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

Circular No. 2167
January 23, 1941

Offering of United States of America % Percent Treasury Notes of Series D-1944
National Defense Series
Dated and bearing interest from January 31, 1941

Due September 15, 1944

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

Secretary of the Treasury Morgenthau today announced an offering, at par and accrued
interest, of % percent notes of the United States, designated Treasury Notes of Series D-1944,
National Defense Series. The amount of the offering is $600,000,000, or thereabouts. The notes
will be dated January 31, 1941 and will bear interest from that date at the rate of % percent
per annum and will mature on September 15, 1944. The terms of this offering are set forth
in Treasury Circular No. 647 dated January 23,1941, copy of which is printed on the following
pages.
Attention of subscribers is called to paragraph 1 of section III of Treasury Circular
No. 647 which provides in part that
"Subscribers must agree not to sell or otherwise dispose of their subscriptions, or of the
securities which may be allotted thereon, prior to the closing of the subscription books.''
The subscription books for this offering are now open, and applications will be received by
this bank as fiscal agent of the United States. Subscriptions should be made on official subscription blanks and mailed immediately or, iffiledby 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 a complete classification of the subscriptions, if any,
for the customers of the subscribing bank as provided for in the subscription blank.




ALLAN SPROUL,

President.

UNITED STATES OF AMERICA
34 PERCENT TREASURY NOTES OF SERIES D-1,944
NATIONAL DEFENSE SERIES
Dated and bearing interest from January 31, 1941
Due September 15, 1944
Interest payable March 15 and September 15
1941

TREASURY DEPARTMENT,

Department Circular No. 647

_

_.

OFFICE OF THE SECRETARY,
Fiscal Service

__

Bureau of the Public Debt

_.

_

Washington, January 23, 1941.
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 and accrued interest, from the people of the
United States for % percent notes of the United States, designated Treasury Notes of Series D-1944, National
Defense Series. The amount of the offering is $600,000,000, or thereabouts.
II. DESCRIPTION OF NOTES
1. The notes will be dated January 31, 1941, and will bear interest from that date at the rate of %
percent per annum, payable on a semiannual basis on March 15 and September 15 in each year until the
principal amount becomes payable. They will mature September 15, 1944, and will not be subject to call
for redemption prior to maturity.
2. The notes 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, or gift taxes, and (b) all income, 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.
3. 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.
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 $100, $500, $1,000,
$5,000, $10,000 and $100,000. The notes will not be issued in registered form.
6. The notes will be subject to the general regulations of the Treasury Department, now or hereafter
prescribed, governing United States notes.
III.

SUBSCRIPTION AND ALLOTMENT

1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treasury
Department, Washington. Subscribers must agree not to sell or otherwise dispose of their subscriptions, or
of the securities which may be allotted thereon, prior to the closing of the subscription books. 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.
2. The Secretary of the Treasury reserves the
allot less than the amount of notes applied for, and
time without notice; and any action he may take in
sent out promptly upon allotment, and the basis of

right to reject any subscription, in whole or in part, to
to close the books as to any or all subscriptions at any
these respects shall be final. Allotment notices will be
the allotment will be publicly announced.

IV. PAYMENT
1. Payment at par and accrued interest, if any, for notes allotted hereunder must be made or completed
on or before January 31, 1941, 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. Any
qualified depositary will be permitted to make payment by credit for notes allotted to it for itself and its
customers up to any amount for which it shall be qualified in excess of existing deposits, when so notified by
the Federal Reserve Bank of its district.
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.

F E D E R A L RESERVE B A N K OF N E W YORK

Application Number

Fiscal Agent of the United States

NOTICE OF ALLOTMENT
On Cash Subscription to United States Government Obligations
Applied for by Subscriber as Described Below
To Subscriber:
1941

Referring to your subscription, numbered as above indicated, for $

(par value)

UNITED STATES OF AMERICA % PERCENT TREASURY NOTES OF SERIES D-1944
NATIONAL DEFENSE SERIES
DATED JANUARY 31, 1941, DUE SEPTEMBER 15, 1944

