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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 2 2 9 7 1 October 23, 1941 J Offering of United States of America 1 Percent Treasury Notes of Series A-1946 Dated and bearing interest from November 1, 1941 Due March 15, 1946 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 today announced the plan for refinancing the outstanding notes of Series P of the Reconstruction Finance Corporation maturing November 1, 1941, and the outstanding notes of Series B of the Commodity Credit Corporation maturing November 15, 1941. In order to reduce the number of financing operations in the market on behalf of the Government and to simplify the financing program, an issue of Treasury notes is being made available to the holders of the two maturing corporate issues. It is contemplated that all of the Government-guaranteed issues now outstanding in the hands of the public will eventually be converted into Treasury issues so that the market will ultimately be dealing with but one class of Government obligation. The Treasury notes now offered will be dated November 1, 1941, and will bear interest from that date at the rate of 1 percent per annum payable on a semiannual basis on March 15 and September 15 in each year. They will mature on March 15, 1946, and will not be subject to call for redemption prior to maturity. They will be issued only in bearer form with coupons attached, in denominations of $100, $500, $1,000, $5,000, $10,000 and $100,000. Pursuant to the provisions of the Public Debt Act of 1941, interest upon the notes now offered shall not have any exemption, as such, under Federal tax acts now or hereafter enacted. Otherwise they 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 released today. Holders of Reconstruction Finance Corporation Notes of Series P who desire the proceeds of payment applied to the purchase of a like par amount of the new notes may subscribe for an amount equal to the amount of Series P notes so tendered for payment. The Secretary of the Treasury, on behalf of the Commodity Credit Corporation, offers to purchase on November 1, 1941 at par and accrued interest to that date, Commodity Credit Corporation Notes of Series E to the extent that the holders of such notes subscribe for the new Treasury notes. 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. Subscriptions should be accompanied by a like face amount of Reconstruction Finance Corporation Notes of Series P, or of Commodity Credit Corporation Notes of Series E, with final coupon due November 15, 1941, attached. Following the acceptance of the Series E notes, accrued interest from May 15 to November 1, 1941, about $4.62 per $1,000 face amount, will be paid the owners of the surrendered notes. The right is reserved to close the books as to any or all subscriptions at any time without notice. Subject to the reservations set forth in the official circular, all subscriptions will be allotted in full. There are now outstanding $299,839,000 of % percent Reconstruction Finance Corporation Notes of Series P and $204,241,000 of 1 percent Commodity Credit Corporation Notes of Series E. The terms of this offering are set forth in Treasury Department Circular No. 671, dated October 23, 1941, 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 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. ALLAN SPROUL, President. UNITED STATES OF AMERICA 1 PERCENT TREASURY NOTES OF SERIES A-1946 Dated and bearing interest from November 1, 1941 Due March 15, 1946 Interest payable March 15 and September 15 Depa^ent^uWNo.™ TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, Bureau ofthfpSbiS: Debt Washington, October 23, 1941. I. OFFERING OF NOTES AND INVITATION FOR TENDERS 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par from the people of the United States for 1 percent notes of the United States, designated Treasury Notes of Series A-1946, the offering to be limited to the amount of subscriptions entered as provided in the two next succeeding paragraphs. 2. The Secretary of the Treasury offers to apply the proceeds of payment of Reconstruction Finance Corporation Notes of Series P, maturing November 1,1941, tendered for payment in accordance with sections III and IV of this circular, to payment for Treasury notes subscribed for hereunder. Tenders of Series P notes for that purpose are invited. 