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FE D E RA L R E SE R V E BANK OF NEW YORK J"Circular No. 4 0 6 1 ”1 L January 15, 1954 J CASH OFFERING 2]/q Per Cent Commodity Credit Corporation Certificates of Interest Dated February 2, 1954 Due August 2, 1954 T o A ll Commercial BanTcs in the Second F ederal R eserve D istrict: The Commodity Credit Corporation (CCC) is inviting commercial banks (defined as banks accepting demand deposits) to participate in the financing of outstanding price support loans in the amount of $350,000,000, or thereabouts. These loans are in two pools: one consists of price support loans on cotton and makes up $225,000,000 of the amount of the offering, the other consists of price support loans on other commodities and makes up the balance of the offer ing. To evidence participation in this financing, the CCC is offering 2% per cent Certificates of Interest, to be dated February 2, 1954. The terms of the offering are set forth in two announcements of the CCC, printed on the following pages. The certificates will mature on August 2, 1954, but will be purchased by CCC prior to maturity upon demand. These Certifi cates will be issued in registered form only but may be transferred (in the manner prescribed in paragraph 4 of each announcement) to any commercial bank, Federal Reserve Bank, or such other banking institution as may be determined by CCC to be eligible. Assignment forms for effecting transfers will be forwarded to certificate holders with copies of their certificates; additional assignment forms may be obtained from this Bank upon request. These Certificates of Interest may be purchased by national banks under the provisions of paragraph 10 of Section 5200 of the Revised Statutes of the United States. The New York State Banking Board amended General Regulation Number 9 to provide that the restrictions on extensions of credit contained in Subdivision 1 of Section 103 of the Banking Law shall not be applicable to these Certificates; the amendment will expire August 2, 1954. The Commissioner of Banking and Insurance and the Banking Advisory Board of the State of New Jersey amended Order No. 2 to permit a bank to purchase these Certificates to an amount not in excess of 25 per cent of the aggregate of its unimpaired capital stock and surplus. These Certificates are eligible as collateral for Treasury Tax and Loan Accounts at face amounts less any repayments thereon, provided they are accompanied at the time of pledge by properly executed assignment forms. These Certificates are also eligible as collateral for advances by Federal Reserve Banks to member banks under the provisions of Section 2(a) of Regulation A, as amended. Applications will be considered only on the basis of the aggregate amount of Certificates available and without regard to the amount offered in each separate pool. Accordingly, appli cations which attempt to specify one or the other pool may be rejected. Allotments of Certifi cates will be made in one or the other pool, and will not be split between them. Payment for these Certificates must be made in immediately available funds on February 2, 1954. A member bank may make payment by authorizing us to charge its reserve account; it is suggested that a nonmember bank make payment by requesting its correspondent member bank to authorize us to charge the latter’s reserve account. Payment for these Certificates cannot be made by credit to Treasury Tax and Loan Account. The subscription books will be open on January 20, 1954 for one day only; applications addressed to the Head Office of the Federal Reserve Bank of New York and postmarked prior to midnight of that day will be considered timely applications. Subscriptions should be made on the official application forms (Form No. 90-5), a copy of which is enclosed. The CCC has informed us that this offering will likely be the final offering of Certificates of Interest to commercial banks on a subscription basis prior to August 2, 1954. Additional copies of this circular will be furnished upon request. A llan S prohl, President. COMMODITY CREDIT CORPORATION ANNOUNCEMENT CHF-3 JANUARY 15, 1954 Offering Commercial Banks the Opportunity to Finance Additional Price Support Loans on Commodities Other Than Cotton Which Were Originally Disbursed by CCC or Purchased by CCC From Lending Agencies SECTION I— OFFER OF PARTICIPATION Commodity Credit Corporation (hereinafter called “ CCC” ) announced on October 14, 1953 (CCC Announcement CH F-1) that it had placed in a pool outstanding price support commodity loans other than cotton totaling $360,000,000 and offered commercial banks, which for the