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FE D E R A L R ESERVE B A N K
O F N E W YO R K
Fiscal Agent of the United States
r Circular No. 3 2 5 9 ~ 1
U September 22, 1947 J
O FFERING OF
2
y2PER CENT
T R E A S U R Y BONDS, IN V E ST M E N T SERIES A -1965
Nontransferable
Dated and bearing interest from October 1, 1947
Due October 1, 1965
To Institutional Investors Holding Savings, Insurance, and Pension Funds, Commercial
Banlcs Holding Savings Deposits, and Others Concerned, in the Second Federal Reserve D istrict:
The following press statement was today made public:
Secretary of the Treasury Snyder today released the official circular governing the offering of a
new series o f Treasury bonds, designated Investment Series A-1965. Regulations governing this new
series of bonds are contained in Treasury Department Circular No. 815, which is also released today.
The Secretary said that the subscription books, which will open September 29, will probably remain
open for a week or ten days, although the right is reserved to close the books as to any or all subscrip
tions at any time without notice.
Pursuant to the provisions of the Public Debt Act of 1941, as amended, interest upon the bonds
now offered shall not have any exemption, as such, under the Internal Revenue Code, or laws amenda
tory or supplementary thereto. The full provisions relating to taxability are set forth in the official
circular.
Subscriptions will be received at Federal Reserve Banks and Branches and at the Treasury Depart
ment, Washington, and must be accompanied by payment in full at par and accrued interest, if any,
for the amount of bonds applied for, as well as by financial statements to support subscriptions in excess
of $250,000 from eligible subscribers other than commercial and industrial banks.
The terms of this offering are set forth in Treasury Circular No. 814, dated September 22,
1947, a copy of which is printed on the following pages. The Regulations -Governing Treasury
Bonds, Investment Series, are set forth in Treasury Circular No. 815, dated September 22,
1947, a copy of which is enclosed.
As stated above, the subscription books will open September 29, 1947. Subscriptions will
be received by this bank as fiscal agent of the United States at our Head Office and Buffalo
Branch, and should be made on official subscription blanks, a supply of which is enclosed.
Additional copies will be furnished upon request.
A
llan
S proul,
President.
UNITED STATES OF AMERICA
2% PERCEN T TR E A SU R Y BONDS, IN VESTM EN T SERIES A-1965
Nontransferable
Dated and bearing interest from October 1, 1947
Departm ent Circular N o. 814
------- ,
Due October 1, 1965
TREASURY DEPARTMENT,
O
f f ic e
BureaJof^e epub°nc Debt
of
th e
Secretary,
Washington, September 22, 1947.
I. OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, beginning September 29, 1947, at par and accrued interest, through the
Federal Reserve Banks, for nontransferable bonds of the United States, designated 2^ percent Treasury
Bonds, Investment Series A-1965. The amount of the offering is not specifically limited.
2. These bonds will be available for subscription only by or for account of the following organizations
and funds doing business in the United States, its territories and possessions:
1. Insurance companies
2. Savings banks
3. Savings and loan associations and building and loan associations, and cooperative banks
4. Pension and retirement funds, including those of the Federal, State and local governments
5. Fraternal benefit associations
6. Endowment funds
7. Credit unions
8. Commercial and industrial banks holding savings deposits or issuing time certificates of deposit
in the names of individuals, and of corporations, associations, and other organizations not
operated for profit.
3. Subscriptions from or for account of such investors (except commercial and industrial banks) will
be limited to an amount (adjusted to the next higher multiple of $5,000) not in excess of 25 percent of
the increase in the amount of net assets1 between December 31, 1946, and June 30, 1947, as shown by the
financial statements of the subscribers, or $250,000, whichever is greater. Copies of the financial statements,
certified to by a public accountant or by a responsible officer of the subscriber, must accompany each sub
scription for more than $250,000, or should be furnished to the agency to which the subscription will be
presented prior to the submission of such subscription.
4. Subscriptions from commercial and industrial banks eligible to subscribe hereunder will be limited
to an amount (adjusted to the next higher multiple of $5,000) not in excess of 25 percent of the increase in
the combined amount of time certificates of deposit (but only those issued in the names of individuals, and
of corporations, associations, and other organizations not operated for profit), and of savings deposits,
between December 31, 1946, and June 30, 1947, as certified by an officer of the subscribing bank, or $25,000,
whichever is greater.
5. In addition to the bonds issued to the above classes of subscribers, the Secretary of the Treasury
reserves the right to issue these bonds to Government investment accounts.
II. DESCRIPTION AN D TERM S OF BONDS
1.
The bonds will be dated October 1, 1947, and will bear interest from that date at the rate of
2Y2 percent per annum, payable semiannually. They will mature and be payable at face value on October
1, 1965. The bonds may not be called for redemption by the Secretary of the Treasury prior to maturity.
They may be redeemed prior to maturity, on and after April 1, 1948, at the owner’s option, on the first
day of any calendar month, on one month’s notice in writing, at fixed redemption values, as shown in the
l
Net assets, for this purpose, means the amount of total assets less outstanding indebtedness for borrowed money, and
total assets of insurance companies means the total admitted assets calculated in accordance with the laws of the States in
which the company is organized or licensed.
table at the end of this circular. They will not be redeemable at par prior to maturity. Interest will be
paid by check drawn to the order of the registered owner. Interest will cease at maturity, or, in case of
redemption before maturity, at the end of the interest period next preceding the date of redemption. A
table of redemption values appears on each bond, and the difference between the face amount of the bond
and the redemption value fixed for any period represents an adjustment (or refund) of interest. Accordingly,
if the owner exercises his option to redeem a bond prior to maturity, the investment yield will be less than
the interest rate on the bond.
2. The income derived from the bonds shall be subject to all taxes now or hereafter imposed under the
Internal Revenue Code, or laws amendatory or supplementary thereto. The bonds 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 bonds will not be acceptable to secure deposits of public moneys. They will not be entitled to
any privilege of conversion. They will not be transferable, and will be payable only to the owner named
thereon except as otherwise provided in the regulations governing Treasury bonds, Investment Series.
