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CIRCULAR NO. 184

F E D E R A L R E S E R V E BANK OF N E W Y O R K
BOND

ISSUE

120
A D D R E S S ALL C O M M U N I C A T I O N S

BOND ISSUE

/*> **<?.***

DIVISION

BROADWAY

TO

TELEPHONE

DIVISION

RECTOR

NEW YORK. July 8, 1919

V I C T O R Y L I B E R T Y LOAN CONVERSION P R I V I L E G E

T o ALL HANKS, T R U S T COMPANIES AND SAVINGS BANKS
IN THE SECOND F E D E R A L R E S E R V E D I S T R I C T ,
DEAR S I R S :

You will find enclosed copy of Treasury Department Circular No. 139 and forms for your
use in forwarding Victory Notes for conversion.
Please note that under the provisions of said circular no conversions may be made before
July 15, 1.919, and that exchanges of coupon notes for registered notes or of registered notes for
coupon notes and transfers of ownership of registered notes, will not be permitted upon conversion, but must be conducted as separate operations.
. T h e circular also provides that when presenting and surrendering notes for conversion it
will be necessary to make an exact adjustment of interest. Therefore, if 4 « ^ % notes are presented to us for conversion, adjustment of interest will be figured to the date on which notes are
received for conversion and payment will be made by check, or by credit to the reserve account of
a member bank, as directed.
If 3 / 4 %
Bent to us in the
must be figured
table contained

*i b&^

notes are surrendered for conversion check may be forwarded, or instructions
case of a member bank to charge its account, for the interest adjustment due which
to the date notes are received by us for conversion in accordance with the interest
in Treasury Department Circular No. 139, enclosed.

The transportation charges on notes presented for conversion must be paid by the holder,
but if it is desired to have us effect insurance on mail shipments of coupon notes in either direction,
please use enclosed form BI-85, which should be forwarded to us in advance of the notes and
accompanied by payment or by instructions from a member bank to charge its account.




Yours very truly,
B E N J . STRONG,

Governor.

5700

VICTORY LIBERTY LOAN.
RULES AND REGULATIONS GOVERNING EXERCISE OF THE CONVERSION PRIVILEGE.

D e ^ t x u J f ^ c u l a r 139.
Department Circular 1.19.

TREASURY

DEPARTMENT,

OFFICE OF THE SECRETARY.
*

Loans and Currency.

Washington, May 20, 1919.
By virtue of the authority conferred upon the Secretary of the Treasury hy the Second
Liberty Bond Act, as amended hy the Victory Liberty Loan Act, and pursuant to the provisions
of Department Circular No. 138, dated April 21, 1919, offering for subscription United States of
America Convertible Gold Notes of 1922-1923 of the Victory Liberty Loan, in two series, as
described in said circular, the following rules and regulations are prescribed under which any
holder of 4 | Per Cent Convertible Gold Notes of 1922-1923 (hereinafter called 4f Per Cent Victory
Notes) or of 3f Per Cent Convertible Gold Notes of 1922-1923 (hereinafter called 3 | Per Cent
Victory Notes) may have his notes of either series converted at par into notes of the other
series, with adjustment in respect to accrued interest but otherwise without charge by the
United States.
In order to facilitate deliveries upon the original issue, no conversions of the notes of
either series shall be made until after July 15, 1919.
The Secretary of the Treasury may proscribe from time to time further rules arid regulations for the suspension of such privilege of conversion pursuant to the provisions of said
circular.
Conversions may be effected, subject to tne provisions of this circular, after July 15, 1919, by
presentation and surrender of notes to the respective Federal Reserve Banks in Boston, New York,
Philadelphia, Cleveland, Bichmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas. City.
Dallas, and San Francisco, or to the Secretary of the Treasury, Division of Loans and Currency,
Washington. Notes so presented and surrendered for conversion must be accompanied by a
"Request for Conversion" in the form prescribed by the Secretary of the Treasury (Form
L & C 214, hereto attached, copies of which may be obtained from any Federal Reserve Bank
or from the Secretary of the Treasury), signed with the respective autograph signatures of the
holders of the notes presented for conversion.
All coupon notes presented and surrendered for conversion must have attached thereto all
coupons maturing subsequent to the date of presentation and surrender, and all coupon notes
issued upon conversion thereof will have attached thereto all coupons maturing subsequent to
such date. All registered notes presented and surrendered for conversion prior to December
15, 1919, must have attached thereto coupon maturing December 15, 1919, and all registered
notes issued upon conversion thereof will have attached thereto coupon maturing on that date.
Upon conversion of coupon notes, coupon notes only will be delivered. Upon conversion
of registered notes, registered notes only will be delivered, inscribed in the respective names
of the respective holders of the notes surrendered for conversion. Registered notes so presented
for conversion need not be assigned.
Exchanges of coupon notes for registered notes or of registered notes for coupon notes, and
transfers of registered notes will not be permitted upon conversion, but must be conducted as
separate operations.
The transfer books for registered notes will be closed from May 16 to June 15 and from
November 16 to December 15 in each of the years 1920, 1921, and 1922, both dates inclusive in
each case in each year, and will also be closed after April 20, 1923. Conversions of registered
notes will not be permitted during any such period when the transfer books for registered
notes are closed, and all registered notes presented and surrendered for conversion during any
such period will be converted as of the last day of the particular period during which such notes
are presented and surrendered, and no payment will be made or required to adjust interest.
113476°—19




