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FEDERAL RESERVE BANK
OF NEW YORK
Government Bond
Department
V Circular No. 508 "I
[ December 5, 1922 J
Called 4M Per Cent. Victory Notes
Bearing Letters A, B, C, D, E, or F
To be Sent to the Federal Reserve Bank as Soon as Possible
Banking Institutions Urged to Cooperate to Assure Prompt Payment
on December 15, 1922
To all Banks, Trust Companies and Savings Banks
in the Second Federal Reserve District:
As there are many thousands of people holding 4% per cent. Victory notes
running into hundreds of millions of dollars which have been called for redemption
on December 15, 1922, pursuant to the provisions of Treasury Department Circular
No. 299, dated July 26, 1922, it is important that called notes in both coupon
and registered form come to us as soon as possible from now on to assure prompt
payment on December 15. Accordingly, we suggest that you tell your customers
more about the redemption, and urge them not to delay in sending in their called
notes. If you will display the enclosed poster in your banking room it will help.
You may also find it convenient to mail the attached printed slip addressed
"To Holders of Called 4% Victory Notes" in outgoing correspondence to your
customers.
Registered notes in particular should reach us without delay as they must
be forwarded to Washington for discharge of registration before payment can be
made. There are some requirements to be observed in assigning the registered
notes and for your convenient reference we are enclosing herewith a summary of
the Treasury's regulations covering the most usual assignments. Please note that
we will make payment to a bank or broker presenting such notes only when
assignments have been executed in blank or when the notes have been assigned
" To the Secretary of the Treasury for redemption for account of (here insert the name
and address of payee desired)" in accordance with Treasury requirements. In
other cases we will make payment by check to order of the person assigning
the note for redemption. You will also find enclosed a copy of the fprm of Request
for Redemption, which you and your customers may use in surrendering the notes.
Separate forms should be used for coupon and registered notes. We shall be glad to
forward extra copies of these papers and the poster in any number you may desire.
The redemption of about $700,000,000 of outstanding Victory notes on
December 15 will be a significant step in the Government's financial operations
and banking institutions will render an important service to the Treasury by
assisting their customers as far as possible in handling the redemptions.
Very truly yours,
BENJ. STRONG,
Governor.
PARTIAL REDEMPTION
yb%
of
4J£ PER CENT. VICTORY NOTES BEFORE MATURITY
To Holders of Called 4% Per Cent. Victory Notes:
On December 15, 1922, the Government will pay out hundreds of millions of dollars
to holders of certain 4^£ per cent. Victory notes which the United States Treasury has
called for redemption at that time.
To avoid congestion and possible delay in making payment holders of 4 ^ Victorys
bearing the distinguishing letters A, B, C, D, E, or F, are requested to send in their notes
now to their own banks or direct to the Federal Reserve Bank.
Registered notes, duly assigned in accordance with Treasury regulations, should be
sent in early, as they cannot be paid until registration thereof is discharged at the Treasury
in Washington.
Coupon notes should have the May 20, 1923, coupons attached. The December 15
coupons, however, should be detached and collected in ordinary course when due.
TOUR BANK WILL HANDLE THE REDEMPTION FOR YOU
DigitizedDecember
for FRASER
5, 1922.
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United Slates
Partial Redemption of 4M Per Cent. Victory Notes Before Maturity
Summary of Treasury Regulations Governing Certain Features of Assignments
of Registered Notes
(To accompany Federal Reserve Bank of New York Circular No. 508,
dated December 5, 1922)
The attention of banking institutions is directed particularly to assignments for their account
as stated in paragraph 11 on the reverse side.
The Way to 1. Any 4% per cent. Victory notes in registered form, bearing the disAssign
tinguishing letters A, B, C, D, E, or F, prefixed to their serial numbers, which
are called for redemption under Treasury Department Circular 299 of July
26, 1922, should be duly assigned to "The Secretary of the Treasury for
redemption," in accordance with the general regulations of the Treasury
Department governing assignments. Reference is made to Treasury Department Circular 141 of September 15, 1919, as amended, for further details.
•">
Bank
2. The registered holder of a called 4 ^ per cent, registered Victory note, or
Officers^
some one duly authorized to act for him, must go before one of the officers
au
Wtness s thorized by the Secretary of the Treasury to witness assignments, must
establish his identity, and in the presence of such officer must execute an
assignment on the form appearing on the back of the note. Detached assignments will not be accepted. Among the officers authorized to witness assignments are the executive officers of incorporated banks and trust companies,
including incorporated savings banks, who are authorized to perform acts
attested under the seal of their respective institutions. A notary public, a
justice of the peace, or a commissioner of deeds, however, is not among the
officers authorized to witness assignments.
Representa- 3- Assignments of notes registered in the names of corporations, lodges,
five
societies, churches and other organizations, deceased persons, minors, etc.,
Assignments m u s j . ^ e supported by proper documents showing authority for such assignments.
