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(New Issue) CIECULAB N O . 463 Federal Reserve Bank of New York Offering of $ 2 0 0 , 0 0 0 , 0 0 0 (or thereabouts) United States of America 3H Per Cent. Treasury Certificates of Indebtedness Series TD2--1922 Dated and Bearing Interest from June 1, 1922 Due December 15, 1922 To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers and Principal Corporations in the Second Federal Reserve District: 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 TD2—1922, dated and bearing interest from June 1, 1922, payable December 15, 1922, with interest at the rate of three and one-half per cent, per annum. Applications will be received at the Federal Reserve Banks. Bearer certificates will be issued in denominations of $500, $1,000, $5,000, $10,000, and $100,000. The certificates will have one interest coupon attached payable December 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. The 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 1, 1922, 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 TJ—1922 and Series TJ2—1922, both maturing June 15, 1922, with any unmatured interest coupons attached, and Victory notes of the 3% per cent, series (which have been called for redemption on June 15, 1922) will be accepted at par, with an adjustment of accrued interest, in payment for any certificates of the Series TD2—1922 now offered which shall be subscribed for and allotted. Victory notes of the 3 % per cent, series in coupon form must have all unmatured coupons attached, and if in registered form must be duly assigned to the Secretary of the Treasury for redemption, in accordance with the general regulations of the Treasury Department governing assignments. As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective districts. ,r . ^ Yours very truly, BENJ New York, May 26, 1922. ' STR°NQ' J Governor.