3. The Secretary of the Treasury, on behalf of Commodity Credit Corporation, offers to purchase on November 1, 1941, at par and accrued interest, Commodity Credit Corporation Notes of Series E, maturing November 15,1941, to the extent to which the holders thereof subscribe for Treasury notes hereunder. Tenders of Series E notes for that purpose are invited. II. DESCRIPTION OF NOTES 1. The notes will be dated November 1, 1941, and will bear interest from that date at the rate of 1 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 March 15, 1946, and will not be subject to call for redemption prior to maturity. 2. The income derived from the notes shall be subject to all Federal taxes, now or hereafter imposed. The notes shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 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, and should be accompanied by Reconstruction Finance Corporation Notes of Series P tendered for payment, or Commodity Credit Corporation Notes of Series E tendered for purchase, to a par amount equal to the par amount of Treasury Notes of Series A-1946 subscribed for. 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. 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, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in 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 on or before November 1,1941, or on later allotment, and may be made only through application of the principal proceeds of payment of a like par amount of Reconstruction Finance Corporation Notes of Series P, maturing November 1, 1941, or of Commodity Credit Corporation Notes of Series E, maturing November 15, 1941. Commodity Credit Corporation Notes of Series E tendered for purchase must have coupons dated November 15, 1941, attached, and payment will be made at par and accrued interest to November 1,1941. Accrued interest from May 15, 1941 to November 1, 1941 on Series E notes ($4.619565 per $1,000) will be paid following acceptance of the notes. 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-CCC IG1NAL NON-NEGOTIABLE RECEIPT For United States Government Obligations as Mentioned Below Number... ned to... Date Street. Town .... State. Receipt is hereby acknowledged of $ par amount 1 Percent Commodity Credit Corporation Notes of Series E, maturing vember 15, 1941, tendered for purchase by the Secretary of the Treasury, the principal proceeds of which are to cover payment of a like amount of 'ercent United States of America Treasury Notes of Series A-1946, subscribed for and allotted in full subject to the terms of Treasury Department cular No. 671, dated October 23, 1941. If such new notes are to be delivered at the Federal Reserve Bank of New York over the counter to your resentative the "authority to deliver" set forth below should be duly executed 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 and as indicated in the above non-negotiable receipt. (Xame of representative) vhose signature appears below $ par amount if United States Government obligations subscribed for and allotted n full as indicated in the above non-negotiable receipt. (Please print) By. (Official signature required) (Signature of authorized representative) Date. JPLICATE NON-NEGOTIABLE RECEIPT For United States Government Obligations as Mentioned Below Number... sued to... Date Street. Town State. Receipt is hereby acknowledged of $ par amount 1 Percent Commodity Credit Corporation Notes of Series E, maturing >vember 15, 1941, tendered for purchase by the Secretary of the Treasury, the principal proceeds of which are to cover payment of a like amount of Percent United States of America Treasury Notes of Series A-1946, subscribed for and allotted in full subject to the terms of Treasury Department rcular No. 671, dated October 23, 1941. If such new notes are to be delivered at the Federal Reserve Bank of New York over the counter to your presentative the "authority to deliver" set forth below should be duly executed and returned to us. FEDERAL RESERVE BANK or NETT YORK Date Received Fiscal Agent of the United States. Mail Sheet No. Refer to your letter dated No. DATE Teller. OVER COUNTER SOURCE OF RECEIPT GOVERNMENT DEPOSIT SAFEKEEPING REGISTERED MAIL LOTMENT D I S P O S I T I O N EMIUM OVER COUNTER rEREST DUE SAFEKEEPING GOVERNMENT DEPOSIT TAL SPECIAL DELIVERY INSTRUCTIONS PEREST PAYABLE OUNT PAID OUNT RECEIVED . SHIP IGINAL NR-RFC NON-NEGOTIABLE RECEIPT For United States Government Obligations as Mentioned Below ied to - Number Street Date Town State Eeceipt is hereby acknowledged of $ par amount % Percent Reconstruction Finance Corporation Notes of Series