Accordingly, they may not be sold, discounted, hypothecated as collateral for a loan, or pledged as security
for the performance of an obligation or for any other purpose.
4. The bonds will be issued only in registered form, and in denominations of $5,000, $10,000, $100,000
and $1,000,000 (maturity values). Partial redemption in multiples of the minimum denomination, at current
redemption value, will be permitted. In case of partial redemption the remainder will be reissued in
authorized denominations.
5. The bonds will be subject to the regulations of the Treasury Department, now or hereafter prescribed,
governing Treasury bonds, Investment Series. The current regulations are contained in Treasury Depart
ment Circular No. 815.
III.
S U B S C R IP T IO N , A L L O T M E N T A N D P A Y 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.
Subscriptions must be accompanied by payment in full for the amount of bonds applied for, as well as by
financial statements where required, unless such statements have been previously filed by the subscriber.
Payment must be made at par and accrued interest, if any, on or before October 1, 1947, or on later allot
ment. One day’s accrued interest is $0.06831 per $1,000. Any qualified depositary will be permitted to
make payment by credit for bonds allotted to it for itself and its customers up to any amount for which it
shall be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its District.
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 bonds 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, and to the limitations on subscriptions prescribed in Section I of this circular, all subscriptions will
be allotted in full. Allotment notices will be sent out promptly upon allotment.
IV . 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 bonds allotted, to make delivery of bonds on full-paid subscriptions allotted, and they may
issue interim receipts pending delivery of the definitive bonds.
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.
A .
I j.
M . W IG G IN S ,
Acting Secretary of the Treasury.
2 % PERCENT TREASURY BONDS— INVESTMENT SERIES A-1965
TABLE OF REDEMPTION VALUES AND INVESTMENT YIELDS
Table showing: (1) How 2% percent Treasury Bonds, Investment Series A-1965 (paying a current return at the rate of
2 % percent, per annum on the purchase price, payable semiannually) change in redemption value, by denominations, during
successive half-year periods following issue; (2) the approximate investment yield on the purchase price from issue date to
the beginning of each half-year period; and (3) the approximate investment yield on the current redemption value from the
beginning of each half-year period to maturity. Yields are expressed in terms of Tate percent per annum, compounded semiannually.
Maturity Value...............
Issue Price........................
$ 5 , 0 0 0 .0 0
$ 5 , 0 0 0 .0 0
Period after issue date
First y2 y e a r ...................
% to 1 y ea r........................
1 to 1 y2 years...................
i y 2 to 2 years...................
$10, 000. 00
$10, 00 0 .0 0
$1 0 0 ,0 0 0 . 00
$ 1 0 0 ,0 0 0 .0 0
$1 ,0 0 0 , 000. 00
$ 1 ,0 0 0 , 0 0 0 .0 0
(1) Redemption values during each half-year period
Not redeemable_______________
$4, 940. 00
4, 889. 90
4, 8 4 5 .1 5
$ 9 ,8 8 0 .0 0
9, 779. 80
9, 690. 30
$98, 800. 00
97, 798. 00
96, 903. 00
(2) Approximate
investment yield
on purchase price
from issue date to
beginning of
each half-year
period
redemption value
from beginning
of each half-year
period to maturity
Percent
Percent
$ 9 8 8 ,0 0 0 .0 0
977, 980. 00
969, 030. 00
.10
.30
.44
(3) Approximate
investment yield
2.
2.
2.
2.
50
59
66
73
2 to 2 y2
2y2 to 3
3 to 3 y2
3% to 4
years....................
y ears...................
years....................
y ears...................
4,
4,
4,
4,
81 0 .1 5
779. 60
754. 30
733. 55
9,
9,
9,
9,
620. 30
559. 20
508. 60
4 6 7 .1 0
96,
95,
95,
94,
203.
592.
086.
671.
00
00
00
00
962,
955,
950,
946,
00
00
00
00
.61
.75
.88
1. 00
2 .8 0
2. 85
2. 91
2. 95
4 to 4 %
4 % to 5
5 to 5 y2
5 % to 6
years...................
years....................
years...................
years...................
4,
4,
4,
4,
714.
695.
681.
667.
55
90
05
35
9,
9,
9,
9,
4 2 9 .1 0
391. 80
3 6 2 .1 0
334. 70
94,
93,
93,
93,
291.
918.
621.
347.
00
00
00
00
9 4 2 ,9 1 0 .0 0
9 3 9 ,1 8 0 . 00
936, 210. 00
9 3 3 ,4 7 0 .0 0
1 .1 0
1 .1 8
1. 26
1. 33
3. 00
3. 05
3 .1 0
3 .1 5
6 to 6 y2
6 % to 7
7 to 7 %
7 % to 8
years...................
years...................
years...................
years...................
4,
4,
4,
4,
657.
646.
639.
635.
00
80
55
25
9,
9,
9,
9,
314. 00
293. 60
2 7 9 .1 0
270. 50
93 ,1 4 0 .
92, 936.
92, 791.
92, 705.
00
00
00
00
9 3 1 ,4 0 0 .0 0
929, 360. 00
927, 910. 00
927, 050. 00
1. 40
1 .4 6
1. 52
1 .5 8
3 .1 9
3. 24
3 .2 9
3 .3 3
8 to 8 % years...................
8 y2 to 9 years...................
9 to 9 % years....................
9y2 to 10 y ears.................
4,
4,
4,
4,
634. 00
635. 85
640. 90
6 4 9 .1 5
9,
9,
9,
9,
268.
271.
281.
298.
92,
92,
92,
92,
680.
717.
818.
983.
00
00
00
00
926, 800.
9 2 7 ,1 7 0 .
928, 180.
929, 830.
00
00
00
00
1. 64
1. 70
1 .7 6
1 .8 2
3. 37
3 .4 0
3. 43
3. 46
10 to 10 y2 years...............
10 y2 to 11 y ears...............
11 to 11 y2 years...............
1 1 % to 12 years...............
4,
4,
4,
4,
655.
664.
676.
691.
