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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 1 8 6 1 July 11, 1938 Offering of Reconstruction Finance Corporation % Percent Notes of Series N, Due July 20, 1941 Dated and bearing interest from July 20, 1938 FULLY AND UNCONDITIONALLY GUARANTEED BOTH AS TO INTEREST AND PRINCIPAL BY THE UNITED STATES, WHICH GUARANTY IS EXPRESSED ON THE FACE OF EACH NOTE Exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority To all Banking Institutions and Others Concerned in the Second Federal Reserve District: The following press statement was today made public: The Secretary of the Treasury, on behalf of the Reconstruction Finance Corporation, is today offering for subscription, at par and accrued interest, through the Federal Reserve banks, $200,000,000, or thereabouts, of notes of the Reconstruction Finance Corporation, designated % percent notes of Series N. The notes will be dated July 20, 1938, and will bear interest from that date at the rate of % percent per annum payable semiannually. They will mature on July 20, 1941, and will not be subject to call for redemption prior to maturity. They will be issued only in bearer form with coupons attached, in denominations of $1,000, $5,000, $10,000 and $100,000. The notes will be fully and unconditionally guaranteed both as to interest and principal by the United States. They will be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. Subscriptions will be received at the Federal Reserve banks and branches, and at the Treasury Department, Washington. Subscriptions will not be received at the Reconstruction Finance Corporation. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve banks and the Treasury Department are authorized to act as official agencies. Subscriptions from banks and trust companies for their own account will be received without deposit but will be restricted in each case to an amount not exceeding one-half of the combined capital and surplus of the subscribing bank or trust company. Subscriptions from all others must be accompanied by payment of 10 percent of the amount of notes applied for. The right is reserved to close the books as to any or all subscriptions or classes of subscriptions at any time without notice. Subject to the reservations set forth in the official circular, all subscriptions will be received subject to allotment. Payment for any notes allotted must be made or completed on or before July 20, 1938, or on later allotment. The terms of this offering are set forth in Treasury Circular No. 588, dated July 11,1938, a copy of which is printed on the following pages. The subscription books are now open, and applications will be received by this bank as fiscal agent of the United States. Subscriptions should be made on official subscription blanks and mailed immediately, or if filed by telegram or letter, should be confirmed immediately by mail on the blanks provided. Where such telegraphic or letter subscription is made by a bank the telegram or letter should contain the amounts of the subscriptions, if any, for the customers of the subscribing bank together with their names and addresses as provided for in the subscription blank. GEORGE L. HABRISON, President. ECONSTRUCTION FINANCE CORPORATION % PERCENT T NOTES OF SERIES N, DUE JU JULY 20, 1941 Dated and bearing interest from July 20, 1938 FULLY AND UNCONDITIONALLY GUARANTEED BOTH AS TO INTEREST AND PRINCIPAL BY THE UNITED STATES, WHICH GUARANTY IS EXPRESSED ON THE FACE OF EACH NOTE Exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority 1938 Department Circular No. 588 Public Debt Service TREASURY DEPARTMENT, _ _ OFFICE OF THE SECRETARY, _ T . .-, j- T MHn Washington, TJuly 11,1938. I. OFFERING OF NOTES 1. The Secretaiy of the Treasury, on behalf of the Reconstruction Finanee Corporation, invites subscriptions, at par and accrued interest, from the people of the United States for notes of the Reconstruction Finance Corporation, designated % percent notes of Series N. The amount of the offering is $200,000,000, or thereabouts. II. DESCRIPTION OF NOTES 1. The notes will be dated July 20, 1938, and will bear interest from that date at the rate of % percent per annum, payable semiannually on January 20 and July 20 in each year until the principal amount becomes payable. They will mature July 20, 1941, and will not be subject to call for redemption prior to maturity. 2. The notes will be issued under authority of an act of Congress (known as "Reconstruction Finance Corporation Act") approved January 22, 1932, as amended and supplemented, which provides that the notes shall be fully and unconditionally guaranteed both as to interest and principal by the United States and such guaranty shall be expressed on the face thereof; and that they shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. These notes shall be lawful investments, and may be accepted as security, for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. 3. The authorizing act further provides that in the event the Reconstruction Finance Corporation shall be unable to pay upon demand, when due, the principal of or interest on notes issued by it, the Secretary of the Treasury shall pay the amount thereof, which is authorized to be appropriated, out of any moneys in the Treasury not otherwise appropriated, and thereupon to the extent of the amounts so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such notes. 