purposes of this announcement are defined as banks accepting demand deposits, (hereinafter called “ Banks” ) the opportunity to partici pate in the financing o f these loans through purchase of Certificates of Interest (hereinafter called “ Certificates” ). The announcement also stated that additional price support loans would be placed in the pool from time to time and that offerings of additional Certificates would be made. CCC has now placed additional price support loans other than cotton in this pool and the total amount of the pool has been increased to $477,000,000. As of this date outstanding Certificates total $352,000,000 leaving a balance o f $125,000,000 in the pool available for further participation by Banks. Banks may participate in the financing of these price support loans by making funds available to CCC at the Federal Reserve Bank o f Chicago, Fiscal Agent for CCC (hereinafter called “ Custodian” ). Certificates bearing interest at the rate o f two and one-eighth percent ( 2 ^ % ) per annum will be issued to the extent of the available balance to evidence participation in the pool of loans. Certificates will mature on August 2, 1954, but will be purchased by CCC prior to maturity upon demand. The terms and conditions upon which Banks may participate in the pool are set forth in Section II o f this announcement. CCC Announcement CHF-4, offering Banks the opportunity to purchase Certificates totaling $225,000,000 in a pool o f price support cotton loans, is being issued simultaneously with this announcement. This makes a total o f $350,000,000 available in these two pools. Banks desiring to participate in the financ ing o f these pools of loans shall make application to the Federal Reserve Bank or Branch of the district in which they are located. Applications will be considered only on the basis of the aggregate amount available and without regard to the amount offered in each separate pool. CCC reserves the right to issue the Certificates in either pool. Applications may be made on forms which will be available at any Federal Reserve Bank or Branch or by mail or wire. Applications should be made for Certificates in multiples of $1,000 and for not less than $5,000. Books for the receipt o f applications will be opened for one day only, January 20, 1954. Applications addressed to any Federal Reserve Bank or Branch and postmarked prior to midnight January 20, 1954, will be considered in this offering o f participation Certificates. CCC reserves the right to reject any applica tion, in whole or in part, or to allot less than the amount of Certificates applied for, and its decision in these respects shall be final. Applicants will be informed of allotments as soon as possible after closing of the books. The purchase price of the Certificates will be 100 percent o f the face value thereof. Payment for the Certificates allotted shall be made through the Federal Reserve Bank or Branch where application was filed in funds available at the Federal Reserve Bank of Chicago on February 2, 1954, and the Custodian will credit such funds to the account of CCC and will issue the Certificates as of that date. In the event the total amount available is not applied for, the amount remaining will be announced and will be available to applicants in the order o f receipt o f their applications by the Custodian. SECTION II— TERMS AN D CONDITIONS Certificates issued pursuant to this announcement and evidencing participation in the pool will be issued upon the following terms and conditions: 1. The Federal Reserve Bank of Chicago, Fiscal Agent for CCC, (hereinafter called “ Custodian” ) will issue Certificates and act as Custodian of the Certificates for the holders thereof. 2. Certificates will be issued in multiples of $1,000 except that no Certificate will be issued for less than $5,000. The aggregate value o f all outstanding Certificates will not exceed the amount of the pool. The Custodian will retain the Certificates and will furnish each original holder with a copy thereof. 3. The Certificates will be issued as o f the date on which funds therefor are credited by the Custodian to the account o f CCC. The face amount o f the Certificate, less principal payments thereon, will constitute 2 the value of the Certificate. Interest at the rate of two and one-eighth percent (2Yg% ) per annum will be payable at the time and upon the amount o f each principal payment made upon the Certificate and will be computed on a 365-day basis from and including the date of the Certificate to, but not including, the date o f such payment. 