Joint
Holders
"*• Assignments for redemption of notes registered jointly (John Smith and/or
Mary Smith) may be made by either registrant.
{Over)
Guardian
5. Notes registered in the name of a natural guardian, thus, "John Smith,
guardian for James Smith, a minor," will be accepted for redemption without
supporting evidence providing the assignment agrees with the inscription on
the face of the note. Notes registered in the names of minors under legal
guardianship, or in the names of minors without more, must be assigned by
the legal guardian and accompanied by a certificate of the proper court
showing his appointment, except where it is shown that the proceeds are
necessary for the support or education of the minor (See Form L. & C. 302).
Identical
Inscription
6. In all cases where assignments are executed by the registered owner, his
signature must agree with the inscription on the face of the note.
Shipping
Expense
7. The notes must be delivered at the expense and risk of the holder, and
should be accompanied by appropriate written advice. Form G. B. 60,
"Request for Redemption," may be used for this purpose.
PAYMENTS
Payment to
Registered
Owner
8. / / assignment for redemption is made by the registered owner to " The Secretary of the Treasury for redemption," payment of principal and interest to the
date of redemption tvill be made to the registered owner unless written instructions
to the contrary are received from him.
Payment to 9. If assignment for redemption is made by an assignee holding under
Assignee
proper assignment from the registered owner, payment of principal and
interest to the date of redemption will be made to such assignee at the address
specified in an appropriate written advice.
Assignments 10. Assignments in blank, or other assignments having the same effect, will
in Blank
a } s o b e recognized and in that event payment will be made to the person
surrendering the notes for redemption, since under such assignments the
notes become in effect payable to the bearer.
"For
I*- In case ^ ™ desired to have payment of registered notes presented for redempAccount of" tion made to someone other than the registered owner, without intermediate
assignments, the notes may be assigned to " The Secretary of the Treasury for
redemption for account of {here insert name and address of payee desired)" but
assignments in this form must be completed before acknowledgment and not left
in blank.
Cll 201R50M4-23
Registered Notes for
~~
Redemption
Use separate form for each
faind of transaction.
To FEDERAL RESERVE BANK OF NEW YORK,
... 192.
Fiscal Agent of the United States,
Government Bond Department.
DEAR SIRS :
The undersigned presents and surrenders herewith for redemption the following::
Registered Victory Loan Notes
G-L
A-F
*4%
Specimen of form of Assignment
"For value received I Mtieti to
Secretary of the Treasury for payment for account of First Nat'l Bank of Blank, New York,
the within registered note of the United States and hereby authorize the transfer thereof on the books of the
United States Treasury Department,
(Signed) JOHN DOB
Personally appeared before me the above named assignor; known or proved to me to be the payee of the within
note and signed the above transfer acknowledging the same to be his free act and deed; Witness my hand,
official designation and seai.
(Signed) RICHARD ROM
Cashier
First National Bank, Blank, New York.
Dated at Blank, New York. (Date)
Bank
Seal
Pieces
Denomination
Face Amount
Serial numbers
$50
100
500
1.000
5,000
10.000
50,000
100,000
Unless instructions are given for immediate
redemption, uncalled 4 ^ % Notes will be entered for
redemption on the maturity date, or as soon thereafter as released by the Treasury Department.
Total face amount
Please enter 4y±% notes for
2 Immediate Redemption
3 Redemption at Maturity
Make payment by
Sign
here
(Name)
• Check
• Credit
(Address)
J Special Instructions Attached
ByThese spaces for use of Federal Reserve Bank
Received
Checked
Interest
Checked
Recorded
Window
Custody
Mail
fThe provisions of Treasury Department Circulars tfo. m dated Feb 9, IMS, HKt dated July *6, Wit, and Sit, dated March 1. 10SS.
govern the redemption of Victory Ao/»-.->.
201.1 10M 2-14
Request for
Use separate form for each
kind of transaction.
Redemption
1
To FEDERAL RESKRVB BANK OF NKW YORK,
Fiscal Agent of the United States,
Government Bond Department.
The undersigned presents and surrenders herewith for redemption the following:
Treasury Notes — Series
Certificates of Indebtedness — Series
Victory Loan Coupon Notes
'4 70
Denomination
Pieces
A-F
G-L
Numbers
Face Amount
$50
100
500
1,000
Leave Blank
5,000
10,000
100,000
Please make payment by
D Check Immediately
• Check at Maturity
Q Credit Immediately
] Credit at Maturity
Q Special Instructions Attached
Total face amount
Sign
here
|&.
(Name)
(Address)
By
These spac es for use of Federal Reserve Bank
Received
s
Checked
Interest
Checked
Examined
Window
Custody
Mail
{The provision's of Treasury Department Circulars No- 277 dated lebruary 9. 29M, 09doted July 26. 28fg Xo .100 dated
July 5i, t9U, <tnd 3*2, dated March 1, 1!<23, govern the redemption of Victory Notes.)
@FedFRASER