40
40
30
05
9,
9,
9,
9,
310. 80
328. 80
352. 60
3 8 2 .1 0
9 3 ,1 0 8 .
93, 288.
93, 526.
93, 821.
00
00
00
00
931,
932,
935,
938,
080.
880.
260.
210.
00
00
00
00
1. 87
1. 92
1 .9 7
2. 02
3. 50
3. 53
3. 55
3 .5 7
12 to 12 y2
12% to 13
13 to 1 3 %
1 3 % to 14
years...............
years...............
y ears...............
y ears...............
4,
4,
4,
4,
708. 85
722. 75
73 9 .1 5
758. 05
9,
9,
9,
9,
417. 70
445. 50
4 7 8.30
5 1 6 .1 0
9 4 ,1 7 7 .
94, 455.
94, 783.
9 5 ,1 6 1 .
00
00
00
00
941, 770.
944, 550.
947, 830.
95 1 ,6 1 0 .
00
00
00
00
2. 07
2 .1 1
2 .1 5
2 .1 9
3 .5 9
3 .6 2
3 .6 5
3. 68
14 to 1 4 % years...............
14 % to 15 years...............
15 to 1 5 % years...............
15 % to 16 years...............
4,
4,
4,
4,
779.
803.
830.
860.
60
85
85
75
9,
9,
9,
9,
559.
607.
661.
721.
20
70
70
50
95,
96,
96,
97,
592.
077.
617.
215.
00
00
00
00
955, 920. 00
960, 770. 00
96 6 ,1 7 0 . 00
9 7 2 ,1 5 0 .0 0
2. 23
2 .2 7
2 .3 1
2. 35
3. 70
3 .7 1
3. 70
3 .6 8
16 to 1 6 %
1 6 % to 17
17 to 1 7 %
1 7 % to 18
4,
4,
4,
4,
884.
909.
937.
967.
00
50
25
40
9,
9,
9,
9,
768.
819.
874.
934.
00
00
50
80
97, 680.
9 8 ,1 9 0 .
98, 745.
99, 348.
00
00
00
00
9 7 6 ,8 0 0 .0 0
981, 900. 00
987, 450. 00
993, 4 8 0 .0 0
2.
2.
2.
2.
3.
3.
3.
3.
$ 1 00 ,0 0 0 . 00
$1, 000. 000. 00
y ears...............
years...............
years...............
years...............
M A T U R IT Y V A L U E
(1 8 years from issue
date) ............................
$5, 000. 00
00
70
80
30
$10, 000. 00
030.
920.
860.
710.
38
41
44
47
2. 50
71
75
79
83
FORM
N
o
.
1
Application Number
Subscriber’s Reference No.
____________________________________ (A separate application should be submitted for each subscription)
THIS FORM TO BE USED FOR SUBSCRIPTION FOR THE ACCOUNT OF OTHER
THAN A COMMERCIAL OR INDUSTRIAL BANK
(Subscription by commercial or industrial bank for own account should be submitted on Form No. 2)
CASH SUBSCRIPTION
U N IT E D STATES OF A M E R IC A 2 % %
T R E A S U R Y BO N D S, IN V E ST M E N T SERIES A -1965
D A T E D O C T O B ER 1, 1947
DUE O CTO BE R 1, 1965
IN R EGISTERED FO R M O N L Y
F
R
ederal
eserve
B
an k
of
N
ew
Y
ork
,
Fiscal Agent of the United States,
Government Bond Department:
Date...............................................................1947
Pursuant to the terms of Treasury Department Circular No. 814, dated September 22, 1947, the undersigned submits
this application for 2% % TREASURY BONDS, INVESTMENT SERIES A-1965 in the form and amount indicated below:
$............................... face amount
(in multiples of $5,000 only)
$............................... accrued interest, if any
$___________________
total payment
(Accrued interest must be computed from October 1, 1947 to date funds will be available to the
Federal Reserve Bank of New York at the rate of $0.06831 per day per $1,000 face amount.)
BONDS ARE TO BE REGISTERED as follows: (See Treasury Department Circular No. 815 dated September 22,
1947, Subpart A.)
(Please type or print)
(N am e)
(Post office address of the owner)
Please issue and dispose of the bonds allotted on this subscription as indicated below:
N
um ber
or
T otal
F ace A m ou n t
D e n o m in a t io n s
P ie c e s
$
D is p o s it io n
5,000
Forward the bonds by registered mail to the registered
owner at the address shown above unless other instruc
tions are indicated here.
10,000
100,000
1,000,000
Total
F or
t h e u s e op t h e
F
ederal
R eserve B a n k
of
N
ew
Y
ork
FINANCIAL STATEMENTS ARE A T TA C H E D .......................................................................................................... □
FINANCIAL STATEMENTS HAVE BEEN FORW ARDED DIRECT TO YOU .................................................. □
(Financial statements need be supplied only if the amount of the subscription exceeds $250,000.)
_
Q
Payment in full for such securities is made as indicated below:
_
, ,
,,
, ,
...
□ By credit to our War Loan Deposit Account (For use of qualified
By check and/or cash herewith
depositaries only). The election to pay by credit will be deemed a
f~~| By charge to our Reserve Account which is hereby
nnthnnVpfl
autnorizea.
n rr use
m p oi
of m
mPTnhpr
nnlv'i
((F
*o
em ber hanks
oaniss o
n ly ;
subject to withdrawal on demand.
(Fill in all required spaces before signing)
v
h
i
PLEASE INDICATE
if this is a confirmation
certification by the officer who signs this subscription form that the full
amount of payment due on this subscription has been deposited on the
date
to the
the Uuited
credit of
the Federal
Reserve
Bank
of Newt0York,
as
fiscal hereof
agent of
gtateSj
War Loan
Deposit
Account)
be held
Application submitted by..............................................................................................................................................................................
(Please print)
YES.............. NO................
By.........................................................................................................................
(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
Payment received
Blotted
Examined
Carded
Released
Delivery prepared
Delivered
F orm N
o.
2
Application Number
CASH SUBSCRIPTION
Subscriber ’a Beference No.
