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F E D E R A L RESERVE
OF N E W

BANK

YORK

Check DepartmmU

r- ^ ^
^ ^ ^
^ ^
-|
Supplementing Circular No.
L258, dated March 1, 1920 J
SW. GJU*> o-<sr(= , 3^7/ 33// 3^°

Collection of Checks
Immediate Credit for Certain New Jersey Checks

7

To all Member Banks in the Second Federal Reserve District
Beginning on Wednesday, May 19, 1920, we will receive for immediate credit when
forwarded to us in a separate letter and received by 9 a. m., checks drawn on the New
Jersey banks and trust companies named in the enclosed supplement to our current time
schedule showing when the proceeds of items will become available.

Such checks will be

received and handled under the terms and conditions of our Circular N o . 258, entitled
"Collection of Checks," dated March 1, 1920.
This saving of two days for our member banks in collecting checks drawn upon the
majority of banks situated in Hudson County, New Jersey, is made possible by the
formation of the Northern New Jersey Clearing House Association by this bank and the
New Jersey institutions referred to above.
Unpaid checks drawn on these institutions will be returned on the day following
their receipt by this bank if received by 9 a. m.




Very truly yours,
J. H.

CASE,

Acting Governor

Circular No. 278 (Continued)
FEDERAL RESERVE BANK OF NET/ YORK

k

-

-f

Supplement to Time Schedule Issued March 1, 1920,
Showing When the Procetds of Items Will Become Available
Effective May 19, 1920, under the Terms and Conditions
of Federal Reserve Bank of New York Circular No, 258
of March 1, 1920, entitled "Collection of Checks."

IMMEDIATE CREDIT
When listed in a separate letter and received by 9 a. m.
NEW JERSEY
Bayonne.....

Bayonne Trust Company
Union Trust Company of Jersey City, City Branch
Union Trust Company of Jersey City, First Branch

Guttenburg..

First National Bank

Hoboken

Columbia Trust Company
First National Bank
Hoboken Trust Company
Hudson Trust Company
Jefferson Trust Company
Second National Bank
Steneck Trust Company
Trust Company of New Jersey

Jersey City

Claremont Bank
Commercial Trust Company of New Jersey
Commercial Trust Company of New Jersey, Five Corners
Branch
Commercial Trust Company of New Jersey, Grove Street
Branch
First National Bank
Greenville Banking & Trust Company
Hudson City Savings Bank
Hudson Courty National Bank
Lincoln Trust Company
Mercantile Trust Company
Merchants National Bank
New Jersey Title Guarantee & Trust Company
New Jersey Title Guarantee & Trust Company, Bergen
Branch
New Jersey Title Guarantee & Trust Company, West New
York Branch
Trust Company of New Jersey, Bergen & Lafayette Branch
Trust Company of New Jersey, Carteret Branch
Trust Company of New Jersey, Peoples Safe Deposit




Branch

Circular No. 278 'continued)

Jersey City (Continued).Union Trust Company
Seoauous

first National Bank of Seoauous

Union, Town of

Trust Company of New Jersey, Town of Union Branch
Weehawken Trust Company

West Hoboken




/

Hudson Trust Company

Circular Wo. 278 (Continued)

FEDERAL RESERVE BANK OF NEW YORK
BUFFALO BRANCH
Supplement to Time Schedule Issued April 1, 1920,
Showing When the Proceeds of Items Will Become Available
Effective May 19, 1920, under the Terms and Conditions
of Federal Reserve Bank of New York Circular No. 258
of March 1, 1920, entitled "Collection of Checks."

ONE DAY AFTER RECEIPT
NB.V JERSEY
Bayonne

Bayonne Trus t Company
Union Trust Company of Jersey City, City Branch
Union Trust Company of Jersey City, First Branch

Guttenburg

First National Bank

Hoboken

Columbia Trust Company
First National Bank
Hoboken Trust Company
Hudson Trust Company
Jefferson Trust Company
Second National Bank
Steneck Trust Company
Trust Company of New Jersey

Jersey City

Claremont Bank
Commercial Trust Company of New Jersey
Commercial Trust Company of New Jersey, Five Corners
Branch
Commercial Trust Company of New Jersey, Grove Street
Branch
First National Bank
Greenville Banking & Trust Company
Hudson City Savings Bank
Hudson County National Bank
Lincoln Trust Company
Mercantile Trust Company
Merchants National Bank
New Jersey Title Guarantee & Trust Company
New Jersey Title Guarantee & Trust Company, Bergen
Branch
New Jersey Title Guarantee & Trust Company, West New
York Branch
Trust Company of New Jersey, Bergen & Lafayette
Branch
Trust Company of New Jersey, Carteret Branch
Trust Company of New Jersey, Peoples Safe Deposit
Branch
Union Trust Company

Secaucus

First National Bank of Secaucus




Circular ::o. 278 (Continued)

Union, Town of,

Trust Company of New J e r s e y , Town of Union Branch
7/eekawken Trust Company

•Vest Hoboken

Hudson Trust Company




CURRENT OPERATIONS
OF THE

FEDERAL RESERVE BANK OF NEW YORK
AS

FISCAL AGENT OF THE UNITED STATES




MAY 20,1919
FEDERAL RESERVE BANK OF NEW YORK

CURRENT OPERATIONS
OF THE

FEDERAL RESERVE BANK OF NEW YORK
AS

FISCAL AGENT OF THE UNITED STATES




IN TWO PARTS
PART
PART

I —DIGEST

II—APPENDIX

MAY 20, ioig




INTRODUCTION

T

HE Federal Reserve Bank of New York recommends to the officials of banking institutions the careful reading of this pamphlet which for their convenient reference has been divided into two main divisions—the Digest, Part I, and
the Appendix, Part II. It is suggested that the "Digest" be read first as in this manner
the reader will readily grasp the scope and essentials of the entire subject matter and
will approach more easily the finer details and technical instructions contained in the
"Appendix." The Digest will be found, however, to be an index of the Appendix so
that the reader, if he choose, may refer to the details as he reads.
During the last year many circulars have been issued from the Federal Reserve
Bank of New York with respect to its activities as fiscal agent of the United States,
and it seems advisable at this time to reduce to writing a brief description of its current
operations as fiscal agent following the close of the Fourth Liberty Loan and continuing
in effect with the issuance of the Victory Liberty Loan.
This pamphlet is prepared and issued as of May 20, 1919, and contains no circulars
nor instructions issued after that date with the exceptions noted on pages 74 and 126.
The matter herein referred to does not concern the facilities of the bank respecting
the rediscount of commercial paper, open-market transactions, maintenance of reserves,
issuance of Federal Reserve notes and its other normal activities, but appertains to the
specific powers of this bank, under the authority of the Secretary of the Treasury, to
act as fiscal agent of the government.
The proceeds from the four Liberty Loans in cash and by book credit have now
been collected by the Treasury Department, and the fiscal operations of the Federal
Reserve Bank of New York at present deal with the details with respect to the
payment of United States Treasury certificates of indebtedness issued in anticipation
of the Victory Liberty Loan and Treasury certificates acceptable in payment of Federal
income and war-profits and excess-profits taxes; the issuance and payment of W a r
Savings Stamps and Thrift Stamps; the exchange of Liberty Bonds of one denomination
for bonds of another denomination of the same issue; the conversion of certain Liberty
Bonds, the transfer of registered Liberty Bonds; the registration of coupon Liberty
Bonds; the details in connection with replacing lost registered United States Bonds; the
cashing of coupons, the exportation of coin, bullion and currency, etc., and, lastly, the
receipt of applications and payments from, and the giving of notices of allotments and
the delivery of notes allotted to, those banking institutions and others subscribing to
the Victory Liberty Loan, together with the method, prescribed by the Secretary
of the Treasury, governing the convertibility of these notes throughout their life.
A brief digest of the power of the Federal Reserve Bank of New York to act as
fiscal agent of the W a r Finance Corporation is included herein, this activity lending
itself naturally enough to a publication of the main fiscal agency operations of the
Federal Reserve Bank of New York.
Authentic instructions are contained in these pages, a knowledge of which on the
part of banking officials will result in greater physical convenience in the handling
of transactions between them and the Federal Reserve Bank of New York as fiscal
agent of the United States. A n "Index of Forms" and a "Numerical Index" of reprints
of relevant Treasury Department regulations supplement the Appendix, and it is
suggested that this pamphlet be kept on file as a handy reference for future use.
M a y 20, 1919.






General Index — Part I
PAGE

APPENDIX

16

CERTIFICATES OF

INDEBTEDNESS

In Anticipation of Victory Liberty Loan

4

In Anticipation of Income, War-Profits and Excess-Profits Taxes
Method of Payment for

4
4

COIN". B U L L I O N A X D C U R R E N C Y . E X P O R T OK
Restrictions Respecting

n

COLLECTION* O F G O V E R N M E N T C H E C K S

10

LIBERTY LOAN ASSOCIATIONS

12

LIBERTY LOAN PONDS
Closed Periods Relating- to Transfer Hooks
Conversion Privilege

7
8, 12, 15

Exchange of Coupon Ponds

7

Exchange of 3j-j',7 Interim Certificates

8

Kederal Reserve Bank of New York $10 Certificates

8

Kirst Liberty Loan Subscriptions in Default

8

Liberty Bonds and Notes Receivable in Payment of Estate or Inheritance Taxes
Lost Coupon Bonds

5, 15
8

Official Titles

7

Tax Exemptions

"5

Transfer of Liberty Bonds

7

I*. S. Registered Bonds . . .

7

Lost

7

Interest on

8

Rulings Respecting

8

PAYMENT OF INTEREST COUPONS
British Government Issues (Collection of Coupons)

9

U. S. Government Issues

9

VICTORY LIBERTY LOAN
Digest of Details

12

WAR FINANCE CORPORATION
Power of Federal Reserve Bank of Xew York as Fiscal Agent
WAR SAVINGS CERTIFICATE

STAMPS

Classes of Agents
Thrift Stamps
S E E " I N D E X T O F( ) R M S " A N D " N U M E R I C A L I N D E X "




*"

5- °
6
138. 139

DIGEST-Part I
(Pages 4 to 15.)

Certificates of Indebtedness
Certificates

in Anticipation

of the Victory

Liberty

Loan

Ten issues of certificates of indebtedness have been offered by the Secretary of the
Treasury in anticipation of the Victory Liberty Loan. These are known as the Fifth
Series, the four Liberty Loans each uniformly having been preceded by a separate and
distinct series of certificates.
Method

of

Payment

Payment for issues of certificates of indebtedness may be made in four ways, namely:
1.
2.
3.
4.

By check,
By debiting the reserve account of member banks,
By certificates of indebtedness of previous issues when authorized by the Secretary
of the Treasury,
By "advice of credit" (form G D 1) by those incorporated banks or trust companies which have qualified as depositaries (see Treasury Department regulations
and forms for qualifying as a depositary, pages 17-25).

Upon qualifying as a depositary of government funds an account should be opened
by the depositary entitled "Federal Reserve Bank of New York as fiscal agent of the
United States, JVar Loan Deposit Account."
In making payment by credit for subscriptions to certificates of indebtedness instead of sending a check or instructions to charge
the reserve account with the application, the W a r Loan Deposit Account should be
credited upon the date of the issue of the certificates or upon the date thereafter on which
the subscription is received by the Federal Reserve Bank of New York within the prescribed limit during which the offering remains open, and the qualified depositary should
thereupon certify on the blue form (G D No. i, page 25) provided for this purpose that
there has, on that date, been deposited with it to the credit of the Federal Reserve Bank
of New York as fiscal agent of the United States, W a r Loan Deposit Account, to be held
subject to withdrawal on demand the sum of $
. Payment by such advice of
credit on account of subscriptions to certificates of indebtedness is made on a blue form to
distinguish it from payment made by book credit on account of future Government bond
or note subscriptions. T h e money represented by book credit will remain on deposit
subject to a charge of 2% figured on a 365-day basis, interest on such deposit being paid
only on advice from the Federal Reserve Bank of New York.
T h e Federal Reserve Bank of New York, if desired by subscribing banks, will receive and hold in custody for their account, subject to their order, their certificates of
indebtedness, or will make such other disposition as may be requested by the subscriber.
A continuing record of banks in the Second Federal Reserve District subscribing to
United States Certificates of indebtedness is published by the Federal Reserve Bank of
New York for the information of subscribing banks and others.
Certificates in Anticipation
Taxes

of Federal

Income

and War-Profits

and

Excess-Profits

The Treasury Department has also offered through the Federal Reserve Bank of
New York six series of certificates receivable in payment of Federal income and warprofits and excess-profits taxes. Payments on subscriptions to these so-called "Tax Certificates" are made in the same manner as above described for payments on subscriptions
to the "Bond Certificates." The certificates of each class will be redeemed in cash by




4

the Federal Reserve Bank of New York if held to maturity. A typical offering of each
of these certificates and a reprint of application blanks are shown on pages 26-30.
Collectors of internal revenue were directed to receive at par United States Treasury
certificates of indebtedness of the Tax Series of 1919, dated August 20, 1918, and maturing July 15, 1919, and of Series T dated November 7, 1918, and maturing March 15,
1919, in payment of income and war-profits and excess-profits taxes due and payable
March 15, 1919.
Income and profits taxes due June 16, 1919, may be paid in Treasury certificates of
indebtedness of the Tax Series of 1919, dated August 20, 1918, maturing July 15, 1919,
Series T-2, dated January 16, 1919, maturing June 17, 1919, and Series T-3, dated
March 15, 1919, and maturing June 16, 1919. No other certificates of indebtedness will
be accepted in payment of the taxes due on said date, but Treasury certificates of indebtedness of any and all series maturing on or before July 1, 1919, and not overdue
(with any unmatured interest coupons attached), will be accepted at par with an adjustment of accrued interest in payment for the current issues of Tax Certificates, namely,
Series T-4 and Series T-5, dated and bearing interest at 4 ^ % from June 3, 1919, and
due September 15, 1919, and December 15, 1919, respectively. (Pages 29-30.) Full
instructions respecting income and profits taxes due June 16, 1919, together with the
regulations providing for the automatic adjustment of accrued interest by the detaching
of certain coupons and for the deposit in the Federal Reserve Bank by collectors of internal revenue of checks received on and after June 1 in payment of income and profits
taxes, are given on page 137.
Liberty

Bonds

Receivable

in Payment

of Estate

or Inheritance

Taxes

As prescribed by the Secretary of the Treasury, any bonds of the United States bearing interest at a higher rate than 4% which have been owned by a decedent continuously
for at least six months prior to his death and which upon such date constitute a part of
his estate, are receivable by collectors of internal revenue in payment of any estate or
inheritance taxes imposed by the United States. Bonds tendered for payment of such
taxes pursuant to the regulation of the Treasury Department must be accompanied by
an affidavit (page 84) showing that such bonds were continuously so owned; and if
necessary, the collector of internal revenue may require further evidence to enable him to
determine that such bonds are properly receivable in payment of estate or inheritance
taxes. Bonds bearing 4^4% interest obtained under the conversion privilege for purposes of acceptance for Federal estate and inheritance taxes will be deemed to have been
acquired as of the date of the presentation of bonds for conversion.
Coupon bonds properly so received by the collector will be deposited in the Federal Reserve Bank (page 8 2 ) .
See page 15 for Victory Notes of the 4^4% Series, receivable in payment of such
taxes.

War Savings Certificate Stamps and United States Thrift Stamps
New agents may be authorized to sell W a r Savings Certificate Stamps and United
States Thrift Stamps of the Series of 1919, and agents heretofore duly authorized by
the Secretary of the Treasury to sell W a r Savings Certificate Stamps and Thrift Stamps
of the Series of 1918 may act as such agents for the sale of the 1919 issue of certificates
and stamps without further application. (Page 65.)
Tivo

Classes of

Agents

T h e Treasury Department has recognized two classes of agents in the sale of W a r
Savings Stamps. (Pages 33-34.)




5

Agents of the First Class are those who may neither obtain nor hold at any one
time W a r Savings Certificate Stamps in excess of $1,000 (maturity value) ;
Agents of the second class are those who may obtain for sale to the public W a r
Savings Certificate Stamps in excess of $1,000 (maturity value). Agents of the second
class are known a s :
(a)
(b)

"Collateral Agents of the Second Class"
(who pledge collateral security for stamps consigned to them)
"Cash Agents of the Second Class"
(who pay cash for stamps consigned to them).

Agents of the second class deal directly with the Federal Reserve Bank. Collateral
agents of the second class (banks, trust companies, individuals, partnerships, corporations,
etc.) qualifying to receive W a r Savings Certificate Stamps and United States Thrift
Stamps for an amount less than $50,000 are required to deposit Liberty Bonds or U. S.
certificates of indebtedness, but when qualifying for an amount in excess of $50,000 any
of the securities listed in Treasury Department Circular No. 92, as heretofore or hereafter amended or supplemented (page 17) may be pledged at the values therein set forth,
as provided in Treasury Department Circular No. 95 (page 35) concerning agents of
the second class for sale of W a r Savings Certificates. In determining the collateral
security to be deposited and pledged by collateral agents of the second class, W a r Savings
Certificate Stamps shall be taken at the December, 1919, issue price. (Page 66.)
Before qualifying, a collateral agent of the second class is required to execute the
"Resolutions Authorizing Pledge Agreement" and the "Pledge Agreement" (forms 1022
and 1021, pages 39-40). Thereafter a collateral agent of the second class must render
to the Federal Reserve Bank of New York on or before the tenth day of each month
an account in Form 1023 ( P a g e 4 1 ) Cash agents of the second class (banks, trust companies, individuals, partnerships,
corporations, etc.) may qualify and obtain W a r Savings Certificate Stamps at the current
price thereof during the month in which such stamps shall be obtained and United States
Thrift Stamps with an adequate supply of W a r Savings Certificates and Thrift Cards
by executing and delivering to the Federal Reserve Bank of New York an application on
Form 1025 (see Treasury Department Circular N o . 96, page 4 2 ) . Whenever required
from time to time by the Secretary of the Treasury, each cash agent of the second class
shall render a report to the Federal Reserve Bank substantially in Form 1026 (page 4 5 ) .
Forms of applications for new appointments as agents will be furnished on
application.
T h e regulations governing the appointment of authorized agents together with instructions and information for the guidance of such agents are contained in Treasury Department Circular No. 101, on page 57, as amended by Treasury Department Circular
N o . 130, on page 6$.
War

Savings

Certificate

Stamps,

Series

of 1919

T h e provisions governing the price of W a r Savings Certificate Stamps for 1919,
the repayment thereof with interest on January 1, 1924, the redemption of W a r Savings
Certificates by the Government; non-transferability; registration; tax exemptions; redemption before maturity; the affixing of 1919 W a r Savings Stamps to 1919 W a r Savings Certificates only, and other details respecting the 1919 Series are given in detail on
pages 61-64.
Thrift

Stamps

Thrift Stamps of 1919 are identical with Thrift Stamps issued during 1918. Thrift
Stamps bought in 1918 may be exchanged for W a r Savings Certificate Stamps of the
1919 issue on the same basis as last year and no new Thrift Card is necessary. 1918
Thrift Cards may contain 1919 Thrift Stamps. (Page 6^-)




6

Current Activities Respecting Bonds and Notes of the
Several Liberty Loans
Official

Liberty

Bond

Titles

T o facilitate transactions in U . S. G o v e r n m e n t bonds and to avoid needless confusion, m i s u n d e r s t a n d i n g , a n d unnecessary correspondence, it is suggested t h a t banking
officials t h o r o u g h l y familiarize themselves with the official titles of the various L i b e r t y
B o n d issues, and the periods d u r i n g which the t r a n s f e r books a r e closed, which have been
d e t e r m i n e d by the Secretary of the T r e a s u r y as f o l l o w s :
T I T L E OF BONDS
TFirst
T-rirst
Trirst

T-i
Liberty
T -i
Liberty
T1
Liberty

T
Loan
T
Loan
T
Loan

,~ n i f
3 ^ % Bonds of 1932-47
^
1 r~, T> , e
Converted 4% Bonds of 1932-47
^
,
/^y ™
Converted 4%% Bonds of 1932-47

Closed Periods
From close of To opening of
business
business
fMay 15
June 16
\Nov. 15
Dec. 16
(May 15
June 16
(Nov i s
Dec 16
(May 15
June 16
(Nov IS
Dec 16

First Liberty Loan Second Converted 4^4% Bonds of 1932-47 1 ^ ^

je

rjec

j ^

o
7 T -i
x
m T, 1 r
becond Liberty Loan 4% Bonds of 1927-42

15
IC.

May
^Qv

16
^

Second Liberty Loan Converted 4j4%

(Apr.
-j Q t

Bonds of 1927-42. . . " Q
1

'

,.

j ^ ^ ^

Third Liberty Loan 4%% Bonds of 1928

/ Au». 15

Sep.

