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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal Agent of the United States
Circular No. 1915
February 6, 1939
Offering of Reconstruction Finance Corporation 7/g Percent Notes of Series R,
Due January 15, 1942
Dated and bearing interest from February 15, 1939
FULLY AND UNCONDITIONALLY GUARANTEED BOTH AS TO INTEREST AND PRINCIPAL BY THE
UNITED STATES, WHICH GUARANTY IS EXPRESSED ON THE FACE OF EACH NOTE
Exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now
or hereafter imposed by the United States, by any Territory, dependency, or possession thereof,
or by any State, county, municipality, or local taxing authority
To all Banking Institutions and Others Concerned in the
Second Federal Reserve District:
Secretary of the Treasury Morgenthau, on behalf of the Reconstruction Finance
Corporation, is today offering for subscription, at 100%: and accrued interest, through
the Federal Reserve banks, $300,000,000, or thereabouts, of Reconstruction Finance
Corporation % percent notes of Series R, dated and bearing interest from February
15, 1939, due January 15, 1942. The terms of the offering are set forth in Treasury Circular No. 602, dated February 6, 1939, a copy of which is printed on the
following pages.
The subscription books are now open, and applications will be received by this
bank as fiscal agent of the United States. Subscriptions will not be received at the
Reconstruction Finance Corporation. Subscriptions should be made on official subscription blanks and mailed immediately or if filed by telegram or letter should
be confirmed immediately by mail on the blanks provided. Where such telegraphic or
letter subscription is made by a bank the telegram or letter should contain the
amounts of the subscriptions, if any, for the customers of the subscribing bank
together with their names and addresses as provided for in the subscription blank.
GEORGE L. HARRISON,
President.
\
RECONSTRUCTION FINANCE CORPORATION
y 8 PERCENT NOTES OF SERIES R, DUE JANUARY 15, 1942
Dated and bearing interest from February 15, 1939
FULLY AND UNCONDITIONALLY GUARANTEED BOTH AS TO INTEREST AND PRINCIPAL BY THE
UNITED STATES, WHICH GUARANTY IS EXPRESSED ON THE FACE OF EACH NOTE
Exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now
or hereafter imposed by the United States, by any Territory, dependency, or possession thereof,
or by any State, county, municipality, or local taxing authority
TREASURY DEPARTMENT,
Department Circular No. 602
_,
OFFICE OF THE SECRETARY,
Public Debt Service
.
^-non
Washington, February 6, 1939.
•
I. OFFERING OF NOTES
1. The Secretary of the Treasury, on behalf of the Reconstruction Finance Corporation,
invites subscriptions, at 100*4 and accrued interest, from the people of the United States for notes
of the Reconstruction Finance Corporation, designated % percent notes of Series R. The amount
of the offering is $300,000,000, or thereabouts.
II. DESCRIPTION OF NOTES
1. The notes will be dated February 15, 1939, and will bear interest from that date at the
rate of % percent per annum, payable on a semiannual basis on July 15, 1939, and thereafter on
January 15 and July 15 in each year until the principal amount becomes payable. They will
mature January 15, 1942, and will not be subject to call for redemption prior to maturity.
2. The notes will be issued under authority of an act of Congress (known as "Reconstruction Finance Corporation Act") approved January 22, 1932, as amended and supplemented,
which provides that the notes shall be fully and unconditionally guaranteed both as to interest
and principal by the United States and such guaranty shall be expressed on the face thereof;
and that they shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by
any Territory, dependency, or possession thereof, or by any State, county, municipality, or local
taxing authority. These notes shall be lawful investments, and may be accepted as security, for
all fiduciary, trust, and public funds the investment or deposit of which shall be under the
authority or control of the United States or any officer or officers thereof.
3. The authorizing act further provides that in the event the Reconstruction Finance Corporation shall be unable to pay upon demand, when due, the principal of or interest on notes
issued by it, the Secretary of the Treasury shall pay the amount thereof, which is authorized to be
appropriated, out of any moneys in the Treasury not otherwise appropriated, and thereupon to
the extent of the amounts so paid the Secretary of the Treasury shall succeed to all the rights of
the holders of such notes.
4. The notes will be acceptable to secure deposits of public moneys, but will not bear the
circulation privilege.
5. Bearer notes with interest coupons attached will be issued in denominations of $1,000,
$5,000, $10,000 and $100,000. The notes will not be issued in registered form.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve banks and branches and at the
Treasury Department, Washington. Banking institutions generally may submit subscriptions
for account of customers, but only the Federal Reserve banks and the Treasury Department are
authorized to act as official agencies. Others than banking institutions will not be permitted to
enter subscriptions except for their own account. Subscriptions from banks and trust companies
for their own account will be received without deposit but will be restricted in each case to an
amount not exceeding one-half of the combined capital and surplus of the subscribing bank or
trust company. Subscriptions from all others must be accompanied by payment of 10 percent of
the amount of notes applied for. The Secretary of the Treasury reserves the right to close the
books as to any or all subscriptions or classes of subscriptions at any time without notice.
