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FEDERAL RESERVE BANK
OF N E W YORK

Government Bond
Department

["Circular No. 430, December 31,19211
L

Reference to Circular No. 428

Authority to Reimburse Sales Stations
For United States Treasury Savings Securities, Series of 1921
Remaining in Their Hands Unsold on December 3 1 , 1921

To all Incorporated Banks and Trust Companies
in the Second Federal Reserve District:
You will find herewith a copy of Treasury Department Circular N o . 271 governing
the surrender of Treasury Savings securities held by authorized agents and sales stations.

In accordance with that circular we have requested the various sales stations to

surrender any such securities they m a y hold to a local bank, before January 20, or to us
before January 31, 1922.
You will observe t h a t the Treasury's circular authorizes banking institutions to
make cash reimbursement to sales stations for War Savings Stamps surrendered at
$4.24 each, for Treasury Savings Stamps at $1 each, and for Thrift Stamps a t 25c each.
Each sales station should present satisfactory evidence of its designation as such when
it returns these stamps.

Banking institutions making such reimbursement have until

January 31, 1922 to deliver the stamps to us accompanied by a schedule setting forth
the names of the authorized sales stations and the number and amount received from
each one.
The securities m a y be returned a t our risk provided we receive a letter of notification a day in advance of shipment stating the amount and class of the securities, which
are t o be shipped by

registered

in t h e amounts mentioned,

mail.

b u t we cannot,

We will

in turn

make

reimbursement

nor should any incorporated bank or

trust company, accept from any one sales station War Saving Stamps in excess of $5,000,
maturity value, without special authority from the Secretary of the Treasury.




Very truly yours,
B E N J . STRONG,

Governor

J

yb'
SURRENDER OF WAR-SAVINGS CERTIFICATES AND STAMPS, SERIES OF 1 9 2 1 , TREASURY SAVINGS CERTIFICATES, SERIES OF 1921, TREASURY SAVINGS STAMPS, AND THRIFT STAMPS, HELD BY AUTHORIZED AGENTS
AND SALES STATIONS.

1921

-

Department Circular No. 2 7 1 .

Pu^ToTbt.

TREASURY DEPARTMENT,
0FFICE

0F

THE

SECRETARY,

Washington, December 20, 1921.
To agents and sales stations for the sale of War-Savings Certificates and Stamps, Series of 1921,
agents for the sale of Treasury Savings Certificates, Series of 1921, Federal Reserve Bank*,
and others concerned:
1. General provisions.—The sale of United vStates War-Savings Certificates and Stamps
Series of 1921, of United States Treasury Savings Certificates, Series of 1921, and of United
States Thrift Stamps, will cease at the close of business on December 31, 1921. The term
"Treasury Savings Certificates, Series of 1921," where it appears in this circular, shall be
deemed to mean Treasury Savings Certificates, Series of 1921, issued pursuant to Treasury
Department Circular No. 215, dated December 15, 1920, and not Treasury Savings Certificates,
New Issue, of whatever series. Rules and regulations governing agencies for the distribution
and sale, beginning December 15, 1921, of Treasury Savings Certificates, New Issue, and of
Treasury Savings Stamps, are prescribed in Treasury Department Circular No. 270, dated
December 15, 1921. As announced in said Circular, all cash agents and sales stations for the
issue and sale of Treasury (War) Savings securities are discontinued, effective December 31,
1921, except as provided in paragraph 3 hereof. The sale of War-Savings Stamps of all series
and the sale of Thrift Stamps are absolutely discontinued, effective December 31, 1921.
SALES S T A T I O N S .

2. Every sales station is required to surrender all War-Savings Certificates and Stamps,
Series of 1921, Treasury Savings Stamps, and Thrift Stamps remaining in its hands unsold
at the close of business on December 31, 1921, to an incorporated bank or trust company
in the Federal Reserve district in which it is located, on or before January 20, 1922, of
to the Federal Reserve Bank of the district on or before January 31, 1922. Federal Reserve
Banks and incorporated banks and trust companies are hereby authorized to receive such
certificates and stamps so surrendered and to make cash reimbursement in each case to
the sales station for War-Savings Stamps so surrendered at the rate of S4.24 for each stamp,
for Treasury Savings Stamps so surrendered at the rate of $1 for each stamp, and for Thrift
Stamps so surrendered at the rate of 25 cents for each stamp. The surrender of such certificates
and stamps by a sales station may be accepted by the Federal Reserve Bank or an incorporated
bank or trust company only upon presentation by such sales station of its sales station identification card, or other satisfactory evidence of its designation as a sales station for the issue and
sale of War-Savings Certificates and Stamps. Any incorporated bank or trust company so receiving War-Savings Certificates and Stamps, Series of 1921, Treasury Savings Stamps, or Thrift
Stamps must deliver such certificates and stamps on or before January 31, 1922, to the Federal
Reserve Bank of its district, together with a schedule setting forth the names of the authorized
80719°—21




