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FE D E RA L R E SE R V E BANK OF NEW YORK Fiscal A g en t o f the U nited States f Circular No. 4 0 2 4 "I L October 1, 1953 J OFFERING OF NEW SERIES OF TREASURY SAVINGS NOTES Series C T o A ll Banking In stitution s, and Others Concerned, in the Second Federal R eserve D istrict: On the follow in g pages is a cop y o f T reasury D epartm ent Circular No. 931, dated O ctober 1,1953. The circular sets forth the term s o f the offerin g o f the new Series 0 , T reasury Savings Notes, fo r which applications are being received beginning today. N otes purchased between October 1 and October 14, 1953, w ill be dated Septem ber 15, 1953. Y o u w ill note from Sec. 335.6 o f the circular that the m onthly accruals m ay be changed fro m time to time to other accruals in the same series o f notes. A lso, you w ill note fro m Sec. 335.14 that ow ners intending to apply the notes to the paym ent o f taxes may forw a rd the notes either to the D istrict D irector, o r they m ay deposit them with a F ederal R eserve Bank or B ranch fo r a receipt which m ay be forw arded to the D irector in lieu o f the notes. E nclosed are copies o f form G.B. 499C fo r use in applying fo r the notes o f the new series. A dditional copies o f this circular and o f the application form w ill be furnished upon request. A llan S proul, President . UNITED STATES OF AMERICA TREASURY SAVINGS NOTES Series C 1953 Department Circular N o. 931 TREASU RY DEPARTM ENT, O f f ic e Fiscal Service Bureau o f the Public Debt of the Secretary, Washington, O ctober 1, 1953. Subpart A Offering o f Notes. B Description o f Notes. C Purchase o f Notes. D Presentation in Payment o f Taxes. E Cash Redem ption at or B efore Maturity. F Payment or Reissue to Other Than Inscribed Owner. G General Provisions. Subpart A : O FFE R IN G OF NOTES Subpart B : D E SC R IPT IO N OF NOTES Sec. 335.1. The Secretary o f the Treasury, p u r suant to the authority o f the Second Liberty Bond A ct, as amended, offers fo r sale to the people o f the United States, at par and accrued interest as pro vided in Section 335.11 hereof, an issue o f notes of the United States designated Treasury Savings Notes, Series C, which notes, if inscribed in the name o f a Federal taxpayer, will be receivable as hereinafter provided at par and accrued interest in payment o f income, estate and g ift taxes imposed by the Internal Revenue Code, or laws amendatory or supplementary thereto. The notes may also be re deemed fo r cash at par and accrued interest, with certain exceptions applicable to banking institu tions, as provided in Section 335.15 hereof. Sec. 335.4. General.— Treasury Savings Notes, Series C, w ill in each instance be dated as o f the 15th day o f a calendar month. The issue date will be determined by the day o f the month on which payment at par and accrued interest, if any, is received and credited by an agency authorized to issue the notes. F o r example, payment received and credited on any day during the period from and including October 1, 1953, to and including October 14, 1953, would result in the issue o f notes dated September 15, 1953. They will mature two years from that date and may not be called by the Secretary o f the Treasury fo r redem ption before maturity. A ll notes bearing issue dates within any one calendar year shall constitute a separate series indicated by the letter “ C ” followed by the year o f maturity. A t the time o f issue the issuing agency will inscribe on the face o f each note the name and address o f the owner, will enter the issue date and w ill im print its dating stamp (with current date). The notes will be issued in denominations o f $100, $500, $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000. Exchange o f authorized denomina tions from higher to lower, but not from low er to higher, may be arranged at any agency that issues Treasury Savings Notes, Series C. Sec. 335.2. D uration o f offer.— The sale o f notes o f Series C offered by this circular will begin on October 1, 1953, and w ill continue until terminated by the Secretary o f the Treasury. Sec. 335.3. Definitions.— (a ) The word “ m onth” as used herein means the period from and including the 15th day o f any one calendar month to but not including the 15th day o f the next succeeding month. (b ) The words “ issue date” mean the date as o f which a note is issued and will always be the 15th day o f a calendar month. Sec. 335.5. A ccep tan ce f o r taxes or cash redem p tion.