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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
r Circular No 1 5 3 2 T
L April 22. 1935 J
Offering of United States of America 2 % Percent Treasury Bonds of 1955-60
Dated and bearing interest from March 15, 1935
Due March 15, 1960
Redeemable at the option of the United States at par and accrued interest on and after March 15, 1955
Interest payable March 15 and September 15
ADDITIONAL ISSUE
OFFERED ONLY IN EXCHANGE FOR FIRST LIBERTY LOAN BONDS
CALLED FOR REDEMPTION ON JUNE 15, 1935
(The amount of the additional issue will be limited to the amount of First Liberty Loan bonds tendered and accepted.)
Offering of United States of America 1% Percent Treasury Notes of Series A-1940
Dated and bearing interest from March 15, 1935
Due March 15, 1940
Interest payable March 15 and September 15
ADDITIONAL ISSUE
OFFERED ONLY IN EXCHANGE FOR FIRST LIBERTY LOAN BONDS
CALLED FOR REDEMPTION ON JUNE 15, 1935
(The amount of the additional issue will be limited to the amount of First Liberty Loan bonds tendered and accepted.)
To all Banks and Others Concerned in the
second federal Reserve District:
Secretary of the Treasury Morgenthau today announced an offering of 2% percent Treasury bonds of 1955-60, additional issue, in exchange for First Liberty Loan bonds called for
redemption on June 15,1935, and an offering of 1% percent Treasury notes of Series A-1940,
additional issue, in exchange for First Liberty Loan bonds called for redemption on June 15,
1935. The terms of these offerings are set forth respectively in Treasury Department circulars Nos. 536 and 537 dated April 22, 1935, copies of which are printed on the following pages.
It will be noted from these Treasury circulars that subscribers will be credited with
interest in full to June 15, 1935, on First Liberty Loan bonds tendered in exchange, and will be
charged with accrued interest from March 15 to June 15,1935, on 2% percent Treasury bonds
of 1955-60 and/or 1% percent Treasury notes of Series A-1940 issued on exchange.
The subscription books for these offerings 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.
GEOBGE L. HARBISON,
Governor.
UNITED STATES OF AMERICA
2% PERCENT TREASURY BONDS OF 1955-60
Dated and bearing interest from March 15, 1935
Due March 15, 1960
Redeemable at the option of the United States at par and accrued interest on and after March 15, 1955
Interest payable March 15 and September 15
ADDITIONAL ISSUE
OFFERED ONLY IN EXCHANGE FOR FIRST LIBERTY LOAN BONDS
CALLED FOR REDEMPTION ON JUNE 15, 1935
D — — S L - N. » .
Public Debt Service
TREASURY DEPARTMENT,
OFFICE OF THE QECRETARY,
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Washington,
April 22,1935.
I. EXCHANGE OFFERING OF BONDS
1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act,
approved September 24, 1917, as amended, for refunding purposes, invites subscriptions from the people of
the United States for 2% percent bonds of the United States, designated Treasury Bonds of 1955-60, in
payment of which only First Liberty Loan bonds, of any series, called for redemption on June 15, 1935,
may be tendered. The amount of the additional issue of 2% percent Treasury Bonds of 1955-60 under this
circular will be limited to the amount of First Liberty Loan bonds tendered and accepted.
2. First Liberty Loan bonds will be received on exchange at par, and 2% percent Treasury Bonds
of 1955-60 will be issued at par, with the right reserved by the Secretary of the Treasury to increase the
issue price by public announcement effective as to subscriptions tendered after the time, not earlier than
April 29, 1935, fixed in the announcement. On all exchanges, interest adjustments will be made as of
June 15, 1935.
3. The outstanding bonds of the First Liberty Loan called for redemption on June 15, 1935, and
which, under the terms of this circular, may be exchanged for 2% percent Treasury Bonds of 1955-60,
follow:
Sy2 percent bonds of 1932-47 (First 3%'s) dated June 15, 1917
Converted 4 percent bonds of 1932-47 (First 4's) dated November 15, 1917
Converted 4*4 percent bonds of 1932-47 (First 41/4's) dated May 9, 1918
Second Converted 414 percent bonds of 1932-47 (First-Second 41/4's) dated October 24, 1918.
4. In addition to the exchange offering under this circular, holders of First Liberty Loan bonds are
offered the privilege of exchanging all or any part of such called bonds for 5-year 1% percent Treasury
Notes of Series A-1940, which offering is set forth in Department Circular No. 537, issued simultaneously
with this circular.
II. DESCRIPTION OF BONDS
1. The bonds now offered will be an addition to and will form a part of the series of 2% percent
Treasury Bonds of 1955-60 issued pursuant to Department Circular No. 531, dated March 4, 1935, are
identical in all respects therewith, will be freely interchangeable, and are described in the following
quotation from said Circular No. 531:
"The bonds will be dated March 15,1935, and will bear interest from that date at the rate of
two and seven-eighths percent per annum, payable semiannually, on September 15, 1935, and thereafter on March 15 and September 15 in each year until the principal amount becomes payable.
They will mature March 15, 1960, but may be redeemed at the option of the United States on and
after March 15, 1955, in whole or in part, at par and accrued interest, on any interest day or days,
on 4 months' notice of redemption given in such manner as the Secretary of the Treasury shall pre
scribe. In case of partial redemption the bonds to be redeemed will be determined by such method
as may be prescribed by the Secretary of the Treasury. From the date of redemption designated in
any such notice, interest on the bonds called for redemption shall cease.
"The bonds shall be exempt, both as to principal and interest, from all taxation 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, except (a) estate or inheritance taxes, and (b) graduated additional
income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. The interest on an amount of bonds authorized by the Second Liberty Bond
Act, approved September 24, 1917, as amended, the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, association, or corporation, shall be exempt from
the taxes provided for in clause (b) above.
'' The bonds will be acceptable to secure deposits of public moneys, and will bear the circulation
privilege only to the extent provided in the act approved July 22, 1932, as amended. They will not
be entitled to any privilege of conversion.
"Bearer bonds with interest coupons attached, and bonds registered as to principal and interest,
will be issued in denominations of $50, $100, $500, $1,000, $5,000, $10,000, and $100,000. Provision
will be made for the interchange of bonds of different denominations and of coupon and registered
bonds, and for the transfer of registered bonds under rules and regulations prescribed by the Secretary of the Treasury.
"The bonds will be subject to the general regulations of the Treasury Department, now or
hereafter prescribed, governing United States bonds."
—^
HI. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions 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 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 subscriptions for smaller
amounts and to make reduced allotments upon, or to reject, subscriptions for larger amounts, to make classified allotments or to make allotments upon a graduated scale, 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. Allotment notices will be sent out promptly upon allotment.
IV. TERMS OF PAYMENT AND ISSUE
1. Treasury bonds offered under this circular will be issued at par, or at such increased issue price
as may be fixed by public announcement in the case of bonds issued upon subscriptions tendered to a Federal Reserve bank or branch or to the Treasury Department after the time stated in the announcement.
The effective time for any increase which may be made in the issue price will be after the date of the
announcement and in no event earlier than April 29, 1935. Any such announcement fixing an increase in
the issue price and the time when such increase becomes effective will be communicated promptly to the
Federal Reserve banks. Payment for any bonds allotted under this circular may be made only in First
Liberty Loan bonds of any series, which will be accepted at par, provided that payment of the premium
by reason of any increase in the issue price shall be made as provided in the next following paragraph.
The bonds tendered in payment should accompany the subscription.
2. Interest adjustment as of June 15, 1935.—Subscribers will be credited with interest in full to
June 15, 1935, on First Liberty Loan bonds tendered in exchange, and will be charged with accrued
interest from March 15 to June 15, 1935, ($7.1875 per $1,000), on 2% percent Treasury Bonds of 1955-60
issued on exchange. The net interest adjustment per $1,000 principal amount on account of the various
issues of First Liberty Loan bonds follows: First 3y2's—$10.3125; First 4*s—$12.8125; First 4*4's and
First-Second 4y±'s-—$14.0625. This net interest adjustment (less any premium by reason of an increase
in the issue price) will be paid to subscribers following acceptance of First Liberty Loan bonds under
this circular.
V. SURRENDER OF FIRST LIBERTY LOAN BONDS ON EXCHANGE
1. Coupon Bonds.—First Liberty Loan bonds in coupon form tendered in exchange for Treasury
bonds offered hereunder, should be presented and surrendered with the subscription to a Federal Reserve
bank or to the Treasurer of the United States. Coupons dated June 15, 1935, and all coupons bearing
dates subsequent to June 15, 1935, should be attached to such coupon bonds when surrendered, and if
any such coupons are missing, the subscription must be accompanied by cash payment equal to the face
amount of the missing coupons.1 The bonds must be delivered at the expense and risk of the holder.
Facilities for transportation of bonds by registered mail insured may be arranged between incorporated
banks and trust companies and the Federal Reserve banks, and holders may take advantage of such
arrangements when available, utilizing such incorporated banks and trust companies as their agents.
Incorporated banks and trust companies are not agents of the United States under this circular.
2. Registered Bonds.—First Liberty Loan bonds in registered form tendered in exchange for Treasury bonds offered hereunder should be assigned by the registered payee or the assignee thereof, in accordance with the general regulations of the Treasury Department governing assignments for transfer or
exchange, in one of the forms hereafter set forth, and thereafter should be presented and surrendered
with the subscription to a Federal Reserve bank or to the Treasury Department, Division of Loans and
Currency, Washington, D. C. The bonds must be delivered at the expense and risk of the holder. If Treasury bonds are desired registered in the same name as the First Liberty Loan bonds surrendered, the
assignment should be to "The Secretary of the Treasury for exchange for Treasury Bonds of 1955-60";
if Treasury bonds are desired registered in another name, the assignment should be to "The Secretary of
the Treasury for exchange for Treasury Bonds of 1955-60 in the name of
" ; if
Treasury bonds in coupon form are desired, the assignment should be to "The Secretary of the Treasury
for exchange for Treasury Bonds of 1955-60 in coupon form to be delivered to
".
VI. 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.
1 The final coupons attached to temporary coupon bonds of the First Liberty Loan became due as follows: First 4's—December 15,
1919; First 4$4's—June 15, 1920; First-Second 4}4's—December 15,1920. The holders of any such temporary bonds will receive the past
due interest to June 15, 1935, if such bonds are tendered for exchange under this circular.
UNITED STATES OF AMERICA
1% PERCENT TREASURY NOTES OF SERIES A-1940
Dated and bearing interest from March 15, 1935
Due March 15, 1940
Interest payable March 15 and September 15
ADDITIONAL ISSUE
OFFERED ONLY IN EXCHANGE FOR FIRST LIBERTY LOAN BONDS
CALLED FOR REDEMPTION ON JUNE 15, 1935
TREASURY DEPARTMENT,
Department Circular No. 537
Public Debt Service
_
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OFFICE OF THE SECRETARY,
TXT
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Washington,
April 22,1935.
I. EXCHANGE OFFERING OF NOTES
1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act,
approved September 24, 1917, as amended, invites subscriptions from the people of the United States for
1% percent Treasury notes of the United States, designated Treasury Notes of Series A-1940, in payment
of which only First Liberty Loan bonds, of any series, called for redemption on June 15, 1935, may be
tendered. The amount of the additional issue of 1% percent Treasury Notes of Series A-1940 under this
circular will be limited to the amount of First Liberty Loan bonds tendered and accepted.
2. First Liberty Loan bonds will be received on exchange at par, and 1% percent Treasury Notes
of Series A-1940 will be issued at par, with the right reserved by the Secretary of the Treasury to increase
the issue price by public announcement effective as to subscriptions tendered after the time, not earlier
than April 29, 1935,fixedin the announcement. On all exchanges, interest adjustments will be made as of
June 15, 1935.