4. The notes will be acceptable to secure deposits of public moneys, but will not bear the circulation privilege. 5. Bearer notes with interest coupons attached will be issued in denominations of $1,000, $5,000, $10,000 and $100,000. The notes will not be issued in registered form. III. SUBSCRIPTION AND ALLOTMENT 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 customers, but only the Federal Reserve banks and the Treasury Department are authorized to act as official agencies. Others than banking institutions will not be permitted to enter subscriptions except for their own account. Subscriptions from banks and trust companies for their own account will be received without deposit but will be restricted in each case to an amount not exceeding one-half of the combined capital and surplus of the subscribing bank or trust company. Subscriptions from all others must be accompanied by payment of 10 percent of the amount of notes applied for. The Secretary of the Treasury reserves the right to close the books as to any or all subscriptions or classes of subscriptions at any time without notice. 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 notes applied for, to make allotments in full upon applications for smaller amounts and to make reduced allotments upon, or to reject, applications for larger amounts, or to adopt any or all of said methods or such other methods of allotment and classification of allotments as shall be deemed by him to be in the public interest; and his action in any or all of these respects shall be final. Allotment notices will be sent out promptly upon allotment, and the basis of the allotment will be publicly announced. IV. PAYMENT 1. Payment at par and accrued interest, if any, for notes allotted hereunder must be made or completed on or before July 20, 1938, or on later allotment. In every case where payment is not so completed, the payment with application up to 10 percent of the amount of notes applied for shall, upon declaration made by the Secretary of the Treasury in his discretion, be forfeited to the United States. V. GENERAL PROVISIONS 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 for notes allotted, to make delivery of notes on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive notes. 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. HENRY MORGENTHAU, Jr., Secretary of the Treasury. FEDERAL RESERVE BANK OFNEWVORK RFC-ATS-l.NL SECURITIESDEPARTMENT ADVICE TO SUBSCRIBER Acknowledging Receipt of Cash Subscription For Reconstruction Finance Corporation Obligations Mentioned Below To Application No. Date Your cash subscription for $ Reconstruction Finance Corporation % Percent Notes of Series N, Dated July 20,1938, Due July 20,1941 has been received by this bank, as fiscal agent of the United States, and, pursuant to the provisions of the Treasury Department's circular offering the above-mentioned obligations of the Reconstruction Finance Corporation, allotment notices will be sent out promptly upon allotment and allotments will be made on the basis and up to the amounts indicated by the Secretary of the Treasury to this bank. FEDERAL RESERVE BANK OF XEW YORK. Fiscal Aaent of the United States. Checked by. FEDERAL. RESERVE BANK OF NEW YORK To ^"»ADI"^ RFC-ATS-2.NL SECURITIES DEPARTMENT OCr*/~\Or\ Application No. Date Cash subscription received from above subscriber for $ Reconstruction Finance Corporation % Percent Notes of Series N, Dated July 20,1938, Due July 20,1941 FEDERAL RESERVE BANK OF NEW YORK RFC-ATS-3.NL SECURITIES DEPARTMENT CONTROL RECORD Application No. Date Cash subscription received from above subscriber for $ Reconstruction Finance Corporation % Percent Notes of Series N, Dated July 20,1938, Due July 20,1941 I13-RFC-X FEDERAL RESERVE B A N K or N E W YORK Lot Number Application Number Fiscal Agent of the United States IB CASH SUBSCRIPTION BY OTHER THAN A BANKING INSTITUTION To Reconstruction Finance Corporation Obligations Described Below Dated at .1938 An application, unless made by a banking institution, must be accompanied by payment of 10 percent of the amount applied for. Subscriptions can be made only for $1,000 or in multiples of $1,000. FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States, New York, N. Y. DEAR SIRS: Pursuant to the provisions of Treasury Department Circular No. 588, dated July 11, 1938, please enter our (my) subscription for $ (par value) RECONSTRUCTION FINANCE CORPORATION % PERCENT NOTES OF SERIES N DATED JULY 20, 1938 DUE JULY 20, 1941 We (I) agree, in consideration of the receipt by you of this subscription, to make payment in full for the entire amount which may be allotted on this subscription, at par on or before the date of issue, or at par and accrued interest if on later allotment. If such payment is in excess of the amount deposited with this application the balance of the payment due you will be made by (name) in the manner indicated below: By check Q By cash This is a confirmation of a previous subscription. • WriteYes or Write No Subscriber . . (Print name) Sign here . . . . (Official Signature Required) Street address State Town SPACES BELOW ABE FOB THE USE OF THE FEDEBAL BESEBVE BANK OF NEW TOBK EXAMINED CLASSIFIED Figured Checked Advised Allotment