FOR OWN ACCOUNT BY
COMMERCIAL OR INDUSTRIAL BANK
UNITED STATES OF AMERICA 2 % % TREASURY BONDS, INVESTMENT SERIES A-1965
DATED OCTOBER 1, 1947
DUE OCTOBER 1, 1965
IN REGISTERED FORM ONLY
F ed e r a l R eserve B a n k
of
New
Y ork,
Fiscal Agent of the United States,
Government Bond Department:
Date...............................................................1947
Pursuant to the terms of Treasury Department Circular No. 814, dated September 22, 1947, please enter subscription,
for our own account, for 2y2% Treasury Bonds, Investment Series A-1965 in the form and amount indicated below:
$ ......................................... face am ount (in multiples of $5,000 only)
$............................... accrued interest, if any
$_________________ total payment
(Accrued interest must be computed from October 1, 1947 to date funds will be available to the
Federal Reserve Bank of New York at the rate of $0.06831 per day per $1,000 face amount.)
Please issue and dispose of the bonds allotted on this subscription as indicated below:
N
um ber
OF
P ie c e s
T otal
F ace A m ou n t
D e n o m in a t io n s
$
D i s p o s it io n
5,000
Forward the bonds by registered mail to the address
shown below unless other instructions are indicated here.
10,000
100,000
1,000,000
Total
F
or t h e u s e o f t h e
F ederal R eserve B a n k
of
N ew Y
ork
Payment in full for such securities is made as follows:
f~| By cheek and/or cash herewith
Q
By charge to our Reserve Account which is hereby authorized.
(For use of member banks only)
□
By credit to our War Loan Deposit Account (For use of qualified
depositaries only). The election to pay by credit will be deemed a
certification by the officer who signs this subscription form that
the full amount of payment due on this subscription has been
deposited on the date h e r e o f to the credit of the Federal Reserve
Bank of New York, as fiscal agent of the United States, War Loan
Deposit Account, to be held subject to withdrawal on demand.
W E HEREBY CERTIFY that the total amount of this subscription
together with that of any other subscriptions which we may have
entered for our own account for 2 % % Treasury Bonds, Investment
Series A-1965 is not in excess of 25 percent of the increase in the
combined amount of time certificates of deposit (but only those
issued in the names of individuals, and of corporations, associations,
and other organizations not operated for profit), and of savings
deposits, between December 31, 1946, and June 30, 1947, or $25,000,
whichever is greater.
(N O TE: The Treasury Department has ruled that the amount of
“ time deposits, open account” , as defined in Regulation Q of the
Board of Governors of the Federal Reserve System, held for account
of individuals, and of corporations, associations, and other organiza
tions not operated for profit, may be included in determining the
amount of a subscription under the formula set forth above.)
(Fill in all required spaces before signing)
PLEASE INDICATE
Name of banking institution................................................ .......................................................................
(Typewrite or print exact corporate title for registration purposes)
if this is a confirmation
%
........... ....................................... . ...............................
(Official signature required)
Y E S.............. NO................
(Title)
City, Town or Village, P. O. No., and State..........................................................................................
DO NOT USE SPACES BELOW
|
Payment received
Blotted
Examined
Carded
Released
Delivery prepared
Delivered
TB-254
ORIGINAL
AD VICE TO SUBSCRIBER AND METHOD O F PAYM ENT RECEIVED
FEDERAL RESERVE BANK
OF NEW YORK
A P PL ICA TIO N N O .
REFERENCE N O.
DATE
Your subscription for $......................................2
Treasury Bonds, Investment Series A-1965, dated October 1, 1947,
due October 1,1965, has been received and, subject to the reservations set forth in Treasury Department Circular No. 814, dated
September 22, 1947, the amount subscribed for will be allotted in full.
A S R E Q U E S T E D T H E S E C U R IT IE S W I L L BE
D IS P O S E D O F A S IN D IC A T E D B E L O W :
□ By registered mail to owner
Q Other instructions:
R E C E IP T O F P A Y M E N T IS H E R E B Y A C K N O W L E D G E D A S F O L L O W S :
By check and/or c a s h .......................................................... Q
By charge to your Reserve A c c o u n t ................................... 0
By entry in War Loan Deposit A c c o u n t ............................. 0
JSgp
..........................................................................................................
Will you please check this advice with your record•.
F ed era l R eserve B a n k
of
N ew
Fiscal Agent of the United States
(Teller)
Y ork
TB-2J4
FEDERAL RESERVE BAN K
OF NEW YORK
DUPLICATE
BO O K CREDIT PAYM ENT
REFERENCE N O .
Your subscription for $......................................2^4% Treasury Bonds, Investment Series A-1965, dated October 1, 1947,
due October 1,1965, has been received and, subject to the reservations set forth in Treasury Department Circular No. 814, dated
September 22, 1947, the amount subscribed for will be allotted in full.
A S R E Q U E S T E D T H E S E C U R IT IE S W I L L BE
D IS P O S E D O F A S IN D IC A T E D B E L O W :
□ By registered mail to owner
□ Other instructions:
R E C E IP T O F P A Y M E N T IS H E R E B Y A C K N O W L E D G E D A S F O L L O W S :
By check and/or c a s h .......................................................... □
By charge to your Reserve A c c o u n t ................................... Q
By entry in War Loan Deposit A c c o u n t ............................. □
W ill you please check this advice with your records.
F ed era l R eserve B a n k o f N ew
Fiscal Agent of the United States
(Teller)
Y ork
OFFICE FILE C O P Y
tb-234
FEDERAL RESERVE BANK
O F NEW YORK
t r ip u c a t e
REFERENCE N O.
!V 2 %
Your subscription for $......................................2^2% Treasury Bonds, Investment Series A-1965, dated October 1, 1947,
due October 1,1965, has been received and, subject to the reservations set forth in Treasury Department Circular No. 814, dated
September 22, 1947, the amount subscribed for will be allotted in full.
