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CIRCULAR NO, 227 FEDERAL RESERVE BANK OF N E W YORK CERTIFICATES OF INDEBTEDNESS DEPARTMENT December 2, 1919. CLOSING OF SUBSCRIPTION BOOKS UNITED STATES TREASURY CERTIFICATES OF INDEBTEDNESS Series D 1920 Dated December I, 1919 Due February 16, 1920 To ALL BANKS, TRUST COMPANIES, SAVINGS BANKS, BANKERS, INVESTMENT DEALERS AND PRINCIPAL CORPORATIONS IN THE SECOND FEDERAL RESERVE DISTRICT, DEAR SIRS: Subscriptions to the formal offering of Treasury certificates of indebtedness, Series D 1920, dated December 1, 1919, and payable February 16, 1920, were formally closed at the close of business Monday, December 1, 1919, upon telegraphic advice from the Treasury Department. Yours very truly, BENJ. STRONG, Governor.