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, Charge or (Credit
2. On or before the date of this issue payment must be made or completed at par, or at par 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, charge, or credit, 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 ia 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 Reserve Bank of New York, Fiscal Agent of the United Stales, 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.
By Credit
(a) ]f subscriber is a depositary of public moneys qualified under the provisions of Treasury Department Circular No. 92, dated
February 23, 1932, as amended, with respect to special deposits of public moneys under the Act of Congress approved September 24, 1917,
as amended, subscriber will be permitted to make payment by credit in the War Loan Deposit Account for securities of this issue allotted
to it for itself and its customers up to any amount for which it shull be qualified in excess of existing deposits.
(b) Securities of this issue allotted to a qualified depositary for its own account may be pledged with Federal Reserve Bank of New York
as collateral security for deposits in the War Loan Deposit Account. Securities of this issue allotted to a qualified depositary for account of
its customers may not be pledged as snch collateral security without the written consent of the owners of such securities.

Delivery
3. (a) Delivery of the securities of this issue will be made by 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
(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-N




Application Numbe

LETTER OF INSTRUCTIONS
To FEDERAL RESERVE BANK OP NEW YORK,

Fiscal Agent of the United States,
New York, N. Y.
From (Name and address of Subscriber)
1941

Referring to your subscription, numbered as above indicated, for $

(par value)

UNITED STATES OF AMERICA 94 PERCENT TREASURY NOTES OF SERIES D-1944
NATIONAL DEFENSE SERIES
DATED JANUARY 31, 1941, DUE SEPTEMBER 15, 1944

for which we applied under the provisions of the Treasury Department's circular containing the offering of such
securities for subscription, we have received your notice of allotment stating that we have been allotted by the Secretary
of the Treasury
*
$
of the amount applied for.
As requested we are sending you the following instructions:
Payment for such securities will be made or completed as indicated below.
By charge to our reserve account, which you are authorized to make $
By check
$
By cash

$

By credit to War Loan Deposit Account as shown in the following "Certificate of Advice":
CERTIFICATE OF ADVICE
J a n u a r v 31> 1 9 4 1
I HEREBY CERTIFY that there has been deposited this day with the above bank or trust company, to the credit of
the Federal Reserve Bank of New York, as fiscal agent of the United States, War Loan Deposit Account, to be held
subject to withdrawal on demand through the Federal Reserve Bank of New York, the
sum of

Dollars, $

To be executed only when subscriber is making
payment through War Loan Deposit Account.
Cashier or Vice

President.

Issue and dispose of securities allotted on i.his subscription as indicated below:
DISPOSITION
DENOMINATIONS

Pieces

Par Value

1. Deliver over the counter to the under*
p

Leave Blank

2. Ship to the undersigned

$

$

3. Hold in safekeeping 'For member
bank only)
. $...
4. Hold as collateral for War Loan
deposits
$

XXX

100
500
1,000

5. Deliver as indicated bel •>w

5,000

Deliver to:

$

Against
Payment af

Par Amount

10,000

$

$

XX XXX

100,000
Total

and credit proceeds to our Reserve account

•

or to our account with
The undersigned, if a bank or trust company, hereby certifies (a) that the securities which you are hereby or hereafter instructed
to dispose of in the manner indicated in item numbered 3 above are the sole property of the undersigned, and (b) that the securities
which you are hereby or hereafter instructed to dispose of in the manner indicated in items numbered 4 and 5 above are either the sole
property of the undersigned or the property of its customers who have authorized in writing such disposition.

j3TThi» letter of instructions must be signed
officially in the space provided here and
returned immediately to
Federal Reserve Bank of New York,
Fiscal Agent of the United States.

Name of Subscriber.
By.

(Please print)
(Title)

(Official signature required)

Street address
City, Town or Village, and State.

DO NOT USE SPACES KELOW

Taken from Vault
Counted

Delivery Eeceipt

Paid Stamp

Eeloased
Amount

Eeceived from FEDERAL BESERVE BANK OF NEW YORK the above described
United States Government obligations allotted in the amount indicated above.
Subscriber

nhpcked
Delivered
NA-N




By

Date

By .

