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CIRCULAR N O . 236 FEDERAL RESERVE BANK OF N E W YORK CERTIFICATES OF INDEBTEDNESS DEPARTMENT December 15, 1919 EXCHANGE PRIVILEGE CLOSED UNITED STATES TREASURY CERTIFICATES OF INDEBTEDNESS Series T M 3-1920 Dated December 1, 1919 Due March 15, 1920 To ALL BANKS, TRUST COMPANIES, SAVINGS BANKS, BANKERS, INVESTMENT DEALERS AND PRINCIPAL CORPORATIONS IN THE SECOND FEDERAL RESERVE DISTRICT, DEAR SIRS: Secretary Glass announced that the privilege of exchanging Treasury certificates of indebtedness of issues maturing on or before February 16, 1920, for Treasury certificates of indebtedness of Series T M 3-1920 dated December 1, 1919, and maturing March 15, 1920, would close at the close of business to-day, December 15, 1919. This privilege was announced in our Circular No. 228 of December 3, 1919, when the Federal Reserve Bank was authorized to make such exchanges until further notice notwithstanding the closing on December 2, 1919, of the subscription books of Series T M 3-1920. Yours very truly, BENJ. STRONG, Governor.