriptions will be allotted in full. The subscription books will close at the close of business Wednesday, November 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 of business Thursday, November 21. 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. 797, dated November 18, 1946, copy o f which is printed on the reverse side. The subscription books are now open and applications will be received by this bank as fiscal agent o f 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 l l a n S proul , President. ( over) UNITED STATES OF AMERICA V% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES L-1947 Dated and bearing interest from December 1, 1946 1946 Departm ent Circular N o. 797 Due December 1, 1947 TREASURY DEPARTMENT, O f f ic e o f t h e S e c r e t a r y , Fiscal Service Bureau of the Public Debt Washington, November 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, for certificates of indebtedness of the United States, designated % percent Treasury Certificates of Indebtedness of Series L-1947, in exchange for Treasury Certificates of Indebtedness of Series K-1946, maturing December 1, 1946. 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 December 1, 1946, and will bear interest from that date at the rate of 7/8 percent per annum, payable with the principal at maturity on December 1, 1947. They will not be sub ject 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 reservations, all subscriptions will be allotted in full. 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 December 2, 1946, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series K-1946, maturing December 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-CS United States of America % percent Treasury Certificates of Indebtedness of Series K-1946, maturing December 1, 1946 must be tendered in payment for this subscription. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AM ERICA % PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES L-1947, DATED DECEMBER 1, 1946, DUE DECEMBER 1, 1947 Important 1. Subject to the reservations in Treasury Department Circular No. 797, dated November 18, 1946, all subscriptions will be allotted full. 2. Coupons maturing December 1, 1946, should be detached from the certificates of Series K-1946 which are tendered in paym and collected in the usual manner. 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: .1946 D e a r S ir s : Subject to the provisions of Treasury Department Circular No. 797, dated November 18, 1946, the undersigned hereby subscribes for United States of America % percent Treasury Certificates of Indebtedness of Series L-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........................................................................................................ $.............................. a n d tenders in payment therefor a like par amount of United States of America % percent Treasury Certificates of Indebtedness of Series K-1946, maturing December 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......... ......................................... t................. $............................ Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated below : D e n o m in a t io n s Pieces Par Value $ Leave Blank 1,000 5,000 10,000 □ □ □ □ □ 1. 2. 3. 4. 5. Deliver over the counter to the undersigned Ship to the undersigned Hold in safekeeping (for member bank only) Hold as collateral for War Loan deposits Special instructions: 100,000 1,000,000 Total I 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. The undersigned, if a hank 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. (Fill in all required spaces before signing) Application submitted by. (Please print) TO SUBSCRIBER : Please indicate if this is a confirmation. YES. NO.... B y ........ (Official signature required) (Title) Street address.................................................... City, Town or Village, P. O. No., and State. Spaces helow are for the use of the Federal Reserve Bank of New York Delivery Receipt Released Taken from Vault- Securities received by- 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 b k the above described United States Government obligations in the amount indicated above. Counted Checked Delivered Subscriber. Checked by- Date. By. List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer (P lttu t print or tu t typtwriier) Address
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