2
Notes will be delivered in like denominations as the notes upon the conversion of which
they are respectively issued, unless written request for delivery in other denominations be
submitted with Request for Conversion.
Transportation charges and risks upon notes presented for conversion must be borne by
the noteholders. Coupon notes to be delivered upon conversion will be delivered either
directly to the hoiJ
* notes surrendered for conversion at the time of such conversion,
or, in the absence of uu.11* written instructions and remittances to cover expenses, will be
expressed at the owners' risk and expense. Registered notes to be delivered upon conversion, •
unless delivered to the registered owner or his duly authorized representative, will be delivered
by registered mail, without expense to, but at the risk of, the registered owner, except that
such notes will be delivered by express at the risk and expense of the registered owner if
written request for such delivery be made. As the cost of transportation of coupon
notes by express is greater than by registered mail insured, holders of coupon note3
desiring to present them for conversion are advised to consult with their own banks
or trust companies, for arrangements may be made, as between Federal Reserve Banks
and incorporated banks and trust companies, for transportation, to and from Federal
Reserve Banks by registered mail insured, of the notes to be converted and the notes to bo
issued upon conversion, the charges in each case to be paid by the respective holders and to be
remitted by the incorporated banks and trust companies to the Federal Reserve Banks. Information concerning any such arrangements will be furnished by Federal Reserve Banks to
incorporated banks and trust companies.
Holders of 4$ Per Cent Victory Notes, who desire to convert their holdings, should present
and surrender such notes for conversion, as provided above, and, unless the notes are surrendered for conversion on an interest date (or, in the case of registered notes, during a period
when the transfer books are closed), will receive, as soon as such payment can be conveniently made, check covering the difference between interest at the rate of 4f per cent per
annum and interest at the rate of 3 J per cent per annum upon the par amount of such notes, to
the respective dates upon which such notes shall have been surrendered for conversion from the
last preceding interest date, in accordance with the Interest Table set forth in Form L & C 191,
printed on pages 5-7 of this circular.
Holders of 3$ Per Cent Victory Notes, who desire to convert their holdings, should present
and surrender such notes for conversion, as provided above, and, unless the notes are surrendered for conversion on an interest date (or, in the case of registered notes, during a period
when the transfer books are closed), must pay to the United States, in the manner provided
below, the difference between interest at the rate of 3f per cent per annum and interest at the
rate of 4f per cent per annum upon the par amounts of such notes, to the respective dates
upon which such notes shall have been surrendered for conversion from the last preceeding
interest date, in accordance with said Interest Table.
No adjustments of interest will be necessary upon conversions of either registered or coupon
notes under this circular, if the notes are surrendered for conversion on an interest date.
All payments to the United States required as provided in this circular must be made in
cash or by post office or express money order, bank draft, or certified check, collectible without
exchange at the place where conversion is to be effected, and payable, if conversion is to be
effected at the Treasury Department, in Washington, to the order of "Treasurer of the United
States, Note Conversion Account," or, if conversion is to be effected at a Federal Reserve Bank,
payable to " Federal Reserve Bank of

,
(Here insert name of city in which bank is located.)

Note Conversion Account." No other forms of payment will be accepted. Such payments
must be sufficient to cover interest up to the date when such payments will actually be received
at the place where conversion is to be effected.
The Secretary of the Treasury reserves the right to make, from time to time, any supplementary or amendatory rules and regulations governing the exercise of the conversion privilege,
information as to wliich may be obtained from the Treasury Department, or through any
Federal Reserve Bank.



