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FEDERAL RESERVE BANK OF N E W YORK Government Bond Department FCircular No. 675~| |_J U n e 8, 1 9 2 5.J $125,000,000 (or thereabouts) June 15th Offering of 3 Per Cent Treasury Certificates of Indebtedness Subscription Books Open June 8 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 today offers for subscription a new series of 3 per cent Treasury certificates of indebtedness running for one year from June 15,1925. In announcing the^ offering Secretary Mellon made the following statement: "The Treasury is today announcing its June financing, which takes the form of an offering of one year 3 per cent Treasury certificates of indebtedness, dated and bearing interest from June 15, 1925, maturing June 15, 1926. The certificates are tax certificates and the amount of the offering is for $125,000,000, or thereabouts. The Treasury will accept in payment for the new certificates 4Y» per cent Treasury notes of Series C-1925, maturing June 15, 1925, at par, but such subscriptions will not be given preferred allotment. "About $400,000,000 of Treasury notes become payable on June 15, 1925. ' ' The present offering is intended, with the balances already on hand and the June tax receipts, to cover the Treasury's further cash requirements until September when further financing will be necessary." The subscription books for this offering 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. STEONG, Governor # O. D . 1 TO BE USED IN REPORTING PAYMENTS FOR TREASURY CERTIFICATES ONLY s _ <** o 2 > ti Jo'Z (Name of bank or truit company) SERIES TJ—1926—3% (Location) Dated June 15, 1925—Due June 15, 1926. lg (Date) ^ ^ -a f! •s f§ 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 Dollars, Cashier or Vicc-President 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 BTC-C Subscription by Bank or Trust Company Lot Number Application Number c By Check, Charge, Book Credit, or Exchange To 3 Per Cent Treasury Certificates, Series TJ-1926 Dated June 15, 1925 Due June 15, 1926 Date at. .1925 Interest on Certificates Series TJ-1926 will be on semiannual "basis. For period June 15, 1925, to December 15, 1925, on 18S day basis. Decimal for one day's interest on $1,000 $0.08196781. For period December 15, 1925 to June 15, 1926, on 182 day basis. One day's interest $0.08241758. FEDERAL RESERVE BANK or 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 June 8, 1925, please enter subscriptions at par and accrued interest for United States of America 3 per cent Treasury certificates of indebtedness, Series TJ-1926 dated June 15, 1925, and due June 15, 1926, as follows: For our own account (not classified below) For our customers (classified below) , Total Subscription $_„ CLASSIFICATION OF CUSTOMERS' SUBSCRIPTIONS (Not for denomination of securities) Subscriptions of $1,000 and under Number Amount Leave Blank Subscriptions of $1,100 to $10,000 Inclusive Subscriptions of $10,100 to $50,000 Inclusive Number Amount Leave Blank Number Amount Leave Blank Subscriptions of $50,100 to $100,000 Inc. Number Amount Leave Blank Sub's of $100,100 to $.500,000 Inclusive Number Amount Leave Blank Subscriptions of over $1,000,000 Amount Number Leave Blank \ Sub's of $500,100 to $1,000,000 Inclusive Number Amount Leave Blank We agree to pay to you on June 15, 1925, at par and accrued interest 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 B y check - - - - - - - TO SUBSCRIBER: Mark (X) in proper space to indicate if this is: Original subscription Confirmation of a telegram.... Confirmation of a letter B y credit to W a r B y e x c h a n g e of T r e a s u r y N o t e s , L o a n Deposit A c c o u n t Series - C - 1 9 2 5 - - . . - $ . ( ' Before signing fill in all required spaces. Bank or Trust Company Post Office Address State Official signature required SPACES BELOW ABE FOB THE USE OF THE FEDERAL RESERVE BANK Examined Carded Ledger Classified Government Deposit Acknowledged Disposition HnlH Allotment