FEDERAL RESERVE BANK

OF NEW YORK

SEC—ATS—I.N
SECURITIE9 DEPARTMENT

ADVICE TO SUBSCRIBER

Acknowledging Receipt of Cash Subscription
For United States Government Obligations Mentioned Below
To

Application No.

r

n

Date

L
Your cash subscription for $
United States of America % Percent Treasury Notes, Series D-1944, National Defense Series
Dated January 31, 1941, Due September 15, 1944
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 United States, 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.
FEDERAL RESERVE BANK OF NEW YORK,

Fiscal Agent of the United States.

Checked by.



FEDERAL RESERVE BANK

OF NEW YORK

SEC-ATS-2.N

CARD

To

RECORD

«CUR,T.E«DEPm«ENT

Application No.
Date

Cash subscription received
from above subscriber for $
United States of America % Percent Treasury Notes, Series D-1944, National Defense Series
Dated January 31,1941, Due September 15, 1944




AMOUNT ALLOTTED $.

FEDERAL RESERVE SANK
OF NEW YORK

SEC—ATS—3. N

PAYMENT AND DISPOSITION RECORD

Application No.

To

Date

United States of America % Percent Treasury Notes, Series D-1944, National Defense Series
Dated January 31, 1941, Due September 15, 1944
DATE

BOOK CREDIT

CASH

DELIVERY TELLER

GOV. DEPOSIT

SHIP

CHARGE

ALLOTMENT
PREMIUM AND/OR
INTEREST
DISPOSITION

PURCHASE PRICE
DEPOSIT
PRINCIPAL DDE
REFUND
BALANCE
ACCRUED INT.


AMOUNT DUE


OVER COUNTER

SAFEKEEPING

I

SPECIAL DELIVERY INSTRUCTIONS

Special Notice to Subscribers Located in the
Borough of Manhattan of the City of New York
If you desire delivery of securities on January 31, 1941 "Letter of
Instructions" accompanying allotment notice should be filled in and
signed officially and returned to this bank by messenger by 3
p.m.,
Wednesday. January 2<i, 1941.
FEDERAL RESERVE BANK OF NEW YORK.
SL 3




Fiscal Agent of the United States.

Special Notice to Subscribers in the
Second Federal Reserve District Located Outside
the Borough of Manhattan of the City of New York
If yon desire delivery of securities on January 31, 1941 "Letter of
Instructions" accompanying allotment notice should be filled in and
signed officially and mailed to this bank immediately in the special

return envelope enclosed herewith.
FEDERAL RESERVE BANK OF NEW YORK,




Fiscal Agent of the United States.

IB-N
Application Number

CASH SUBSCRIPTION
BY OTHER THAN A BANKING INSTITUTION
To United States Government Obligations
Described Below
Dated at.

.1941

This application must be accompanied by payment of 10 percent of the amount applied for.
One day's interest on $1,000 on coupon payable March 15, 1941 (48 days in 181 day period) is $.020718282.
FEDERAL RESERVE BANK OP NEW YORK,

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

Pursuant to the provisions of Treasury Department Circular No. 647, dated January 23,1941, please enter our (my)
subscription for $
(par value)

UNITED STATES OF AMERICA % PERCENT TREASURY NOTES, SERIES D-1944
NATIONAL DEFENSE SERIES
DATED JANUARY 31, 1941
DUE SEPTEMBER 15, 1944
The undersigned subscriber
(a) certifies that this subscription is solely for subscriber's own account; that no arrangements have been or will be made
for the sale or other disposition of this subscription, or of the securities which may be allotted thereon, prior to the
closing of the subscription books; and
(b) agrees, 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 par on or before the date of issue, or at par 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

•
Subscriber . . .

TO SUBSCRIBER:
Mark (X) in proper space
to indicate if this is:

•

(Print name)

Sign here
(Official Signature Required)

Original subscription

Q

Confirmation of a telegram

Q

Street address.

Confirmation of a letter

(City, Town or Village, and State)

SPACES BELOW ARE FOR THE TJSE OF THE FEDERAL RESERVE BANK OF NEW YORK
ALLOTMENT AND PAYMENT

SUBSCRIPTION RECORD
BLOTTER

EXAMINED FOR
CLASSIFICATION

ALLOTMENT

OWN ACCOUNT
CHECKED

CHECKED

DEPOSIT

EXAMINED

CARDED

REFUNDED

ACKNOWLEDGED




BALANCE
DISPOSITION

FIGURED CHECKED ADVISED
DATE
DATE
DATE PAID

BY

BTC-N
Application Number

Cash Subscription by Banking Institution
To United States Government Obligations
Described Below
Dated a t .

