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FEDERAL RESERVE BANK OF NEW YORK k \ Certificates of Indebtedness Department FCircular No. 626~| |_September 8, 1924 J $350,000,000 (or thereabouts) \ September 15th Offering of 2% Per Cent. Treasury Certificates Maturing in One Year Subscription Books Open September 8 To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers, Principal Corporations and Others Concerned in the Second Federal Reserve District: T The Secretary of the Treasury today offers for subscription a new series of Treasury certificates of indebtedness running for one year from September 15,1924, and bearing interest at the rate of 2% per cent, per annum, payable semiannually. In announcing the offering Secretary Mellon made the following statement: \ j / The Treasury is today announcing its September financing which takes the form of an offering of two and three-quarters per cent. Treasury certificates of indebtedness, dated and bearing interest from September 15, 1924, maturing September 15, 1925. The certificates are tax certificates, and the amount of the offering is $350,000,000, or thereabouts. The Treasury will accept in payment for the new certificates at par Treasury notes of Series B-1924, maturing September 15, 1924. The proceeds of these two and three-quarters per cent, certificates will be used with other cash now in the general fund and tax receipts to pay the $377,000,000, of five and one-half per cent. Treasury notes payable September 15, 1924, and to meet the interest payments on the public debt of approximately $135,000,000 in September, $150,000,000 in October, and $66,000,000 in November. \ The present offering of certificates is intended, with the expected tax payments of September 15, 1924, and the balances already on hand, to provide for all requirements until the December 15, 1924 tax payment date when additional financing will be necessary. The subscription books for this issue are now open and applications will be received by this bank. The terms of the offering are given in full on the following page. Very truly yours, BENJ. STRONG, Governor G. D. 1 TO BE USED IN REPORTING PAYMENTS FOR CERTIFICATES OF INDEBTEDNESS O N L Y (Name of bank or trust company) SERIES TS 3 1 9 2 5 2 /4% Dated September 15, 1924—Due September 15, 1925 ^^^^B a^^ - ~ ~ m »19 (Date) I HEREBY CERTIFY that there has been deposited this day with the above bank or trust company, to the credit of the Federal Reserve Bank of New York, as Fiscal Agent of the United States War Loan Deposit Account, to be held subject to withdrawal on demand, the sum of _ $ Cashier or Vice-President _ Dollars, INSTRUCTIONS Make reports on this form when payments for certificates of indebtedness subscriptions are made through credit in the FEDERAL RESERVE BANK OF NEW YORK as FISCAL AGENT OF THE UNITED STATES WAR LOAN DEPOSIT ACCOUNT in your books, forwarding to the Federal Reserve Bank of New York. Demands for withdrawal of deposits in the above account will be made through the Federal Reserve Bank of New York as fiscal agent of the United States. NOTE—See reverse SUBSCRIPTION Lot Number Application Number To 23/4 Per Cent. Treasury Certificates, Series TS-1925 Dated September 15, 1924. Due September 15, 1925 Dated at. • ^ .1924. Interest will be on semiannual basis: v For period September 15, 1924, to March IS, 1925 on 181 day basis,—decimal for one day's interest on $1,000 $0.07596685. For period March 15 to September 15, 1925, on 184 day basis, one day's interest $0.07472826. FEDEBAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States, New York, N. Y. DEAR SIRS: Pursuant to the terms stated in the offering of the Secretary of the Treasury dated September 8, 1924, please enter our (my) subscription at par and accrued interest for $ (par value) United States of America 2% per cent. Treasury certificates of indebtedness, Series TS-1925, dated September 15, 1924, due September 15, 1925. We (I) agree to pay to you on September 15, 1924, at par and aw rued interest for any certificates allotted on aecount of this subscription, and payment will be made by the method indicated below: By Exchange of: Treasury notes, Series B-1924 $ By check $ By cash .