Released Payment 1 Deposit Date - DISPOSITION ACKNOWLEDGED LEDQEB Date S By By Cash By Check Drawn on Check No. Received Checked Interest Cheeked Recorded Window Custody Mail BTC-RFC-N FEDERAL. RESERVE B A N K OP N E W YORK Lot Number Application Number Fiscal Agent of the United States c Cash Subscription by Banking Institution To Reconstruction Finance Corporation Obligations Described Below Dated at. .1938 FEDERAL EESERVE BANK OF NEW YORK, Fiscal Agent of the United States, New York, N. Y. DEAR SIRS: Pursuant to the provisions of Treasury Department Circular No. 588, dated July 11, 1938, please enter subscription as follows for RECONSTRUCTION FINANCE CORPORATION % PERCENT NOTES OF SERIES N DATED JULY 20, 1938 DUE JULY 20, 1941 For our own account (not classified below).. $ For our customers (classified below) Total Subscription $ CLASSIFICATION OF CUSTOMEKS' SUBSCRIPTIONS (Subscriptions can be made only for $1,000 or in multiples of $1,000. For example: Class A—10 at $1,000) (To SUBSCRIBER: DO not show on this form denominations of securities of this issue to be desired on allotment.) CLASS A Subscriptions of $1,000 Number of Amount Subscript's of Each Leave Blank CLASS B l CLASS B2 CLASS C Subscriptions over $1,000 to $5,000 Inclusive Subscriptions over $5,000 to $10,000 Incl. Subscriptions over $10,000 to $50,000 Incl. Number of Number of 1 Amount Amount Number of 1 Amount of Each Leave Blank Subscript's of Each Leave Blank Subscript's 1 of Each Subscript's | Leave Blank at at at at at at at at at at at at at at at at at CLASS D CLASS E Subscriptions over 350,000 to $100,000 Incl. Sub's over $100,000 to $500 Number of Amount Amount Number of | of Each Subscript's of Each Leave Blank Leave Blank Subscript's | CLASS F Sub's over $500,0( Number of Amount Subscript's of Each Leave Blank CLASS G Subscriptions of over $1,000,000 Number of 1 Amount Subscript's 1 of Each Leave Blank at at at at at at at at at at at at at at at at at at at at at at at at We hereby certify: that we have received applications from our customers in the amounts set opposite the customers' names on the attached list which is made a part of this subscription; that there has been paid to us by each such customer, not subject to withdrawal until after allotment and payment in full for securities allotted, 10 percent of the amount applied for; that each such application, to the best of our knowledge and belief, is made in good faith for the customer's legitimate requirements; and that we have no beneficial interest therein. We further certify that our capital and surplus (not including undivided profits, reserves, etc.) is $ We agree: in consideration of the receipt by you of this subscription, to make payment in full for the entire amount which may be allotted on this subscription, at par on or before the date of issue, or at par and accrued interest if on later allotment. Such payment will be made by the method indicated hereon. • By debit to our reserre account • By check Before signing fill in all required spaces. TO SUBSCBIBEB: Mark ( X ) in proper spaee to indicate if this i s : Banking Institution Post Office Address. • Original subscription Confirmation of a telegram.. Confirmation of a letter State LJ (Official signature required) SPACES BELOW ABE FOB THE TTSE OF THE FEDKRA.Ii BESEBYB BANK Examined Carded Classified Ledger Disposition Government Deposit Acknowledged TTnM Figured Allotment Received Checked Checked Advised Recorded Amount Method of Payment Window 1 Custody Date Released 1 Mail By Other Departments List of customers' applications included in the foregoing subscription entered and certified by (Name of bank or trust company) Post office address Name of Customer (Please print or use typewriter) Address State. Amount Subscribed Lot Number Application Number FEDERAL RESERVE B A N E OF N E W YORK Fiscal Agent of the United States NOTICE OF ALLOTMENT On Cash Subscription to Reconstruction Finance Corporation Obligations Applied for by Subscriber as Described Below To Subscriber: 1938 Referring to your subscription, numbered as above indicated, for $ (par value) RECONSTRUCTION FINANCE CORPORATION % PERCENT NOTES OF SERIES N DATED JULY 20, 1938, DUE JULY 20, 1941 for which you have applied under the provisions of the Treasury Department's circular containing the offering of such' securities for subscription, you have been allotted by the Secretary of the Treasury $ of the amount applied for. IMPORTANT INFORMATION FOR SUBSCRIBER 1. To expedite delivery of the securities of this issue allotted to subscriber and to facilitate prompt completion of this transaction, please observe the following directions, and fill in, sign and return immediately the attached letter of instructions to the Federal Reserve Bank of New York, Fiscal Agent of the United States, New York, N. Y. Payment by Check, Cash or Charge 2. On or before the date of this issue payment must be made or completed at par, or at par and accrued interest if payment is to be made after the date of this issue, for the securities allotted to subscriber as stated above, and payment therefor may be made by check, cash or charge, as follows: By Check— A check tendered in payment should be made payable to the order of the FEDERAL RESERVE BANK OF NEW YORK, FISCAL AGENT OF THE UNITED STATES, and the proeeeds thereof must be