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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States rCircular No. 1 7 7 7 T L September 7, 1937 J Offering of United States of America Treasury Notes in Two Series % Percent Series E-1938 Due December 15, 1938 2 Percent Series B-1942 Due September 15, 1942 Both series dated and bearing interest from September 15, 1937 Only Treasury Notes of Series A-1937, maturing September 15,1937, may be tendered in payment To all Banking Institutions and Others Concerned in the Second Federal Reserve District: The following press statement was today made public: -^ Secretary of the Treasury Morgenthau announced today the offering, through the Federal Reserve banks, of two series of Treasury notes, both in exchange for 3*4 percent Treasury Notes of Series A-1937, of which $817,483,500 mature on September 15, 1937. Both series of notes will be dated and bear interest from September 15, 1937. One series, designated Series E-1938, will bear interest at the rate of 1% percent, and will mature in 15 months on December 15, 1938. The other series, designated Series B-1942, will bear interest at the rate of two percent, and will mature in five years on September 15, 1942. The notes will not be subject to call for redemption before maturity. Exchanges will be made par for par, and the offering of each series of notes will be limited to the amount of maturing notes tendered and accepted in exchange therefor. Cash subscriptions will not be received. The Treasury notes will be accorded the same exemptions from taxation as are accorded other issues of Treasury notes now outstanding. These provisions are specifically set forth in the official circular issued today. The notes will be issued only in bearer form with coupons attached, in the denominations of $100, $500, $1,000, $5,000, $10,000 and $100,000. Subscriptions will be received at the Federal Reserve banks and branches, and at the Treasury Department, Washington, and should be accompanied by a like face amount of Treasury Notes of Series A-1937, maturing September 15, 1937, with the final coupon due on September 15 detached. The right is reserved to close the books as to any or all subscriptions at any time without notice, and, subject to the reservations set forth in the official circular, all subscriptions will be allotted in full. Special Treasury bills aggregating $350,600,000, which mature immediately after September 15, and about $168,400,000 interest on the public debt, which becomes due on September 15, will be paid from the cash balance. The terms of this offering are set forth in Treasury Circular No. 578, dated September 7, 1937, a copy of which is printed on the following pages. The subscription books are now open, and applications will be received by this bank asfiscalagent of the United States. Subscriptions should be made on official subscription blanks and mailed immediately, or iffiledby telegram or letter, should be confirmed immediately by mail on the blanks provided. GEORGE L. HARRISON, President. UNITED STATES OF AMERICA TREASURY NOTES iy4 percent Series E-1938 Due December 15, 1938 2 percent Series B-1942 Due September 15, 1942 Both series dated and bearing interest from September 15, 1937 1937 TREASURY D E P A R T M E N T , Department Circular No. 578 rt Office of the Secretary, Washington, September 7, 1937. Public Debt service I. 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, at par, from the people of the United States for notes of the United States in two series, designated l1/^ percent Treasury Notes of Series E-1938 and 2 percent Treasury Notes of Series B-1942 respectively, in payment of which only Treasury Notes of Series A-1937, maturing September 15, 1937, may be tendered. The amount of the offering under this circular will be limited to the amount of Treasury Notes of Series A-1937 tendered and accepted. II. DESCRIPTION OF NOTES 1. The notes of Series E-1938 will be dated September 15,1937, and will bear interest from that date at the rate of 1^/4 percent per annum, payable on a semiannual basis on December 15, 1937, and on June 15 and December 15, 1938. They will mature December 15, 1938, and will not be subject to call for redemption prior to maturity. 2. The notes of Series B-1942 will be dated September 15, 1937, and will bear interest from that date at the rate of 2 percent per annum, payable semiannually on March 15 and September 15 in each year. They will mature September 15, 1942, and will not be subject to call for redemption prior to maturity. 3. The notes shall be exempt, both as to principal and interest, from all taxation (except estate or inheritance taxes, or gift 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. 