$ Payment will be made by (name) This is a confirmation of a previous subscription. Write Yes Write No Subscriber Street address. Town State THIS SPACE IS FOR THE USE OF THE FEDERAL RESERVE BANK OF NEW YORK FIGURED CARD CLASSIFIED LEDGER Figured Checked Advised Allotment ACKNOWLEDGED DISPOSITION Released Payment By Exchange of Series B-1924 Treasury notes $ Date $ 1 By Cash — By Check Check No. Received Checked Interest Checked Drawn on Recorded Window Custody Mail Subscription by Bank or Trust Company Lot Number Application Number By Cash or by Book Credit 3 To 2 A Per Cent. Treasury Certificates of Indebtedness, Series TS-1925 Dated September 15, 1924. Due September 15, 1925 Dated at. \lnterest will be on semiannual basis: \ For period September 15, 1924, to March 15, 1925 on 181 day basis,—decimal for one day's interest on $1,000 $0.07596685. \ For period March 15 to September 15, 1925, on 184 day basis, one day's interest $0.07472826. .1924 i FJ&DERAL EESERVE BANK OF NEW YORK Fiscal Agent of the United States New York, N. Y. ! DEAB SIES: Pursuant to the terms stated in the offering of the Secretary of the Treasury dated September 8, 1924, please enter our subscription at par and accrued interest for $ (par value) United States of America 2% per cent. Treasury certificates of indebtedness, Series TS-1925 dated September 15, 1924, due September 15, 1925. The above amount includes subscriptions for our customers and for our own account. The subscriptions are classified as follows: 500 to 10,000 Amount Leave Blank Jo. No. | CLASSIFICATION OF SUBSCEIPTIONS 10,100 to 50,000 50,100 to 100,000 Amount Leave Blank No. Amount Leave Blank Leave Blank | 1 „ •$o. I 100,100 to 500,000 Amount Leave Blank No. 500,100 to 1,000,000 Amount Leave Blank Over 1,000,000 Amount Leave Blank No. | Leave Blank Total Subscription Allotted —@ 1 i 1 We agree to pay you on September 15, 1924, at par and aceruedinterest for any certificates allotted on account of this subscription, and payment will be made by the method indicated below: By debit to our reserve account $ By check $ By credit to War Loan Deposit Account - - - - $ By exchange of Series B-1924 Treasury notes - - - $ write yes This is a confirmation of a previous subscription write no Subscriber Town Official signature State. THIS SPACE IS FOE THE USE OF THE FEDEEAL EESEEVE BANK OF NEW YOEK FIGURED CARD CLASSIFIED LEDGER GOVERNMENT DEPOSIT ACKNOWLEGED DISPOSITION Deliver Payment Figured Checked Advised Allotment War Loan Deposit Released \$ Date S I Reserve Account Charged Date of Charge 1 By Exchange of Series B-1924 notes .— By Check Beceived Checked Recorded Window Custody Mail Other Depts. Original FEDERAL RESERVE BANK Application Number OF NEW YORK NOTICE OF ALLOTMENT on Subscription to 2% Per Cent. Treasury Certificates, Series TS-1925 Dated September 15, 1924. Due September 15, 1925 September Referring to your subscription to $ (par value] United States of America 2% per cent. Treasury certificates of indebtedness—Series TS-1925, dated September 15, 1924 due September 15, 1925,—you have been allotted $ , as follows: CLASSIFICATION $500 to $10,000 $ 10,100 to 50,000 50,100 to 100,000 100,100 to 500,000 500,100 to 1,000,000 Over 1,000,000 Total, $ TO OBTAIN DELIVERY OF THE SECURITIES THE ORIGINAL OF THIS NOTICE, PROPERLY FILLED OUT AND SIGNED IN THE SPACES PROVIDED BELOW, MUST BE RETURNED IMMEDIATELY TO US. FEDERAL RESERVE BANK OF NEW YORK, Fiscal Agent of the United States. Checked by Instructions to Federal Reserve Bank of New York ISSUE SECURITIES IN THE FOLLOWING DENOMINATIONS Pieces Denominations LEAVE BLANK Par Amount DISPOSE OF SECURITIES AS INDICATED BELOW Numbers Deliver to Government Deposit Div. Hold for Safekeeping (For members only) $ 500 1,000 Deliver Over Counter 5,000 Deliver to Loan Department. Ship Definitive Securities 10,000 100,000 Total Special Instructions The method of payment is indicated below: By debit to our reserve account $ By check By credit to War Loan Deposit Account By Cash By exchange of Series B-1924 Treasury notes Subscriber Street address. Town