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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 NOTES OF SERIES N, DUE JU
T
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.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102