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F E D E R A L R E S E R V E BANK OF NEW YORK Fiscal A g en t o f the U nited States r Circular N o. 4 4 7 3 1 L M ay 29, 1957 J U N ITED STATES SAVING S BONDS Punch-Card E Bonds to be Issued O ctober 1 To A ll Issuing A g en ts in the Second Federal R eserve D istrict Qualified f o r Sale o f United States Savings Bonds, Series E : The Treasury Department last evening made public the following statement concern ing the issuance of a new, more economical, punch-card Series E Savings bond: The Treasury Department beginning next October 1 will issue Series E Savings bonds in punch-card form , at an annual saving o f $500,000 a year in printing costs. The punch-card bonds wall closely resemble the present paper-type bonds and will have the same printed matter on both sides as now. B ut while the present paper-type bonds are 7 % by 4a/4 inches in size, the punch-card bonds will be 7 % b y 3^4 inches. Present stocks o f the paper-type E bond form s will be used until stocks are depleted, prob ably by the end o f September, o r fo r reissues o f paper-type bonds. General approval was expressed by bond buyers, volunteer bond salesmen, financial insti tutions and others consulted by the Treasury when the money-saving change to card-type bonds was proposed several months ago. The punch-card bonds will make possible the use o f electronic data processing machines fo r certain Savings bonds procedures in the Bureau o f the P ublic Debt, and installation o f such machines is now being arranged for. Some business firms and others issuing bonds under the Payroll Savings Plan will also be able to realize economies in handling the new bonds. From now until the time that the new, punch-card Series E bond is released by the Treasury, issuing agents should keep their stocks o f the present, paper-type bond, and of the penalty envelope for mailing it, to a minimum consistent with actual needs. Your cooperation in limiting requests for additional stock to actual needs will be appreciated. A lfred H ayes, President. C C t FE D E R A L R E S E R V E BANK O F N EW YO R K May 31, 1957. T o all Banking Institutions in the Second Federal R eserve D istrict: W e are pleased to announce that the Virgin Islands National Bank, Charlotte Amalie, St. Thomas, Virgin Islands, has become a member of the Federal Reserve System and a stockholder o f this Bank, effective today. The capital of the bank is $200,000 and its surplus $ 200 ,000 . Effective July 1, 1957, when Mr. A. E. Wharton will retire as President, the officers o f the bank will be: D. I A ra V ic t o r B ornn Ross lbert C President Vice President o m is s io n g Cashier A lfred H ayes, President.
@FedFRASER