16

Fourth Liberty Loan 4>4% Bonds of 1933-38

j g e "* \3

Q^'

]6

av

Victory Liberty Loan Notes of 1922-23

x

une

j Jf
5
J
^
I Nov. 15
Dec. 16
The above are the closing dates at the Treasury Department in Washington.
T h e closing dates at the Federal Reserve Bank of New York are one day earlier.

Transfer

of Bonds

of the Various

Liberty

Loans

T h e F e d e r a l R e s e r v e B a n k accepts for registration or for t r a n s f e r bonds of the
v a r i o u s L i b e r t y L o a n s for b o n d s of the same issue as f o l l o w s :
Coupon to registered,
Registered to coupon,
Registered to registered.
F o r f u r t h e r details a n d forms, see p a g e s 4 6 - 5 5 .
Exchange
of Coupon
Various
Liberty

Bonds for
Loans

Coupon

Bonds

of

Other

Denominations

of

the

C o u p o n b o n d s of any of the L i b e r t y L o a n issues a r e accepted for i m m e d i a t e exchange for b o n d s of o t h e r d e n o m i n a t i o n s of the same issue. T h e F e d e r a l R e s e r v e Bank
of N e w Y o r k c a r r i e s a supply of such coupon b o n d s for this p u r p o s e .
U. S. Registered

Bonds

( a ) Lost Registered
Bonds.
I n o r d e r t h a t the t r a n s f e r of lost b o n d s m a y be stopped,
i m m e d i a t e notification should be sent by t h e r e g i s t e r e d h o l d e r to the Division of L o a n s
a n d Currency, T r e a s u r y D e p a r t m e n t , W a s h i n g t o n , D . C. ( P a g e 6 7 . )




7

(b) Interest on Registered Bonds. Interest on registered bonds.is paid by check
direct from the Treasury Department. (Page 69.)
(c) Ridings Respecting the Registry of Bonds. T o avoid errors in the issue of registered bonds, it is important that registry instructions be correct in every respect. It is
requested that the banks utilize typewriting machines in making requests to the Federal
Reserve Bank of New York for registered bonds. Important information with respect to
having such bonds issued in the proper manner is given in detail on page 56.
Lost

Coupon
Bonds
The Federal Reserve Bank of New York keeps on record a list of Liberty Bonds
and Interim Certificates of the First, Second, Third and Fourth Liberty Loans which have
been reported to it as either lost or stolen; and any banks, brokers, or persons having or
obtaining possession of any lost bonds or interim certificates are requested to notify the
Federal Reserve Bank of New York as quickly as possible, advising fully through what
source such bonds were obtained.

Exchange

of 3^2% Interim

Certificates

Upon surrender of interim certificates, 3>2% definitive First Liberty Loan bonds
are delivered with all coupons attached, in denominations of $50, $100, $500, and $1,000.
(See page 70.)
Conversion Privilege of First Liberty Loan 3 ^ % Bonds
Congress provided in the First Liberty Bond Act for the convertibility of First Liberty Loan 3^2% bonds and the Secretary of the Treasury by virtue of the authority
therein vested in him prescribed in Treasury Department Circular N o . 78, under date
oi May 14, 1917, with respect to these bonds, that:
"If any subsequent series of bonds (not including Treasury certificates of indebtedness and other short-term obligations) shall be issued by the United States at a higher
rate of interest than three and one-half per centum per annum before the termination of
the war between the United States of America and the Imperial German Government
(the date of such termination to befixedby a proclamation of the President of the United
States), the holders of any of the bonds of the present issue shall have the privilege of
converting the same within such period and upon such further terms and conditions
covering matters of detail as the Secretary of the Treasury may prescribe, into an equal
par amount of bonds bearing such higher rate of interest and substantially identical with
the bonds of such new series, except that the bonds issued upon such conversion are to
be identical with the bonds of the present series as to maturity of principal and interest
and terms of redemption."
T h e Secretary of the Treasury has ruled that no privilege of conversion will arise
in favor of the holders of 3 ^ 7 o bonds of the First Liberty Loan as a result of the issue
of notes of the Victory Liberty Loan.
(See pages 12 and 15 for other conversion privileges.)
First Liberty Loan Subscriptions
in Default
Under date of February 5, 1919, the Secretary of the Treasury ruled that instalment payments upon subscriptions to First Liberty Loan y/2% bonds, properly made and
filed, upon which subscriptions bonds had been allotted and upon which one or more subsequent instalment payments due had not been paid, are declared forfeited to the United
States because of the failure to make further payment as required. See page 70, Treasury Department Circular N o . 135.
Federal Reserve Bank of New York $10 Participation
Certificates
During the first Liberty Loan campaign, when the partial payment plan had not been
fully developed, the Federal Reserve Bank of New York issued its $10 Participation Cer-




8

tificates, some of which are still outstanding. These certificates may be exchanged for
First Liberty Loan 3>4% bonds with-all coupons attached when such certificates are presented for exchange in lots of five or multiples thereof.

Payment of Interest Coupons
Matured interest coupons of the following securities are paid by the Federal Reserve
Bank of New York to banks, trust companies or individuals. Banks or trust companies
will be given checks if desired; and member banks may have the proceeds credited to
their reserve accounts upon request.
Coupons from United States Government issues should be listed on the appropriate
schedule (page i o o ) and inserted in the proper envelope (page 101). Coupons from
each Liberty Loan should be included in a separate envelope.
United

States Government

Issues

Issue

Coupons Due
February 1, May 1, August 1 and November
January 1, April 1, July 1 and October 1
February 1, May 1, August 1 and November
February 1, May 1, August 1 and November
March 1, June 1, September 1 and December
April 1 and October 1
January 1, April 1, July 1 and October 1
January 1 and July 1
January 1 and July 1
June 15 and December 15
June 15 and December 15
June 15 and December 15
June 15 and December 15
May 15 and November 15
May 15 and November 15
March 15 and September 15
April 15 and October 15
June 15 and December 15
June 15 and December 15
As prescribed in the offerings

4% Loan of 1925
2% Consolidated of 1930
2% Panama Canal Loan of 1916-1936
2% Panama Canal Loan of 1918-1938
3 % Panama Canal Loan of 1961
1 Year Treasury Notes
3% Conversion Bond
2TA% Postal Savings Consol
2^2% Postal Savings Series
3 ^ % First Liberty Loan 1932-47
4% First Liberty Loan Converted 1932-47
4^4% First Liberty Loan Converted 1932-47
4}4% First Liberty Loan Second Converted 1932-47
4% Second Liberty Loan 1927-42
4ZA% Second Liberty Loan Converted 1927-42
4%% Third Liberty Loan 1928
4%% Fourth Liberty Loan 1933-38
3^4% Victory Liberty Loan Notes of 1922-23
4^4% Victory Liberty Loan Notes of 1922-23
Certificates of Indebtedness

1
1
1
1

(On pages 98-99 will be found a table showing computation of interest and detailed
coupon information respecting outstanding issues of Liberty Bonds and Victory Notes.)
Federal Land Bank Farm Loan

Issues

Issue
Federal
Federal
Federal
Federal
Federal
Federal
Federal
Federal
Federal
Federal
Federal
Federal

Land
Land
Land
Land
Land
Land
Land
Land
Land
Land
Land
Land

Bank
Bank
Bank
Bank
Bank
Bank
Bank
Bank
Bank
Bank
Bank
Bank

of
of
of
of
of
of
of
of
of
of
of
of

\

Baltimore, Md
Berkeley, Cal
Columbia, S. C
Houston, Texas
Louisville, Ky
New Orleans, La
Omaha, Neb
St. Louis, Mo
St. Paul, Minn
Spokane, Wash
Springfield. Mass
Wichita, Kans

Coupons

)

Ma

y

1 and

Due

November 1

,
,

Collection of British Government Coupons
Coupons from the following classes of British Government securities may be deposited by banking institutions with the Federal Reserve Bank of New York for collection,
( a ) Issues, interest on which is exempt from Biitish income tax in the case of holders
ordinarily resident outside the United Kingdom,
include:
Title
5% W a r Loan Bonds 1929-47
6c/c Exchequer Bonds 1920
5% Exchequer Bonds 1919
5% Exchequer Bonds 1920
5% Exchequer Bonds 1921
5<7r Exchequer Bonds 1922
5% National W a r Bonds 1922



Interest
Due
June 1 and December 1
February 16 and August 16
April 5 and October 5
June 1 and December 1
•. April 5 and October 5
April 1 and October 1
April 1 and October 1

9

5% National W a r Bonds 1923—2nd
3rd
5% National W a r Bonds 1924
5% National W a r Bonds 1925—2nd
3rd
5% National W a r Bonds 1927
5% National W a r Bonds 192S—2nd
3rd

(b)

Series . . ;
Series

April 1 and October 1
March 1 and September 1
April 1 and October 1
April 1 and October 1
March 1 and September 1
April 1 and October 1
April 1 and October 1
March 1 and September 1

Series
Series
Series
Series

Issues, interest on which is exempt from
holders, include:
Title

income tax in the case of all
Interest Due

4'}c W a r Loan Bonds 1929-42
4rf/r National W a r Bonds 1927
•i /r National W a r Bonds 1928—2nd Series
3rd Series

(c)

British

April 15 and October 15
April 1 and October 1
April 1 and October 1
March 1 and September 1

Issues, interest on which is subject to British income tax in the case of all holders,
include:
Title

Interest Due

4*/2% W a r Loan Bonds 1925-45
3i4% W a r Loan Bonds 1925-28
£2:10% Consolidated Stock Certificates
£2:15% Annuities Stock Certificates
£2:10% Annuities Stock Certificates
Local Loans 3 % Stock Certificates
Guaranteed 3 % Stock Certificates
Guaranteed 2y^% Stock Certificates
3 % Exchequer Bonds 1920
3 % Exchequer Bonds January 1, 1930
?,% Exchequer Bonds January 28, 1930

June 1 and December 1
March 1 and September 1
January 5, April 5, July 5 and
January 5, April 5, July 5 and
January 5, April 5, July 5 and
January 5, April 5, July 5 and
January 1 and July 1
January 1 and July 1
March 24 and September 24
January 1, April 1, July 1 and
January 28 and July 28

October
October
October
October

5
5
5
5

October 1

Banking institutions presenting for collection coupons under subdivision ( a ) are
required to accompany them with the proper schedule. See typical form (page 104), with
a declaration of non-enemy ownership (page 105) and a declaration claiming tax exemption (page 102), together with supporting undertaking to be given by bankers presenting
such coupons to the Federal Reserve Bank of New York. (Page 106.)
Banking institutions presenting for collection coupons under subdivision (b) are
required to accompany such coupons with the proper schedule and with a declaration of
non-enemy ownership only.
Banking institutions presenting for collection coupons under subdivision (c) follow the same procedure prescribed for subdivision ( b ) .
Such coupons are received from banking institutions only and in presenting them
to the Federal Reserve Bank of New York for collection the certificates of ownership
( U . S. Internal Revenue Form 1001-A) should be detached by the first presenting bank
and the coupons stamped " C E R T I F I C A T E D E T A C H E D A N D I N F O R M A T I O N
F U R N I S H E D , " as required by the regulations of the Internal Revenue Department.
British Government coupons may be presented at any time, but not more than one
month prior to their due date, and when so presented will be paid at the cable rate of
exchange upon receipt of authority to pay from the Bank of England. N o charge will
be made for this service. It requires about one month or more from the time they are
presented before payment can be made.

Collection of Government Checks
While the collection of Government checks may properly be described under the
fiscal agency operations of the Federal Reserve Bank of New York, it has been deemed
advisable to omit a digest of this subject here and to include it under the heading of
"Check Collections" in a separate circular.to be issued consolidating the current normal
activities of the Federal Reserve Bank of New York, exclusive of its functions as fiscal
agent.



10

War Finance Corporation
T h e Act of Congress creating the W a r Finance Corporation, approved April 5,
1918, provided as follows:
"The Federal Reserve Banks are hereby authorized to act as depositaries for and
as fiscal agents of the Corporation in the general performance of the powers conferred
by this title.
On March 28, 1919, the Federal Reserve Board consented to the provisions of a
resolution adopted March 28, 1919, by the W a r Finance Corporation designating the
Federal Reserve Bank of New York to act as depositary for the W a r Finance Corporation in the general performance of the powers conferred upon the Corporation by the
above act as amended, and without in any way limiting or restricting the general application of such designation and of the range of activity which may result therefrom, the
authority of this bank as such agent included specifically the exercise, under the direction
of the Corporation, of the Corporation's power to take subscriptions for and to sell
bonds of the Corporation, and to do all acts properly incidental to the exercise of such
authority.
T h e Federal Reserve Bank of New York, as fiscal agent of the W a r Finance Corporation, is at present handling any details resulting from the sale of the $200,000,000
issue of W a r Finance Corporation Series " A " 5% Gold Bonds. (See page 107.)

Export of Coin, Bullion and Currency
By proclamation of the President of the United States, the export or earmarking
of gold or silver coin, bullion or currency is prohibited except under license from the
Federal Reserve Board acting in behalf of the Secretary of the Treasury. Applications
for such exportation or earmarking are to be filed with the Federal Reserve Bank of
New York in triplicate on the standard form entitled "Application for Permission to
Export Coin, Bullion or Currency from the United States." (Pages 71-76.)
A t present the Federal Reserve Bank of New York is authorized to issue blanket
licenses for the exportation of Canadian silver coin and currency to Canada and of Mexican paper currency to Mexico, applicants obtaining such licenses being required to report
each shipment made thereunder to the Federal Reserve Bank of New York by letter in
triplicate. (Page 73.)
T h e restrictions described above apply also to travelers leaving the country except
that travelers may carry on their persons or in their baggage:
(a) United States notes, national bank notes, Federal Reserve notes, or Federal Reserve bank notes not to exceed $1,000 for each adult; or an equivalent value
of currency, .bank notes and coin, other than gold, of the countries for which
passports have been duly issued to them.
(b) Subsidiary silver coins not to exceed $100 for each adult, such coin to be in lieu
of a like amount of notes under (a) above.
Restrictions

on Exportation

of Silver

Removed

*

T h e Federal Reserve Board announced on May 6, 1919, that the limitations on the
exportation of silver from the United States, which were imposed on August 15, 1918,
had been removed and that the Board would hereafter grant freely and without condition all applications for the exportation of silver bullion or foreign silver coin. However, the Federal Reserve Board specially requests that all banks continue to segregate
silver certificates received and forward them to the Federal Reserve Bank as heretofore.
T h e announcement issued by the Board in this connection is as follows:
"On August 15, 1918, the Federal Reserve Board announced that licenses for
the export of silver would thereafter be granted only for civil or military purposes of
importance in connection with the prosecution of the war and only in cases where the
exporter certified that the silver to be exported had been purchased at a price which
(*Note: See page 74.)




II

did not directly or indirectly exceed $1.01*^ per ounce one thousand fine at the point
where silver is refined in the case of silver refined in the United States or at the point
of importation in the case of imported silver. T h e occasion which required the above
limitations on the export of silver having now passed, the Federal Reserve Board will
hereafter, unless a governmental necessity should again arise, resume its former policy
of granting freely and without condition all applications for the export of silver bullion
or of silver coin of foreign mintage.
"This change of the policy of granting licenses does not do away with the necessity
of filing an application for licenses to export silver bullion or silver coin of foreign
mintage. Such applications must as heretofore be filed through the Federal Reserve
Bank of the appropriate district but such applications will as stated above be freely
granted by the Federal Reserve Board.
"The Secretary of the Treasury does not contemplate any further sales of silver
under the Pittman Act, except to the Director of the Mint."

Liberty Loan Associations
For the convenience of the public and of the banks and trust companies in New York
City, the Liberty Loan Associations were organized by the Liberty Loan Committee and
the Federal Reserve Bank of New York to facilitate the handling of the large volume of
subscriptions to $50 and $100 bonds on the partial payment plan in both the T h i r d and
Fourth Liberty Loan campaigns. As, however, the activities of the T h i r d and Fourth
Liberty Loan Associations are in large measure separate and distinct from the ordinary
functions of the Federal Reserve Bank of New York as fiscal agent of the United States,
all inquiries respecting payments and deliveries of T h i r d and Fourth Liberty bonds against
coupon book accounts should be addressed to the Liberty Loan Association, 19 West
44th Street, New York City. Likewise matters regarding coupon receipt books relating
to the Victory Liberty Loan should be taken up with the Victory Liberty Loan Association at the same address.

