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CIRCULAR N O . 198

FEDERAL RESERVE BANK
OF NEW YORK
-^ CERTIFICATES OF INDEBTEDNESS
DEPARTMENT

August 27, 1919.
UNITED STATES TREASURY CERTIFICATES OF INDEBTEDNESS.
Series C 1920
Dated September 2, 1919
To

Due February 2, 1920

ALL BANKS, TRUST COMPANIES AND SAVINGS BANKS IN THE
SECOND FEDERAL RESERVE DISTRICT,

DEAR S I R S :

Under date of August 25th, the formal offering of Series C 1920 4J^% Treasury Certificates of Indebtedness was mailed to you. As announced by the Secretary of the Treasury this
series is for no fixed minimum amount. No individual quotas, therefore, will be assigned to
banking institutions for this issue as has been the practice heretofore. Notwithstanding,
however, that the quota requirements for this offering are removed the Treasury Department
hopes that banking institutions will subscribe liberally and that they will encourage the resale
of the certificates to their customers. All subscriptions received from banking institutions to
this issue will be credited against the quotas assigned to the subscribing banks on the previous
semi-monthly issues (Series A and B) of August 1st and 15th, respectively, and will be published in the usual manner in our continuing record of banking subscribers. This will afford
those banks that have not absorbed their quotas on the two prior issues an opportunity of improving their position by placing a subscription to this issue.
Subscriptions are now being received to Series C 1920, (dated September 2, 1919, and
maturing February 2, 1920) but as this issue is subject to close at any time without notice, subscribers are urged to send in their subscriptions if possible before September 2, thus avoiding
the payment of any accrued interest and permitting incorporated banks and trust companies
subscribing by "Advice of Credit" to receive the full benefit of the Government deposit.
TREASURY CERTIFICATES ACCEPTABLE IN PAYMENT
The following issues of Treasury Certificates of Indebtedness will be accepted at par
with an adjustment of accrued interest in payment for any certificates of Series C 1920 now
offered.
Series
Issued
Maturity
V J
April 10, 1919
September 9, 1919
V K
May 1, 1919
October
7, 1919
T 4 (Tax Certificates)
June 3, 1919
September 15, 1919
T 6 "
"
June 1, 1919
September 15, 1919
REDEMPTION IN CASH OF SERIES V J BEFORE MATURITY
Simultaneously with the announcement of the current issue, (Series C 1920), the Secretary
of the Treasury has authorized the Federal Reserve Bank on and after Tuesday, September 2,
1919, to redeem in cash before maturity at the holder's option at par and accrued interest to
the date of such optional redemption, Treasury Certificates of Indebtedness of Series V J, dated
April 10, 1919, and maturing September 9, 1919.
MATURING CERTIFICATES OF INDEBTEDNESS
(For the attention of nonmember institutions)
Nonmember institutions will find it of advantage to notify us in advance of the maturity
of certificates of indebtedness what disposition they wish made of the proceeds. May we suggest, therefore, with respect to each issue of certificates sent to us for collection or held in our
possession, that the nonmember institution advise the Securities Department of this bank
whether it is its desire to have a check sent for the proceeds of the certificates or to have the
amount placed to its credit with another institution, as by so doing it will avoid loss of interest
and will be of assistance to us.
Yours very truly,




R.

H.

TREMAN,

Deputy Governor.

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