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FE 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 3 0 1 *1 L January 20, 1948 J OFFERING OF 1% Percent Treasury Certificates of Indebtedness of Series B-1949 Dated and bearing interest from February 1, 1948 Due February 1, 1949 IN EXCHANGE FOR % Percent Treasury Certificates of Indebtedness of Series B-1948, Maturing February 1, 1948 To all Banking Institutions, and Others Concerned, in the Second Federal Beserve 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 Ys percent Treasury Certificates of Indebtedness of Series B-1949, open on an exchange basis, par for par, to holders of Treasury Certificates of Indebtedness of Series B-1948, in the amount of $3,946,660,000, which will mature on February 1, 1948. Cash subscriptions will not be received. The certificates now offered will be dated February 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 Feb ruary 1, 1949. Thev 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, as amended, interest upon the certifi cates now offered shall not have any exemption, as such, under the Internal Revenue Code, or laws amendatory 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 certifi cates. 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 Thurs day, January 22. Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and placed in the mail before midnight January 22, 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. 822, dated January 20, 1948, 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 pr o tjl , President. ( over) UNITED STATES OF AMERICA 1y s 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 B -1949 Dated and bearing interest from February 1, 1948 1948 Department Circular No. 822 Due February 1, 1949 TR E A SU R Y DEPARTM ENT, O f f ic e Fiscal Service Bureau of the Public Debt of t h e Secretary, Washington, January 20, 1948. I. OFFERING OF CERTIFICATES 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 indebted ness of the United States, designated 1^8 percent Treasury Certificates of Indebtedness of Series B-1949, in exchange for Treasury Certificates of Indebtedness of Series B-1948, maturing February 1, 1948. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated February 1, 1948, and will bear interest from that date at the rate of 1 Ys percent per annum, payable with the principal at maturity on February 1, 1949. 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 taxes now or hereafter imposed under the Internal Revenue Code, or laws amendatory or supplementary thereto. The certificates shall be sub ject 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 posses sions 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, $10,0Qj), $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. SUBSCRIPTION AND A LLO 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. P A YM E N T 1. Payment at par for certificates allotted hereunder must be made on or before February 2, 1948, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series B-1948, matur ing February 1, 1948, which will be accepted at par, and should accompany the subscription. The full year’s interest on the certificates surrendered will be paid to the subscriber following acceptance of the certificates. V. GENERAL PROVISION 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 Fed eral 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 B-1948, maturing February 1, 1948 must be tendered in payment for this subscription. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES B-1949, DATED FEBRUARY 1, 1948, DUE FEBRUARY 1, 1949 Important S u bject to allotted in full. the reservation* in Treasury F ederal R e serve B a n k of D epartm ent C ircu lar No. 8 22, dated January 20, 1948, all subscriptions will be N ew Y ork, Fiscal Agent of the United States, Federal Reserve P. O. Station, New York 45, N. Y . ..................................................................................1948 Attention Government Bond Department— 2nd Floor D e ar S i r s : Subject to the provisions of Treasury Department Circular No. 822, dated January 20, 1948, the undersigned hereby subscribes for United States of America 1 % percent Treasury Certificates of Indebtedness of Series B-1949 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 B-1948, maturing February 1, 1948, as follows: m To be delivered to you To be withdrawn from ... v ,, , tor our account by................................................... Delivered to .securities held by you you herewith $............................... for our account........... $................................................................................. $................................... Pay the proceeds of interest due February 1, 1948 on maturing securities as follows: By ch eck ............................................................................................................................ □ 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 en 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 ar Loan deposits □ 5. Special instructions : 10,000 • 100,000 1,000,000 Total IM P O R T A N T : 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. T he undersigned, if a bank or trust com p a n y , h ereby certifies that the securities which you are hereby or hereafter instructed to dispose o f in the m anner indicated in items num bered 3 and 4 above are the sole property o f the undersigned. (Fill in all required spaces before signing) Application submitted by. (Please print) SUBSCRIBER : YES.. diente if this is a confirmation. NO... B y .................................. (Official signature required) (Title) 1 Street address V City, Town or Village, P. O. No., and State. Spaces below are fo r the use o f the Federal Reserve Bank o f New Y ork V a u l t R ecord S a f e k e e p in g R ecord Released Taken from Vault- Securities received by- Counted Checked Delivered G o vern m en t B ond R ecord Securities received by- Checked byDelivery Receipt Received from F ederal R eserve B a n k of N e w Y ork the above described United States Government obligations in the amount indicated above. Checked by and delivered- Subscriber. Date. By. List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer Address ( Pleast print or tut typewriter) V it. *
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