Received Figured Checked Checked Advised Recorded Method of Payment Window Amount Custody Date Released 1 Mail By Other Department* J-0 SUBSCRIPTION Lot Number Application Number IB To 3 Per Cent Treasury Certificates of Indebtedness Series TJ-1926 Dated June 15, 1925 Due June 15, 1926 Dated at. .1925 Interest on Certificates Series TJ-1926 will be on semiannual basis. For period June 15, 1925, to December 15, 1925, on 18S day basis. Decimal for one day's interest on $1,000 $0.08196721. For -period December 15, 1925 to June 15, 1926, on 182 day basis. One day's interest $0.08241758. FEDERAL RESERVE BANK or NEW YOEK, Fiscal Agent of the United States, New York, N. Y. DEAB BIBS: Pursuant to the terms stated in the offering of the Secretary of the Treasury dated June 8, 1925, please enter our (my) subscription at par and accrued interest for $ ( P a r value) United States of America 3 per cent Treasury certificates of indebtedness, Series TJ-1926 dated June 15, 1925, due June 15, 1926. We (I) agree to pay to you on June 15, 1925, at par and accrued interest for any certificates allotted on account of this subscription, and payment will be made by the method indicated below: - By check By June 15, 1925 Treasury notes. Series C-1925 - - I. - - f . By eaah Payment will be made by (name) This is a confirmation of a previous subscription. Writ* Tea Writ* No Subscriber.... Street address. Town State THIS SPACE IS FOR THE USE OF THE FEDERAL RESERVE BANK OF NEW YORK FIGT7BED CARD Allotment CLASSIFIED LEDGEE Figured Checked Advised DISPOSITION Payment By Exchange of Series C-1925 > ACKNOWLEDGED Released $ Date % By Cash By Check Drawn on Check No. Received Checked Interest Checked Recorded Window Custody Mail Original FEDERAL RESERVE BANK Lot Number OF NEW YORK Application Number NOTICE OF ALLOTMENT on Cash Subscription to 3 Per Cent Treasury Certificates, Series TJ-1926 Dated June 15, 1925 Due June 15, 1926 June , 1925 Referring to your subscription to $ (par value) United States of America 3 per cent Treasury certificates, dated June 15, 1925, due June 15, 1926, you have been allotted IMPORTANT To obtain delivery of the certificates, the original of this notice, properly filled out and signed in the spaces provided below, must be returned immediately to us. Attach payment hereto unless reserve account is to be debited. FEDERAL RESERVE BANK OF NEW YORK, Cheeked by Fiscal Agent of the United States. Instructions to Federal Reserve Bank of New York ISSUE SECURITIES IN THE FOLLOWING DENOMINATIONS Pieces Denominations DISPOSE OP SECURITIES AS INDICATED BELOW LEAVE BLANK Par Amount Numbers Deliver to Government Deposit Div. $ 500 1,000 Hold for Safekeeping (For members only) 5,000 Deliver Over Counter Deliver to Loan Department 10,000 Ship Definitive Securities 100,000 Total Special Instructions The method of payment is indicated below: B y debit t o o u r reserve account . By check . . - - - - . . $ B y credit t o W a r Loan Deposit Account - - - - - S. B y exchange of Treasury notes. Series C-1925 - - - - $.. Subscriber Street address Town State DO NOT USE THESE SPACES Eeceived from FEDERAL BESEBVE BANE or NEW YORK Released Prepared Delivery Receipt Paid Stamp Checked to App. $ par value 3% Treasury certificates, Series TJ-1926 dated June 15, 1925, due June 15, 1926 Amount- Checked Delivered http://fraser.stlouisfed.org/ NA-CC Federal Reserve Bank of St. Louis Subscriber. By- Date. _By. Original FEDERAL RESERVE BANK Lot Number OF NEW YORK Application Number NOTICE OF ALLOTMENT on Cash Subscription to 3 Per Cent Treasury Certificates, Series TJ-1926 Dated June 15, 1925 Due June 15, 1926 June , 1925 Eeferring to your subscription to $ (par value) United States of America 3 per cent Treasury certificates, dated June 15, 1925, due June 15, 1926, you have been allotted IMPORTANT To obtain delivery of the certificates, the original of this notice, properly filled out and signed in the spaces provided below, must be returned immediately to us. Attach