P, turing November 1, 1941, tendered for payment, the principal proceeds of which are to cover payment of a like amount of 1 Percent United States America Treasury Notes of Series A-1946, subscribed for and allotted in full subject to the terms of Treasury Department Circular No. 671, dated ober 23, 1941. If such new notes are to be delivered at the Federal Reserve Bank of New York over the counter to your representative the "authority leliver'' set forth below should be duly executed and returned to us. FEDEEAL RESERVE BANK OF NEW YOBK Fiscal Agent of the United States. Date Received.. . Mail Sheet No. Refer to your letter dated No. Teller AUTHORITY TO DELIVER ?EDEBAL RESEBVE BANK OF NEW YOBK 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 and as indicated in the above non-negotiable receipt. (Name of representative) those signature appears below $ . par amount f United States Government obligations subscribed for and allotted a full as indicated in the above non-negotiable receipt. >ame (Please print) By (Official signature required) (Signature of authorized representative) Date IPLICATE NON-NEGOTIABLE RECEIPT For United States Government Obligations as Mentioned Below Number... ued to... Street. ._ Date Town State. Receipt is hereby acknowledged of $ par amount % Percent Reconstruction Finance Corporation Notes of Series P, turing November 1, 1941, tendered for payment, the principal proceeds of which are to cover payment of a like amount of 1 Percent United States America Treasury Notes of Series A-1946, subscribed for and allotted in full subject to the terms of Treasury Department Circular No. 671, dated tober 23, 1941. If such new notes are to be delivered at the Federal Reserve Bank of New York over the counter to your representative the "authority deliver" set forth below should be duly executed and returned to us. FEDERAL RESERVE BANK OP NEW YORK Date Received Fiscal Agent of the United States. Mail Sheet No. Refer to your letter dated No.. DATE Teller. OVER COUNTER SOURCE OF RECEIPT GOVERNMENT DEPOSIT SAFEKEEPING REGISTERED MAIL LOTMENT 1 D I S P O S I T I O N 3MIUM .TEREST DUE OVER COUNTER SAFEKEEPING GOVERNMENT DEPOSIT rAL -EREST PAYABLE OUNT PAID OUNT RECEIVED SPECIAL DELIVERY INSTRUCTIONS SHIP EA-RFC-N For use when Reconstruction Finance Corporation % percent notes of Series P maturing November 1, 1941 are tendered for payment FEDERAL RESERVE B A N K OF N E W YORK Fiscal Agent of the United States SUBSCRIPTION FOR UNITED STATES OF AMERICA 1 PERCENT TREASURY NOTES OF SERIES A-1946 Dated November 1, 1941 Due March 15, 1946 One day's interest on $1,000 on coupon payable March 15, 1942 (134 days in 181 day period) is $0 027624309 NOTE: Subscriptions from holders of Series P notes who tender them for payment under the provisions of Treasury Department Circular No. 671 will be allotted in full. Coupons dated November 1, 1941 should be detached from Series P notes when surrendered. FEDERAL RESERVE BANK OP NEW YORK, Fiscal Agent of the United States, Government Bond Department, New York, N. Y. Dated at .1941 DEAR SIRS : Subject to the provisions of Treasury Department Circular No. 671, dated October 23, 1941, the undersigned hereby subscribes for United States of America 1 percent Treasury Notes of Series A-1946 as stated below: For own account For our customers (for use of banking institutions) as shown on back of this form Total Subscription. and tenders herewith for payment a like face amount of Reconstruction Finance Corporation notes designated Series P, maturing November 1, 1941, the proceeds of which are to be applied in payment of United States of America 1 percent Treasury Notes of Series A-1946 subscribed for and allotted. Issue United States of America 1 percent Treasury Notes of Series A-1946 allotted on this subscription in the denominations and amounts as indicated below: Number of Pieces Denominations Par Amount Reconstruction Finance Corporation notes of Series P tendered for payment are, as indicated below,— Leave this Space Blank Delivered to you herewith $. $100 To be withdrawn from securities you are holding for our account $. 