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FEDERAL RESERVE BANK
OF N EW YORK
Fiscal A gen t of the U nited States
r Circular No. 3 2 9 3 1
December 19, 1947 J

L

O F F E R IN G OF

1 ]/g Percent Treasury Certificates of Indebtedness of Series A-1949
Dated and bearing interest from January 1, 1948

Due January 1, 1949

IN E X C H A N G E FO R

% Percent Treasury Certificates of Indebtedness of Series A-1948, Maturing January 1, 1948

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 1 ^ percent Treasury Certificates of Indebtedness of Series A -1949, open on an exchange
basis, par for par, to holders of Treasury Certificates of Indebtedness of Series A -1948, in the amount of
$3,134,197,000, which will mature on January 1, 1948. Cash subscriptions will not be received.
The certificates now offered will be dated January 1, 1948, and will bear interest from that date at
the rate of one and one-eighth percent per annum, payable with the principal at maturity on January
1, 1949. 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 A ct of 1941, as amended, interest upon the certificates
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 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 for the receipt of all subscriptions at the close of business Tuesday,
December 23.
Subcriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and
placed in the mail before midnight December 23, will be considered as having been entered before the
close o f the subscription books.

The terms of this offering are set forth in Treasury Department Circular No. 821, dated
December 19, 1947, 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.

UNITED STATES OF AMERICA
1y 8

P E R C E N T T R E A S U R Y C E R T IF IC A T E S O F IN D E B T E D N E S S O F S E R IE S

Dated and bearing interest from January

1, 1948

1947
Departm ent Circular N o. 821

A-1949

D ue January

1, 1949

TR EASU RY DEPARTM ENT,
O f f ic e

Fiscal Service
Bureau o f the Public Debt

of t h e

Secretary,

Washington, December 1 9 ,1 9 4 7 .
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 A ct, as
amended, invites subscriptions, at par, from the people of the United States, for certificates of indebtedness
of the United States, designated 1 ^ percent Treasury Certificates of Indebtedness of Series A -1949, in
exchange for Treasury Certificates of Indebtedness of Series A -1948, maturing January 1, 1948.
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 January 1, 1948, and will bear interest from that date at the rate of
1 % percent per annum, payable with the principal at maturity on January 1,1 9 4 9 . They will not be subject
to call for redemption prior to maturity.
2. The income derived from the certificates shall be subject to all taxes now or hereafter imposed under
the Internal Revenue Code, or laws amendatory or supplementary thereto. 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.
in payment of taxes.

They will not be acceptable

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 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 reserva­
tions, 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 January 2, 1948, or on
later allotment, and may be made only in Treasury Certificates of Indebtedness of Series A -1948, maturing
January 1, 1948, which will be accepted at par, and should accompany the subscription. The fu ll year’s
interest on the certificates surrendered will be paid to the subscriber following acceptance of the certificates.
V.

G E N E R A L P R O V IS IO N S

1. A s 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 pay­
ment 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.




JO H N W . S N Y D E R ,
Secretary of the Treasury.

Subscriber’s Reference No.

Application Number

E A -C S

United States of America % percent Treasury Certificates of Indebtedness of Series A-1948,
maturing January 1, 1948, must be tendered in payment for this subscription.
EXCHANGE SUBSCRIPTION
FOR UNITED STATES OF AMERICA V/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS
OF SERIES A-1949, DATED JANUARY 1, 1948, DUE JANUARY 1, 1949

Important
Subject to the reservation« in Treasury Department Circular No. 821, dated December 19, 1947, all subscription« will be
allotted in full.
F

ederal

R eserve B a n k

of

New Y

ork,

Fiscal A gent of the United States,
Federal Reserve P. 0 . Station,
New York 45, N. Y .

........................................................................................ 1 9 4 7

Attention Government Bond Department— 2nd Floor
D

ear

Sir s :

Subject to the provisions of Treasury Department Circular No. 821, dated December 19,. 1947, the undersigned hereby
subscribes for United States of America 1 % percent Treasury Certificates of Indebtedness of Series A -1949 as stated below:
F or 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 A-1948, maturing January 1, 1948, as follows:
m
„
To be delivered to you
To be withdrawn from
1™
■pv 1 •
1 .
•. •
1
1 j
-i
tor our account b y ...........................................................................................................
Delivered to
securities held by you
J
you herewith $ .................................
for our account............ $.......................................................................................
$......................................
Pay the proceeds of interest due January 1, 1948 on maturing securities as follows:
B y c h e c k ....................................................................................................................................

□

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

□

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

Par Value

Pieces
$

Leave Blank

1,000
5,000

□

1.

Deliver over the counter to the undersigned

□

2.

Ship to the undersigned

□

3.

Hold in safekeeping (for member bank only)

□

4.

Hold as collateral for W a r Loan deposits

□

5.

Special instructions:

10,000
100,000
1,000,000
Total
I M P O R T A N T : N o changes in delivery instructions will be accepted. A separate subscription must be submitted
for each group o f securities as to which different delivery instructions are given.
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.
(Fill in all required spaces before signing)
Application submitted by.
(Please print)

TO SU B SC R IB E R :

Please indicate if this is a confirmation.

YES.
NO...

B y ................
(Official signature required)

(Title)

Street address
City, Town or Village, P. 0. No., and State.
Spaces below are for the use of the Federal Reserve Bank of New York
V

ault

R ecord

Securities
received by-

Released
Taken from Vault-

Securities
received by-

Counted
Checked


Delivered


G o v e b n m e n t B o n d R ecord

S a f e k e e p in g R ecord

Checked byDelivery Receipt

Received from F e d e r a l R e s e r v e B a n k o f N e w Y o r k the above described
United States Government obligations in the amount indicated above.

Checked by
and delivered-

Sübscriber.
Date.

By.

List of customers whose applications are included in the foregoing subscription

A m ount Subscribed




Name of Customer
( Please print or use typewriter)

Address