A S R E Q U E S T E D T H E S E C U R IT IE S W I L L BE
D IS P O S E D O F A S IN D IC A T E D B ELO W :
□ By registered mail to owner
□ Other instructions:
R E C E IP T O F P A Y M E N T IS H E R E B Y A C K N O W L E D G E D A S F O L L O W S :
g y
a n d / o r C a s h .........................................................................................□
By charge to your Reserve A c c o u n t ................................... □
By entry in War Loan Deposit A c c o u n t ............................. □
W ill you please check this advice with your records.
..........................................................................................................
F ed eral R eserve B a n k o f N e w Y o r k
Fiscal Agent of the United States
(Teller)
TB-2X
PENDING TICKET
FEDERAL RESERVE BANK
O F NEW YORK
q u a d r u p l ic a t e
REFERENCE N O.
i l/2%
Your subscription for $......................................21
/2% Treasury Bonds, Investment Series A-1965, dated October 1, 1947,
due October 1, 1965, has been received and, subject to the reservations set forth in Treasury Department Circular No. 814, dated
September 22, 1947, the amount subscribed for will be allotted in full.
A S R E Q U E S T E D T H E S E C U R IT IE S W I L L BE
D IS P O S E D O F A S IN D IC A T E D B E L O W :
□ By registered mail to owner
□ Other instructions:
R E C E IP T O F P A Y M E N T IS H E R E B Y A C K N O W L E D G E D A S F O L L O W S :
By
^
........................................................................................ j - j
By charge to your Reserve A c c o u n t ................................... □
By entry in War Loan Deposit A c c o u n t ............................. □
SfegT" W ill you please check this advice with your records.
..........................................................................................................
...............................................................................
F ed eral R eserve B a n k o f N e w Y o rk
Fiscal Agent of the United States
(Teller)
UNITED STATES TREASURY DEPARTMENT
REGULATIONS
GOVERNING
TREASURY BONDS, INVESTMENT SERIES
Department Circular No. 815
September 22, 1947
F E D E R A L R ESERVE B A N K O F N E W YORK
Fiscal Agent of the United States
TABLE OF CONTENTS
Subpart A : REGISTRATION AND LIMITATION ON HOLDINGS.
Sec. 326.1.
General
Sec. 326.2.
Sec. 326.3.
Restrictions
Forms of registration
Sec. 326.4.
Not transferable
Subpart B: LIMITATION ON TRANSFER AND JUDICIAL PROCEEDINGS.
Sec. 326.5.
Judicial proceedings (judgment creditors, trustees in bankruptcy, receivers of
insolvents’ estates, etc.)
See. 326.6.
Evidence necessary
Subpart C: LOST, STOLEN, MUTILATED, DEFACED, OR DESTROYED BONDS.
Sec. 326.7.
Relief in case of loss, etc.
Subpart D: INTEREST.
Sec. 326.8.
Interest
Subpart E: GENERAL PAYMENT AND REDEMPTION PROVISIONS.
Sec. 326.9.
Payment, redemption, partial redemption
Sec. 326.10. Form and execution of requests for payment
Sec. 326.11. Nonreceipt or loss of checks issued in payment
Subpart F: GENERAL REISSUE AND DENOMINATIONAL EXCHANGE.
Sec. 326.12. Reissue
Sec. 326.13. Denominational exchange
Subpart G: PAYMENT AND REISSUE TO ORGANIZATIONS, FUNDS, AND TRUSTEES.
Sec. 326.14. Payment to corporations or unincorporated associations
Sec. 326.15. Reissue or payment to successors of corporations ; unincorporated associations,
and funds—Dissolution
Sec. 326.16. Payment to trustees
Sec. 326.17. Reissue in the name of a succeeding trustee
Subpart H : PROCEDURAL RULES.
Sec. 326.18. Explanation
Sec. 326.19. Correspondence, certificates, notices, and forms
Subpart I: FURTHER PROVISIONS.
Sec. 326.20. Supplements, amendments, or revisions
s
Regulations Governing Treasury Bonds, Investment Series
n .
. I?.47,
M 815
Department
Circular No.
’TREASURY
DEPARTMENT,
-------
O f f ic e o f t h e S e c r e t a r y ,
Bureau of the Public Debt
Washington, September 22, 1947.
To
O w n e r s o f T r e a s u r y B o n d s , I n v e s t m e n t S e r ie s , a n d O t h e r s C o n c e r n e d
:
Pursuant to section 1 of the Second Liberty Bond Act, as amended (31 U.S.C. 752), the following regu
lations applicable to Treasury Bonds, Investment Series, are promulgated by the Secretary of the Treasury.
Regulations governing other United States Bonds (including United States Savings Bonds) are not appli
cable to Treasury Bonds, Investment Series, except as otherwise specifically provided in this circular.
Subpart A :
REGISTRATION AND RESTRICTIONS
Sec. 326.1. General.— Treasury Bonds, Investment Series, are issued only in registered form in substan
tially the forms of registration set forth in section 326.3. The name and post office address of the owner will
be inscribed thereon at the time of issue. No designation of an attorney, agent, or other representative to
request or receive payment on behalf of the owner, nor any restriction on the right of such owner to
receive payment of the bond, other than as provided in these regulations, may be made in the registration
or otherwise.
Sec. 326.2. Restrictions.—
(a) Eligible investors.—The bonds may be issued upon subscription only to the following organizations
and funds doing business in the United States, its territories and possessions:1 (1) insurance companies,
(2) savings banks, (3) savings and loan associations and building and loan associations and cooperative
banks, (4) pension and retirement funds including those of the Federal, State, and local governments,
(5) fraternal benefit associations, (6) endowment funds, (7) credit unions, (8) commercial and industrial
banks (but only to such extent and under such conditions as may be provided specifically in official
circulars governing the offering of these securities).
(b) Limitation on amounts.— Subscriptions will be limited as specified in the official circulars governing
each offering of the bonds.
Sec. 326.3. Forms of registration.—Substantially the following forms of registration are suggested
and should ordinarily be used in requesting the issue of the bonds :
(a) Organizations (corporations and unincorporated associations).—In the name of any eligible
organization using in each case the full legal name of the organization2 without mention of any officer or
member by name or title, followed by the words “ an unincorporated association” , or “ a .............................
