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FEDERAL RESERVE BANK
OF NEW YORK
Government Bond

'

~

I" Circular No. 680, June 30, 1925]
L Reference to Circular No. 483 J

Department

Expense and Risk
of
Shipments of United States Bonds, Notes and Certificates of Indebtedness
On Original Issue
To all Banks, Trust Companies and Others Concerned
in the Second Federal Reserve District:

With respect to the expense and risk of shipping coupon obligations of the Government delivered on original issue, the Treasury Department informs us that shipments of
United States coupon bonds/notes and certificates of indebtedness will be made at Treasury expense and risk at the time the Federal Keserve Bank or branch is ready to deliver
them on original issue.
"With respect to any such bonds/notes and certificates of indebtedness not immediately delivered by the Federal Reserve Bank to a subscriber, but which, upon request
of the subscriber, may have been held (a) as collateral for war loan account; or (b) in
safekeeping for future delivery; or (c) as collateral for loans from Federal Reserve
Banks, the expense and risk of shipment will be subject to the following conditions:
(1) Securities held as collateral for war loan account:
Such securities will be shipped at Treasury expense and risk if shipped within two
weeks from the time such securities become excess collateral in the account.
Note: This will be construed to mean shipments within two weeks after payment of the
final call has been made of the deposit covering payment by credit for the particular issue,
and not to mean that where securities are in excess of the amounts needed to secure the balance unpaid, such excess must be shipped to the subscriber within two weeks in order to enable subscriber to obtain shipment at the expense and risk of the Treasury.

(2) Securities held in safekeeping:
Such securities will be shipped at Treasury expense and risk for a period not exceeding two weeks following the date the Federal Reserve Bank or branch is ready to
make delivery of such securities on original issue.
(3) Securities held as collateral for loans from Federal Reserve Banks:
The Treasury will not bear the expense and risk on shipments of any securities on
original issue which are held as collateral for loans from Federal Reserve Banks, since
the delay is not connected with any Treasury activity, but is caused solely by a relation
existing between the Federal Reserve Bank in its banking capacity and the owner of the
securities.
Very truly yours,




BENJ. STBONG,

Governor.

FEDERAL RESERVE BANK
OF NEW YORK

June 30, 1925.

Semiannual Dividend

GENTLEMEN :

We take pleasure in announcing that the board of directors of this
bank has declared an eighteenth dividend, payable June 30,1925, at the
rate of 6 per cent, per annum, for the period from January 1,1925, to
June 30, 1925, both dates inclusive.
Your reserve account is being credited today with $
the amount of dividend due your institution.




Respectfully,

W^tTTT
Governor