4. The Certificate may be transferred to any commercial bank, Federal Reserve Bank or such other banking institution as may be determined by CCC to be eligible, by execution of an Assignment o f Certifi cate of Interest (Commodity Credit Corporation Form 316, hereinafter called “ Assignment” ). Transfers will be recorded as of the date o f receipt and acceptance o f such Assignment by the Custodian or as of the date o f receipt by the Custodian of telegraphic advice of such Assignment if such advice is promptly confirmed by the delivery to the Custodian o f a duly executed Assignment. In the event of announcement by CCC, as provided in Item 6 hereof, that Certificates will be purchased during a designated month, Assignments and telegraphic advices received during the first ten calendar days of that month will not be recorded prior to the expiration o f such period. 5. CCC will, upon demand by the Certificate holder of record to the Custodian, purchase through any Federal Reserve Bank or Branch any outstanding Certificate at any time by paying to the Certificate holder of record the value thereof plus accrued interest. CCC will purchase at maturity all outstanding Certificates. 6. CCC reserves the right to purchase at its option any outstanding Certificate in whole or in part and will, in the event the value of the outstanding Certificates on the last day of any month prior to maturity exceeds the unpaid principal o f the loans comprising the pool as determined by CCC during that month, purchase outstanding Certificates in whole or in part in a total amount sufficient to reduce the outstanding Certificates to the unpaid principal amount o f the loans comprising the pool. CCC will pay for any Certificate purchased, in whole or in part, all or the respective part o f the value of the Certificate plus accrued interest on such amount. Any purchase by CCC of outstanding Certificates, in whole or in part, except as provided in Item 5, will be made only during the first ten calendar days of a month and CCC will announce by press release on the first business day of each month prior to maturity whether any pur chases o f Certificates, in whole or in part, will be made during the month. Payments for such purchases will be made during the first ten calendar days of such month to the Certificate holders of record as of the last day o f the preceding month. 7. No Member of, or Delegate to, Congress, or any Resident Commissioner, will be admitted to any share or part o f this contract or to any benefit to arise therefrom except that this provision will not be construed to extend to their interest in any incorporated company, if the contract be for the general benefit o f such company. 8. The applicant Bank warrants that it has not employed any person to solicit or secure this contract upon any agreement for a commission, percentage, brokerage, or contingent fee and that no such consid eration or payment has been or will be made. Breach of this warranty will give CCC the right to annul the contract, or at its discretion, to deduct from the contract consideration the amount of such commission, percentage, brokerage, or contingent fees. This warranty will not apply to commissions payable by the applicant Bank upon contracts secured or made through bona fide employees or bona fide established com mercial or selling agencies utilized by the applicant Bank for the purpose of securing business. SECTION III— PURPOSE AND FINANCIAL ORGANIZATION OF CCC The Commodity Credit Corporation engages in buying, selling, lending, and other activities with respect to agricultural commodities, their products, foods, feeds, and fibers for the purpose of stabilizing, supporting, and protecting farm income and prices, assisting in the maintenance of balanced and adequate supplies o f such commodities; and facilitating their orderly distribution. The Corporation also makes avail able materials and facilities required in connection with the production and marketing o f such commodities. The Corporation is managed by a board of directors, subject to the general supervision and direction of the Secretary of Agriculture, who is, ex officio, a director and the chairman of the board. In addition to the Secretary, the board consists of six members appointed by the President and confirmed by the Senate. There is also a bipartisan advisory board of five members appointed by the President to survey the general policies o f the Corporation and advise the Secretary with respect thereto. The Corporation has an authorized States, and authority to borrow up to against this authority amounted to $5.7 borrowing authority sufficient to cover capital stock of $100,000,000, all of which is held by the United $6.75 billion. On November 30, 1953, outstanding commitments billion. CCC will at all times hold in reserve an amount of its outstanding Certificates. J. J. SOMERS, Controller, Commodity Credit Corporation. 