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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 endorseĀ­

ments should be made strictly in accordance with the terms o f Treasury DepartĀ­
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.

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