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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.