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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 871 "1 L September 11. 1928 J Securities Department Cash and Exchange Subscription Books Closed On September 15th Offering of 4Vi Per Cent Treasury Certificates To all Banks, Trust Companies, Savings Banks, Bankers, Investment Dealers, Principal Corporations and Others Concerned in the Second Federal Reserve District: According to an announcement by the Treasury Department, the subscription books for the current offering of $525,000,000, or thereabouts, of 4% per cent Treasury certificates of indebtedness, dated September 15, 1928, due June 15, 1929, Series TJ-1929, closed at the close of business today, September 11, 1928. This applies both to cash subscriptions and to subscriptions in payment of which Third Liberty Loan 4*4 per cent bonds are tendered. No further subscriptions to this offering, therefore, can be received by this bank. Very truly yours, BENJ. STRONG, Governor.