3 COMMODITY CREDIT CORPORATION ANNOUNCEMENT CHF-4 JANUARY 15, 1954 Offering Commercial Banks the Opportunity to Finance Additional Price Support Loans on Cotton Which Were Originally Disbursed by CCC or Purchased by CCC From Lending Agencies SECTION I— OFFER OF P A R T IC IP A T IO N Commodity Credit Corporation (hereinafter called “ CCC” ) announced on December 7, 1953 (CCC Announcement CHF-2) that it had placed in a pool (hereinafter called the “ Pool” ) outstanding price sup port cotton loans of the 1952 crop and 1953 crop cotton loans to cooperative associations totaling $472,000,000 and offered commercial banks, which for the purposes of this announcement are defined as banks accepting demand deposits (hereinafter called “ Banks” ), the opportunity to participate in the financing of the loans through purchase of Certificates of Interest (hereinafter called “ Certificates” ). The announcement also stated that other price support cotton loans would be added to the Pool from time to time and that further offerings o f Certificates might be made. CCC has now placed in the Pool the price support cotton loans evidenced by 1953 Cotton Producer’s Note and Loan Agreements (CCC Cotton Form A or E ) which have been sold to or disbursed by CCC and additional 1953 crop cotton loans to cooperative associations. The total amount of the Pool has been increased to $718,000,000. As of this date outstanding Certificates total $493,000,000 leaving a balance of $225,000,000 in the Pool available for further participation by Banks. Banks may participate in the financ ing o f the price support loans by making funds available to CCC at the Federal Reserve Bank of Chicago, Fiscal Agent for CCC (hereinafter called “ Custodian” ). Certificates bearing interest at the rate of two and one-eighth percent (2 % % ) per annum will be issued to the extent of the available balance to evidence participation in the Pool. Certificates will mature on August 2, 1954, but will be purchased by CCC prior to maturity upon demand. The terms and conditions upon which Banks may participate are set forth in Section II o f this Announcement. CCC Announcement CHF-3, offering banks the opportunity to purchase Certificates totaling $125,000,000 in a pool of price support commodity loans other than cotton, is being issued simultaneously with this Announcement. This makes a total of $350,000,000 available in these two pools. Banks desiring to participate in the financing of these pools o f loans shall make application to the Federal Reserve Bank or Branch o f the district in which they are located. Applications will be considered only on the basis of the aggregate amount available and without regard to the amount offered in each separate pool. CCC reserves the right to issue the Certificates in either pool. Applications may be made on forms which will be available at any Federal Reserve Bank or Branch or by mail or wire. Applications should be made for Certificates in multiples of $1,000 and for not less than $5,000. Books for the receipt o f applications will be opened for one day only, January 20, 1954. Applications addressed to any Federal Reserve Bank or Branch and postmarked prior to midnight January 20,1954, will be considered in this offering of participation Certificates. CCC reserves the right to reject any application, in whole or in part, or to allot less than the amount of Certificates applied for, and its decision in these respects shall be final. Applicants will be informed of allotments as soon as possible after closing of the books. The purchase price o f the Certificates will be 100 percent of the face value thereof. Payment for the Certificates allotted shall be made through the Federal Reserve Bank or Branch where application was filed in funds available at the Federal Reserve Bank of Chicago on February 2,1954, and the Custodian will credit such funds to the account of CCC and will issue the Certificates as of that date. In the event the total amount available is not applied for, the amount remaining will be announced and will be available to applicants in the order of receipt of their applications by the Custodian. SECTIO N II— TERM S A N D CO N D ITIO N S Certificates issued pursuant to this announcement and evidencing participation in the Pool will be issued upon the following terms and conditions: 1. The Federal Reserve Bank of Chicago, Fiscal Agent for CCC, (hereinafter called “ Custodian” ) will issue Certificates and act as Custodian of the Certificates for the holders thereof. 