Victory Liberty Loan
T h e Secretary of the T r e a s u r y h a s announced t o the public the. t e r m s a n d c h a r a c t e r
of t h e n e w Victory L i b e r t y L o a n N o t e s . T h e Secretary h a s s t a t e d t h a t :
"The Victory Liberty Loan, which will be offered for popular subscription on
April 21st, will take the form of 4 % % , three/four year convertible gold notes of the
United States, exempt from state and local taxes, except estate and inheritance taxes,
and from normal Federal income taxes. T h e notes will be convertible, at the option
of the holder, throughout their life, into 3 % % three/four year convertible gold notes
of the United States, exempt from all Federal, State and local taxes, except estate and
inheritance taxes. In like manner the ZZA% notes will be convertible into the 4^4%
notes.
"The amount of the issue will be $4,500,000,000, which, with the deferred instalments of income and profits taxes payable, in respect to last year's income and profits,
during the period covered by the maturity dates of Treasury certificates of indebtedness
now outstanding, will fully provide for the retirement of such certificates. T h e issue
will be limited to $4,500,000,000, except as it may be necessary to increase or decrease
the amount to facilitate allotment. Oversubscriptions will be rejected and allotments
made on a graduated scale similar in its general plan to that adopted in connection with
the First Liberty Loan. Allotment will be made in full on subscriptions up to and
including $10,000.
"The notes of both series will be dated and bear interest from May 20, 1919, •
and will mature on May 20, 1923. Interest will be payable on December 15, 1919,
and thereafter semi-annually on June 15th and December 15th, and at maturity. All
or any of the notes may be redeemed before maturity at the option of the United
States on June 15 or December 15, 1922, at par and accrued interest.
"In fixing the terms of the issue, the Treasury has been guided largely by the
desire to devise a security which will not only prove attractive to the people of the
country in the first instance, but the terms of which should insure a good market for
the notes after the campaign is over and identical prices for the two series, and should
not affect injuriously the market for the existing bonds of the Liberty Loans."




12

T h e campaign for subscriptions opened April 21, 1919, and closed at the close of
business, M a y 10, 1919.
Denominations
Coupon notes $50, $100, $500, $1,000, $5,000, $io,ooo.
Registered notes $50, $100, $500, $1,000, $5,000, $10,000, $50,000, $100,000. (Registered notes will have coupons attached for interest payable December 15, 1919.)
Conversion

Privilege

4^4% notes will be convertible at the option of the holder into 3^4% three/four year
convertible gold notes, and in like manner the 3 % % notes will be convertible into the
4 % % three/four year convertible gold notes. (See page 127 for full details.)
All conversions will be made with adjustment in respect of accrued interest but
otherwise without any charge by the United States, and the privilege of conversion
continues throughout the life of the notes or until date of redemption (if called for redemption before maturity) subject to such rules and regulations as may be prescribed by
the Secretary of the Treasury. Due to the pressure of making initial deliveries, Victory
Notes cannot be converted before July 15, 1919.
Retention

of Subscription

Data

The Treasury Department requests that banks retain individual subscription data
in their files in such manner that names, addresses, and amounts of subscriptions filed
through them can be furnished if requested.
Final

Report

of

Subscriptions

Final report, Form 2, of subscriptions received by each bank must be in our hands
before the close of business, May 20, 1919, accompanied by the required payment. Forms
have been furnished providing for reporting the number of subscribers, the amount of
each subscription, and the total of subscriptions in the following manner:
Class A $50 to $10,000 inclusive
Above $10,000 in detail.
In order that proper quota credit may be given for the entire subscription and number of subscribers, provision is made for reporting on this form the number of subscribers
and amount of subscriptions represented by applications previously filed with the Federal
Reserve Bank of New York for notes purchased for cash sales during the campaign.
Final report, Form 2, must be accompanied by the initial payment of 10% of the
amount of such report or payment in full may be made for all or any subscriptions between $50 and $10,000. Forms will be provided for requisitioning either coupon or registered 3 % % or 4^4% notes for subscriptions of from $50 to $10,000 which have been
paid in full on May 20, 1919. (Pages 119-123.)
Payments
Payments on account of subscriptions are due as follows:
10% with subscription (to be remitted by banks with final report, Form 2, which
must be in our hands before the close of business May 20, 1919).
10% July 15, 1919.
20% August 12, 1919.
20% September 9, 1919.
20% October 7, 1919.
20% November n , 1919.




13

Full payment may be made on May 20, 1919, for all or any subscription up to and
including $10,000.
Payment in full for separate subscriptions over $10,000 may be completed after allotment on June 3, 1919, with accrued interest from May 20, 1919, to date of payment,
or on any of the instalment dates with accrued interest from May 20, 1919, on all instalment payments made subsequent to May 20, 1919. (See page 126.)
In the case of a partial allotment of subscription over $10,000 the excess of the
10% payment will be applied upon the next instalment or instalments and no accrued
interest will be charged on the amount so applied. (See pages 124-125.)
How

Payments

May

Be

Made

Payments of all instalments (including the initial \o%)
made as follows (see details, page 113) :

or payment in full may be

1. By Advice of Credit on the books of incorporated banks or trust companies
which have qualified as depositaries. (Form G D io, page 111.)
2. By Treasury Certificates of Indebtedness: payment of the first instalment
of 10% or full payment on May 20, may be made in United States Treasury Certificates of Indebtedness of Series V of any issue not previously matured, but not in
Certificates of Tax Series of 1919. Payment on other instalment dates may be
made in United States Certificates of Indebtedness of the issues, if any, maturing or
called for redemption on said instalment dates, respectively. Such Certificates must
not be presented in amounts larger than the amount to be paid. Certificates used
to make payment for subscriptions will bear interest to the date of such payment and
in the case of Certificates used to make the initial 10% payment or full payment on
or before May 20, will draw interest until that date. Certificates will be received at
their face amount. Interest will be remitted as a separate transaction.
3. By cash or bank draft (New York Funds).
4. By payment through another bank ox banks. A bank instructing another
bank or banks to make payment in this manner should send report Form 2, direct
to the Federal Reserve Bank indicating in spaces provided by whom such payments
will be made.
Delivery

of Notes

Full Paid May

20

For that part of a subscription between $50 and $10,000 which is not subject to
allotment and for which payment in full is made on May 20, either 3^4% or 4 % %
coupon or registered notes will be delivered as soon as possible.
T h e delivery of registered notes cannot of course be made as expeditiously as of
coupon notes, but the Treasury Department informs us that registered notes of the
Victory Loan will be delivered promptly. T h e Treasury Department strongly advises
subscribers to request registered notes in order to protect themselves against the risk of
loss, theft and destruction of their notes. Coupon notes cannot be exchanged for registered notes until the original registration is complete. (See page 56.)
Delivery

of Notes

Full

Paid

During

the

Campaign

Notes of the 4 ) 4 % issue only were available for delivery to subscribers who made
payment in full in cash before May 10, 1919. They are, of course, convertible into
3 24% notes (page 127), but such conversion will not be physically possible before July
15, 1919. These notes could be obtained by banks upon filing application on Form L &
C 182 provided (page 117) and payment therefor made in the following ways:
By Advice of Credit by properly designated depositaries (using Form G. D . 10).
By Certificates of Indebtedness
(Series 5A maturing May 6, 1919, and Series 5B
maturing May 20, 1919, only).




14

By cash or bank draft (New York Funds).
Banks that desired to obtain the notes the same day payment was made were required to pay either by Advice of Credit, check on the Federal Reserve Bank or cash.
Reference is made to Treasury Department Circular No. 138, dated April 21, 1919
(page 113), for more detailed information.
Extension

of Conversion

Privilege

Treasury Department Circular No. 137 (page 93) gives in full the terms concerning the extension of the conversion privilege of 4% gold bonds of 1932-47 of the First
Liberty Loan Converted and 4% gold bonds of 1927-42 of the Second Liberty Loan.
Any 4% First Liberty Loan Converted coupon bonds presented for conversion prior
to June 15, 1919, must have the coupon payable on that date detached as the first coupon
on the 4^4% converted bond delivered in exchange will be payable December 15, 1919.
Registered bonds issued upon conversion will bear interest at the rate of 434% P e r
annum from the semi-annual interest payment date next succeeding the date of presentation for conversion.
N o adjustment of interest will be required upon conversion of either coupon or
registered bonds.
T h e transportation charges on bonds presented for conversion must be paid by the
holders. Converted registered bonds will be returned without expense. Form BI-85
(page 112) is requested to be used if it is desired to have the Federal Reserve Bank of
New York effect insurance on mail shipments of coupon bonds in either direction. This
notice accompanied by check should be mailed in advance of the bonds.
In making application for conversion, banks are requested to use form L & C 25-A
.(page 95).
Notes

Receivable

in Payment

of Estate

or Inheritance

Taxes

Victory notes of the 4^4% series, 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 prescribed by the Secretary of the Treasury be receivable by the United States at par and accrued interest in
payment of any estate or inheritance tax imposed by the United States under or by virtue
of any present or future law upon such estate or the inheritance thereof.
Victory notes of 3^4% series are not receivable in payment of estate or inheritance
taxes. (See Treasury Department Circular N o . 132, page 81, for full details.)
Tax

Exemptions

Victory Notes and Liberty Bonds are entitled to the exemptions from taxation as
indicated in Treasury Department Circular L & C 197 (page n o ) .




End of Digest, Part I.

15

APPENDIX—Part II

T

HIS appendix, comprising pages 16 to 137, contains extracts from certain Acts
of Congress and detailed Treasury Department regulations of interest and impor'
tance to banking institutions, together with reprints of necessary forms, governing
the operations of the Federal Reserve Bank of New York, as fiscal agent of the United
States. The details of the appendix are outlined and referred to in the Digest. (Part
I—pages 4 to 15.)

The "Index to Forms" (page 138) and the "Numerical Index" (page 139) refer to
the matters contained in the Appendix.

Statutory Authority
T h e Federal Reserve Act provides in Section 15 that:
"The moneys held in the general fund of the Treasury . . . may, upon the
direction of the Secretary of the Treasury, be deposited in Federal reserve banks, which
banks, when required by the Secretary of the Treasury, shall act as fiscal agents of the
United States; and the revenues of the Government, or any part thereof may be
deposited in such banks, and disbursements may be made by checks drawn against
such deposits."
Under the authority of said Act and by virtue of an appointment of the Secretary
of the Treasury, the Federal Reserve Bank of New York became fiscal agent of the
United States and has been and is now acting in that capacity.
T h e several Liberty Bond Acts each provided:
"That the Secretary of the Treasury, in his discretion, is hereby authorized to
deposit in such banks and trust companies as he may designate the proceeds, or any
part thereof, arising from the sale of the bonds and certificates of indebtedness
authorized by this act."
T h e Second Liberty Bond Act included also " W a r Savings Certificates" and the
Third Liberty Bond Act amended the Second Liberty Bond Act to include in addition
"the proceeds arising from the payment of income and excess-profits taxes."
See page 77, giving in full the Victory Liberty Loan Act, and page 139 for references to Acts of Congress.
(Note: Different type in reproducing the following circulars and forms has been utilized in order
to have the reprints resemble as nearly as possible the appearance of the originals. For ready reference
the indexes should be consulted freely.)




16

SPECIAL DEPOSITS OF PUBLIC MONEYS UNDER THE ACT OF CONGRESS APPROVED SEPTEMBER 2 4 , 1 9 1 7 ,
AS AMENDED AND SUPPLEMENTED.

1919.
e

rt

nt

A rn dTd „dCsCU,TmN0't9d2

TREASURY DEPARTMENT,

Amended and Supplemented.

'

Division of P~uTii7Moneys.

° ™ C E OF THE SECRETARY,

Washington, April 17, 1919.
To Federal Reserve Banks and other banks and trust companies incorporated under the laws of the
United States or of any State:
Department Circular No. 92, of September 21, 1918, as amended and supplemented December
16, 1918, is hereby amended and supplemented so as to read as follows:
Any incorporated bank or trust company in the United States desiring to participate in
deposits of public moneys, however arising, under the act of Congress approved September 24, 1917,
as heretofore and hereafter amended and supplemented, should make application to-the Federal Eeserve Bank of its district.
t
Applications hereafter made for deposits of public moneys under said act should be, and all
applications for such deposits made after April 30, 1919, must be, in Form H-5, hereto attached,
and be accompanied by a certified copy of resolutions duly adopted by the board of directors of the
applicant in Form J-5, hereto attached. (Pages 20-21.)
Depositaries already qualified to a sufficient amount pursuant to Department Circular No.
92, of September 21, 1918, will not be required to file anew formal applications or resolutions,
but if they desire to receive or retain deposits after April 30, 1919, must so notify the Federal
Reserve Bank of the district in which they are located' by letter or telegram; and they will, by
the acceptance or retention of deposits after April 30, 1919, be conclusively presumed to have
assented to all the terms and provisions hereof, and to the retention of collateral security
theretofore pledged as collateral security hereunder.
In fixing the maximum amount of deposits for which it will apply, the applicant bank or
trust company should be guided by the amount of the payments which it expects to have to make,
for itself and others, on account of bonds, notes, and" certificates of indebtedness of the United
States issued under authority of said act, and income and profits taxes, as the case may be, and,
as well, by any statutory limitations upon the amount of deposits which the applicant bank or
trust company may receive from any one depositor. Any application may be rejected or the
applicant may be designated for a smaller maximum amount than that applied for.
After
receiving the recommendation of the Federal Reserve Bank, the Secretary of the Treasury will
designate approved depositaries. (Page 21.)
COLLATERAL SECURITY.

Designated depositaries will be required, before receiving deposits, to qualify by pledging, as
collateral security for such deposits, including interest thereon, securities of the following classes,
to an amount, taken at the rates below provided, at least equal to such deposits:
(a) Bonds, notes, and certificates of indebtedness of the United States Government, of any
issue, including interim certificates or receipts for payment therefor; all at par.
(b) Bonds issued under the United States farm loan act, bonds of the War Finance Corporation, bonds of Porto Eico and the District of Columbia, and bonds and certificates of indebtedness of the Philippine Islands; all at par.
(c) The 3V£ per cent bonds of the Territory of Hawaii at 90 per cent of market value; and
other bonds of said Territory at market value.
(d) Bonds of any State of the United States, at market value; and approved notes, certificates of indebtedness, and warrants issued by any State of the United States, at 90 per cent of
market value.
(e) Approved bonds of any country, city, or political subdivision in the United States; and
approved notes, certificates of indebtedness and warrants with a fixed maturity issued by any
county or city in the United States which are direct obligations of the county or city as a whole,
or which are payable from general taxes levied on all taxable property in such county or city:
all at 90 per cent of market value; but not including any such bonds which are at a market
price to yield more than five and one-half per cent per annum, nor any such other obligations
which are at a market price to yield more than six per cent per annum, if held to maturity,
according to standard tables of bond values.




17

a
(/) Approved dollar bonds and obligations, issued since July 30, 1914, of foreign Governments (and of the dependencies thereof) engaged in war against Germany on September 21, 1918,
at 90 per cent of the market value thereof in the United States, and approved dollar bonds and
obligations of any province or city within the territory of any such foreign Government or dependency, issued since July 30, 1914, at 75 per cent of the market value thereof in the United States.
(g) Approved bonds, listed on some recognized stock exchange, and notes, of domestic railroad companies within the United States; approved equipment trust obligations of such domestic
railroad companies; and approved bonds and notes of domestic electric railway and traction companies, telephone and telegraph companies, electric light, power, and gas companies, and industrial
companies, secured (directly or by the pledge of mortgage bonds) by mortgage upon physical
properties in the United States, and listed on some recognized stock exchange: all at 75 per
cent of market value; but not including any such bonds or obligations maturing after October
1, 1925, which are at a market price to yield more than 7 per cent per annum, nor any such
bonds or obligations maturing on or before October 1, 1925, nor any such notes, which are at
a market price to yield more than 8 per cent per annum, if held to maturity, according to standard tables of bond values.
(h) Commercial paper and bankers' acceptances, having maturity at the time of pledge of
not to exceed six months, exclusive of days of grace, and which are otherwise eligible for rediscount or purchase by Federal Reserve Banks; and Avhich have been approved by the Federal
Reserve Bank of the district in which the depositary is located; at 90 per cent of face value.
All such commercial paper and acceptances must bear the indorsement of the depositary bank
or trust company.
(i) Customers' notes, drafts, and bills of exchange indorsed by a correspondent incorporated
bank or trust company and rediscounted by the depositary bank or trust company, when approved by the Federal Reserve bank of the district in which the depositary is located, at 75 per
cent of face value. All such notes, drafts, and bills of exchange must bear the indorsement of the
depositary bank or trust company.
,
(/) Notes and bills payable of a correspondent incorporated bank or trust company secured
by customers' notes, drafts, or bills of exchange to at least an equal amount, when approved by
the Federal Reserve bank of the district in which the depositary is located, at 75 per cent of face
value. All such notes and bills payable must bear the indorsement of the depositary bank or
trust company.
No security shall be valued at more than par. No State or municipal bond, obligation, or
evidence of indebtedness shall be accepted if the State or municipality has made default in payment of principal or interest during the past 10 years.
The right is reserved to call for additional collateral security at any time.
The approval and valuation of securities is committed to the several Federal Reserve Banks,
acting under the direction of the Secretary of the Treasury. The withdrawal of securities, the
pledge of additional securities, and the substitution of securities shall be made from time to
time as required or permitted by the Federal Reserve Banks acting under like direction.
SECURITIES COMMITTEES.

Each Federal Reserve Bank is authorized to designate a committee, or committees, to be
composed of experienced bankers, in such city or cities in its district as may be deemed necessary, to be known as the securities committee. Each securities committee shall consist of not
more than three nor less than two members, who shall serve without compensation. I t shall be
the duty of such securities committee to examine the lists of securities tendered as collateral
security for deposits and to transmit them promptly to the Federal Reserve Bank of the district
with the committee's recommendation.
CUSTODY OF SECURITIES.

All securities accepted as collateral security for deposits hereunder must be deposited with
the Federal Reserve Bank of the district in which the depositary is located, as fiscal agent of
the United States, or, by the direction and subject to the order of the Federal Reserve Bank,
as such agent, with a custodian or custodians designated by it, and under rules and regulations
prescribed by it under the direction or with the approval of the Secretary of the Treasury.
HOW DEPOSITS ARE TO BE MADE.

Each qualified depositary will be required to open and maintain or continue for the account'
of the Federal Reserve Bank of its district, as fiscal agent of the United States, a separate
account for deposits to be made hereunder, to be known as the "War Loan Deposit Account."




18

3

Qualified depositaries may, if and to the extent from time to time hereafter authorized by
the Secretary of the Treasury, be permitted to make payment by credit when due of amounts
payable on subscriptions made by or through them for bonds, notes, and certificates of indebtedness of the United States issued under authority of said act. In order to make payment by
credit, the depositary must notify the Federal Reserve Bank of the district, by letter or telegram
to reach it on or before the date when such payment is due, and must on said date issue a certificate of advice to such Federal Reserve Bank stating, that a sum specified (in addition to all
other amounts standing to the credit of said fiscal agent with such depositary) has been deposited
with such depositary for the account of such Federal Reserve Bank as fiscal agent of the United
States in the War Loan Deposit Account. Such certificate of advice must be substantially in
Form K-2 hereto attached. (Page 25.)
If and to the extent that payment by credit shall be so authorized, any qualified depositary
may make payment by credit of amounts which its correspondent banks or trust companies
would otherwise pay by check upon such qualified depositary. This may be done whether such
qualified depositary and correspondent bank or trust company are in the same district or in different districts. I n cases where they are in different districts, the Federal Reserve Bank of the
district where the subscription is made must be notified by telegraph by the Federal Reserve
Bank of the district where payment is made, and the Federal Reserve Bank of the district where
the subscription is made will accept such telegraphic advice in lieu of payment to it by the subscriber. Banks and trust companies desiring to avail themselves of this method of payment
must give ample notice to the depositary which they expect to call upon to make payment in
order that such depositary may be prepared to make sucli payment, and to avoid the possibility
of payment not reaching the Federal Reserve Bank on time. The object of this procedure is to
avoid unnecessary dislocation of funds and to reduce the float as far as practicable.
The unexpended cash proceeds, if any, of the sale of any issue of bonds, notes, or certificates
issued under authority of said act will be redeposited among the qualified depositaries making
application to receive such redeposits as nearly as may be in proportion to the subscriptions made
by or through them.
Payment of income and profits taxes can not be made by credit. Out of the unexpended cash
proceeds, if any, arising from the payment of income and profits taxes, deposits may be made
through the Federal Reserve Banks, under direction of the Secretary of the Treasury, with
qualified depositaries throughout the United States, as may be hereafter announced by the
Secretary of the Treasury.
All deposits and withdrawals will be made by the Federal Reserve Banks by direction of the
Secretary of the Treasury.
The amount deposited with any depositary shall not in the aggregate exceed at any one time
(a) the maximum amount for which it shall have been designated as a depositary, nor (b) the
aggregate amount of the collateral security pledged by it taken at the rates hereinbefore provided.
WITHDRAWAL OF DEPOSITS.