2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in
part, to allot less than the amount of notes applied for, to make allotments in full upon applications for smaller amounts and to make reduced allotments upon, or to reject, applications for
larger amounts, or to adopt any or all of said methods or such other methods of allotment and
classification of allotments as shall be deemed by him to be in the public interest; and his action
in any or all of these respects shall be final. Allotment notices will be sent out promptly upon
allotment, and the basis of the allotment will be publicly announced.
IV. PAYMENT
1
1. Payment at lOO ^ and accrued interest, if any, for notes allotted hereunder must be made
or completed on or before February 15,1939, or on later allotment. In every case where payment is
not so completed, the payment with application up to 10 percent of the amount of notes applied
for shall, upon declaration made by the Secretary of the Treasury in his discretion, be forfeited to
the United States.
V. GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve banks are authorized and requested
to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the
Secretary of the Treasury to the Federal Reserve banks of the respective districts, to issue
allotment notices, to receive payment for notes allotted, to make delivery of notes on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery of the definitive notes.
2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offering, which will be communicated
promptly to the Federal Reserve banks.
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury.
FEDERAL RESERVE BANK
RFC—ATS—l.NL
OF NEW YORK
ADVICE TO SUBSCRIBER
. « U « . T , « . DEPARTMENT
Acknowledging Receipt of Cash Subscription
For Reconstruction Fihance Corporation Obligations Mentioned Below
To
Application No.
Date
r
L
J
Your cash, subscription for $
Reconstruction Finance Corporation % Percent Notes of Series R, Dated February 15, 1939, Due January 15, 1942
has been received by this bank, as fiscal agent of the United States, and, pursuant to the provisions of the Treasury
Department's circular offering the above-mentioned obligations of the Reconstruction Finance Corporation,
allotment notices will be sent out promptly upon allotment and allotments will be made on the basis and up to
the amounts indicated by the Secretary of the Treasury to this bank.
Checked by.
FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States.
FEDERAL RESERVE BANK
OF NEW YORK
To
_
_
RFC—ATS—2.NL
SECURITIES DEPARTMENT
QC^nOn
Application No.
Date
Cash subscription received
from above subscriber for $
Reconstruction Finance Corporation % Percent Notes of Series R, Dated February 15, 1939, Due January 15, 1942
AMOUNT ALLOTTED
$.
FEDERAL RESERVE BANK
OF NEW YORK
:FC—ATS-3.NL
SECURITIES DEPARTMENT
CONTROL RECORD
Application No.
Date
Cash subscription received
from above subscriber for $
Reconstruction Finance Corporation % Percent Notes of Series R, Dated February 15, 1939, Due January 15, 1942
Lot Number
Application Number
FEDERAL RESERVE B A N K OP N E W YORK
Fiscal Agent of the United States
NOTICE OF ALLOTMENT
On Cash Subscription to Reconstruction Finance Corporation Obligations
Applied for by Subscriber as Described Below
To Subscriber:
1939
Referring to your subscription, numbered as above indicated, for $
(par value)
RECONSTRUCTION FINANCE CORPORATION % PERCENT NOTES OF SERIES R
DATED FEBRUARY 15, 1939, DUE JANUARY IS, 1942
for which you have applied under the provisions of the Treasury Department's circular containing the offering of such
securities for subscription, you have been allotted by the Secretary of the Treasury
$
of the amount applied for.
IMPORTANT INFORMATION FOR SUBSCRIBER
1. To expedite delivery of the securities of this issue allotted to subscriber and to facilitate prompt completion of
this transaction, please observe the following directions, and fill in, sign and return immediately the attached letter of
instructions to the Federal Reserve Bank of New York, Fiscal Agent of the United States, New York, N. Y.
Payment by Check, Cash or Charge
2. On or before the date of this issue payment must be made or completed at 100^4, or at lOO1^ and accrued interest if
payment is to be made after the date of this issue, for the securities allotted to subscriber as stated above, and payment
therefor may be made by check, cash or charge, as follows:
By Check— A check tendered in payment should be made payable to the order of the FEDERAL RESERVE BANK OF NEW YORK,
FISCAL AGENT OF THE UNITED STATES, and the proceeds thereof must be immediately available on the date that payment is due,
but such check need not necessarily accompany the attached letter of instructions. The proceeds of a check tendered in payment by
subscriber on the date of this issue, drawn on the Federal Beserve Bank of New York, will be immediately available on the date of this
issue. Should a subscriber wish to make payment by certified check on any other bank the securities can not be delivered until the
Federal Eeserve Bank of New York, fiscal agent of the United States, receives the proceeds of such check, and, therefore, such subscriber
should tender such certified check at least 2 days prior to the date payment is due if he wishes delivery of the securities on the
date of this issue.