(place of incorporation)
corporation” (as the case may be). The reference to the place of incorporation may be omitted for
organizations incorporated under Federal law, for example, national banks, and when the place of incorpora
tion is part of the organization’s legal name.
(b ) Endowment funds.—Where the endowment funds consist in whole or in part of the general funds
of the organization the bonds may be registered in accordance with the provisions of subsection (a), except
that the place of incorporation need not be designated in the case of schools, colleges, and universities. The
parenthetical reference “ ( ........................... Endowment F u n d )” should be inserted in the registration in
such case. In the case of an endowment fund held in trust for a special purpose the provisions of subsec
tion (c) should be followed.3
(c) Private pension and retirement funds, and endowment funds held in trust.—In the name and title
of the trustee, or in the names and title of all the trustees if there are more than one (accompanied by an
adequate identifying reference to the trust) except that (1) registration in the title alone of the trustees
is permitted, if they are authorized to act only as a board, for example: “ Board of Trustees of Western
College in trust for the Library Endowment Fund under article III of its charter” and (2) all of the
trustees need not be named if they are too numerous to be designated in the inscription by names and title,
1 The Secretary of the Treasury reserves the right to issue these bonds to Government Investment Accounts.
2 Except that where title to the property of an organization is vested in trustees the bonds may be registered in the title of
the trustees or board of trustees (as the case may be) if desired, for example: “ Trustees of Jamestown Lodge No. 1000,
Northeastern Fraternal Benefit Association.”
3 Where the endowment fund as such is incorporated, registration may be in the form prescribed in subsection (a) as in the
case of any other corporation.
*
3
for example: “ John H. Schneider, Second National Bank, et al, trustees under indenture dated July 2,1942,
for the Employees’ Retirement Fund of the Acme Manufacturing Company, a Delaware Corporation” .
Wherever the name of a corporation appears in the registration the place of incorporation should be included.
(d) Public pension and retirement funds.—In the full title of the fund as adopted under the applicable
State law, city ordinance, or other authority constituting the fund or in a short title for the fund (if desired)
as shown, respectively, by the following examples: “ Board of Trustees of the Public School Retirement
System of Missouri” , or “ Missouri Teachers’ Retirement System” . If a public officer holds legal title to
the fund in trust the following form of registration is preferred “ Treasurer, Green City, Wisconsin, in
trust for the Police and Firemen’s Pension Fund” .
/-~
Subpart B: LIMITATION ON TRANSFER AND JUDICIAL PROCEEDINGS
Sec. 326.4. Not transferable.— The bonds are not transferable, and are payable only to the owners named
thereon except in the case of authorized reissue or as otherwise specifically provided in these regulations.
They may not be sold, discounted, hypothecated as collateral for a loan, or pledged as security for the
performance of an obligation or for any other purpose.
Sec. 326.5. Judicial proceedings (judgment creditors, trustees in bankruptcy, receivers of insolvents’
estates, etc.).— A claim against an owner of a bond will be recognized when established by valid judicial
proceedings and payment (but not reissue) will be made upon presentation and surrender of the bond,
except as follows:
(1) No such proceedings will be recognized if they would give effect to an attempted voluntary
transfer inter vivos of the bond.
(2) Those acquiring bonds under this section, with the exception of a trustee in bankruptcy or a
receiver of an insolvent’s estate, will be limited to payment at the redemption value current 30 days
after the termination of the judicial proceedings or current at the time the bond is surrendered for
redemption, whichever is smaller.
Sec. 326.6. Evidence necessary.— To establish the validity of judicial proceedings there must be sub
mitted a certified copy of a final judgment or decree of court and of any necessary supplementary proceed
ings. A trustee in bankruptcy should submit proof of his authority in the form of a certificate from the
referee showing that he is the duly elected and qualified trustee, together with a certificate from the clerk
of the United States District Court of the particular district, under seal, showing the incumbency of the
referee and authenticating his signature.
Subpart C: LOST, STOLEN, MUTILATED, DEFACED, OR DESTROYED BONDS
Sec. 326.7. Relief in case of loss, theft, mutilation, defacement, or destruction.—Under the provisions
of Sec. 8, 50 Stat. 481, as amended (U.S.C. 1940 Ed., title 31, Sec. 738a) and the regulations in Treasury
Department Circular No. 300, as amended, relief either by the issue of a substitute bond or by payment
may be given in case of the loss, theft, mutilation, defacement, or destruction of a bond. In any such case
immediate notice of the facts, with a full description of the bond, should be given to the Treasury Depart
ment, Division of Loans and Currency, Washington 25, D. C.
Subpart D: INTEREST
Sec. 326.8. Interest.—Each bond bears interest at a specified rate computed on the face amount of
the bond and payable semi-annually beginning six months from the date of the bond. Interest will be paid
on each interest payment date by check drawn to the order of the registered owner in the same form as the
inscription on the bond. Full advantage of interest at the rate specified may be secured only if the bond
is held to maturity. I f the bond is redeemed before maturity, the difference between the face or full maturity
value and the current redemption value then payable in accordance with the table printed on each bond
will represent an adjustment of interest to the rate appropriate for the shorter term, as set forth in the
table attached to the circular announcing the offering of the bonds.
(а) Change of address.—An owner should promptly notify the Treasury Department, Division of Loans
and Currency, Washington 25, D. C., of any change in the address for delivery of interest checks. The notice
should refer to all bonds for which it is desired that the address be changed and should describe each bond
by date, series, serial number, maturity value, and inscription appearing on the face of the bond.
(б) Reissue during interest period.— If a bond is reissued between interest payment dates, interest for
the entire period will be paid on the next interest payment date to the owner in whose name the bond is
reissued. Ordinarily, if a bond is received for reissue less than one month prior to an interest payment date,
reissue cannot be effected until after such interest payment date.
