Full text of Federal Reserve Bank of New York Circulars : 3854. Offering of 2 3/4 Percent Treasury Bonds

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F E D E R A L R E S E R V E BAN K
O F NEW YORK
Fiscal A g en t of the United States
r Circular N o. 3 8 5 4 1
L
M ay IS. 1952
J

OFFERING OF 2 % PERCENT TREASURY BONDS

Investment Series B-1975-80

Nontransferable Bonds

To All Banking Institutions, and Others Concerned,
in the Second Federal Reserve D istrict:

The following statement was made public today:
Secretary of the Treasury Snyder today released the official circular governing the offering of
additional amounts of the 2 % percent Treasury Bonds, Investment Series B-1975-80, for cash or, as
provided in Section IV of Department Circular No. 907 which is the official circular governing the
offering, for cash and in exchange for bonds of any of the four outstanding restricted Treasury
bonds with the longest maturities. As stated in the Secretary’s initial announcement of this offering
on April 30, 1952, the subscription books will open on Monday, May 19.
The four issues of 2!/> percent Treasury bonds eligible for exchange are as follows:
21 percent bonds of 1965-70, dated Feb.
/2

1,1944, due March 15, 1970

2 % percent bonds of 1966-71, dated Dec.

1, 1944, due March 15,1971

21 percent bonds of 1967-72, dated June 1, 1945, due June
/2

15, 1972

percent bonds of 1967-72, dated Nov. 15, 1945, due Dec.

All subscribers, except commercial banks which for this purpose are defined as banks accepting
demand deposits, may make payment in full in cash for the bonds subscribed for at par and accrued
interest from April 1, 1952, or they may make payment of not less than 25 percent of the par amount
of the bonds subscribed for in cash and the remainder by exchange, par for par, of any of the bonds
of the four issues eligible for exchange, with cash adjustments of accrued interest to the date of
payment. Subscriptions from commercial banks are excluded from this offering except to the extent
that they present restricted bonds of the eligible issues acquired prior to December 31, 1945, in pay
ment of 75 percent of their subscription and cash for the other 25 percent, with cash adjustments of
accrued interest to date of payment.
Payment for the new bonds may be made in full on June 4, 1952, or may be made in four equal
installments on June 4, August 1, October 1, and December 1, 1952. On installment payments, not less
than 25 percent of the par amount of new bonds paid for by each installment must be paid in cash,
following which the new bonds will be delivered to the subscriber in due course. Subscribers may, if
they wish, accelerate their installment payments in whole or in part.
A ll subscribers except commercial banks are requested to show separately the amounts of cash and
the amounts of bonds they propose to tender in payment for the new bonds subscribed for. It will not
be necessary for subscribers to indicate at the time of entering subscriptions the amounts of each of
the various restricted eligible issues of bonds they propose to apply in payment, and any installment
paym ent may vary from the paym ents indicated in the original application excep t that not less than
25 p ercen t o f the par amount o f new bonds paid f o r by each installment must be paid in cash.

Where subscriptions are to be paid for in installments, delivery of 10 percent of the total par
amount of bonds subscribed for, adjusted to the next highest $1,000, which is the minimum denomina
tion of the new bonds, will be withheld from all subscribers except incorporated banks and trust com
panies until payment of the total amount subscribed for has been completed. In every case where
payment is not so completed, the 10 percent so withheld shall upon declaration of the Secretary of the
Treasury in his discretion be forfeited to the United States.
Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. Subject to the usual reservations, and the making or completing of payments
as provided in the official circular, all subscriptions will be allotted in full. The subscription books will
probably be open for the remainder of the month, although the Secretary of the Treasury reserves the
right to close the books at any time without notice.
The 2^2 percent Treasury bonds which may be tendered in exchange for the new issue were sold
during the Fourth, Fifth, Sixth, and Seventh W ar Loans, and the Victory Loan. These bonds are
widely held by individuals and others throughout the country. The Secretary has asked banking
institutions to bring the offering to the attention of their customers in order that information about
this offering will reach holders of the four above-mentioned Treasury bonds.
The Secretary of the Treasury also announced that the option to call for redemption on Septem
ber 15, 1952 the 2 percent Treasury bonds of 1951-53, dated September 15, 1943, due September 15,
1953, will not be exercised.