— I f inscribed in the name o f an individual, corporation, or other entity paying income, estate or g ift taxes imposed under the Internal Revenue Code, or laws amendatory or supplementary thereto, the notes will be receivable, subject to the provisions ( c ) The w ords “ interest accrual d ate” or “ accrual d ate” mean the date upon which a m onth’s interest accrues on a note, the first accrual date being the 15th day o f the calendar month next follow in g the issue date. 2 o f Section 335.14 o f tliis circular, at par and accrued interest, in payment o f such income, estate or g ift taxes assessed against the owner or his estate. I f not presented in payment o f taxes, or if not inscribed in the name o f a taxpayer liable to the above-described taxes, and subject to the provisions o f Section 335.15 o f this circular, the notes w ill he payable at maturity, or at the ow ner’s option and request they will be redeemable before maturity at par and ac crued interest. ship, but notes in the name o f a partnership are not acceptable in paym ent o f taxes, since a partnership is not a taxpaying entity under the Internal Reve nue Code. The notes will n ot be inscribed in the names o f two or more persons as join t owners or coow ners; or in the name o f a public officer, whether or not named as trustee, where the notes would in effect be held as security fo r the perform ance o f a duty o r obligation. See. 335.8. Restrictions on transfer.— E xcept as otherwise specifically provided herein, the notes may not be transferred, reissued, hypothecated, or pledged as security, may not be paid to any person other than the owner, and may not be accepted in payment o f Federal income, estate, or g ift taxes assessed against any person other than the owner. The notes will not be acceptable to secure deposits o f public moneys. Sec. 335.6. Interest.— Interest on each $1,000 principal amount o f Treasury Savings Notes, Series C, will accrue monthly on the 15th calendar day o f each month after the issue date on a graduated scale. Interest accruals on the notes first issued hereunder shall be as fo llo w s : First to Sixth months, inclusive........................... Seventh to T w elfth months, in clusive................ Thirteenth to Eighteenth months, in clu s iv e .. . Nineteenth to Tw enty-fourth months, inclusive Each M onth $1.30 $1.90 $2.10 $2.20 Sec. 335.9. Taxation.— 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, g ift 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 o f the possessions o f the United States, or by any local taxing authority. The Secretary o f the Treasury may at any time ter minate the issuance o f notes hereunder with interest accruals as provided above, and may at any time, or from time to time, authorize the issuance o f addi tional notes hereunder with such other interest accruals as he may prescribe. The table appended to this circular shows fo r notes o f each denomina tion, fo r each consecutive month after issue date to maturity, (a ) the amount o f interest accrual, (b ) the principal amount o f the note with accrued inter est (cum ulative) added, and (c ) the approximate investment yields. Subject to the provisions o f Sec tions 335.14 and 335.15 hereof, when Treasury Sav ings Notes, Series C, are to be paid on an interest accrual date, the payment will include interest accruing on that date; otherwise, interest will be paid only to the interest accrual date next preceding the date o f payment. Interest will be paid only with the principal amount, and will not accrue beyond the maturity date o f the note. Subpart C : PURCH ASE OF NOTES Sec. 335.10. Official agencies.— In addition to the Treasury Department, the Federal Reserve Banks and their Branches are hereby designated agencies fo r the issue and redemption o f Treasury Savings Notes, Series C. The Secretary o f the Treasury, from time to time, in his discretion, may designate other agencies fo r the issue o f the notes, or for accepting applications therefor, or fo r mak ing payments on account o f the redemption thereof. Sec. 335.7 Form s o f inscription.— Treasury Sav ings Notes, Series C, may be inscribed in the name o f an individual, corporation, unincorporated asso ciation o r society, or a fiduciary (including trustees under a duly established trust where the notes would not be held as security fo r the performance o f a duty or obligation), whether or not the inscribed owner is subject to taxation under the Internal Revenue Code, or laws amendatory or sup plementary thereto. They may also be inscribed in the name o f a town, city, county or State or other governmental body and in the name o f a partner Sec. 335.11. A pplications and payment.