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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States

Circular No.
1937
May 8, 1939

OFFERING OF
BONDS OF THE HOME OWNERS' LOAN CORPORATION

To all Banking Institutions and Others Concerned in the
Second Federal Reserve District:

At the request of Secretary of the Treasury Morgenthau we transmit to
you herewith, printed on the following pages, a copy of Treasury Department
Circular No. 609, dated May 8, 1939, governing the offering of Home Owners'
Loan Corporation % percent bonds of Series K-1940, due May 15, 1940, and %
percent bonds of Series L-1941, due May 15,1941, both series dated and bearing
interest from May 15, 1939, in payment of which only Home Owners' Loan
Corporation 1% percent bonds of Series F-1939, maturing June 1, 1939, may
be tendered, in multiples of $100, of which 40 percent will be treated as a subscription for the bonds of Series K-1940 and 60 percent for the bonds of Series L-1941.
The subscription books are now open, and applications will be received by
this bank as fiscal agent of the United States. Subscriptions will not be received
at the Home Owners' Loan Corporation. Subscriptions should be made on official
subscription blanks and mailed immediately or iffiledby telegram or letter should
be confirmed immediately by mail on the blanks provided.




GrEOEGE L . H A B R I S O N ,

President.

HOME OWNERS' LOAN CORPORATION
% Percent Bonds, Series K-1940
% Percent Bonds, Series L-1941

Due May 15, 1940
Due May 15, 1941

Both series dated and bearing interest from May 15, 1939
Interest payable May 15 and November 15

1939
Department Circular No. 609
Public Debt Service

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,

Washington, May 8, 1939.

I. OFFERING OF BONDS
1. The Secretary of the Treasury, on behalf of the Home Owners' Loan Corporation, invites
subscriptions, at par, from the people of the United States for bonds of the Home Owners'
Loan Corporation in two series, designated % percent bonds of Series K-1940 and % percent
bonds of Series L-1941 respectively, in payment of which only Home Owners' Loan Corporation 1% percent bonds of Series F-1939, maturing June 1, 1939, may be tendered, in multiples
of $100, of which 40 percent will be treated as a subscription for the bonds of Series K-1940
and 60 percent for the bonds of Series L-1941. Where necessary, adjustments will be made to
the nearest $100. The amount of the offering under this circular will be limited to the amount
of Home Owners' Loan Corporation bonds of Series F-1939 tendered and accepted. The right
is reserved to offer for cash subscription, upon such terms and conditions as may be prescribed
by the Home Owners' Loan Corporation with the approval of the Secretary of the Treasury,
an additional amount of bonds of either or both issues, approximately equal in the aggregate
to the amount of bonds of Series F-1939 not tendered and accepted hereunder.
II. DESCRIPTION OF BONDS
1. The bonds of Series K-1940 will be dated May 15, 1939, and will bear interest from
that date at the rate of % percent per annum, payable semiannually on November 15, 1939,
and May 15, 1940. They will mature May 15, 1940, and will not be subject to call for redemption prior to maturity.
2. The bonds of Series L-1941 will be dated May 15, 1939, and will bear interest from that
date at the rate of % percent per annum, payable semiannually on November 15, 1939, and
thereafter on May 15 and November 15 in each year until the principal amount becomes payable.
They will mature May 15, 1941, and will not be subject to call for redemption prior to maturity.
3. These bonds are issued under the authority of the Home Owners' Loan Act of
amended, which provides that these bonds shall be exempt, both as to principal and
from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter
by the United States or any District, Territory, dependency, or possession thereof, or
State, county, municipality, or local taxing authority.

1933, as
interest,
imposed
by any

4. These bonds are fully and unconditionally guaranteed both as to interest and principal
by the United States of America, which guaranty is expressed on the face of each bond.
5. Bearer bonds with interest coupons attached will be issued in denominations of $100,
$500, $1,000, $5,000, $10,000 and $100,000. The bonds will not be issued in registered form.
Provision will be made for the interchange of bonds of different denominations of the same
series, under rules and regulations prescribed by the Corporation.




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. 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 bonds 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. Subject to these reservations, all subscriptions will be allotted in full as provided in Section I of this circular. Allotment notices will be
sent out promptly upon allotment.
IV. PAYMENT
1. Payment at par for bonds allotted hereunder must be made or completed on or before
May 15, 1939, or on later allotment, and may be made only in Home Owners' Loan Corporation
1% percent bonds of Series F-1939, which will be accepted at par and should accompany the
subscription. Coupons dated June 1, 1939, should be attached to the bonds when surrendered,
and accrued interest from December 1, 1938, to May 15, 1939 ($6.799451 per $1,000) will be
paid following acceptance of the bonds.
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 bonds allotted, to make delivery of bonds on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery of the definitive bonds.
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.

ORIGINAL

NR-HOLC

NON-NEGOTIABLE RECEIPT
For Home Owners' Loan Corporation Bonds as Mentioned Below
Number

[ssued to.
Street.

Date

Town....
. State.
Receipt is hereby acknowledged of $
par amount Home Owners' Loan Corporation iy2 percent bonds of Series F-1939
surrendered in payment for Home Owners' Loan Corporation % percent bonds of Series K-1940 and Home Owners' Loan Corporation % percent
jonds of Series L-1941, subscribed for and allotted pursuant to the terms of Treasury Department Circular No. 609, dated May 8, 1939. If such new
jonds issued for those surrendered are to be delivered at the Federal Eeserve Bank of New York over the counter to your representative the ' ' authority
co deliver'' set forth below should be duly executed and returned to us.
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States.
Date Received
Mail Sheet No.
Refer to your letter dated

No.

Teller.