All deposits will be payable on demand without previous notice.
INTEREST ON DEPOSITS.

Each depositary will be required to pay interest at the rate of two per cent per annum on
daily balances. Interest must be paid on the amount deposited in connection with (a) any issue
of Treasury certificates of indebtedness, or .(b) any date fixed for installment payment or payment
in full on account of bonds or notes, or (c) any income and profits tax payment date, when the
last withdrawal is made from the amount so deposited.

This circular may be amended and supplemented by the Secretary of the Treasury from
time to time by Treasury Department Circular mailed to the Federal Reserve Banks and generally
to banks and trust companies incorporated under the laws of the United States or of any State.




GARTER GLASS,
Secretary

19

of the

Treasury,

G. D. 6—Form JS—Public Moneys

RESOLUTIONS AUTHORIZING APPLICATION FOR DEPOSITS

I hereby certify that the following resolutions were duly adopted at a meeting of the board
of directors of the below-named bank (trust company), which meeting was duly called and duly
held on the

day of

, 1 9 1 9 . . . . , a quorum being present, and

that the said resolutions were spread upon the minutes of said meeting:

Resolved, That, in accordance with the provisions of Treasury Department Circular No. 92,
of April 17, 1919, this bank (trust company) makes application for the deposit of public moneys
with it from time to time under the act of Congress approved September 24, 1917, as heretofore and hereafter amended and supplemented, the aggregate amount of such deposits not to exceed
at any one time $

; and assign and agree to pledge from time to time

to and with the Federal Eeserve Bank of New York, as fiscal agent of the United

States, as

collateral security for such deposits as may be made from time to time pursuant to such application,
securities of the character and amount required by said circular; and

Resolved, That the president, or any vice-president, or cashier, or secretary, of the undersigned bank (trust company) is hereby authorized to make application, assignment, and aggreement as aforesaid and from time-to" time-to deliver to and pledge with said Federal Reserve Bank,
or any custodian or custodians appointed by it, securities of the undersigned bank (trust company)
of a character and amount at least sufficient to secure such deposits according to the terms of said
Treasury Department circular as amended and supplemented as aforesaid, and from time to time
to withdraw securities and to substitute other securities and to pledge and deposit additional
securities.

In

witness

whereof

I

have

hereunto

signed

my name

and

affixed

the seal of

of

(Seal)




Cashier

20

(Secretary.)

the

G. D. 7 Form HS Public Moneys

APPLICATION FOR DEPOSITS.
To THE FEDERAL RESERVE, BANK OF NEW YORK

Fiscal Agent of the United States.
Date
The undersigned bank or trust company, in accordance with the provisions of Treasury Department Circular No. 92 of April 17, 1919, and pursuant to due action of its board of directors, hereby makes application
for the deposit of public moneys with it from time to time under the act of Congress approved September
24, 1917, as heretofore and hereafter amended and supplemented, the aggregate amount of such deposits not
to exceed at any one time $
; and assigns and agrees to pledge, from time to time, to and
with the Federal Reserve Bank of New York, as fiscal agent of the United States, as collateral security for
such deposits as may be made from time to time pursuant to this application, securities of the character and
amount required by said circular.

By
President

(Vice-President.)

Street
City or Town
State
CERTIFICATE OF APPROVAL OF FISCAL AGENT.
The foregoing application is hereby approved upon deposit with
of the securities listed and described. The applying bank is authorized to
transfer to the Federal Reserve Bank of New York as fiscal agent of the United States, War Loan Deposit
Account $
, to be held subject to immediate withdrawal.
FEDERAL RESERVE BANK OF NEW YORK

Fiscal Agent of the United States.
By
Asst. Cashier.
CERTIFICATE OF CUSTODIAN.
The securities described in the within-attached list have been this day received from
, of
to be held as collateral security for the deposit of Government funds in accordance with Treasury Department
Circular No. 92, as amended and supplemented. (See pages 22, 23, 24.)
Date




Custodian.
21

COLLATERAL SECURITY
BONDS
Offered by
( N a m e of bank or trust c o m p a n y )

of
Department

for deposits of public moneys made under
Circular No. 92, as amended and supplemented.
(Page 17.)

FULL NAME OF CORPORATION
I S S U I N G BONOS




FULL N A M E OF LIEN.
SERIAL BONDS LISTED
SEPARATELY AS TO MATURITIES

S E C U R I T I E S APPROVED BY

S E C U R I T I E S CHECKED BY

22

Rate
of
Interest

MATURITY
/MONTH, DAY\
V. AND Y A
E R )

DATE OF
COUPON NEXT
MATURING
ATTACHED

P R
A

Treasury

COLLATERAL VALUE
To befilledin bj
Federal Reserve
Bank

COLLATERAL SECURITY
COMMERCIAL PAPER
(See arrangement of details, page 24.)

Offered by

of

(Place)

(Name of bank or trust company)

For deposits

of public moneys made under Treasury Department

supplemented.
NUMBER
FROM
1 UP

(Page 17.)

{Instructions

Circular No. 92, as amended and

as to listing on next page

MAKER OR ACCEPTOR

EST'D NET WORTH

BUSINESS
INDORSER OR DRAWER

OR
OR RATING

.BY.

C O M M E R C I A L PAPER APPROVED




S

1919

23

\

hereof.)
E-2

INSTRUCTIONS
List notes in order of their maturities.
Please give, with respect to each name, commercial agency rating if available, or your estimate of present net worth, if your files contain such information. Indicate your estimate
of the net worth by placing the letters " N . W . " before your figures. Insert the name of the
agency at the top of the column if ratings are given.
Insert either a " D " or a " P " in the column headed "Depositors or Purchased" to indicate whether the paper was discounted for a depositor or purchased. The " D " should appear
on the line with the name of the discounter.
Insert an " S " in the column headed "Statement," on the line with each party whose statement is on file. Statements should be on file for all names whose notes amount to $5,000 or
more, either as maker or indorser. In listing notes under that amount no statement is necessary, but you should indicate what purpose the proceeds of each note were used for.
Notes, drafts, bills of exchange and acceptances submitted as collateral security should be
indorsed in blank in the following form:
First National Bank, Blankville, N. Y.

Cashier
Each indorsement of a member bank should be signed by an officer whose signature and
authority to indorse have been filed with this bank.
Industrial, agricultural or commercial paper must have a maturity not exceeding six months
from date offered as collateral.

SPECIMEN F O R M O F A P P L I C A T I O N S H O W I N G

DESIRED

MAKER OR ACCEPTOR

ADDRESS
1 UP

BUSINESS

INDORSER OR DRAWER

1

C.

P . Scudder
A. P. Crawford

ff.

B. R i c h t e r
Annie R i c h t e r

Blankville

Blankville

Wes t e r n P a c k i n g Co.

Farmer
Feed & Grain

Chicago

X Agency

N. ff. 1 0 . 0 0 0
5 0 / 7 5 - 1 1/2

1

J

a\

a

a.

as

§ 3
&5 SS =

8/3
D

S

7/3

D

S

8/30

P

S

AMOUNT

S

50

feed.
Mfr. Baskets
Wife

For purchase of
3

1

LBY

For purchase of
2

lEST'D NET WORTH
f
OR RATING
I

STATEMENT

NUMBER

MATURITY

ARRANGEMENT O F DETAILS

20/35-2
N. W. 1 . 0 0 0

1,050

materials.
Packers

Over
1.000.000

5.000
S6.100

PLEASE NOTE SPACE LEFT BETWE EN EACH I TEM




24

.

K-2
Form G. I). 1

S3

TO BE USED IN REPORTING PAYMENTS FOR CERTIFICATES OF INDEBTEDNESS O N L Y

(Title of bank or trust company.)

to

•!3
(Location.)

US

191
(Date.)

s°

I HEREBY CERTIFY that there has been deposited this day with the above bank or trust company, to the credit of
the Federal Reserve Bank of New York, as Fiscal Agent of the United States War Loan Deposit Account, to be held
subject to withdrawal on demand, the sum of

—

— Dollars,

•55 «
O __
6J

w

J3

(Hluc Copy)

Cashier or Vice President.

INSTRUCTIONS
Make reports on this form when payments for certificates of indebtedness subscriptions
the

are made through credit in

FEDERAL RESERVE BANK OF N E W YORK as FISCAL AGENT OF T H E U N I T E D STATES WAR LOAN DEPOSIT

ACCOUNT

in your hooks, forwarding to the Federal Reserve Bank of New York.
Demands for withdrawal of deposits in the above account will lie made through the Federal Reserve Bank of New
York as fiscal agent of the United States.




Form of offering of Certificates in anticipation of t h e Victory Liberty Loan

Federal Reserve Bank of New York
OFFERING A MINIMUM OF

$600,000,000
OF

U N I T E D S T A T E S T R E A S U R Y ±y2%

CERTIFICATES OF INDEBTEDNESS

SERIES 5D
Dated January 16, 1919

Due June 17, 1919

Dear Sirs:
The Secretary of the Treasury, under authority of act approved September 24, 1917,
as amended by act approved April 4, 1918, offers for subscription through the Federal reserve
banks at par and accrued interest a minimum of $600,000,000 United States Treasury certificates of indebtedness dated January 16, 1919, payable June 17, 1919, with interest at the rate
of 4^2% per annum.
Upon ten days public notice given in such manner as may be determined by the Secretary of the Treasury the certificates of this series may be redeemed as a whole at par and accrued
interest, on or after any date occurring before maturity of such certificates set for the payment
of the first installment of the subscription price of any bonds offered for subscription by the
United States after the offering and before the maturity of such certificates.
The certificates of this series, whether or not called for redemption, will be accepted at
par with adjustment of accrued interest if tendered on such installment date in payment on the
subscription price then payable of any such bonds subscribed for by and allotted to holders of
such certificates.
The certificates of this series do not bear the circulation privilege and will not be
accepted in payment of taxes.
The certificates will be issued in denominations of $500, $1,000, $5,000, $10,000 and
$100,000 payable to bearer.
Interest will be computed for the exact number of days elapsed, on the basis of 365 days to
the year.
Treasury certificates of indebtedness of Series 4F, dated September 17, 1918, and
maturing January 16, 1919, will be accepted at par with an adjustment of accrued interest in
payment for any certificates of this series which shall be subscribed for and allotted.
Subscriptions will be received by the Federal Reserve Bank of New York as fiscal
agent of the United States up to close of business on Tuesday, January 21, 1919, and certificates will be allotted in full in the order of receipt of applications, but the right is reserved to
reject any subscriptions and to allot less than the amount applied for and to close the subscriptions at any time without notice.
Payments for certificates allotted must be made to the Federal Reserve Bank of New York
at par and accrued interest on and after January 16, 1919, up to January 21, 1919, inclusive,
and must reach the bank before 3:00 o'clock p . m. on the day to which accrued interest is paid.
In connection with the foregoing offering of certificates of indebtedness of the United
States, the Secretary of the Treasury announces that qualified depositaries will be permitted to
make payment by credit for certificates allotted to them for themselves and their customers up
to the amount for which each shall have qualified in excess of existing deposits when so notified
by Federal reserve bank.




26

Interim receipts will be issued if necessary pending delivery of definitive certificates.
Said certificates 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.

However, 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.
Please note that payment may be made at par and accrued interest either by book credit
by certificates of indebtedness of Series 4F aforesaid, or by check on this bank or other funds
available in New York on the day of receipt not later than January 21, 1919.
The Federal Reserve Bank of New York, if desired by subscribing banks, will receive and
hold in custody for their account, subject to their order, their certificates of indebtedness of
this and future issues.
This is the fourth issue of the series of certificates to be offered in anticipation of the Fifth
Liberty Loan, as announced in letter of the Secretary of the Treasury dated November 27,
addressed to the banks of the country,
Respectfully,
R. H . TREMAN,
Deputy Governor.
January 10, 1919.




27

Form of application for certificates in
anticipation of t h e Victory Liberty Loan

S E R I E S

5

D

Dated at
:

191

FEDERAL RESERVE B A N K OF N E W YORK,
N E W YORK, N.

Y.

ATTENTION OF SECURITIES DEPARTMENT
DEAR

SIRS:

Pursuant to the terms stated in your letter of January 10, 1919, please enter our subscription at par and accrued interest from January 16, 1919, for $
United States Treasury AJ/2 per cent Certificates of Indebtedness dated January 16, 1919, due
June 17, 1919, and we agree to pay for any certificates allotted to us on account of this subscription at the Federal Reserve Bank of New York on
DATE

Please be governed by the following instructions:
Issue the certificates in the following denominations:
at $ • 500 $
at

1,000

at

5,000

at

10,000

at

100,000
Total $

Regarding disposition of certificates:

Method of payment designated by X :
Debit our reserve account (

):

Check enclosed

):

(

Book credit; Form G. D. $1 attached (

):

Certificates of indebtedness Series 4 F , authorized by the Secretary of the Treasury.
Signed

•

Address

a^TIMPORTANT—Is this a confirmation of a previous subscription sent by
telegraph or otherwise?




28

(Blue Copy)

Form of offering of Certificates of Indebtedness acceptable in payment of income and
war-profits and excess profits taxes

Federal Reserve Bank of New York
Offering of
U n i t e d S t a t e s T r e a s u r y Z L ^ £ % Certificates of I n d e b t e d n e s s
RECEIVABLE IN PAYMENT OF FEDERAL INCOME AND PROFITS TAXES
Dated and bearing interest from June 3, 1919.
Series T 4, due September 15, 1919.
Series T 5, due December 15, 1919.
Dear Sirs:
The Secretary of the Treasury, under authority of act of Congress approved September
24, 1917, as amended, offers for subscription at par and accrued interest, a limited amount of
Treasury certificates of indebtedness, in two series, both dated and bearing interest from June
3, 1919. at the rate of AlA% per annum, the certificates of Series T 4 being payable on September 15, 1919, and the certificates of Series T 5 on December 15, 1919.
Certificates of these 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 respectively. They do not bear the circulation privilege and will not be
accepted in payment on Victory Loan subscriptions.
In accordance with the above, subscriptions will be received by the Federal Reserve Bank
of New York as fiscal agent of the United States and allotments will be made in full in the order
that subscriptions are received, but the right is reserved to reject any subscription and to allot
less than the amount of certificates of either or both series applied for and to close the subscriptions as to either or both series at any time without notice.
Payment at par and accrued interest for certificates allotted must be made on or before
June 3, 1919, or on later allotment.
Upon payment, interim receipts will be issued pending
delivery of the definitive certificates. Treasury certificates of indebtedness of any and all
series maturing on or before July 1, 1919, and not overdue (with any unmatured interest
coupons attached), will be accepted at par with an adjustment of accrued interest in payment for any certificates of the Series T 4 and T 5 now offered which shall be subscribed
for and allotted. Qualified depositaries will be permitted to make payment by credit for
certificates allotted to them for themselves and their customers up to an amount for which
each shall have qualified in excess of existing deposits when so notified by Federal reserve
bank.
Bearer certificates with one interest coupon attached, payable at the maturity of the
certificates, respectively, will be issued in denominations of $500, $1,000, $5,000, $10,000 and
$100,000.
They 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.
However, the interest on an amount of bonds and certificates authorized by the 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.
Respectfully,
BENJAMIN S T R O N G ,
May 19, 1919.
Governor.



29

Form of application for certificates
a c c e p t a b l e in p a y m e n t of income
and w a r profits and e x c e s s profits
taxes.

T A X SERIES T 5
Dated at.

This subscription blank is to be used in subscribing to
the issue of Certificates of Indebtedness, Series T-5, dated
June 3, 1919, receivable in payment of Federal income
and profits taxes payable December 15, 1919.
1919
FEDERAL RESERVE B A N K OF N E W YORK,
N E W YORK, N.

Y.

ATTENTION OF SECURITIES DEPARTMENT
DEAR SIRS :

Pursuant to the terms stated in your letter of May 19, 1919, please enter our subscription
at par and accrued interest from June 3, 1919 for $
United States Treasury Ay2 per cent Certificates of Indebtedness dated June 3, 1919, due December 15, 1919, and we agree to pay for any certificates allotted to us on account of this subscription at the Federal Reserve Bank of New York on
DATE

Please be governed by the following instructions
Issue the certificates in the following denominations:
at $

500 $

at

1,000 ..

at

5,000 . .

at

10,000 ..

at

100,000 . .
Total $.

Regarding disposition of certificates:

Method of payment designated by X :
Debit our reserve account (

):

Check enclosed

):

(

Book credit; Form G. D. #1 attached (
DATE OF I S S U E

Series
Series
Series
Series
Series

5C*
5D*
5E
T2
T3

Jan.
Jan.
Jan.
Jan.
Mar.

2,
16,
30,
16,
15,

1919
1919
1919
1919
1919

DATE OF MATURITY

June 3, 1919
June 17, 1919
July 1, 1919
June 17, 1919
June 16, 1919

(*NOTE: If payment after allotment is made after
June 3, 1919, certificates of Series SC cannot be
used; likewise if payment is made after June 17,
1919, certificates of Series 5D cannot be used, etc.)
Signed.
Address,

'IMPORTANT—Is this a confirmation of a previous subscription sent by
telegraph or otherwise?



30

(See amendment, page 65.)

UNITED STATES OF AMERICA
WAR-SAVINGS CERTIFICATES
SERIES OF

D e p a r t n ^ n t a r L r No. P 4 .
(War-Savings Circular No. 1.)

1918.

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,

Loans and Currency.

Washington, November 15, 1917.

