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FED ERAL RE SER VE BANK
OF NEW YORK
Fiscal A g en t o f the U nited States
r Circular No. 3 6 2 2 1
L December 4, 1950 J

O FFE R IN G OF

1% Percent Treasury Notes of Series B-1955
Dated and bearing interest from December 15, 1950

Due December 15, 1955

IN E X C H A N G E FO R

i y 2 Percent Treasury Bonds of 1950, Maturing December 15, 1950, or
1Y8 Percent Treasury Certificates of Indebtedness of Series A-1951, Maturing January 1, 1951
To all Banking Institutions, and Others Concerned,
in the Second Federal Reserve D istrict:

The following statement was made public today:
Secretary o f the Treasury Snyder today announced the offering, through the Federal Reserve
Banks, o f 1% percent Treasury Notes o f Series B-1955, open on an exchange basis, in authorized
denominations, to holders o f 1^2 percent Treasury Bonds o f 1950, m aturing December 15, 1950, in the
amount o f $2,635,433,500, or 1 % percent Treasury Certificates of Indebtedness o f Series A-1951,
m aturing January 1, 1951, in the amount o f $5,372,668,000. Exchanges will be made par fo r par on
December 15 in the case o f the m aturing bonds, and at par with an adjustment o f interest on
January 1 in the case o f the m aturing certificates. The new notes will be delivered on or after
December 15 in the case o f bonds exchanged, and on or after January 2 in the case o f certificates
exchanged. Cash subscriptions will not be received.
The notes now offered will be dated December 15, 1950, and will bear interest from that date at
the rate o f 1 % percent per annum, payable semiannually on June 15 and December 15 in each year
until the principal amount becomes payable. They w ill not be subject to call fo r redem ption p rior to
maturity. Thev will be issued in bearer form only, with interest coupons attached, in denominations
o f $1,000, $5,000, $10,000, $100,000 and $1,000,000.
Pursuant to the provisions o f the Public D ebt A ct o f 1941, as amended, interest upon the notes
now offered shall not have any exemption, as such, under the Internal Revenue Code, or laws amenda­
tory or supplementary thereto. The fu ll 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, W ashington, and should be accom panied b y a like face amount of the securities to be
exchanged. Subject to the usual reservations, all subscriptions will be allotted in full.
The subscription books will close fo r the receipt o f all subscriptions at the close o f business
Thursday, December 7.
Subscriptions addressed to a . Federal Reserve Bank or Branch or to the Treasury Department,
and placed in the mail before m idnight December 7, will be considered as having been entered before
the close o f the subscription books.

The terms o f this offering are set forth in Treasury Department Circular No. 879, dated
December 4, 1950, 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 o f the United States. Cash subscriptions will not be received. Exchange subscrip­
tions should be made on official subscription blanks and mailed immediately or, if filed by
telegram or letter, should be confirmed immediately by mail on the blanks provided.




A

llan

S

pr o tjl,

President.

( )
over

UNITED STATES OF AMERICA
1y 4 P E R C E N T T R E A S U R Y N O T E S O F S E R IE S B-1955
D ated and bearing interest from D ecem ber 15, 1950
Interest payable June 15 and D ecem ber 15

n

*

*9 0 , v
.5

n
7Q

D epartm ent C ircular N o. 8 7 9

D u e D ecem ber 15, 1955

TREASU RY DEPARTM ENT,

’

------

O ff ic e of t h e S e c re ta ry ,

F isc a l S e rv ice
B ureau o f the P u b lic D e b t

Tir

. .

,

_

Washington, December 4, 1950.

I.

O F F E R IN G O F N O 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 notes of the United States, designated 1% percent Treasury
Notes of Series B-1955, in exchange for 1 y2 percent Treasury Bonds of 1950, maturing December 15, 1950, or 1 y8
percent Treasury Certificates of Indebtedness of Series A-1951, maturing January 1, 1951. Exchanges will be made
par for par on December 15 in the case of the maturing bonds, and at par with an adjustment of interest on January 1
in the case of the maturing certificates.
II .

