Name/Title
Savings Bonds--Rules and Regulations--1941-1942Entry/Object ID
2014.018.0028Scope and Content
1 folder ; 11 3/4" x 9 5/8"
Series E savings bonds were first sold in May 1941. The Treasury Dept. relied on volunteer banks to sell and service these "war bonds." The Federal Reserve Bank of Richmond, operating as the Fiscal Agent of the United States, forwarded the rules and regulations for the sale of the bonds to banks in its service area.
April 15, 1941 The Federal Reserve forwarded the message of Henry Morgenthau, Jr., Secretary of the Treasury about the Series E bonds and the Postal Savings Stamps. Circular No. 657 laid out the rules for the designation and qualification of issuing agents. The Fed then repeated the instructions with their own additions.
April 24, 1941 The Maryland Bank Commissioner sent out a memo saying there was nothing in the state statutes that allowed for the bond sales, but there was nothing that prohibited it either, so his office would not oppose any financial institution that wished to participate.
April 25, 1941 The Fed sent out a list and explanation of the necessary forms, five in all, that would be sent to qualifying institutions. They would also send an official rubber stamp.
May 1, 1941 The Fed sent Circular No. 530. The circular directed participating institutions to set up an internal account called Series E Bond Account into which all the bond sale monies would be immediately deposited. Once a week, accumulated funds were to be forwarded to Richmond. There were instructions about shipping, accounting for, and returning bond stock.
May 13, 1941 Supplement to the above circular with nitty gritty details about filling out forms and stubs and don't forget Miss or Mrs.
June 26, 1941 Treasury Dept.'s amendment to Circular No. 530 about how to deal with bonds in a guardianship estate.
July 22, 1941 The Fed chided sales agents for not being more careful about the forms of buyers' names. There were more instructions about "spoiled" bonds--those with some sort of preparation error.
October 7, 1941 The Fed sent a form letter to Stephen Jones of the County Trust pointing out an error in a registration stub. Since it is a form letter, Mr. Jones must not have been the only person to make such an error.
December 10, 1941 The Fed put all issuers on notice that a new type of bond would be issued after December 31, 1941--it would have a carbon insert. Issuers were directed to use up the "old" bonds by the end of the month.
February 24, 1942 The Fed put all issuers on notice that the paperwork, etc. associated with bond sales would devolve to the branches of the Fed, in County Trust's case, to the Baltimore Branch.
March 16, 1942 Another important notice--issuers no longer had to submit the salmon colored stub with their reports.
April 20, 1942 Amendment to Circular 530, two paragraphs having to do with re-issuing bonds to change the owner
April 28, 1942 The Baltimore Branch of the Fed sent a notice with the correct mailing address to be used by bond issuers--and don't put anything else in the package!
December 7, 1942 The Baltimore Branch chided Mr. Bennett for sending two remittance stubs, when only one applied to the transaction in question. The Branch returned the extra stub.Collection
County Trust Company CollectionArchive Items Details
Date(s) of Creation
1941 - 1942Location
Container
County Trust Collection, Box 1Shelf
Rack 12, Shelf 5Rack
Rack 12Wall
East wallRoom
Archives 1Building
Tudor HallContainer
County Trust Collection, Box 1Shelf
Rack 12, Shelf 5Rack
Rack 12Wall
East wallRoom
Archives 1Building
Tudor HallRelationships
Related Person or Organization
Person or Organization
Bennett, Stuart B.Person or Organization
Downing, John W.Person or Organization
Jones, Stephen McKennyPerson or Organization
Morgenthau, Henry