The Secretary of the Treasury offers for sale to the people of the United States an issue of
United States War-Savings Certificates, Series of 1918, authorized by act of Congress, approved
September 24, 1917. Payments for or on account of such War-Savings Certificates must be evidenced by United States War-Savings Certificate Stamps, Series of 1918, which are to be affixed
thereto. The sum of such War-Savings Certificates outstanding shall not at any one time exceed in
the aggregate $2,000,000,000 (maturity value). The amount of War-Savings Certificates sold to
any one person at an}>- one time shall not exceed $100 (maturity value), and it shall not be lawful
for any one person at any one time to hold War-Savings Certificates to an aggregate amount
exceeding $1,000 (maturity value). (See page 66.)
War-Savings Certificates, War-Savings Certificate Stamps, and United States Thrift Stamps
(described below) may be purchased, at the prices hereinafter mentioned, at post offices, and at
numerous banks and other agencies to be appointed by the Secretary of the Treasury. Advance
sales will begin December 3, 1917. All sales of War-Savings Certificates and War-Savings Certificate Stamps made in December, 1917, will be at the January, 1918, price, and the date of issue
of all certificates so sold will be deemed January 2, 1918.
DESCRIPTION OF WAR-SAVINGS CERTIFICATES
A United States War-Savings Certificate,Series of 1918, will be an obligation of the United
States when, and only when, one or more United States War-Savings Certificate Stamps, Series
of 1918, shall be affixed thereto. Each of such War-Savings Certificates will have spaces for 20
War-Savings Certificate Stamps, Series of 1918, and each of such stamps thereto affixed will have
a maturity value of $5 on January 1, 1923, which will accordingly give each such certificate, when
bearing its full complement of such stamps, a maturity value of $100 on said date. No WarSavings Certificate will be issued unless at the same time one or more War-Savings Certificate
Stamps shall be purchased and affixed thereto, but no additional charge will be made for the WarSavings Certificate itself. The name of the owner of each War-Savings Certificate must be written
upon such certificate at the time of the issue thereof.
War-Savings Certificate Stamps, Series of 1918, will be issued in 1918 at the following
prices:
January
$4.12 April
$4.15 July
$4.18 October
$4.21
February
4.13 May
4.16 August
4.19 November . . . 4.22
March
4.14 June
4.17 September ... 4.20 December . . . 4.23
The average issue price above fixed for the year 1918 with interest at 4 per cent per annum
compounded quarterly for the average period to maturity will amount to $5 on January 1, 1923.




31

2
PAYMENT AT MATURITY.

Owners of War-Savings Certificates will be entitled to receive, on January 1, 1923, at theTreasury Department in Washington, or at a money-order post office, upon surrender of such
certificates and upon compliance with all other provisions thereof, $5 in respect of each WarSavings Certificate Stamp, Series of 1918, then affixed thereto, but no post office shall be required
to make any such payment until 10 days after receiving written demand therefor.
PAYMENT PRIOR TO MATURITY.

Any owner of a War-Savings Certificate, at his option, will be entitled to receive at any timeafter January 2, 1918, and prior to January 1, 1923, at a money-order post office, upon surrender
of his certificate and upon compliance with all other provisions thereof, in respect of each WarSavings Certificate Stamp, Series of 1918, then affixed to such certificate, the amount indicated
in the following table, but no post office shall make any such payment until 10 days after receiving
written demand therefor:
1918

January
February
March
April
May
June
July
August
September
October
November
December

,

1919

1920

1921

$4.12
4.13
4.14
4.15
4.16
4.17
4.18
4.19
4.20
4.21
4.22
4.23 J

Month.

$4.24
4.25
4.26
4.27
4.28
4.29
4.30
431
4.32
4.33
4.34
4.35

$4.36
437
4.38
4.39
4.40
4.41
4.42
4.43
4.44
4.45
4.46
4.47

$4.48
4.49
4.50
4.51
4.52
4.53
4.54
4.55
4.56
4.57
4.58
4.59

$4.60
4.61
4.62
4.63
4.64
4.65
4.66
4.67
4.68
4.69
4.70
4.71

January l, 1923, $5.
REGISTRATION.

War-Savings Certificates may be registered without cost to the owners at any post office of
the first, second, or third class, subject to such regulations as the Postmaster General may
from time to time prescribe, and payment in respect of any certificate so registered will be made
only at the post office where registered. Unless registered, the United States will not be liable
if payment in respect of any certificate or certificates be made to a person not the rightful owner
thereof.
WAR-SAVING CERTIFICATES NOT TRANSFERABLE.

War-Savings Certificates are not transferable and will be payable only to the respective owners
named thereon, except in the case of the death or disability of any such owner.
TAX EXEMPTION.

War-Savings. Certificates 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 (&) 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 of September 24, 1917, the principal of which does not exceed in the
aggregate $5,000, owned by any individual, partnership, association, or corporation, shall beexempt from the taxes provided for in clause (&) above.




32

3

THRIFT CARDS AND THRIFT STAMPS
Payments on account of War-Savings Certificates may also be evidenced by United States
Thrift Stamps, having a face value of 25 cents each but bearing no interest. United States Thrift
Stamps, however, must not be affixed to War-Savings Certificates but only to Thrift Cards, which
may be obtained without cost. Thrift Stamps as such are not directly redeemable in cash, but
each Thrift Card will have spaces for 1G such Thrift Stamps, and a Thrift Card, when bearing
its full complement of such stamps, may be exchanged at a post office, or other authorized
agency, on or before December 31, 1918, for a War-Savings Certificate Stamp, Series of 1918,
and upon such exchange the owner of such Thrift Card must pay the difference between $4 and
the current issue price of War-Savings Certificate Stamps during the month in which such
exchange is made, as shown by the following table.
January
February
March

$4.12 April
4.13 May
4.14 June

$4.15 July
$4.18 October
$4.21
4.16 August
4.19 November ... 4.22
4.17 September . . . 4.20 December ... 4.23

METHOD OF DISTRIBUTION AND SALE
POST OFFICES AND FEDERAL RESERVE BANKS.

On or about December 3, 1917, War-Savings Certificate Stamps and United States Thrift
Stamps (together with Thrift Cards and War-Savings Certificates, with suitable pocket envelopes for such certificates) will be furnished (1) to post offices for sale to the public and to agents
of the first class and (2) to Federal Reserve Banks, as fiscal agents of the United States, for
distribution to agents of the second class and also for sale to banks which are agents of the first
class; the classification of such agents being hereinafter provided for. Post offices and Federal
Eeserve Banks will maintain available supplies of stamps, certificates, and cards in amounts sufficient to meet the requirements for such distribution and sales.
OTHER AGENCIES.

Banks, bankers, and trust companies; railroad and express companies; department and other
retail stores; the duly authorized representatives of labor, fraternal, and other associations; and
other corporations, partnerships, and individuals; who patriotically offer their services without
expense, either to the United States or to purchasers, will be among those whom the Secretary
of the Treasury will in his discretion appoint as agents to sell War-Savings Certificate Stamps
and United States Thrift Stamps and to issue War-Savings Certificates and Thrift Cards.
Blank forms of application for appointment as agent, with necessary information as to execution and filing, may be obtained from any money-order post office, from agent banks, or from
State or local representatives of the National War-Savings Committee.
Appointments will be
made only under authorization of the Secretary of the Treasury.
No agent shall sell any United States Thrift Stamp at any price other than 25 cents for
each stamp, nor any War-Savings Certificate Stamp at any price other than the current issue
price of such stamp during the month in which sold, as hereinabove specified.
CLASSIFICATION OF AGENTS.

Two classes of agents will be appointed: First, agents of the first class, who may neither
obtain nor hold at any one time in excess of $1,000 of War-Savings Certificate Stamps (maturity value) second, agents of the second class, who may obtain at any time or times in excess of
$1,000 of such stamps (maturity value) for sale to the public.




33

4
AGENTS OP THE FIRST CLASS.

Agents of the first class may obtain, for sale to the public, from post offices, agent banks or
other authorized agents, War-Savings Certificate Stamps in any amount desired, not, however, in
excess of $1,000 (maturity value), together with an adequate supply of War-Savings Certificates,
upon payment for such stamps at the current issue price thereof during the month in which
such stamps are thus obtained. Similarly, agents of the first class may obtain, for sale to the
public, United States Thrift Stamps, together with an adequate supply of Thrift Cards, in any
amount desired upon payment for such stamps at 25 cents each.
AGENTS OF THE SECOND CLASS.

Agents of the second class will be required to deposit with the Secretary of the Treasury, or
with such agencies as he may designate, United States bonds of any Liberty Loan, or United
States certificates of indebtedness, the aggregate par value of which shall be at least equal to the
aggregate amount of War-Savings Certificate Stamps, at the issue price thereof during December,
1918, as specified above, plus the aggregate face value of United States Thrift Stamps obtained
by such agents, respectively. A further Treasury Department circular will shortly be issued specifying the terms and conditions for the deposit of such securities, or of such other securities, the
deposit of which may be permitted by such circular under the conditions to be therein specified,
and covering other matters of detail particularly concerning such agents of the second class.
OTHER DETAILS
War-Savings Certificates will not be receivable as security for deposits of public money and
will not bear the circulation privilege.
The Secretary of the Treasury reserves the right at any time to revoke any or all appointments
of agents, to withdraw War-Savings Certificates, War-Savings Certificates Stamps, or United
States Thrift Stamps from sale, to refuse to issue or to permit to be issued any War-Savings
Certificates or Thrift Cards, and to refuse to sell or to permit to be sold any War-Savings Certificates or War-Savings Certificate Stamps or United States Thrift Stamps to any person, firm,
corporation, or association.
The right is also reserved to make from time to time any supplemental or amendatory
regulations which shall not modify or impair the terms and conditions of War-Savings Certificates issued or to be isued in pursuance of said act of September 24, 1917.
Further details may be announced by the Secretary of the Treasury from time to time,
information as to which will be promptly furnished to postmasters at money-order post offices and
to other agents.
W . Q. McADOO,
Secretary of the Treasury.




34

(See amendment, page 65.)

AGENTS OF THE SECOND CLASS FOR SALE OF WAR-SAVINGS CERTIFICATES.
1917.

TREASURY DEPARTMENT,

Department Circular No. 95.
(War-Savings Circular No. 2.)

OFFICE OF THE SECRETARY,

Washington, November 30, 1917.

Loans and Currency.

To Agents for Sale of War-Savings Certificates, War-Savings Certificate Stamps, and United States
Thrift Stamps:
As provided in Treasury Department Circular No. 94 (War-Savings Circular No. 1 ) , dated
November 15, 1917, any agent for the sale of "War-Savings Certificates, "War-Savings Certificate
Stamps and United States Thrift Stamps may obtain from a Federal Reserve Bank, WarSavings Certificate Stamps in excess of $1,000 (maturity value), for sale to the public, upon
deposit of collateral security therefor with such Federal Eeserve Bank. The terms and conditions upon which such deposits shall be made are hereinafter set forth. Any agent who thus
obtains War-Savings Certificate Stamps in excess of $1,000 (maturity value) is sometimes
referred to below, and also in Treasury Department Circular No. 94, as an agent of the second
class. All agents appointed by the Secretary of the Treasury in accordance with Treasury
Department Circular No. 94 will be deemed agents of the first class except such as become
agent9 of the second class under the provisions of this circular. (See page 31.)

COLLATERAL SECURITY TO BE DEPOSITED AND PLEDGED BY AGENTS OF THE SECOND CLASS
To obtain War-Savings Certificate Stamps in excess of $1,000 (maturity value), an agent
must deposit and pledge with a Federal Eeserve Bank, as Fiscal Agent of the United States
(or, by the direction and subject to the order of such Federal Eeserve Bank, with a custodian
or custodians designated by it and under rules and regulations prescribed by i t ) , as collateral
security, for the faithful performance of the obligations assumed by such agent, as provided
below, United States bonds of any Liberty Loan or United States certificates of indebtedness
of any issue, the par value of which shall be at least equal to the aggregate amount of WarSavings Certificate Stamps, at the issue price thereof during December, 1918, as specified in Treasury Department Circular No. 94, plus the aggregate face value of United States Thrift Stamps to
be obtained by such agent (such bonds and certificates of indebtedness, as well as any other securities, the pledge of which is provided for below, so deposited and pledged, being sometimes referred
to below as "collateral security"). Any collateral security deposited with any custodian designated
by a Federal Eeserve Bank shall be deemed deposited with the Federal Eeserve Bank designating
such custodian.
I n case the aggregate amount of War-Savings Certificate Stamps, at such December, 1918,
issue price, plus the aggregate face value of Thrift Stamps, which any agent shall desire to
obtain, shall be $50,000 or more, then such agent may deposit and pledge as collateral security,
as herein provided, any securities described in paragraphs (a) to (7t), both inclusive, of Treasury
Department Circular No. 92 (Liberty Loan Circular No. 7), dated October 6, 1917, at the rates
therein provided. (See Circular No. 92, as amended, page 17.) No such security shall, however, be valued at more than par. No State or municipal bond, obligation, or evidence of indebtedness shall be accepted if the State or municipality has made default in payment of principal or interest during the past 10 years. The approval and valuation of any such securities are committed to
the several Federal Eeserve Banks acting under the direction of the Secretary of the Treasury.




35

2
The withdrawal of securities, the pledging of additional securities, and the substitution of
securities shall be made from time to time, as required or permitted by the several Federal
Eeserve Banks acting under direction of the Secretary of the Treasury. Each agent, so long
as such agent shall not be in default in respect of any obligation assumed by such agent, as
herein provided, shall be entitled to collect and retain any and all interest upon the collateral
security deposited and pledged by such agent with a Federal Eeserve Bank.
Any agent, upon depositing and pledging collateral security, as herein provided, and upon
executing, and delivering to a Federal Eeserve Bank, a Pledge Agreement, in Form 1021,
hereto attached (copies of which may be had from any Federal Eeserve Bank), if recommended by such Federal Eeserve Bank, and approved by the Secretary of the Treasury, as an
agent of the second class, may obtain, from time to time, from such Federal Eeserve Bank WarSavings Certificate Stamps, taken at such December, 1918, issue price, and United States
Thrift Stamps, at 25 cents each, up to the collateral value, taken as provided above, of such
collateral security, but not in excess thereof. Such agent may also obtain an adequate supply
of War-Savings Certificates and Thrift Cards. (Page 39.)
From time to time, as any such agent shall sell War-Savings Certificate Stamps or Thrift
Stamps and shall pay over the proceeds of any such sales to the Federal Eeserve Bank to which
such agent is required to account, as provided below, additional amounts of such stamps (WarSavings Certificate Stamps being taken at such December, 1918, issue price), in lieu of such
stamps so sold, may be obtained from such Federal Eeserve Bank, not, however, in excess of
the aggregate amount of such stamps theretofore sold and for which payment shall have been
made to such Federal Eeserve Bank, unless additional collateral security shall be similarly deposited
and pledged .
Any agent of the second class may from time to time voluntarily deposit and pledge additional collateral security with the Federal Eeserve Bank with which such agent shall have
theretofore deposited and pledged collateral security, as provided above, and thereupon obtain
additional amounts of War-Savings Certificate Stamps and Thrift Stamps, up to the collateral
value of such additional collateral security, upon like terms and conditions as upon the original
deposit and pledge of collateral security.
Any Pledge Agreement executed by a corporation, or by the legally authorized representative
of an unincorporated association acting on behalf of such association, must be accompanied by
a duly certified copy of resolutions, as provided in Form .1022, hereto attached, duly adopted
by the board of directors, board of trustees, or other governing body of such corporation or
unincorporated association, as the case may be. In the first instance, however, a Federal
Eeserve Bank may accept from any corporation a duly certified copy of resolutions (substantially in Form 1022) duly adopted by an executive committee of the board of directors of
such corporation, having authority to act, when accompanied by a duly certified copy of the
provisions of the by-laws of such corporation, under which such executive committee may be
constituted, but in every such case there shall be delivered to such Federal Eeserve Bank within 30
days thereafter a duly certified copy of resolutions of the board of directors of such corporation,
as provided above. (Page 40.)
ACCOUNTING BY AGENTS OF THE SECOND CLASS
Each agent of the second class, on or before the tenth day of each month, must render to
the Federal Eeserve Bank, with which such agent shall have deposited and pledged such collateral security, an account, in Form 1023, hereto attached (copies of which may be had from
any Federal Eeserve Bank), in respect of all War-Savings Certificate Stamps and United States
Thrift Stamps obtained by such agent from such Federal Eeserve Bank and sold by such agent,
during the preceding calendar month, and stating the respective amounts of such stamps, if any,
remaining unsold in the hands of such agent at the close of such calendar month. (Page 41.)




36

3
Each agent of the second class, before or upon the rendering of any such account, must
deposit the aggregate amount of the proceeds of all sales of War-Savings Certificate Stamps and
Thrift Stamps, obtained as provided above, in such Federal Eeserve Bank, as Fiscal Agent of
the United States; but each agent of the second class, in accounting for the proceeds of sales
of "War-Savings Certificates Stamps and United States Thrift Stamps, shall be entitled to a credit
of $4 in respect of each Thrift Card, bearing its full complement of United States Thrift Stamps,
transmitted to the Federal Reserve Bank, as Fiscal Agent of the United States, with any account
rendered by such agent to such bank, as provided above.
OBLIGATIONS OF AGENTS OF THE SECOND CLASS
Each Federal Eeserve Bank, as Fiscal Agent of the United States, shall hold the collateral
security, deposited and pledged with such bank by the several agents of the second class, as collateral security for the faithful performance of their respective obligations as such agents,
including, among others (but not excluding, by the following specific enumeration, any other
•obligation to be performed by such agents), the obligation—
(1) Xot to sell any United States Thrift Stamps at any price other than 25 cents for
each stamp, and not to sell any War-Savings Certificate Stamp at any price other than the
current issue price of such stamp during the month in which sold, as specified in Treasury
Department Circular JSTO. 94. (Page 31.)
(2) Duly to account to a Federal Eeserve Bank, as Fiscal Agent of the United States,
as provided above, in respect of all War-Savings Certificate Stamps and United States Thrift
Stamps obtained and sold or remaining unsold;
(3) To cause to be duly paid into the Treasury of the United States, as provided
above, the proceeds of any and all such sales; and
(4) To deliver to a Federal Eeserve Bnnk, as Fiscal Agent of the United States, whenever required by the Secretary of the Treasury, any and all War-Savings Certificate Stamps,
United States Thrift Stamps, Thrift Cards, and War-Savings Certificates obtained from such
Federal Eeserve Bank but not theretofore issued or sold, and, whenever required, to account
forthwith in respect of the proceeds of all sales of such stamps theretofore made.
Any agent of the second class who shall have fully complied with all the terms of such agency
may at any time surrender such agency and withdraw the collateral security deposited and
pledged by such agent with a Federal Eeserve Bank, upon delivery to such bank, as Fiscal
Agent of the United States, of all War-Savings Certificate Stamps and United States Thrift
Stamps (together with all unissued War-Savings Certificates and Thrift Cards) obtained from .
such Federal Eeserve Bank and then held by such agent, and upon duly accounting and making
payment, as herein provided, in respect of all such War-Savings Certificate Stamps and United
States Thrift Stamps obtained or sold by such agent.
OTHER DETAILS
The Secretary of the Treasury reserves the right, from time to time, to call for the deposit
and pledge of additional collateral security by any agent of the second class and to withdraw this
circular as a whole, or to amend, from time to time, any of the provisions hereof.
The Secretary of the Treasury reserves the right, at any time, to terminate any agency of
the second class and to require any agent of the second class to deliver to the Secretary of
the Treasury, or to a Federal Eeserve Bank, as Fiscal Agent of the United States, any and all
War-Savings Certificate Stamps, United States Thrift Stamps, Thrift Cards, and War-Savings
Certificates, obtained from such Federal Eeserve Bank but not theretofore issued or sold by such
agent, and to require any agent of the second class to render any account and to make payment,




37

4

at any time or times, in addition to the monthly account and payment, hereinbefore required,
in respect of the proceeds of all sales of such stamps theretofore made and not theretofore
accounted for.
Agents of the second class shall be subject to all of the terms and provisions of Treasury
Department Circular No. 94, so far as applicable, as well as the terms and provisions of this
circular.