By Cash—Payment may be made in cash.
By Charge— A member bank may make payment by requesting us to charge its reserve account, or a nonmember clearing bank may make
payment by requesting us to charge its clearing account.
Delivery
3. (a) Delivery of the securities of this issue will be made at the Federal Reserve Bank of New York at its head
office in New York, N. Y., and will not be made before the issue date.
(b) Securities of this issue allotted to subscriber will be delivered over the counter to a representative of the
subscriber only when a letter of authority signed officially by the subscriber identifying such representative is presented
by him.
(c) Securities of this issue allotted to subscriber will be delivered to others under special instructions from subscriber but only when such securities are either the sole property of the subscriber or are the property of its customers who
have authorized the subscriber in writing to cause their said securities to be so delivered.
Further Instructions
4. (a) Securities of this issue will be held for safekeeping by, or delivered to the Discount Department of, the Federal
Reserve Bank of New York for the account of member banks only, provided such securities are the sole property of the
member bank.
(b) It is requested that all blank spaces be typed in where necessary on the attached letter of instructions to
this bank and that such letter be signed officially and returned to this bank without delay.
FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States
Checked by
NA-RFC-N
Lot Number
Application Number
LETTER OF INSTRUCTIONS
To FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States,
New York, N. Y.
From (Name and address of Subscriber)
1939
Referring to our subscription, numbered as above indicated, for $
(par value)
RECONSTRUCTION FINANCE CORPORATION % PERCENT NOTES OF SERIES R
DATED FEBRUARY 15, 1939, DUE JANUARY 15, 1942
for which we applied under the provisions of the Treasury Department's circular containing the offering of such securities
for subscription, we have received your notice of allotment stating that we have been allotted by the Secretary of the
Treasury
$
of the amount applied for.
As requested we are sending you the following instructions:
Issue in the following denominations the securities of this issue allotted to us. Payment for such securities will be
made or completed as indicated below.
Pieces
Denominations
Par amount
Method of payment
(LEAVE BLANK)
X X X
By charge to our reserve account...
$1,000
$
By cash
$
$
By cheek
X X X
$
5,000
10,000
100,000
Total
$
Hold or dispose of the securities of this issue allotted to us in the amounts and as indicated below.
1. Hold for safekeeping (for member bank only)
$
2. Hold as collateral security for War Loan Deposit Account
$
3. Deliver to your Discount Department
$
4. Deliver over counter to the undersigned
$
5. Ship to the undersigned
$
6. Deliver as requested in the following special instructions
$
Dispose of such
payment as follows
Against
payment of
Par amount
TO
$
$
Credit our reserve account
$
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; (o) 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 authorized the undersigned bank or trust company in writing to cause their said securities to be so pledged; and (c) that
such securities as you are instructed to deliver, as indicated in item numbered 6 above, are either the sole property of the undersigned
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.
is letter of instructions must be signed
officially in the space provided here and
returned immediately to
Name of Subscriber.
(Please print)
By
Fiscal Agent of the United State*.
(Title)
(Official signature)
Federal Reserve Bank of New York,
Street address
City, Town or Village, and State.
DO NOT USE SPACES BELOW
Received from FEDERAL RESERVE BANE OF NEW YORK the above described
in from Vault
ted
Delivery Receipt
Paid Stamp
eased
Amount
Reconstruction Finance Corporation obligations allotted in the amount indicated above.
Subscriber
i
<d
By
Date
...
By
RFC-N
FEDERAL RESERVE B A N K OF N E W YORK
Lot Number
Application Number
IB
Fiscal Agent of the United States
CASH SUBSCRIPTION
BY OTHER THAN A BANKING INSTITUTION
To Reconstruction Finance Corporation Obligations
Described Below
Dated at
.1939
An application, unless made by a banking institution, must be accompanied by payment of 10 percent of the
amount applied for.
Subscriptions can be made only for $1,000 or in multiples of $1,000.
FEDERAL KESEBVE 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. 602, dated February 6, 1939, please enter our
(my) subscription for $
(par value)
RECONSTRUCTION FINANCE CORPORATION % PERCENT NOTES OF SERIES R
DATED FEBRUARY 15, 1939
DUE JANUARY 15, 1942
We (I) agree, in consideration of the receipt by you of this subscription, to make payment in full for the entire
amount which may be allotted on this subscription, at 100*4 on or before the date of issue, or at 100*4 and accrued interest
if on later allotment. If such payment is in excess of the amount deposited with this application the balance of the payment due you will be made by the undersigned or (name)
in the manner indicated below:
By check
•
By cash
•
This is a confirmation of a previous subscription.