immediately available on the date that payment is due, but such check need not necessarily accompany the attached letter of instructions. The proceeds of a check tendered in payment by subscriber on the date of this issue, drawn on the Federal Reserve Bank of New York, will be immediately available on the date of this issue. Should a subscriber wish to make payment by certified cheek on any other bank the securities can not be delivered until the Federal Reserve Bank of New York, fiscal agent of the United States, receives the proceeds of such check, and, therefore, such subscriber should tender such certified check at least 2 days prior to the date payment is due if he wishes delivery of the securities on the date of this issue. By Cash—Payment may be made in cash. By Charge— A member bank may make payment by requesting us to charge its reserve account, or a nonmember clearing bank may make payment by requesting us to charge its clearing account. Delivery 3. (a) Delivery of the securities of this issue allotted on eash subscriptions will not be made at the Federal Reserve Bank of New York at its head office in New York, N. Y., before the issue date. (b) Securities of this issue allotted to subscriber will be delivered over the counter to a representative of the subscriber only when a letter of authority signed officially by the subscriber identifying such representative is presented by him. (c) Securities of this issue allotted to subscriber will be delivered to others under special instructions from subscriber but only when such securities are either the sole property of the subscriber or are the property of its customers who have authorized the subscriber in writing to cause their said securities to be so delivered. Further Instructions 4. (a) Securities of this issue will be held for safekeeping by, or delivered to the Discount Department of, the Federal Reserve Bank of New York for the account of member banks only, provided such securities are the sole property of the ember bank. (b) It is requested that all blank spaces be typed in where necessary on the attached letter of instructions to this bank and that such letter be signed officially and returned to this bank without delay. FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States Checked by. NARFC-N Lot Number Application Number LETTER OF INSTRUCTIONS To FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States, New York, N. Y. From (Name and address of Subscriber) 1938 Referring to our subscription, numbered as above indicated, for $ (par value) RECONSTRUCTION FINANCE CORPORATION % PERCENT NOTES OF SERIES N DATED JULY 20, 1938, DUE JULY 20, 1941 for which we applied under the provisions of the Treasury Department's circular containing the offering of such securities for subscription, we have received your notice of allotment stating that we have been allotted by the Secretary of the Treasury $ of the amount applied for. As requested we are sending you the following instructions: Issue in the following denominations the securities of this issue allotted to us. Payment for such securities will be made or completed as indicated below. Pieces Denominations Par amount Method of payment (LEAVE BLANK) X X X By charge to our reserve account... $ By check $ By cash $ X X X $1,000 d> «P 5,000 10 000 100,000 Total $ Hold or dispose of the securities of this issue allotted to us in the amounts and as indicated below. 1. Hold for safekeeping (for member bank only) $ 2. Hold as collateral security for War Loan Deposit Account $ 3. Deliver to your Discount Department $ 4. Deliver over counter to the undersigned $ 5. Ship to the undersigned $ 6. Deliver as requested in the following special instructions $ Against payment of Par amount TO Dispose of such payment as follows $ • Credit our reserve account $ We hereby certify (a) that such securities as you are instructed to hold or to deliver, as indicated in items numbered 1 and 3 above, are the sole property of the undersigned bank or trust company; (6) that such securities as are hereby pledged, as indicated in item numbered 2 above, are either the sole property of the undersigned bank or trust company or are the property of its customers who have authorized the undersigned bank or trust company in writing to cause their said securities to be so pledged; and (c) that such securities as you are instructed to deliver, as indicated in item numbered 6 above, are either the sole property of the undersigned bank or trust company or are the property of its customers who have authorized the undersigned bank or trust company in writing to cause their said securities to be so delivered. t3r"This letter of instructions must be signed officially in the space provided here and returned immediately to Name. Post Office Address. Federal Reserve Bank of New York, State. Fiscal Agent of the United States. Official signature required DO NOT USE SPACES BELOW Paid Stamp Released Received from FEDERAL RESERVE BANK OP NEW YORK the above described Taken from Vault. Counted Delivery Eeceipt Amount Reconstruction Finance Corporation obligations allotted in the amount indicated above. Subscriber. Checked Delivered NA-RFC-N Date. By. FEDERAL RESERVE BANK OF NEW YORK GOVERNMENT BOND DEPARTMENT FEDERAL RESERVE P. O. STATION NEW YORK, N. Y.
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