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

Circular No.
1943
May 22, 1939

OFFERING OF
HOME OWNERS' LOAN CORPORATION V/2 PERCENT BONDS, SERIES M-1945-47

To all Banking Institutions and Others Concerned in the
Second Federal Reserve District:

At the request of Secretary of the Treasury Morgenthau we transmit to
you herewith, printed on the following pages, a copy of Treasury Department
Circular No. 610, dated May 22, 1939, governing the offering of Home Owners'
Loan Corporation 1 > percent bonds of Series M-1945-47, dated and bearingM
interest from June 1, 1939, due June 1, 1947, in payment of which only Home
Owners' Loan Corporation Series B, 2% percent bonds, 1939-49, called for
redemption on August 1, 1939, may be tendered. The full text of the public
notice of call dated May 18, 1939, was contained in our Circular No. 1941, a
copy of which was mailed to you on May 18, 1939.
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 Home Owners' Loan 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.




GrEOBGE L .

HARRISOK,

President.

HOME OWNERS' LOAN CORPORATION
U/2 PERCENT BONDS, SERIES M-1945-47
Dated and bearing interest from June 1, 1939

Due June 1, 1947

REDEEMABLE AT THE OPTION OF THE CORPORATION AT PAR AND ACCRUED
INTEREST ON AND AFTER JUNE 1, 1945
Interest payable June 1 and December 1
OFFERED ONLY IN EXCHANGE FOR
HOME OWNERS' LOAN CORPORATION SERIES B, 2% PERCENT BONDS, 1939-49,
CALLED FOR REDEMPTION ON AUGUST 1, 1939

TREASURY DEPARTMENT,
Department Circular No. 610

OFFICE OF THE SECRETARY,

Public Debt service

Washington, May 22, 1939.
I. OFFERING OF BONDS

1. The Secretary of the Treasury, on behalf of the Home Owners' Loan Corporation,
invites subscriptions, at par, from the people of the United States for bonds of the Home Owners'
Loan Corporation, designated l1^ percent bonds of Series M-1945-47, in payment of which only
Home Owners' Loan Corporation Series B, 2% percent bonds, 1939-49, called for redemption
on August 1, 1939, may be tendered. The amount of the offering under this circular will be
limited to the amount of Home Owners' Loan Corporation bonds of Series B, 1939-49, tendered
and accepted. The right is reserved to offer for cash subscription, upon such terms and conditions as may be prescribed by the Home Owners' Loan Corporation with the approval of the
Secretary of the Treasury, an additional amount of bonds of Series M-1945-47 approximately
equal to the amount of bonds of Series B, 1939-49, not tendered and accepted hereunder.
II.

