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FEDERAL RESERVE BANK
OF N E W YORK
Government Bond
Department

\ Circular No. 2741
[ April 29, 1920. J

Permanent Second Liberty Loan Bonds
In Exchange For Temporary Coupon Second 4's
Ready for Delivery on and after May 3 , 1920

To all Banks, Trust Companies and Savings Banks
in the Second Federal Reserve District.

Holders of temporary 4 % Second Liberty Loan coupon bonds may collect the interest
at 4 % due and payable on May 15, 1920, by exchanging them on and after M a y 3, and
before M a y 15, 1920, for permanent bonds, with all coupons attached, drawing interest at
4 % from November 15, 1919, to May 15, 1920, and at 4 3 4 % from M a y 15, 1920, to
maturity. Upon specific request permanent bonds bearing 4 % will be delivered in exchange.
A sufficient supply of the permanent bonds has been prepared for this purpose and
deliveries will commence promptly on Monday, M a y 3.
You will be advised later when permanent bonds will be available in exchange for
temporary Second 4 ^ % , First 4 % and First 4 ^ % bonds, as unavoidable difficulties in
the Bureau of Engraving and Printing a t Washington and consequent interruptions and
delays in the printing of permanent bonds have made it impossible to adhere to the tentative
program previously announced for deliveries of permanent bonds.
The provisions of our Circular No. 259 of March 5, 1920, issued subject to Treasury
Department Circular No. 164 of December 15, 1919, will govern such exchanges as above
modified.




Very truly yours,
J. H .

CASE,

Acting Governor.

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