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CIRCULAR N O . 203 Federal Reserve Bank of New York OFFERING OF UNITED STATES OF AMERICA TREASURY CERTIFICATES OF INDEBTEDNESS DATED A N D BEARING INTEREST FROM SEPTEMBER 15, 1919 SERIES T 9 4 1 4 % SERIES T 10 4 | / 2 % DUE DUE MARCH 15, 1920 SEPTEMBER 15, 1920 T o ALL B A N K S , T R U S T COMPANIES, SAVINGS B A N K S , B A N K E R S , INVESTMENT D E A L E R S AND P R I N C I P A L CORPORATIONS IN THE SECOND F E D E R A L R E S E R V E DISTRICT, DEAR SIRS: T h e Secretary of the Treasury, under the authority of the act approved September 24, 1917, as amended, offers for subscription, at par and accrued interest, through the Federal Reserve Banks, Treasury certificates of indebtedness, in two series, both dated and bearing interest from September 15, 1919, the certificates of Series T 9 being payable on March 15, 1920, and bearing interest at the rate of four and one-quarter per cent per annum and the certificates of Series T 1 0 being payable on September 15, 1920, and bearing interest at the rate of four and one-half per cent per annum payable semi-annually. Applications will be received at the Federal Reserve Banks. Bearer certificates will be issued in denominations of $500, $1,000, $5,000, $10,000, and $100,000. T h e certificates of Series T 9 will have one interest coupon attached payable March 15, 1920, and the certificates of Series T 10 two interest coupons attached payable March 15 and September 15, 1920. Said certificates 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, and (b) graduated additional income taxes, commonly known as surtaxes, and excess profits and warprofits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. T h e interest on an amount of bonds and certificates authorized by said act approved September 24, 1917, and amendments thereto, the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, association, or corporation, shall be exempt from the taxes provided for in clause (b) above. Certificates of these series will be accepted at par, with an adjustment of accrued interest, during such times 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 a t the maturity of the certificates, respectively. The certificates of these series do not bear the circulation privilege. T h e right is reserved to reject any subscription and to allot less than the amount of certificates of either or both series applied for and to close the subscriptions as to either or both series a t any time without notice. Payment at par and accrued interest for certificates allotted must be made on or before September 15, 1919, or on later allotment. After allotment and upon payment Federal Reserve Banks m a y issue interim receipts pending delivery of the definitive certificates. Any qualified depositary will be permitted to make payment by credit for certificates 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. Treasury certificates of indebtedness of any issue maturing on or after September 15, 1919, and now outstanding (with any unmatured coupons attached), will be accepted a t par with an adj u s t m e n t of accrued interest in payment for any certificates of the Series T 9 and T 10 now offered which shall be subscribed for and allotted. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested t o receive subscriptions and to make allotment in full in the order of the receipt of applications up to amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective districts. Yours very truly, http://fraser.stlouisfed.org/ New York, September 8, 1919. Federal Reserve Bank of St. Louis R. H . TREMAN, Deputy Governor.
@FedFRASER