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

Circular No. 1964
July 24, 1939

Offering of Commodity Credit Corporation % Percent Notes of Series D,
Due August 1, 1941
Dated and bearing interest from August 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 Federal, State, municipal, and local taxation
(except surtaxes, estate, inheritance, and gift taxes)

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

Secretary of the Treasury Morgenthau, on behalf of the Commodity Credit Corporation, is today offering for subscription, through the Federal Reserve banks,
$200,000,000, or thereabouts, of Commodity Credit Corporation % percent notes of
Series D, dated and bearing interest from August 1, 1939, due August 1, 1941. The
terms of the offering are set forth in Treasury Circular No. 617, dated July 24, 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 will not be received at the
Commodity Credit Corporation. 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. HARRISON,

President.

COMMODITY CREDIT CORPORATION
5/8 PERCENT NOTES OF SERIES D, DUE AUGUST 1, 1941
Dated and bearing interest from August 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 Federal, State, municipal, and local taxation
(except surtaxes, estate, inheritance, and gift taxes)

1939

TREASURY DEPARTMENT,

Department Circular No. 617

OFFICE OF THE SECRETARY,
Public Debt Service

Washington, July 24, 1939.
I. OFFERING OF NOTES
1. The Secretary of the Treasury, on behalf of the Commodity Credit Corporation, invites
subscriptions, at par and accrued interest, from the people of the United States for notes of the
Commodity Credit Corporation, designated % percent notes of Series D. The amount of the offering is $200,000,000, or thereabouts.
II. DESCRIPTION OF NOTES
1. The notes will be dated August 1, 1939, and will bear interest from that date at the rate
of % percent per annum, payable semiannually on February 1 and August 1 in each year until
the principal amount becomes payable. They will mature August 1, 1941, and will not be subject
to call for redemption prior to maturity.
2. These notes are issued under the authority of the act approved March 8,. 1938, (Public No.
442-75th Congress) which provides that these notes shall be fully and unconditionally guaranteed both as to interest and principal by the United States; that they shall be deemed and held to
be instrumentalities of the Government of the United States, and as such they and the income
derived therefrom shall be exempt from Federal, State, municipal, and local taxation (except surtaxes, estate, inheritance, and gift taxes) ; and that the 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 Commodity Credit Corporation
shall be unable to pay upon demand, when due, the principal of, or interest on, such obligations,
the Secretary of the Treasury shall pay to the holder the amount thereof which is authorized to
be appropriated, out of any money in the Treasury not otherwise appropriated, and thereupon
to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights
of the holders of such obligations.
4. 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 August 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.

FEDERAL RESERVE BANK

CCC-ATS-t.N

OP NEW YORK

ADVICE

TO

SUBSCRIBER

SECURES DEPARTMENT

Acknowledging Receipt of Cash Subscription
For Commodity Credit Corporation Obligations Mentioned Below
To

Application No.

r

n

L

Date

J
Your cash subscription for $
Commodity Credit Corporation % Percent Notes of Series D, Dated August 1, 1939, Due August 1, 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 Commodity Credit 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.

Checked by.



FEDERAL RESERVE BANK OF NEW YORK,

Fiscal Agent of the United States.

FEDERAL RESERVE BANK
OF NEW YORK

To

^AQI^

CCC—ATS—2.N
SECURITIES DEPARTMENT

Qt^"»r^m"\

Application No.
Date

Cash subscription received
from above subscriber for $
Commodity Credit Corporation % Percent Notes of Series D, Dated August 1, 1939, Due August 1, 1941




AMOUNT ALLOTTED

$.

FEDERAL RESERVE BANK
OF N E w

VORK

To

CCC-ATS—3.N
SECUS1T1ES DEPARTMENT

CONTROL RECORD

Application No.
Date

Cash subscription received
from above subscriber for $
Commodity Credit Corporation % Percent Notes of Series D, Dated August 1, 1939, Due August 1, 1941




IB-CCC-N

FEDERAL KESERVE B A N K OF N E W YOBK

Lot Number

Application Number

Fiscal Agent of the United States

IB

CASH SUBSCRIPTION
BY OTHER THAN A BANKING INSTITUTION
To Commodity Credit Corporation 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.

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. 617, dated July 24, 1939, please enter our (my)
subscription for $

(par value)

COMMODITY CREDIT CORPORATION % PERCENT NOTES OF SERIES D
DATED AUGUST 1, 1939
DUE AUGUST 1, 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 payin the manner indicated below:
ment due you will be made by the undersigned or (name)
By check

By cash

'•

•

This is a confirmation of a previous subscription.
Write Yes

Write No

Subscriber
(Print name)

Sign here

(Official Signature Required)

Street address.

