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FEDERAL RESERVE BANK
OF NEW YORK
Certificates of
Indebtedness Department
[Circular No. 641, December 4,1924 J
I
Reference to Circular 640
Cash Subscription Books Closed
On 4 Per Cent. Treasury Bonds of 1944-54
Exchange Subscriptions to Continue Until Further Notice
To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers,
Principal Corporations and Others Concerned in the Second Federal Reserve District:
Subscriptions for 4 per cent. Treasury bonds of 1944-54 for which cash and
Treasury certificates of indebtedness maturing December 15, 1924, are offered in
payment, closed at the close of business today, Thursday, December 4, 1924, according to an announcement by the Treasury Department.
Exchange Subscriptions Still Open
The announcement further states:
"Subscriptions for which Treasury certificates and notes maturing March 15
next and Third Liberty loan bonds are tendered in exchange will remain open until
further notice."
We shall continue to receive such exchange subscriptions accordingly.
Very truly yours,
BENJ. STRONG,
Governor.
{Secretary Mellon's public statement on the closing
of the issue is printed in full on the following page.)
I
Statement by Secretary Mellon
On Subscriptions to the New Issue of 4 Per Cent. Treasury Bonds of 1944-54.
Treasury Department,
Washington, December 4, 19.24.
The Secretary of the Treasury announced today that the subscriptions for which
cash and certificates maturing December 15, 1924, are tendered in payment for the
new 4 per cent. Treasury bonds, 1944-54, already exceed $500,000,000. Since the
Treasury desires only to obtain cash to the extent of $200,000,000, or thereabouts,
the Treasury will close the subscriptions for which cash and certificates maturing
December 15, 1924, are tendered in payment at the close of business today. Any
subscriptions received by Federal Reserve Banks by 10 o'clock Saturday and mailed
before midnight Thursday, December 4, will be deemed to have been presented before
the books closed. The exchange subscriptions for which Treasury 4% per cent, notes
maturing March 15, 1925, Treasury 4 per cent, certificates maturing March 15, 1925,
and Third Liberty Loan 4 ^ per cent, bonds are tendered in payment will remain
open until further notice. Since allotments on these exchanges will be made in full,
holders of these securities will have the opportunity to effect exchange and acquire
the new Treasury 4 per cent, bonds.
@FedFRASER