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

Circular No.
1993
October 31, 1939

OfFering of Reconstruction Finance Corporation 1 Percent Notes of Series S,
Due July 1, 1942
Dated and bearing interest from November 10, 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, 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:

Secretary of the Treasury Morgenthau, on behalf of the Reconstruction Finance
Corporation, is today offering for subscription, at par and accrued interest, through
the Federal Reserve banks, $250,000,000, or thereabouts, of Reconstruction Finance
Corporation 1 percent notes of Series S, dated and bearing interest from November
10, 1939, due July 1, 1942. The terms of the offering are set forth in Treasury
Circular No. 624, dated October 31, 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
Reconstruction Finance 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.




GEOBGE L. HARRISON,

President.

RECONSTRUCTION FINANCE CORPORATION
1 PERCENT NOTES OF SERIES S, DUE JULY 1, 1942
Dated a n d bearing interest from November 10, 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, by any Territory, dependency, or possession thereof,
or by any State, county, municipality, or local taxing authority
1939

TREASURY DEPARTMENT,

Department Circular No. 624

OFFICE OF THE SECRETARY,
Public Debt Service

m

,.

,

_. , _

Washtngton, October 31,1939.
I. OFFERING OF NOTES
1. The Secretary of the Treasury, on behalf of the Reconstruction Finance Corporation,
invites subscriptions, at par and accrued interest, from the people of the United States for notes
of the Reconstruction Finance Corporation, designated 1 percent notes of Series S. The amount
of the offering is $250,000,000, or thereabouts.
II. DESCRIPTION OF NOTES
1. The notes will be dated November 10, 1939, and will bear interest from that date at the
rate of 1 percent per annum, payable on a semiannual basis on January 1 and July 1 in each
year until the principal amount becomes payable. They will mature July 1, 1942, 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. 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 November 10, 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

o F NEW YORK

RFC-ATS-1.NL

ADVICE TO S U B S C R I B E R
Acknowledging Receipt of Cash Subscription
For Reconstruction Finance Corporation Obligations Mentioned Below

To

-cu.m-oEwum.wr

Application No.
Date

r
l_
Your cash subscription for $

Reconstruction Finance Corporation 1 Percent Notes of Series S, Dated November 10, 1939, Due July 1, 1942
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 NEW YORK,

Fiscal Agent of the United States.

Checked by.




FEDERAL RESERVE BANK
OF NEW YORK

To

RFC-ATS-2.NL
/-•Anr"\

Qr/ r * > /""vnr l \

SECURITIES

Application No.
Date

Cash subscription received
from above subscriber for $
Reconstruction Finance Corporation 1 Percent Notes of Series S, Dated November 10, 1939, Due July 1, 1942




AMOUNT ALLOTTED $.

DEPARTMENT

IB-RFC-N
FEDERAL EESEEVE B A N K OF N E W Y O E K

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
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 EESEBVE 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. 624, dated October 31, 1939, please enter our
(my) subscription for $

(par value)

RECONSTRUCTION FINANCE CORPORATION 1 PERCENT NOTES OF SERIES S
DATED NOVEMBER 10, 1939
DUE JULY 1, 1942
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 the undersigned or (name)
in the manner indicated below:
By check

•

By cash

•

This is a confirmation of a previous subscription
WriteYes
Write No
Subscriber ..

(Print name)

Sign here . . . .
(Official Signature Required)

Street address
(City, Town or Village, and State)

SPACES BELOW ABE FOB THE U8E OP THE PEDEBAL BESEBVE BANK Of NEW YOBK
EXAMINED

Allotment

CARDED

CLASSIFIED

LEDGKK

DISPOSITION

ACKNOWLEDGED

Figured Checked Advised

$

Deposit
Date

Date

Released

Payment

By

By Cash
By Check
Check No.

Rpcrived

Checke.1




Interest

Checked

Drawn on

Recorded

Window

Custody

Mail

BTC-RFC-N
FEDERAL RESERVE 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 Reconstruction Finance 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. 624, dated October 31, 1939, please enter subscription as follows for

RECONSTRUCTION FINANCE CORPORATION 1 PERCENT NOTES OF SERIES S
DATED NOVEMBER 10, 1939
DUE JULY 1, 1942
For onr 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

SUBSCRIBER: DO

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

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

CLASS C
CLASS B2
CLASS Bl
Subscriptions over $1,000 to 55,000 Inclusive Subscriptions over $5,000 to $10,000 Incl. Subscriptions over $10,000 to $60,1
Number of I Amount
Number of 1 Amount
Number of 1 Amount
of Each
Leave Blank
Leave Blank Subscript's 1 of Each
Leave Blank Subscript's)
Subscript's 1 of Each
at

at

at

at

at

at

at

at

at

at

at

at

at

at

at
at
at

=

—

=

CLASS Q
CLASS F
CLASS E
CLASS D
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 1 Amount
Number of I Amount
Amount
Number of
Amount
Number of
of Each
Leave Blank
of Each
Leave Blank Subscript's |
Leave Blank Subscript's |
of Each
Subscript's
of Each
Leave Blank Subscript's
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 here on.
By charge to our reserve account, which you are authorized to make

• • • - [ " ]

By check

-

-

-

-

|

' Before signing fill in all required spaces.
TO SUBSCEIBEE:
Mark ( X ) in proper space
to indicate if this i s :

(Name of Banking Institution)

•
•
•

Original subscription
Confirmation of a telegram
Confirmation of a letter

By.
(Official signature)

(Title)

Address
(City, Town or Village, and State)

SPACES BELOW ABB FOB THE USE OF THE FEDERAL RESERVE BANK
Examined

Classified

Carded

Ledger

Acknowledged

Gorernment Deposit

Disposition

IbU
Allotment

Banftad

Figured

Cfasckad




Checked

Advised

Recorded

Method of Payment

Window

Amount

Custody

Date Released

Mail

By

Other Departments

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

Lot Number

Application Number

FEDERAL RESERVE B A N K 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:
1939

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

(par value)

RECONSTRUCTION FINANCE CORPORATION 1 PERCENT NOTES OF SERIES S
DATED NOVEMBER 10, 1939, DUE JULY 1, 1942

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 dne v
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 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 will be made by the Federal Eeserve 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 BANK OF NEW YORK,
Fiscal Agent of the United States

Checked by
NA-RFC-N




Application Number

Lot 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)
1939

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

(par value)

RECONSTRUCTION FINANCE CORPORATION 1 PERCENT NOTES OF SERIES S
DATED NOVEMBER 10, 1939, DUE JULY 1, 1942

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,
which you are authorized to make $

X X X

$1,000

$

Bv check

10,000
100,000
Total

$

Bv 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

$

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

$

$

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 so delivered.

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

Name of Subscriber.
(Please print)
Bv.

Fiscal Agent of the United States.

(Title)

(Official signature)

Federal Reserve Bank of New York,
Street address

City, Town or Village, and State..
DO NOT USE SPACES BELOW

Paid Stamp

Released

Keceived from FEDERAL EESEEVE BANK OF N E W YORK the above described

Taken from Vault..
Counted

Delivery Eeceipt

Amount

Eeconstruction Finance Corporation obligations allotted in the amount indicated above.

Bv

Date

Subscriber

Checked
Delivered

http://fraser.stlouisfed.org/
XA-RFC-N
Federal Reserve Bank of St. Louis

_

_
Bv

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