3. The outstanding bonds of the First Liberty Loan called for redemption on June 15, 1935, and
which, under the terms of this circular, may be exchanged for 1% percent Treasury Notes of Series A-1940,
follow:
3y2 percent bonds of 1932-47 (First 3y2's) dated June 15, 1917
Converted 4 percent bonds of 1932-47 (First 4's) dated November 15, 1917
Converted 4% percent bonds of 1932-47 (First 4!,4's) dated May 9, 1918
Second Converted 4% percent bonds of 1932-47 (First-Second 4^'s) dated October 24, 1918
4. In addition to the exchange offering under this circular, holders of First Liberty Loan bonds are
offered the privilege of exchanging all or any part of such called bonds for 27/8 percent Treasury Bonds
of 1955-60, which offering is set forth in Department Circular No. 536, issued simultaneously with this
circular.
II. DESCRIPTION OF NOTES
1. The notes now offered will be an addition to and will form a part of the series of 1% percent
Treasury Notes of Series A-1940, issued pursuant to Department Circular No. 532, dated March 4, 1935, are
identical in all respects therewith (except that the additional denomination of $50 will be made available),
will be freely interchangeable, and are described in the following quotation from said Circular No. 532:
"The notes will be dated March 15, 1935, and will bear interest from that date at the rate of
one and five-eighths percent per annum, payable semiannually, on September 15, 1935, and thereafter on March 15 and September 15 in each year. They will mature March 15, 1940, and will not
be subject to call for redemption prior to maturity.
"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.
1
' The notes will be acceptable to secure deposits of public moneys, but will not bear the circulation privilege."
2. Bearer notes with interest coupons attached will be issued in denominations of $50, $100, $500,
$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 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 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 subscriptions for smaller
amounts and to make reduced allotments upon, or to reject, subscriptions for larger amounts, to make
classified allotments or to make allotments upon a graduated scale, 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. Allotment notices will be sent out promptly upon allotment.
IV. TERMS OF PAYMENT AND ISSUE
1. Treasury notes offered under this circular will be issued at par, or at such increased issue price as
may be fixed by public announcement in the case of notes issued upon subscriptions tendered to a Federal
Reserve bank or branch or to the Treasury Department after the time stated in the announcement. The
effective time for any increase which may be made in the issue price will be after the date of the announcement and in no event earlier than April 29, 1935. Any such announcement fixing an increase in the issue
price and the time when such increase becomes effective will be communicated promptly to the Federal
Reserve banks. Payment for any notes allotted under this circular may be made only in First Liberty Loan
bonds of any series, which will be accepted at par, provided that payment of the premium by reason of
any increase in the issue price shall be made as provided in the next following paragraph. The bonds
tendered in payment should accompany the subscription.
2. Interest adjustment as of June 15, 1935.—Subscribers will be credited with interest in full to
June 15, 1935, on First Liberty Loan bonds tendered in exchange, and will be charged with accrued
interest from March 15 to June 15, 1935 ($4.0625 per $1,000), on 1% percent Treasury Notes of Series
A-1940 issued on exchange. The net interest adjustment per $1,000 principal amount on account of the
various issues of First Liberty Loan bonds follows: First 3y2's—$13.4375; First 4's—$15.9375; First
4y±s and First-Second 4y±s—$17.1875. This net interest adjustment (less any premium by reason of an
increase in the issue price) will be paid to subscribers following acceptance of First Liberty Loan bonds
under this circular.
V. SURRENDER OF FIRST LIBERTY LOAN BONDS ON EXCHANGE
1. Coupon Bonds.—First Liberty Loan bonds in coupon form tendered in exchange for Treasury
notes offered hereunder, should be presented and surrendered with the subscription to a Federal Reserve
bank or to the Treasurer of the United States. Coupons dated June 15, 1935, and all coupons bearing dates
subsequent to June 15, 1935, should be attached to such coupon bonds when surrendered, and if any such
coupons are missing, the subscription must be accompanied by cash payment equal to the face amount of
the missing coupons.1 The bonds must be delivered at the expense and risk of the holder. Facilities for
l The final coupons attached to temporary coupon bonds of the First Liberty Loan became due as follows : First 4's—December 15,
1919; First 4#'s—June 15, 1920; First-Second 4J4's—December 15,1920. The holders of any such temporary bonds will receive the past
due interest to June 15, 1935, if such bonds are tendered for exchange under this circular.
transportation of bonds by registered mail insured may be arranged between incorporated banks and trust
companies and the Federal Reserve banks, and holders may take advantage of such arrangements when
available, utilizing such incorporated banks and trust companies as their agents. Incorporated banks and
trust companies are not agents of the United States under this circular.
2. Registered Bonds.—First Liberty Loan bonds in registered form tendered in exchange for Treasury notes offered hereunder should be assigned by the registered payee or the assignee thereof, in accordance with the general regulations of the Treasury Department governing assignments for transfer or
exchange, to "The Secretary of the Treasury for exchange for Treasury Notes of Series A-1940", and
thereafter should be presented and surrendered with the subscription to a Federal Reserve bank or to the
Treasury Department, Division of Loans and Currency, Washington, D. C. If the Treasury notes are to
be delivered for the account of other than the registered payee or the assignee thereof, the assignment
should be to "The Secretary of the Treasury for exchange for Treasury Notes of Series A-1940 to be
delivered to
". The bonds must be delivered at the expense and risk of the
holder.
VI. 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.
To Owners of
FIRST LIBERTY LOAN BONDS
CALLED FOR REDEMPTION
Optional Exchange Offerings
All First Liberty Loan bonds were called on March 14,1935,
for redemption on June 15, 1935, when interest on all such
bonds will cease. This applies equally to the following series of
First Liberties:
First Liberty Loan 3Vz% bonds of 1932-47 (First 3«Bfs),
dated June 15, 1917;
First Liberty Loan Converted 4% bonds of 1932-47 (First 4's),
dated November 15, 1917;
First Liberty Loan Converted 4tt% bonds of 1932-47 (First 4Ws)f
dated May 9, 1918; and
First Liberty Loan Second Converted 4%% bonds of 1932-47
(First-Second W s ) , dated October 24, 1918.
Owners of these called bonds are now offered the privilege,
for a limited period, of exchanging all or any part of their called
bonds either for 20-25 year 2%% Treasury Bonds of 1955-60 or
for 5 year 1%% Treasury Notes of Series A-1940.
Any such owners who desire to exchange their called bonds
should consult their bank at once, or address any Federal Reserve
bank, or branch, or the Treasury Department, Washington, and
arrange the exchange as promptly as possible. Otherwise the
called bonds should be presented for redemption on June 15,1935.
HENRY MORGENTHAU, JR.,
Secretary of the Treasury
TREASURY DEPARTMENT,
Washington, April 22, 1935.
Consult the Bank Where This Notice is Displayed
ORIGINAL
NR-TN-
NON-NEGOTIABLE RECEIPT
Issued to
Number
Street
Date
Town
„
State
Subject to examination and count, receipt is hereby acknowledged of $
par amount coupon First Liberty Loan Bonds
of 1932-47 in exchange for United States of America 1% per cent Treasury Notes of Series A-1940 allotted in full by the Secretary of the Treasury
pursuant to the terms of Treasury Department Circular No. 537, dated April 22, 1935.
FEDERAL RESERVE BANK or NEW YORK
Fiscal Agent of the United States.
Refer to your letter dated
No
Teller
NOTICE: If United States of America 1% per cent Treasury Notes of Series A-1940 are to be delivered at the Federal Reserve Bank over the counter to a
representative of the subscriber, the following authority should be executed by the subscriber and presented to the Federal Reserve Bank of New
York by the representative therein named.
To FEDERAL RESERVE BANK OF NEW YORK,
Date
Fiscal Agent of the United States,
New York, N. Y.
You are hereby authorized to deliver to
.whose signature appears
(Name of Representative)
below $
par amount United States of America 1% per cent Treasury Notes of Series A-1940 for which the undersigned by
exchange subscription has surrendered to you coupon First Liberty Loan Bonds of 1932-47 pursuant to the terms of Treasury Department Circular
No. 537, dated April 22, 1935.
Name
(Please Print)
(Signature of Authorized Representative)
(Official Signature Required)
FILE COPY
Issued to
Number
Htrflpt
Town
.
«
.-.—.
Date
State
Subject to examination and count, receipt is hereby acknowledged of $
_
par amount coupon First Liberty Loan Bonds
of 1932-47 in exchange for United States of America 1% per cent Treasury Notes of Series A-1940 allotted in full by the Secretary of the Treasury
pursuant to the terms of Treasury Department Circular No. 537, dated April 22, 1935.
FEDERAL RESERVE BANK or NEW YORK
Fiscal Agent of the United States.
Refer to your letter dated
No.
Teller
DUPLICATE
PENDING DELIVERY TICKET
Number.
Issued to.
Date
Street.
Town
State.
Subject to examination and count, receipt is hereby acknowledged of $
_
par amount coupon First Liberty Loan Bonds
of 1932-47 in exchange for United States of America 1% per cent Treasury Notes of Series A-1940 allotted in full by the Secretary of the Treasury
pursuant to the terms of Treasury Department Circular No. 537, dated April 22, 1935.
FEDERAL BESESVE BANK OF NEW YORK
Fiscal Agent of the United States.
Eefer to your letter dated
No.
Teller
ORIGINAL
NRFLL-TN
NON-NEGOTIABLE RECEIPT
Issued to
Number
Street
Date
Town
State
Receipt is hereby acknowledged of $
par amount registered First Liberty Loan
% bonds of 1932-47 in
exchange for United States of America 1% per cent Treasury Notes of Series A-3 940 allotted in full by the Secretary of the Treasury pursuant to
the terms of Treasury Department Circular No. 537, dated April 22, 193o.
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States.
Your letter dated
No.
Teller .
NOTICE: If United States of America Treasury Notes of Series A-1940 are to be delivered at the Federal Reserve Bank over the counter to a representative of
the subscriber, the following authority should be executed by the subscriber and presented to the Federal Reserve Bank of New York by the
representative therein named.
To FEDERAL RESERVE BANK OF N E W YORK,
Fiscal Agent of the United States,
New York, N. Y.
You are hereby authorized to deliver to
Date
whose signature appears
(Name of Representative)
below $
par amount United States of America 1% per cent Treasury Notes of Series A-1940 for which the undersigned by
exchange subscription has surrendered to you registered First Liberty Loau Bonds of 1932-47 pursuant to the provisions of Treasury Department
Circular No. 537, dated April 22, 1935.
Name
(Please Print)
(Signature of Authorized Representative)
^
(Official Signature Required)
TRIPLICATE
FILE COPY
Issued to
Number
Street
Town
Date
State
Receipt is hereby acknowledged of $
par amount registered First Liberty Loan
% bonds of 1932-47 in
exchange for United States of America 1% per cent Treasury Notes of Series A-1940 allotted in full by the Secretary of the Treasury pursuant to
the terms of Treasury Department Circular No. 537, dated April 22, 1935.
FEDERAL RESERVE BANK OF NEW YFRK
Fiscal Agent of the United States.
Your letter dated
No.....
Teller
DUPLICATE
PENDING DELIVERY TICKET
Tssued to
Number
Street
Town
Date
State
Eeceipt is hereby acknowledged of $
par amount registered First Liberty Loan
% bonds of 1932-47 in
exchange for United States of America 1% per cent Treasury Notes of Series A-1940 allotted in full by the Secretary of the Treasury pursuant to
the terms of Treasury Department Circular No. 537, dated April 22, 1935.
FEDERAL EESEEVE BANK or NEW YFEK
Fiscal Agent of the United States.
Your letter dated
No.
Teller
ORIGINAL
NON-NEGOTIABL
Issued to.
Number.
Street.
Date
Town
State.
Keceipt is hereby acknowledged of $
par amount registered First Liberty Loan
% bonds of 1932-47 in exchange for
United States of America 2% per cent Treasury Bonds of 1955-60 allotted in full by the Secretary of the Treasury pursuant to the terms of Treasury
Department Circular No. 536, dated April 22, 1935.
FEDERAL RESERVE BANK or NEW YORK
Fiscal Agent of the United States.
Your letter dated
NOTICE:
No.
Teller
If United States of America Treasury Bonds of 1955-60 are to be delivered at the Federal Reserve Bank over the counter to a representative of
the subscriber, the following authority should be executed by the subscriber and presented to the Federal Reserve Bank of New York by the
representative therein named.