The terms o f this offering are set forth in Treasury Department Circular No. 907, dated
May 19, 1952, a copy o f which is printed on the following pages.
A s stated above, the subscription books will open May 19, 1952, and subscriptions will be
received by this Bank as fiscal agent o f the United States. Subscriptions should be made on
official subscription form s and mailed immediately or, if filed by telegram or letter, should be
confirmed immediately by mail on the form s provided.
P u blicity b y banking institutions

The Treasury Department has informed us that, after the offering in March 1951 o f Invest
ment Series B 2 % percent Treasury Bonds in exchange fo r certain long-term Treasury issues,
a number o f holders o f the latter issues expressed disappointment at not having known about
the opportunity o f making this exchange. A s announced in the Treasury press statement o f
A pril 30, 1952, previously distributed, another opportunity o f exchanging certain long-term
Treasury issues fo r 2% percent Investment Series Bonds o f 1975-80, as well as an opportunity
fo r making cash subscriptions fo r this issue, will be offered to investors starting Monday,
May 19. Subscription form s fo r the offering will be mailed to arrive on Monday, May 19.
The cash portion of these subscriptions may be credited to the Treasury Tax and Loan
Accounts o f qualified depositaries. The issues which will be eligible fo r exchange fo r the 2%
percent bonds are specified in Treasury Department Circular No. 907.
In order that the widest possible publicity may be given, especially to holders o f these
four Treasury issues, banking institutions may wish to contact customers to whom they have
sold bonds o f these issues or fo r whom coupons detached from such bonds have been collected.
Y our assistance in bringing this information to the attention o f such customers will be appre
ciated by the Treasury Department.
A

llan

S proul,

President.

M
2

U N ITE D STATES OF A M E R IC A
2 3/4 P E R C E N T T R E A S U R Y B O N D S, IN V E S T M E N T SE R IE S B-1975-80
Nontransferable
Dated April 1, 1951, with interest from April 1 or October 1, 1952

Due April 1, 1980

R E D E E M A B L E A T T H E O P T IO N O F T H E U N IT E D S T A T E S A T P A R AN D
A C C R U E D I N T E R E S T O N A N D A F T E R A P R I L 1, 1975

Interest payable April 1 and October 1
A D D I T I O N A L IS S U E

1952

TR EASU R Y DEPARTM ENT,

Department Circular No. 907

O f f ic e

B
ureau of^hf p^wfc D
ebt

the

Secretary,

W ashington, M ay 19, 1952.
I.

O F F E R IN G O F B O N D S

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as
amended, invites subscriptions, at par with an adjustment of interest, from the people of the United States
for bonds of the United States, designated 2 % percent Treasury Bonds, Investment Series B-1975-80, for
cash or, as provided in Section IV hereof, for cash and in exchange for the following listed Treasury bonds:
2 Y2 percent bonds of 1965-70, dated Feb.

1, 1944, due March 15, 1970

2Ms percent bonds of 1966-71, dated Dec.

1, 1944, due March 15, 1971

2 V2 percent bonds of 1967-72, dated June

1, 1945, due June

2^2 percent bonds of 1967-72, dated Nov. 15, 1945, due Dec.

15, 1972
15, 1972

2. Commercial banks (which for this purpose are defined as banks accepting demand deposits) are
excluded from this offering except to the extent they may offer to exchange bonds of the four issues
enumerated above which they acquired prior to December 31, 1945, on a basis of 25 percent cash and 75
percent bonds.
3. The amount of the offering under this circular is not specifically limited, but the bases upon which
subscriptions will be accepted are restricted as set forth in Section IV hereof.
II.

D E S C R IP T IO N A N D T E R M S O F B O N D S

1.
The bonds now offered will be an addition to and will form a part of the series of 2 % percent
Treasury Bonds, Investment Series B-1975-80, issued pursuant to Department Circular No. 883, dated
March 26, 1951, will be freely interchangeable therewith, are identical in all respects therewith (except that
interest on the bonds issued under this circular will accrue from April 1 or October 1, 1952 next preceding
the date of payment therefor), and are described in the following quotation from Department Circular
No. 883:
1.
The bonds will be dated April 1, 1951, and will bear interest from that date at the rate of
percent per annum, payable semiannually by check on October 1, 1951, and thereafter on April 1 and
October 1 in each year until the principal amount becomes payable. They will mature April 1, 1980,
and will not be redeemable prior thereto except as follows:
(a) They may be redeemed at the option of the United States on and after April 1, 1975, in whole or
in part, at par and accrued interest, on any interest day or days, on 4 months’ notice of redemp
tion given in such maimer as the Secretary of the Treasury shall prescribe. In case of partial
redemption the bonds to be redeemed will be determined by such method as may be prescribed
by the Secretary of the Treasury. From the date of redemption designated in any such notice,
interest on the bonds called for redemption shall cease.