CARTER GLASS,
Secretary of the Treasury.

ici «'i9r> r
sOA*'

TREASURY DEPARTMENT.
Loans and Currency.
F o r m Ii <fc C 214

r

VICTORY NOTES
REQUEST FOR CONVERSION
Only one series of notes may be entered on this form, and separate forms must also be used for (1)
coupon notes and (?) registered notes.
Dated

,19

To the SECRETARY OF THE TREASURY.
The undersigned herewith presents and surrenders—
Per Cent Victory Notes
$
(Interest rate borne by notes presented herewith for conversion.)
in I
.J v
, [ form, and requests that the same be converted into an equal face amount of Victory notes of the other series
according to the terms of Treasury Department Circular No. 139, dated May 20, 1919.
any, are given b y the undersigned on the back hereof.

Special instructions, if

Autograph signature of holder in full
Address, number and street
(For delivery of notes.)
City or town
County

State - ..

1. If 4J Per Cent Victory Notes are surrendered for conversion, the execution of the above form is all that is required.
2. If 3J Per Cent Victory Notes are surrendered for conversion, payment must be made to the United States of the amounts required to adjust
interest. The form covering remittance appearing on the back hereof must be used.
3. Payments whenever required to adjust interest must be sufficient to cover such interest up to the date when such payments will be actually
received at the place of conversion. Such payments must be made in cash, or by post-office or express money order, bank draft, or certified
check collectible without exchange at the place where conversion is to be effected, and payable, if conversion is to be effected at the Treasury
Department in Washington, to the order of " Treasurer of the United States, Note Conversion Account," or, if conversion is to be effected
at a Federal Reserve Bank, payable to " Federal Reserve Bank of
(Here insert name of city in which bank is located.)
Note Conversion Account." No other forms of payment will be accepted.
i. Registered notes surrendered for conversion need not be assigned. Registered notes will not be converted during the period when the
registration books are closed against transfers




(3)

Following forms to be used only for giving special instructions:
I. If m

Per Cent Victory Notes are presented for conversion, this form m u s t be used in remitting to
cover a d j u s t m e n t of interest.

Referring to $
herewith incloses $

, face amount, of notes surrendered for conversion herewith, the undersigned
, being amount necessary to adjust interest thereon from

,

1 9 . . . , to
, 1 9 . . . , in accordance with Interest Table, appearing in Treasury Department Circular
No. 139, dated May 20, 1919.
Signature of person signing request for conversion

>
W YHG
II. If delivery is desired of notes i n a different denomination or denominations from the note or notes
surrendered use t h i s form.
Referring to $
,* face amount of notes surrendered for conversion herewith, the
undersigned hereby requests delivery of notes upon conversion as follows:
Number of notes.

Denominations.
$50
$100
$500
$1,000
$5,000
S10,000
2$50,000
* $100,000
Total,* $

i These amounts must be the same; otherwise request may be disregarded.
* Coupon notes are not issued in these denominations.

Signature of person signing request for conversion-




5
TREASUltT H E P A B T M E N T ,

'ii of Loans and Currency.
(Ed. 50,000— Apr. 16-19.)
Form I. & C 191.

VICTORY LIBERTY LOAN.
TABLE FOR COMPUTING INTEREST ADJUSTMENTS UPON CONVERSION OF NOTES.
I N T E R E S T AT 1 P E R CENT P E R A N N U M ($ PER CENT PER H A L F Y E A R ) .
(See explanation at end.)
$1,000.

$6,000.

Nuintwr
of days.

$1,000.

$5,000.

Number
of days.
Half year of
182 days.

1.... $0.027473
2
.054945
3....
.082418
4....
.109890
6....
.137363

Half year of
183 days.

Half year of
182 days.

$0.027322 | $0.137363
.054645
.274725
.081967
.412088
.109290
.549451
.136612
.686813

Half year of
183 days.

$0.136612
.273224
.400836
.546448
.683060

Half year of
182 days.

Half year of
183 days.

6 1 . . . $1.401099 $1.393443
52
1.428571
1.420765
63.... 1.466044
1.448087
64. ... 1.483516
1.475410
55.... 1.510989
1.502732

Half year of
1S2 days.

Half year of
183 days.

$7.005495
7.142857
7.280220
7.417582
7.554945

$6.967213
7.103825
7.240437
7.377049
7.513661

6....
7....
8....
9....
10....