To FEDERAL EESERVE BANK OF N E W YORK,
Fiscal Agent of the United States,
New York, N. Y.
Date
You are hereby authorized to deliver to
whose signature appears
(Name of Representative)
below $
par amount United States of America 2% per cent Treasury Bonds of 1955-60 for which the undersigned by exchange
subscription has surrendered to you registered First Liberty Loan Bonds of 1932-47 pursuant to the provisions of Treasury Department Circular
Xo. 536, dated April 22, 1935.
Name
(Please Print)
(Official Signature Required)
(Signature of Authorized Representative)
TRIPLICATE
FILE COPY
Number.
Issued to....
Date
Street.
Town
State
Receipt is hereby acknoAvledged of $
par amount registered First Liberty Loan
% bonds of 1932-47 in exchange for
United States of America 2% per cent Treasury Bonds of 1955-60 allotted in full by the Secretary of the Treasury pursuant to the terms of Treasury
Department Circular No. 536, dated April 22, 1935.
FEDERAL RESERVE BANK OF NEW YORK
Hlk
Your letter dated
Fiscal Agent of the United States.
Teller
DUPLICATE
PENDING DELIVERY TICKET
Number.
Issued to.
Date
Street.
Town
State.
Receipt is hereby acknowledged of $
par amount registered First Liberty Loan
% bonds of 1932-47 in exchange for
Tinted States of America 2% per cent Treasury Bonds of 1955-60 allotted in full by the Secretary of the Treasury pursuant to the terms of Treasury
Department Circular No. 536, dated April 22, 1935.
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States.
Tour letter dated
No.
Teller
ORDER
FORM-
Enter a New Subscription to
ENGINEERING NEWS-RECORD for
NAME
ADDRESS.
CITY_
-STATE.
COMPANY
POSITION
These Rates Apply to the United States and Canada and Latin America - But Not to other Foreign Countries
D 3 Years for $10
D 2 Years for $ 8
Ql Year for $5
Send Bill for Subscription toNAME
ADDRESS.
CITY.
STATE
MAY 22
ENGINEERING N E W S - RECORD
330 WEST 42ND STREET NEW YORK, N. Y.
No
Postage Stamp
Necessary
If Mailed in the
United States.
BUSINESS REPLY ENVELOPE
FIRSTCCAS8 PERMIT NO. 64. SEC. 51O.P. L. & R.
NEW YORK. N . Y .
ENGINEERING NEWS-RECORD
330 West 42nd Street
New York, N. Y.
ORIGINAL.
NR-CFLL-TB
NON-NEGOTIABLE RECEIPT
Issued to
Number
Street
Date
Town
State
Subject to examination and count, receipt is hereby acknowledged of $
par amount coupon First Liberty Loan Bonds of
1932-47 in exchange for United States of America 2% per cent Treasury Bonds of 1955-60 allotted in full by the Secretary of the Treasury pursuant
to the terms of Treasury Department Circular No. 536, dated April 22, 1935.
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States.
Your letter dated
NOTICE:
No.
Teller
If United States of America Treasury Bonds of 1955-60 are to be delivered at the Federal Reserve Bank over the counter to a representative of
the subscriber, the following authority should be executed by the subscriber and presented to the Federal Reserve Bank of New York by the
representative therein named.
To FEDERAL RESERVE BANK OF NEW YORK,
Date
Fiscal Agent of the United States,
New York, N. Y.
You are hereby authorized to deliver to
whose signature appears
(Name of Representative)
below $
par amount United States of America 2% per cent Treasury Bonds of 1955-60 for which the undersigned by exchange
subscription has surrendered to you coupon First Liberty Loan Bonds of 1932-47 pursuant to the terms of Treasury Department Circular No.
536, dated April 22, 1935.
Name
(Please Print)
(Signature of Authorized Representative)
(Official Signature Required)
TRIPLICATE
FILE COPY
Issued to
Number
Street
Town
Date
State
Subject to examination and count, receipt is hereby acknowledged of $
par amount coupon First Liberty Loan Bonds of
1932-47 in exchange for United States of America 2% per cent Treasury Bonds of 1955-60 allotted in full by the Secretary of the Treasury pursuant
to the terms of Treasury Department Circular No. 536, dated April 22, 1935.
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States.
Your letter dated
No.....
Teller
.
---at
DUPLICATE
PENDING DELIVERY TICKET
Issued to
Number
Street
Town
Date
State
Subject to examination and count, receipt is hereby acknowledged of $
par amount coupon First Liberty Loan Bonds of
1932-47 in exchange for United States of America 2% per cent Treasury Bonds of 1955-60 allotted in full by the Secretary of the Treasury pursuant
to the terms of Treasury Department Circular No. 536, dated April 22, 1935.
FEDEBAL EESEEVE BANK OF NEW YORK
Fiscal Agent of the United States.
Your letter dated
No
Teller
:
EACB-N
COUPON BOND EXCHANGE SUBSCRIPTION FOR NOTES
This Form Should Be Used When Coupon First Liberty Loan Bonds of
1932-47, Called for Payment on June 15, 1935, Are Tendered in Payment
for Treasury Notes to Be Allotted on Subscriptions
FOR UNITED STATES OF AMERICA 1% PER CENT TREASURY NOTES, SERIES A-1940
ADDITIONAL ISSUE
Dated March 15, 1935
Due March 15, 1940
NOTE:
Coupon First Liberty Loan bonds tendered in exchange must be presented and surrendered with this exchange subscription, except that if payment is to be made by coupon First Liberty Loan bonds 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.
Interest adjustment as of June IS, 1935.—Subscribers will be credited with interest in full to June IS, 1935, on First
Liberty Loan bonds tendered in exchange, and will be charged with accrued interest from March 15 to June 15, 1935
($4.0625 per $1,000), on 1 ^ per cent Treasury Notes of Series A-1940 issued on exchange. The net interest adjustment
per $1,000 principal amount on account of the various issues of First Liberty Loan bonds follows: First 3lz's—$13.4375;
First 4's—$15.9375; First 4\'±'s and First-Second 4\i's—$17.1875.
This net interest adjustment (less any premium by
reason of an increase in the issue price) will be paid to subscribers following acceptance of First Liberty Loan bonds
under this circular.
Subscriptions for which coupon First Liberty Loan bonds are tendered in payment and accepted will be allotted in full.
Dated at
FEDERAL RESERVE BANK OF NEW YORK,
1935
Fiscal Agent of the United States,
NEW YORK, N.
Y.
DEAR SIRS:
Pursuant to the provisions of Treasury Department Circular No. 537, dated April 22, 1935, the undersigned tenders
herewith in exchange for United States of America \y% per cent Treasury notes, Series A-1940, First Liberty Loan
coupon bonds of 1932-47 in the amount and as stated below:
For own account
$
For our customers (for use of banking institutions) as shown on attached list
$
Total Subscription
$
Issue Treasury securities allotted on this subscription as indicated below:
FIRST LIBERTY LOAN COUPON BONDS TENDERED IN EXCHANGE
Delivered
Herewith
TITLE
$
s
s
First 4's.. S
$
s
$
$
First-Second 4Ji's.. $
s
s
s
$
s
S
First4J4's..
$
To be delivered by
Name
S
First 3J6'B. •
$
Now held by you for
Safekeeping
S.
Total $
Issue Treasury securities allotted on this subscription in the denominations indicated on the reverse side of this
subscription and dispose of proceeds representing interest adjustment (less premium, if any,) as follows:
By check to
•
By credit to our Reserve account
•
Credit our account with
Q
Dispose of Treasury securities allotted on this subscription as follows:
Hold for safekeeping (for member banks only) $Deliver to your Discount Department
Deliver over the counter
$.
$.
I hereby certify that such securities as you are hereby
instructed to hold for safekeeping and/or to deliver to
your Discount Department will be, upon issue, the sole
property of the below named bank or trust company.
Ship the definitive securities to the undersigned $.
Special instructions:
Hold as collateral for War Loan Deposits $.
I hereby certify that such securities as are hereby
pledged will be, upon issue, the sole property of the below
named bank or trust company or the property of its customers who have consented in writing to such pledge.
Before Signing Fill in All Eequired Spaces
TO SUBSCRIBER:
Name
(Please print)
Mark (X) in proper space to indicate if this is:
Sign here.
Original subscription
-, ..
,'
,
Confirmation of a telegram
Confirmation of a letter
•
r—,
[_|
•
(Official signature required)
Street Address
Town and State
Spaces below are for the use of the Federal Reserve Bank of New York
INTEREST ADJUSTMENT
RECEIPT
First3H's
$
Received
First 4s
$
Checked
First4Ji's
S
Recorded
First-Second 4 }{'s
S
Acknowledged
Total
Accrued Interest
$
8
Net Payment
DELIVERY
DELIVERY
Released
Taken from vault
RECEIPT
Received from the FEDERAL RESERVE BANK OF N E W YORK the above described United States of
America Treasury Notes.
Counted
Checked
Delivered
Date
By
SCHEDULE FOR ISSUE OF COUPON NOTES
Number of Pieces
Par Amount
Denominations
Leave This Space Blank
S50
100
500
1,000
5,000
10,000
X
X
X X X
100,000
Total
X
X
X
X
X
X
X
X X
X
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
Address
State.
Amount Subscribed
EARB-FSC4J4-N
FIRST-SECOND 4^'s REGISTERED BOND EXCHANGE SUBSCRIPTION FOR NOTES
This Form Should Be Used When such Registered First Liberty Loan
Bonds of 1932-47, Called for Payment on June 15, 1935, Are Tendered
in Payment for Treasury Notes to Be Allotted on Subscriptions
FOR UNITED STATES OF AMERICA 1% PER CENT TREASURY NOTES, SERIES A-1940
ADDITIONAL ISSUE
Dated March 15, 1935
NOTE:
Due March 15, 1940
Registered First Liberty Loan bonds tendered in exchange must be presented and surrendered with this exchange subscription, except that if payment is to be made by registered First Liberty Loan bonds 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.
Interest adjustment as of June IS, 193S.—Subscribers will be credited with interest in full to June IS, 1935, on First
Liberty Loan bonds tendered in exchange, and will be charged with accrued interest from March 15 to June 15, 1935
($4.0625 per $1,000), on 1 % per cent Treasury Notes of Series A-1940 issued on exchange. The net interest adjustment
per $1,000 principal amount on account of the various issues of First Liberty Loan bonds follows: First 3Vi's—$13.4375;
First 4's—$15.9375; First 4%'s and First-Second 4\i's—$17.1875.
This net interest adjustment (less any premium by
reason of an increase in the issue price) will be paid to subscribers following acceptance of First Liberty Loan Bonds
under this circular.
Subscriptions for which registered First Liberty Loan bonds are tendered in payment and accepted will be allotted in full.
Dated at.
FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States,
.1935
NEW YORK, N. Y.
DEAR SIRS:
Pursuant to the provisions of Treasury Department Circular No. 537, dated April 22, 1935, the undersigned, being
the true owner, assignee of, or the duly authorized agent of the true owner or assignee, tenders herewith in exchange
for United States of America \y% per cent Treasury notes, Series A-1940, registered First Liberty Loan bonds of
1932-47 in the amount and as stated below:
For own account
$
For our customers (for use of banking institutions) as shown on attached list $
Total Subscription
Issue Treasury securities allotted on this subscription as indicated below:
FIRST LIBEETY LOAN SECOND CONVERTED 4 \i%
TENDERED IN EXCHANGE
REGISTERED BONDS
Isstns TREASURY SECURITIES ALLOTTED ON THIS SUBSCRIPTION IN THE FOLLOWING DENOMINATIONS
Par Amount
Denominations
Number of Pieces
$.
Number of Pieces
Denominations
$50
$50
100
100
500
500
1,000
1,000
5,000
5,000
10,000
10,000
X X
50,000
Par Amount
XX
X X X
100,000
100,000
Total
Total
X X
Leave this Space Blank
X X
X X X X
In payment of Treasury securities allotted on this subscription you are authorized to apply $
value registered First Liberty Loan Second Converted 4}4% bonds now held by you for our account.