2. The aggregate value of all outstanding Certificates will not exceed the amount of the Pool. The Custodian will retain the Certificates and will furnish each original holder with a copy thereof. 3. The Certificates will be issued as o f the date on which funds therefor are credited by the Custodian to the account o f CCC except that (1) when a Certificate is issued in exchange for an outstanding Certifi cate, it shall bear the issue date of the Certificate for which it was exchanged or (2) when a Certificate is 4 issued to a lending agency in the amount of a 1953 crop cotton-loan advance made by such lending agency to a cooperative association pursuant to an agreement with CCC, it shall bear the date on which the loan advance is made by payment of the draft for the advance. The face amount of the Certificate, less principal payments thereon, will constitute the value of the Certificate. Interest at the rate shown on the Certificate will be payable at the time and upon the amount of each principal payment made upon the Certificate and will be computed on a 365-day basis from and including the date o f the Certificate to, but not including, the date o f such payment. 4. The Certificate may be transferred to any commercial bank, Federal Reserve Bank or such other banking institution as may be determined by CCC to be eligible, by execution of an Assignment of Certifi cate of Interest (Commodity Credit Corporation Form 316, hereinafter called “ Assignment” ). Transfers will be recorded as o f the date of receipt and acceptance o f such Assignment by the Custodian or as of the date of receipt by the Custodian of telegraphic advice o f such Assignment if such advice is promptly con firmed by the delivery to the Custodian o f a duly executed Assignment. In the event of announcement by CCC, as provided in paragraph 6 hereof, that Certificates will be purchased during a designated month, Assignments and telegraphic advices received during the first ten calendar days of that month will not be recorded prior to the expiration of such period. 5. CCC will, upon demand by the Certificate holder of record to the Custodian, purchase through any Federal Reserve Bank or Branch any outstanding Certificate at any time by paying to the Certificate holder of record the value thereof plus accrued interest. CCC will purchase at maturity all outstanding Certificates. 6. CCC reserves the right to purchase at its option any outstanding Certificates, in whole or in part, and will, in the event the value o f the outstanding Certificates on the last day of any month prior to maturity exceeds the unpaid principal o f the loans comprising the Pool as determined by CCC during that month, purchase outstanding Certificates, in whole or in part, in a total amount sufficient to reduce the outstand ing Certificates to the unpaid principal amount of the loans comprising the Pool. CCC will pay for any Cer tificate purchased, in whole or in part, all or the respective part of the value of the Certificate plus accrued interest on such amount. A ny purchase by CCC of outstanding Certificates, in whole or in part, except as provided in paragraph 5, will be made only during the first ten calendar days o f a month and CCC will announce by press release on the first business day of each month prior to maturity whether any purchases of Certificates, in whole or in part, will be made during the month. Payments for such purchases will be made during the first ten calendar days of such month to the Certificate holders of record as of the last day o f the preceding month. 7. No Member of, or Delegate to, Congress, or any Resident Commissioner, will be admitted to any share or part o f this Contract or to any benefit to arise therefrom except that this provision will not be construed to extend to their interest in any incorporated company, if the contract be for the general benefit o f such company. 