4. 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. 5. The notes will be acceptable to secure deposits of public moneys, but will not bear the circulation privilege. 6. Bearer notes with interest coupons attached will be issued in denominations of $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 may submit subscriptions for account of customers, but only the Federal Reserve banks and the Treasury Department are authorized to act as official agencies. The Secretary of the Treasury reserves the right to close the books as to any or all subscriptions or classes of subscriptions at any time without notice. 2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of notes applied for, to make allotments in full upon applications for smaller amounts and to make reduced allotments upon, or to reject, applications for larger amounts, or to adopt any or all of said methods or such other methods of allotment and classification of allotments as shall be deemed by him to be in the public interest; and his action in any or all of these respects shall be final. Subject to these reservations, all subscriptions will be allotted in full. Allotment notices will be sent out promptly upon allotment. IV. PAYMENT 1. Payment at par for notes allotted hereunder must be made or completed on or before September 15, 1937, or on later allotment, and may be made only in Treasury Notes of Series A-1937, maturing September 15, 1937, which will be accepted at par, and should accompany the subscription. V. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve banks of the respective districts, to issue allotment notices, to receive payment for notes allotted, to make delivery of notes on full-paid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive notes. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve banks. HENRY MORGENTHAU, J R . , Secretary of the Treasury. NR-TNS IGINAL NON-NEGOTIABLE RECEIPT For United States Government Obligations as Mentioned Below Number. issued to. Date Street Town State. Receipt is hereby acknowledged of $ par amount United States of America 3% percent Treasury Notes of Series A-1937 surrendered in payment for United States of America 1*4 percent Treasury Notes of Series E-1938 subscribed for and allotted in full pursuant to the terms of Treasury Department Circular No. 578, dated September 7, 1937. If such new securities issued in exchange for those surrendered are to be Ielivered at the Federal Reserve Bank of New York over the counter to your representative the "authority to deliver" set forth below should be duly sxecuted and returned to us. FEDERAL RESERVE BANK OF NEW YORK Date Received Fiscal Agent of the United States. Mail Sheet No Refer to your letter dated No., Teller AUTHORITY TO DELIVER FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States. You are hereby authorized to deliver to DELIVERY RECEIPT Received from the Federal Reserve Bank of New York United States Government obligations at par in the amount stated above in exchange for United States Government obligations surrendered in payment as indicated in the above non-negotiable receipt. (Name of representative) whose signature appears below $ par amount of United States Government obligations subscribed for and allotted in full in exchange for United States Government obligations surrendered in payment as indicated in the above non-negotiable receipt. Name (Please print) By (Official signature required) (Signature of authorized representative) Date NR-TNL "UGINAL NON-NEGOTIABLE RECEIPT For United States Government Obligations as Mentioned Below Number. issued to. Date Street. Town State. Receipt is hereby acknowledged of $ par amount United States of America 3*4 percent Treasury Notes of Series A-1937 surrendered in payment for United States of America 2 percent Treasury Notes of Series B-1942 subscribed for and allotted in full pursuant to the :erms of Treasury Department Circular No. 578, dated September 7, 1937. If such new securities issued in exchange for those surrendered are to be lelivered at the Federal Reserve Bank of New York over the counter to your representative the ' ' authority to deliver'' set forth below should be duly executed and returned to us. FEDERAL RESERVE BANK or NEW YORK Fiscal Agent of the United States. Date Received Mail Sheet No. Refer to your letter dated No. Teller DELIVERY RECEIPT AUTHORITY TO DELIVER FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States. You are hereby authorized to deliver to Received from the Federal Reserve Bank of New York United States Government obligations at par in the amount stated above in exchange for United States Government obligations surrendered in payment as indicated in the above non-negotiable