Dispose of proceeds representing interest adjustment (less premium, if any,) as follows:
By check to
By credit to our Reserve account
•
Credit our account with
Dispose of Treasury securities allotted on this subscription as follows:
par
Hold for Safekeeping (for member banks only) $.
Deliver over the counter
Deliver to your Discount Department
Ship the definitive securities to the undersigned $.
$.
I hereby certify that such securities as you are hereby
instructed to hold for safekeeping and/or to deliver to
your Discount Department will be, upon issue, the sole
property of the below named bank or trust company.
$.
Special instructions:
Hold as Collateral for War Loan Deposits $.
I hereby certify that such securities as are hereby
pledged will be, upon issue, the sole property of the below
named bank or trust company^ or the property of its customers who have consented in writing to such pledge
' Before Signing Fill in All Bequired Spaces
TO SUBSCRIBER:
Mark (X) in proper space to indicate if this is:
Original subscription
Name
[71
Confirmation of a telegram
Sign here
(Official signature required)
Street Address
•
Confirmation of a letter
(Please print)
Town and State
\^\
Spaces below are for the use of the Federal Reserve Bank of New York
INTEREST ADJUSTMENT
RECEIPT
Paid By Check
Received
$
Checked
By Cash
Recorded
By Charge to Account $
Represents $
Acknowledged
and $
_
to
at
%
to cover premium.
Received from the FEDERAL RESERVE BANK OF NEW YORK the above described United States of
America Treasury notes.
Taken from vault
Counted
interest from
DELIVERY RECEIPT
DELIVERY
Released
$
—
Checked
—
Delivered
—
Date.
By.
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
Address
State.
Amount Subscribed
EARB-FC4J4-N
FIRST 4M's REGISTERED BOND EXCHANGE SUBSCRIPTION FOR NOTES
This Form Should Be Used When such Registered First Liberty Loan
Bonds of 1932-47, Called for Payment on June 15, 1935, Are Tendered
in Payment for Treasury Notes to Be Allotted on Subscriptions
FOR UNITED STATES OF AMERICA 1% PER CENT TREASURY NOTES, SERIES A-1940
\
ADDITIONAL ISSUE
Dated March 15, 1935
Due March 15, 1940
NOTE:
Registered First Liberty Loan bonds tendered in exchange must be presented and surrendered with this exchange subscription, except that if payment is to be made by registered First Liberty Loan bonds 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.
Interest adjustment as of June IS, 193S.—Subscribers will be credited with interest in full to June 15, 1935, on First
Liberty Loan bonds tendered in exchange, and will be charged with accrued interest from March 15 to June 15, 1935
($4.0625 per $1,000), on 1% per cent Treasury Notes of Series A-1940 issued on exchange. The net interest adjustment
per $1,000 principal amount on account of the various issues of First Liberty Loan bonds follows: First 3\k'»—$13.4375;
Firs* 4's—$15.9375; First 4\i's and First-Second 41,i's—$17.1875. This net interest adjustment (less any premium by
reason of an increase in the issue price) will be paid to subscribers following acceptance of First Liberty Loan bonds
under this circular.
Subscriptions for which registered First Liberty Loan bonds are tendered in payment and accepted will be allotted in full.
Dated at.
.1935
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. 537, dated April 22, 1935, the undersigned, being
the true owner, assignee of, or the duly authorized agent of the true owner or assignee, tenders herewith in exchange
for United States of America 1% per cent Treasury notes, Series A-1940, registered First Liberty Loan bonds of
1932-47 in the amount and as stated below:
For own account
$.
For our customers (for use of banking institutions) as shown on attached list $.
Total Subscription
$.
Issue Treasury securities allotted on this subscription as indicated below:
FIK8T LIBERTY LOAN CONVERTED 4 M% REGISTERED BONDS TENDESED
IN EXCHANGE
Number of Pieces
Par Amount
Denominations
8
ISSUE TREASURY SECURITIES ALLOTTED ON THIS SUBSCRIPTION IN THE FOLLOWING DENOMINATIONS
Number of Pieces
Denominations
50
$
100
500
500
1,000
1,000
5,000
5,000
10,000
10,000
XXX
X X
Leave this Space Blank
50
100
50.000
Par Amount
100,000
100,000
Total
Total
XX
XX
XX
X XX X
In payment of Treasury securities allotted on this subscription you are authorized to apply $
value registered First Liberty Loan Converted 4*4% bonds now held by you for our account.
Dispose of proceeds representing interest adjustment (less premium, if any,) as follows:
By check to
By credit to our Reserve account
Q
Credit our account with
<
Dispose of Treasury securities allotted on this subscription as follows:
Hold for Safekeeping (for member banks only) $
Deliver to your Discount Department
Deliver over the counter
$
par
[^
]~\
$
Ship the definitive securities to the undersigned $
I hereby certify that such securities as you are hereby
instructed to hold for safekeeping and/or to deliver to
your Discount Department will be, upon issue, the sole
property of the below named bank or trust company.
Special instructions:
Hold as Collateral for War Loan Deposits
$
I hereby certify that such securities as are hereby
pledged will be, upon issue, the sole property of the below
named bank or trust company or the property of its customers who have consented in writing to such pledge.
Signing Fill in All Kequired Spaces
TO SUBSCRIBER:
Name
Mark (X) in proper space to indicate if this i s :
Original subscription
(Please print)
Sign here
(Official signature required)
Q
Confirmation of a telegram
Confirmation of a letter
Street Address
•
\Z.
Town and State.
Spaces below are for the use of the Federal Reserve Bank of New York
INTEREST ADJUSTMENT
RECEIPT
Paid By Check
Received
$
Checked
By Cash
Recorded
By Charge to Account $
Represents $
Acknowledged
and $
interest from
to
at
to cover premium.
DELIVERY RECEIPT
DELIVERY
Released
Taken from vault
$
Received from the FEDERAL RESERVE B A N K OF N E W YORK the above described United States of
„
America Treasury notes.
Counted
Checked
Delivered
Date
By
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
Address
State.
Amount Subscribed
EARB-FC4-N
FIRST 4's REGISTERED BOND EXCHANGE SUBCRIPTION FOR NOTES
This Form Should Be Used When such Registered First Liberty Loan
Bonds of 1932-47, Called for Payment on June 15, 1935, Are Tendered
in Payment for Treasury Notes to Be Allotted on Subscriptions
FOR UNITED STATES OF AMERICA 1% PER CENT TREASURY NOTES, SERIES A-1940
ADDITIONAL ISSUE
Dated March 15, 1935
NOTE:
Due March 15, 1940
Registered First Liberty Loan bonds tendered in exchange must be presented and surrendered with this exchange subscription, except that if payment is to be made by registered First Liberty Loan bonds now held (or the subscriber's account by
the Federal Reserve Bank of New York instructions must be given accordingly in the space provided below.
Interest adjustment as of June 15, 1935.—Subscribers will be credited with interest in full to June 15, 1935, on First
Liberty Loan bonds tendered in exchange, and will be charged with accrued interest from March 15 to June 15, 1935
($4.0625 per $1,000), on 1 % per cent Treasury Notes of Series A-1940 issued on exchange. The net interest adjustment
per $1,000 principal amount 1on account of the various1 issues of First Liberty Loan bonds follows: First 3Y%'s—$13.4375;
First 4's—$15.9375; First 4 /i's and First-Second 4 /i's—$17.1875. This net interest adjustment (less any premium by
reason of an increase in the issue price) will be paid to subscribers following acceptance of First Liberty Loan bonds
under this circular.
Subscriptions for which registered First Liberty Loan bonds are tendered in payment and accepted will be allotted in full.
Dated at.
FEDERAL RESERVE BANK OF NEW YORK,,
Fiscal Agent of the United States,
.1935
NEW YORK, N. Y.
DEAR SIRS:
Pursuant to the provisions of Treasury Department Circular No. 537, dated April 22, 1935, the undersigned, being
the true owner, assignee of, or the duly authorized agent of the true owner or assignee, tenders herewith in exchange
for United States of America \y% per cent Treasury notes, Series A-1940, registered First Liberty Loan bonds of
1932-47 in the amount and as stated below:
For own account
$
For our customers (for use of banking institutions) as shown on attached list $
Total Subscription
Issue Treasury securities allotted on this subscription, as indicated below:
FIRST LIBERTY LOAN CONVERTED 4% REGISTERED BONDS TENDERED
IN EXCHANGE
Number of Pieces
Denominations
Par Amount
$.
ISSUE TREASURY SECUKITIES ALLOTTED ON THIS SUBSCRIPTION IN THE FOLLOWING DENOMINATIONS
Number of Pieces
$50
$50
100
100
500
500
1,000
1,000
5,000
5,000
10,000
10,000
50,000
X X
X X
X X X
100,000
100,000
Tuta!
Total
Leave this Space Blank
Par Amount
Denominations
X X
X X
X X XX
-
In payment of Treasury securities allotted on this subscription you are authorized to apply $
value registered First Liberty Loan converted 4% bonds now held by you for our account.
Dispose of proceeds representing interest adjustment (less premium, if any,) as follows:
By check to
By credit to our Reserve account
Q
Credit our account with
Dispose of Treasury securities allotted on this subscription as follows:
Hold for Safekeeping (for member banks only)$.
v Deliver to your Discount Department
Deliver over the counter
$.
.par
•
Q
$-
Ship the definitive securities to the undersigned $.
I hereby certify that such securities as you are hereby
.instructed to hold for safekeeping and/or to deliver to
your Discount Department will be, upon issue, the sole
property of the below named bank or trust company.
Special instructions:
-
Hold as Collateral for War Loan Deposits $.
I hereby certify that such securities as are hereby
pledged will be, upon issue, the sole property of the below
named bank or trust company or the property of its customers who have consented in writing; to such pledge.
' Before Signing Fill in All Required Spaces
TO SUBSCRIBER:
Mark (X) in proper space to indicate if this is:
Original subscription
Name
(Please print)
Sign here
(Official signature required)
Street Address
Confirmation of a telegram
Confirmation of a letter
Town and State.
Spaces below are for the use of the Federal Reserve Bank of New York
INTEREST ADJUSTMENT
RECEIPT
Paid By Check
Received
$.
Checked
By Cash
Recorded
By Charge to Account $.
Represents $
Acknowledged
and $
to
interest from
DELIVERY RECEIPT
Released
Received from the FEDERAL RESERVE B A N K OF N E W YORK the above described United States of
America Treasury notes.
Counted
Checked
Delivered
at
to cover premium.
DELIVERY
Taken from vault
$.
Date.
By-
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
Address
State.
Amount Subscribed
EARB-F3J4-N
FIRST 3V2's REGISTERED BOND EXCHANGE SUBSCRIPTION FOR NOTES
This Form Should Be Used When such Registered First Liberty Loan
Bonds of 193247, Called for Payment on June 15, 1935, Are Tendered
in Payment for Treasury Notes to Be Allotted on Subscriptions
FOR UNITED STATES OF AMERICA 1% PER CENT TREASURY NOTES, SERIES A-1940
ADDITIONAL ISSUE
Dated March 15, 1935
Due March 15, 1940
NOTE:
Registered First Liberty Loan bonds tendered in exchange must be presented and surrendered with this exchange subscription, except that if payment is to be made by registered First Liberty Loan bonds 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.
Interest adjustment as of June IS, 193S.—Subscribers will be credited with interest in full to June 15, 1935, on First
Liberty Loan bonds tendered in exchange, and will be charged with accrued interest from March 15 to June 15, 1935
($4.0625 per $1,000), on 1 % per cent Treasury Notes of Series A-1940 issued on exchange. The net interest adjustment
per $1,000 principal amount on account of the various issues of First Liberty Loan bonds follows: First
3^'s—$13.4375;
First 4's—$15.9375; First 4*4'* and First-Second 4\i's—$17.1875.
This net interest adjustment (less any premium by
reason of an increase in the issue price) will be paid to subscribers following acceptance of First Liberty Loan bonds
under this circular.