D E S C R IP T IO N O F N O T E S

1. The notes will be dated December 15, 1950, and will bear interest from that date at the rate of 1% percent
per annum, payable semiannually on June 15 and December 15 in each year until the principal amount becomes pay­
able. They will mature December 15, 1955, and will not be subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all taxes, now or hereafter imposed under the Internal
Revenue Code, or laws amendatory or supplementary thereto. The notes 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 princi­
pal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority.
3. The notes will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes.
4. Bearer notes with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000, $100,000
and $1,000,000. The notes will not be issued in registered form.
5. The notes will be subject to the general regulations of tlie Treasury Department, now or hereafter prescribed,
governing United States notes.
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 notes 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 notes allotted hereunder must be made on or before December 15, 1950, or on later allotment,
in the case of maturing bonds tendered in exchange, and on or before January 2, 1951, or on later allotment, in the
case of maturing certificates tendered in exchange. The new notes will be delivered on or after December 15 in the
case of bonds exchanged, and on or after January 2 in the case of certificates exchanged. Payment of the principal
amount may be made only in Treasury Bonds of 1950, maturing December 15, 1950, or in Treasury Certificates of
Indebtedness of Series A-1951, maturing January 1, 1951, which will be accepted at par and should accompany the
subscription. Payment of final interest due December 15, 1950, on bonds exchanged hereunder will be effected, in the
case of coupon bonds, by payment o f December 15, 1950 coupons, which should be detached by holders before
presentation of the bonds for exchange, and in the case of registered bonds, by checks drawn in accordance with the
assignments on the bonds surrendered. The full year’s interest on certificates exchanged hereunder will be credited,
accrued interest on the new notes from December 15, 1950, to January 1, 1951, ($0.8173 per $1,000) will be charged,
and the difference ($10.4327 per $1,000) will be paid to subscribers on January 2, 1951.
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 1950 in registered form tendered in payment for notes offered hereunder should be assigned
by the registered payees or assignees thereof to “ The Secretary of the Treasury for exchange for Treasury Notes of
Series B-1955 to be delivered to.......................................... ’ 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 sub­
scriptions, 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 notes allotted,
to make delivery of notes on full-paid subscriptions allotted, and they may issue interim receipts pending deliver}^
of the definitive notes.
2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory
rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks.



JOHN W . SN YDER, Secretary o f the Treasury.

A p p lic a tio n N u m b er

Subscriber’s Reference No.
EA-C

U se this form when U nited States o f A m erica 1 '/« percent Treasury Certificates o f Indebtedness
o f Series A -1 9 5 1 , maturing January 1, 1951, are tendered in payment.
E X C H A N G E S U B S C R IP T IO N

FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY NOTES OF SERIES B-1955
DATED DECEMBER 15, 1950, DUE DECEMBER 15, 1955

Important
1.

S u b je ct to the re»erva tion » in T reasu ry D epartm en t C ircu la r N o. 8 7 9 , d a ted D ecem b er 4, 19 5 0, all s u b s crip tio n . w ill b e

allotted in full.
2. T h e new n o te , w ill be d eliv ered on o r a ft e r January 2, 1951 fo r the c e rtifica te , exch a n ged .

Dated at.
Fiscal Agent o f the United States,
Federal Reserve P. 0 . Station,
New York 45, N. Y.
Attention Government Bond Department— 2nd Floor

F e d e r a l R eser ve B a n k of N e w Y o r k ,

.1950

D ear S ir s :

Subject to the provisions o f Treasury Department Circular No. 879, dated December 4, 1950, the undersigned hereby
subscribes for United States of America 1% percent Treasury Notes o f Series B-1955 as stated below :
F or own account.........................................................................................................................................

$..................................

F or our customers (fo r use o f banking institutions) as shown on reverse side o f this form

$..................................

Total subscription..............................................................

$..................................

and tenders in payment therefor a like par amount o f United States of America lYs percent Treasury Certificates of
Indebtedness o f Series A-1951, maturing January 1, 1951, as follows:
Delivered to
you herewith $............................................

To be delivered to you
To be withdrawn from
for our account bj
securities . held by you
for our account............ $..........................................................................................

Credit the full year’s interest on certificates exchanged hereunder, less accrued interest
charged on the new'notes from December 15, 1950 to January 1,1951 ($0.8173 per $1,000),
and pay the difference ($10.4327 per $1,000) as follows:
By 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 8

n

I- Deliver over the counter to the undersigned
2. Ship to the undersigned

1,000

□

3.

5,000

□

4. H old as collateral fo r Treasury Tax and
Account

□

5.

Par Value

Pieces

$

□
Leave Blank

10,000

H o11 in safekeeping (fo r member bank only)

Loan

Special instructions:

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 o f securities as to which different delivery instructions are given.
T h e u n d e r.ig n e d , i f a bank or tr u .t com p a n y , h ereb y certifies that the securities w h ich y o u are h ereb y in stru cted to d isp o se o f
in the m anner in dica ted in items n um bered 3 and 4 a b o v e are the sole p rop erty o f the u ndersigned.
(F ill in all required spaces before signing)
Application submitted by
(Please print)

O SU B SC R IB ER :
YES..

Please indicate if this is a confirmation.
N O ...