W. G. McADOO,
Secretary of the Treasury.

38

G. D. 36

(Form 1021.)

PLEDGE AGREEMENT
To the Federal Reserve Bank of New

York,
as Fiscal Agent of the United

States.

The undersigned desires to become an agent'of the second class for the issue and sale of War-Savings Certificates,
War-Savings Certificate Stamps, and Thrift Stamps, in accordance with the respective provisions of Treasury Department
Circulars Nos. 128 and 130, and to obtain, from time to time, for sale to the public, as provided in such circulars, WarSavings Certificate Stamps, and Thrift Stamps, in the aggregate total amount of $
(such War-Savings Certificate Stamps to be taken, at the December, 1919, issue price and such Thrift Stamps, at 25 cents each), and, as and when
such stamps shall be sold and accounted and paid for, to obtain in lieu thereof, from time to time thereafter, additional
War-Savings Certificate Stamps (at such December, 1919, issue price) and Thrift Stamps (at 25 cents each) up to but
not exceeding, at any time, the total amount stated above.
The undersigned hereby agrees that none of such stamps obtained by the undersigned shall be sold or disposed of
otherwise than as provided in such circulars, or either of them, and further agrees faithfully to perform all other obligations to be performed by agents of the second class, as therein and herein provided.
The undersigned agrees, in accordance with the provisions of Treasury Department Circular No. 130, before or upon
the delivery to the undersigned of War-Savings Certificate Stamps and Thrift Stamps, in the aggregate total amount stated
above, to deliver to such Federal Reserve Bank (or to a custodian designated by it, and to pledge with such Federal Reserve
Bank, in negotiable form, and, in the case of coupon bonds with all unmatured coupons attached,
$
$
$
$
$
$
$
$
$

, face amount, of United States bonds of the First Liberty Loan;
, face amount, of United States bonds of the First Liberty Loan Converted 4 % ;
, face amount, of United States bonds of the First Liberty Loan Converted 4}4%;
face amount, of United States bonds of the Second Liberty Loan;
, face amount, of United States bond? of the Second Liberty Loan Converted A%%;
, face amount, of United States bonds of the Third Liberty Loan ;
face amount, of United States bonds of the Fourth Liberty Loan ;
face amount, of United States certificates of indebtedness ;
, face amount, of securities described in Treasuury Department Circular No. 92, as heretofore or
hereafter amended and supplemented, which may be deposited and pledged as provided in Treasury
Department Circular No. 130, and which are specified in Schedule A, hereto attached (see pages
65 and 17).

Total, $
;
to be held by such Federal Reserve Bank, as Fiscal Agent of the United States, as collateral security for the faithful performance of the obligation of the undersigned, now or hereafter from time to time arising, as an agent of the second class
for the issue and sale of War-Savings Certificates, War-Savings Certificate Stamps, and Thrift Stamps, in accordance with
the respective provisions of Treasury Department Circulars Nos. 128 and 130, and of any supplemental or amendatory regulations made from time to time as therein provided; the undersigned, however, so long as not in default hereunder to be
entitled to collect from time to time and to retain any and all interest upon such collateral security.
Tn case the undersigned shall make any default in the faithful performance, as provided above, of each and every obligation of the undersigned as such agent of the second class, such collateral security may be sold, in whole or in part, at one
time or from time to time, at public or private sale, with or without notice to the undersigned, either as to the time or place
of any such sale or sales, or otherwise, and the proceeds of any such sale or sales shall be applied to make good any loss
or damage sustained by the United States by reason of any such default or defaults (the amount thereof to be conclusively
determined by the Secretary of the Treasury) and the balance of such proceeds, if any, after satisfying and making good
any such loss or damage, and after payment of any and all expenses connected with any such sale or sales, shall, in such
case, be paid over to the undersigned.
Upon delivery to the undersigned of any War-Savings Certificate Stamps or Thrift Stamps, desired to be obtained hereunder, this Pledge Agreement shall become binding upon the undersigned, who shall thereupon become an agent of the
second class.
Dated,

191...
Signature in full
by
(Authorized

signature required.)

Address, number and street
City or Town
County
State
(5)
(After executing, kindly return to Federal Reserve Bank of New York, 120 Broadway, New York)



39

G. D. 35

(Form 1022.)

RESOLUTIONS AUTHORIZING P L E D G E A G R E E M E N T

(

trustees "
1
> of the
directors J

association 1
> named below, which meeting was duly called and duly held on the
day of
191
, a
corporation J
quorum being present, and that said resolutions were spread upon the minutes of said meeting and remain in full force
and effect.
Resolved, That in accordance with the respective provisions of Treasury Department Circular No. 128, dated December
18, 1918, and of Treasury Department Circular No. 130, dated December 23, 1918,
,
of this
(Name)

(

association
[association 1

II on behalf of this corporation;

(Title of Officers)

1

as the legally authorized representative of this association; J
>, be and he hereby is authorized and directed, I
corporation execute and deliver to the Federal Reserve Bank[ of New York a Pledge Agreement, a copy of which is hereto
(1) To J
annexed, in order to obtain from said Federal Reserve Bank, from time to time, an aggregate amount of War-Savings Certificate Stamps, taken at the December, 1919, issue price, plus an aggregate amount of United States Thrift Stamps, at 25
cents each, aggregating up to, but not in excess of, $
, at any one time, not theretofore sold, and accounted
and paid for, as provided in such Pledge Agreement; and
,
(2)

{

To assign to, and to pledge with, said Federal Reserve Bank, as Fiscal Agent of the United States, securities owned
corporation 1
> of the character and amount required by said Treasury Department Circular No. 130, as specified
association J

in said Pledge Agreement, as collateral security for the faithful
this corporation
1

performance

of

each

and

every

obligation

of

(

said
as the legally author- > as an agent of the second class, as provided in said pledge Agreement; and
ized representative of this association J
further
Resolved, That said Federal Reserve Bank be and it hereby is authorized and requested to deliver War-Savings Certificates, War-Savings Certificates Stamps, Thrift Stamps, and Thrift Cards, as specified in such Pledge Agreement, to
(Name)

(Title of Officer)

I corporation, on behalf of this corporation,
1
of this I
\ and from time to time to permit said
I association, as the legally authorized representative of this association J
to withdraw securities and to substitute other securities and to deposit and pledge additional securities,
all as provided in Treasury Department Circulars Nos. 128 and 130; and further

I

the

or any assistant

, of this corporation, 1
r be and he hereby is
, as the legally authorized representative of this association, J
authorized and directed, from time to time, to render accounts and to cause payments to be made to said Federal Reserve
Bank, as Fiscal Agent of the United States, as required by Treasury Department Circular No. 130.
In witness whereof, I,
, of
have hereunto signed my name
(Title of officer)

and affixed the seal of




(Name of corporation or association)

this

day of

, 191...

(6)

(File with Federal Reserve Bank of New York, 120 Broadway, New York)

40

(Form 1023.)
MONTHLY ACCOUNT OF SALES AND HOLDINGS OF WAR-SAVINGS CERTIFICATE STAMPS AND
UNITED STATES THRIFT STAMPS
Dated,
, 191...
To Federal Reserve Bank of New York,
as Fiscal Agent of the United States,
Second Federal Reserve District,
120 Broadway, New York City
The undersigned hereby renders the following account of sales of War-Savings Certificate Stamps and
United States Thrift Stamps made by the undersigned during the month of
, 191.., and of the
respective amounts of such stamps obtained from the Federal Reserve Bank, (1) during such month, (2) held
at the close of such month, and (3) held at the close of the preceding month, and incloses herewith, in accordance with the provisions of Treasury Department Circular No. 95 (War-Savings Circular No. 2) — (page 35)
(a) $
in cash; or
(b) $
, by bank draft, or by check drawn upon the Federal Reserve Bank, or upon any member
bank located in such Federal Reserve district, payable to order of "Federal Reserve Bank
of New York, as Fiscal Agent of the United States;" or
(c) $
, in United States Thrift Cards (each with full complement of Thrift Stamps attached),
aggregating, in all, $
, in payment of the amount due in respect of such sales of War-Savings Certificate
Stamps and Thrift Stamps, as shown by such account.
(Name of ag-ent.)

By
(Official signature required.)
(Address.)

War-Savings
Certificate
Stamps.
Balance on hand close of preceding month

United States
Thrift Stamps.

Totals.

(numbers of

Totals
Deduct balances on hand close of month (numbers of stamps).

$

$

$

Less amounts (if any, paid during month to the Federal Re-

$
A similar account must be rendered on or before the tenth day of each month.
No medium of payment other than above provided will be accepted by the Federal Reserve Bank, except
at its own risk, and no agent shall be entitled to credit, in respect of any payment to be made by check or draft
except when such check or draft shall be collected by the Federal Reserve Bank, as Fiscal Agent of the United
States.




(7)

41

(See amendment, page 65.)

C A S H A G E N T S O F T H E S E C O N D CLASS FOR S A L E O F W A R - S A V I N G S
CERTIFICATES.
Obtaining War-Savings

Department O r c L NO. OO.
(War-Savings Circular No. 3.)

Certificate Stamps

and United States Thrift

Stamps for Cash.

TREASURY
DEPARTMENT,
OFFICE OF T H E SECRETARY,

Loan, and Currency.

Washington, January 2, 1918.

As an alternative to the method provided in Treasury Department Circular No. 95, any agent
for the sale of War-Savings Certificates, War-Savings Certificate Stamps, and United States Thrift
Stamps (as well as individuals, partnerships, corporations, and the duly authorized representatives of labor fraternal, and other associations, even though not previously appointed agents) may
obtain from a Federal Reserve Bank, for sale to the public, War-Savings Certificate Stamps in
excess of $1,000 (maturity value), and also United States Thrift Stamps, with an adequate
supply of War-Savings Certificates and Thrift Cards, upon the conditions stated below.
Any one desiring to obtain War-Saving Certificate Stamps and United States Thrift Stamps
as provided in this circular must execute and deliver to a Federal Reserve Bank an application
on Form No. 1025, hereto attached (copies of which may be had from any Federal Reserve
Bank). (Page 44.)
Such application must bear the recommendation of a Federal Director of War-Savings, a
State Director of War-Savings, or of some other person acceptable to such Federal Reserve Bank.
Upon approval of such application by such Federal Reserve Bank the applicant may, from time
to time, deposit cash with such Federal Reserve Bank, as Fiscal Agent of the United States,
and obtain therefor deliveries of War-Savings Certificate Stamps at the current cost price thereof
during the month in which such stamps shall be obtained, as stated thereon, and United States
Thrift Stamps at 25 cents each. Upon delivery of any such stamps the applicant becomes a
cash agent of the second class.
The aggregate amount of War-Savings Certificate Stamps and United States Thrift Stamps
obtained by any such agent less amounts reported as sold by such agent shall not exceed the
aggregate amount stated in the application of such agent. Such application may, however, be
amended, with the approval of such Federal Reserve Bank, so as to include such aditional amount
of War-Savings Certificate Stamps and United States Thrift Stamps as such agent may desire
to obtain.
Each cash agent of the second class, whenever from time to time required by the Secretary of
the Treasury, shall render a report to such Federal Reserve Bank, substantially in Form No.
1026, hereto attached (copies of which may be had from such Federal Reserve Bank), of the
number of War-Savings Certificate Stamps and United States Thrift Stamps obtained from such
Federal Reserve Bank theretofore sold by such agent. (Page 45.)
Any cash agent of the second class who shall have complied with the terms of such agency
may at any time surrender such agency and redeliver to such Federal Reserve Bank, as Fiscal
Agent of the United States, (1) all unsold War-Savings Certificate Stamps and United States
Thrift Stamps and (2) all unissued War-Savings Certificates and Thrift Cards obtained by such
agent from such Federal Reserve Bank.




42

2
Any cash agent of the second class whose agency shall have been terminated shall thereupon, and each cash agent of the second class shall in any event, on or before December 31, 1918,
redeliver to such Federal Reserve Bank, as Fiscal Agent of the United States, (1) all unsold
War-Savings Certificate Stamps and United States Thrift Stamps and (2) all unissued WarSavings Certificates and Thrift Cards obtained by such agent from such Federal Eeserve
Bank.
Upon any redelivery of stamps, as provided in either of the two preceding paragraphs, such
Federal Eeserve Bank, as Fiscal Agent of the United States, shall return to such agent the amount
deposited with such Federal Reserve Bank by such agent for each War-Savings Certificate Stamp
redelivered and 25 cents for each United States Thrift Stamp redelivered. I n determining the
amount deposited with such Federal Eeserve Bank by any cash agent of the second class for WarSavings Certificate Stamps so redelivered, sales shall be deemed to have been made by such agent
in the order in which deliveries of such stamps may have been obtained by such agent, so that
earlier sales shall be deemed to have been made out of earlier deliveries.
The Secretary of the Treasury reserves the right to withdraw this circular, or to amend from
time to time any of the provisions hereof, and to terminate any agency created hereunder.




W . G. M c A D O O ,
Secretary of the Treasury.

43

(See page 42.)

3
(FORM 102S.)

APPLICATION.
To

THE FEDERAL EESERVE BANK OF JSTEW YORK,

As Fiscal Agent of the United

States:

The undersigned desires to become an agent of the second class for the issue and sale of WarSavings Certificates, War-Savings Certificate Stamps, and United States Thrift Stamps, in accordance with and subject to the respective provisions of Treasury Department Circulars ISTos. 94 and
96, and to obtain from such Federal Eeserve Bank, from time to time, for sale to the public, as
provided in such circulars, War-Savings Certificate Stamps and United States Thrift Stamps in
the aggregate amount of $
(the amount to be inserted may be more than the amount
presently desired and should be ample to cover the agent's requirements), and from time to time
to obtain additional War-Savings Certificate Stamps and United States Thrift Stamps, in place of
stamps reported sold by the undersigned. Such War-Savings Certificate Stamps shall be taken at
the current cost price thereof during the month when obtained, as stated thereon, and such Thrift
Stamps shall be taken at 25 cents each.
The undersigned hereby agrees—
(a) To sell War-Savings Certificate Stamps, obtained by the undersigned, for cash only
and at the current cost price stated thereon;
(b) To sell United States Thrift Stamps for cash only and at 25 cents each;
(c) To endeavor to sell such stamps as promptly as possible; and
(d) Faithfully to perform all other obligations of an agent of the second class, as herein
and in said circulars provided or as provided in any supplemental or amendatory
regulations.
Upon delivery to the undersigned of any War-Savings Certificate Stamps or United States
Thrift Stamps desired to be obtained hereunder, the agreement contained in this application shall
become binding upon the undersigned, who shall thereupon become a cash agent of the second
class.
Dated,

] 9 1 . . ..
Signature in full
Authorized Signature required.)

Address, number and street
City or town
County
State
Application recommended by
Application approved by Federal Eeserve Bank of Xew York




by

44

, 191....
191....

4
(See page 42.)
(FORM 1026.)

REPORT OF SALES OF WAR-SAVINGS CERTIFICATE STAMPS AND UNITED
STATES THRIFT STAMPS.
Dated
To

191....

FEDERAL EESERVE BANK OF N E W YORK,

as Fiscal Agent of the United States:
The undersigned hereby renders the following report of sales of War-Savings Certificate
Stamps and United States Thrift Stamps obtained by the undersigned from such Federal Eeserve
Bank :
War-Savings
Certificate
Stamps.

*Sales to

United
States
Thrift
Stamps.

1 9 1 . . . . not previously reported (number of stamps)

* Note.—Agents should fill in date to which they are able conveniently to make report of sales unless some specific date
is required by the Secretary of the Treasury.

( / / additional stamps are desired to replace stamps sold, the following requisition should he filled in.)

REQUISITION FOR STAMPS.
The Application filed by the undersigned states that the undersigned desires
to obtain War-Savings Certificate Stamps and Thrift Stamps to an amount
not in excess of
$
War-Savings Certificate Stamps (obtained, but not now nor heretofore reported sold, at $
each
$
'
Thrift Stamps (obtained, but not now nor heretofore reported
sold), at 25 cents each
Total
Difference (being aggregate amount of such stamps presently obtainable upon
deposit of cash)
:
Against which the undersigned desires to obtain, upon deposit
of cash therefor, as provided in Treasury Department Circular No. 96:
War-Savings Certificate Stamps, at $
each
$
Thrift Stamps, at 25 cents each




Total
By
(Name of agent.)
(Official signature required.)
(Address.)

45

INTERCHANGE AND TRANSFER OF LIBERTY BONDS.
1917.

Department Circular No. 100.
(Liberty Loan Circular No. 9.)

(Covering also Interchanges and Transfers of the remaining
outstanding issues of Liberty Loans not herein specifically
referred to, issued prior to the Victory Liberty Loan.)

Loans and Currency.

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY.