Subscriptions for which registered First Liberty Loan bonds are tendered in payment and accepted will be allotted in full.
Dated at
FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States,
1935
NEW YORK, N. Y.
DEAR SIRS:
Pursuant to the provisions of Treasury Department Circular No. 537, dated April 22, 1935, the undersigned, being
the true owner, assignee of, or the duly authorized agent of the true owner or assignee, tenders herewith in exchange
for United States of America 1-Hs per cent Treasury notes, Series A-1940, registered First Liberty Loan bonds of
1932-47 in the amount and as stated below:
For own account
$
For our customers (for use of banking institutions) as shown on attached list $
Total Subscription
Issue Treasury securities allotted on this subscription as indicated below:
FIRST LIBERTT LOAN 3 J4% REGISTERED BONDS TENDERED IN EXCHANGE
Denominations
Number of Pieces
Far Amount
$.
ISSUE TBBASUBY SECURITIES ALLOTTED ON THIS SUBSCRIPTION IN THE FOLLOWING DENOMINATIONS
Number of Pieces
«50
$50
100
100
500
500
1,000
1,000
5,000
5,000
10,000
10,000
50,000
X
Par Amount
D enominations
X
X
X X X
100,000
100,000
Total
Total
X
X
X
Leave this Space Blank
X
X
X
In payment of Treasury securities allotted on this subscription you are authorized to apply $
value registered First Liberty Loan 3y2% bonds now held by you for our account.
Dispose of proceeds representing interest adjustment (less premium, if any,) as follows:
By check to
\
By credit to our Reserve account
Q
Credit our account with
Dispose of Treasury securities allotted on this subscription as follows:
Q
Q
Deliver over the counter
Deliver to your Discount Department
Ship the definitive securities to the undersigned $.
$.
X
par
Hold for Safekeeping (for member banks only) $.
I hereby certify that such securities as you are hereby
instructed to hold for safekeeping and/or to deliver to
your Discount Department will be, upon issue, the sole
property of the below named bank or trust company.
X X
$.
Special instructions:
Hold as Collateral for War Loan Deposits $.
I hereby certify that such securities as are hereby
pledged will be, upon issue, the sole property of the below
named bank or trust company or the property of its customers who have consented in writing to such pledge.
Before Signing Fill in All Bequired Spaces
TO SUBSCRIBER:
Mark (X) in proper space to indicate if this is:
Name
(Please Print)
Original subscription
-•
Confirmation of a telegram
••
~Q
Confirmation of a letter
Spaces below are for the n
Sign here.
(Official signature required)
Street Address
Town and State
of the Federal Reserve Bank of New York
INTEREST ADJUSTMENT
RECEIPT
Paid By Check
Received
$
Checked
By Cash
Recorded
By Charge to Account $
Represents $
Acknowledged
and $
DELIVERY
Released
Taken from vault
$
interest from
_
to
at
to cover premium.
DELIVERY RECEIPT
Received from the FEDERAL RESERVE BANK OF NEW YORK the above described United States of
America Treasury notes.
Counted
Checked
Delivered
„
Date..
By-
List of customers' applications included in the foregoing subscription
entered and certified by
(Name of bank or trust company)
Post office address
Xante of Customer
Address
State.
Amount Subscribed
EACB
COUPON BOND EXCHANGE SUBSCRIPTION FOR BONDS
This Form Should Be Used When Coupon First Liberty Loan Bonds of
1932-47, Called for Payment on June 15, 1935, Are Tendered in Payment
for Treasury Bonds to Be Allotted on Subscriptions
I
FOR UNITED STATES OF AMERICA 2% PER CENT TREASURY BONDS OF 195560
ADDITIONAL ISSUE
Dated March 15, 1935
Due March 15, 1960
NOTE:
Coupon First Liberty Loan bonds tendered in exchange must be presented and surrendered with this exchange subscription, except that if payment is to be made by coupon First Liberty Loan bonds 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.
If registered Treasury securities of this issue are desired in exchange for coupon First Liberty Loan bonds presented and
surrendered, the required necessary instructions must be given in spaces provided on the reverse side of this form.
Interest adjustment as of June IS, 1935.—Subscribers will be credited with interest in full to June IS, 1935, on
First Liberty Loan bonds tendered in exchange, and will be charged with accrued interest from March 15 to June 15, 1935,
($7.1875 per $1,000), on 2% percent Treasury Bonds of 1955-60 issued on exchange. The net interest adjustment per $1,000
principal amount on account of the various issues of First Liberty Loan bonds follows: First 3Yz's—$10.3125; First 4's—
$12.8125; First 4\i's and First-Second 4\'±'s—$14.0625. This net interest adjustment (less any premium by reason of an
increase in the issue price) will be paid to subscribers following acceptance of First Liberty Loan bonds under this circular.
Subscriptions for which coupon First Liberty Loan bonds are tendered in payment and accepted will be allotted in full.
Dated at
FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States,
New York, N. Y.
1935
DEAR SIRS:
Pursuant to the provisions of Treasury Department Circular No. 536, dated April 22, 1935, the undersigned tenders
herewith in exchange for United States of America 2]/% per cent Treasury bonds of 1955-60, First Liberty Loan coupon
bonds of 1932-47 in the amount and as stated below:
For own account
$.
For our customers (for use of banking institutions) as shown on attached list $.
Total Subscription
Issue Treasury securities allotted on this subscription as indicated below:
"Indicate by X mark'
and use a s e p a r a t e
form when coupon or
registered Treasurysecurities of this series
_are desired in exchange.
In coupon form
In registered form
FIRST LIBERTY LOAN COUPON BONDS TENDERED IN EXCHANGE
Delivered
Herewith
TITLE
Now held by you for
Safekeeping
To be delivered by
Name
S
First 3 J^'s
$
$
$
$
First 4's.
8
S
9
$
First 4 ^ ' s .
$
$
$
$
First-Second 4M's.. $
$
S
$
$
s
Totals
Issue Treasury securities allotted on this subscription in the denominations indicated on the reverse side of this
subscription and dispose of proceeds representing interest adjustment (less premium, if any,) as follows:
By check to
•
By credit to our Reserve account
[^
Credit our account with
Q
Dispose of Treasury securities allotted on this subscription as follows:
Hold for Safekeeping (for member banks only) $.
Deliver over the counter
Deliver to your Discount Department
Ship the definitive securities to the undersigned $.
$.
I hereby certify that such securities as you are hereby
instructed to hold for safekeeping and/or to deliver to
your Discount Department will be, upon issue, the sole
property of the below named bank or trust company.
$.
Register the securities as indicated in schedule
on reverse side of this subscription and after
registry deliver or ship as indicated above
Hold as Collateral for War Loan Deposits $.
Special instructions:
I hereby certify that such securities as are hereby
pledged will be, upon issue, the sole property of the below
named bank or trust company or the property of its customers who have consented in writing to such pledge.
• Before Signing Fill in All Kequired Spaces
TO SUBSCRIBER:
Mark (X) in proper space to indicate if this is:
Name
Original subscription
Sign here
(Please print)
(Official signature required)
Street Address
Confirmation of a telegram
Confirmation of a letter
Town and State.
Spaces below are for the use of the Federal Reserve Bank of New York
INTEREST ADJUSTMENT
RECEIPT
First3J^'s
$
First 4's
$
Received
Checked
First 4 >i's
Recorded
First-Second 4 K's
Acknowledged
Total
Accrued Interest
DELIVERY
%
S
$
$
Net Payment
Released
DELIVERY RECEIPT
Taken from vault
Counted
Received from the FEDERAL RESERVE BANK OF N E W YORK the above described United States of
America Treasury Bonds.
Checked
Delivered
Date
By
SCHEDULE FOR ISSUE OF COUPON BONDS
Number of Pieces
Par Amount
Denominations
Leave This Space Blank
$50
100
500
1,000
5,000
10,000
X
X
X X X
X
X
X
X
X
X
X
X
X
X
100,000
Total
SCHEDULE FOR ISSUE OF REGISTERED BONDS
NOTE **"*
Name In Which Bonds Shall Be Registered, and PostOffice Address For Interest Checks and Mail.
Names and Addresses must be printed or typewritten.
Indicate Under Appropriate Denominations, Number of Bonds Desired.
Amount
$50
$100
$500
$1,000
$5,000
$10,000
XXX
$100
i
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
Address
State.
Amount Subscribed
EARB-FSC4J4
FIRST-SECOND 4 ^ ' s REGISTERED BOND EXCHANGE SUBSCRIPTION FOR BONDS
This Form Should Be Used When such Registered First Liberty Loan
Bonds of 1932-47, Called for Payment on June 15, 1935, Are Tendered
in Payment for Treasury Bonds to Be Allotted on Subscriptions
FOR UNITED STATES OF AMERICA 2 % PER CENT TREASURY BONDS OF 1955-60
ADDITIONAL ISSUE
Dated March 15, 1935
Due March 15, 1960
NOTE:
Registered First Liberty Loan bonds tendered in exchange must be presented and surrendered with this exchange subscription, except that if payment is to be made by registered First Liberty Loan bonds now held (or the subscriber's account by the
Federal Reserve Bank of New York instructions must be given accordingly in the space provided below.
If registered Treasury securities of this issue are desired in exchange for registered First Liberty Loan bonds presented
and surrendered, the required necessary instructions must be given in spaces provided on the reverse side of this form.
Interest adjustment as of June IS, 1935.—Subscribers will be credited with interest in full to June IS, 1935, on
First Liberty Loan bonds tendered in exchange, and will be charged with accrued interest from March 15 to June 15, 1935,
($7.1875 per $1,000), on 2% percent Treasury Bonds of 1955-60 issued on exchange. The net interest adjustment per $1,000
principal amount on account of the various issues of First Liberty Loan bonds follows: First 3Ik's $10.3125; First 4's
$12.8125; First 4M's and First-Second 4\i's—$14.0625.
This net interest adjustment (less any premium by reason of an
increase in the issue price) will be paid to subscribers following acceptance of First Liberty Loan bonds under this circular.
Subscriptions for which registered First Liberty Loan bonds are tendered in payment and accepted will be allotted in full.
Dated at
FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent o£ the United States,
New York, N. Y.
.1935
DEAR SIRS:
Pursuant to the provisions of Treasury Department Circular No. 536, dated April 22, 1935, the undersigned, being
the true owner, assignee of, or the duly authorized agent of the true owner or assignee, tenders herewith in exchange
for United States of America 2% per cent Treasury bonds of 1955-60, registered First Liberty Loan bonds of 1932-47
in the amount and as stated below:
For own account
$.
For our customers (for use of banking institutions) as shown on attached list $.
Total Subscription
Issue Treasury securities allotted on this subscription as indicated below:
"Indicate by X mark"
and use a separate
form when coupon or
registered Treasury
securities of this series
__are desired in exchange.
In coupon form
FIHST LIBERTY LOAN SECOND CONVERTED 414% REGISTERED BONDS
TENDEBED IN EXCHANGE
Number of Pieces
Denominations
Par Amount
In registered form
ISSUE TREASURY SECURITIES ALLOTTED ON THIS SUBSCRIPTION IN THE FOLLOWING DENOMINATIONS
Number of Pieces
$50
$50
100
100
500
500
1,000
1,000
5,000
5,000
10,000
10,000
50,000
Par Amount
Denominations
X X
XXX
100,000
100,000
Total
Total
X X
X X
Leave this Space Blank
X X
X X X X
In payment of Treasury securities allotted on this subscription you are authorized to apply $
value registered First Liberty Loan Second Converted 4^4% bonds now held by you for our account.
Dispose of proceeds representing interest adjustment (less premium, if any,) as follows:
By check to
By credit to our Reserve account
Q
Credit our account with
Dispose of Treasury securities allotted on this subscription as follows:
Hold for Safekeeping (fOr member banks only) $.
Deliver to your Discount Department
$.
Deliver over the counter
$.
Ship the definitive securities to the undersigned $_
$.
Register the securities as indicated in schedule
on reverse side of this subscription and after
registry deliver or ship as indicated above
I hereby certify that such securities as you are hereby
instructed to hold for safekeeping and/or to deliver to
your Discount Department will be, upon issue, the sole
property of the below named bank or trust company.