DESCRIPTION OF BONDS

1. The bonds will be dated June 1, 1939, and will bear interest from that date at the rate
of l1/^ percent per annum, payable semiannually on December 1, 1939, and thereafter on June 1
and December 1 in each year until the principal amount becomes payable. They will mature
June 1, 1947, but may be redeemed at the option of the Home Owners' Loan Corporation on
and after June 1, 1945, in whole or in part, at par and accrued interest, on any interest day
or days, on 2 months' notice of redemption given in such manner as the Corporation shall prescribe. In case of partial redemption, the bonds to be redeemed will be determined by such
method as may be prescribed by the Corporation. From the date of redemption designated in
any such notice, interest on the bonds called for redemption shall cease.
2. These bonds are issued under the authority of the Home Owners' Loan Act of 1933, as
amended, which provides that these bonds 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 or any District, Territory, dependency, or possession thereof, or by any
State, county, municipality, or local taxing authority.
3. These bonds are fully and unconditionally guaranteed both as to interest and principal
by the United States of America, which guaranty is expressed on the face of each bond.
4. Bearer bonds with interest coupons attached will be issued in denominations of $25,
$50, $100, $500, $1,000, $5,000, $10,000 and $100,000. Bonds registered as to principal and
interest will be issued in denominations of $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
Corporation.
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 bonds 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 bonds allotted hereunder must be made or completed on or before
June 1, 1939, or on later allotment, and may be made only in Home Owners' Loan Corporation
2% percent bonds of Series B, 1939-49, which will be accepted at par and should accompany the
subscription. Subject to the conditions of the next succeeding section, containing instructions
with respect to the surrender of called bonds, accrued interest from February 1, 1939, to June 1,
1939, ($9.116022 per $1,000) will be paid following acceptance of the bonds.
V. SURRENDER OF CALLED BONDS
1. Coupon bonds.—Home Owners' Loan Corporation 2% percent bonds of Series B, 1939-49,
in coupon form tendered in payment for Home Owners' Loan Corporation bonds offered hereunder, should be presented and surrendered with the subscription to a Federal Reserve bank or
branch or to the Treasurer of the United States, Washington, D. C. Coupons dated August 1,
1939, and all coupons bearing subsequent dates should be attached to such 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. 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.
2. Registered bonds.—Home Owners' Loan Corporation 2% percent bonds of Series B,
1939-49, in registered form tendered in payment for Home Owners' Loan Corporation bonds
offered hereunder, should be assigned by the registered payee or the assignee thereof in one of
the forms hereafter set forth, and thereafter should be presented and surrendered with the
subscription to a Federal Reserve bank or branch 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 the new bonds are desired registered in the same name as the bonds surrendered, the assignment should be to "Home Owners' Loan Corporation in payment for Home
Owners' Loan Corporation bonds of Series M-1945-47"; if the new bonds are desired registered
in another name, the assignment should be to ''Home Owners' Loan Corporation in payment
for Home Owners' Loan Corporation bonds of Series M-1945-47 in the name of
";
if new bonds in coupon form are desired, the assignment should be to "Home Owners' Loan
Corporation in payment for Home Owners' Loan Corporation bonds of Series M-1945-47 in
coupon form to be delivered to
". Checks in payment of accrued interest on
registered bonds will be drawn in accordance with the assignments.
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.




)RIGINAL

NR-HOLC

NON-NEGOTIABLE RECEIPT
For Home Owners' Loan Corporation Bonds as Mentioned Below
Number.

ssued to.

Date

Street

Town
State.
Eeceipt is hereby acknowledged of $
par amount Home Owners' Loan Corporation 2% percent bonds of Series B-1939-49
jrrendered in payment for Home Owners' Loan Corporation 1% percent bonds of Series M-1945-47, subscribed for and allotted pursuant to the terms
f Treasury Department Circular No. 610, dated May 22, 1939. If such new bonds issued 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.
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 Home
Owners' Loan Corporation bonds at par in the amount stated above
issued for Home Owners' Loan Corporation bonds surrendered in payment as indicated in the above non-negotiable receipt.

(Name of representative)

whose signature appears below $
par amount
of Home Owners' Loan Corporation bonds subscribed for and allotted
in full for Home Owners' Loan Corporation bonds surrendered in
payment as indicated in the above non-negotiable receipt.
Name
By.
(Please print)
(Official signature required)
(Signature of authorized representative)




Date.

JPLICATE

FILE COPY OF NON-NEGOTIABLE RECEIPT
For Home Owners' Loan Corporation Bonds as Mentioned Below
Number

ued to.
Street.

Date

Town
State.
Receipt is hereby acknowledged of $
par amount Home Owners' Loan Corporation 2% percent bonds of Series B-1939-49
rendered in payment for Home Owners' Loan Corporation 1% percent bonds of Series M-1945-47, subscribed for and allotted pursuant to the terms
Treasury Department Circular No. 610, dated May 22, 1939. If such new bonds issued for those surrendered are to be delivered at the Federal
serve 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.
FEDEEAIJ RESERVE BANK OF NEW YORK

Date Received
Refer to your letter dated




Fiscal Agent of the United States.

Mail Sheet No..
No..

Teller.