.164835
.192308
.219780
.247253
.274725

.163934
.191257
.218579
.245902
.273224

.824176
.961538
1.098901
1.236264
1.373626

.819672
.956284
1.092896
1.229508
1.366120

56....
57....
58...
59....
60

1.538462
1.565934
1.593407
1.620879
1.648352

1.530055
1.557377
1.584699
1.612022
1.639344

7.692308
7.829670
7.967033
8.104396
8.241758

7.650273
7.786885
7.923497
8.060109
8.196721

11....
12....
13....
14....
15....

.302198
.329670
.357143
.384615
.412088

.300546
.327869
.355191
.382514
.409836

1.510989
1.648352
1.785714
1.923077
2.060440

1.502732
1.639344
1.775956
1.912568
2.049180

61....
62
63
64....
65....

1.675824
1.703297
1.730769
1.758242
1.785714

1.666667
1.693989
1.721311
1.748634
1.775966

8.379121
8.516484
8.653846
8.791209
8.928571

8.333333
8.469945
8.606557
8.743169
8.879781

16....
17
18...
19
20....

.430560
.467033
.494505
.521978
.549451

.437158
.464481
.491803
.519126
.546448

2.197802
2.335165
2.472527
2.609890
2.747253

2.185792
2.322404
2.459016
2.595628
2.732240

66....
67....
68....
69....
70....

1.813187
1.840659
1.868132
1.895604
1.923077

1.803279
1.830601
1.857923
1.885246
1.912568

9.065934
9.203297
9.340659
9.478022
9.615385

9.016393
9.153005
9.289617
9.426229
9.562842

21
22
23
24
25....

.576923
.604396
.631868
.659341
.686813

.578770
.601093
.628415
.655738
.683060

2.884615
3.021978
3.159341
3.296703
3.434066

2.868852
3.005464
3.142077
3.278689
3.415301

71....
72
73....
74....
75....

1.950549
1.978022
2.005495
2.032967
2.060440

1.939891
1.967213
1.994536
2.021858
2.049180

9.752747
9.890110
10.027473
10.164835
10.302198

9.699454
9.836066
9.972678
10.109290
10.245902

26
27
28...
29
80....

.714286
.741768 |
.769231 }
.796703 |
.824176 !

.710383
.737705
.766027
.792350
.819672

3.571429
3.708791
3.846154
3.983516
4.120879

3.561913
3.688525
3.825137
3.961749
4.098361

76...
77
78....
79....
80....

2.087912
2.115385
2.142857
2.170330
2.197802

2.076503
2.103825
2.131148
2.158470
2.186792

10.43956O
10.676923
10.714286
10.851648
10.989O11

10.382614
10.519126
10.655738
10.792350
10.928962

31....
32
33...
34....
35....

.851648 |
.879121 1
.906593
.934066
.961538

.846995
.874317
.901639
.928962
.956284

4.258242
4.395604
4.532967
4.670330
4.807692

4.234973
4.371585
4.508197
4.644809
4.781421

81....
82....
83....
84....
85....

2.225275
2.252747
2.280220
2.307692
2.335165

2.213115
2.240437
2.267760
2.295082
2.322404

11.126374
11.263736
11.401099
11.538462
11.675824

11.065574
11.202186
11.338798
11.475410
11.612022

3S!.*!
39
40

.989011
.983607
1.016483
1.010929
1.043956
1.038251
1.071429 i 1.065574
1.098901
1.092896

4.945055
5.082418
5.219780
5.357143
5.494505

4.918033
5.054645
5.191257
5.327869
5.464481

86....
87....
88....
89
90

2.362637
2.390110
2.417582
2.445055
2.472527

2.349727
2.377049
2.404372
2.431694
2.459016

11.813187
11.950549
12.087912
12.225275
12.362637

11.748634
11.885246
12.021858
12.158470
12.295082

41....
42
43....
44....
45....

1.196374 ; 1.120219
1.153846 I 1.147541
1.181319 1 1.174863
1.208791
1.202186
1.236264
1.229508

5.631868
6.769231
5.906593
6.043956
6.181319

5.601093
5.737705
5.874317
6.010929
6.147541

91....
92....
93
94....
95....

2.500000
2.527473
2.554945
2.582418
2.609890

2.486339
2.513661
2.540984
2.568306
2.595628

12.500000
12.637363
12.774725
12.912088
13.049451

12.431694
12.568306
12.704918
12.841530
12.978142

46
47
48
4©

1.263736 ;
1.291209
1.318681 ,
1.346154
1.373626

6.318681
6.456044
6.593407
6.730769
6.868132 !