(b) They may be redeemed at the option of the duly constituted representatives of a deceased owner’s
estate, at par and accrued interest to the date of payment1 if at the time of death they constitute
part of the decedent’s estate and the Secretary of the Treasury is authorized by the representatives
to apply the entire proceeds of redemption to the payment of Federal estate taxes. Bonds sub
mitted for redemption hereunder must be duly assigned to “ The Secretary of the Treasury for
redemption, the proceeds to be paid to the Collector of Internal Revenue a t .........................................
for credit on Federal estate taxes due from estate o f ............................................. The bonds must
be accompanied by Form PD 17822 properly completed, signed and sworn to, and by a certificate
of the appointment of the personal representatives, under seal of the court, dated not more than
six months prior to the submission of the bonds, which shall show that at the date thereof the
appointment was still in force and effect. Upon payment of the bonds appropriate memorandum
receipt will be forwarded to the representatives, which will be followed in due course by formal
receipt from the Collector of Internal Revenue.
2. Although the bonds are payable only at maturity except as provided in the preceding para
graph, they may, at the owner’s option, as provided in Department Circular No. 884, be exchanged for
1^/2 percent five-year marketable Treasury Notes to be dated April 1 and October 1 of each year during
the life of the bond. If the bonds surrendered are in order for exchange, the new notes will ordinarily
be issued within ten calendar days from the date of surrender to the Treasury Department or to a
Federal Reserve Bank or Branch. The notes to be issued will bear the April 1 or October 1 date next
preceding the date of the exchange. Interest will be adjusted to the date on which the exchange is
made. Partial exchange of the bonds in multiples of $1,000, and reissue of the remainder, will be
permitted.
3. The bonds will not be acceptable to secure deposits of public moneys, but they may be used
as collateral for loans and may be pledged as security for the performance of an obligation or for any
other purpose. In the event of a default on the loan or in the performance of the obligation, the
pledgee will have the right only to exchange the bonds for 1 % percent five-year marketable Treasury
notes. The bonds may not be sold or discounted, and are not transferable in ordinary course, but they
may be transferred (by way of reissue) (1) to successors in title, (2) (in the event of the death of the
owner) to legatees, next of kin, and other persons entitled, in accordance with the provisions of
Department Circular No. 300, and (3) to State supervisory authorities in pursuance of any pledge
required under State law. A bond which has been registered in the title of a State supervisory
authority may be reissued in the name of the original owner upon assignment by such authority for
that purpose. The term ‘ ‘ successors ’ ’ as used in this paragraph includes but is not limited to succeeding
organizations, succeeding trustees, and persons entitled upon the termination of a trust or the dissolu
tion of a fund or organization. Judgment creditors, trustees in bankruptcy, and receivers of insolvents’
estates will be entitled only to exchange the bonds for V /2 percent five-year marketable Treasurj' notes.
Persons entitled to reissue under the provisions of this paragraph will succeed to all the rights and
privileges of the registered owners.
4. The income derived from the bonds shall be subject to all taxes now or hereafter imposed under
the Internal Revenue Code, or laws amendatory or supplementary thereto. The bonds 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.
5. The bonds will be issued only in registered form, and in denominations of $1,000, $5,000,
$10,000, $100,000, $1,000,000 and $10,000,000.
6. Except as otherwise specifically provided in this circular, Treasury Bonds of Investment Series
B-1975-80 issued hereunder will be subject to the general regulations of the Treasury Department, now
or hereafter prescribed, governing United States bonds. The regulations in Department Circular
1 A n exact h a lf-y e a r’ s interest is com puted fo r each fu ll half-year period irrespective o f the actual number o f days in
the h a lf year. F o r a fra ction a l p a rt o f any h a lf year, com putation is on the basis o f the actual number o f days in such h a lf year.
2 Copies o f Form P D 1782 may be obtained from any Federal Reserve Bank or from the Treasury Department,
W ashington, D . C.