Hold as Collateral for War Loan Deposits
.par
Special instructions:
I hereby certify that such securities as are hereby
pledged will be, upon issue, the sole property of the below
named bank or trust company or the property of its customers who have consented in writing to such pledge.
Before Signing Fill in All Eequired Spaces
TO SUBSCRIBER:
Name
(Please print)
Mark (X) in proper space to indicate if this i s :
Original subscription
|F]
Confirmation of a telegram
Sign here.
(Official signature required)
Street Address
Q
Confirmation of a letter
•
Town and State
Spaces below are for the use of the Federal Reserve Bank of New York
INTEREST ADJUSTMENT
RECEIPT
Paid By Check
Received
$
Checked
By Cash
Recorded
By Charge to Account $
Represents $
Acknowledged
and $
interest from
to
%
DELIVERY RECEIPT
Released
Received from the FEDERAL RESERVE B A N K OF N E W YORK the above described United States of
America Treasury bonds.
Counted
Checkedfor FRASER
Digitized
http://fraser.stlouisfed.org/
Delivered
Federal Reserve Bank of St. Louis
at
to cover premium.
DELIVERY
Taken from vault
$
Date.
By-
SCHEDULE FOR ISSUE OF REGISTERED BONDS
NOTE W
Name In Which Bonds Shall Be Registered, and PostOffice Address For Interest Checks and Mail.
Names and Addresses must be printed or typetoritten.
Indicate Under Appropriate Denominations, Number of Bonds Desired.
Amount
$50
$100
$500
$1,000
$5,000
$10,000
XXX
$100,00
/
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
Address
State.
Amount Subscribed
FIRST 4M's REGISTERED BOND EXCHANGE SUBSCRIPTION FOR BONDS
This Form Should Be Used When such Registered First Liberty Loan
Bonds of 1932-47, Called for Payment on June 15, 1935, Are Tendered
in Payment for Treasury Bonds to Be Allotted on Subscriptions
FOR UNITED STATES OF AMERICA 2% PER CENT TREASURY BONDS OF 1935-60
ADDITIONAL ISSUE
Dated March 15, 1935
Due March 15, 1960
NOTE:
Registered First Liberty Loan bonds tendered in exchange must be presented and surrendered with this exchange subscription, except that if payment is to be made by registered First Liberty Loan bonds 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.
If registered Treasury securities of this issue are desired in exchange for registered First Liberty Loan bonds presented
and surrendered, the required necessary instructions must be given in spaces provided on the reverse side of this form.
Interest adjustment as of June IS, 1935.—Subscribers will be credited with interest in full to June 15, 1935, on
First Liberty Loan bonds tendered in exchange, and will be charged with accrued interest from March 15, to June 15, 1935,
($7.1875 per $1,000), on 2% percent Treasury Bonds of 1955-60 issued on exchange. The net interest adjustment per $1,000
Subscriptions for which registered First Liberty Loan bonds are tendered in payment and accepted will be allotted in full.
FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States,
New York, N. Y.
.1935
DEAR SIRS:
Pursuant to the provisions of Treasury Department Circular No. 536, dated April 22, 1935, the undersigned, being
the true owner, assignee of, or the duly authorized agent of the true owner or assignee, tenders herewith in exchange
for United States of America 2% per cent Treasury bonds of 1955-60, registered First Liberty Loan bonds of 1932-47
in the amount and as stated below:
For own account
$
For our customers (for use of banking institutions) as shown on attached list $
Total Subscription
Issue Treasury securities allotted on this subscription, as indicated below:
"Indicate by X mark"
and use a separate
form when coupon or
registered Treasury
securities of this series
__are desired in exchange..
In coupon form
FIRST LIBERTY LOAN CONVERTED 4 %% REGISTERED BONDS TENDEBED
IN EXCHANOC
Number of Pieces
Denominations
Par Amount
$.
In registered form
IsstrE TREJLSUBT SicuBrnra ALLOTTED ON THIB SUBSCRIPTION IN THB FOLLOWING DBNOUUTATIOJH
Number of Pieces
Denominations
$50
$50
100
100
COO
600
1,000
1,000
6,000
5,000
10,000
10,000
Par Amount
XXX
X X
100,000
100,000
Total
Total
X X
Leave this Space Blank
XX
X X
X XX X
In payment of Treasury securities allotted on this subscription you are authorized to apply $
value registered First Liberty Loan Converted 4%% bonds now held by you for our account.
")
Dispose of proceeds representing interest adjustment (less premium, if any,) as follows:
By check to
By credit to our Reserve account
Q
Credit our account with
Dispose of Treasury securities allotted on this subscription as follows:
par
•
Q
Hold for Safekeeping (for member banks only) $_
Deliver over the counter
Deliver to your Discount Department
Ship the definitive securities to the undersigned $.
Register the securities as indicated in schedule
on reverse side of this subscription and after
registry deliver or ship as indicated above
$.
I hereby certify that such securities as you are hereby
instructed to hold for safekeeping and/or to deliver to
your Discount Department will be, upon issue, the sole
property of the below named bank or trust company.
Hold as Collateral for War Loan Deposits $.
$.
Special instructions:
I hereby certify that such securities as are hereby
pledged will be, upon issue, the sole property of the below
named bank or trust company or the property of its customers who have consented in writing to such pledge.
Before Signing Fill in All Bequired Spaces
TO SUBSCRIBER:
Mark (X) in proper space to indicate if this i s :
Name
(Please print)
Original subscription
•
Confirmation of a telegram
•
Confirmation of a letter
Sign here.
(Official signature required)
Street Address
\Z\
Town and State
Spaces below are for the use of the Federal Reserve Bank of New York
INTEREST ADJUSTMENT
RECEIPT
Paid By Check
Received
$
By Cash
Checked
$
By Charge to Account $
Recorded
Represents $
Acknowledged
and $
Taken from vault
to
http://fraser.stlouisfed.org/
Delivered
Federal Reserve Bank of St. Louis
%
to cover premium.
Received from the FEDERAL RESERVE BANK OF NEW YORK the above described United States of
America Treasury bonds.
Counted
Checked
at
DELIVERY RECEIPT
DELIVERY
Released
interest from
Date.
By..
SCHEDULE FOR ISSUE OF REGISTERED BONDS
NOTE •^*
Name In Which Bonds Shall Be Registered, and PostOffice Address For Interest Checks and Mail.
Names and Addresses must be printed or typewritten.
Indicate Under Appropriate Denominations, Number of Bonds Desired.
Amount
$50
$100
$500
$1,000
$5,000
$10,000
XXX
$100,(
1
)
1
—
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
Address
State.
Amount Subscribed
EARB-FC4
FIRST 4's REGISTERED BOND EXCHANGE SUBSCRIPTION FOR BONDS
This Form Should Be Used When such Registered First Liberty Loan
Bonds of 193247, Called for Payment on June 15, 1935, Are Tendered
in Payment for Treasury Bonds to Be Allotted on Subscriptions
FOR UNITED STATES OF AMERICA 2% PER CENT TREASURY BONDS OF 1955-60
ADDITIONAL ISSUE
Dated March 15, 1935
Due March 15, 1960
NOTE:
Registered First Liberty Loan bonds tendered in exchange must be presented and surrendered with this exchange subscription, except that if payment is to be made by registered First Liberty Loan bonds 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.
If registered Treasury securities of this issue are desired in exchange for registered First Liberty Loan bonds presented
and surrendered, the required necessary instructions must be given in spaces provided on the reverse side of this form.
Interest adjustment as of June IS, 193S.—Subscribers will be credited with interest in full to June 15, 1935, on
First Liberty Loan bonds tendered in exchange, and will be charged with accrued interest from March 15 to June 15, 1935,
($7.1875 per $1,000), on 2 7s percent Treasury Bonds of 1955-60 issued on exchange. The net interest adjustment per $1,000
principal amount on account of the various issues of First Liberty Loan bonds follows: First 3%'s—$10.3125; First 4's—
$12.8125; First 4\i's and First-Second 4}i's—$14.0625. This net interest adjustment (less any premium by reason of an
increase in the issue price) will be paid to subscribers following acceptance of First Liberty Loan bonds under this circular.
Subscriptions for which registered First Liberty Loan bonds are tendered in payment and accepted will be allotted in full.
Dated at
FEDERAL RESERVE BANK OF NEW YORK,
.1935
Fiscal Agent of the United States,
New York, N. Y.
DEAR SIRS:
Pursuant to the provisions of Treasury Department Circular No. 536, dated April 22, 1935, the undersigned, being:
the true owner, assignee of, or the duly authorized agent of the true owner or assignee, tenders herewith in exchange
for United States of America 2% per cent Treasury bonds of 1955-60, registered First Liberty Loan bonds of 1932-47
in the amount and as stated below:
For own account
$
For our customers (for use of banking institutions) as shown on attached list
Total Subscription
$
$
Issue Treasury securities allotted on this subscription, as indicated below:
"Indicate by X mark'
and use a separate
form when coupon or
registered Treasury
In coupon form
In registered form
securities of this series
__are desired in exchange.
FIBST LIBERTY LOAN CONVERTED 4% REGISTERED BONDS TENDERED
IN EXCHANGE
Number of Pitoes
D enomina t ions
$
Par Amount
l u u x TMABtrBT SECURITIES ALLOTTED ON THIS SUBSCRIPTION IN THE FOLLOWING DENOMINATIONS
D enomin&tions
Number of Pieces
S
50
100
500
500
1,000
1,000
5,000
5,000
10,000
10,000
X
X X X
X
Leave this Sr>aoe Blank
50
100
50,000
Par Amount
X X
X X
X X
X
\
X X
100,000
100.000
Total
Total
In payment of Treasury securities allotted on this subscription you are authorized to apply $
value registered First Liberty Loan Converted 4% bonds now held by ) ou for our account.
Dispose of proceeds representing interest adjustment (less premiun\ if any,) as follows:
By check to
By credit to our Reserve account
Q
Credit our account with
Dispose of Treasury securities allotted on this subscription as follows:
par
Hold for Safekeeping (for member banks only) $.
Deliver over the counter
Deliver to your Discount Department
Ship the definitive securities to the undersigned $.
$.
I hereby certify that such securities as you are hereby
instructed to hold for safekeeping and/or to deliver to
your Discount Department will be, upon issue, the sole
property of the below named bank or trust company.
Hold as Collateral for War Loan Deposits
$.
Register the securities as indicated in schedule
on reverse side of this subscription and after
registry deliver or ship as indicated above
$.
JZ
Special instructions:
I hereby certify that such securities as are hereby
pledged will be, upon issue, the sole property of the below
named bank or trust company or the property of its customers who have consented in writing to such pledge.
fepfr • Before Signing Fill in All Eequired Spaces
TO SUBSCRIBER:
Mark (X) in proper space to indicate if this i s :
Name
Original subscription
Sign here
(Please print)
(Official signature required)
Street Address
Confirmation of a telegram
Confirmation of a letter
Town and State
Spaces below are for the use of the Federal Reserve Bank of New York
RECEIPT
INTEREST ADJUSTMENT
Paid By Check
Received
$
Checked
By Cash
Recorded
By Charge to Account $
Represents $
Acknowledged
and $
interest from
to
DELIVERY RECEIPT
Released
Received from the FEDERAL RESERVE BANK OF NEW YORK the above described United States of
America Treasury bonds.
Counted
Checked
Delivered
at
to cover premium.
DELIVERY
Taken from vault
$
Date
By
SCHEDULE FOR ISSUE OF REGISTERED BONDS
i,
NOTE •""*
Name In Which Bonds Shall Be Registered, and PostOffice Address For Interest Checks and Mail.
Names and Addresses must be printed or typewritten.
Indicate Under Appropriate Denominations, Number of Bonds Desired.
Amount
$50
$100
$500
$1,000
$5,000
$10,000
XXX
$100,
=====
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
Address
State.
