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FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States f Circular No. 3 3 3 6 " l L May 19, 1948 J OFFERING OF 1% Percent Treasury Certificates of Indebtedness of Series E-1949 Dated and bearing interest from June 1, 1948 Due June 1, 1949 IN EXCHANGE FOR % Percent Treasury Certificates of Indebtedness of Series E-1948, Maturing June 1, 1948, or 1% Percent Treasury Bonds of 1948, Maturing June 15, 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 Ys percent Treasury Certificates of Indebtedness of Series E-1949, open on an exchange basis, in authorized denominations, to holders o f % percent Treasury Certificates of Indebtedness of Series E-1948, maturing June 1, 1948, in the amount of $1,777,142,000, or 1% percent Treasury Bonds of 1948, maturing June 15, 1948, in the amount of $3,061,851,500. Exchanges will be made par for par in the case of the maturing certificates, and at par with an adjustment of interest as o f June 15, 1948, in the case of the maturing bonds. The certificates now offered will be dated June 1, 1948, and will bear interest from that date at the rate o f one and one-eighth percent per annum, payable with the principal at maturity on June 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 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 Depart ment, Washington, and should be accompanied by a like face amount o f the securities to be exchanged and, where maturing bonds in coupon form are presented, by payment of accrued interest on the new certificates at the rate o f $0.43151 per $1,000, since in these cases interest is to be adjusted as of June 15, 1948. Subject to the usual reservations, all subscriptions will be allotted in full. The subscription books will close at the close of business Friday, May 21, except for the receipt of subscriptions from holders of $25,000 or less of the maturing bonds. The subscription books will close for the receipt of subscriptions of the latter class at the close o f business Tuesday, May 25. 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 o f the subscription books. The terms of this offering are set forth in Treasury Department Circular No. 827, dated May 19, 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 subscriptions should be made on official subscription blanks and maiiled immediately or, if filed by telegram or letter, should be confirmed immediately by mail on the blanks provided. A llan S prou l, President. ( oveb) UNITED STATES OF AM ERICA 1% PERCENT TR E A SU R Y CERTIFICATES OF IN D EBTEDN ESS OF SERIES E-1949 Dated and bearing interest from June 1, 1948 Due June 1, 1949 TR E A SU R Y DEPARTM ENT, Department^CircuIar N o. 827 ------- O f f ic e o f t h e S e c r e t a r y , Washington, May 19,1948. Bureau o f^ e P u b H c D ebt 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 from the people of the United States for certificates of indebtedness o f the United States, designated 1Ys percent Treasury Certificates of Indebtedness of Series E-1949, in exchange for % percent Treasury Certificates of Indebtedness of Series E-1948, maturing June 1, 1948, or 1% percent Treasury Bonds o f 1948, maturing June 15, 1948. Exchanges will be made par for par in the case of the maturing certificates, and at par with an adjustment of interest as of June 15, 1948, in the case of the maturing bonds. 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 June 1,1948, and will bear interest from that date at the rate of 1% percent per annum, payable with the principal at maturity on June 1, 1949. They will not be subject to call for redemp tion 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. 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 hereafter 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 Depart ment, 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 reservations, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment. IV . PAYM ENT 1. Payment for certificates allotted hereunder must be made on or before June 1,1948, or on later allotment. Payment o f the principal amount may be made only in Treasury Certificates of Indebtedness of Series E-1948, maturing June 1, 1948, or in Treasury Bonds of 1948, maturing June 15,1948, 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. In the case o f the maturing bonds in coupon form, payment of accrued interest on the new certificates from June 1, 1948 to June 15,1948 ($0.43151 per $1,000) should be made when the subscription is tendered. In the case of maturing registered bonds, the accrued interest will be deducted from the amount of the check which will be issued in payment of final interest on the bonds surrendered. Final interest due June 15 on bonds surrendered will be paid, in the case of coupon bonds, by payment of June 15, 1948 coupons, which should be detached by holders before presentation of the bonds, and in the case of registered bonds, by checks drawn in accordance with the assignments on the bonds surrendered. V. A S S IG N M E N T O F R E G IS T E R E D B O N D S 1. Treasury Bonds of 1948 in registered form tendered in payment for certificates offered hereunder should be assigned by the registered payees or assignees thereof to “ The Secretary of the Treasury for exchange for Treasury Certificates o f Jndebtedness of Series E-1949 to be delivered t o ....................................... , ” in accordance with the general regulations of the Treasury Department governing assignments for transfer or exchange, and thereafter should be presented and surrendered with the subscription to a Federal Reserve Bank or Branch or to the Treasury Department, Division of Loans and Currency, Washington, D. C. The bonds must be delivered at the expense and risk of» the holders. V I. 