receipt. (Name of representative) whose signature appears below $ par amount of United States Government obligations subscribed for and allotted in full in exchange for United States Government obligations surrendered in payment as indicated in the above non-negotiable receipt. Name (Please print) By (Official signature required) (Signature of authorized representative) Date DUPLICATE FILE COPY OF NON-NEGOTIABLE RECEIPT For United States Government Obligations as Mentioned Below Number. Cssued to. Street Town Date State. Beceipt is hereby acknowledged of $ par amount United States of America 3% percent Treasury Notes of Series A-1937 mrrendered in payment for United States of America 1 % percent Treasury Notes of Series E-1938 subscribed for and allotted in full pursuant to the ;erms of Treasury Department Circular No. 578, dated September 7, 1937. If such new securities issued in exchange for those surrendered are to be lelivered at the Federal Eeserve Bank of New York over the counter to your representative the "authority to deliver" set forth below should be duly executed and returned to us. Date Eeceived Eefer to your letter dated FEDEEAL REgEEvE B A N K Mail Sheet No No. QJI N E W Y Q R K Fiscal Agent of the United States. Teller JUPLICATE FILE COPY OF NON-NEGOTIABLE RECEIPT For United States Government Obligations as Mentioned Below Number... .ssued to. Date Street Town.... State. Receipt is hereby acknowledged of $ par amount United States of America 3% percent Treasury Notes of Series A-1937 surrendered in payment for United States of America 2 percent Treasury Notes of Series B-1942 subscribed for and allotted in full pursuant to the terms of Treasury Department Circular No. 578, dated September 7, 1937. If such new securities issued in exchange for those surrendered are to be delivered at the Federal Reserve Bank of New York over the counter to your representative the "authority to deliver" set forth below should be duly executed and returned to us. FEDERAL RESEEVE BANK OF NEW YOEK Fiscal Agent of the United States. Date Received Refer to your letter dated Mail Sheet No. No. Teller EA-TNS EXCHANGE SUBSCRIPTION This Form Should Be Used When United States of America 3% Percent Treasury Notes of Series A-1937 Maturing September 15, 1937 Are Tendered in Payment for Treasury Notes to Be Allotted on Subscriptions PERCENT TREASURY NOTES OF SERIES E-1938 FOR UNITED STATES OF AMERICA Due December 15, 1938 Dated September 15, 1937 Note: The securities of the United States which are tendered in payment should be surrendered with this exchange subscription, except that if payment is to be made by such securities 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. Subscriptions for which securities of the United States are tendered in payment and accepted will be allotted in full. One day's interest on $l/)00 on coupon payable December 15,1937 (91 days in 183 day period) is $.034153005. Dated at. FEDEEAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States, New York, N. Y. 1937 DEAR SIRS: Pursuant to the provisions of Treasury Department Circular No. 578, dated September 7, 1937, the undersigned hereby tenders in payment for United States of America l1/^ percent Treasury Notes of Series E-1938, United States of America 3^4 percent Treasury Notes of Series A-1937 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 in the denominaThe Treasury securities hereby tendered in tions and amounts as indicated below: payment are, as indicated below,—• Number of Pieces Denominations Par Amount Leave this Space Blank Delivered to you herewith x To be withdrawn by you from our account in the $100 500 Government Bond Department (War Loan Deposit Account) 1,000 Discount Department 10,000 X $ Safekeeping Department 5,000 X $ To be delivered to you for our account by X 100,000 Total Hold or dispose of Treasury securities allotted on this subscription in the amounts and as indicated below: 1. Hold for safekeeping (for member bank only) $ 2. Hold as collateral security for War Loan Deposit Account $ 3. Deliver to your Discount Department $ 4. Deliver over counter to the undersigned $ 5. Ship to the undersigned $ 6. Deliver as requested in the following special instructions $ TO Dispose of such payment as follows Against payment of Par amount Credit our reserve account $ $ $ We hereby certify (a) that such securities as you are instructed to hold or to deliver, as indicated in items numbered 1 and 3 dDove, are the sole property of the undersigned bank or trust company; (6) that such securities as are hereby pledged, as indicated in item numbered 2 above, are either the sole property of the undersigned bank or trust company or are the property of its customers who have consented