— A p p li cations will be received by the Federal Reserve Banks and Branches and by the Treasurer o f the United States, W ashington, D. C. Banking institu tions generally may submit applications fo r the account o f customers but only the Federal Reserve Banks, their Branches and the Treasury Depart ment are authorized to act as official agencies. The use o f an official application form is desirable but not necessary. Such form s m ay be obtained upon request from any Federal Reserve Bank or Branch or the Treasurer o f the United States. E very appli 3 cation must be accompanied b y paym ent in full, at par and accrued interest, if any. The amount of accrued interest payable b y the purchaser w ill be com puted at the rate at which interest accrues on the notes ($1.30 per month per $1,000 par amount) fo r the actual number o f days from but not includ ing the issue date to and including the date funds are credited to the account o f the Treasurer o f the United States. F o r example, i f funds are credited on the 20th day o f January the issue date will bo January 15, and five d ays’ accrued interest must be paid by the purchaser. I f collection is delayed so that credit is not given until February 15, the issue date will be February 15, and no accrued interest w ill be collectible. One d a y ’s accrued inter est fo r a thirty-one day period is $.04194 per $1,000. fo r a thirty day period $.04333 per $1,000, for a twenty-nine day period $.04483 per $1,000, and for a twenty-eight day period $.04643 per $1,000. A ny form o f exchange, including personal cheeks, will be accepted, subject to collection, and should be drawn to the order o f the Federal Reserve Bank or the Treasurer o f the United States, as payee, as the case may be. A n y depositary qualified pursuant to the provisions o f Treasury Department Circular No. 92, Revised, as amended, w ill be permitted to make paym ent by credit f o r notes applied fo r on behalf o f itself or its customers up to any amount fo r which it shall be qualified in excess o f existing deposits. rules and regulations as the Commissioner o f In ternal Revenue, with the approval o f the Secretary o f the Treasury, may prescribe, notes issued here under in the name o f a Federal taxpayer, may be presented by such taxpayer, his agent or his estate fo r credit against any income (current and back, personal and corporation taxes, and excess profits taxes) or any estate or g ift taxes (cu rren t and back) imposed by the Internal Revenue Code, or laws amendatory or supplementary thereto, assessed against the inscribed owner or his estate. F o r ex ample, a note dated January 15 may be presented fo r credit against taxes due March 15. The notes will be receivable by the D istrict D irector o f In ternal Revenue at par and accrued interest to the day (bu t no accrual beyond m aturity) when the taxes are due, if such day falls on the 15th day o f a calendar month, whether the notes are received on or before that day. I f the taxes are due on any other day o f the month than the 15th, accrued in terest will be credited to the accrual date next pre ceding the day when the taxes are due. Notes are receivable only in payment o f taxes equal to or exceeding the entire value o f the notes, including accrued interest. The notes m ay be forw arded to the D istrict D irector at the risk and expense o f the owner and, fo r his protection, should be forw arded by registered mail, if not presented in person. The notes may also be deposited with a Federal Reserve Bank or Branch and a receipt obtained therefor which may be forw arded to the D istrict Director in lieu o f the notes. Sec. 335.12. Reservations.— The Secretary o f the Treasury reserves the right to reject any applica tion in whole or in part, and to refuse to issue or permit to be issued hereunder any notes in any case or in any class or classes o f cases if he deems such action to be in the public interest, and his action in any such respect shall be final. I f an application is rejected, in whole or in part, any payment received therefor will be refunded. Subpart E : CASH R E D E M PT IO N A T OR B E FO R E M A T U R IT Y Sec. 335.15. General.