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CIRCULAR N O . 223

Federal Reserve Bank of New York
Offering of

UNITED STATES OF AMERICA A%% TREASURY CERTIFICATES OF INDEBTEDNESS
RECEIVABLE IN P A Y M E N T OF FEDERAL INCOME AND P R O F I T S T A X E S
SERIES T M 3 1920
Dated December 1, 1919

Due March 15, 1920

T o ALL BANKS, T R U S T COMPANIES, SAVINGS BANKS, BANKERS, INVESTMENT D E A L E R S AND
PRINCIPAL CORPORATIONS IN THE SECOND FEDERAL R E S E R V E D I S T R I C T ,
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 T M 3 1920, dated and bearing interest
from December 1, 1919, payable March 15, 1920, with interest at the rate of four and one-quarter
per cent per annum.
Applications will be received at the Federal Reserve Banks.
Bearer certificates, with one interest coupon attached, will be issued in denominations of
$500, $1,000, $5,000, $10,000, 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. T h e 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.
Certificates of this series will be accepted at par with an adjustment of accrued interest,
during such time and under such rules and regulations as shall be prescribed or approved by the
Secretary of the Treasury, in payment of income and profits taxes payable at the maturity of the
certificates. T h e certificates of this series do not bear the circulation privilege.
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 1, 1919, or on
later allotment. After allotment and upon payment Federal Reserve Banks will issue interim
receipts pending delivery of the definitive certificates. Qualified depositaries will be permitted
to make payment by credit for certificates allotted to them for themselves and their customers
up to an amount for which each shall have qualified in excess of existing deposits, when so notified
by Federal Reserve Banks. Treasury certificates of indebtedness of any and all series now outstanding and not overdue, maturing on or before February 2, 1920, (with any unmatured coupons
attached) will be accepted a t par with an adjustment of accrued interest in payment for any
certificates of the Series T M 3 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,
B E N j . STRONG,

Governor,
New York, November 24, 1919.




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