4
^
(c) Termination of interest.—In case of redemption prior to maturity, interest will cease on the last day
of the interest period next preceding the date of redemption. For example, if a bond on which interest is
payable on April 1 and October 1 is redeemed on December 1, 1948, interest will cease on October 1, 1948,
and no adjustment will be made on account of the failure to receive interest for the period from October 1
to December 1,1948. In case of authorized reissue, the interest on the original bond will cease on the last day
of the interest period next preceding the date of reissue and interest on the new bond will begin on the fol
lowing day. The same rules shall apply in case of partial redemption or partial reissue with respect to the
amount redeemed or reissued.
(d ) Loss or nonreceipt of check.— If an interest check is not received within a reasonable time after an
interest payment date or is lost after receipt, the Treasury Department, Division of Loans and Currency,
Washington 25, D. C., should be notified of the facts and should be given information concerning the amount,
number and inscription of the bond, as well as a description of the check, if possible, in case of loss after the
check is received. Appropriate instructions will then be given.
Subpart E:
GENERAL PAYMENT AND REDEMPTION PROVISIONS
Sec. 326.9. Payment, redemption, partial redemption.—
(a) Payment at maturity.—Pursuant to its terms a bond of the Investment Series will be paid at or
after maturity at its full face or maturity value, but only following presentation and surrender of the bond
for that purpose.
(b ) Redemption before maturity.— A bond may not be called for redemption by the Secretary of the
Treasury prior to its maturity but may be redeemed in whole or in part on one month’s notice in writing on
the first day of any month not less than six months from the issue date at the appropriate redemption value
as shown in the table printed on the bond. The owner’s option to redeem may be shown by a signed request
for payment or express written notice and payment will be made as of the first day of the first month follow
ing by at least one full calendar month the date of receipt of notice by the Treasury Department, Division of
Loans and Currency, Washington 25, D. C., or by a Federal Reserve Bank. If express notice is given, the
bond must be surrendered to the same agency to which the notice is given not less than 20 days before the
effective redemption date.
(c) Partial redemption.—Partial redemption in multiples of the minimum denomination, at current
redemption value, will be permitted upon presentation and surrender of the bond to a Federal Reserve Bank
or to the Treasury Department, Division of Loans and Currency, Washington 25, D. C., all in accordance
with this Subpart. In any case in which partial redemption is desired the request for payment should be
modified by adding to the first sentence thereof the words “ to the extent of $ ................... (maturity value)
and reissue of the remainder” . In case of partial redemption the remainder will be reissued in authorized
denominations as of the original date.
Sec. 326.10. Form and execution of requests for payment.—Unless otherwise authorized in a par
ticular case a request for payment of a bond whether made prior to, at, or after maturity must be executed
on the form appearing on the back of the bond to be surrendered and ordinarily will not be accepted if
executed more than six months before the date of the receipt of the bond for redemption. The request must
be executed by the registered owner or by such other person as may be entitled to request payment under
the provisions of these regulations. The signature must be affixed in the presence of one of the officers
authorized to certify requests, who should thereafter complete the request by signing over his official title
in the appropriate place and impressing the required seal and giving the date of execution.
(a) Certifying officers.— The following officers are authorized to certify requests for payment:
(1) At banks, trust companies and branches.—Any officer of any bank or trust company incor
porated in the United States or its organized territories, or domestic or foreign branch of such bank
or trust company including those doing business in the organized territories or insular possessions of
the United States and the Canal Zone under Federal charter or organized under Federal law; any
officer of a Federal Reserve Bank or Branch, a Federal Land Bank and Federal Home Loan Bank.
Certification by any of these officers should be authenticated by a legible impression of the corporate
seal of the bank or trust company.
(2) United States officials.—Judges, clerks and deputy clerks of United States courts, including
United States courts for the organized territories, insular possessions and the Canal Zone.
(3) Treasury Department.— Certain officers of the Treasury Department at Washington, D. C.
(b) Instructions to certifying officers.— Certifying officers should require positive identification of per
sons signing requests for payment and will be held fully responsible therefor. In all cases a certifying officer
must affix to the certification his official signature, title, address, and seal and the date of execution. I f a
certifying officer does not possess an official seal that fact should be made known and attested. An officer
of a bank or trust company who executes the request for payment in behalf of the bank or trust company
should not certify his own signature. It should be certified by another officer.
(c)
Presentation and surrender.—After the request for payment has been duly signed by the own
and certified as above provided, the bond should be presented and surrendered to a Federal Reserve Bank
or to the Treasury Department, Division of Loans and Currency, Washington 25, D. C., at the risk and
expense of the owner, and for such owner’s protection the bonds should be forwarded by registered mail if
not presented in person. Payment will be made by check drawn to the order of the registered owner or
person shown to be entitled to the bond and mailed to the address given in the request for payment.
Sec. 326.11. Nonreceipt or loss of checks issued in payment.—If a check issued in payment of a bond
surrendered for redemption is not received within a reasonable time, or in case such check is lost after
receipt, notice should be given to the same agency to which the bond was surrendered for payment with
information concerning the amount, number and inscription of the bond, as well as a description of the
check, if possible, in case of loss after the check is received. Appropriate instructions will then be given.
Subpart F: GENERAL REISSUE AND DENOMINATIONAL EXCHANGE
Sec. 326.12. Reissue.—
(а) When permitted.— Reissue of a bond in a different name or in a different form of registration
will be made only in the following instances:
(1) To correct an error in the original issue upon appropriate request supported by satisfactory
proof of such error;
(2) To show a change in the name of an owner upon the owner’s request supported by satis
factory proof of the change of name;
(3) As otherwise specifically provided in these regulations.
(б) Requests for reissue.—Requests for reissue should be made on appropriate forms, which may be
obtained from any Federal Reserve Bank or from the Treasury Department, Division of Loans and Cur
rency, Washington 25, D. C., and should be signed by the persons authorized under these regulations to
make such requests. A request for reissue must be signed in the presence of and be certified by an officer
authorized under Subpart E to certify requests for payment.
(c)
Date of bonds on reissue.—The new bonds will be of the same series, will bear the same date, a
will have the same rights and privileges as the bonds surrendered.
Sec. 326.13. Denominational exchange.— Exchange as between authorized denominations will not be per
mitted except in cases of partial redemption or authorized reissue.
