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FEDERAL RESERVE BANK
OF NEW YORK

TCircular No. 4361

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Subscription Books Closed
United States of America Treasury Notes
Dated and bearing Interest from February 1, 1922
Series A—1925, 4,% Per Cent. Due March 15, 1925

To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers
and Principal Corporations in the Second Federal Reserve District:

Subscriptions to the offering of 4% per cent. Treasury notes known as Series
A-1925, closed at noon to-day, February 1, 1922, the date of issue, according to an
announcement by the Secretary of the Treasury.
Preliminary reports received by the Treasury Department from the twelve
Federal Reserve Banks indicate that the offering has been heavily oversubscribed.
No further subscriptions, therefore, can be received.
Very truly yours,
BENJ. STRONG,

Governor

TO THE INVESTOR:
If you desire to purchase notes of the above issue after the closing of the subscriptions, or Treasury certificates or notes of any outstanding issue, you should make
application to your own bank, or if it cannot obtain them for you, to the Federal
Reserve Bank of New York.




1922

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