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FEDERAL RESERVE BANK OF NEW YORK Government Bond Department ["Circular No. 6851 [_September 8, 1925 J $250,000,000 (or thereabouts) September 15th Offering of 3lA Per Cent Treasury Certificates of Indebtedness Subscription Books Open September 8 To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers, Principal Corporations and Others Concerned in the Second Federal Reserve District: The Secretary of the Treasury today offers for subscription a new series of 3% per cent Treasury certificates of indebtedness running for nine months from September 15,1925. In announcing the offering Secretary Mellon made the following statement: The Treasury is today announcing its September financing which takes the form of an offering of $250,000,000 or thereabouts, nine months 3*4 per cent Treasury certificates of indebtedness, dated and bearing interest from September 15, 1925, maturing June 15, 1926. The Treasury will accept in payment for the new certificates Treasury certificates of indebtedness of Series TS-1925, maturing September 15, 1925, at par, but such subscriptions will not be given preferred allotment. The present offering is intended, with the balances already on hand and the September tax receipts, to cover the Treasury's further cash requirements until December when further financing will be necessary. The subscription books for this offering are now open and applications will be received by this bank. The terms of the offering are given in full on the following page. Very truly yours, B E N J . STRONG, Governor D.i TO BE USEO IN REPORTING PAYMENTS FOR TREASURY CERTIFICATES O N L Y (Name of bank or trust SERIES TJ2—1926—3V4% (Location) Dated September 15, 1925—Due June 15, 1926. ,19 (Date) I HEREBY CERTIFT that there has been deposited this day with the above bank or trust company, to the credit of tl Federal Reserve Bank of] New York, as Fiscal Agent of the United ^States War Loan Deposit Account, to be held subject withdrawal on demand, the sum of Dollar $ Cashier or Viee-PretideiU INSTRUCTIONS Make reports on this form when payments for certificates of indebtedness subscriptions are made through credit in the FEDERAL RESEBVE BANK OF NEW YORK as FISCAL AGENT OP THE UNITED STATES W A S LOAN DEPOSIT ACCOUNT in your books, forwarding to the Federal Reserve Bank of New York. Demands for withdrawal of deposits in the above account will be made through the Federal Reserve Bank of New York as fiscal agent of the United States. NOTE—See rererse JTC-C Subscription by Bank or Trust Company Lot Number Application Number c By Check, Charge, Book Credit, or Exchange To 3V4 Per Cent Treasury Certificates, Series TJ2-1926 Dated September 15, 1925 Due June 15, 1926 Date at. .1925 Interest on Certificates Series TJ2-1926 will be on semi-annual basis. For period September 15, 1925, to December 15, 1925, on 183 day basis. Decimal for one day's interest on $1,000 $0.08879781. For period December 15, 1925 to June 15, 1926, on 182 day basis. One day's interest $0.08928571. FEDERAL RESERVE BANK or NEW YORK Fiscal Agent of the United States New York, N. Y. DEAR SIRS: Pursuant to the terms stated in the offering of the Secretary of the Treasury dated September 8, 1925, please enter subscriptions at par and accrued interest for United States of America 3*4 per cent Treasury certificates of indebtedness, Series TJ2-1926 dated September 15, 1925, and due June 15, 1926, as follows: For our own account (not classified below) $ For our customers (classified below), Total Subscription CLASSIFICATION OF CUSTOMERS' SUBSCRIPTIONS (Not for denomination of securities) Subscriptions of $1,000 and under Number Amount Leave Blank Subscriptions of $1,100 to $10,000 Inclusive Subscriptions of $10,100 to $50,000 Inclusive Number Amount Number Leave Blank Leave Blank Amount Sub's of $100,100 to $500,000 Inclusive Number Amount Leave Blank Sub's of $500,100 to $1,000,000 Inclusive Amount Leave Blank Number Subscriptions of $50,100 to $100,000 Ino. Amount Leave Blank Number Subscriptions of over $1,000,000 Leave Blank