8. The applicant Bank warrants that it has not employed any person to solicit or secure this contract upon any agreement for a commission, percentage, brokerage, or contingent fee and that no such considera tion or payment has been or will be made. Breach of this warranty will give CCC the right to annul the contract, or at its discretion, to deduct from the contract consideration the amount o f such commission, percentage, brokerage, or contingent fees. This warranty will not apply to commissions payable by the applicant Bank upon contracts secured or made through bona fide employees or bona fide established com mercial or selling agencies utilized by the applicant Bank for the purpose of securing business. SECTION in—PURPOSE AND FINANCIAL ORGANIZATION OF CCC The Comomdity Credit Corporation engages in buying, selling, lending, and other activities with respect to agricultural commodities, their products, foods, feeds, and fibers for the purpose of stabilizing, supporting, and protecting farm income and prices, assisting in the maintenance o f balanced and adequate supplies o f such commodities; and facilitating their orderly distribution. The Corporation also makes available materials and facilities required in connection with the production and marketing o f such commodities. The Corporation is managed by a board o f directors, subject to the general supervision and the Secretary of Agriculture, who is, ex officio, a director and the chairman of the board. In the Secretary, the board consists of six members appointed by the President and confirmed by There is also a bipartisan advisory board of five members appointed by the President to general policies o f the Corporation and advise the Secretary with respect thereto. direction of addition to the Senate. survey the The Corporation has an authorized capital stock of $100 million, all o f which is held by the United States, and authority to borrow up to $6.75 billion. On November 30, 1953, outstanding commitments against this authority amounted to $5.7 billion. CCC will at all times hold in reserve an amount of its borrowing authority sufficient to cover outstanding Certificates. J. J. SOMERS, Controller, Commodity Credit Corporation. 5 Form N o. 90-5 Re f # N o . APPLICATION FORM AND PAYMENT LETTER 2%% CERTIFICATES OF INTEREST OF THE COMMODITY CREDIT CORPORATION Dated February 2, 1954 Due A ugust 2, 1954 D ate _______________________________________________ A p p licatio n filed through the Federal Reserve Bank or Branch o f ---------------------------------------------- . (T o be filed with Federal Reserve Bank or Branch o f the District in which ap p lican t is located.) To Fed eral Reserve Bank o f C hicago Fiscal A g e n t a n d Custodian o f Com m odity Credit Corporation G entlem en: Pursuant to the terms an d conditions o f the official Announcem ents CHF-3 and CHF-4, d ate d Ja n u a r y 15, 1954, o f the Commodity Credit C orporation the undersigned hereby applies for $_________________________ fa ce am ount o f either o f the Certificates o f Interest described therein. (see note below ) N O T E : A pplications must be in multiples of $1,000 except that no certificate w ill b« issued fo r less than $5,000. Paym ent fo r total am ount allo tted hereon to be m ade on o r before February 2, 1954, as fo llo w s: ( P a y ment b y Treasury Tax and Loan credit not perm itted.) □ B y C harg e to our reserve account a t the Federal Reserve B an k o f_________________________________________________ □ B y Check in im m ediately a v a ila b le funds. □ B y C harg e to reserve account o f____________________________________________________________________________ __ (M a in Office O R Branch w here reserve account is carried ) (A p p ro p riate instructions to correspondent necessary) Repaym ents a t or before maturity as provided in the official Announcem ents are authorized to be m ade b y credit to our reserve account (in case o f member b an k s) or b y check (in case o f nonmember bank s.) Certificate to be inscribed and copy thereof m ailed to: (P le a s e type o r print.) N am e o f Bank-------------------------------------------------------------------Street Address_________________________________________________________________________... .. . C ity o r Tow n____________________________________________________________________________ S ta te_______________________________________________________________________________ _ Official Signature (A .B .A . N o --------------- ) Duplicate— Both O R IG IN A L AND DUPLICATE copies to be filed with the Federal Reserve Bank or Branch of the district in which applicant is located. For Use of Federal Reserve Bank A llo tted $_________________________________ Com puted by___________________________ __ Checked by_______________________________ Date Paym ent Received_________________ Form N o. 90-5 Re f# N o . APPLICATION FORM AND PAYMENT LETTER 2Vi% c e r t i f i c a t e s o f in t e r e s t OF THE COMMODITY CREDIT CORPORATION Dated February 2, 1954 Due A ugust 2, 1954 Date_______________________________________________ A p plication filed through the Federal Reserve B a n k or Branch o f ____________________________________________________ . (To be filed w ith Fed eral Reserve Ban k or Branch o f the District in which ap p