6.284153
6.420765
6.557377
6.693989
6.830601

96
97
98
99....
100

2.637363
2.664835
2.692308
2.719780
2.747253

2.622951
2.650273
2.677596
2.704918
2.732240

13.186813
13.324176
13.461538
13.598901
13.736264

13.114754
13.251366
13.387978
13.524590
13.661202

3?'""

50

J

1.256831
1.284153
1.311475
1.338798
1.366120




I N T E R E S T AT 1 P E R CENT P E R A N N U M (J PER CENT PER HALF YEAR)—Continued.
(See explanation at end.)

I
$1,000.

fOT r *TV

Ys

$5,000.

$1, 300.

Nui«bcr
of days.
Half year of
182 days.

101.... $2.774725
102
2.802198
103
2.829670
104
2.857143
105
2.884615
106....
107
108
109
HO

$5,000.

Number
of days.

2.912088
2.939560
2.967033
2.994505
3.021978

H

111....
112....
113....
114
115....

3.049451
3.076923
3.104396
3.131868
3.159341

116....
117....
118
119....
120

3.186813
3.214286
3.241758
3.269231
3.296703

121
122
123
124
125

3.324176
3.351648
3.379121
3.406593
3.434066

126
127....
128...
129
130....

3.461538
3.489011
3.516483
3.543956
3.571429

131..-.
132....
133
134....
135

3.598901
3.626374
3.653846
3.681319
3.708791

136..-.
137....
133
139....
140....

3.736264
3.763736
3.791209
3.818681
3.846154

141.
142...-

3.873626
3.901099

Half year of
183 days.

Half year of
182 days.

Half vear of
183 days.

Half vear cf
1S2 days.

$2.759563 $13.873626 $13.797814 1 143....$3.928571
2.786885
14.010989
13.934426 144.... 3.956044
2.814208
14.148352
14.071038 145.... 3.983516
2.841530
14.285714
14.207650
2.868852
14.423077
14.344262 146... 4.010989
147
4.038462
2.896175
14.560440
14.480874 148
4.065934
2.923497
14.697802
14.617486 149.... 4.093407
2.950820
14.835165
14.754098 150.... 4.120879
2.978142
14.972527
14.890710
3.005464
15.109890
15.027322 151.... 4.148352
152
4.175824
3.032787
15.247253
15.163934 153.... 4.203297
3.060109
15.384615
15.300546 154.... 4.230769
3.087432
15.621978
15.437168 ! 155
4.258242
3.114754
15.659341
15.573770
3.142076
15.796703
15.710383 156.... 4.285714
157
4.313187
3.169399
15.934066
15.846995 , 158
4.340659
3.196721
16.071429
15.983607 ! 159
4.368132
3.224044
16.208791
13.120219 : leo
4.395604
3.251366
16.346154
16.256831
3.278689
16.483517
16.393443 161
4.423077
162... 4.450549
3.306011
16.620879
16.530055 163
4.478022
3.333333
16.758242
16.666667 164
4.505495
3.360656
16.895604
16.803279 165.... 4.532967
3.387978
17.032967
16.939891
3.415301
17.170330
17.076503 166.... 4.560440
167
4.587912
3.442623
17.307692
17.213115 168
4.615385
3.469945
17.446055
17.349727 169.... 4.642857
3.497268
17.582418
17.486339 170
4.670330
3.524590
17.719780
17.622951
3.551913
17.857143
17.759563 171.... 4.697802
172
4.725275
3.579235
17.994505
17.896175 173
4.752747
3.606557
18.131868
18.032787 174
4.780220
3.633880
18.269231
18.169399 175.... 4.807692
3.661202
18.406593
18.306011
3.688525
18.543956
18.442623 176
4.835165
177
4.862637
3.715847
18.681319
18.579235 178
4.890110
3.743169
18.818681
18.715847 179
4.917582
3.770492
18.956044
18.852459 180
4.945055
3.797814
19.093407
18.989071
3.825137
19.230769
19.125683 181.... 4.972527
182
5.000000
3.852459
19.368132
19.262295 183
3.879781
19.505495
19.398907

Half vear cf
183 days.

Half year of
182 days.

Half year of
1S3 days.