— A n y Treasury Savings Note, Series C, not presented in paym ent o f taxes will be paid at maturity, or, at the option and re quest o f the owner, and without advance notice, will be redeemed before m aturity at any time after four months from the issue date. F o r example, a note dated January 15 may be redeemed fo r cash on or after May 15. I f redem ption p rior to m aturity is requested on an interest accrual date the redemp tion will include interest accruing on that date, otherwise redemption will be at par and accrued interest to the interest accrual date next preceding the redemption date, except in the case o f a note inscribed in the name o f a bank that accepts de mand deposits, in which case payment, whether at or before maturity, will be made only at par, with a refund o f any accrued interest which m ay have been paid at the time o f purchase o f the note. I f a Sec. 335.13. D elivery o f notes.— U pon accept ance o f a full-paid application, notes will be duly inscribed and, unless delivered in person, will be delivered, at the risk and expense o f the United States at the address given by the purchaser, by mail, but only within the United States, its Terri tories and Island Possessions, and the Canal Zone. No deliveries elsewhere will be made. Subpart D : PR E SE N T A T IO N IN PA Y M E N T OF TA X E S Sec. 335.14. A t any time after two months from the issue date, during such time and under such 4 note is acquired by a banking institution through forfeiture o f a loan, paym ent will be made at par and the accrued interest payable as o f the date o f acquisition. surrendered. Payment will be made by check drawn to the order o f the owner, and mailed to the address given in his request fo r payment, or by credit in any account maintained by a banking institution with the Federal Reserve Bank o f its District. Sec. 335.16. E xecu tion o f request fo r 'payment. — The owner in whose name the note is inscribed must appear before one o f the officers authorized by the Secretary o f the Treasury to witness and certify requests fo r payment, establish his identity, and in the presence o f such officer sign and com plete the request fo r payment appearing on the back o f the note. A fte r the request for payment has been executed, the witnessing officer should execute the certificate provided fo r his use. Subpart F : P A Y M E N T OR REISSUE TO O TH E R T H A N IN SC RIBE D O W N ER Sec. 335.21. Presentation and surrender.— A note may be paid or reissued in accordance with any o f the provisions o f this subpart only upon the presentation and surrender o f the note at the risk and expense o f the owner to the issuing agency, accompanied by an appropriate request fo r the particular transaction. Sec. 335.17. Officers authorized to ce rtify re quests f o r paym ent.— A ll officers authorized to cer tify requests fo r payment o f United States Savings Bonds, as set forth in Treasury Departm ent Cir cular No. 530, Seventh Revision, as amended, are hereby authorized to certify requests fo r cash re demption o f Treasury savings notes issued under this circular. Such officers include, among others. United States postmasters, certain other post office officials, officers o f all banks and trust companies incorporated in the United States or its territories, including officers at branches thereof, and commis sioned and warrant officers o f the Arm ed Forces of the United States. Sec. 335.22. A uthorized transfers.— (a ) B etw een husband and wife.— A note in scribed in the name o f a married man may be reis sued in the name o f his wife, and a note inscribed in the name o f a married woman may be reissued in the name o f her husband. (b ) B etw een affiliated corporations.— A note in scribed in the name o f a parent corporation, which is hereby defined as a corporation owning more than 50 percent o f the stock, with voting power, of another corporation, may be reissued in the name o f a subsidiary, and a note registered in the name o f a subsidiary may be reissued in the name o f the parent corporation. Sec. 335.18. Presentation and surrender.— Notes bearing properly executed requests fo r payment must be presented and surrendered to any Federal Reserve Bank or Branch or to the Treasurer o f the United States, W ashington 25, D. C., at the expense and risk o f the owner. F o r the ow ner’s protection, notes should be forwarded by registered mail, if not presented in person. Sec. 335.23. A uthorized pledge.— A note may be pledged as collateral fo r a loan from a banking in stitution, and if title thereto is acquired b y the institution because o f default in the payment o f the loan, the notes will be redeemed at par and accrued interest to the interest accrual date next preceding the date o f such acquisition, unless acquired on an interest accrual date, in which case redemption will be made at par and accrued interest to that date. P ro o f o f the date o f acquisition must be furnished, and payment must be requested by the pledgee under a power o f attorney given b y the pledgor in whose name the note is inscribed. The note will not be transferred to the pledgee. Sec. 335.19. Partial redem ption.