.1941
One day's interest

on $1,000 on coupon payable March 15, 1941 (48 days in 181 day period) is $.020718882.

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. 647, dated January 23, 1941, please enter subscription as follows for

UNITED STATES OF AMERICA % PERCENT TREASURY NOTES, SERIES D-1944
NATIONAL DEFENSE SERIES
DATED JANUARY 31, 1941
DUE SEPTEMBER 15, 1944
(Not to exceed one-half of combined capital
and surplus as certified in (c) below).

•For our own account (not classified below).. $
•For our customers (classified below)
Total Subscription

(To

SUBSCRIBER: DO

$

CLASSIFICATION OF CUSTOMERS' SUBSCRIPTIONS
(For example: Class A — 10 at $1,000)
not show on this form denominations of securities of this issue to be desired on allotment.)

CLASS A
CLASS Bl
CLASS C
CLASS B2
Subscriptions, of $1,000 and under
Subscriptions over $1,000 to $5,000 Inclusive Subscriptions over $5,000 to $10,000 Incl. Subscriptions over S10.000 to $50,000 Inel.
Number of
Amount
Number of
Amount
1T
_ . . Number ofl
Amount
1T
„ , . Number ofl
Amount
Leave Blank
Leavfi Blank Subscript's
of Each
1 Leave Blank Subscript's 1
Subscript's
of Each
of Each
Leave B I a n k Subscript's 1
of Each
at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

at

CLASS G
CLASS D
CLASS F
CLASS E
Subscriptions of over $1,000,000
Subscriptions over $50, )00 to $100,000 Incl. Sub's over $100,000 to $500,000 Inclusive Sub's over $500,000 to $1,000,000 Inclusive
Number ofl
Amount
Number ofl
Amount
1T
_. , Number of
Amount
1 T~«™ Riant
Amount
1T
_ , . Numbe- ofl
Leave Blank Subscript's!
of Each
Leave Blank
of Each
1 Leave Blank Subscript's!
of Each 1 Leave Blank Subac-ipt's
Subscript's 1
of Each
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:
(a) 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 benefic ial interest therein;
(b) that this subscription is solely for our own account or for the account of the customers specified herein; that no
arrangements have been or will be made for the sale or other disposition of our subscription, or of the securities
which may be allotted thereon, prior to the closing of the subscription books; and that our customers whose subscriptions are included herein will be requested to confirm to us their agreement to the same conditions with respect
to their subscriptions; and
(c) 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 par on or before the date of issue, or at par and accrued interest if on later
allotment. Such payment will be made by the method indicated hereon.
By charge to our reserve account, which you are
authorized to make
By check

•
•

TO SUB8CBIBEB:
Mark (X) in proper space
to indicate if this is:

By credit to War Loan Deposit Account

I I
—

W~Fill in all required spaces before signing.

(Name of Banking Institution)

•
•
•

Original subscription
Confirmation of a telegram
Confirmation of a letter

(Official signature)

(Title)

Address
(City, Town or Village, and State)

•NOTE:

Securities of this issue allotted to a qualified depositary for its own account may be paid for by credit to War Loan Deposit Account
and may also be deposited with Federal Eeserve Bank of New York as collateral security for such Account.
Securities of this issue allotted to a qualified depositary for account of its customers may be paid for by credit to War Loan Deposit
Account, but may not be deposited with Federal Eeserve Bank of New York as collateral security for such Account without the written consent
of the owners of such securities.
SPACES BELOW AEE FOE THE USE OF THE FEDEEAL EESEEVE BANK
SUBSCRIPTION

BLOTTER

RECORD
EXAMINED FOR
CLASSIFICATION

OWN ACCOUNT
CHECKED

CHECKED

EXAMINED

CARDED

ACKNOWLEDGED




ALLOTMENT
Figured

PAYMENT
Checked Advised
D

DISPOSITION

R/A
B/C
C

List of customers' applications included in the foregoing subscription
entered and certified by

„
(Name of banking institution)

Post office addresi

Name of Customer
(Please print or use typewriter)




Address

State.

Amount Subscribed

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