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FEDERAL RESERVE BANK . OF NEW YORK Fiscal Agent of the United States 'Circular No. 1359*1 . March 8, 1934 J 3 Per Cent United States of America Treasury Notes Series C-1938 Due March 15, 1938 Dated and bearing interest from March 15, 1934 Offered Only In Exchange for Treasury Certificates of Indebtedness of Series TM-1934, Maturing March 15, 1934. To all Banks and Trust Companies in the Second Federal Reserve District and Others Concerned: The following statement by Secretary Morgenthau was today made public: The Treasury is today offering for subscription at par, through the Federal reserve banks, four-year 3 per cent Treasury notes of Series C-1938, in exchange for Treasury certificates of indebtedness of Series TM-1934, maturing March 15, 1934. The amount of the offering is limited to the amount of Treasury certificates of indebtedness of Series TM-1934, maturing March 15, 1934, tendered and accepted. The notes will be dated March 15, 1934, and will bear interest from that date at the rate of 3 per cent per annum, payable semiannually. They will mature March 15, 1938, and will not be subject to call for redemption prior to maturity. These notes will be exempt, both as to principal and interest, from all taxation (except estate or inheritance taxes) now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority. Applications will be received at the Federal reserve banks and branches and at the Treasury Department, "Washington. Banking institutions generally will handle applications for subscribers, but only the Federal reserve banks and the Treasury Department are authorized to act as official agencies. Payment for notes allotted must be made on or before March 15, 1934, or on later allotment, and may be made only in % per cent Treasury certificates of indebtedness of Series TM-1934 maturing March 15, 1934, which will be accepted at par. The Treasury notes will be issued in bearer form only, in denominations of $100, $500, $1,000, $5,000, $10,000, and $100,000, with eight interest coupons attached, payable semiannually, on September 15 and March 15 in each year. About $460,000,000 of Treasury certificates of indebtedness of Series TM-1934 become due on March 15, 1934. The subscription books for this offering are now open and applications will be received by this bank as fiscal agent of the United States. Subscriptions should be made on subscription blanks and mailed immediately, or if made by telegram or letter, should be confirmed on subscription blanks. The terms of this offering are set forth in full in Treasury Department Circular No. 507, dated March 8,1934, copy of which is printed on the following page. GEORGE L. HARBISON, Governor. UNITED STATES OF AMERICA TREASURY NOTES 3 per cent Series C-1938 Due March 15, 1938 Dated and bearing interest from March 15, 1934 The Secretary of the Treasury offers for subscription, at par, through the Federal reserve banks, under the authority of the act approved September 24, 1917, as amended, Treasury notes of Series C-1938, in exchange for Treasury certificates of indebtedness of Series TM-1934, maturing March 15, 1934. The amount of the offering is limited to the amount of Treasury certificates of indebtedness of Series TM-1934, maturing March 15, 1934, tendered and accepted. DESCRIPTION OF NOTES The notes will be dated March 15, 1934, and will bear interest from that date at the rate of three per cent per annum, payable semiannually, on September 15 and March 15 in each year. They will mature March 15, 1938, and will not be subject to call for redemption prior to maturity. Bearer notes with interest coupons attached will be issud in denominations of $100, $500, $1,000, $5,000, $10,000, and $100,000. The notes will not be issued in registered form. The notes shall be exempt, both as to principal and interest, from all taxation (except estate or inheritance taxes) now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority. The notes will be accepted at par during such time and under such rules and regulations as shall be prescribed or approved by the Secretary of the Treasury in payment of income and profits taxes payable at the maturity of the notes. The notes will be acceptable to secure deposits of public moneys, but will not bear the circulation privilege. APPLICATION AND ALLOTMENT Applications will be received at the Federal reserve banks and branches and at the Treasury Department, Washington. Banking institutions generally will handle applications for subscribers, 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 reject any subscription, in whole or in part, and to allot less than the amount of notes applied for and to close the books as to any or all subscriptions at any time without notice; and his action in these respects shall be final. Allotment notices will be sent out promptly upon allotment, and the basis of the allotment Avill be publicly announced. PAYMENT Payment for notes allotted must be made on or before March 