— Partial cash redemption o f a note, corresponding to an author ized denomination, may be made in the same man ner as fu ll cash redemption, appropriate changes being made in the request fo r payment. In case of partial redemption o f a note, the remainder will be reissued in the same name and with the same issue date as the note surrendered. Sec. 335.24. Paym ent to representatives o f de ceased or incom petent owners and paym ent or re issue to heirs or legatees o f deceased owners.— In case o f the death or disability o f an individual owner, i f the notes are not to be presented in pay ment o f taxes, payment w ill be made to the duly constituted representative o f his estate, or they may Sec. 335.20. Paym ent.— Paym ent o f any note, either at m aturity or on redemption before matu rity, will be made by any Federal Reserve Bank or Branch or the Treasurer o f the United States, follow in g clearance with the agency o f issue, which will be obtained by the agency to which the note is 5 Subpart G : G E N E R A L PROVISION S be paid or reissued to one or more o f his heirs or legatees upon satisfactory p roof o f their rig h t; but no reissue will be made in the names o f two or more persons join tly or as coowners. Sec. 335.29. Regulations.— E xcept as provided in this circular, the notes issued hereunder w ill be subject to the general regulations o f the Treasury Department, now or hereafter prescribed, govern ing bonds and notes o f the United States; the regulations currently in force are contained in Department Circular No. 300, as amended. Sec. 335.25. Paym ent or reissue to successors of corporations, unincorporated associations or part nerships.— I f a corporation or unincorporated body in whose name notes are inscribed is dissolved, con solidated, merged or otherwise changes its organiza tion, the notes may be paid to, or reissued in the name o f, those persons o r organizations law fully entitled to the assets o f such corporation or body by reason o f such change in organization. Sec. 335.30. Loss, th eft or destruction.— In case o f the loss, theft or destruction o f a savings note immediate notice (w hich should include a full description o f the note) should be given the agency which issued the note and instructions should be requested as to the procedure necessary to secure a duplicate. Sec. 335.26. Paym ent to representatives o f bank rupt or insolvent owners.— I f an owner o f notes is declared bankrupt o r insolvent, payment, but not reissue, will be made to the duly qualified trustee, receiver or similar representative if the notes are submitted with satisfactory p ro o f o f his appoint ment and qualification. Sec. 335.31. Fiscal agents. — Federal Reserve Banks and their Branches, as fiscal agents o f the United States, are authorized to perform such serv ices o r acts as may be appropriate and necessary under the provisions o f this circular and under any instructions given b y the Secretary o f the Treasury, and they may issue interim receipts pending de livery o f the definitive notes. Sec. 335.27. Paym ent as a result o f judicial p ro ceedings.— Payment, but not reissue, w ill be made as a result o f judicial proceedings in a court o f competent jurisdiction, if the notes are submitted with proper p ro o f o f such proceedings and their finality. Sec. 335.32. Am endm ents. — The Secretary o f the Treasury may at any time or from time to time supplement or amend the terms o f this cir cular, o r o f any amendments or supplements thereto, and may at any time or from time to time prescribe amendatory rules and regulations govern ing the offering o f the notes, inform ation as to which will prom ptly be furnished to the Federal Reserve Banks. G. M . H U M PH R E Y , Secretary o f the Treasury. Sec. 335.28. Instructions and inform ation.