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CIRCULAR N O . 261 Federal Reserve Bank of New York OFFERING OF U n i t e d States of A m e r i c a 4 % % T r e a s u r y Certificates of I n d e b t e d n e s s R e c e i v a b l e i n P a y m e n t of F e d e r a l I n c o m e a n d Profits T a x e s Series T M - 1 9 2 1 Dated and bearing interest from March 15, 1920. To Due March 15, 1921 ALL B A N K S , T R U S T COMPANIES, SAVINGS B A N K S , B A N K E R S , INVESTMENT D E A L E R S AND P R I N C I P A L CORPORATIONS I N THE SECOND F E D E R A L R E S E R V E D I S T R I C T , DEAR SIRS: T h e Secretary of t h e Treasury, under the authority of the act approved September 24, E917, as amended, offers for subscription, a t par and accrued interest, through the Federal Reserve Banks, Treasury certificates of indebtedness, Series T M—1921, dated and bearing interest from March 15, 1920, payable March 15, 1921 with interest a t the rate of four and three-quarters per cent per annum, payable semi-annually. Applications will be received a t the Federal Reserve Banks. Bearer certificates will be issued in denominations of $500, $1,000, $5,000, $10,000, and $100,000. T h e certificates will have two interest coupons attached payable September 15, 1920 and March 15, 1921. Said certificates 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 b y a n y 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. T h e interest on an amount of bonds and certificates authorized b y 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. 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. T h e certificates of this series do not bear the circulation privilege. T h e right is reserved to reject any subscription and to allot less than the amount of certificates applied for and to close the subscriptions a t any time without notice. Payment a t par and accrued interest for certificates allotted must be made on or before March 15, 1920, 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 a m o u n t for which it shall be qualified in excess of existing deposits, when so notified by the Federal Reserve Bank of its district. Treasury certificates of indebtedness of any and all series maturing on March 15, 1920 and, pursuant to an arrangement between the Treasury and the War Finance Corporation, bonds of that Corporation maturing April 1,1920, with unmatured coupons attached will be accepted at par with an adjustment of accrued interest in payment for any certificates of the Series T M—1921 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 allotment in full in the order of the receipt of applications up to amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective districts* Yours very truly, J. H. New York, March 10, 1920. CASE, Acting Governor.
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