No. 815 (which govern 2 ^ percent Treasury Bonds of Investment Series A-1965), will not govern
Treasury Bonds of Investment Series B-1975-80. All questions concerning bonds issued hereunder and
transactions pertaining thereto should be submitted to a Federal Reserve Bank or Branch or to the
Treasury Department, Division of Loans and Currency, Washington 25, D. C.
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 custom
ers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official
agencies. Where subscriptions are to be paid for in installments, as provided in Section IY hereof,
delivery of 10 percent of the total par amount of bonds subscribed for, adjusted to the next highest $1,000,
will be withheld from all subscribers except incorporated banks and trust companies until payment of the
total amount subscribed for has been completed. In every case where payment is not so completed the
10 percent so withheld shall, upon declaration made by the Secretary of the Treasury in his discretion, be
forfeited to the United States.
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 bonds 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 .

B A S E S F O R E N T E R I N G S U B S C R IP T IO N S A N D M A K IN G P A Y M E N T

1. Subscriptions for the 2 % percent Treasury Bonds, Investment Series B-1975-80, offered hereunder
may be entered, except by commercial banks as defined in Section I hereof, as follows:
(a) The new bonds subscribed for may be paid for in full in cash, at par and accrued interest from
April 1, 1952, or
(b) Not less than 25 percent of the par amount of the bonds subscribed for must be paid in cash and
the remainder by exchange, par for par, of any of the bonds of the four issues enumerated in
Section I hereof, with cash adjustments of accrued interest to date of payment.
2. The par amount of new bonds subscribed for by commercial banks as defined in Section I hereof
may be paid for only on the basis of 25 percent cash and 75 percent in bonds eligible for exchange here
under, with cash adjustments of accrued interest to date of payment.
3. Payment for the new bonds may be made in full on June 4, 1952, or may be made in four equal
installments on June 4, August 1, October 1, and December 1, 1952. On installment payments, not less than
25 percent of the par amount of new bonds paid for by each installment must be paid in cash, following
which the new bonds will be delivered to the subscriber in due course. Subscribers may, if they wish,
accelerate their installment payments in whole or in part.
4. Where the new bonds are paid for in full in cash, the appropriate amount of accrued interest cal
culated in accordance with the table at the end of this circular should be included in the payment. Accrued
interest on bonds to be exchanged will be credited, and accrued interest on the new bonds to be issued will be
charged as shown in the table, except as to registered bonds presented during periods the transfer books are
closed. Where a net amount is to be collected from the subscriber, the remittance should accompany the
securities tendered in exchange. Where a net amount is to be paid to the subscriber, it will be paid, in the
case of coupon bonds following their acceptance, and in the case of registered bonds following discharge
of registration. Current and all subsequent coupons should be attached to coupon bonds presented for
exchange. In the case of registered bonds tendered in exchange during the period the transfer books there
for are closed, interest on such bonds from the date of payment for the new bonds to the next interest pay
ment date will be collected from the subscriber and the owner of record will receive the full half-year’s
interest due on that date in regular course. The transfer books are closed for one month prior to each
interest payment date.

5.
Any qualified depositary will be permitted to make payment by credit for the cash portion of the
payment for new bonds allotted to it for itself and its customers up to any amount for which it may be
qualified in excess of existing deposits.
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 1965-70, Treasury Bonds of 1966-71, Treasury Bonds of 1967-72, due June 15,
.1972, or Treasury Bonds of 1967-72, due December 15, 1972, in registered form tendered in exchange for
bonds offered hereunder should be assigned by the registered payees or assignees thereof in accordance with
the general regulations of the Treasury Department governing assignments for transfer or exchange, in one
of the forms hereafter set forth, and thereafter should be presented and surrendered to a Federal Reserve
Bank or Branch or to the Treasury Department, Division of Loans and Currency, Washington, D. C. If the
new bonds are desired registered in the same name as the bonds surrendered, the assignment should be to
“ The Secretary of the Treasury for exchange for 2 % percent Treasury Bonds, Investment Series B-1975-80.”
If the new bonds are desired registered in another name, the assignment should be to “ The Secretary of
the Treasury for exchange for 2 % percent Treasury Bonds, Investment Series B-1975-80, in the name of

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 and to make delivery of bonds as provided herein, and they may issue interim receipts pending
delivery of the definitive bonds.
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 . SNYDER,
Secretary o f the Treasury.