in writing to such pledge; and (c) that such securities as you are instructed to deliver, as indicated in item numbered 6 above, are either the sole property of the undersigned bank or trust company or are the property of its customers who have authorized the undersigned bank or trust company in 'writing to cause their said securities to be so delivered. Before Signing Fill in All Required Spaces. TO SUBSCRIBER: Name Mark (X) in proper space to indicate if this is: Original subscription • Confirmation of a telegram • Confirmation of a letter • (Please print) Sign here (Official signature required) Street Address Town and State Spaces below are for the use of the Federal Reserve Bank of New York EECEIPT DELIVERY Eeceived Taken from vault Checked Counted Eecorded Checked Acknowledged Blotter Delivered FIGURED CHECKED 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 (Please print or use typewriter) Address State. Amount Subscribed EXCHANGE SUBSCRIPTION - This Form Should Be Used When United States of America 3*4 Percent Treasury Notes of Series A-1937 Maturing September 15, 1937 Are Tendered in Payment for Treasury Notes to Be Allotted on Subscriptions FOR UNITED STATES OF AMERICA 2 PERCENT TREASURY NOTES OF SERIES B-1942 Dated September 15, 1937 Due September 15, 1942 Note: The securities of the United States which are tendered in payment should be surrendered with this exchange subscription, except that if payment is to be made by such securities 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. Subscriptions for which securities of the United States are tendered in payment and accepted will be allotted in full. One day's interest on $lflOO on coupon payable March 15,1938 (181 day period) is $.055248619. Dated at. FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States, New York, N. Y. . 1937 DEAR SIRS : Pursuant to the provisions of Treasury Department Circular No. 578, dated September 7, 1937, the undersigned hereby tenders in payment for United States of America 2 percent Treasury Notes of Series B-1942, United States of America 314 percent Treasury Notes of Series A-1937 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 in the denominaThe Treasury securities hereby tendered in tions and amounts as indicated below: payment are, as indicated below,— Denominations Number of Pieces Par Amount Leave this Space Blank Delivered to you herewith X X X X X X X To be withdrawn by you from our account in the $100 500 1,000 5,000 10,000 X X X X $. X X X X X X Government Bond Department (War Loan Deposit Account) $ Safekeeping Department $ Discount Department $ To be delivered to you for our account by X 100,000 $ Total Hold or dispose of Treasury securities allotted on this subscription in the amounts and as indicated below: 1. Hold for safekeeping (for member bank only) $ 2. Hold as collateral security for War Loan Deposit Account $ 3. Deliver to your Discount Department $ 4. Deliver over counter to the undersigned $ 5. Ship to the undersigned $ 6. Deliver as requested in the following special instructions $ Dispose of such payment as follows Against payment of Far amount TO $ Credit our reserve account $ $ We hereby certify (a) that such securities as you are instructed to hold or to deliver, as indicated in items numbered 1 and 3 above, are the sole property of the undersigned bank or trust company; (fc) that such securities as are hereby pledged, as indicated in item numbered 2 above, are either the sole property of the undersigned bank or trust company or are the property of its customers who have consented in writing to such pledge; and (c) that such securities as you are instructed to deliver, as indicated in item numbered 6 above, are either the sole property of the undersigned bank or trust company or are the property of its customers who have authorized the undersigned bank or trust company in writing to cause their said securities to be so delivered. Before Signing Fill in All Required Spaces TO SUBSCRIBER: Name (Please print) Mark (X) in proper space to indicate if this is: Original subscription • Confirmation of a telegram • Confirmation of a letter • Sign here. (Official signature required) Street Address Town and State. Spaces below are for the use of the Federal Reserve Bank of New York DELIVERY EECEPT Eeceived „... . Acknowledged Taken from vault Counted Checked Recorded FIGURED ,, rT Checked _... Blotter Delivered ._. .. .. _._._„. CHECKED 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 State. Address Amount Subscribed (Please print or use typewriter) \ * • . . . . . . .n.......jil..m«»mnninii » t.iTt«..MMin • • • • • . . • • i m i i » . . M . | | _„„ t \ _ _ _ ._„.....__._._..__ ___._._.» . _ . . _ . . _ . . _ . . . . .
@FedFRASER