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FEDERAL RESERVE OF NEW BANK YORK r C i r c u l a r N o ; 390 1 f Circular No. 3 9 0 L August 1, 1921 J Certificate* of Indebtedness Department Subscription Books Closed U n i t e d S t a t e s of A m e r i c a T r e a s u r y Certificates of Dated and bearing Interest from August 1, Indebtedness 1921 Series TM 2—1922, 5 ^ Per cent. Due March 1 5 / 1 9 2 2 Series B—L922, 5y£ Per cent. Due August 1, 1922 To all Banks, Trust Companies, Savings Banks, Bankers, Investment and Principal Corporations in the Second Federal Reserve District: Dealers Subscriptions to the combined offering of the two issues of 5% and 5}/2 per cent. Treasury certificates of indebtedness known respectively as Series T M 2—1922, and B — 1922, closed a t noon today, August 1, 1921, the date of issue, according to an announcement by the Secretary of the Treasury. Preliminary reports received by the Treasury Department from the twelve Federal Reserve Banks indicate t h a t the offering which was for $300,000,000. or thereabouts, has been heavily oversubscribed. No further subscriptions, therefore, can be received. Very truly yours, B E N J . STRONG, Governor TO THE INVESTOR: If you desire to purchase certificates of the above issues after the closing of the subscriptions, or certificates of any outstanding issue, you should make application to your own bank, or if it can not obtain them for you, to the Federal Reserve Bank of New York.