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CIRCULAR N O .
(

176

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FEDERAL RESERVE BANK
OF N E W YORK
SECURITIES

DEPARTMENT

June 16, 1919

UNITED STATES TREASURY CERTIFICATES OF INDEBTEDNESS
CLOSING OF SERIES T 3, DUE JUNE 16, 1919
EXCHANGE OF CERTAIN OUTSTANDING ISSUES FOR SERIES T 4, DUE SEPTEMBER 15, 1919
To ALL BANKS, TRUST COMPANIES, SAVINGS BANKS, BANKERS, INVESTMENT DEALERS AND
PRINCIPAL CORPORATIONS IN THE SECOND FEDERAL RESERVE' DISTRICT,
DEAR SIRS:

CLOSING OF SERIES T 3, "TAX" CERTIFICATES

The Treasury Department has announced that the issue of Treasury Certificates of Series
T-3 (dated March 15, 1919, and maturing June 16, 1919,) in exchange for Treasury Certificates
of other issues will close at the close of business today, and that no further exchanges will be made.
EXCHANGE OF CERTAIN OUTSTANDING ISSUES FOR SERIES T 4, "TAX" CERTIFICATES

In response to the continuing demand for "tax" certificates in anticipation of Federal
income and war-profits and excess-profits taxes, namely, Certificates of Indebtedness dated June
3, 1919, (subscriptions to which closed on June 7, 1919), and in order to make further provision
for the payment without inconvenience of the instalment of such taxes due September 15, 1919,
the Treasury Department has authorized the Federal Reserve Banks to issue until further notice
4 H % Treasury Certificates of Indebtedness of Series T-4, dated June 3, 1919, and maturing
September 15, 1919, at par with an adjustment of accrued interest in exchange for Treasury
Certificates of Indebtedness of any issue now outstanding maturing on or after July 15, 1919,
and on or before September 9, 1919.
The certificates which may be received for this exchange are
Series
Tax Series of 1919 (4%)
5F
5G
5H
5J

Date of Issue
August 20, 1918
February 13, 1919
February 27, 1919
March
13, 1919
April
10, 1919

Date of Maturity
July
15, 1919
July
15, 1919
July
29, 1919
August
12, 1919
September 9, 1919

It should be noted from the above that there will be a gain of one-half of one per cent,
to a holder of the Tax Series of 1919, (dated August 20, 1918, and maturing July 15, 1919,) in
making such an exchange, as that issue bears but 4% interest.
The Treasury Department points out that, while it is entirely within the option of the
holder to make use of any of the outstanding issues of Treasury Certificates of the maturities
above indicated in exchange for certificates of Series T 4, nevertheless the convenience of banking
institutions and of the Treasury will perhaps best be served by the use of certificates of the issue
maturing July 29, 1919, in preference to certificates of other issues, since that maturity does not
correspond to any Victory Liberty Loan instalment payment date.
The certificates of Series T 4, due September 15, 1919, are acceptable at their maturity
in payment of income and war-profits and excess-profits taxes payable on September 15, 1919.




Yours very truly,
BENJ. STRONG,

Governor.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102