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CIRCULAR NO. 224

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Federal Reserve Bank of New York
OFFERING OF
UNITED STATES OF AMERICA 4 ^ % TREASURY CERTIFICATES OF INDEBTEDNESS
S E R I E S D 1920

Dated and bearing interest from December 1, 1919.

Due February 16, 1920.

To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers and
Principal Corporations in the Second Federal Reserve District,
Dear Sirs:
The 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, Series D 1920, dated and bearing interest
from December 1, 1919, payable February 16, 1920, with interest at the rate of four and onequarter per cent per annum.
Applications will be received at the Federal Reserve Banks.
Bearer certificates, without coupons, will be issued in denominations of $500, $1,000,
$5,000, $10,CC0, and $100,000.
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 war-profits taxes,
now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. The 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.
If any notes should be offered for subscription by the United States after the offering and
before the maturity of such certificates and the subscription price of such notes or the first
installment thereof be payable on a date occurring at or before the maturity of such certificates
then on and after such date (a) such certificates will be accepted at par with an adjustment of
accrued interest in payment on the subscription price when payable at or before the maturity
or redemption of such certificates of any such notes subscribed for by and allotted to holders
of such certificates; and (b) upon ten days public notice given in such manner as may be determined by the Secretary of the Treasury the certificates of this series may be redeemed as a whole
at par and accrued interest. The certificates of this series do not bear the circulation privilege,
and will not be accepted in payment of taxes.




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The right is reserved to reject any subscription and to allot less than the amount of certificates applied for and to close the subscriptions at any time without notice. Payment at par
and accrued interest for certificates allotted must be made on or before December I, 1919, or
on later allotment. After allotment and upon payment Federal Reserve Banks may 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 and all series
now outstanding and not overdue, maturing on or before February 2, 1920, (with any unmatured
interest coupons attached) will be accepted at par with an adjustment of accrued interest in
payment for any certificates of the Series D 1920 now offered which shall be subscribed for and
allotted.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested
to 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,
BENJ. STRONG,
Governor.
New York, November 24, 1919.




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