Amount Subscribed
EARB-F3J4
FIRST 3K's REGISTERED BOND EXCHANGE SUBSCRIPTION FOR BONDS
This Form Should Be Used When such Registered First Liberty Loan
Bonds of 1932-47, Called for Payment on June 15, 1935, Are Tendered
in Payment for Treasury Bonds to Be Allotted on Subscriptions
FOR UNITED STATES OF AMERICA 2 % PER CENT TREASURY BONDS OF 1955-60
Dated March 15, 1935
ADDITIONAL ISSUE
Due March 15, 1960
NOTE:
Registered First Liberty Loan bonds tendered in exchange must be presented and surrendered with this exchange subscription, except that if payment is to be made by registered First Liberty Loan bonds 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.
If registered Treasury securities of this issue are desired in exchange for registered First Liberty Loan bonds presented
and surrendered, the required necessary instructions must be given in spaces provided on the reverse side of this form.
Interest adjustment as of June 15, 1935.—Subscribers will be credited with interest in full to June 15 1935, on
First Liberty Loan bonds tendered in exchange, and will be charged with accrued interest from March 15 to June 15, 1935,
($7.1875 per $1,000), on 2?8 percent Treasury Bonds of 1955-60 issued on exchange. The net interest adjustment per $1,000
principal amount on account of the various
issues of First Liberty Loan bonds follows: First 3Yz's—$10.3125; First 4's—
$12.8125; First 4\i's and First-Second 4xA's—$14.0625. This net interest adjustment (less any premium by reason of an
increase in the issue price) will be paid to subscribers following acceptance of First Liberty Loan bonds under this circular.
Subscriptions for which registered First Liberty Loan bonds are tendered in payment and accepted will be allotted in full.
Dated at
FEDERAL RESERVE BANK OF NEW YORK,
.1935
Fiscal Agent of the United States,
New York, N. Y.
DEAR SIRS:
Pursuant to the provisions of Treasury Department Circular No. 536, dated April 22, 1935, the undersigned, being
the true owner, assignee of, or the duly authorized agent of the true owner or assignee, tenders herewith in exchange
for United States of America 2% per cent Treasury bonds of 1955-60, registered First Liberty Loan bonds cf 1932-47
in the amount and as stated below:
For own account
$.
For our customers (for use of banking institutions) as shown on attached list $.
Total Subscription
$.
Issue Treasury securities allotted on this subscription as indicated below:
"Indicate by X mark'
In coupon form
In registered fern:
and use a separate
form when coupon or
registered Treasurysecurities of this series
_aredesired in exchange.
FLKST LLBKBTT L-OAN 3 14% REGISTERED BONDS TENDERED
IN EXCHANGE
Number of Pieces
Denominations
Par Amount
ISBtTB T R E A S T J B T SECURITIES ALLOTTED ON THIS SUBSCRIPTION IN THE! FOLLOWING DENOMINATIONS
Number of Pieces
Denominations
*50
150
100
100
500
BOO
1,000
1,000
5,000
5,000
10,000
10,000
50,000
Par Amount
XXX
XX
100,000
100,000
Total
Total
X X
X X
Leave this Spa te Blank
XX
X XX X
In payment of Treasury securities allotted on this subscription you are authorized to apply $
value registered First Liberty Loan 3j/i% bonds now held by you for our account.
Dispose of proceeds representing interest adjustment (less premium, if any,) as follows:
By check to
By credit to our Reserve account
P]
Credit our account with
par
•
Q
Dispose of Treasury securities allotted on this subscription as follows:
Hold for Safekeeping (for member banks only) $.
Deliver over the counter
Deliver to your Discount Department
Ship the definitive securities to the undersigned $.
$.
I hereby certify that such securities as yon are hereby
instructed to hold foi safekeeping and/or to deliver to
your Discount Department will be, upon issue, the sole
property of the below named bank or trust company.
$.
Register the securities as indicated in schedule
on reverse side of this subscription and after
registry deliver or ship as indicated above..
Hold as Collateral for War Loan Deposits $.
Special instructions:
T hereby certify that «uch securities as »re hereby
pledged will be, upon issue, the sole property of the below
named bank or trust company or the property of its customers who have consented in writing to such pledge.
WW Before Signing Fill in All Required Spaces
TO SUBSCRIBER:
Mark (X) in proper space to indicate if this is:
Name
Original subscription
Sign here
(Please print)
F]
Confirmation of a telegram
(Official signature required)
Street Address
...p]
Confirmation of a letter
,
Q]
Town and State.
Spaces below are for the use of the Federal Reserve Bank of New York
RECEIPT
INTEREST ADJUSTMENT
Paid By Check
Received
$.
Checked
By Cash
Recorded
By Charge to Account $
Represents $
Acknowledged
and $
—
interest from
to
DELIVERY RECEIPT
Released
Received from the FEDERAL RESERVE BANK OF NEW YORK the above described United States of
America Treasury bonds.
Counted
Checked
Delivered
at
to cover premium.
DELIVERY
Taken from vault
$
Date
By
SCHEDULE FOR ISSUE OF REGISTERED BONDS
NOTE ***
Name In Which Bonds Shall Be Registered, and PcstOffice Address For Interest Checks and Mail.
Names and Addresses must be printed or typewritten.
Indicate Under Appropriate Denominations, Number of Bonds Desired.
Amount
$50
$100
$500
$1,000
$5,000
$10,000
XXX
$100,0C
1
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
Address
State.
Amount Subscribed
FEDERAL RESERVE BANK
OF NEW YORK
April 24, 1935.
For confidential use of member banks—not for publication
Operating Ratios of Member Banks in the Second Federal
Reserve District For the Year 1934 Compared With 1933
Operating ratios of member banks in this district have been computed for the year 1934, primarily for the
information of member banks, and are shown on the following pages in comparison with the corresponding data
for 1933. Practically all member banks in the district were again included in the study, the principal exceptions being banks that were reorganized in the course of the year, and banks newly organized or admitted to
membership. The primary classification of banks is by size, measured by the amount of deposits, and each group
except the New York City banks has been further subdivided according to the proportion of time deposits
held. In view of the considerable disparity in certain operating ratios between banks having a large proportion of their funds employed in loans and banks having a large part of their funds invested in securities
this year, a table has been added on the last page, which shows a classification of member banks in the district outside New York City according to the proportion of loans to total loans and investments.
The principal obstacle to profitable operations continued to be heavy charge-offs, rather than inability
to keep expenses below earnings by a reasonable margin. However, the heavy charge-offs in 1934 in many
cases represented the writing off of all estimated losses on loans and all remaining depreciation on the
medium and lower grade securities, in connection with the rehabilitation of the capital structures of member
banks. Many banks that had not previously done so obtained additional capital, partly from local sources,
but largely from the Keconstruction Finance Corporation, in amounts sufficient to give them ample ratios
of capital to deposits after writing down their assets to a conservative valuation, and thereby greatly
strengthened their position.
This process of recapitalization and writing down assets resulted in especially heavy charge-offs on
loans during the past year. The amount of depreciation and losses on investments charged off during 1934
showed some further reduction; in fact, in the case of the larger New York City banks, recoveries on securities previously written down and profits on securities sold considerably exceeded charge-offs on securities
during 1934. As a result, this group of banks showed net profits equal to 11 per cent of their total earnings
in 1934, as compared with a net loss equal to about 9 per cent of their total earnings in 1933. The group of
banks with deposits under $1,000,000 and with less than 50 per cent in time deposits also showed some net
profit in 1934 following a substantial loss in 1933, due largely to reduced charge-offs on securities, but all
other groups of banks continued to show substantial net losses in 1934.
Due largely to the capital rehabilitation program, the ratio of capital funds to deposits despite the
continued losses, remained nearly as large as in preceding years for all member banks included in the study.
The average ratio of capital funds to total deposits in 1934 was 20 per cent.
The rate of income from loans and investments showed a further decline in 1934 in the large New York
City banks, but their net earnings, after deductions for expenses but before charge-offs, were nearly as
large in 1934 as in 1933, due chiefly to a reduction in the amount of interest paid on deposits. The larger
banks outside New York City also had some further reduction in their average rate of income on loans and
investments, and those banks also showed no material reduction in net earnings before charge-offs. In the
smaller banks the average rate of income from loans was still only slightly below 6 per cent, and the average rate of income from investments remained above 4 per cent, indicating that these banks have not participated largely in the open market loans and short term investments which now produce such extraordinarily low yields.
In order that a member bank may properly compare its own ratios with those given in this circular,
the bank should be classified first according to the amount of its total deposits and then according to its
ratio of time deposits. Comparison may then be made with the proper columns in the following table. For
a bank with either a very low or a very high proportion of funds employed in loans the data on the last page
may also furnish an interesting comparison.
Average Operating Ratios of Member Banks in the Second Federal Reserve District
GROUPED ACCORDING TO SIZE AND CHARACTER OF DEPOSITS
1934 RATIOS WITH COMPARABLE DATA FOR 1933 «
(Ratios Expressed In Percentages)
GROUP IV
GROUP III
BANKS WITH TOTAL DEPOSITS
$5,000,000 and Up
GROUP II
BANKS WITH TOTAL DEPOSITS
$1,000,000 to $4,999,999
GROUP I
BANKS WITH TOTAL DEPOSITS
UNDER $1,000,000
GREATER NEW YORK
CITY BANKS
ALL BANKS
Group
Average
Ratio of Time Deposits to Total Deposits
Under 50%
Number of Banks..
Year
ITEMS OF INCOME, EXPENSE, AND NET PROFIT IN
PERCENTAGES OF TOTAL EARNINGS FROM CURRENT
OPERATIONS
Sources of Earnings from Current Operations
1. Interest and discount on loans
2. Interest and dividends on bonds and stocks.
50% to 69.9%
Ratio of Time Deposits to Total Deposits
Under 50%
70% and Up
50% to 69.9%
70% and Up
Total
Deposits
Under
$10,000,000
Total
Deposits
$10,000,000
and Up
145
.84
103
264
289
26
31
104
118
134
140
70
76
15
17
40
38
21
21
26
20
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
49.1
47.3
51.4
46.7
52.1
46.2
47.8
53.2
47.7
53.6
49.3
49.8
46.2
54.0
49.7
54.2
49.5
52.2
47.3
67.3
54.2
39.4
38.1
33.4
32.6
43.8
41.5
41.5
39.9
42.7
42.3
46.5
43.8
36.6
40.8
37.6
41.1
44.4
46.7
35.0
38.1
34.9
38.2
35.3
38.8
34.4
36.9
38.7
39.7
43.4
42.8
0.1
0.3
0.2
0.2
0.1
0.1
1.0
2.1
2.3
0.9
1.0
0.7
0.7
3.2
3.0
3.4
4.1
3.7
3.2
2.1
1.7
0.1
0.1
11.0
12.7
8.8
10.7
6.2
634
713
246
299
1932
1933
1934
1933
1934
1933
52.6
60.6
46.6
61.2
46.6
39.0
40.3
43.0
41.0
1.1
1.2
1.2
0.2
0.2
7.3
7.9
9.2
7.6
9.4
9.3
10.9
8.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Disposition of Earnings
6. Salaries and wages
23.3
24.2
29.2
26.0
26.4
33.2
32.4
26.4
6. Interest on deposits
35.5
33.6
31.7
31.1
29.7
17.0
15.8
3.4
2.6
0.8
3.6
1.0
2.2
0.7
8. All other expenses
16.6
18.1
21.0
19.1
22.2
22.6
9. Total current expenses
78.8
78.5
78.7
79.8
79.3
75.0
72.6
81.2
80.7
80.4
80.6
21.2
21.6
21.3
20.2
20.7
25.0
27.4
18.8
19.3
19.6
19.4
10. Net earnings from current operations.
50% to 69.9%
Group
Average
116
640
4. All other earnings
7. Interest and discount on borrowings..
Under 50%
70% and Up
3. Income from Trust Department
Total earnings from current operations. .. .