WriteYe*
Write No
Subscriber . .
(Print name)
Sign here . . . .
(Official Signature Required)
Street address
(City, Town or Village, and State)
SPACES BELOW ABE FOB THE USE OF THE FEDERAL EESEBVE BANK OF NEW YOBK
EXAMINED
Allotment
CAIID^D
CLASSIFIED
ACKNOWLEDGED
LEDGER
DISPOSITION
Payment
Figured Checked Advised
$
Deposit
Date
Date
Released
$
By
By Cash
By Check
Check No.
Received
Cheeked
Interest
Checked
Drawn on
Recorded
Window
Custody
Mail
BTC-RFC-N
FEDERAL BBSHBVE B A N K OP N E W Y O B S
Lot Number
Application Number
Fiscal Agent of the United States
c
Cash Subscription by Banking Institution
To Reconstruction Finance Corporation Obligations
Described Below
Dated at.
.1939
FEDERAL RESERVE BANK OF NEW YORK,
Fiscal Agent of the United States,
New York, N. Y.
DEAR SIRS:
Pursuant to the provisions of Treasury Department Circular No. 602, dated February 6, 1939, please enter subscription as follows for
RECONSTRUCTION FINANCE CORPORATION % PERCENT NOTES OF SERIES R
DATED FEBRUARY 15, 1939
DUE JANUARY 15, 1942
For onr own account (not classified below).. $_
For our customers (classified below)
.
Total Subscription
$_
CLASSIFICATION OF CUSTOMERS' SUBSCRIPTIONS
(Subscriptions can be made only for $1,000 or in multiples of $1,000. For example: Class A—10 at $1,000)
(To
SUBSCRIBER: DO
not show on this form denominations of securities of this issue to be desired on allotment.)
CLASS A
Subscriptions of $1,000
Amount
Number of
of Each
Subscript's
Leave Blank
CLASS Bl
CLASS B2
CLASS C
Subscriptions over $1,000 to $5,000 Inclusive Subscriptions over $5,000 to $10,000 Incl. Subscriptions over $10,000 to $50,000 Incl.
Amount
Number of 1 Amount
Number of 1 Amount
Number of
of Each
Leave Blank Subscript's ]
of Each
Leave Blank Subscript's 1 of Each
Subscript's
Leave Blank
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
CLASS D
Subscriptions over $50,000 to $100,
Number of
Amount
Subscript's
of Each
Leave Blank
CLASS E
Sub's over $100,0
Amount
Number of
of Each
Subscript's
1
Leave Blank
CLASS F
Sub's over $500,CK
Number of 1 Amount
Subscript's 1 of Each
Leave Blank
CLASS G
Subscriptions of over $1,000,000
Number of 1 Amount
Subscript's 1 of Each
Leave Blank
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
at
"We hereby certify:
that we have received applications from our customers in the amounts set opposite the customers' names on the
attached list which is made a part of this subscription; that there has been paid to us by each such customer, not
subject to withdrawal until after allotment and payment in full for securities allotted, 10 percent of the amount
applied for; that each such application, to the best of our knowledge and belief, is made in good faith for the
customer's legitimate requirements; and that we have no beneficial interest therein.
We further certify that our capital and surplus (not including undivided profits, reserves, etc.) is $
We agree:
in consideration of the receipt by you of this subscription, to make payment in full for the entire amount which may
be allotted on this subscription, at 100^4 on or before the date of issue, or at 100*4 and accrued interest if on later allotment. Such payment will be made by the method indicated hereon.
By debit to our reserre aeeount
•
By eheek
D
Before gigning fill in all required (pace*.
TO SUB8CBTBTEB:
Mark ( X ) In proper spaa*
to indicate if tfci* i*:
(Name of Banking Institution)
Original subscription
....
Confirmation of a telegram.
....
Confirmation of • letter.,.,
By.
Q
Q
( Title)
(Official signature)
Address
LJ
(City, Town or Village, and State)
8PAGE8 BELOW ABE JOB THE TT8E OP THE FEDEBAL. BEBEBVE BANK
Kxamined
Carded
Figured
Allotment
Received
Classified
Check*!
Ledger
Checked
Advised
Recorded
Acknowledged
Method of Payment
Window
Disposition
Government Deposit
Amount
Custody
Date Released
Mail
By
Other Departments
List of customers' applications included in the foregoing subscription
entered and certified by
(Name of Banking Institution)
Post office address
Name of Customer
{Please print or use typewriter)
Address
State.
Amount Subscribed
@FedFRASER