TABLE OF INTEREST ADJUSTMENTS PER $1,000 IN CONNECTION W ITH OFFERING OF
2% PERCENT TREASURY BONDS, INVESTMENT SERIES B-1975-80
UNDER DEPARTMENT CIRCULAR NO. 907

B onds

Accrued interest
to be credited
on bonds
surrendered

Surrendered*

Accrued interest
to be charged on
bonds issued

E xchange as o f June 4, 1952
2 % % Treasury Bonds of 1965-70
2 % % Treasury Bonds of 1966-71

$5.50272

$4.80874

2y2% Treasury Bonds of June 1967-72
2 % % Treasury Bonds of Dec. 1967-72

11.74863

4.80874

Q , i9QQ
................................. JA4ZV6

QicRf !7
u.lbbb,

2 % % Treasury Bonds of June 1967-72 )
Q1)inQQ
2 % % Treasury Bonds of Dec. 1967-72 f ............. ......... 6 Z1Udb

oi cc c?
y‘lbbb'

E xchange as o f A ugust 1, 1952
2y 2% Treasury Bonds of 1965-70 )
2i/2% Treasury Bonds of 1966-71 |

E xchange as o f O ctober 1, 1952
2
Treasury Bonds of 1965-70 }
2 % % Treasury Bonds of 1966-71 f

at
None

t
an i
..................................L10497

2y2% Treasury Bonds of June 1967-72 \
7 077 ^
vr,
1967-72 J ............. ....................................................m n e

21/ 2 % Treasury Bonds of Dec.

E xchange as o f D ecem ber 1, 1952
2y2% Treasury Bonds of 1965-70 )
21/ 2 % Treasury Bonds of 1966-71 f

........................

2y2°/o Treasury Bonds of June 1967-72
2y2°/o Treasury Bonds of Dec. 1967-72

c q-wgq
5.317b8
11.54372

anaz 9
4.b08o2

4.60852

Where installment payments are accelerated and made on dates other than the four dates specified,
accrued interest will be computed in accordance with the following daily decimals:
On bonds of 1965-70 and 1966-71 to Sept. 15, 1952.......................................
On bonds of 1965-70 and 1966-71 from Sept. 15, 1952 ................................
On the two bonds of 1967-72...............................................................................

$0.067934783
0.069060773
0.068306011

On bonds of B-1975-80 to October 1, 1952......................................................
On bonds of B-1975-80 from October 1, 1952 ...............................................

0.075136612
0.075549451

*
Im portant: For adjustments with respect to registered bonds tendered in exchange during the period the transfer books
therefor are closed, see Section IV , paragraph 4, o f this circular.

Federal Reserve Bank
of New York

NON-NEGOTIABLE RECEIPT
Subscription No.

TO.................................................................................

Date.....................

Receipt is acknowledged of $........................................................... in

payment for your subscription

to $......................................................... 2 % % Treasury Bonds, Investment Series B-1975-80. Pursuant to
Treasury Department Circular No. 907, dated May 19, 1952, delivery of 10% of total amount of bonds
subscribed for on installment subscriptions will be withheld from all subscribers, except incorporated banks
and trust companies, until payment of the total amount subscribed for has been completed. Accordingly,
$......................................................... of 2% % bonds will be delivered in due course in accordance with your
instructions and $......................................................... of 2% % bonds will be withheld pending completion of
the final payment.
F

ederal

R eserve B a n k

Fiscal Agent of the United States
Government Bond Department
Issues and Redemption Section

Teller

ork

Federal Reserve Bank
o f New York

RECORD SECTION
Subscription No............................
TO............ ....................................................................

Date..................................................

Receipt is acknowledged of $.......................................................... in

payment for your subscription

to
................................................... 2 % % Treasury Bonds, Investment Series B-1975-80. Pursuant to
Treasury Department Circular No. 907, dated May 19, 1952, delivery of 10% of total amount of bonds
subscribed for on installment subscriptions will be withheld from all subscribers, except incorporated banks
and trust companies, until payment of the total amount subscribed for has been completed. Accordingly,
$......................................................... of 2 % % bonds will be delivered in due course in accordance with your
instructions and $......................................................... of 2 % % bonds will be withheld pending completion of
the final payment.
F ed eral R eserve B a n k

N ew

Y ork

Fiscal Agent of the United States
Government Bond Department
Issues and Redemption Section

Teller

SECURITY FILES DUE CUSTOMERS IN
Subscription No.
TO.

Date.

