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F E D E R A L R E S E R V E BANK
O F NEW Y O R K

Certificates of Indebtedness

T Circular N o . S97 "I

Department

[ September 9, 1921J

$600,000,000*
Three-Year 5,K P e r Centi United States Treasury Notes
One-Year 5}i P e r Cent. United States Treasury Certificates
Six-Month 5 P e r Cent. United States Treasury Certificates
Dated and bearing; interest from September 15> 1921;
To all Banks, Trust Companies, Savings Banks, Bankers, Investment
and Principal Corporations in the Second Federal Reserve District:

Dealers

Secretary Mellon today announced a combined offering of $600,060,000, or thereabouts) of three-year 5% per cent. Treasury notes, dated September 15, 1921, due September
15, 1924, one-year 5 ^ per cent. Treasury certificates, dated September 15, 1921, due
September 15, 1922, and six-month 5 per cent. Treasury certificates dated September 15,
1921, maturing March 15,1922.

Applications will be received by this bank as fiscal agent

of the United States.
As stated in the announcement the notes will be straight three-year notes, will not be
subject to call for redemption befbre maturity and will be acceptable in payment of income
and profits taxes payable at or within six months before maturity.

Further details in

connection with the new issues are outlined in the Secretary's letter of September 9, 1921,
to the banking institutions of the country, which is being sent out by the Treasury.
The text of the offerings of the notes and certificates will be found on the next two
pages




Very truly yours*
BENJ. STRONG,

Governor.

(New Issue)

Federal Reserve Bank of New York
Offering of

United States of America
Five and One-Half Per Cent. Treasury Notes
SERIES B—1924,

Dated and bearing interest from September 15, 1921.
To all Bank*, Trust Companies, Savings Banks, Bankers, Investment
and Principal Corporations in the Second Federal Reserve District:

Due September ] 5 , 1924.
Dealers

The Secretary of the Treasury offers for subscription, at par and accrued interest, through
the Federal Reserve Banks, Treasury notes of Series B-1924, of an issue of gold notes of the United
States authorized by the Act of Congress approved September 24, 1917, as amended. The notes
will be dated and bear interest from September 15,1921, will be payable September 15, 1924, and will
bear interest at the rate of five and one-half per cent, per annum payable semiannually on March 15
and September 15 in each year.
Applications will be received at the Federal Reserve Banks.
Bearer notes^with interest coupons attached will be issued in denominations of $100, $500,
$1,000, $5,000, $10,000, and $100,000. The notes are not subject to call for redemption before
maturity, and will not be issued in registered form. The principal and interest of the notes will be
payable in United States gold coin of the present standard of value.
The notes 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 the 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 war-profits taxes, now
or hereafter imposed by the United States, upon the income or profits of individuals, partnerships,
associations, or corporations.
Notes of this series will be accepted at par, with an adjustment of accrued interest, during such
time and under such rules and regulations as shall be prescribed or approved by the Secretary of the
Treasury, in payment of income and profits taxes payable at or within six months before the maturity
of the notes. Any of the notes which have been owned by any person continuously for at least six
months prior to the date of his death, and which upon such date constitute part of his estate, shall,
under rules and regulations prescribed by the Secretary of the Treasury, be receivable by the United
States at par and accrued interest in payment of any estate or inheritance taxes imposed by the
United States, under or by virtue of any present or future law upon such estate or the inheritance
thereof. The notes of this series will be acceptable to secure deposits of public moneys, but do not
bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the amount of notes applied
for and to close the subscriptions at any time without notice. Payment at par and accrued interest
for notes allotted must be made on or before September 15,1921, or on later allotment. After allotment
and upon payment Federal Reserve Banks may issue interim receipts pending delivery of the
definitive notes. Any qualified depositary will be permitted to make payment by credit for notes
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 TS-1921 and Series TS2-1921, both maturing September 15, 1921,
and of Series F-1921, and Series H-1921, both maturing October 15, 1921, with any unmatured
interest coupons attached, will be accepted at par, with an adjustment of accrued interest, in payment
for any notes of the Series B-1924 now offered which shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to
receive subscriptions and to make allotments in full in the order of the 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,
BKNJ. STRONG,

New York, September 9, 1921.



Governor.

(New Issues)

Federal Reserve Bank of New York
Offering of

United States of America Treasury Certificates of Indebtedness
Dated and bearing Interest from September 15, 1921.
Series TM 3—1922, 5 Per cent. Due March 15, 1922.
Series TS—1922, S}4 Per Cent. Due September 15, 1922.
To all Banks, Trutt Companies. Savings Batiks, Bankers, Investment
and Principal Corporations in the Second Federal. Reserve District:

Dealers

The Secretary of the Treasury, under the authority of the act approved September 24,
1917, as amended, offers for subscription, at par and accrued interest, through the Federal Reserve
Banks, Treasury certificates of indebtedness, in two series, both dated and bearing interest from
September 15, 1921, the certificates of Series TM3-1922 being payable on March 15, 1922, with
interest at the rate of five per cent, per annum semiannually, and the certificates of Series TS-1922
being payable on September 15, 1922, with interest at the rate of five and one-quarter per cent,
per annum, payable semiannually.
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 TM3-1922 will have one interest coupon attached, payable
March 15, 1922, and the certificates of Series TS-1922 two interest coupons attached, payable
March 15, 1922, and September 15, 1922.
The 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
the 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 by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. The 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 the taxes provided for in clause (b) above.
The certificates of these series will be accepted at par, with an adjustment of accrued
interest, during such time and under such rules and regulations as shall be prescribed or approved
by the Secretary of the Treasury, in payment of income and profits taxes payable at the maturity
of the certificates. The certificates of these series do not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the amount of certificates of either or both series applied for and to close the subscriptions as to either or both series
at any time without notice. Payment at par and accrued interest for certificates allotted must
be made on or before September 15, 1921, or on later allotment. After allotment and upon payment Federal Reserve Banks may issue interim receipts pending delivery of the definitive certificates. Any qualified depositary will be permitted to make payment 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 TS-1921 and Series TS2-1921, both maturing September 15,
1921, and of Series F-1921 and Series H-1921, both maturing October 15, 1921, with any unmatured interest coupons attached, will be accepted at par, with an adjustment of accrued
interest, in payment for any certificates of the Series TM3-1922 or TS-1922 now offered which
shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested
to receive subscriptions and to make allotments in full in the order of the receipt of appHcations
up to amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the
respective districts.
Yours very truly,
BENJ. STRONG,

New York, September 9, 1921



Governor.

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