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FEDERAL RESERVE BANK
OF NEW YORK
N o . 377 ~|
I"" Circular No.
L June 8, 1921
J
Certificate* of Indebtedness
Department
$500,000,000
Three-Year 5 ^ P e r Cent. U n i t e d States Treasury Notes
O n e - Y e a r Sj4
P e r C e n t . U n i t e d States T r e a s u r y Certificates
Dated and bearing interest from J u n e 15, 1921
To all Banks, Trust Companies, Savings Banks, Bankers, Investment
and Principal Corporations in the Second Federal Reserve District:
Dealers.
Secretary Mellon today announced a combined offering of $500,000,000, or thereabouts, of three-year 5 % percent. Treasury notes, dated June 15, 1921, due June 15, 1924,
and one-year 5l/2 per cent. Treasury certificates, dated June
15, 1921, due June 15,
1922, pursuant to the program outlined in his letter of April 30, 1921, to the Chairman of the
Committee on Ways and Means.
As stated in the announcement the notes will be straight
three-year notes, will not be subject to call for redemption before maturity and will be
acceptable in payment of income and profits taxes payable at or within six months before
maturity.
Further details in connection with the offering are outlined in the Secretary's
letter of June 8, 1921, to the banking institutions of the country, which is being sent out
by the Treasury.
The texts of the Treasury's circulars offering the notes and certificates will be found
on the next two pages.
Very truly yours,
B E N J . STRONG,
Governor.
(New Issue)
Federal Reserve Bank of New York
Offering of
United States of America
Five and Three-Quarters Per Cent. Treasury Notes
SERIES A—1924
Dated and bearing interest from June 15, 1921.
To all Banks,
and Principal
Due June 15, 1924.
Trust Companies, Savings Banks, Bankers, Investment
Corporations in the Second Federal Reserve
District:
Dealers
The Secretary of the Treasury offers for subscription, at par and accrued interest, through
the Federal Reserve Banks, Treasury notes of Series A-1924, of an issue of gold notes of the United
States authorized by the Act of Congress approved September 24, 1917, as amended. The notes
will be dated and bear interest from June 15, 1921, will be payable June 15, 1924, and will bear interest
at the rate of five and three-quarters per cent, per annum payable semiannually on December 15 and
June 15 in each year.
Applications will be received at the Federal Reserve Banks.
Bearer notes with interest coupons attached will be issued in denominations of $100, $500,
$1,000, $5,000, $10,000, and $100,000. The notes are not subject to call for redemption before
maturity, and will not be issued in registered form. The principal and interest of the notes will be
payable in United States gold coin of the present standard of value.
The notes 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 (6) 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.
Notes 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 or within six months before the maturity
of the notes. Any of the notes which have been owned by any person continuously for at least six
months prior to the date of his death, and which upon such date constitute part of his estate, shall,
under rules and regulations prescribed by the Secretary of the Treasury, be receivable by the United
States at par and accrued interest in payment of any estate or inheritance taxes imposed by the
United States, under or by virtue of any present or future law upon such estate or the inheritance
thereof. The notes of this series will be acceptable to secure deposits of public moneys, but do not
bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the amount of notes applied
for and to close the subscriptions at any time without notice. Payment at par and accrued interest
for notes allotted must be made on or before June 15, 1921, or on later allotment. After allotment
and upon payment Federal Reserve Banks may issue interim receipts pending delivery of the
definitive notes. Any qualified depositary will be permitted to make payment by credit for notes
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 certificates of indebtedness of Series TJ-1921 and Series TJ2-1921, both maturing June 15, 1921, and of
Series G-1921, maturing July 15, 1921, and Series C-1921, maturing August 16, 1921, with any
unmatured interest coupons attached, will be accepted at par, with an adjustment of accrued interest,
in payment for any notes of the Series A-1924 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,
BENJ. STRONG,
New York, June 8, 1921.
Governor.
{New Issue)
Federal Reserve Bank of New York
Offering of
United States of America
Five and One-Half Per Cent. Treasury Certificates of Indebtedness
SERIES T J—1922
Dated and bearing interest from J u n e 15, 1921.
To all Banks,
and Principal
Due J u n e 15, 1922.
Trust Companies, Savings Banks, Bankers, Investment
Corporations in the Second Federal Reserve District:
Dealers
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, Series T J-1922, dated and bearing interest from June 15,
1921, payable June 15, 1922, with interest at the rate of five and one-half per cent, per annum, payable
semiannually.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500, $1000, $5,000, $10,000, and $100,000.
The certificates will have two interest coupons attached, payable December 15, 1921, and June 15,
1922.
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 (6) 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 (6) 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.
The certificates do 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. Payment at par and accrued
interest for certificates allotted must be made on or before June 15, 1921, 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 certificates of indebtedness of Series T J-1921 and Series T J2-1921, both maturing June
15, 1921, and of Series G 1921, maturing July 15, 1921, and Series C 1921, maturing August 16, 1921,
with any unmatured interest coupons attached, will be accepted at par, with an adjustment of accrued
interest, in payment for any certificates of the Series T J-1922 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,
BENJ. STRONG,
New York, June 8, 1921.
Governor.
@FedFRASER