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CIRCULAR No. 228 FEDERAL RESERVE BANK OF N E W YORK CERTIFICATES OF INDEBTEDNESS. DEPARTMENT December 3, 1919. CLOSING OF SUBSCRIPTION BOOKS UNITED STATES TREASURY CERTIFICATES OF INDEBTEDNESS Series T M 3-1920 Dated December 1,1919 Due March 15,1920 Exchange Until Further Notice of Certain Outstanding Issues To ALL BANKS, TRUST COMPANIES, SAVINGS BANKS, BANKERS, INVESTMENT DEALERS AND PRINCIPAL CORPORATIONS IN THE SECOND FEDERAL RESERVE DISTRICT DEAR S I R S : Subscriptions for the issue of certificates of indebtedness of Series T M 3-1920 were closed by the Treasury Department at the close of business on Tuesday, December 2, 1919. In response to the continuing demand for tax anticipation certificates and in order to make further provision for the payment without inconvenience of the instalment of income and profits taxes due March 15, 1920, the Secretary of the Treasury authorizes the Federal Reserve Bank untiT further notice to issue 4*4% Treasury certificates of indebtedness of Series T M 3-1920 at par with an adjustment of accrued interest in exchange for Treasury certificates of indebtedness of any issue now outstanding not overdue maturing on or before February 16, 1920, with any unmatured coupons attached. The certificates so outstanding are: Series T T A B C D 5 7 1920 1920 1920 1920 Dated June July August August September December 3, 1919 I, 1919 1, 1919 15, 1919 2, 1919 1, 1919 Maturing; December December January January February February 15, 1919 15, 1919 2, 1920 15, 1920 2, 1920 16, 1920 Yours very truly, BENJ. STRONG, Governor.