Full text of Federal Reserve Bank of New York Circulars : 478. Call of Part of the Victory Liberty Loan For Redemption of December 15, 1922

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FEDERAL RESERVE BANK
OF NEW YORK
["Circular No. 4781
J u l y 28, 1922 I
I Reference to Circular No. 477 I

CALL OF PART OF THE VICTORY LIBERTY LOAN
FOR REDEMPTION ON DECEMBER 15, 1922
Or Earlier at Holder's Option
Exchange of 4 ^ Per Cent. Victory Notes For New 4J< Per Cent. Treasury Notes

To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers
and Principal Corporations in the Second Federal Reserve District:

Full details respecting the partial redemption of 4% per cent. Victory notes before
maturity will be found in Treasury Department Circular 299, a copy of which is
herewith enclosed. Only those notes bearing the distinguishing letters A, B, C, D, E,
or F, prefixed to their serial numbers, are called. The others bearing letters G, H, I, J,
K, or L, are not included in this call for redemption but will become due and payable
May 20, 1923.
As Secretary Mellon has pointed out in his letter of July 26 to the presidents of banking institutions throughout the country, the announcement of this call and of the current
issue of 434 per cent. 4-year Treasury notes for which subscriptions are now being received
are important steps in the Treasury's plans for dealing with the maturities of the short
dated debt. The cooperation of the banks is invited in bringing these announcements
directly to the attention of their customers, particularly those holding Victory notes of
the 4% per cent, series.
As you are aware, 4% Victorys, whether called for redemption or not, may be
exchanged under the Treasury's offering for the new issue of Treasury notes which are
dated August 1, 1922, carry 434 P e r cent, interest, are not subject to call for redemption
before maturity, and do not mature until September 15, 1926.
For the purpose of giving a full distribution to the Treasury's announcements we
have prepared additional copies of our circular 477, which we have previously sent to you,
containing the official offering of the new 4)4 per cent, notes and a copy of Secretary
Mellon's letter. We shall be glad to send you copies in any number you may desire for
redistribution to your customers.
Very truly yours,




BENJ. STRONG,
Governor.

PARTIAL REDEMPTION OF 4} PER CENT VICTORY NOTES BEFORE MATURITY.

Department Circular No. 299.

TREASURY DEPARTMENT.
OFFICE OF THE SECRETARY.

Public Debt.

Washington, July 26, 1922.
To Holders of 4$ Per Cent Victory Notes and Others Concerned:
The Secretary of the Treasury hereby gives notice that, in order to facilitate the refunding
of the Victory Liberty Loan and provide for the retirement of part of the outstanding notes
before maturity, all 4f per cent Victory notes which bear the distinguishing letters A, B, C, D,
E, or F, prefixed to their serial numbers, are called for redemption on December 15, 1922, and
may be surrendered for redemption before that date at the option of the holder, upon the terms
and conditions and subject to the rules and regulations hereinafter prescribed:
1. Call for Redemption.—All 4f per cent Victory notes, otherwise known as United States of
America Gold Notes of 1922-23, which bear the distinguishing letters A, B, C, D, E, or F, prefixed
to their serial numbers, having been designated for the purpose by lot in the manner prescribed
by the Secretary of the Treasury, are called for redemption on December 15, 1922, pursuant to
the provision for redemption contained in the notes and in Treasury Department Circular
No. 138, dated April 21, 1919, under which the notes were originally issued. Interest on all
the 4f per cent Victory notes thus called for redemption will cease on said redemption date,
December 15, 1922. Holders of the notes hereby called for redemption, upon presentation
and surrender thereof as hereinafter provided, will be entitled to have the notes redeemed
and paid at par, with an adjustment of accrued interest, on said redemption date. Accrued
interest to said date will be covered as to coupon notes by the coupons due December 15, 1922,
which should be detached and collected in ordinary course when due, and as to registered notes
will be covered by interest payments to be made simultaneously with the payments on account
of principal. The transfer books for registered notes hereby called for redemption will not close
on November 15, 1922, but will remain open until December 15, 1922. Victory notes of the 4f
per cent series bearing the distinguishing letters G, H, I, J, K, or L, prefixed to their serial numbers,
are not in any manner affected by this call for redemption, and will become due and payable
as to principal on May 20, 1923, according to their terms.
2. Presentation and Surrender for Redemption.—(a) Coupon Notes. Any 4f per cent Victory
notes in coupon form which are called for redemption hereunder should be presented and
surrendered for redemption to the Treasurer of the United States in Washington, or to any
Federal Keserve Bank or branch, and must have the coupons due May 20, 1923, attached.
The notes must be delivered in every case at the expense and risk of the holder, and should
be accompanied by appropriate written advice (see Form P. D. 726, hereto attached). In
the event that any notes are presented for redemption with the May 20,1923, coupon detached,
the notes will nevertheless be redeemed, but the full face amount of any such missing coupons
will be deducted. The amounts so deducted will be held in the Treasury to provide for the
redemption of such missing coupons, if subsequently presented.
(b) Registered Notes.—Any 4J per cent Victory notes in registered form which are called
for redemption hereunder should be duly assigned to "The Secretary of the Treasury for
redemption," in accordance with the general regulations of the Treasury Department governing
assignments, and should be presented and surrendered for redemption to the Treasury Depart3193°—22