15, 1934, or on later allotment, and may be made only in % per cent Treasury certificates of indebtedness of Series TM-1934, maturing March 15, 1934, which will be accepted at par. GENERAL PROVISIONS As fiscal agents of the United States, Federal reserve banks are authorized and requested to receive subscriptions and 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. After allotment and upon payment Federal reserve banks may issue interim receipts pending delivery of the definitive notes. HENRY MORGENTHAU, JR. Secretary of the Treasury. TREASURY DEPARTMENT, Office of the Secretary, March 8,1934. Department Circular No. 507 (Public Debt) RAL RESERVE BANK GOVERNMENT BOND AND OF NEW YORK SAFEKEEPING DEPARTMENT No. . Not Negotiable Receipt is acknowledged of $ % % Treasury certificates of indebtedness, Series TM-1934 tendered in payment for Treasury Notes, Series C-1938 which will be delivered to your representative upon surrender of this receipt with letter of identification officially signed. This memorandum is without value except as an acknowledgment of the receipt of the securities mentioned. FEDERAL RESERVE BANK OF NEW YORK FISCAL AGENT OF THE UNITED STATES Teller EAN Application Number EXCHANGE SUBSCRIPTION Lot Number E For 3 Per Cent Treasury Notes, Series C-1938 Dated March 15, 1934 Due March 15, 1938 NOTICE TO SUBSCRIBERS: If exchange is to be made by Treasury certificates of indebtedness of Series TM-1934, maturing March 15, 1934, now held by the Federal Reserve Bank of New York, instructions should be given accordingly. Subscriptions for which Treasury certificates of indebtedness of Series TM-1934 are tendered in payment and accepted will be allotted in full. Interest decimal on coupon payable September 15,19S4 (184-day period) one day's interest on $1,000. is $.081521789. Dated at. .1934 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. 507, dated March 8, 1934, please enter subscription for $ (par value) United States of America 3 per cent Treasury notes, Series C-1938. In payment for any securities allotted on this subscription we (I) will deliver to you on or before the date of the issue Treasury certificates of indebtedness as indicated below: %% Treasury certificates of indebtedness, Series TM-1934, maturing March 15, 1934, $ Before signing fill in all required spaces. Subscriber . . . (Print Name) TO 8UBSCBIBEB: Mark (X) in proper space to indicate if this is: Original subscription Confirmation of a telegram Confirmation of a letter Sign here (Official Signature Required) Street address. Towm State SPACES BELOW TOB THE USE OJF THE FEDEBAL BE8EBVE BANK Examined Allotment Received Journal Carded Figured Cheeked Checked Recorded L<?dser Acknowledged Advised Security Exchanged Window Disposition Amount Safekeeping I Mail Date Released By Other Department FEDERAL RESERVE B A N K OF N E W YORK Lot Number Application Number Fiscal Agent of the United States PENDING DELIVERY TICKET On Exchange Subscription to United States Government Obligations Applied for by Subscriber as Described Below To Subscriber: 1934 Referring to your subscription, numbered as above, indicated, for $ (par value) UNITED STATES OF AMERICA 3 PER CENT TREASURY NOTES, SERIES C-1938 DATED MARCH 15, 1934, DUE MARCH 15, 1938 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. FEDERAL RESERVE B A N K OF N E W YORK Lot Number Application Number Fiscal Agent of the United States NOTICE OF ALLOTMENT On Exchange Subscription to United States Government Obligations Applied for by Subscriber as Described Below To Subscriber: 1934 Referring to your subscription, numbered as above indicated, for $ (par value) UNITED STATES OF AMERICA 3 PER CENT TREASURY NOTES, SERIES C-1938 DATED MARCH 15, 1934, DUE MARCH 15, 1938 for which you have applied under the provisions of the Treasury Department's circular containing the offering of sach securities for subscription, you have been allotted by the Secretary of the Treasury $ of the amount applied for. 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 form of instructions to the Federal Reserve Bank of New York, Fiscal Agent of the United States, New York, N. Y. Payment by Tender of Certain United States Government Obligations 2. If, in the subscription, subscriber has agreed to deliver certain United States Government obligations which are acceptable by the Secretary of the Treasury in payment for the securities of this issue allotted to subscriber, such United States Government obligations tendered in payment by subscriber will be accepted at par in payment for the securities of this issue allotted to subscriber. Exchange subscriber will be required to present on or before March 15, 1934, Treasury certificates of indebtedness of Series TM-1934, maturing March 15,1934, in face amount equivalent to the amount of subscriber's exchange subscription. Delivery 3. (a) Delivery of the securities of this issue allotted on exchange 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. Farther 