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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
Circular No. 1911
January 25, 1939 1939
January 25,

Offering of United States Housing Authority 1% Percent Notes of Series B,
Due February 1, 1944
Dated and bearing interest from February 1, 1939
•

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 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 United States Housing Authority, is today
offering for subscription, at par and accrued interest, through the Federal Reserve banks,
$100,000,000, or thereabouts, of 5-year notes of the Authority, designated 1% percent notes
of Series B. The notes will be dated February 1, 1939, and will bear interest from that date
at the rate of 1% percent per annum payable semiannually. They will mature on February 1,
1944, 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, $10,000 and $100,000.
The notes will be fully and unconditionally guaranteed upon their face by the United
States as to the payment of both interest and principal. 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 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 United States
Housing Authority. 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 February 1, 1939, or on later allotment.

The terms of this offering are set forth in Treasury Circular No. 601, dated January 25,
1939, 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. If filed by telegram
or letter, subscriptions 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.




GEOKGE L. HARRISON,

President.

UNITED STATES HOUSING AUTHORITY
1% PERCENT NOTES OF SERIES B, DUE FEBRUARY 1, 1944
Dated and bearing interest from February 1,1939
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 or by any State, county, municipality, or local taxing authority
1939

Department Circular No. 601
Public Debt Service

TREASURY DEPARTMENT,
_
OFFICE OF THE SECRETARY,
'

Washington, January 25, 1939.

I. OFFERING OF NOTES
1. The Secretary of the Treasury, on behalf of the United States Housing Authority, invites
subscriptions, at par and accrued interest, from the people of the United States for notes of the
United States Housing Authority, designated 1% percent notes of Series B. The amount of the
offering is $100,000,000, or thereabouts.
II. DESCRIPTION OF NOTES
1. The notes will be dated February 1,1939, and will bear interest from that date at the rate
of 1% percent per annum, payable semiannually on August 1, 1939, and thereafter on February
1 and August 1 in each year until the principal amount becomes payable. They will mature
February 1, 1944, 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 "United States
Housing Act of 1937") approved September 1, 1937, as amended, which provides that the notes
shall be fully and unconditionally guaranteed upon their face by the United States as to the payment of both interest and principal; that in the event the Authority shall be unable to make any
such payment upon demand when due, payments shall be made to the holder by the Secretary of the
Treasury with money authorized to be appropriated for such purpose out of any money in the
Treasury not otherwise appropriated; and that the notes 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 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 agency thereof.
3. Bearer notes with interest coupons attached will be issued in denominations of $1,000,
$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 February 1, 1939, 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.

Lot Number

Application Number

FEDERAL RESERVE BANK OF NEW YORK

Fiscal Agent of the United States

NOTICE OF ALLOTMENT
On Cash Subscription to United States Housing Authority Obligations
Applied for by Subscriber as Described Below
To Subscriber:
1939

Referring to your subscription, numbered as above indicated, for $

(par value)

UNITED STATES HOUSING AUTHORITY 1 % PERCENT NOTES OF SERIES B
DATED FEBRUARY 1, 1939, DUE FEBRUARY 1, 1944

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 proceeds 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 Eeserve Bank of New York, will be immediately available on the date of this
issue. Should a subscriber wish to make payment by certified check on any other bank the securities can not be delivered until the
Federal Eeserve 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 cash 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.
(e) 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
member 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
NA-USH-N




Application Number

Lot Number

LETTER OF INSTRUCTIONS

To FEDERAL RESERVE BANK OP NEW YORK,

Fiscal Agent of the United States,
New York, N. Y.
From (Name and address of Subscriber)
1939

Referring to our subscription, numbered as above indicated, for $

(par value)

UNITED STATES HOUSING AUTHORITY 1 % PERCENT NOTES OF SERIES B
DATED FEBRUARY 1, 1939, DUE FEBRUARY 1, 1944

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 cash

X X X

$

X X X

$1,000

$-

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

$

$

Dispose of such
payment as follows

Against
payment of

Par amount

TO

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
love, 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.

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 State*.

Official signature required
DO NOT USE SPACES BELOW

Delivery Eeceipt

Released

Received from FEDERAL RESERVE BANK OP NEW YORK the above described

Taken from Vault.
Counted

Amount

United States Housing Authority obligations allotted in the amount indicated above.
Subscriber.

Checked
Delivered



Date.

By.

FEDERAL RESERVE BANK

USHA-ATS-I .NL

O.NEWVORK

ADVICE

TO SUBSCRIBER

.leuiim.. o

Acknowledging Receipt of Cash Subscription
For United States Housing Authority Obligation? Mentioned Below
To

Application A'o.
Date

Your cash subscription for $
United States Housing Authority 1% Percent Notes of Series B, Dated February 1, 1939, Due February 1,1944

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 United States Housing Authority, 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 NEW YORK.