lican t is located.) To Federal Reserve Bank o f C hicago Fiscal A g en t and Custodian o f Com m odity Credit Corporation G entlem en: Pursuant to the terms and conditions o f the official Announcem ents CHF-3 and CHF-4, dated Ja n u a ry 15, 1954, o f the Com m odity Credit Corporation the undersigned hereby ap p lies fo r $_________________________ fa ce am ount o f either o f the Certificates o f Interest described therein. **ee not# below) N O T E i A pplications must be in multiples of $1,000 except that no certificate w ill be issued fo r less than $5,000. Paym en t fo r total am ount allo tted hereon to be m ade on or before February 2, 1954, as fo llo w s: ( P a y ment b y Treasury Tax and Loan credit not perm itted.) □ B y C harg e to our reserve account a t the Federal Reserve Bank o f_________________________________________________ □ B y Check in im m ediately a v a ila b le funds. □ B y C harg e to reserve account o f__________________________________________________________________ __________ (M a in Office O R Branch w here reserve account is carried ) (A p p ro p riate instructions to correspondent necessary) Repaym ents a t or before maturity as provided in the official Announcem ents a re authorized to be m ade b y credit to our reserve account (in case o f member b an k s) or b y check (in case o f nonmember bank s.) Certificate to be inscribed an d co p y thereof m ailed to: (P le a s e typ e o r print.) N am e o f Bank------------------------------------------------------------------Street Address___________________________________________________________________________ _ C ity o r Tow n______________________________________________________________________ _ Sta te _________________________________________________________________________________________ Official Signature (A .B .A . N o --------------- ) Original— Both ORIGIN AL AND DUPLICATE copies to be filed with the Federal Reserve Bank or Branch of the district in which applicant is located. For Use of Federal Reserve Bank of Chicago Typed b y------------------------------------- A llo tted $. Checked b y________________________________________ Com puted by_ D ate Ship ped or D elivered______________________ Checked by__ B y------------------------------------------- D ate Paym ent Received. Form N o. 9 0 -5 Re f # ^ O . APPLICATION FORM AND PAYMENT LETTER 2V8% c e r t i f i c a t e s o f in t e r e s t OF THE COMMODITY CREDIT CORPORATION Dated February 2, 1954 Due August 2, 1954 D ate_____________________________________ A p p licatio n filed through the Federal Reserve B a n k or Branch o f ____________________________________________________ _ (To be filed w ith Federal Reserve Bank or Branch of the District in which applican t is located.) To Federal Reserve Bank o f C hicago Fiscal A g en t and Custodian of Com m odity Credit Corporation G entlem en: Pursuant to the terms and conditions o f the official Announcements CHF-3 and CHF-4, dated Ja n u a r y 15, 1954, o f the Com m odity Credit Corporation the undersigned hereby applies for $_________________________ fa ce am ount o f either o f the Certificates o f Interest described therein. (see note b elo w ) N O T E: A pplications must be in multiples of $1,000 except that no certificate w ill be issued fo r less than $5,000. Paym ent fo r total am ount allotted hereon to be m ade on or before February 2, 1954, as fo llo w s: ( P a y ment b y Treasury Tax and Loan credit not perm itted.) □ B y C harg e to our reserve account a t the Federal Reserve Bank o f_________________________________________________ 0 B y Check in im m ediately a v a ila b le funds. □ B y C harg e to reserve account of________________________________________________________ _ (M a in Office O R Branch where reserve account is ca rried ) (A p p ro p riate instructions to correspondent necessary) Repaym ents at or before maturity as provided in the official Announcem ents a re authorized to be m ade by credit to our reserve account (in case of member b an k s) or b y check (in case o f nonmember banks.) Certificate to be inscribed and copy thereof m ailed to: (P le a s e type or print.) N am e o f Bank-------------------------------------------------------------------Street Address______________________________________________________________________ C ity or Tow n--------------------------------------------------------------- _ _ _ _ _ State____________________________________________________________________________________ _ _ _ Official Signature (A .B .A . N o _________________ ) Triplicati ■To b e retained b y Purchaser.
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