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 o f 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 o f the Treasury. Subscriber’s Reference No. Application Number EA-BLCL For use when United States of America 1 % percent Treasury Bonds of 1948, IN COUPON FORM, maturing on June 15, 1948 are tendered in payment. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1949, DATED JUNE 1, 1948, DUE JUNE 1, 1949 Important 1. Su bject to the reservations in Treasury Departm ent C ircular No. 8 27, dated May 19, 1948, all subscriptions will be allotted in full. 2. C oupons dated June 15, 1 9 4 8, should be detached from United States of A m erica 1 % percent Treasury Bonds of 1948 which are tendered in paym ent and collected in the usual manner. 3. A ccr u e d interest on the new certificates from June 1, 1948 to June 15, 1948 at the rate of $ 0 .43151 per $ 1 ,0 0 0 must a ccom p a n y this subscription. F ed e ra l R eserve B a n k of New Y ork, Dated at. Fiscal Agent of the United States, Federal Reserve P. 0 . Station, New York 45, N. Y. ......................... Attention Government Bond Department— 2nd Floor .1948 D ear S i r s : Subject to the provisions of Treasury Department Circular No. 827, dated May 19, 1948, the undersigned hereby subscribes for United States o f America 1% percent Treasury Certificates of Indebtedness of Series E-1949 as stated below : F or own account........................................................................................................................................ $................................. F or our customers (fo r 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 1% percent Treasury Bonds of 1948, maturing June 15, 1948, in coupon form, as follows: „ To be delivered to you To be withdrawn from f our account by............................................... Delivered to securities held by you you herewith $............................ for our account...........$............................................................................ $................................. Payment of accrued interest from June 1, 1948 to June 15, 1948 ($0.43151 per $1,000) on securities allotted is made as indicated below : By check and/or cash herewith............................... □ By charge to our Reserve Account which is hereby authorized (For use of member banks only) - - - Q 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. Deliver over the counter to the undersigned □ 2. Ship to the undersigned 1,000 □ 3. H old in safekeeping (for member bank only) 5,000 □ 4. Hold as collateral for W ar Loan deposits □ 5. Special instrijctions: 10,000 ««. 100,000 1,000,000 * Total IM PORTANT: 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 h e undersigned, if a bank o r trust com pany, hereby certifies that the securities which y oii 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 b y . (Please print) TO SU B S C R IB E R : Please indicate if this is a confirmation. YES. NO... By.............. (Official signature required) (Title) Street address City, Town or Village, P. O. No., and State. Spaces below are for the use o f the Federal Reserve Bank o f New Y ork V a u l t 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 ecoed 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 p N e w Y o r k t h e above described United States Government obligations in the amount indicated above. Checked by and delivered- Subscriber. Date. By. Ligt of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer ( Please print or use typewriter) Address Subscriber’s Reference No. Application Number EA-BLRL For use when United States of America 1 % percent Treasury Bonds of 1948, IN REGISTERED FORM, maturing on June 15, 1948 are tendered in payment. EXCHANGE SUBSCRIPTION FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES E-1949, DATED JUNE 1, 1948, DUE JUNE 1, 1949 Important 1. in full. Su bject to the reservations in Treasury Departm ent Circular No. 827, dated May 19, 1948, all subscriptions will be allotted 2. 1 % percent Treasury Bonds o f 1948 in registered form tendered in paym ent for 1 % percent Treasury Certificates of Indebtedness o f Series E -1949 should be assigned b y the registered payees or assignees th ereof in the manner provided in para graph 1 o f Section V o f Treaury D epartm ent Circular No. 8 27. 3. A ccru e d interest will be ch arged to the subscriber on the new certificates from June 1, 1948 to June 15, 1948 at the rate o f $ 0 .4 3 1 5 1 per $ 1 ,0 0 0 . This am ount will be charged against the final interest due June 15, 1948 on the 1 % percent Treasury Bonds o f 1948 surrendered, which is $ 8 .7 5 per $ 1 ,0 0 0 , and the difference will be rem itted by us to the subscriber upon discharge o f registration o f such bonds by the Treasury D epartm ent. F e d e r a l R eserve B a n k of N ew Y ork, Dated at. Fiscal Agent of the United States, Federal Reserve P. 0 . Station, New York 45, N. Y. Attention Government Bond Department— 2nd Floor .1948 D ear S i r s : Subject to the provisions of Treasury Department Circular No. 827, dated May 19, 1948, the undersigned hereby subscribes for United States of America 1% percent Treasury Certificates of Indebtedness of Series E-1949 as stated below : F or own account........................................................................................................................................ $................................. F or our customers (fo r 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 1% percent Treasury Bonds of 1948, maturing June 15, 1948, in registered form, as follows: To be delivered to you To be withdrawn from for our account by................................................ Delivered to securities held by you you herewith $............................. for our account...........$.......................... . $• Y ou are authorized to charge the amount of accrued interest from June 1, 1948 to June 15, 1948 on the securities allotted against the amount of final interest due on June 15, 1948 on the registered bonds surrendered, and to remit the balance upon discharge o f registration of such bonds by the Treasury Department. Issue and dispose of the securities allotted on this sub«cription in the denominations and amounts as indicated below: D e n o m in a t io n s □ 1. Deliver over the counter to the undersigned □ 2. Ship to the undersigned 1,000 □ 3. Hold in safekeeping (fo r member bank only) 5,000 □ 4. Hold as collateral for W ar Loan deposits □ 5. Special instructions: Par Value Pieces • $ Leave Blank 10,000 100,000 1,000,000 Total 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. T h e u ndersign ed , i f a bank or trust com pan y, h ereb y certifies that the securities w hich you are h ereby or h erea fter instructed to d isp ose o f in the m anner in d ica ted in item s n um bered 3 and 4 a b o v e are the sole prop erty o f the u n dersigned. ^ (Fill in all required spaces before signing) Application submitted by. (Please print) TO SUBSCRIBER: Please indicate if this is a confirmation. YESNO... By................ (Title) (Official signature required) Street address................................................ City, Town or Village, P. O. No., and State __ V a u l t R ecord Spaces b elow are fo r the use o f the Federal R eserve Bank o f New Y ork Securities received by- Released Taken from Vault- Securities received by- Delivered 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. Counted Checked G o v e k n m e n t B on d R ecord S a f e k e e p in g R ecord Checked by and delivered ■ Subscriber. Date. By. List of customers whose applications are included i Amount Subscribed Name of Customer (Please print or use typewriter) the foregoing subscription Address Subscriber’s Reference No. Application Number E A-CS United States of America % percent Treasury Certificates of Indebtedness of Series E-1948, maturing June 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 E-1949, DATED JUNE 1, 1948, DUE JUNE 1, 1949 Important Subject to the reservations in Treasury Departm ent Circular No. 8 27, dated May 19, 1948, all subscriptions will be allotted in full. F e d e r a l R ese r v e B ank op New Y ork, n ■ ^ , Fiscal Agent of the United States, ‘ ........................................................................ Federal Reserve P. 0 . Station, 1Q1G New York 45, N. Y . .............................................................................194y Attention Government Bond Department— 2nd Floor D ear S ir s : Subject to the provisions of Treasury Department Circular No. 827, dated May 19, 1948, the undersigned hereby subscribes for United States of America 1% percent Treasury Certificates of Indebtedness of Series E-1949 as stated below: F or own account........................................................................................................................................ $................................. For our customers (fo r 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 E-1948, maturing June 1, 1948, as follows: m 1 To be delivered to you 1 o be withdrawn rrom —. . • , . •. • i i j i tor our account by Delivered to securities held by you you herewith $............................ for our account...........$.......................................... ................................. $................................. Pay the proceeds of interest due June 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 □ 1. Deliver over the counter to the undersigned □ 2. Ship to the undersigned 1,000 □ 3. Hold in safekeeping (for member bank only) 5,000 □ 4. Hold as collateral for W ar Loan deposits □ 5. Special instructions: Pieces $ Leave Blank 10,000 100,000 1,000,000 Total IM PO RTAN T: No changes in delivery instructions will be accepted. A separate subscription must be submitted for each >up of securities as to which different delivery instructions are given. Th e un. ersigned, if a bank or trust com pany, hereby certifies that the securities which you are hereby or hereafter instructed to dispose of it» the manner 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) 'UBSCRIBER: indicate if this is a confirmation. YES NO... 'J tc B y.................. (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 o f New Y ork V a u l t R ecord Securities received by- Released Taken from Vault- Securities received by- Counted Checked Delivered G o vern m en t B ond 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- Subscriber. Date. By. List of customers whose applications are included in the foregoing subscription Amount Subscribed Name of Customer Address ( Please print or use typewriter) i _________ . 96 >v . > '
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