Receipt is acknowledged of $........................................................... in

payment for your subscription

to $......................................................... 2 % % Treasury Bonds, Investment Series B-1975-80. Pursuant to
Treasury Department Circular No. 907, dated May 19, 1952, delivery of 10% of total amount of bonds
subscribed for on installment subscriptions will be withheld from all subscribers, except incorporated banks
and trust companies, until payment of the total amount subscribed for has been completed. Accordingly,
$......................................................... of 2 % % bonds will be delivered in due course in accordance with your
instructions and $......................................................... of 2 % % bonds will be withheld pending completion of
the final payment.
F e d eral R eserve B a n k

N ew

Y ork

Fiscal Agent of the United States
Government Bond Department
Issues and Redemption Section

Teller

Federal Reserve Bank
o f New York

SECURITY FILES RELEASE
Subscription No.
TO...................... ..........................................................

Date.....................

pr
ff/ _

;

......................................................................................

Receipt is acknowledged of $.......................................................... in

payment for your subscription

to $......................................................... 2 % % Treasury Bonds, Investment Series B-1975-80. Pursuant to
Treasury Department Circular No. 907, dated May 19, 1952, delivery of 10% of total amount of bonds
subscribed for on installment subscriptions will be withheld from all subscribers, except incorporated banks
and trust companies, until payment of the total amount subscribed for has been completed. Accordingly,
$......................................................... of 2 % % bonds will be delivered in due course in accordance with your
instructions and $......................................................... of 2 % % bonds will be withheld pending completion of
the final payment.
F e d eral R eserve B a n k

N ew

Y ork

Fiscal Agent of the United States
Government Bond Department
Issues and Redemption Section

Teller

(S U B M IT W IT H D U P L IC A T E W H IT E C O P Y )
Subscriber’s Reference No.
SBl

Subscription Number

GASH AND EXCHANGE SUBSCRIPTION
UNITED STATES OF AMERICA 2 % PERCENT TREASURY BONDS, INVESTMENT SERIES B-1975-80
Interest payable April 1 and October 1

ADDITIONAL ISSUE

Nontransferable

Dated April 1, 1951, with interest from April 1 or October 1, 1952

Due April 1, 1980

Important
1. A separate subscription form should be filed for each registration.
2. Please do not submit registered and coupon bonds on the same subscription form.
3. Subject to the reservations in Treasury Department Circular No. 907, dated May 19, 1952, all subscriptions will be allotted in full.
4. Current and all subsequent coupons should be attached to the bearer securities tendered in payment of this subscription.
5. All subscribers, except commercial banks which for this purpose are defined as banks accepting demand deposits, are requested to show separately the
amounts of cash and the amounts of bonds they propose to tender in payment for the bonds subscribed for. It is not necessary to indicate at this time the
amounts of the respective eligible Issues of bonds subscribers propose to apply in payment, and any installment payment may vary from this proposal except
that not less than 28 percent of the par amount of new bonds paid for by each installment must be paid in cash.

Federal Reserve Bank of New York,
Fiscal Agent of the United States,
Federal Reserve P. 0 . Station,
Date...............................
New York 45, N. Y.
Attention: Government Bond Department— 2nd Floor
Dear Sirs:

1952

Subject to the provisions of Treasury Department Circular No. 907, dated May 19, 1952, the undersigned hereby
subscribes for $.......................................................... total par amount United States of America 2 % percent Treasury Bonds,
Investment Series B-1975-80, payment to be made therefor as follows:
By cash $..........................................................

By bonds $.........................................................

(At least 25 percent)

(Paramount)

The full amount of this subscription will be paid as follows (check one box below):
□

□

I n f u ll

By in stallm en ts

C o m p u t a t io n t o d e te rm in e se ttle m e n t f o r fu ll fa c e a m o u n t o f s u b s c r ip t io n o r f o r first in sta llm e n t d u e o n J u n e 4, 1952
a m o u n tin g t o $ .............................................................:

Amount of cash................................................................ $.....................................................
Face amount of Treasury Bonds tendered
2y2% 1965-70 ......................................................................................................................
2i/2% 1966-71 ......................................................................................................................
2i/2% 1967-72 June ..........................................................................................................
21/ 2 % 1967-72 Dec....................................................
.....................................................
Total Payment .......................................