(City, Town or Village, and State)

SPACES BELOW ABE TOR THE USE OF THE FEDERAL RESERVE BANK OF NEW YORK
CARDED

EXAMINES

CLASSIFIED

LEDGES

Figured Checked Advised

Allotment

ACKNOWLEDGED

Payment

DISPOSITION

Released

Deposit
Date

By

By Cash
By Check
Check No.

Received

Checked




Interest

Checked

Drawn on

Recorded

Window

Custody

Mail

BTC-CCC-N

FEDERAL BESERVE B A N K OF N E W YORK

Lot Number

Application. Number

Fiscal Agent of the United States

c

Cash Subscription by Banking Institution
To Commodity Credit Corporation Obligations
Described Below
Dated at.
.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. 617, dated July 24, 1939, please enter subscription as follows for

COMMODITY CREDIT CORPORATION % PERCENT NOTES OF SERIES D
DATED AUGUST 1, 1939
DUE AUGUST 1, 1941
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

SUBSCRIBES : Do

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

CLASS A
Subscriptions of $1,000
dumber of 1 Amount
of Each
Leave Blank
Subscript's |

CLASS B2
CLASS C
CLASS Bl
Subscriptions over $1,000 to $5,000 Inclusive Subscriptions over $6,000 to $10,000 Incl. Subscriptions over $10,000 to $50,000 Incl.
Number of 1 Amount
Amount
Number of 1 Amount
Number of
Leave Blank Subscript's 1 of Each
Leave Blank Subscript's 1 of Each
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 D
Subscriptions over $50,000 to $100,000 Ind. Sub's over $100,0
Amount
Number of
dumber of 1 Amount
of Each
iubaoript's |
of Each
Leave Blank Subscript's

Leave Blank

CLASS F
CLASS G
Sub's over $500,000 to $1,000,000 Inclusive
Subscriptions of over $1,000,000
Number of [
Number of
Amount
Amount
Subscript'*
of Each
Leave Blank Subscript's ]
of Each
Leave Blank

at

at

at

at

mt

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 here on.
By charge to our reserve account, which you are authorized to make -

- [~|

By check - -

' Before signing fill in all required spaces.
TO SUBSCBIBEK:
Mark (X) in proper space
to indicate if this is:
Original subscription
Confirmation of a telegram
Confirmation of a letter

(Name of Banking Institution)

By...
(Official signature)

r-j

(Title)

Address
(City, Town or Village, and State)

SPACES BELOW ABE FOE THE USE OF THE FEDEBAL BESEBVE BANK
Kx&mised

Carded

Allotment

Classified
Figured

Cfeacfctd




Ledger

Checked

Advised

Recorded

Acknowledged

Government Deposit

Method of Payment

Window

Disposition

Amount

Custody

Date Released

Mail

BT

Other Departments

List of customers' applications included in the foregoing subscription
entered and certified by

Name of Customer




Amount Subscribed

Lot Number

Application Number

FEDERAL RESEBVE B A N K OF N E W YOBK

Fiscal Agent of the United States

NOTICE OF ALLOTMENT
On Cash Subscription to Commodity Credit Corporation Obligations
Applied for by Subscriber as Described Below
To Subscriber:
1939

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

(par value)

COMMODITY CREDIT CORPORATION % PERCENT NOTES OF SERIES D
DATED AUGUST 1, 1939, DUE AUGUST 1, 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 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 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 will be made by the Federal Reserve Bank of New York at its head
office in New York, N. Y., and will not be made 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
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 BANE OP NEW YORK,

Fiscal Agent of the United States
Checked by
NA-CCC-N




Lot Number

Application 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)

COMMODITY CREDIT CORPORATION % PERCENT NOTES OF SERIES D
DATED AUGUST 1, 1939, DUE AUGUST 1, 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.
Denominations

Pieces

Par amount

Method of payment

(LEAVE BLANK)

X X X

i

By charge to our reserve account,
which you are authorized to make $

X X X

$1,000

$

By check

10,000
100,000
Total

$

By cash

5 000

$

$

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

$

o. 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
$

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; (o) 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 so delivered.

letter of instructions must be signed
officially in the space provided here and
returned immediately to

Name of Subscriber.
(Please print)

By...
( Official signature)

Federal Reserve Bank of New York,
Fiscal Agent of the United States.

(Title)

Street address
City, Town or Village, and State.

DO NOT USE SPACES BELOW

Delivery Receipt

Paid Stamp

Released

Received from FEDERAL RESERVE B A N E or N E W YORK

Takes from Vault
Counted

Amount

„„..
Subscriber.

Checked
Delivered
NA-CCC-N




the above described

Commodity Credit Corporation obligations allotted in the amount indicated above.

Date

By

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