payment hereto unless reserve account is to be debited. FEDERAL RESERVE BANK OF NEW YORK, Cheeked by Fiscal Agent of the United States. Instructions to Federal Reserve Bank of New York ISSUE SECURITIES IN THE FOLLOWING DENOMINATIONS Denominations Pieces DISPOSE OF SECURITIES AS INDICATED BELOW LEAVE BLANK Par Amount Numbers Deliver to Government Deposit Div. $ 500 1,000 Hold for Safekeeping (For members only) 5,000 Deliver Over Counter Deliver to Loan Department 10,000 Ship Definitive Securities 100,000 Total Special Instructions The method of payment is indicated below: B y debit t oo u r reserve account - • - - - - - - $ B y check . B y credit t o W a r L o a n D e p o s i t A c c o u n t . - - - - - $ . . B y e x c h a n g e of T r e a s u r y n o t e s . S e r i e s C - 1 9 2 5 - $. - - - $.. Subscriber Street address Town State DO NOT USE THESE SPACES Paid Stamp Checked to App. Received from FEDERAL RESEEVE BANE OF NEW YOEK Released Prepared Delivery Receipt $ par value 3% Treasury certificates, Series TJ-1926 dated June 15, 1925, due June 15, 1926 Amount- Checked Delivered http://fraser.stlouisfed.org/ NA-CC Federal Reserve Bank of St. Louis Subscriber. By- Date. By. Duplicate FEDERAL RESERVE BANK Application Number OP NEW YORK NOTICE OF ALLOTMENT on Cash Subscription to 3 Per Cent Treasury Certificates, Series TJ-1926 Dated June 15, 1925 Due June 15, 1926 June , 1925 Referring to your subscription to $ (par value) United States of America 3 per cent Treasury certificates, dated June 15, 1925, due June 15, 1926, you have been allotted IMPORTANT To obtain delivery of the certificates, the original of this notice, properly filled out and signed in the spaces provided below, must be returned immediately to us. Attach payment hereto unless reserve account is to be debited. FEDERAL RESERVE BANK OF NEW YORK, Cheeked by Fiscal Agent of the United States. Instructions to Federal Reserve Bank of New York ISSUE SECURITIES IN THE FOLLOWING DENOMINATIONS Pieces Denominations DISPOSE OP SECUHITIES AS INDICATED BELOW LEAVE BLANK Par Amount Numbers Deliver to Government Deposit Div. $ 500 1,000 Hold for Safekeeping (For members only) 5,000 Deliver Over Counter Deliver to Loan Department 10,000 Ship Definitive Securities 100,000 Total Special Instructions The method of payment is indicated below: By By debit to our reserve account B y check - - - - - - - - - - credit t oW a r Loan Deposit Account - - - - - $ . . By exchange of Treasury notes, Series C-1925 - - - - - $.. Subscriber Street address. Town State DO NOT USE THESE SPACES Paid Stamp Checked to App. Received from FEDERAL RESEKVE BANK OP NEW YOEK Released Prepared Delivery Receipt $ par value 3% Treasury certificates, Series TJ-1926 dated June 15, 1925, due June 15, 1926 Amount - Checked Delivered http://fraser.stlouisfed.org/ NA-CC Federal Reserve Bank of St. Louis Subscriber. By- Date. By. New Certificate Issue Circular No. 675 Federal Reserve Bank of New York Offering of United States of America Three Per Cent Treasury Certificates of Indebtedness SERIES TJ-1926 Dated and Bearing Interest from June 15, 1925. Due June 15, 1926. 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 TJ-1926, dated and bearing interest from June 15, 1925, payable June 15,1926, with interest at the rate of three per cent per annum payable semi-annually. 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 December 15, 1925 and June 15, 1926. 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 June 15, 1925, 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 C-1925, maturing June 15, 1925, will be accepted at par, in payment for any certificates of the Series TJ-1926 now offered which shall be subscribed for and allotted, with an adjustment of the interest accrued, if any, on the certificates of Series TJ-1926 so paid for. 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. Very truly yours, BENJ. STRONG, Governor New York, June 8, 1925.
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