B y ..
(T itle)

(Official signature required)
Street address ...................................
City, Town or Village, P. O. No., and State

Sp aces b e lo w are f o r the use o f the F ed eral R eserve Bank o f N ew Y o rk
S a f e k e e p in g R ecord

V a u l t R ecord

Released

-----------

Taken from Vault-----------




Governm ent B

Securities
received by---------------------------------------Securities

ond

R ec or d

Checked by-------------------------------------------

Delivery Receipt
R e c e iv e d f r o m F e d k r a i, R e s e r v e B a n k o f N e w Y o r k t h e a b o v o d e s c r i b e d
U n ite d S ta t e s G o v e r n m e n t o b l ig a t i o n s in t h e a m o u n t in d ic a t e d a b o v e .

Checked by

Subscriber.......................................................................................................

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name o f Customer
(P lease print or tu t typewriter)

Address

A p p lic a tio n N u m b er

Subscriber’ s Reference No.
KA-B-1

U se this form when United States o f A m erica l l/2 percent Treasury Bonds o f 1950, m aturing
Decem ber 15, 1950, are tendered in payment.
EXCHANGE

S U B S C R IP T IO N

FOR UNITED STATES OF AMERICA 1% PERCENT TREASURY NOTES OF SERIES B-1955
DATED DECEMBER 15, 1950, DUE DECEMBER 15, 1955

Important
1. Please d o n o t subm it registered and cou p on b on d s on the sam e a p p lica tion .
2 . S u b je ct to the reservations in T reasu ry D epartm en t C ircu la r N o. 8 7 9 , d a ted D ecem b er 4, 1 950, all subscrip tion s w ill be
d lotted in full.
3 . C ou pon s dated D ecem ber 15, 19 5 0, sh ou ld be d e ta ch ed fro m the b ea rer secu rities ten dered in paym ent o f this a p p lica tion
ind co lle cte d in the usual manner.

Dated at...............................................

Fe 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 ,

Fiscal Agent o f the United States,
Federal Reserve P. 0 . Station,
..........................................................................
New York 45, N. Y.
Attention Government Bond Department— 2nd Floor

.1950

De a r S i r s :

Subject to the provisions of Treasury Department Circular No. 879, dated December 4, 1950, the undersigned hereby
subscribes for United States of America 1% percent Treasury Notes o f Series B-1955 as stated below :
For own account........................................................................................................................................

$..................................

For our customers (fo r use o f banking institutions) as shown on reverse side of this form

$.................................

Total subscription..............................................................

$..................................

ind tenders in payment therefor a like par amount o f United States o f America i y 2 percent Treasury Bonds o f 1950,
naturing December 15, 1950, as follows:
□ In registered form
□ In bearer form
Delivered to
?ou herewith $............................

To be delivered to you
for our account by.....

To be withdrawn from
securities held by you
for our a c c o u n t.........$.

Issue and dispose of the securities allotted on this subscription in the denominations and amounts as indicated b elow :
D e n o m in a t io n s

Pieces

□
Leave Blank

Par Value

$

1. Deliver over the counter to the undersigned

□

2. Ship to the undersigned

1,000

□

3. H old in safekeeping (fo r member bank only)

5,000

□

4. H old as collateral for Treasury Tax and Loan
Account

10,000

□

5. S p e cie instructions:

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 o f securities as to which different delivery instructions are given.
The undersigned, if a bank or trust com pan y, h ereby certifies that the securities w hich y o u are instructed to dispose o f in
the manner indicated in items num bered 3 and 4 above are the sole property o f the undersigned.
(F ill in all required spaces before signing)

Application submitted by.
(Please print)
TO SU B SC R IB ER :
Please indicate i f this is a confirmation.

Y E S ...... ...

B y ..

NO---------

(Official signature required)

(Title)

Street a d d re ss.....................................
City, Town or Village, P. O. No., and State

Spaces b elow are f o r the use o f the Federal R eserve Bank o f N ew Y o rk
V

au lt

R e le a s e d

S a f e k e e p in g R ec or d

R ecord
------------

T a k e n f r o m V a u lt -----------C o u n te d

S e cu ritie s
r e c e iv e d by----------------------

-----------

D e liv e r e d

------------




by— ------ -------------

ecord

Checked bv
Delivery R e c e ip t

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

------------

Checked

G o v e r n m e n t B ond R

Securities
received

C h eck ed by

Im p o r ta n t—

P lease d o n ot subm it registered and cou p on b on d s on the sam e app lica tion .

List of customers whose applications are included in the foregoing subscription

Amount Subscribed




Name o f Customer
(P lease print or use typewriter)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102