Washington, December 26, 1917.
The following regulations will govern transactions involving interchanges of bonds of different denominations and of coupon and registered bonds and transfers of registered bonds of the
First and Second Liberty Loans of 1917 and of the First Liberty Loan of 1917 Converted:
Denominations in which coupon and registered bonds are issued.
First Liberty Loan of 1917:
United States 3% per cent convertible gold bonds of 1932-1947—
Coupon, $50, $100, $500, $1,000.
Registered, $100, $500, $1,000, $5,000, $10,000, $50,000, $100,000.
Second Liberty Loan of 1917:
United States 4 per cent convertible gold bonds of 1927-1942—
Coupon, $50, $100, $500, $1,000, $5,000, $10,000.
Registered, $50, $100, $500, $1,000, $5,000, $10,000, $50,000, $100,000.
First Liberty Loan of 1917 Converted:
United States 4 per cent convertible gold bonds of 1932-1947—
Coupon, $50, $100, $500, 81,000, $5,000, $10,000.
Registered, $50, $100, $500, $1,000, $5,000, $10,000, $50,000, $100,000.
General provisions.
Registered bonds are recorded only on the books of the Treasury Department in Washington, and, accordingly, all transactions involving registered bonds must be made at the Treasury
Department, such transactions including interchanges of registered bonds, interchanges of coupon
and registered bonds and transfers of registered bonds. Except for interchanges of registered
bonds not involving change in title, none of these transactions may be made during the period
when the transfer books of registered bonds are closed, as provided below, as to the particular
issue involved.
As interchanges of coupon bonds of different denominations do not involve the issue or cancellation of registered bonds, such interchanges may be made at any Federal Reserve Bank as
well as at the Treasury Department in Washington.
No charge will be made for any bonds issued upon exchange or transfer. Bonds presented
for exchange or transfer must be delivered to the Secretary of the Treasury, Division of Loans
and Currency, Washington (or at the option of the owner to a Federal Reserve Bank when coupon
bonds are presented for exchange for coupon bonds), with all transportation charges prepaid.
Coupon bonds issued upon any exchange will be expressed at the risk and expense of the several
owners to their respective addresses as filled in on the respective requests for such exchanges,
unless such bonds shall be delivered directly to such owners or their duly authorized representatives




46

2
upon any such exchange. Registered bonds issued upon exchange or transfer, unless delivered
directly 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 bonds
will be delivered by express if written request for such delivery be made, in which case the express
charges must be paid by the registered owner.
Exchange of coupon bonds for coupon bonds of other denominations.
Coupon bonds with all unmatured coupons attached may be presented at any time for exchange for an equal face amount of coupon bonds of any other authorized denomination or denominations of the same issue. Such exchanges may be made at any Federal Reserve Bank as
well as at the Treasury Department in Washington. Form 1029 must be used, copy annexed.
(Page 50.)
Exchange of registered bonds for registered bonds of other denominations.
Registered bonds may be presented at any time for exchange for an equal face amount of
registered bonds of any other authorized denomination or denominations of the same issue. No
such exchange involving any change of title may be made when the transfer books are closed as
provided below. In case of any exchange involving any change of title the bonds presented must
be duly assigned. To effect an exchange not involving any change of title no assignment of the
bonds is necessary. Form 1030. must be used, copy annexed. (Page 51.)
Exchange of coupon bonds for registered bonds.
Coupon bonds with all unmatured coupons attached may be presented at any time (except
when the transfer books are closed as provided below) for exchange for an equal face amount of
registered bonds of any authorized denomination or denominations of the same issue. Such
coupon bonds must be accompanied by specific instructions for the issue and delivery of the registered bonds. Form 1031 must be used, copy annexed. (Pages 52, 56.)
Exchange of registered bonds for coupon bonds.
Registered bonds may be presented at any time (except when the transfer books are closed
as provided below) for exchange for an equal face amount of coupon bonds of any authorized denomination or denominations of the same issue. Registered bonds so presented for exchange for
coupon bonds must be duly assigned to the "Secretary of the Treasury for exchange" in the manner
prescribed below and must be accompanied by specific instructions for the issue and delivery of
the coupon bonds desired. Form 1032 must be used, copy annexed. (Page 53.)
Transfers of registered bonds.
In order to effect the transfer of a registered bond the registered holder thereof, or some
one duly authorized to act for him, must go before one of the officers authorized by the Secretary
of the Treasury to witness assignments, must establish his identity, and in the presence of such
witnessing officer must execute an assignment using the form appearing on the back of the registered bond. The registered bond must then be sent to the Secretary of the Treasury, Division
of Loans and Currency, Washington, accompanied by specific instructions for the issue and delivery of the new bonds. Form 1033 must be used, copy annexed. (Page 54.)
The officers authorized to witness the execution and acknowledgment of the assignments
of registered bonds are the following: Judges and clerks of United States courts; United States
district attorneys; collectors of customs; collectors of internal revenue; assistant treasurers of




47

3
the United States located in Boston, New York, Philadelphia, Baltimore, Cincinnati, New Orleans,
Chicago, St. Louis, and San Francisco; executive officers of Federal Reserve Banks and their
branches located in Boston, New York, Philadelphia, Cleveland, Richmond (with branch at
Baltimore), Atlanta (with branch at New Orleans), Chicago, St. Louis, Minneapolis, Kansas City
(with branches at Omaha and Denver), Dallas, and San Francisco (with branches at Seattle,
Spokane, and Portland); executive officers of national banks and of other incorporated banks and
trust companies organized under the laws of any State, whether or not members of the Federal
Reserve System; and in the District of Columbia the executive officers of any trust company doing
business in said District under the laws of Congress. Registered bonds also may be assigned at
the Treasury Department, Washington. In the absence of any officer authorized to witness assignments upon application to the Secretary of the Treasury, Division of Loans and Currency,
Washington, special authority will be issued for a postmaster to act. Notaries public are not
authorized to witness assignments. In all cases the officer before whom an assignment is executed
and acknowledged must add his official designation, residence, and seal, if he has one, same being
affixed to the bond. (See Treasury Department regulations for further details regarding assignments.)
Closing of transfer books.
In order to prepare for the payment of interest the transfer books of registered bonds of the
Liberty Loans will close at the Treasury Department, Washington, one month before the interest-payment date and will reopen on the day following such interest-payment date. Accordingly,
the transfer books will be closed as follows:
First Liberty Loan of 1917:
United States 33^ per cent convertible gold bonds of 1932-1947—
From close of business November 15 to opening of business December 16 and from
close of business May 15 to opening of business June 16.
Second Liberty Loan of 1917:
United States 4 per cent convertible gold bonds of 1927-1942—
From close of business October 15 to opening of business November 16 and from
close of business April 15 to opening of business May 16.
First Liberty Loan of 1917 Converted:
United States 4 per cent convertible gold bonds of 1932-1947—
From close of business November 15 to opening of business December 16 and from
close of business May 15 to opening of business June 16.
(See page 7 for closed periods for other issues.)
In case any date for the closing of the transfer books shall fall on a Sunday or legal holiday
the books shall be closed on the day preceding such date, and in case any date for the opening of
the transfer books shall fall on a Sunday or legal holiday the books shall be opened on the day
following such date.
During any period when the transfer books for any particular Loan shall be closed no transfers of registered bonds of such Loan or interchanges of coupon and registered bonds of such Loan
will be made, but if requests for transfers of any such registered bonds or interchanges of any
such coupon and registered bonds are received during any such period the requests will receive
attention upon the reopening of the books.




48

4
Change of address of owners of registered bonds.
Notification of change of post-office address of the owner of United States registered bonds
should immediately be sent the Secretary of the Treasury, Division of Loans and Currency,
Washington. Notice of change of address of owner of coupon bonds is not required or desired.
In sending notification of change of address, Form 1034 must be used, copy annexed. (Page 55.)
Address for communications.
All communications relating to the bonds of the United States and interest thereon should
be addressed to the Secretary of the Treasury, Division of Loans and Currency, Washington.
Copies of any forms appearing in this circular may be obtained upon application to that office,
or to any Federal Reserve Bank, or to any assistant treasurer of the United States.
General regulations governing bond transactions.
All general regulations of the Treasury Department with respect to transactions in United
States bonds, including the issue of duplicates for bonds defaced, or destroyed, or for lost registered bonds, will remain in full force, to which regulations holders of United States bonds are
referred for provisions not included in this circular. The Secretary of the Treasury reserves the
right to withdraw or to amend from time to time all or any of the foregoing regulations.




W. G. McADOO,
Secretary of the Treasury.

49

Treasury Department,
Loans a n d Currency.
F o r m 1029.

F O R M OF REQUEST FOR EXCHANGE OF COUPON BONDS FOR COUPON BONDS OF OTHER
DENOMINATIONS OF SAME ISSUE.

Date.
To the FEDERAL RESERVE BANK OF N E W YORK,

Fiscal Agent of the United States,

The undersigned presents herewith S
Liberty Loan of

face amount United States coupon bonds of the.
with all unmatured interest coupons attached thereto, as follows:

(If converted loan, so state.)

N u m b e r of bonds.

Denomination of
bonds.

Amount.

Serial numbers of b o n d s .

S

S50
100
500
1,000
5,000
10,000

S

and requests in lieu thereof the issue of coupon bonds of said loan as follows:
Denomination of
bonds.

N u m b e r of bonds.

S50
100
500
1,000
5,000
10,000
T o t a l a m o u n t (which m u s t correspond exactly with total
a m o u n t above)

Amount.

S

S

Such last-mentioned bonds are to be forwarded to the undersigned by express at the risk and expense of the undersigned a t the address given below:
Signature
(Write plainly)

Address
(Street a n d number)

(City or town)

(State)

NOTE.—$5,000 and $10,000 denomination coupon bonds are not available for the First Liberty Loan of 1917.




(5)

50

Treasury D e p a r t m e n t .
Loans and Currency.
F o r m 1030.

FORM OF REQUEST FOR EXCHANGE OF REGISTERED BONDS FOR REGISTERED BONDS OF
OTHER DENOMINATIONS OF SAME ISSUE.
Date,
To the SECRETARY OF THE TREASURY,

Division of Loans and Currency,
Washington, D. C.
The undersigned presents herewith $
face amount United States registered bonds of the.
Liberty Loan of

as follows:
(If converted loan, so state.)
Denomination of
bonds.

X u m b e r of b o n d s .

Serial numbers of b o n d s .

Amount.

s

S

s
and requests in lieu thereof the issue of registered bonds of said loan as follows, said bonds to be inscribed in the same
manner as the bonds presented for exchange:
X u m b e r of bonds.

Denomination of
bonds.

S

T o t a l a m o u n t (which
m u s t correspond exactly with total

Amount.

[Do not use this space.]

S

S

by mail.
Said last-mentioned bonds are to be forwarded to the undersigned at the address given below \ by express with
charges collect.




Signature..
(Write plainly.)

Addresa
(Street'and number.)

(City or town.)

""(State")

(0

51

Treasury Department,
Loans and Currency,
F o r m 1031.

F O R M O F REQUEST FOR EXCHANGE OF COUPON BONDS FOR REGISTERED BONDS OF
SAME ISSUE.
Date
To the SECRETARY OP THE TREASURY,

Division of Loans and Currency,
Washington, D. C.
The undersigned presents herewith §
face amount United States coupon bonds of the
Liberty Loan of

with all unmatured interest coupons attached, as follows:
(If converted loan, so state.)

N u m b e r of bonds.

Denomination of
bonds.

Serial numbers of bonds.

Amount.

S50
100
500
1,000
5,000
10,000

S...

S-

and requests in lieu thereof the issue of registered bonds of said loan as follows;
N u m b e r of bonds.

Denomination of
bonds.

S

Amount.

[Do not use this space.]

S

T o t a l a m o u n t (which
m u s t correspond exactly with total
S

said bonds to be registered in the name of
Address for mail and interest checks:
(See page 56.)
(Street and n u m b e r . )
(City or Town.)

Address for delivery of bonds (to be filled in only in case different
from mail address above.
Said last-mentioned bonds to be forwarded { J * ™ ^




s

with chargeg

collect

Signature...
Address......

(7)

52

(State.)

Treasury Department.
Loans a n d Currency.
F o r m 1032.

F O R M OF REQUEST FOR EXCHANGE OF REGISTERED BONDS FOR COUPON BONDS OF
ISSUE.
Date

SAME

To the SECRETARY OF THE TREASURY,

Division of Loans and Currency,
Washington, D. C.
The undersigned presents herewith S
Liberty Loan of

face amount United States registered bonds of

,

, duly assigned to The Secretary of the Treasury (for exchange), as follows:
(If converted loan, so state.)

N a m e of registered holder.

N u m b e r of b o n d s .

Denomination of
bonds.

Amount.

$

S

S

and requests in lieu thereof the issue of coupon bonds of said loan as follows:
Denomination of
bonds.

N u m b e r of b o n d s .

850
SlOO
S500
SI,000
S5.000
SIO.OOO
Total a m o u n t (which m u s t correspond exactly with total a m o u n t

Amount.

$

**•*

$

Such last-mentioned bonds are to be forwarded to the undersigned by express at the risk and expense of the undersigned at the address given below:
Signature
(Write plainly.)

Address
(Street and number.)
(City or town.)
(State.)

NOTE.—§5,000 and $10,000 denomination coupon bonds are not available for the First Liberty Loan of 1917.




(8)

53

Treasury D e p a r t m e n t .
Loans a n d Currency.
F o r m 1033.

FORM OF REQUEST FOR TRANSFER OF REGISTERED BONDS OF SAME ISSUE.
Date
To the SECRETARY OF THE TREASURY,

Division of Loans and Currency,
Washington, D. C.
The undersigned presents herewith for transfer S
Liberty Loan of

face amount United States registered bonds of the
(each bond having been duly assigned in the manner

(If converted loan, so state.)

prescribed on the back of such bond), as follows:
N a m e of registered holder.

Denomination of
bonds.

N u m b e r of bonds.

Amount.

8

S

$
and requests the transfer thereof per assignments and the issue of registered bonds of said loan as follows:
N u m b e r of b o n d s .

Denomination of
bonds.

S

T o t a l a m o u n t (which
must
correspond
exactly with total

Amount

[Do not use this space.]

$

S

f by mail.
Said last-mentioned bonds are to be forwarded to the undersigned at the address given below \ by express with
[ charges collect.




Signature
(Write plainly.)

Address
(Street and number.)
(City or town.)
(State.)

(9

Wl

Treasury Departmen t,
Loans and Currency.
Form 1034.

NOTIFICATION O F CHANGE O F POST-OFFICE ADDRESS.
Date

_

To the SECRETARY OF THE TREASURY,

Division of Loans and Currency,
Washington, D. C.
The undersigned owner of registered bonds of the

Liberty Loan of
(If converted loan, so state.)

hereby gives notice of change of post-office address:
Former address:
New address:
Signature of registered owner:
NOTE.—This notice must be signed in the same form that the name appears on the registered bond in order that.
the account may be identified.




(10)

55

THE FORM IN WHICH REGISTERED BONDS SHOULD BE ISSUED
(As prescribed by the Treasury Department, Washington.)
1. Name and address of subscriber. Full given name and full middle name, if any, of
subscriber should be submitted, with the prefix (in the
case of women) Mrs., or Miss, and post office address in full, including street address, should be
furnished.
2. Bonds registered in names of married women. Bonds cannot be registered as, for example, "Mrs. John C. Jones."
A
married woman's own name should be used, as '' Mrs. Helen Jones.''
3. Bonds registered in guardians' names.

Bonds should not be registered in the name of
;"James Smith, Guardian," but should be inscribed "Mary Jones, under guardianship of James Smith," or, "James Smith as Guardian
of Mary Jones," or, "Mary Jones, by James Smith, her Guardian."
4. Bonds registered in the name of a minor.

Requisitions should not be submitted for
registered bonds in the name of a minor.
The name of a guardian should in all cases be furnished, as indicated in 3 next above.

5. Bonds registered in the name of a copartnership. It is advisable that the registration
i
should disclose that the owner is a
firm or copartnership, as for instance, "James Smith & Co., a copartnership." Registration
will not be refused in the name of the firm without more, but in such cases, upon assignment,
the description must be added to the signature on the assignment (as, for instance, "James
Smith & Co., a copartnership, by William Brown, member of the firm"), or an affidavit will be
required showing the nature of the organization.
6. Bonds registered in the name of an unincorporated association, lodge or society.
Registration of bonds should not be in the name of unincorporated associations, lodges or
societies but one or more trustees should be designated by such associations, lodges or societies,
and the bonds registered in such trustees' names, as, for example, "John Brown and Joseph
Smith, or their successors, as trustees for the Harmony Society of Richmond, Virginia."
7. Bonds registered in the name of an incorporated association, lodge or society.
Registration of bonds should not be in the names of any of the officers, but the legal corporate
title of the organization should be furnished.
8. Bonds registered in trustees' names. Bonds should not be registered as, for example,
"John Jones and James Smith, as trustees," but
the trust should in all cases be identified; for example, "John Jones and James Smith, as
trustees under the will of Henry Smith." The same applies where such trustees are acting
under an indenture of trust or an agreement of trust. It applies also to executors or administrators of estates; for example, bonds should not be issued "John Jones, executor," but should
be registered "John Jones, as executor under the will of Henry Jones."
9. Bonds registered" in more than one name.

The full name of each individual should be
given, as "John Smith and Mary Smith,"
rather than " John and Mary Smith." Bonds so registered will be assignable only by both,
and will be payable to. both. Interest will be paid to any one of several joint holders. In case of
death of any joint holders, the survivor or survivors will be recognized as having full authority,
upon due proof of such death and survivorship.
10. Bonds registered in the name of schools.

Bonds should not be registered in the name
of "Johnson Public School," nor "Eighth
Grade, Jefferson School," but a representative should be designated, in whose name the bonds
will be registered, the name to be followed by descriptive title identifying such representatives
with a particular school, etc., as "John Smith, or his successors, Principal, Johnson Public
School."
11.

Bonds registered in names of military detachments, etc.

As indicated in the cases
of schools next above, a
representative should be designated, in whose name the bond will be registered, and descriptive
title should be furnished, as for example, "James Jones, or his successors, Treasurer, Mess Fund,
Fifteenth Cavalry." In such cases it is suggested that the commanding officer be consulted as
to the appropriate person in whose name the bond shall be registered.




56

(See amendment on page 65.)

UNITED STATES OF AMERICA
WAR-SAVINGS CERTIFICATES
SERIES OF 1918.
REGULATIONS GOVERNING THE APPOINTMENT OF AUTHORIZED AGENTS, TOGETHER WITH
INSTRUCTIONS AND INFORMATION FOR THE GUIDANCE OF SUCH AGENTS.
1918.
Department Circular No. 101.
(War-Savings Circular No. 5.)

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY.
Washington, February 19, 1918.

Loans and Currency.