Amount Number "We agree to pay to you on September 15, 1925, at par and accrued interest for any certificates allotted on account of this subscription, and payment will be made by the method indicated below: B y d e b i t t o oxa reserve account By . . cheek . . . . B y credit t o W a r L o a n D e p o s i t A c c o u n t I. $ . TO SUBSCRIBER: Hark (X) in proper space to indicate if this is: Original subscription Confirmation of a telegram. Confirmation of a letter.... . . . . B y e x c h a n g e of T r e a s u r y Certificates, Series T S - 1 9 2 5 - . $ - $ Before signing fill in all required spaces. Bank or Trust Company Post Office Address State Official signature required SPACES BELOW ARE FOB THE USE OF TUB FEDERAL RESERVE BANK Examined Classified Carded Ledger Disposition Government Deposit Acknowledged Hold_ Allotment Received Figured Checked Checked Advised Recorded Method of Payment Window Date Released Amount Custody Mail By Other Departments IB-0 SUBSCRIPTION Lot Number Application Number IB To 3% Per Cent Treasury Certificates of Indebtedness Series TJ2-1926 Dated September 15, 1925 Due June 15, 1926 Dated at. .1925 Interest on Certificates Series TJ2-1926 will be on semi-annual basis. For period September 15,1925, to December 15, 1925, on 183 day basis. Decimal for one day's interest on $1,000 $0.08879781. For period December 15, 1925 to June 15, 1926, on 182 day basis. One day's interest $0.08928571. FEDERAL BESERVE BANK or NEW YORK, Fiscal Agent of the United States, New York, N. Y. DEAR SIRS: Pursuant to the terms stated in the offering of the Secretary of the Treasury dated September 8, 1925, please enter our (my) subscription at par and accrued interest for $ (par value) United States of America 3^4 per cent Treasury certificates of indebtedness, Series TJ2-1926 dated September 15, 1925, due June 15, 1926. We (I) agree to pay to you on September 15, 1925, at par and accrued interest for any certificates allotted on account of this subscription, and payment will be made by the method indicated below: By Sept. 15, 1925 Treasury Certificates, Series TS-1925 - $.. - $. By cheek - By cash - - $. Payment will be made by (name) This is a confirmation of a previous subscription. Write Ye« or Write No Subscriber.... Street address. Town State THIS SPACE IS FOR THE USE OF THE FEDERAL RESERVE BAKK OF NEW YORK CLASSIFIED FIGURED LEDGER Figured Checked Advised Allotment ACKNOWLEDGED DISPOSITION Payment By Exchange of Series TS-1925 Released Date $ % — By Cash By Check Received Cheeked Interest Checked — Drawn on Check No. Recorded Window Custody Mail Original FEDERAL RESERVE BANK Lot Number OF NEW YORK Application Number NOTICE OF ALLOTMENT on Cash Subscription to 3Vi Per Cent Treasury Certificates, Series TJ2-1926 Dated September 15, 1925 Due June 15, 1926 September , 1925 Referring to your subscription to $ (par value) United States of America 3*4 per cent Treasury certificates, dated September 15, 1925, due June 15, 1926, you have been allotted $ IMPORTANT To obtain delivery of the certificates, the original of this notice, properly filled out and signed in the spaces provided below, must be returned immediately to us. Attach payment hereto unless reserve account is to be debited. FEDERAL RESERVE BANK OP NEW YORK, Cheeked by Fiscal Agent of the United States. Instructions ISSUE SECURITIES IN THE: FOLLOWING DENOMINATIONS Pieces Denominations to Federal Reserve Bank of New York DISPOSE OP SECURITIES AS INDICATED BELOW LEAVE BLANK Par Amount Numbers Deliver to Government Deposit Div. S 500 1,000 Hold for Safekeeping (For members only) 5,000 Deliver Over Counter Deliver to Loan Department 10,000 Ship Definitive Securities 100,000 Total Special Instructions The method of payment is indicated below: By debit t o o u r reserve account By eheek - - - - - - - - - - - - $.... By credit t o W a r Loan Deposit Account - - - - - $ . . $„.. By exchange of Treasury Certificates, Series TS-1925 - - $. Subscriber Street address Town State DO NOT USE THESE SPACES Paid Stamp Checked to App. Received from FEDERAL RESERVE BANK or NEW YORK Released