2
sales stations from which the stamps have been received and the number and kind of stamps
received from each sales station. On receipt thereof the Federal Reserve Bank, as fiscal agent
of the United States, will make cash reimbursement to such incorporated bank or trust company
for the War-Savings Stamps so surrendered at the rate of S4.24 for each-stamp, for the Treasury
Savings Stamps so surrendered at the rate of SI for each stamp, and for the Thrift Stamps so
surrendered at the rate of 25 cents for each stamp. No Federal Reserve Bank or incorporated
bank or trust company shall accept from any one sales station the surrender of War-Savings
Stamps, Series of 1921, in excess of $5,000 (maturity value), without special authority from the
Secretary of the Treasury.
CASH A G E N T S .

3. Every cash agent is required to surrender, on or before January 31, 1922, to the Federal
Reserve Bank from which the certificates and stamps were obtained, all Treasury Savings
Certificates, Series of 1921, War-Savings Certificates and Stamps, Series of 1921, Treasury
Savings Stamps, and Thrift Stamps held by such agent for issue and sale to the public
and remaining unsold at the close of business December.31, 1921: Provided, however, That
any cash agent who shall have sold Treasury Savings Certificates, Series of 1921, under an
approved partial-payment plan which calls for payments after December 31, 1921, with the
final installment on or before September 30, 1922, will be permitted to surrender unsold stocks
of such Treasury Savings Certificates until October 31, 1922. Upon any such surrender each
such cash agent will be entitled to cash reimbursement, for Treasury Savings Certificates
and War-Savings Stamps so surrendered at a rate equivalent to the current redemption value
thereof during the month in which such surrender is made, not later than the month in which
the certificates or stamps are required to be surrendered, for Treasury Savings Stamps so
surrendered at the rate of $1 for each stamp, and for Thrift Stamps so surrendered at the rate
of 25 cents for each stamp. No Federal Reserve Bank shall accept from any cash agent the
surrender of War-Savings Stamps, Series of 1921, and Treasury Savings Certificates, Series of
1921, to an aggregate maturity value in excess of the agent's authority to hold, without special
authority therefor from the Secretary of the Treasury.
COLLATERAL

AGENTS.

4. Every collateral agent is required to surrender, on or before January 31, 1922, to the
Federal Reserve Bank from which the certificates and stamps were obtained, all Treasury Savings Certificates, Series of 1921, War-Savings Certificates and Stamps, Series of 1921, and
Thrift Stamps, not sold before the close of business December 31, 1921, and upon such surrender shall receive appropriate credit for the certificates and stamps surrendered in its
account with the Federal Reserve Bank. Every collateral agent which does not undertake the
sale of Treasury Savings Certificates, New Issue, is required to surrender, and any other «ollateral agent at its option may surrender, unsold Treasury Savings Stamps remaining in its
hands at the close of business on December 31, 1921, and upon such surrender shall receive
appropriate credit for the stamps surrendered in its account with the Federal Reserve Bank.
POST

OFFICES.

5. Post offices will be required to surrender all Treasury Savings Certificates, Series of 1921,
War-Savings Certificates and Stamps, Series of 1921, and Thrift Stamps held by them for sale
and remaining in their hands unsold at the close of business on December 31, 1921, and all
duplicate registration stubs for Treasury Savings Certificates, Series of 1921, issued by them
during the calendar year 1921, in accordance with instructions issued by the Postmaster




3
General. No post office shall accept the surrender of any unissued Treasury Savings Certificates, War-Savings Certificates and Stamps, or Thrift Stamps from any agent or sales station
for the sale of War-Savings Certificates or Treasury Savings Certificates other than a postal agent;
but nothing herein contained shall be deemed to prevent the redemption by post offices, in
regular course, of War-Savings Certificates or Thrift Stamps acquired or held by agents or
sales stations on their own account.
SURRENDER

OF DUPLICATE REGISTRATION

S T U B S FROM T R E A S U R Y SAVINGS

CERTIFICATES.

