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FEDERAL RESERVE BANK OF N E W YORK ["Circular No. 818"] LNovember 15, 1920 J Certificates of Indebtedness Department Subscription Books Closed United States of America Treasury Certificates of Indebtedness Series D 1921 To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealer* and Principal Corporations in the Second Federal Reserve District: The Secretary of the Treasury has announced that subscriptions to the offering of Treasury certificates of indebtedness, Series D 1921, dated and bearing interest at 5 % per cent, from November 15, 1920, maturing on May 16, 1921, closed at the close of business on Monday, November 15, 1920, the date of issue. Preliminary reports received by the Treasury Department from the twelve Federal Reserve Banks indicate that the issue which was for $200,000,000, or thereabouts, has been oversubscribed, and that the total subscriptions aggregate over $275,000,000. No further subscriptions, therefore, can be received. Yours very truly, J. H. CASE, Acting Governor