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

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

Computation to determine interest settlement for full face amount of subscription or for first installment due on
June 4, 1952 (see Table in T .D . Cir. 9 0 7 ):

1. Amount of interest to be collected on 2 % % bonds, April .1 to June 4, 1952.
2. Amount of interest to be credited on 2Yz% bonds tendered in payment----3. Amount of interest to be collected on 2y2% registered bonds of 1967-72
(June and Dec.)........................................................................................................
4. Net amount due subscriber..........................................................................................
5. Net amount due Treasury Department..................................................................
Pay interest due subscriber (Item 4 above) as follows:
□ By credit to our reserve account
□ By check
Payment for interest due Treasury Department (Item 5 above) is made as follows:
□ By check
□ By charge to our reserve account
□ By credit to Treasury Tax and Loan Account (for use of qualified depositaries only). The officer who signs
this subscription form hereby certifies that the interest settlement due on this subscription will be deposited
▼

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Treasury Tax and Loan Account, to be held subject to withdrawal on demand.
Register the new bonds, and mail interest checks, as follows:
(P le a s e type o r print)

Please issue and dispose of the bonds paid for on this subscription as indicated below. (Subscribers other than
incorporated banks and trust companies who pay by installments should request denominations that will allow for with
holding of 10 percent of the total amount subscribed for.)

Pieces

Denomi
nation

Disposition

Leave this space blank

Face amount

Forward the bonds by registered mail
to the registered owner at the address
shown above unless other instructions
are indicated here.

1,000
5,000
10,000
100,000
1 , 0 0 0 ,0 0 0

10,000,000
TOTAL

10 percent of total par amount subscribed for to be withheld is $.
(F ill in reverse side for denominations and serial numbers o f bonds surrendered with this subscription)

(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.)
The undersigned ( i f a commercial bank) hereby certifie. that bond, pre.ented with th.s .u b .cr.p t,on for >t. own account were

^ ilJ .q flU requjred
F

acquired prior to December 31, 1945.

Subscription submitted by

SpaCe8 before signing)

(P le a se print)

B y ..

(T itle )

(O fficia l signature required)

TO SU B S C R IB E R :
Please indicate i f this is a confirmation.

YES.

Street address ................................

NO—
City, Town or Village, P. O. No., and State

Space, below are for the u .e of the Federal Re.erve Bank of New York
G o v e r n m e n t B o n d R ecord

S a f k k e e p in q R ecord

Securities
received by-

Checked by
and delivered-

Securities
received

by-

Checked

by-

ISSUES, DENOMINATIONS, AND SERIAL NUMBERS OF BONDS SURRENDERED
2 V&% Treasury Bonds 1965-70

2y2% Treasury Bonds 1966-71

2 ^ 4 % Treasury Bonds 1967-72
(June)

2 y2% Treasury Bonds
1967-72 (Dec.)

(DUPLICATE COPY FOR USE OF FEDERAL RESERVE BANK OF N EW YORK)

Subscriber’s Reference N o.
SB-2

Subscription Number

CASH AND EXCHANGE SUBSCRIPTION
UNITED STATES OF AMERICA 2 % PERCENT TREASURY BONDS, INVESTMENT SERIES B-1975-80
Interest payable April 1 and October 1

Nontransferable

A D D ITIO N A L ISSUE

Dated April 1, 1951, with interest from April 1 or October 1, 1952

Due April 1, 1980

portant
*•
2.
3.
4.
5.

A separate subscription form should be filed for each registration.
Please do not submit registered and coupon bonds on the same subscription form.
Subject to the reservations in Treasury Department Circular No. 907, dated May 19, 1952, all subscriptions will be allotted in full.
Current and all subsequent coupons should be attached to the bearer securities tendered in payment of this subscription.
All subscribers, except commercial banks which for this purpose are defined as banks accepting demand deposits, are requested to show separately the
*
i ami?U iS of bont*8 they Propose to tender in payment for the bonds subscribed for. It is not necessary to indicate at this time the
i'it
amounts of tne respective eligible issues of bonds subscribers propose to apply in payment, and any installment payment may vary from this proposal except
that not lesa than 25 percent of the par amount of new bonds paid for by each installment must be paid in cash.

Federal Reserve Bank of New York,
Fiscal Agent of the United States,
Federal Reserve P. 0 . Station,
Date........................................................................1952
New York 45, N. Y.
Attention: Government Bond Department— 2nd Floor
^ear Sirs:
Subject to the provisions of Treasury Department Circular No. 907, dated May 19, 1952, the undersigned hereby
scribes for $.......................................................... total par amount United States of America 2 % percent Treasury Bonds,
Investment Series B-1975-80, payment to be made therefor as follows:
By cash $..........................................................