Ratio of Time Deposits to Total Deposits
Group
Average
23.7
23
7.2
7.6
8.1
9.2
8.0
8.6
5.1
6.4
7.8
9.2
7.5
8.2
7.2
21.8
22.1
12.2
11.9
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
26.9
21.4
22.8
22.3
23.4
29.8
29.8
23.8
25.2
19.7
20.5
20.8
22.5
22.1
24.1
21.6
23.1
18.2
20.1
31.9
31.7
29.8
33.2
29.9
28.6
40.6
38.2
38.6
36.4
22.6
22.3
35.1
33.3
44.3
42.2
37.6
35.1
28.0
25.8
36.6
34.0
46.4
44.5
16.9
16.5
9.1
4.2
4.8
1.4
2.7
0.7
2.1
0.8
2.8
2.3
2.6
0.9
1.6
0.4
1.7
0.5
1.9
0.1
1.8
0.8
1.3
0.4
1.1
0.2
0.4
0.0
14.9
29.8
30.3
22.9
26.0
79.7
78.7
62.2
63.4
20.3
21.3
37.8
36.6
20.1
10.4
23.8
5.0
15.7
18.9
15.9
16.3
18.9
19.4
21.2
17.0
20.1
13.0
79.1
79.0
76.4
77.0
71.4
71.2
77.0
78.0
78.9
19.8
20.9
21.0
23.6
23.0
28.6
28.8
23.0
22.0
21.1
19.0
23.9
79.1
79.6
79.0
80.6
79.1
80.1
20.9
20.4
21.0
19.4
20.9
16.1
26.2
17.6
20.7
13.5
20.1
Nat Recoveries or Net Losses (—)
11. On loans*
—16.8
-16.8 —24.8
-13.8
-18.7
-13.8
-10.8
-14.8
-20.2
-12.3
-20.3
-16.8 —24.9
-20.9 —47.8
-17.8 —24.2
-15.2
-20.4
-23.2 —47.2 —22.6 —63.8
-26.9 —48.1
-16.4 —32.0
-17.0 —29.1
-27.9
-26.2
7.9
12. On bonds and stocks**.
—31.9
-23.9 —21.7
-24.4
-18.4
-27.5
- 6.9
-24.0
-10.1
-23.3
-23.7
-25.7 —24.2 —29.8 —21.7
-28.2 —22.5
-23.0
-26.1
-22.7 —28.8 —40.0 —34.3
-16.7 —25.2
-21.7 —31.1
-15.4 —36.6
-11.3
13. All other*
— 1.4
- 2.2 — 5.6
- 1.2
- 5.0
- 2.9
- 5.5
- 1.7
- 5.5
0.3
- 4.0
- 2.0 — 5.0 — 2.8 — 5.7
- 2.3 — 6.0
- 1.7
- 4.0
- 3.5 — 7.2 — 3.8 — 6.5
- 4.1 — 7.5
- 2.2 — 7.2
- 5.3 —10.3
- 7.5 — 6.9
14. Net profit or net loss (—)
(after charge-offs, recoveries, etc.)
—28.9 —21.4 —30.7 —19.2 —21.4 —19.2
A8SET AND LIABILITY RATIOS
15. Capital funds to total deposits. .
5 . 2 —21.7
-26.5 —15.7 —28.6
—23.6 —33.7 —32.5 —55.8 —27.4 —32.8 —19.0 —29.5
—25.8 —60.2 —37.8 —75.8 —24.7 —58.8 —19.2 —50.2
—17.4 —54.7 — 8.9
20.8
20.1
24.3
23.6
37.0
34.3
23.6
22.7
17.7
10.6
17.0
16.7
25.7
22.0
17.9
17.6
14.6
15.0
16.5
15.6
19.3
17.0
16.9
16.2
13.8
13.4
38.8
30.7
22.4
19.8
16. Banking house and equipment to capital funds.
25.7
27.1
26.0
27.2
25.0
25.1
25.9
31.0
28.7
22.9
19.3
29.8
29.5
24.1
26.5
33.7
33.0
27.9
27.2
24.6
23.9
21.9
20.9
26.8
26.3
22.4
22.0
16.2
15.4
15.7
15.2
17. Loans to loans and investments
63.1
50.2
45.9
49.5
45.0
46.4
45.1
50.6
45.8
49.8
43.9
50.4
45.9
62.8
48.3
52.7
47.8
48.2
43.8
64.4
51.2
65.1
62.3
52.5
49.0
67.7
64.1
44.6
42.5
46.1
45.4
60.6
61.4
60.9
60.5
60.9
31.1
33.4
61,2
60.7
75.7
74.8
68.1
66.8
37.1
36.7
62.6
62.0
78.4
77.5
60.6
59.6
37.9
37.3
60.5
60.4
77.1
76.3
43.7
43.2
13.4
10.3
6.6
5.5
6.5
5.7
6.8
6.7
5.9
6.7
5.8
6.7
6.7
5.6
5.5
6.5
5.2
6.6
6.6
6.6
5.6
5.3
5.0
4.0
4.4
5.4
5.2
5.3
5.1
5.5
5.6
3.1
2.7
20. Income from investments to investments
4.6
4.3
4.2
4.4
4.3
4.1
4.1
4.4
4.3
4.5
4.4
4.4
4.2
4.1
4.1
4.3
4.2
4.5
4.3
4.0
8.8
3.8
3.6
3.0
3.9
4.8
4.0
4.1
4.0
3.4
3.0
21. Total earnings to total available funds
4.9
4.5
4.3
4.6
4.4
4.3
4.2
4.7
4.0
4.7
4.2
4.6
4.3
4.3
4.1
4.6
4.3
4.6
4.4
4.4
4.1
4.0
3.0
4.6
4.2
4.6
4.2
4.8
4.8
3.2
2.8
22. Net earnings to total available funds
1.0
1.0
0.9
0.0
0.9
1.1
1.2
0.0
0.9
0.0
0.0
1.0
0.0
0.0
0.8
1.0
0.0
1.0
0.9
1.0
0.9
1.1
1.1
1.0
0.9
1.0
0.9
1.0
1.0
1.2
1.0
23. Net earnings to capital funds
7.6
7.1
6.7
6.2
G.O
6.3
6.1
6.0
6.8
7.1
6.4
7.9
7.2
6.1
6.8
7.4
6.8
8.7
7.8
8.6
7.8
8.2
7.9
8.8
7.6
9.1
8.0
4.4
51
6.7
6.6
24. Net profit or net loss (—) to capital funds
-10.5
7.1
9.9
6.2 — 7.1
5.5
0.8
7.0 — 7.5
5.5 —10.3 — 8.5 —11.4 — 8.2 —12.8
0.8 —10.4 — 7.6 —12.0
25. Net profit or net loss (—) to total available funtis.
- 1.4
1.0
1.3
— 0.9 — 1.0
0.9
0.2
1.0 — 1.1
0.7 — 1.3 — 1.1 — 1.4 — 1.4 — 2.2
1.3
,
RATES OF EARNINGS
10. Income from loans to loans.
*Total losses and depreciation charged off le6S recoveries.
**Total losses and depreciation charged off less recoveries and profits on securities sold.
(1)1933 figures as published in Circular No. 1392, June 18,1934, have been slightly revised
re-examination of some of the earnings and dividends reports for that yearDigitized forafter
FRASER
— 7.9 —18.0
7.8 —19.6
8.1 —16.9
7.5 —18.7
2.9 —12.9
2.3
1.4
1.3 — 0 9 — 1.3 — 1.1 — 2.4
1.4 — 3.0
1.0 — 2.3
0.9 — 2.2
0.8 — 2.6
0.3
0.3
Capital funds include capital stock, capital notes and debentures,surpiui, undivided profits, and unallocated reserves;
available funds include capital funds, total deposits, borrowed money, and notes in circulation; demand deposits
include "due to" banks, certified and cashiers' checks outstanding, etc., and Government deposits as well as individual
deposits payable on demand.
Total
Deposits
Group
Ratio of Time Deposits
to Total Deposit*
1933
1934
11.4
21.3
18. Time deposits to total deposits
YOUR
FIGURES
Ratios 1-1-1 were computed from thefiguresof section 1 of the semi-annual earnings and dividends reports; ratios
15-18 were computed from averages of figures from the "call" condition reports (in computing yearly averages, the
December "call"figuresof the previous year were included); ratios 19-25 were based on figures from earnings and
dividends and condition reports.
Average Operating Ratios of Member Banks Outside New York City
in the Second Federal Reserve District for 1934
Grouped According to Size of Deposits and the Ratio of Loans to Total Loans and Investments
(Ratios expressed in percentages)
GROUP I
Banks with Total Deposits
Under $1,000,000
GROUP II
Banks with Total Deposits
81,000,000 to $4,999,999
GROUP III
Banks with Total Deposits
$5,000,000 and Over
Ratio of Loans to
Total Loans and Investments
Ratio of Loans to
Total Loans and Investments
Ratio of Loans to
Total Loans and Investments
Under
40%
40% to
59.9%
60%
and up
Under
40%
40% to
59.9%
116
125
B8
101
131
1. Interest and discount on loans
31.2
52.0
66.3
32.5
2. Interest and dividends on bonds and stocks.
59.6
39.0
22.6
3. Income from Trust Department
0.1
0.2
4. All other earnings
9.1
Number of Banks
40% to
59.9%
60%
and up
Under
40%
B7
19
51.1
66.5
34.7
50.7
59.9
40.0
24.1
54.7
38.7
0.1
0.7
1.0
1.4
2.9
2.8
11.0
6.9
7.9
8.0
7.7
7.8
ITEMS OF INCOME, EXPENSE, AND NET PROFIT IN
PERCENTAGES OF TOTAL EARNINGS FROM CURRENT OPERATIONS
Source* of Earnings from Current Operations
Total earnings from current operations...
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Disposition of Earnings
5. Salaries and wages
26.5
26.0
27.4
22.5
23.2
25.6
20.6
22.3
6. Interest on deposits
29.7
30.2
28.7
39.1
35.2
34.4
36.0
35.6
0.8
0.9
1.7
0.2
0.9
1.6
0.1
0.3
21.4
21.7
24.6
16.8
19.6
21.5
17.8
17.2
7. Interest and discount on borrowings..
8. All other expenses
9. Total current expenses
78.4
78.8
82.4
78.6
78.9
83.1
74.5
75.4
10. Net earnings from current operations.
21.6
21.2
17.6
21.4
21.1
16.9
25.5
24.6
Net Recoveries or Net Losses (—)
11. On loans*
10.5
20.9
30.1
16.7
23.8
41.9
35.7
40.0
12. On bonds and stocks**.
11.8
28.0
10.8
28.8
22.4
20.1
25.3
19.0
5.0
4.8
5.2
3.6
6.4
4.2
8.1
6.0
5.7
— 32.5
— 28.5
— 27.7
— 31.5
— 49.3
43.6
— 40.4
24.9
23.2
22.0
15.7
16.5
19.1
13.2
15.8
16. Banking house and equipment to capital funds.
22.7
24.6
30.3
24.3
33.5
29.6
22.6
20.8
17. Loans to loans and investments
28.5
49.0
69.4
28.9
49.3
68.2
32.1
51.5
18. Time deposits to total deposits
60.1
61.6
60.9
68.8
65.4
66.3
59.5
59.2
5.8
5.8
5.6
5.6
5.6
5.3
5.2
4.9
13. All other*
14. Net profit or net loss (—)
(after charge-offs, recoveries, etc.)
ASSET AND LIABILITY RATIOS
15. Capital funds to total deposits...
RATES OF EARNINGS
19. Income from loans to loans.
—
20. Income from investments to investments
4.4
4.2
4.3
4.2
4.2
4.1
3.9
3.9
21. Total earnings to total available funds
4.3
4.3
4.7
4.2
4.4
4.5
3.9
4.0
22. Net earnings to total available funds
1.0
1.0
0.9
0.9
0.9
0.8
1.0
1.0
23. Net earnings to capital funds
6.0
6.3
5.6
7.8
7.4
5.5
9.6
7.9
24. Net profit or net loss (—) to capital funds
2.7
10.4
8.7
-
9.9
— 10.5
16.2
14.1
13.1
25. Net profit or net loss (—) to total available funds
0.2
1.4
1.4
—
1.1
—
2.2
1.5
1.7
Footnotes, see preceding page.
1.3
@FedFRASER