USE SEPARATE FORM WHEN SURRENDERING COUPON AND REGISTERED BONDS
HOLC-EX
FEDERAL RESERVE B A N K OP N E W YORK

Fiscal Agent of the United States

EXCHANGE SUBSCRIPTION
FOR HOME OWNERS' LOAN CORPORATION 1% PERCENT BONDS, SERIES M-1945-47
DATED JUNE 1, 1939
DUE JUNE 1, 1947
NOTE:
• I. i°- me Owners' Loan Corporation 2% percent bonds of Series B, which are tendered in payment, should be surrendered
with this subscription, except that if such bonds are now held for the subscriber's account by the Federal Reserve Bank of New
Federi
York instructions must be given accordingly in the space provided below.
Coupons dated August 1, 1939, should be attached to the bonds when surrendered, and accrued interest from February I.
1939, to June 1, 1939 ($9.116022 per $1,000) will be paid following acceptance of the bonds.

Dated at.
FEDERAL EESERVE BANK OF NEW YORK,

Fiscal Agent of the United States,
New York, N. Y.

.1939

DEAR SIRS:

Pursuant to the provisions of Treasury Department Circular No. 610, dated May 22, 1939, the undersigned hereby
tenders in payment for Home Owners' Loan Corporation 1% percent bonds of Series M-1945-47, Home Owners' Loan
Corporation Series B, 2% percent bonds, 1939-49, called for redemption on August 1,1939, in the amount and as stated below:
For own account.
For our customers as shown on attached list
(Do not fill in unless subscriber is a banking institution.)

Total Subscription.
Issue the bonds allotted on this subscription in the denominations and
' below •

(NOTE:

Registered bonds will be issued only in

denominations of $1,000, $5,000, $10,000 and $100,000)

Indicate by X mark
In coupon
form

Number of Pieces

In registered
form

When both coupon securities and registered
securities are desired,
use a separate subscription form for each.

Par Amount

Denominations

The 2% percent bonds of Series B are tendered,
as indicated below,—

Delivered to you herewith

Leave this Space Blank

$.

To be withdrawn by you from
our account in the
Government Bond Department (War
Loan Deposit Account)

$.

Safekeeping Department

$.

Discount Department

$25

$.

50
100
500
1,000
To be delivered to you for our
account by

5,000
10,000
100,000
Total

It is requested that payment of accrued interest to June 1, 1939, on the )4 percent coupon bonds of Series B
surrendered, as indicated above, be disposed of as follows:

•
•

By check to..,
By credit to our Reserve account •

By credit to our account with

Hold or dispose of 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. Register in the names as indicated in the schedule on next page
5. Deliver over counter to the undersigned
6. Ship to the undersigned
7. Deliver as requested in the following special instructions

$

Dispose of such
payment as follows

Against
payment of

Par amount

TO

Credit our reserve account

$

$
The undersigned, if a bank or trust company, hereby certifies (a) that such securities as you are instructed to hold or to deliver,
as indicated in items numbered 1 and 3 above, are the sole property of the undersigned; ( 6 ) that such securities as are hereby pledged,
as indicated in item numbered 2 above, are either the sole property of the undersigned or are the property of its customers who have
authorized the undersigned in writing to cause their said securities to be so pledged; and (c) that such securities as you are instructed
to deliver, as indicated in item numbered 7 above, are either the sole property of the undersigned or are the property of its customers
v/ho have authorized the undersigned in writing to cause their said securities to be so delivered.
Before signing fill in all required spaces.

TO SUBSCRIBER:

Name of Subscriber.
(Please print)

Mark (X) in proper space to indicate if this i s :
By.

Original subscription

(Official signature)

•

Confirmation of a telegram

•

Confirmation of a letter

•

(Title)

Street address
City, Town or Village, and State.

Spaces below are for the use of the Federal Reserve Bank of New York
FIGURED

DELIVERY

RECEIPT

Beceived

Taken from vault

Checked

Counted

Recorded

Checked

Acknowledged

Blotter

Delivered



„ ._

CHECKED

SCHEDULE FOR ISSUE OF REGISTERED BONDS
13^° Names and addresses must be printed or typewritten.
Indicate under appropriate denominations, number of bonds desired.
Name in which bonds shall be registered, and poatoffice address for interest checki and mail.




Amount

XXX

XXX

$1,000

$5,000

$10,000

XXX

List of customers' applications included in the foregoing subscription
entered and certified by
(Name of banking institution)

Poet office address

Name of Customer
{PUase prmt or use typewriter)




Address

State

Amount Subscribed

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