$3.907104 $19.842857 $19.535519
3.934426
19.780220
19.672131
19.917582
3.961749
19.808743
3.989071
4.016393
4.043716
4.071038
4.098361

20.054945
20.192308
20.329670
20.467033
20.604396

19.945355
20.081967
20.218579
20.355191
20.491803

4.125683
4.153005
4.180328
4.207650
4.234973

20.741758
20.879121
21.016484
21.153846
21 291209

20.628415
20.765027
20.901639
21.038251
21.174863

4.262295
4.289617
4.316940
4.344262
4.371585

21.428571
21.565934
21.703297
21.840659
21.978022

21.311475
21.448087
21.584699
21.721311
21.857923

4.398907
4.426230
4.453552
4.480874
4.508197

22.115385
22.252747
22.390110
22.527473
22.664835

21.994536
22.131148
22.267760
22.404372
22.540984

4.535519
4.562842
4.590164
4.617486
4.644809

22.802198
22.939560
23.076923
23.214286
23.351648

22.677596
22.814208
22.950820
23.087432
23.224044

4.672131
4.699454
4.726776
4.754098
4.781421

23.489011
23.626374
23.763736
23.901099
24.038462

23.360656
23.497268
23.633880
23.770492
23.907104

4.808743
4.836066
4.863388
4.890710
4.918033

24.175824
24.313187
24.450549
24.587912
24.725275

24.043716
24.180328
24.316940
24.453552
24.590164

4.945355
4.972678
5.000000

24.862637
25.000000

24.726776
24.863388
25.000000

The number of days elapsed, in connection with the conversion table, Victory Liberty Loan, is found by
talcing the day of the month of such conversion, and for—
Mav, 1919
Juiie 1 to 15, 1919

subtracting
adding

20
11

Leap year:
March
April
May
June 1 to 15

adding 76
adding 107
adding 137
adding 168

subtracting 15
adding 15
adding 46
adding 77
adding 107
adding 138
adding 168

December 15 to 31
January
February
March
April
May
June 1 to 15

subtracting 15
adding 16
adding 47
adding 75
adding 106
adding 136
add ng 167

For any other month—
Juue 15 to 30
August
• ruber
October
November
December 1 to 15



7
EXPLANATION.
The difference in interest borne by the two series of Victory Notes, each series being dated May 20, 1919,
and having identical interest payment dates, is 1 per cent per annum. Interest on such notes is payable on
December 15, 191VJ, thereafter semiannually on June 15 and December 15, and at maturity. If 4f per cent notes
are converted into 3f per cent notes, the interest adjustment is in favor of the holder, if 3f per cent notes are
converted into 4J per cent notes, the interest adjustment is in favor of the Government. In making adjustments in favor of the United States, interest at 1 per cent must be computed from the last interest payment
date to the date the notes are presented (received) at a Federal Reserve Bank or the Treasury Department,
Washington, and remittance is available at par. Interest on Victory Notes is computed on a semiannual basis,
and for fractional periods on the actual number of days elapsing within such semiannual period. The semiannual period ending December 15 contains 183 days. The semiannual period ending June 15 contains 182
days, except that in leap years it contains 183 days. The correct amount of interest adjustment may be
ascertained from the foregoing table, the interest adjustment on each $1,000 or $5,000 notes being set opposite
the actual number of elapsed days from the last interest payment date to the date the notes are presented for
conversion, the appropriate column being used.
Inasmuch as the interest payment on December 15, 1919, covers more than six months' interest, for conversions prior to such date reference must be made to both columns in order to determine the correct adjustment. For example, if conversion of a $1,000 note is ma.de on July 15, the correct computation is as follows:
Example (a):
May 20 to June 15. 26 lapsed days.* 182-day period. Reference to the table shows the interest
difference to be $0.7143.
June 15 to July 15 30 lapsed days. 183-day period. Reference to the table shows the interest
difference to be $0.8197.
%
Total adjustment accordingly is $1,534.
Following are examples of correct interest adjustments after December 15, 1919, for a $1,000 note:
Example (b):
Conversion February 15, 1920. Last interest payment December 15, 1919. Accordingly 62 days
have elapsed in a 183-day period (leap year), and reference to table shows the interest difference to be $1.69.
Example (c):
February 15, 1921. Last interest payment December 15, 1920. Accordingly 62 days have
elapsed in a 182-day period, and reference to table shows the interest difference to be $1.70.




WASHINGTON : COVECXMEXT PRINTING OFFICE : K : j


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102