Prepared Delivery Eeceipt $ par value Treasury certificates, Series TJ2-1926 dated September 15, 1925, due June 15, 1926 Amount- Checked Delivered http://fraser.stlouisfed.org/ KA-CC Federal Reserve Bank of St. Louis Subscriber. ByDate. Bv. Duplicate FEDERAL RESERVE B A N E OF N E W YORK Lot Number Application Number NOTICE OF ALLOTMENT on Cash Subscription to 3V4 Per Cent Treasury Certificates, Series TJ2-1926 Dated September 15, 1925 Due June 15, 1926 September , 1925 Referring to your subscription to $ (par value) United States of America 3^4 per cent Treasury certificates, dated September 15, 1925, due June 15, 1926, you have been allotted $. IMPORTANT To obtain delivery of the certificates, the original of this notice, properly filled out and signed in the spaces provided below, must be returned immediately to us. Attach payment hereto unless reserve account is to be debited. FEDERAL RESERVE BANK OP NEW YORK, Checked by Fiscal Agent of the United States. Instructions ISSUE SECURITIES IN THE FOLLOWING DENOMINATIONS Pieces Denominations to Federal Reserve Bank of New York DISPOSE OP SECURITIES AS INDICATED BELOW LEAVE BLANK Par Amount Numbers $ $ 600 1,000 5,000 10,000 100,000 Total $ The method of payment is indicated below: By debit t oo u rreserve account By cheek - . - - - - - . - . - . - . - . . . . $...., By credit t o W a r Loan Deposit Account - - - - - $ . . - . . . $. B y e x c h a n g e of Treasury Certificates, Series T S - 1 9 2 5 - - $.. Subscriber Street address Town State DO NOT USE THESE SPACES Beceived from FEDERAL BESEBVX B A N E or N E W YORK Released Prepared Delivery Receipt Paid Stamp Checked to App. $ par value Treasury certificates, Series TJ2-1926 dated September 15, 1925, due June 15, 1926 Amount- Checked ByDelivered http://fraser.stlouisfed.org/ NA-CC Federal Reserve Bank of St. Louis Subscriber. Date. JJL New Certificate Issue Circular No. 685 Federal Reserve Bank of New York Offering of United States of America Three and One-quarter Per Cent Treasury Certificates of Indebtedness SERIES TJ2-1926 Dated and Bearing Interest from September 15, 1925. Due June 15, 1926. To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers, Principal Corporations and Others Concerned 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 Eeserve Banks, Treasury certificates of indebtedness of Series TJ2-1926, dated and bearing interest from September 15, 1925, payable June 15, 1926, with interest at the rate of three and one-quarter per cent per annum payable on a semi-annual basis. 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 two interest coupons attached, payable December 15, 1925 and June 15, 1926. 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 (b) 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 (b) 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 of this series will be acceptable to secure deposits of public moneys but will 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. The Secretary of the Treasury also reserves the right to make allotment in full upon applications for smaller amounts, and to make reduced allotments upon, or to reject, applications for larger amounts, and to make classified allotments and allotments upon a graduated scale: and his action in these respects will be final. Allotment notices will be sent out promptly upon allotment, and the basis of the allotment will be publicly announced. Payment at par and accrued interest for certificates allotted must be made on or before September 15,1925, or on later allotment. After allotment and upon payment Federal Eeserve 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 TS-1925, maturing September 15, 1925, will be accepted at par, in payment for any certificates of the Series TJ2-1926 now offered, which shall be subscribed for and allotted, with an adjustment of the interest accrued, if any, on the certificates of Series TJ2-1926 so paid for. 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. Very truly yours, BENJ. STRONG, Governor New York, September 8, 1925.
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