Fiscal Agent of the United States.

Checked by




FEDERAL RESERVE BANK
OF NEW YORK

To

^AQI"k

USHA-ATS-2.NL
SECURITIES DEPARTMENT

QnV»r%Qr%

CARD

NbCUH

Application No.
Date

Cash subscription received
from above subscriber for $
United States Housing Authority 1% Percent Notes of Series B, Dated February 1,1939, Due February 1,1944




AMOUNT ALLOTTED $.

FEDERAL RESERVE BANK

USHA-ATS-3.NL

CONTROL RECORD

To

«cu*m«

Application No.
Date

Cash subscription received
from above subscriber for $
United States Housing Authority 1% Percent Notes of Series B, Dated February 1,1939, Due February 1,1944




BTC-USH-N
FEDERAL BBSEBVE B A N K OP .NEW Y O B K

Lot Number

Application Number

Fiscal Agent of the United States

c

Cash Subscription by Banking Institution
To United States Housing Authority Obligations
Described Below
Dated a t .
.1939

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. 601, dated January 25, 1939, please enter subscription as follows for

UNITED STATES HOUSING AUTHORITY 1% PERCENT NOTES OF SERIES B
DATED FEBRUARY 1, 1939
DUE FEBRUARY 1, 1944
For our own account (not classified below).. $
For our customers (classified below)

—

Total Subscription

$

CLASSIFICATION OF CUSTOMERS' SUBSCRIPTIONS
(Subscriptions can be made only for $1,000 or in multiples of $1,000. For example: Class A—10 at $1,000)
(To

SUBSCRIBE*: DO

not show on this form denominations of securities of this issue to be desired on allotment.)

CLASS A
Subscriptions of J1.000
Number of 1 Amount
Leave Blank
Subscript's |
of Each

CLASS Bl
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 1 Amount
Number of 1 Amount
Number of
Amount
Leave Blank Subscript's I
of Each
Subscript's |
of Each
Leave Blank Subscript's
of Each
Leave Blank
at

at

at

at

at

at

at

at

at

at

at

at

at

at

at
at
at

CLASS E
CLASS F
CLASS D
CLASS G
Subscriptions over $50,000 to $100,000 Incl. Sub's over $100,000 to $500,000 Inclusive Sub's over $500,000 to $1,000,000 Inclusive
Subscriptions of over $1,000,000
Number of
Number of |
Amount
Amount
Number of I
Amount
Number of 1 Amount
Leave Blank Subscript's
of Each
of Each
Leave Blank Subscript's 1 of Each
Subscript's 1 of Each
Leave Blank Subscript's |
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 oar reaerre account

•

By cheek
Before signing fill in all required spaces.

TO SUBSCRIBES:
Mark ( X ) in proper space

Banking Institution

to indicate if this is:

Post Office Address.

Original subscription
Confirmation of a t e l e g r a m . . . .
Confirmation of a letter

•
•

State

LJ

(Official signature required)

SPACES BELOW ARE FOR THE TJ8E OP THE FEDERAL RESERVE BANK
Carded
Allotment

Received




Classified

Ledge-

Figured I Checked

Advised

Recorded

Acknowledged

Window

Date Released

Amount

Method of Payment

Custody

Mail

BT

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

IB-USH-N
FEDBBAL RESERVE B A N K OF N E W Y O B K

Lot Number

Application Number

Fiscal Agent of the United States

IB

CASH SUBSCRIPTION
BY OTHER THAN A BANKING INSTITUTION
To United States Housing Authority Obligations
Described Below
Dated at
.1939

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. 601, dated January 25,1939, please enter our (my)
subscription for $

(par value)

UNITED STATES HOUSING AUTHORITY 1% PERCENT NOTES OF SERIES B
DATED FEBRUARY 1, 1939
DUE FEBRUARY 1, 1944
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)
By check

in the manner indicated below
By cash

•

This is a confirmation of a previous subscription.

Q

Write Yes
or
Write No

Subscriber .

(Print Name)

Sign here . . . .

(Official Signature Required)

Street address

Town

State

SPACES BELOW ABE FOE THEUSE OP THE FEDEBAL EESEEVE BANK OF NEW YOBK
EXAMINED

Allotment

CARDED

CLASSIFIED

LEDGER

ACKNOWLEDGED

Figured Checked Advised

DISPOSITION

Payment
Deposit
Date

Released

$

Date

*

By

— -

—

By Cash
By Check
Check No.

Received




Interest

Checked

Drawn or:

Recorded

Window

Custody

Mail

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