AUTHORITY TO DELIVER
FEDERAL RESERVE BANK OF NEW YORK

Fiscal Agent of the United States.
You are hereby authorized to deliver to

DELIVERY RECEIPT
Received from the Federal Reserve Bank of New York Home
Owners' Loan Corporation bonds at par in the amount stated above
issued for Home Owners' Loan Corporation bonds surrendered in payment as indicated in the above non-negotiable receipt.

(Name of representative)

whose signature appears below $
par amount
of Home Owners' Loan Corporation bonds subscribed for and allotted
in full for Home Owners' Loan Corporation bonds surrendered in
payment as indicated in the above non-negotiable receipt.
Name
By.
(Please print)
(Official signature required)
(Signature of authorized representative)




Date.

UPLICATE

FILE COPY OF NON-NEGOTIABLE RECEIPT
For Home Owners' Loan Corporation Bonds as Mentioned Below
Number
Date
Town

State

Receipt is hereby acknowledged of $
par amount Home Owners' Loan Corporation iy2 percent bonds of Series F-1939
(•rendered in payment for Home Owners' Loan Corporation % percent bonds of Series K-1940 and Home Owners' Loan Corporation % percent
•nds of Series L-1941, subscribed for and allotted pursuant to the terms of Treasury Department Circular No. 609, dated May 8, 1939. If such new
nds issued for those surrendered are to be delivered at the Federal Eeserve Bank of New York over the counter to your representative the "authority
deliver" set forth below should be duly executed and returned to us.
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States.
Date Received
Mail Sheet No.
Refer to your letter dated




No

Teller

/8i
HOME OWNERS' LOAN CORPORATION
% Percent Series K Bonds
Dated May 15, 1939
Due May 15, 1940

HOME OWNERS' LOAN CORPORATION
% Percent Series L Bonds
Dated May 15, 1939
Due May 15, 1941

(40% Allotment)

(60% Allotment)

'IECES

DENOMINATIONS

$

100

PAR AMOUNT

NUMBERS

PIECES

DENOMINATIONS

$

100

500

500

1,000

1,000

5,000

5,000

10,000

10,000

100,000

100,000




PAR AMOUNT

NUMBERS

HOLC-EX
FEDERAL RESEKVE B A N K OP N E W YORK

Fiscal Agent of the United States

SUBSCRIPTION FOR
HOME OWNERS' LOAN CORPORATION
% PERCENT BONDS, SERIES K-1940
DUE MAY 15, 1940
% PERCENT BONDS, SERIES L-1941
DUE MAY 15, 1941
Both series dated and bearing interest from May 15, 1939
NOTE:
Home Owners' Loan Corporation 1 Yz percent bonds of Series F 1939, which are tendered in payment, should be surrendered
with this subscription, except that if such bonds are now held for the subscriber's account by the Federal Reserve Bank of New
York instructions must be given accordingly in the space provided below.
Coupons dated June 1, 1939, should be attached to the bonds when surrendered, and accrued interest from December
1, 1938, to May 15, 1939 ($6.799451 per $1,000) will be paid following acceptance of the bonds.

Dated at.
FEDERAL RESERVE BANK OF NEW YORK,

Fiscal Agent of the United States,
New York, N. Y.

1939

DEAR SIRS :

Pursuant to the terms of Treasury Department Circular No. 609, dated May 8, 1939, the undersigned hereby tenders
in payment for Home Owners' Loan Corporation % percent bonds of Series K-1940, and % percent bonds of Series L-1941,
Home Owners' Loan Corporation V/2 percent bonds of Series F-1939, maturing June 1, 1939, in multiples of $100, of
which 40 percent is to be treated as a subscription for the bonds of Series K-1940 and 60 percent for the bonds of Series
L-1941, in the amount and as stated below:
For own account

$

For our customers as shown on attached list.
(Do not fill in unless subscriber is a banking institution.)

Total Subscription.
Issue the bonds allotted on this subscription ir 1 the denominations The V/2 percent bonds of Series F-1939 are
and amounts as indicated below:
tendered, as indicated below,—
Number of Pieces

Par Amount

Denominations

Leave this Space Blank

Delivered to you herewith
X

X

X

X

X

X

X

To be withdrawn by you from
our account in the

$100

Government Bond Department (War
Loan Deposit Account)
$

500
1,000

Safekeeping Department

10,000
X

X

X

X

X

X

X

X

$

Discount Department

5,000

X

$

X

$

To be delivered to you for our
account by

X

100,000
Total
It is requested that payment of accrued interest to May 15, 1939, on the V/2 percent bonds of Series F-1939 surrendered, as indicated above, be disposed of as follows:
By check to

•

By credit to our Reserve account •

By credit to our account with

•

Hold or dispose of securities allotted on this subscription 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

$

$

*

The undersigned, if a bank or trust company, hereby certifies (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; (6) that such securities as are hereby pledged,
as indicated in item numbered 2 above, are either the sole property of the undersigned or are the property of its customers who have
authorized the undersigned 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 or are the property of its customers
who have authorized the undersigned in writing to cause their said securities to be to delivered.

' Before signing fill in all required spaces.

TO SUBSCRIBER:

Name of Subscriber.
(Please print)

Mark (X) in proper space to indicate if this is:
Original subscription

•

By.
(Official signature)

Confirmation of a telegram

•

Confirmation of a letter

•

(Title)

Street address
City, Town or Village, and State.

Spaces below are for the use of the Federal Reserve Bank of New York
DELIVERY

BECEIPT

Beceived

Taken from vault

Checked

Counted

Recorded

Checked

Acknowledged

Blotter

Delivered



FIGURED

CHECKED

List of customers' applications included in the foregoing subscription
entered and certified by
(Name of banking institution)

Post office address

Name of Customer
(Please print or use typewriter)




Address

State

Amount Subscribed

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