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CIRCULAR No. 173 FEDERAL RESERVE BANK OF N E W YORK SECURITIES DEPARTMENT June 10, 1919 REDEMPTION OF UNITED STATES TREASURY 4J^% CERTIFICATES OF INDEBTEDNESS BEFORE MATURITY To ALL BANKS, TRUST COMPANIES, SAVINGS BANKS, BANKERS, INVESTMENT HOUSES AND PRINCIPAL CORPORATIONS IN THE SECOND FEDERAL RESERVE DISTRICT, DEAR SIRS: On June 9, 1919, Secretary Glass made the following public statement: "The Secretary of the Treasury has authorized the Federal reserve banks on and after Tuesday, June 10th, and, until further notice, to redeem in cash before maturity at par and accrued interest to the date of redemption, Treasury certificates of indebtedness of any and all series maturing on or before July 1, 1919, and not overdue, at the holder's option. This action is made possible by the very large payments, approximately $3,500,000,000, received to date on account of subscriptions to the Victory Liberty Loan. I take this occasion to repeat that there has been no change whatever in the Treasury's plans for future government financing which were stated on April 14 in the official announcement of the amount and terms of the Victory Liberty Loan." The certificates referred to are as follows: "BOND" CERTIFICATES Series 5-D 5-E Date of Issue January 16, 1919 January 30, 1919 Date of Maturity June 17, 1919 July 1,1919 "TAX" CERTIFICATES T-2 T-3 January 16, 1919 March 15, 1919 June 17, 1919 June 16, 1919 The Federal Reserve Bank of New York as fiscal agent of the United States will redeem these certificates in accordance with the above instructions. Yours very truly, R. H. TREMAN, Deputy Governor.