6. Every cash or collateral agent which qualified for the issue and sale of Treasury Savings Certificates, Series of 1921, is required, on or before November 30, 1922, to surrender
all duplicate registration stubs from Treasury Savings Certificates, Series of 1921, issued by
such agent, to the Federal Reserve Bank from which such certificates were obtained.
SURRENDER OF BLANK WAR-SAVINGS CERTIFICATES, SERIES OF

1921, AND T H R I F T

CARDS.

7. Every cash or collateral agent and sales station shall surrender all blank War-Savings
Certificates, Series of 1921, and may surrender all blank Thrift Cards, held by it unissued at
the close of business on December 31, 1921, at the same time and in the same manner as the
War-Savings Stamps, Series of 1921, surrendered by it in accordance with this circular:
Provided, however, That no credit will be given nor reimbursement made for blank certificates
or cards so surrendered.
FEDERAL RESERVE BANKS.

8. United States Treasury Savings Certificates, Series of 1918, 1919, 1920, and 1921, will
cease to be issued by Federal Reserve Banks in exchange for War-Savings Certificates of corresponding series at the close of business on December 31, 1921. On or before February 10,
1922, Federal Reserve Banks will forward to the Register of the Treasury, Washington, all
Treasury Savings Certificates, Series of 1918, 1919, 1920, and 1921, War-Savings Certificates
and Stamps, Series of 1921, and Thrift Stamps remaining in their hands unissued and unsold
on such date. Federal Reserve Banks will forward to the Register of the Treasury, Washington, on or before November 10, 1922, all Treasury Savings Certificates, Series of 1921,
permitted to be surrendered by cash agents until October 31, 1922, pursuant to paragraph
3 hereof. Federal Reserve Banks will also forward to the Secretary of the Treasury, Division of Loans and Currency, Washington, on or before December 10, 1922, all duplicate registration stubs from Treasury Savings Certificates, Series of 1921, surrendered by cash or collat- eral agents pursuant to paragraph 6 hereof.
MISCELLANEOUS

PROVISIONS.

9. The provisions of this circular as to the surrender of Treasury Savings Certificates, Series
of 1918, 1919, 1920, and 1921, War-Savings Certificates and Stamps, Series of 1921, United
States Treasury Savings Stamps, and United States Thrift Stamps, apply only to unissued
certificates and stamps, and to duly authorized agents and sales stations, and in the case of
cash or collateral agents, apply only to such certificates and stamps as were obtained b\ r such
agents from the Federal Reserve Bank to which they are presented for surrender. No incorporated bank or trust company is authorized hereunder to accept the surrender of any such certificates or stamps from any one other than a duly authorized sales station for the sale thereof,
and no Federal Reserve Bank is authorized hereunder to accept the surrender of any Treasury
Savings Certificates, War-Savings Certificates and Stamps, Treasury Savings Stamps, or Thrift




Stamps, from any cash or collateral agent which were not obtained from it by such agent: Provided, however, That Federal Reserve Banks are authorized to accept War-Savings Certificates and
Stamps, Treasury Savings Stamps, and Thrift Stamps from incorporated b&nks and trust companies, in accordance with the provisions of paragraph 2 hereof. Except as herein otherwise specifically provided in paragraph 3, no Federal Reserve Bank is authorized hereunder to accept
the surrender of any certificates or stamps (except blank War-Savings Certificates' and Thrift
Cards) presented to it after January 31, 1922, without special authority therefor in each case
from the Secretary of the Treasury.
10. All cases in which Treasury Savings Certificates, Series of 1921, War-Savings Stamps,
Series of 1921, Treasury Savings Stamps, or Thrift Stamps are presented for surrender hereunder contrary to the provisions of this circular should be promptly referred to the Secretary
of the Treasury, Division of Loans and Currency, Washington, for further instructions.
11. The Secretary of the Treasury may at any time withdraw this circular as a whole,
or amend from time to time any of the provisions thereof, and may, from time to time, make
any supplemental or amendatory regulations which shall not modify or impair the terms and
conditions of United States Treasury (War) Savings securities, of whatever issue or denomination, issued in pursuance of the act of September 24, 1917, as amended and supplemented.




A. W . M E L L O N ,
Secretary of the Treasury.

W A S H I N G T O N \ GOVERNMENT PRINTING OFFICE : 1921