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(New Issues) CIRCULAR N o . 335 Federal Reserve Bank of New York Offering of $ 2 5 0 , 0 0 0 , 0 0 0 (or thereabouts) U n i t e d S t a t e s of A m e r i c a T r e a s u r y Certificates of I n d e b t e d n e s s Dated and bearing interest from January 15, 1921 Series E — 1 9 2 1 , 5 ^ Per Cent. D u e April 15, 1921 Series F — 1 9 2 1 , 5 % P e r Cent. D u e October 15, 1921 To all Banks, Trust Companies, Savings Banks, Bankers, Investment and Principal Corporations in the Second Federal Reserve District: Dealers T h e Secretary of the Treasury, under the authority of the act approved September 24, 1917, as amended, offers for subscription, a t par and accrued interest, through t h e Federal Reserve Banks, Treasury certificates of indebtedness, in two series, both dated and bearing interest from J a n u a r y 15, 1921, t h e certificates of Series E—1921 being payable on April 15, 1921 with interest at t h e rate of five and one-half per cent, per annum and the certificates of Series F—1921 being payable on October 15, 1921 with interest at the rate of five and three-quarters per cent, per annum. Applications will be received at the Federal Reserve Banks. Bearer certificates will be issued in denominations of $500, $1,000, $5,000, $10,000, and $100,000. The certificates of Series E—1921 will have one interest coupon attached, "payable April 15, 1921, and the certificates of Series F—1921, two interest coupons attached one for semi-annual interest payable July 15, 1921 and the other payable October 15, 1921. T h e certificates of said series 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 t h e United States, or by any local taxing authority, except (a) estate or inheritance taxes, and (6) graduated additional income taxes, commonly known as surtaxes, and excess profits and warprofits taxes, now or hereafter imposed b y t h e 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 t h e taxes provided for in clause (6) above. T h e certificates of these series do not bear the circulation privilege and will not be accepted in payment of taxes. T h e right is reserved to reject any subscription and to allot less t h a n the amount of certificates of either or both series applied for and to close t h e subscriptions as to either or both series at any time without notice. P a y m e n t at par and accrued interest for certificates allotted must be made on or before J a n u a r y 15, 1921, or on later allotment. After allotment and upon payment Federal Reserve Banks m a y issue interim receipts pending delivery of t h e definitive certificates. Any qualified depositary will be permitted to make p a y m e n t by credit for certificates allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its district. Treasury certificates of indebtedness of Series B—1921, maturing January 15,1921, will be accepted at par, with an adjustment of accrued interest, in payment for any certificates of the Series E—1921 orF—1921 now offered which shall be subscribed for and allotted. As fiscal agents of t h e United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotment in full in the order of t h e 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, J. H. CASE, N e w York, J a n u a r y 10,1921. The attention of subscribers is directed to the described in the last paragraph of this Acting conditions circular. Governor.