By bonds $.........................................................

(A t least 25 percent)

(Paramount)

The full amount of this subscription will be paid as follows (check one box below) :
□

In full

□

By installments

Computation to determine settlement for full face amount of subscription or for first installment due on June 4, 1952
amounting to $
:
Amount of cash................................................................
$.....................................................
Face amount of Treasury Bonds tendered
2y2% 1965-70 ......................................................................................................................
2 y2% 1966-71 ......................................................................................................................
2i/2% 1967-72 June ..........................................................................................................
21/ 2 % 1967-72 Dec....................................................
.................................................
Total Paym ent........................................

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

Method of cash settlement:
□ By check and/or cash herewith
□ By charge to our reserve account (for use of member banks only)
□ By credit to Treasury Tax and Loan Account (for use of qualified depositaries only). The officer who signs this
subscription form hereby certifies that the cash payment due on this subscription will be deposited on June 4, 1952
to the credit of the Federal Reserve Bank of New York, as fiscal agent of the United States, Treasury Tax and
Loan Account, to be held subject to withdrawal on demand.
The delivery of the securities tendered in payment will be made as follows:
□ In bearer form
□ In registered form
j
To be withdrawn from
To be delivered to you
Delivered to
securities held by you
for our account by................................................
you herewith $............................
for our account...........$...........................................................................
$.................................
Computation to determine interest settlement for full face amount of subscription or for first installment due on
June 4, 1952 (see Table in T .D . Cir. 907):
1. Amount of interest to be collected on 2 % % bonds, April 1 to June 4, 1952........... $....................................................
2. Amount of interest to be credited on 2y2% bonds tendered in payment................... $....................................................
3. Amount of interest to be collected on 2V2% registered bonds of 1967-72
(June and D ec.)................................................................................................................... $.....................................................
4. Net amount due subscriber...................................................................................................... $.....................................................
5. Net amount due Treasury Department............................................................................... $.....................................................
Pay interest due subscriber (Item 4 above) as follows:
□ By check
□ By credit to our reserve account
Payment for interest due Treasury Department (Item 5 above) is made as follows:
□ By check
□ By charge to our reserve account
□ By credit to Treasury Tax and Loan Account (for use of qualified depositaries only). The officer who signs
thi& subscription form hereby certifies that the interest settlement due on this subscription will be deposited
on June 4, 1952 to the credit of the Federal Reserve Bank of New York, as fiscal agent of the United States,
Treasury Tax and Loan Account, to be held subject to withdrawal on demand.
Register the new bonds, and mail interest checks, as follows:
(Please type or print)

Please issue and dispose of the bonds paid for on this subscription as indicated below. (Subscribers other than
_ iorporated banks and trust companies who pay by installments should request denominations that will allow for with
_
holding of 10 percent of the total amount subscribed for.)

Pieces

Denomi
nation
$

Disposition

Leave this space blank

Face amount

Forward the bonds by registered mail
to the registered owner at the address
shown above unless other instructions
are indicated here.

1,000

5,000
10,000

100,000
1, 000,000
10,000,000
TOTAL

10 percent of total par amount subscribed for to be withheld is $.
(F ill in reverse side for denominations and serial numbers o f bonds surrendered with this subscription.)

(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 o f securities as to which different delivery instructions are given.)
The undersigned (i f a commercial bank) hereby certifies that bond, presented with this subscription for it. own account were
acquired prior to December 3 1 , 1945.

(F ill in all required spaces before signing)
Subscription submitted by

B y ..
T O S U B S C R IB E R :

YES

Please indicate i f this is a confirmation.

(Please print)

(T itle )

(Official signature required)

Street address ................................

N O ....

City, Town or Village, P. O. No., and State
Spaces below are for the use o f the Federal Reserve Bank of New York
G o v k r n m e n t B on d R ecord

S a f e k e e p in g R ecord

Securities
received by-

Checked by
and delivered-

Securities
received b y-

Checked by-

ISSUES, DENOMINATIONS, AND SERIAL NUMBERS OF BONDS SURRENDERED

Full text of Federal Reserve Bank of New York Circulars : 3854. Offering of 2 3/4 Percent Treasury Bonds

FRASER