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F E D E R A L R E SE R V E BANK O F NEW YORK Fiscal A g en t o f the U nited States f Circular N o. 3 6 7 5 1 I March 20. 1951 J R ESTR ICTIVE ENDORSEMENTS OF U N ITED STATES BEAR ER SECURITIES T o all In corpora ted Banks, Trust Companies, and Savings Banks, in the Second F edera l R eserve D istrict : The Treasury Department has advised us that the provisions o f Treasury Department Circular No. 853, dated October 5, 1949, governing restrictive endorsements o f United States bearer securities, are applicable to the optional exchange of 2y2 percent Treasury Bonds, due June 15 and December 15, 1972, fo r 2% percent Treasury Bonds, Investment Series B-1975-80. The bearer bonds to be surrendered for exchange may be restrictively endorsed by the surrendering banks; this should reduce transportation and insurance charges. The endorse ments should be made strictly in accordance with the terms o f Treasury Depart ment Circular No. 853, a copy o f which was furnished you with our Circular No. 3505 dated October 24, 1949. A llan S proul, President.