500 1,000 5,000 10,000 X X To be delivered to you for our account by X 100,000 Total Dispose of the securities allotted on this subscription in the amounts and as indicated below: 1. Deliver over the counter to the undersigned 2. Ship to the undersigned 3. Hold in safekeeping (for member bank only) 4. Hold as collateral for War Loan deposits 5. Deliver as indicated below Deliver to: Par Amount and credit proceeds to our Reserve account Against Payment of • 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 o 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. (Fill in all required spaces before signing) CO SUBSCRIBER: Name of Subscriber (Please print) ^lease indicate if this is a confirmation. By. (Title) (Official signature required) Street address. City, Town or Village, and State Spaces below are for the use of the Federal Reserve Bank of New York Eeleased Delivery Receipt Paid Stamp Taken from Vault Received from FEDERAL RESERVE BANK OF NEW YORK the above described Counted United States Government obligations in the amount indicated above. Amount- Checked Delivered Subscriber. By Date. By. 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 EA-CCC-N For use when Commodity Credit Corporation 1 percent notes of Series £ maturing November 15, 1941 are tendered for purchase FEDBEAL RESERVE BANK OF NEW YOBK Fiscal Agent of the United States SUBSCRIPTION FOR UNITED STATES OF AMERICA 1 PERCENT TREASURY NOTES OF SERIES A-1946 Dated November 1, 1941 Due March 15, 1946 One day's interest on $1,000 on coupon payable March 15, 1948 (134 days in 181 day period) is $0.027624309 NOTE: Subscriptions from holders of Series E notes who tender them; for purchase under the provisions of Treasury Department Circular No. 671 will be allotted in full. FEDERAL RESERVE BANK OP NEW YORK, Fiscal Agent of the United States, Government Bond Department, New York, N. Y. Dated at. .1941 DEAR SIRS: Subject to the provisions of Treasury Department Circular No. 671, dated October 23, 1941, the undersigned hereby subscribes for United States of America 1 percent Treasury Notes of Series A-1946 as stated below: For own account For our customers (for use of banking institutions) as shown on back of this form Total Subscription. and tenders herewith for purchase at par and accrued interest by the Secretary of the Treasury, on behalf of the Commodity Credit Corporation, a like face amount of notes of the corporation designated Series E, maturing November 15, 1941, with November 15, 1941 coupons attached, the principal proceeds to cover payment of United States of America 1 percent Treasury Notes of Series A-1946, subscribed for and allotted, and requests that the difference representing accrued interest from May 15, 1941 to November 1, 1941 ($4.619565 per $1,000) be paid to the undersigned upon acceptance of the Series E notes and that such payment be disposed of as follows: By check made payable to our order By credit to our Reserve account • By credit to our account with Issue United States of America 1 percent Treasury Notes of Series Commodity Credit Corporation notes of Series A-1946 allotted on this subscription in the denominations and amounts E tendered for purchase are, as indicated below,— as indicated below: Number of Pieces Par Amount Denominations Leave this Space Blank Delivered to you herewith $. $100 To be withdrawn from securities you are holding for our account $. 500 1,000 5,000 10,000 To be delivered to you for our account by 100,000 Total Dispose of the securities allotted on this subscription in the amounts and as indicated below: 1. Deliver over the counter to the undersigned $ 2. Ship to the undersigned $ 3. Hold in safekeeping (for member bank only) $ 4. Hold as collateral for War Loan deposits $ 5. Deliver as indicated below $ Deliver to: Against Par Amount Payment of $. 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 o dispose of in the manner indicated in item numbered 3 above are the sole property of the undersigned, and (b) that the securities trhich you are hereby or hereafter instructed to dispose of in the manner indicated in items numbered 4 and S above are either the sole roperty of the undersigned or the property of its customers who have authorized in writing such disposition. (Fill in all required spaces before signing) 'O SUBSCRIBER: Name of Subscriber lease indicate if this is a confirmation. (Please print) By (Official signature required) (Title) Street address. City, Town or Village, and State Spaces below are for the ute of the Federal Reserve Bank of New York Released Taken from Vault Counted Checked Delivered Paid Stamp Delivery Eeceipt Eeceived from FEDERAL RESERVE BANK OF NEW YORK the above described AmountBy United States Government obligations in the amount indicated above. Subscriber. Date. 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
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