State DO NOT USE THESE SPACES Checked to App. Released Prepared Paid Stamp Government Deposit Delivery Receipt Received $- Checked Digitizedelivered for FRASER By- Original FEDERAL EESERVE BANK Application Number OF NEW YORK NOTICE OF ALLOTMENT on Subscription to 2% Per Cent. Treasury Certificates, Series TS-1925 Dated September 15, 1924. Due September 15, 1925 September , 195 Keferring to your subscription to $ (par value) 'United States of America 2% per cent. Treasury certificates of indebtedness—Series TS-1925, dated September 15, 1924, due September 15, 1925,—you have been allotted $ , as follows: CLASSIFICATION $500 10,100 50,100 100,100 500,100 Over to $10,000 to 50,000 to 100,000 to 500,000 to 1,000,000 1,000,000 Total, TO OBTAIN DELIVERY OF THE SECURITIES THE ORIGINAL OF THIS NOTICE, PROPERLY FILLED OUT AND SIGNED IN THE SPACES PROVIDED BELOW, MUST BE RETURNED IMMEDIATELY TO US. FEDERAL RESERVE BANK OF NEW YORK, Checked by. Fiscal Agent of the United States. Instructions to Federal Reserve Bank of New York ISSUE SECXTRITIES IN THE FOLLOWING DENOMINATIONS Pieces Denominations LEAVE BLANK Par Amount DISPOSE OF SECURITIES AS INDICATED BELOW Numbers Deliver to Government Deposit Div. Hold for Safekeeping (For members only) $ 500 1,000 Deliver Over Counter 5,000 Deliver to Loan Department Ship Definitive Securities 10,000 100,000 Total Special Instructions The method of payment is indicated below: By debit to our reserve account By Cash $ By exchange of Series B-1924 Treasury notes By check By credit to War Loan Deposit Account Subscriber Street address. Town Paid Stamp Checked to App. Released Prepared Amount- State DO NOT USE THESE SPACES Government Deposit Delivery Receipt Received $- Deliver to us Checked Digitized slivered for FRASER By- Free By- (New Issue) Federal Reserve Bank of New York Offering of $ 3 5 0 , 0 0 0 , 0 0 0 (or thereabouts) United States of America Two and Three-Quarters Per Cent. Treasury Certificates of Indebtedness SERIES TS-1925 Dated and Bearing Interest from September 15, 1924. Due September 15, 1925. To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers, Principal Corporations and Others Concerned in the Second Federal Reserve District: 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 of Series TS-1925, dated and bearing interest from September 15, 1924, payable September 15, 1925, with interest at the rate of two and three-quarters 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 will have two interest coupons attached, payable March 15, 1925 and September 15, 1925. 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 (b) 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. 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 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 the maturity of the certificates. The certificates of this series will be acceptable to secure deposits of public moneys but •will not bear the circulation privilege. The right is reserved to reject any subscription and to allot less than the amount of certificates applied for and to close the subscriptions at any time without notice. The Secretary of the Treasury also reserves the right to make allotment in full upon applications for smaller amounts, and to make reduced allotments upon, or to reject, applications for larger amounts, and to make classified allotments and allotments upon a graduated scale; and his action in these respects will be final. Allotment notices will be sent out promptly upon allotment, and the basis of the allotment will be publicly announced. Payment at par and accrued interest for certificates allotted must be made on or before September 15, 1924, 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 notes of Series B, 1924, maturing September 15, 1924, will be accepted at par with an adjustment of accrued interest, if any, in payment for any certificates of the Series TS-1925 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 on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective districts. New York, September Yours very truly, B E N J . STRONG, 8, 1924. Governor.
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