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CIRCULAR NO. 233
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i

FEDERAL RESERVE BANK
OF N E W YORK
CERTIFICATES OF INDEBTEDNESS
DEPARTMENT

December 10, 1919

UNITED STATES TREASURY 4 ^ % CERTIFICATES OF INDEBTEDNESS
Acceptable in Payment of Federal Income and Profits Taxes
Series T J 1920
Dated December 15, 1919

Due June 15, 1920

To ALL BANKS, TRUST COMPANIES, SAVINGS BANKS, BANKERS, INVESTMENT DEALERS AND
PRINCIPAL CORPORATIONS IN THE SECOND FEDERAL RESERVE DISTRICT,
DEAR SIRS:

The New Certificates
The books of the Federal Reserve Bank of New York as Fiscal Agent of the United States
are open and subscriptions are now being received to the new issue of certificates of indebtedness
acceptable at their maturity in payment of Federal income and profits taxes. Any qualified
depositary will be permitted to make payment by book credit, as usual, for certificates allotted
to it and its customers. No specific amount of the new certificates is being offered by the Treasury Department, and no individual quotas have been assigned to the banks. The details of the
official offering were contained in our Circular No. 231 of December 8, 1919.
Exchange of Unmatured "Certifica'tes for the Present Offering
The new certificates may also be obtained by exchanging outstanding issues maturing
on or before March 15,1920, and not overdue. The certificates so exchangeable for Series T J 1920
are as follows:
"Tax"
Series
T5
T7
T8
T9
T M 3-1920

Certificates
Dated-

June
July
July
Sept.
Dec.

3, 1919
1, 1919
15, 1919
15, 1919
1, 1919

Maturity
Dec.
Dec.
March
March
March

15, 1919
15, 1919
15, 1920
15, 1920
15, 1920

Series
A 1923
B 1920
C 1920
D 1920

'Loan" Certificates
Dated
Aug.
Aug.
Sept.
Dec.

1,
15,
2,
1,

1919
1919
1919
1919

Maturity
Jan.
Jan.
Feb.
Feb.

2,
16,
2,
Hi,

1920
1920
1920
1920

If any banking institution is in doubt as to the best method to pursue in offering its present
holdings of certificates in exchange for the new issue (Series T J 1920) it is suggested that, while
of course the banking institution is free to subscribe in any manner under the terms announced
in the official offering, the interests of the Treasury might best be served if the "loan" certificates
were turned in for exchange rather than the "tax" certificates.
The new certificates are dated December 15, 1919, and as the Treasury reserves the right
to close the subscriptions at any time without notice, it is advisable to enter subscriptions immediately.
Yours very truly,




BENJ. STRONG,

Governor.

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