Subpart G: PAYMENT AND REISSUE TO ORGANIZATIONS, FUNDS, AND TRUSTEES
Sec. 326.14. Payment to corporations or unincorporated associations.—A bond registered in the name
of a corporation or an unincorporated association will be paid to such corporation or unincorporated associa
tion upon request for payment on its behalf by a duly authorized officer thereof. The signature to the
request should be in the form, for example, ‘ ‘ Horizon Life Insurance Company, by William A. Smith, Presi
dent” , or “ Weatherton Fraternal Benefit Association, by John Jones, Treasurer” . A request for payment
so signed and duly certified will ordinarily be accepted without further proof of the officer’s authority.
Sec. 326.15. Reissue or payment to successors of corporations, unincorporated associations and funds.
—Dissolution.—
(a) Reissue or payment to successors.—A bond registered in the name of a corporation or an unincorpo
rated association or fund which has been succeeded by another corporation or unincorporated association or
fund by operation of law or otherwise, as the result of merger, consolidation, reincorporation, conversion,
reorganization, or in any manner whereby the business or activities of the original organization or fund are
continued without substantial change, will be paid to, or reissued in the name of, the successor upon appro
priate request on its behalf and satisfactory proof of lawful successorship.
(b) Dissolution.— If the organization or fund has been dissolved before redemption of the bonds, the
persons acquiring title to the assets of the organization or fund including the bonds will be entitled only to
the redemption value of the bonds current 30 days after the date of dissolution, or at the time the bonds are
presented and surrendered for redemption, whichever is smaller. In most cases it will be simpler for the
organization or fund to present the bonds for redemption prior to dissolution.
Sec. 326.16. Payment to trustees.—A bond registered in the name of a trustee, or otherwise belonging
to a trustee in his capacity as such, will be paid to the trustee upon his request. A request for payment bei<~~
maturity must be signed by all acting trustees unless, by express statute or decree of court or by the tei
6
of the instrument under which they are acting, some one or more of them may properly execute the request,
request for payment at maturity signed by any one or more acting trustees will be accepted, but payment
11 be made to all. I f the bond is registered in the names of trustees who are still acting, no further evi
dence of authority will be required. In other cases the request for payment must be supported by evidence as
specified below:
(a) Trustees— by title only.— If the bond is registered in the titles without the names of the trustees,
satisfactory proof of their incumbency must be furnished, except in the case of public officers.
(b) Succeeding trustees.— If the trustees in whose names the bonds are registered have been succeeded
by other trustees, satisfactory proof of successorship must be furnished.
(c) Boards, public bodies, etc.— If the trustees consist of a board or public body, or are otherwise
empowered to act as a unit, a request for payment before maturity must be signed in the name of the board
or other body by an authorized officer or agent thereof or by all members of the board or other body. A
request executed by an officer or agent must be supported by a duly certified copy of a resolution of the
board or other body authorizing such action or by a duly certified copy of the trust instrument or excerpt
therefrom showing the authority for such action, except that in the case of a public board or other public
body a request signed in its name by an authorized officer thereof and duly certified will ordinarily be
accepted without further proof of his authority. A request signed by all members of a private board or
other private body acting as trustee must be supported by a duly executed certificate of incumbency.
(d) Corporate trustees.—If a public or private corporation or a political body, such as a State or
county, is trustee, a request for payment must be signed in the name of the corporation or other body as
trustee by an authorized officer thereof. A request for payment so signed and duly certified will ordinarily
be accepted without further proof of the officer’s authority.
Sec. 326.17. Reissue in the name of a succeeding trustee.—If a trustee in whose name a bond is regis
tered has been succeeded by another, the bond will be reissued in the name of the succeeding trustee upon
appropriate request and satisfactory proof of successorship.
Subpart H :
PROCEDURAL RULES
Sec. 326.18. Explanation.— Rules of a procedural nature pertaining to payment or reissue and relief
on account of loss, theft, etc., have been set forth in the foregoing subparts with the substantive rules to
—shich they apply. Other procedural rules are set forth in the following sections.
Sec. 326.19. Correspondence, certificates, notices, and forms.— The Treasury Department, Division of
Loans and Currency, Washington 25, D. C., is charged with all matters concerning Treasury Bonds, Invest
ment Series. In the same connection the Federal Reserve Banks, as Fiscal Agents of the United States,
and their Branches, are utilized. Correspondence regarding transactions within the scope of these regula
tions, certificates of court and other certificates required hereunder, notices of intention to redeem and the
like (which must be in writing) and any other appropriate forms or documents should be addressed accord
ingly (and where necessary the bonds should be presented and surrendered therewith), except that any
specific instructions given elsewhere in this circular for addressing particular transactions should be
observed. Notices or documents not so submitted, or on file in the Treasury Department elsewhere than
with the Division of Loans and Currency, Washington 25, D. C., will not be recognized. Appropriate forms
for use in connection with transactions may be obtained from any Federal Reserve Bank or from the
Treasury Department, Division of Loans and Currency, Washington 25, D. C.
(a) Additional proof—Bond of indemnity.— The Secretary of the Treasury in any case arising under
these regulations may require such additional proof as he may consider necessary or advisable in the
premises; and may require a bond of indemnity with satisfactory sureties, or an agreement of indemnity,
in any case where he may consider such a bond or agreement necessary for the protection of the interests of
the United States.
{b) Federal Reserve Banks.—Usually transactions will be expedited by the use of the Federal Reserve
Banks4, as Fiscal Agents of the United States, and their Branches.
Subpart Is FURTHER PROVISIONS
Sec. 326.20. Supplements, amendments, or revisions.—The Secretary of the Treasury may at any time
or from time to time prescribe additional, supplemental, amendatory, or revised rules and regulations
governing Treasury Bonds, Investment Series.
A. L. M. WIGGINS,
Acting Secretary of the Treasury.
**>s 4 The Federal Reserve Banks are located at Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St.
,uis, Minneapolis, Kansas City, Dallas, and San Franciseo.
7
@FedFRASER