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) Securities of this issue allotted to a qualified depositary for its own account may be pledged with Federal Reserve Bank of New York as collateral security for deposits in the War Loan Deposit Account. Securities of this issue allotted to a qualified depositary for account of its customers may not be pledged as such collateral security without the written consent of the owners of such securities. (c) It is requested that all blank spaces be typed in on the attached form of instructions to this bank and that all such instructions be signed officially and returned to this bank without delay. FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States Cheeked by NA-Exchange N INSTRUCTIONS TO FEDERAL RESERVE BANK OF N E W YORK Lot Number Application Number Fiscal Agent of the United States On Notice of Allotment of United States Government Obligations Applied for by Subscriber as Described Below Name and address of Subscriber: 1934 Referring to our subscription, numbered as above indicated, for $ (par value) UNITED STATES OF AMERICA 3 PER CENT TREASURY NOTES, SERIES C-1938 DATED MARCH 15, 1934, DUE MARCH 15, 1938 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: Payment for the securities of this issue allotted to us will be made as indicated below. By tender of %% Treasury certificates of indebtedness, Series TM-1934, maturing March 15, 1934. $ IS8UE IN THE FOLLOWING DENOMINATIONS THE SECURITIES OF THIS ISSUE ALLOTTED TO U S Pieces Denominations HOLD OR DISPOSE OF SUCH SECURITIES IN THE AMOUNTS AND AS INDICATED BELOW LEAVE BLANK Number" Par Amount $100 Deliver Over Counter 500 "Hold for Safekeeping (For members only) 1,000 "Deliver to Your Discount Department 5,000 **Hold as collateral security for War Loan Deposit Account 10,000 Ship Definitive Securities 100,000 Total Further !special Instructions From Subscriber Respecting Delivery DKLIVEB SECURITIES or THIS ISSUE ALLOTTED TO U S TO BELOW-NAMED Against Payment of Par Amount i$ DISPOSE OF SUCH PAYMENT AS FOLLOWS $ Credit Our Reserve Account $ Credit for our account the following bank •SECURITIES TO BE HELD FOR SAFEKEEPING OR DELIVERED TO YOUR DISCOUNT DEPARTMENT I HEREBY CERTIFY that such securities as you are instructed, as indicated above, to hold for safekeeping or to deliver to your Discount Department are the sole property of the ahove bank or trust company. *'SECURITIES PLEDGED AS COLLATERAL TO WAR LOAN DEPOSIT ACCOUNT I HEREBY CERTIFY that such securities as are hereby pledged to secure the War Loan Deposit Account, as indicated above, are either the sole property of the above bank or trust company or are the property of its customers who have consented in writing to such pledge. Cashier or Vice-President. Other Than Banks or Trust Companies Sign Below Official signature required DO NOT USE SPACES BELOW Delivery Receipt Paid Stamp Released Taken from Van If Received from FEDERAL RESERVE B A K E or N E W YORK the above described Amount By Exchange TM-1934 Delivered NA-Exchange N United States Government obligations allotted in the amount indicated above. Subscriber . Date By FEDERAL RESERVE BANK OF NEW YORK March 8 , 1934. NEW COUNTERFEIT To Member Banks in the Second Federal Beserve D i s t r i c t end o t h e r s concerned: At the request of the Secret Service Division of the Treasury Depart oent, New York D i s t r i c t , we are forwarding to a l l menfcer banks in the Second Federal Reserve D i s t r i c t the following information which we have received from the Sc;-cret Service Division d e s c r i b i n g a new c o u n t e r f e i t note which has r e c e n t l y appeared in c i r c u l a t i o n in the New York D i s t r i c t : $100 FEDERAL R^SEHV?: NOTE: On the FEDERAL RESERVE BANK OF HSW YORK, N. Y,; S e r i e s of 19S8 A; Check L e t t e r ' 3 f ; Face F l a t e No. 6; back p l a t e number i n d i s t i n c t , may be 14; s i g n a t u r e s of V« 0 . WOODS and A. W. MELLONi p o r t r a i t of FRANKLIN. S e r i a l number of s p e c i men a t hand i s 306853276A, but s e r i a l numbers may vary on other issues. This note i s only a f a i r reproduotion, p r i n t e d on one s h e e t of paper from photo-etched p l a t e s of i n f e r i o r workmanship. Fine red and blue pen and ink l i n e s have been drawn to simulate the s i l k f i b r e appearing in the genuine. The face of the note i s p r i n t e d so poorly &s to resemble n e w s p r i n t , and the back p r e s e n t s a b l u r r e d appearance. The Treasury Department, Secret Service D i v i s i o n , has requested t h a t banks and o t h e r s to whom c o u n t e r f e i t Government o b l i g a t i o n s may be presented e n deavor when p r a c t i c a b l e to o b t a i n information regarding t h e i r source and h i s t o r y . Any information of t h i s kind should be forwarded to the Treasury Department, Secret Service D i v i s i o n , Customs House, New York, N. Y» George L. H a r r i s o n , •Governor.
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