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CIRCULAR No. 152. FEDERAL RESERVE BANK OF N E W YORK CERTIFICATES OF INDEBTEDNESS DEPARTMENT March 7, 1919. U N I T E D STATES T R E A S U R Y CERTIFICATES OF INDEBTEDNESS DEAR SIRS: Your quota Your quota for Series 5-H Treasury Certificates of Indebtedness is Books open March 13th Books dose March 20th This issue is announced in the formal offering sent you yesterday and is for a minimum of $500,000,000. Subscriptions open Thursday, March 13, 1919 and close Thursday, March 20, 1919, subject to allotment. Special method °f Payment Your especial attention is directed to the fact t h a t provision is made whereby banks m a y pay 5 0 % of their subscription to this new issue by the surrender of an equal a m o u n t of Treasury Certificates of Series 5-A, maturing M a y 6, 1919. T h e effect of this is to make t h e burden on the banks much lighter than usual. T h e financial program of the Government will be more effectively carried out if the banks will follow these suggestions, which the Treasury Dep a r t m e n t encourages. Advantage to the banks If you exchange Series 5-A, dated December 5, 1918, and maturing M a y 0, 1919 for the current Series 5-H, as set forth above, accrued interest in cash will be paid to the date of exchange, and you will be relieved to the extent of 5 0 % of your payment in cash or by book credit. In other words, half of the subscription price m a y be covered by Series 5-A and the other half m a y be paid in the regular way. An over-subscription desired W e urgently request t h a t in order to help clear the way for the successful launching of the Victory Liberty Loan you subscribe your full quota to this issue, and that, if possible, you enter an over-subscription. Very truly yours, A~lcw- r**i. Director of Sales.
@FedFRASER