ment, Division of Loans and Currency, Washington, D. C, or to any Federal Reserve Bank
or branch. The notes must be delivered at the expense and risk of the holder, and should be
accompanied by appropriate written advice (see Form P. D. 727, hereto attached). If assignmen:, lor redemption is made by the registered owner, payment of principal and interest to the
date of redemption will be made to the registered owner at his last address of record, unless written instructions to the contrary are received from the registered owner. If assignment for
redemption is made by an assignee holding under proper assignment from the registered owner,
payment of principal and interest to the date of redemption will be made to such assignee at
the address specified in the form of advice. Assignments in blank, or other assignments having
the same effect, will also be recognized, and in that event payment will be made to the person
surrendering the notes for redemption, since under such assignments the notes become in effect
payable to bearer. In case it is desired to have payment of registered notes presented for
redemption made to some one other than the registered owner, without intermediate assignments, the notes may be assigned to " The Secretary of the Treasury for redemption for account
of
...."but
(Here insert name and address of payee desired.)

assignments in this form must be completed before ackilowledgment and not left in blank.
(c) Presentation Prior to December 15, 1922.—In order to facilitate payment of the notes
hereby called for redemption, any such 4f per cent Victory notes may be presented and surrendered in the manner herein prescribed at any time in advance of December 15, 1922, for
redemption and payment on that date with interest to such redemption date.
3. Redemption of Called 4i Per Cent Victory Notes Before December 15, 1922, at Holder's
Option.—In order to meet the convenience of Victory note holders and facilitate the redemption of called 4£ per cent Victory notes, the Federal Reserve Banks and the Treasurer of the
United States have been authorized, effective this date, to redeem at any time before December
15, 1922, at the option of the holder, at par and accrued interest to the date of optional redemption, any of the 4f per cent Victory notes hereby called for redemption. Any holder who
desires to surrender his notes in accordance herewith for redemption prior to December 15, 1922,
should make appropriate written request therefor and should present and surrender the notes
in the manner provided in paragraph 2 hereof, except that coupon notes must in that event
have all unmatured coupons attached, including the coupons due December 15, 1922. Appropriate forms of written request will be found in Forms P. D. 726 and 727, hereto attached.
4. Miscellaneous.—Any further information which may be desired as to the redemption of
Victory notes under this circular may be obtained from the Treasury Department, Division of
Loans and Currency, Washington, D. C, or from any Federal Reserve Bank or branch. The
Secretary of the Treasury may at any time or from time to time prescribe supplemental or
amendatory rules and regulations governing the matters covered by this circular.




A. W. MELLON,

Secretary of the Treasury.

TREASURY DEPARTMENT,
Division of Loans and Currency.
Form P. D. 726.

FORM OF ADVICE TO ACCOMPANY 4^ PER CENT VICTORY NOTES IN COUPON FORM PRESENTED
FOR REDEMPTION.
To THE J£EDERAL RESERVE BANK OF

,

or
TREASURER OF THE UNITED STATES, Washington, D.

C:

Pursuant to the provisions of Treasury Department Circular No. 299, dated July 26, 1922, the undersigned presents
and surrenders herewith for redemption $
, face amount, of 4J per cent Victory notes in coupon form,
with coupon due May 20, 1923, attached, as follows:
Number of notes.

Denomination.

Serial numbers of notes.

Face amount.

$50
i

100
500

1,000
5,000
10,000

Total
and requests that remittance covering payment therefor be forwarded to the undersigned at the address indicated
below.
(Signature)
(Address in full)
(Date)

REQUEST FOR REDEMPTION PRIOR TO DECEMBER 15, 1922.
[To be used only in the event applicant elects to exercise option of prior redemption.]

In connection with the foregoing, the undersigned requests immediate redemption of the above-described Victory
notes prior to December 15, 1922, at par and accrued interest to date of such optional redemption. In addition to
the coupon dated May 20. 1923, the notes surrendered have attached thereto the coupon dated December 15, 1922.
(Signature;
(Daie)




(3)

TREASURY DEPARTMENT,
DIVISION OF LOANS AND CURRENCY.

Form P. D. "27.

FORM OF ADVICE TO ACCOMPANY 4 | PER CENT VICTORY NOTES IN REGISTERED FORM
PRESENTED FOR REDEMPTION.
To THE FEDERAL RESERVE BANK OF.

TREASURY DEPARTMENT, Division of Loans and Currency, Washington, D. C:
Pursuant to the provisions of Treasury Department Circular No. 299, dated July 26, 1922, the undersigned
presents and surrenders herewith for redemption $
, face amount, of 4 J per cent Victory notes in registered form, inscribed in the name of
and duly assigned to "The Secretary
of the Treasury for redemption," as follows:
Number of notes.

Denomination.

Serial numbers of notes.

Face amount.

$50
100
500
1,000
5,000
10,000
50,000
100,000
Total
and requests that remittance covering payment therefor be forwarded to the undersigned at the address indicated
below.
(Signature)
(Address in lull)
(Date)
REQUEST FOR REDEMPTION PRIOR TO DECEMPER 15, 1922.
(To be used only in the event applicant elects to exercise option of prior redemption.)

In connection with the foregoing, the undersigned requests immediate redemption of the above-described Victory
notes prior to December 15, 1922, at par and accrued interest to the date of such optional redemption.
(Signature)
(Date)




(4)

WASHINGTON : OOVCIi-VHEXT I'KINTINO OFFICE . 1922