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CIRCULAR N O . 238 FEDERAL RESERVE BANK OF N E W YORK CERTIFICATES OF INDEBTEDNESS DEPARTMENT December 19, 1919 CLOSING OF SUBSCRIPTION BOOKS UNITED STATES TREASURY CERTIFICATES OF INDEBTEDNESS 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: Subscriptions to the formal offering of Treasury certificates of indebtedness, Series T J 1920, dated December 15, 1919, and payable June 15, 1920, were formally closed at the close of business Friday. December 19, 1919, upon telegraphic advice from the Treasury Department. Yours very truly, BENT. STRONG, Governor.