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CIRCULAR N O . 267 (CAesucl) Federal Reserve Bank of New York OFFERING OF 3 U n i t e d States of America 4 /4% Treasury Certificates of Indebtedness Series E 1920 D a t e d and bearing interest from April 1, 1 9 2 0 . D u e July 1, 1 9 2 0 T o 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 , T h e Secretary of the Treasury, under the authority of the act approved September 24, 1917, as amended, offers for subscription, a t par and accrued interest, through the Federal Reserve Banks, Treasury certificates of indebtedness, Series E 1920, dated and bearing interest from April 1, 1920, payable July 1, 1920 with interest a t the rate of four and three-quarters per cent per a n n u m . Applications will be received at the Federal Reserve Banks. Bearer certificates, without coupons, will be issued in denominations of $500, $1,000 $5,000, $10,000, and $100,000. 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 by 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 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 do not bear the circulation in payment of taxes. privilege and will not be accepted 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 at par and accrued interest for certificates allotted must be made on or before April 1, 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 p a y m e n t by credit for certificates allotted to it for itself and its customers u p to any a m o u n t for which it shall be qualified in excess of existing deposits, when so notified b y t h e Federal Reserve Bank of its district. Pursuant to an arrangement between the Treasury and the War Finance Corporation, bonds of that Corporation dated April 1, 1919, due April 1, 1920, will be accepted at par in payment for any certificates of the Series E 1920 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 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. C A S E , New York, March 29, 1920. Acting Governor.
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