— B e fore executing the request fo r payment or submit ting the notes under the provisions o f this subpart, instructions should be obtained from a Federal Reserve Bank or B ranch o r from the Treasury Department, Division o f Loans and Currency. W ashington 25, D . C. 6 TREASURY SAVINGS NOTES—SERIES C TABLE OF TAX-PAYM ENT OR REDEMPTION VALUES AN D INVESTMENT YIELDS ON NOTES ISSUED FROM OCTOBER 1, 1953 UNTIL FURTHER NOTICE The table below shows for each month from issue date to maturity date the amount of interest accrual; the principal amount with accrued interest added, for notes of each denomination; the approximate investment yield on the par value from issue date to the loth of each month following the issue date; and the approximate investment yield on the current redemption value from the loth o f the month indicated to the maturity date. Note. The word “ month” as used in this table means the period from and including the 15th day of any one calendar month to but not including the 15th day of the next succeeding month. P ar value $100.00 Amount o f interest accrual each month after issue month $500.00 $1,000.00 $5,000.00 $10,000.00 $100,000.00 $500,000.00 $1,000,000.00 Tax-paym cnt o r redemption values during cach monthly period after issue month' Approximate investment Approximate yield on investment current taxyield on par payment or value from redemption issue date to valuesfroni beginning o f beginning o f each monthly each monthly p eriod to period maturity thereafter Interest accrues at rate o f $1.30 per m onth per $1,000 par am ou nt: 2.212 F irst m o n t h ....................... $100.13 $500.65 $1,001.30 $5,006.50 $10,013.00 $100,130.00 $500,650.00 $1,001,300.00 1.56 2.24 10,026.00 100,260.00 501,300.00 1,002.600.00 1.56 2.27 Second m o n t h .................. 100.26 501.30 1.002.60 5,013.00 T h ird m onth .................... 100.39 501.95 1,003.90 5.019.50 10,039.00 100,390.00 501,950.00 1,003.900.00 1.56 2.31 F ourth m onth .................. 100.52 502.60 1.005.20 5,026.00 10.052.00 100.520.00 502,600.00 1.005,200.00 1.56 2.34 F ifth m onth .................... 100.65 503.25 1.006.50 5.032.50 10,065.00 100,650.00 503.250.00 1,006.500.00 1.56 2.38 Sixth m onth .................... 100.78 503.90 1,007.80 5,039.00 10,078.00 100,780.00 503,900.00 1,007,800.00 1.56 2.43 2.44 Interest accrues a t rate o f $1.90 per m onth per $1,000 par am ount: Seventh m onth ............... 100.97 504.85 1,009.70 5,048.50 10,097.00 100,970.00 504,850.00 1,009,700.00 1.66 Eighth m onth .................. 101.16 505.80 1,011.60 5,058.00 10,116.00 101,160.00 505,800.00 1,011,600.00 1.74 2.45 Ninth m onth .................... 101.35 506.75 1,013.50 5,067.50 10,135.00 101,350.00 506,750.00 1,013,500.00 1.80 2.46 T enth m o n t h .................... 101.54 507.70 1,015.40 5,077.00 10,154.00 101,540.00 507,700.00 1,015,400.00 1.84 2.48 Eleventh m onth ............. 101.73 508.65 1,017.30 5.086.50 10,173.00 101,730.00 508.650.00 1,017,300.00 1.88 2.50 T w elfth m onth ............... 101.92 509.60 1.019.20 5,096.00 10,192.00 101,920.00 509,600.00 1,019,200.00 1.91 2.52 Interest accrues a t rate o f $ 2.10 per m onth per $ 1,000 par am ou nt: T hirteenth m onth ......... 102.13 510.65 1,021.30 5.106.50 10,213.00 102,130.00 510,650.00 1.021.300.00 1.95 2.52 F ourteenth m onth ......... 102.34 511.70 1,023.40 5,117.00 10,234.00 102,340.00 511,700.00 1,023,400.00 1.99 2.52 F ifteen th m o n t h ............. 102.55 512.75 1,025.50 5,127.50 10,255.00 102,550.00 512,750.00 1.025.500.00 2.02 2.53 Sixteenth m o n t h ............. 102.76 513.80 1,027.60 5,138.00 10,276.00 102.760.00 513,800.00 1,027,600.00 2.05 2.53 Seventeenth m onth . . . . 102.97 514.85 1,029.70 5,148.50 10,297.00 102,970.00 514,850.00 1,029,700.00 2.08 2.54 E ighteenth m onth ......... 103.18 515.90 1,031.80 5,159.00 10,318.00 103,180.00 515,900.00 1,031,800.00 2.10 2.56 Interest accrues at rate o f $2.20 per m onth per $1,000 p a r am ou nt: N ineteenth m onth ......... 103.40 517.00 1,034.00 5,170.00 10,340.00 103,400.00 517,000.00 1,034,000.00 2.12 2.56 T w en tieth m o n t h ........... 103.62 518.10 1.036.20 5,181.00 10.362.00 103,620.00 518,100.00 1,036,200.00 2.15 2.55 T w en ty -flrst m onth . . . . 103.84 519.20 1,038.40 5,192.00 10,384.00 103,840.00 519,200.00 1,038,400.00 2.16 2.55 T w en ty-secon d m onth . . 104.96 520.30 1,040.60 5,203.00 10,406.00 104,060.00 520.300.00 1,040,600.00 2.18 2.55 T w en ty -th ird m onth . . . 104.28 521.40 1,042.80 5,214.00 10,428.00 104,280.00 521,400.00 1,042.800.00 2.20 2.55 M A T U R IT Y ............... 104.50 522.50 1,045.00 5,225.00 10.450.00 104,500.00 522,500.00 1,045,000.00 2.21 1 N ot acceptable in payment o f taxes until after the second month from issue date, and not redeemable for cash until after the fourth month from issue date. 2 A pproxim ate investment yield for entire period from issue date to maturity. * 7 S.B. 499C A P P L IC A T IO N FO R U N ITE D STATES OF AM E R IC A T R E A SU R Y SAVINGS NOTES, SERIES C fO : FEDERAL RESERVE BAN K OF NEW YO RK , F IS C A L A G E N T O F T H E U N IT E D ST A T E S , GOVERNM ENT BON D DEPARTM ENT, 33 L I B E R T Y S T R E E T , N E W Y O R K 45, N . Y . Date: Pursuant to the terms of Treasury Department Circular No. 931, dated October 1, 1953, the undersigned submits this application for the purchase >f Treasury Savings Notes, Series C. PAR AMOUNT AND PAYMENT Jar amount of notes................................................................ Payment is being made in the manner indicated below: □ Vccrued interest ( S e e r e v e r s e s i d e ) By credit to Treasury Tax and Loan Account TTie election to pay by credit to Treasury T a x and Loan A ccou n t will be deemed a certification by the undersigned Special Depositary that the full amount o f payment due on this application has been deposited on the date hereof to the credit o f the Federal Reserve Bank o f N ew Y o rk , as fiscal agent o f the U nited States, Treasury T ax and L oan A ccou n t, under the terms o f Treasury Department Circular N o. 92 (R evised ). .......................... days @ $.................................... per $1,000 TO TAL A M O U N T O F P A Y M E N T ......................... INSCRIPTION (P lea se type or print below the name and address to be inscribed on the notes.) □ □ □ By charge to our Reserve Account, which is hereby authorized By cash herewith By check herewith DENOMINATIONS The notes are to be issued in the denominations indicated below: Num ber D enom inations of ( F o r inform ation concerning form s o f inscription, see reverse side.) P ieces $ DISPOSITION Total P a r Am ount D o N ot Use 100 500 The notes are to be delivered as indicated below: 1,000 H Mail to owner at address inscribed on notes □ Mail to the bank or security dealer submitting this application □ Deliver over counter to the bank or security dealer submitting this application U (Special instructions) 5,000 10,000 lOOflOO 500,000 lfiOOfiOO TOTALS (N o t part o f application) DELIVERY RECEIPT Received from FED ER AL R ESER VE B A N K OF N E W YO R K reasury Savings Notes, Series C, of the description and in the nount indicated above. Signature o f Purchaser...... ( N ot required when application is submitted on behalf o f the purchaser by a bank or security dealer.) A pplication S u b m i t t e d b y ......................... (N am e o f Bank or S ecurity D ealer) ubscriber. (S treet address) B y. ( City and State) ( Official Signature R equired) R eceived Checked R ecorded N o te (s ) Examined (T itle ) PERIOD FOR W H ICH ACCRUED INTEREST MUST BE PAID Every application must be accompanied by payment in full, at par and accrued interest, if any. The amount of accrued interest payable by the purchaser will be computed at the rate at which interest accrues on the notes for the actual number of days from but not including the| issue date to and including the date on which payment is made in cash or other funds immediately available to the Federal Reserve Bank of New York. For example, if the funds for payment are to be available to the Federal Reserve Bank of New York on the 20th day of January, the issue date will be January 15, and 5 days’ accrued interest must be paid by the purchaser. If a purchase is made and the funds are to be available on the 15th day of a month (the issue date), there is no accrued interest to be included in the payment. If payment is made by a check drawn to the order of the Federal Reserve Bank of New York, the funds will be deemed available, for the purpose of computing the period for which accrued interest must be paid, on the day on which credit would have been given for the check under our time schedules (Operating Circulars Nos. 5 and 6) if the check had been sent to us for collection. FORMS OF INSCRIPTION Treasury Savings Notes, Series C, may be inscribed in the name of an individual, corpora tion, unincorporated association or society, or a fiduciary (including trustees under a duly established trust where the notes would not be held as security for the performance of a duty or obligation), whether or not the inscribed owner is subject to taxation under the Internal Revenue Code, or laws amendatory or supplementary thereto. They may also be inscribed in the name of a town, city, county or State or other governmental body and in the name of a partnership, but notes in the name of a partnership are not acceptable in payment of taxes, since a partnership is not a taxpaying entity under the Internal Revenue Code. The notes will not be inscribed in the names of two or more persons as joint owners or coowners; or in the name of a public officer, whether or not named as trustee, where the notes would in effect be held as security for the performance of a duty or obligation.
@FedFRASER