The Washington herald., 1922-07-26
FIN a cIAL
MELLON SETS DATE
FO R REDEMPTION
or VICTORY ISSUES.
Certain 434s Called For
December Is; 4H%
Loan Announced.

Secretary OF the Treasury Mellon
Is today announcing that all Victory
lx per cent notes designated by
the letters "A. B. C. d. E and F.
prefixed to the serial number have
been called for redemption on De-
eemer Is. 1929. at which date the
eferest ceases, and that an issue of
approximately s3oo.ooO.ooO gold
Treasury notes bearing interest at
the rate of AZ per cent per annum.
to be dated August 1, 1922. and ma
turing September Is. 1926. Is being
offered for public consumption.
The Victory notes which bear the
letters A. B. c. D. E and F. to be
redeemed on December Is. this year.
were chosen promiscously from
receptacle which also contained a
slip of paper having on it the let
tersA g. H, I, ]. X and L. the re-
naming notes by w. G. Platt, chief
clerk of the Treasury Department.
in the presence of Treasury corre-
spondents- The drawing was con-
Quoted account of the fact that the
country is already too heavily bur-
dened to redeem more than half of
the outstanding obligations CT
which there are about $4,000. .000.-
900. Those not called will continue
to run until maturity. March 20.
lss3.
Interest Payment March, 1878.
The new obligation which is be-
ing fioated will pay interest on March
Is. 1923. and thereafter semi-an-
nually on September is and March
Is in each year. Applications. as
usual. will be received at the Fed
eral Reserve banks Bearer notes
with interest coupons attached will
be issued in denominations of 800.
$500. $1,000, $1,000. $4,000 and
100000. The notes are not subject
to call for redemption before ma
turity, and will not be issued in reg
istered form The principal and in
terest of the notes will be payable
in United States gold coin of the
present standard of value.
THE notes 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, ex-
cept (a) estate or inheritance taxes.
and (b) graduated additional in
come taxes. commonly known as
surtaxes. and excess-profts and
war-profits taxes. now or hereafter
imposed by the United States. upon
the income or profits of individuals,
partnerships, associations, or cor
porations.
Accepted Mt Par.
Notes of this series will be ac-
cepted at par. with an adjustment
of accrued interest. during such
time and under such rules and regu-
lations as shall be prescribed or
approved by the Secretary of the
Treasury. in payment of income
and profits taxes payable at or
within six months before the ma
turfty of the notes. Any of the
notes which have been owned by
any person continuously for at least
six months prior to the date of his
death. and which upon such date
constitute part of his estate. shall.
under rules and regulations pre-
scrtbed by the Secretary of the
Treasury. be receivable by the
United States at par and accrued
interest in payment of any estate
or Inheritance taxes imposed by the
United States. under or by virtue
of any present or future law upon
such estate or the inheritance
thereof. The notes of this series
will be acceptable to secure de-
posits of public moneys. but do not
bear the circulation privilege.
The right is reserved to reject any
subscription and to allot less than
the amount of notes applied for and
to close the subscriptions at any
time without notice. Payment at
par and accrued interest for notes
allotted must be made on or before
August 1. 1922. or on later allot-
ment. After allotment and upon
payment Federal Reserve Banks
may issue interim receipts pending
delivery Of the dehpitive notes. Any
qualified depositary will be permit
ted to make payment by credit for
notes allotted to il for itself and its
customers up to any amount for
which il shall be qualified in excess
of existing deposits. when so noti-
fled by the Federal Reserve Bank
of its district. Treasury certificates
of Indebtedness of Series B-1922,
maturing August 1, 1922, and Vic
tory notes of the AZ per cent series
will be accepted at the Federal Re-
serve Banks at par. with an ad-
justment of accrued interest, in
payment for any Treasury notes Of
the Series B-1926 now offered which
shall be subscribed for and allotted
Victory notes in coupon form must
have all unmatured coupons at
tached. and IL in registered form
must be duly assigned to the Sec
retary of the Treasury for redemp-
tion. in accordance with the general
regulations of the Treasurv na