APPOINTMENT OF AUTHORIZED AGENTS
Applications for appointment by the Secretary of the Treasury as authorized agents for the
sale of War-Savings Certificates, War-Savings Certificate Stamps, and United States Thrift
Stamps, in accordance with Treasury Department Circular No. 94 (War-Savings Circular
No. 1 ) , dated November 15, 1917, should be made upon the forms provided for that purpose
and must be transmitted to the Secretary of the Treasury, Division of Loans and Currency,
Washington.
Such applications should bear the indorsement of a money-order postmaster or of an incorporated bank or trust company.
Such applications must also bear the indorsement of the National War-Savings Committee,
to be evidenced by the signature of some person designated by such committee to act on its
behalf. Such last-mentioned indorsement, however, need not be obtained before such applications are transmitted to the Secretary of the Treasury, as all applications received without such
indorsement will immediately be presented to the National War-Savings Committee, which will
either give or withhold such indorsement, as it may deem advisable.
On approval of any such application by the Secretary of the Treasury, a certificate of
appointment of the applicant named therein as an authorized agent will be forwarded as promptly
as possible.
Upon special request of the National War-Savings Committee, appointments as authorized
agents may, in special instances, be made in advance of actual receipt of applications by the
Secretary of the Treasury, provided the Secretary of the Treasury shall approve such applications
and shall be satisfied that such applications have actually been made and forwarded.
AGENTS OF THE SECOND CLASS UNDER TREASURY DEPARTMENT CIRCULAR NO. 95
Any authorized agent desiring to become an agent of the second class under Treasury Department
Circular No. 95 (War-Savings Circular No. 2) must execute and deliver to a Federal Reserve
Bank a Pledge Agreement, on the form to be supplied by such banks (Form No. 1021), as required
by such circular. Any such Pledge Agreement so executed and delivered will operate as an
application by the person executing the same to become an agent of the second class, and no
other special form of application is required. (Page 39.)
Upon receipt of any such Pledge Agreement executed by an authorized agent, a Federal
Reserve Bank, if willing to recommend the applicant as an agent of the second class, should
execute Form 1035, hereto attached, inserting therein the name and address of the applicant and




57

2

the aggregate amount of War-Savings Certificate Stamps and Thrift Stamps desired to be
obtained by such applicant, as specified in such Pledge Agreement. Such form so executed,
together with a copy thereof, should then promptly be forwarded to the Secretary of the Treasury,
Division of Loans and Currency, Washington. (Page 60.)
I n due course the Federal Eeserve Bank will be notified by the Secretary of the Treasury,
by return of a copy of Form 1035, with appropriate notation thereon, whether or not such applicant to become an agent of the second class is approved by the Secretary of the Treasury.
Upon receiving notice of such approval the Federal Reserve Bank shall accept the pledge
of the collateral security described in the Pledge Agreement, and may then, but not prior thereto,
make deliveries of War-Savings Certificate Stamps and United States Thrift Stamps up. to the
amount specified in such Pledge Agreement, upon the requisitions of such agent of the second
class.
Upon special request of the National War-Savings Committee, applications contained in
Pledge Agreements, to become agents of the second class, in special instances, may be approved
by the Secretary of the Treasury upon telegraphic recommendation and notification from a
Federal Eeserve Bank that an applicant has executed and delivered a Pledge Agreement and
specifying the amount of War-Savings Certificate Stamps and Thrift Stamps to be obtained under
such Pledge Agreement. Such telegraphic recommendation and notification must promptly be
confirmed on Form No. 1035 in the manner provided above.
Any person not previously appointed an authorized agent, desiring to become an agent of the
second class under Treasury Department Circular No. 95, must, in addition to executing and
delivering such Pledge Agreement, make application for appointment as an authorized agent,
which application should accompany Form 1035.
CASH AGENTS OF THE SECOND CLASS UNDER TREASURY DEPARTMENT CIRCULAR NO. 96
Cash agents of the second class may be appointed as provided in Treasury Department Circular No. 96 (War-Savings Circular No. 3 ) , dated January 2, 1918. (Page 42.)
SALES OF STAMPS BY PERSONS OTHER THAN AUTHORIZED AGENTS
Any person, firm, or corporation, whether or not an authorized agent, may purchase WarSavings Certificate Stamps and United States Thrift Stamps from a money-order post office or
other agency, in amounts not in excess of $100 (maturity value) at any one time, and may,
without becoming an authorized agent, establish a sales-station to resell such stamps for cash at
the current cost price, as indicated thereon; but no such person, firm, or corporation shall hold more
than $1,000 (maturity value) of such War-Savings Certificate Stamps at any one time. An
adequate supply of War-Savings Certificates may be obtained with such stamps at a money-order
post office or other agency.
CASH REIMBURSEMENT TO AUTHORIZED AGENTS FOR FILLED THRIFT CARDS
Any authorized agent (except agents of the second class who have qualified under Treasury
Department Circular No. 95) who receives in exchange for War-Savings Certificate Stamps Thrift
Cards with full complements of 16 Thrift Stamps affixed, and who does not desire to exchange
such filled Thrift Cards for War-Savings Certificate Stamps, may secure cash reimbursement therefor at the rate of $4 for each of such filled Thrift Cards through the agent's own bank or trust
company, if such bank or trust company is willing to act for such agent.
Any incorporated bank or trust company is authorized to cash such filled Thrift Cards, or
to receive them for collection for an authorized agent. Such bank or trust company is authorized
to forward such filled Thrift Cards to the Federal Eeserve Bank of its district, and upon receipt thereof
such Federal Eeserve Bank, as Fiscal Agent of the United States, will pay such bank or trust
company $4 in respect of each filled Thrift Card so received.




58

3

The foregoing provisions apply only to filled Thrift Cards received by authorized agents
(except agents of the second class under Treasury Department Circular No. 95), in exchange
for War-Savings Certificate Stamps. Banks and trust companies must not cash or collect filled
Thrift Cards except for such authorized agents.
i
The Secretary of the Treasury will make provision for the exchange of Thrift Stamps after
December 31, 1918, into War-Savings Certificates, Series of 1918, upon payment of the additional
amount then required, or into some other Series, or will otherwise protect the interest of holders
of Thrift Stamps.
INSTRUCTIONS AND INFORMATION FOR AUTHORIZED AGENTS AND SALES STATIONS
The following instructions and information are furnished for the guidance of authorized
agents for the sale of War-Savings Certificates, War-Savings Certificate Stamps, and United
States Thrift Stamps:
1. Promote saving and thrift by selling as many War-Savings Certificate Stamps and United
States Thrift Stamps as possible.
2. Agents of the first class and sales stations should buy War-Savings Certificate Stamps
and Thrift Stamps, as needed for resale to the public, from money-order post offices or from
agents of the second class. Agents of the second class should obtain such stamps from a Federal
Reserve Bank.
3. Do not sell War-Savings Certificate Stamps in an amount in excess of $100 (maturity
value) at any one time to any one person other than an agent. After the purchase and sale of
any $100 (maturity value) of War-Savings Certificate Stamps has been definitely completed by
the payment of the money by the purchaser and the delivery of the stamps by the agent, the
agent may sell to the same purchaser another $100 (maturity value) of such stamps.
4. It is not lawful for any one person, at any one time, to hold War-Savings Certificates (or
War-Savings Certificate Stamps) to an aggregate amount exceeding $1,000 (maturity value).
Therefore, do not knowingly sell War-Savings Certificate Stamps to any person holding WarSavings Certificates (or War-Savings Certificate Stamps) to an aggregate amount exceeding
$1,000 (maturity value), for such person will not be able to collect upon such War-Savings
Certificates.
5. Sell United States Thrift Stamps only at 25 cents for each stamp.
6. Sell War-Savings Certificate Stamps only at the current cost price of such stamps during
the month in which sold, as indicated thereon.
7. Issue a War-Savings Certificate (except to other agents or to persons who have established, or propose to establish, sales-stations) only when one or more War-Savings Certificate Stamps
shall be purchased at the same time and affixed thereto, but make no additional charge for the WarSavings Certificate itself.
8. Do not make any charge for a Thrift Card.
9. Do not distribute envelopes with Thrift Cards, but only with War-Savings Certificates.
Thrift Cards must not be distributed as publicity material.
10. Do not issue any War-Savings Certificates (except to other agents, or to persons who have
established or propose to establish sales-stations) ivithout writing thereon clearly and legibly the name
and address of the owner in the space provided for that purpose. The names of holders of
Thrift Cards are not required to be written thereon, but it is suggested that this be done by the
holders themselves.
11. Read carefully Treasury Department Circular No. 94 (War-Savings Circular No. 1), dated
November 15, 1917, and comply with its provisions. (Page 31.)
12. Agents who may neither obtain nor hold at any one time War-Savings Certificate Stamps
in excess of $1,000 (maturity value) are agents of the first class.




59

4

13. Any agent desiring to obtain or to hold at any one time War-Savings Certificate Stamps
in excess of $1,000 (maturity value) and to become an agent of the second class, should read
carefully Treasury Department Circular No. 9o (War-Savings Circular JSTO. 2) and Treasury
Department Circular JSTO. 96 (War-Savings Circular No. 3), and comply with the provisions of
one or the other of such circulars. (Pages 35, 42.)
14. Copies of Treasury Department Circulars Nos. 94, 95, and 96 may be obtained from the
Treasury Department in Washington or at a Federal Eeserve Bank.15. Any agent failing to comply with the provisions of any circular or regulations at any time
issued by the Secretary of the Treasury will be liable to forfeiture of his agency.
16. Sell War-Savings Certificate Stamps for cash only, except that Thrift Cards, each with a
full complement of 16 United States Thrift Stamps attached, should be accepted in payment of
$4 each for War-Savings Certificate Stamps, when accompanied by payment in cash of "the
difference between $4 and the current cost price of War-Savings Certificate Stamps, as provided
in Treasun* Department Circular No. 94.
17. Thrift Cards, each with a full complement of 16 United States Thrift Stamps attached,
may be exchanged at a money-order post office or through an authorized agent for War-Savings
Certificate Stamps, upon payment in cash of the difference between $4 and the current cost price
of War-Savings Certificate Stamps, as provided in Treasury Department Circular ISTo. 94.
18. Do not redeem any War-Savings Certificate Stamp or any Thrift Stamp. War-Savings
Certificates may be redeemed, as therein provided, only at a money-order post office.
The Secretary of the Treasury reserves the right to withdraw this circular, or to amend from
time to time anv of the provisions hereof.

W. G. McADOO,
Secretary of the Treasury.

[Form 1035.]
, 191...
To THE SECRETARY OF THE TREASURY,

Washington, D. C.
S I R : The undersigned hereby notifies the Secretary of the Treasury that—
(Name in full:)
(Address, number and street:) of
(City or town:)
(County:)
(State:)
\ an authorized agent of the Treasury Department for the issue of War-Savings Certificate Stamps and
' Thrift Stamps
S whose application to become an authorized agent of the Treasury Department for the issue of War-Savings \
' Certificate Stamps and Thrift Stamps is inclosed herewith
'
has duly executed and delivered to the undersigned a Pledge Agreement (Form No. 1021), as provided in
Treasury Department Circular No. 95 (War-Savings Circular No. 2), dated November 30, 1917, containing an
application to become an agent of the second class for the issue of War-Savings Certificate Stamps and Thrift
Stamps and stating that the aggregate total amount of such War-Savings Certificate Stamps, at the December,
1918, cost price, and such Thrift Stamps, at 25 cents each, desired to be obtained thereunder is $
The approval of the Secretary of the Treasury of such aplication to become an agent of the second class
is hereby recommended by the undersigned.
Very truly yours,
FEDERAL RESERVE B A N K OF N E W YORK.

By
191...
The above-mentioned application is j no^approved.




6o

(See page 65.)
UNITED STATES OF AMERICA—WAR-SAVINGS CERTIFICATES, SERIES OF 1919

1918.
Department Circular No. 128.
Loans and Currency.

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,

Washington, D. C, December 18, 1918.
The Secretary of the Treasury offers for sale to the people of the United States an issue of
United States War-Savings Certificates, Series of 1919, authorized by act of Congress, approved
September 24, 1917, as amended and supplemented. Payments for or on account of such WarSavings Certificates must be evidenced by United States War-Savings Certificate Stamps, Series
of 1919, which are to be affixed thereto. The sum of War-Savings Certificates of all issues outstanding shall not at any one time exceed in the aggregate $4,000,000,000 (maturity value). I t
shall not be lawful for any one person at any one time to hold War-Savings Certificates of any
one series to an aggregate amount exceeding $1,000 (maturity value).
War-Savings Certificates, Series of 1919, War-Savings Certificate Stamps, Series of 1919, and
United States Thrift Stamps (described below) may be purchased, on and aftei January 1, 1919, at
the prices hereinafter mentioned, at post offices, and at numerous banks and other agencies appointed by the Secretary of the Treasury.
1.

DESCRIPTION OF WAR-SAVINGS CERTIFICATES, SERIES OF 1 9 1 9 .

A United States War-Savings Certificate, Series of 1919, will be an obligation of the United
States when, and only when, one or more United States War-Savings Certificate Stamps, Series
of 1919, shall be affixed thereto. Each of such War-Savings Certificates will have spaces for 20
War-Savings Certificate Stamps, Series of 1919, and each of such stamps thereto affixed will have
a maturity value of $5 on January 1, 1924, which will accordingly give each such certificate when
bearing its full complement of such stamps, a maturity value of $100 on said date. No WarSavings Certificate will be issued unless at the same time one or more War-Savings Certificate
Stamps shall be purchased and affixed thereto, but no additional charge will be made for the WarSavings Certificate itself. The name of the owner of each War-Savings Certificate must be written
upon such certificate at the time of the issue thereof.
War-Savings Certificate Stamps, Series of 1919, will be issued in 1919 at the following prices:
January
February
March
April

$4.12
4.13
4.14
4.15

May
Tune
July
August

:

4.16 September
4.17 October
4.18 November
4.19 December

4.20
4.21
4.224.23

The average issue price above fixed for the year 1919 with interest at 4 per cent per annum
compounded quarterly for the average period to maturity will amount to $5 on January 1, 1924.
War-Savings Certificate Stamps, Series of 1919, shall not be affixed to War-Savings Certificates,
Series of 1918, nor shall War-Savings Certificate Stamps, Series of 1918, be affixed to War-Savings
Certificates, Series of 1919. Such stamps affixed to War-Savings Certificates of another series
will not add to the value thereof.




6l

2
2.

PAYMENT AT MATURITY.

Owners of War-Savings Certificates, Series of 1919, wil be entitled to receive, on January 1,
1924, at the Treasury Department in Washington, or at a money-order post office (the office where
registered in the case of a registered certificate), upon surrender of such certificates and upon
compliance with all other provisions thereof, $5 in respect of each War-Savings Certificate Stamp,
Series of 1919, then affixed thereto, but no post office shall be required to make any such payment
until 10 days after receiving written demand thereiQr.
3.

PAYMENT PRIOR TO MATURITY.

Any owner of a War-Savings Certificate, Series of 1919, at his option, will be entitled to receive,
at any time after January 10, 1919, and prior to January 1, 1924, at a money-order post office
(the office where registered in the case of a registered certificate), upon surrender of his certificate
and upon compliance with all other provisions thereof, in respect of each War-Savings Certificate
Stamps, Series of 1919, then affixed to such certificate, the amount indicated in the following
table, but no post office shall make any such payment until 10 days after receiving written
demand therefor, and such certificate must be surrendered for payment within 60 days after
such demand, otherwise the demand will be deemed to be waived and a new demand will be required before payment.
Month.

1919

1921

$4.12
4.13
4.14
4.15
4.16
4.17
4.18
4.19
4.20
4.21
4.22
4.23

January ..
February
March ...
April
May
June
July
August ...
September
October .
November
December .

1920

1922

$4.24
4.25
4.26
4.27
4.28
4.29
4.30
4.31
4.32
4.33
4.34
4.35

$4.36
$4.48
4.37
4.49
4.38
4.50
4.39
4.51
4.52
4.40
4.53
4.41
4.42
4.54
4.55
4.43
4.56
4.44
4.57
4.45
4.46
4.58
4.47 J 4.59

1923
$4.60
4.61
4.62
4.63
4.64
4.65
4.66
4.67
4.68
4.69
4.70
4.71

January 1, 1924, $5.00.
4.

REGISTRATION.

War-Savings Certificates, Series of 1919, may be registered without cost to the owners at any
post office of the first, second, or third class, or at certain specially authorized post offices of the
fourth class, subject to such regulations as the Postmaster General may from time to time
prescribe, and payment in respect of any certificate so registered will be made only at the post
office where registered. Unless registered, the United States will not be liable if payment in
respect of any certificate or certificates be made to a person not the rightful owner thereof. The
Postmaster General may, by regulation, provide for the transmission of registered certificates by
mail to the post office of registration for payment, and return of proceeds by money order, in cases
in which it appears that the owner is unable to secure payment personally, or by a representative,
pursuant to regulations therefor.
War-Savings Certificates, Series of 1919, are not transferable and will be payable only to
the respective owners named thereon, except in the case of the death or disability of any such
owner.




62

3
5.

TAX EXEMPTION.

War-Savings Certificates, Series of 1919, 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 (&) graduated additional income taxes, commonly known as surtaxes, and excess profits
and war-profits taxes, now or hereafter imposed b}r 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 (6) above.
6.

T H R I F T CARDS AND T H R I F T STAMPS.

Payments on account of War-Savings Certificates, Series of 1919, may also be evidenced by
United States Thrift Stamps, issued at any time on or after December 3, 1917, having a face
value of 25 cents each but bearing no interest. United States Thrift Stamps, however, must
not be affixed to War-Savings Certificates but only to Thrift Cards, which may be obtained without cost. Thrift Stamps as such are not directly redeemable in cash, but each Thrift Card will
have spaces for 16 such Thrift Stamps, and a Thrift Card, when bearing its full complement of
such stamps, may be exchanged at a post office, or other authorized agency, after December 31,
1918, and on or before December 31, 1919, for a War-Savings Certificate Stamp, Series of
1919, and upon such exchange the owner of such Thrift Card must pay the difference between
$4 and the current issue price of War-Savings Certificate Stamps, Series of 1919, during the month
in which such exchange is made, as shown by the following table:
January
February
March

$4.12 April
4.13 May
4.14 June
7.

$4.15 July
4.16 August
4.17 September

$4.18 October
4.19 November
4.20 December

$4.21
4.22
4.23

RIGHTS OF HOLDERS OF WAR-SAVINGS CERTIFICATES, SERIES OF 1 9 1 9 .

All the provisions of Treasury Department Circular N"o. 108 (War-Savings Circular Xo. 8 ) ,
dated January 21, 1918, further defining rights of holders of War-Savings Certificates, apply
to and govern rights of holders of War-Savings Certificates, Series of 1919, except as herein
expressly modified with respect to War-Savings Certificates, Series of 1919, to wit:
(a) I n paragraph I thereof, the maturity date specified shall read "January 1, 1924."
(&) I n paragraph V I thereof, the $1,000 limitation on the holdings of a single person will
refer to a maturity value of $1,000 of certificates of the Series of 1919, without reference
to any holdings of certificates of any other Series.
(c) I n paragraph X I there shall be inserted in the receipt thereby required to be signed
after the words "War-Savings Certificates" the words "of any one Series."
(d)
I n paragraph X I V the aggregate amount of certificates received and held as therein
provided will refer to the aggregate amount of certificates of the Series of 1919 without
reference to any holdings of certificates of any other Series.
8.

OTHER DETAILS.

War-Savings Certificates, Series of 1919, will not be receivable as security for deposits of
public money, and will not bear the circulation privilege.
The Secretary of the Treasury reserves the right at any time to withdraw this circular as a
whole, or to amend from time to time any of the provisions thereof, to withdraw War-Savinga




63

4

Certificates, Series of 1919, War-Savings Certificate Stamps, Series of 1919, or United States Thrift
Stamps from sale, to refuse to issue or to permit to be issued any War-Savings Certificates, Series
of 1919, or Thrift Cards, and to refuse to sell or to permit to be sold any War-Savings Certificates^
Series of 1919, or War-Savings Certificate Stamps, Series of 1919, or United States Thrift Stamps
to any person, firm, corporation, or association.
The right is also reserved to make from time to time any supplemental or amendatory
regulations which shall not modify or impair the terms and conditions of War-Savings Certificates issued or to be issued in pursuance of said Act of September 24, 1917, as amended and
supplemented.
Further details may be announced by the Secretary of the Treasury from time to time,,
information as to which will be promptly furnished to postmasters at money-order post officesand to other agents.
CARTER GLASS,
Secretary.




64

DISTRIBUTION AND SALE OF WAR SAVINGS CERTIFICATES AND STAMPS,
SERIES OF 1919.

1918.

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,

Department Circular No. 130.
Loans and Currency.

Washington, D. C, December 23, 1918.

To Federal Reserve Banks, all agents for the sale of War Savings
Certificates and Stamps and others concerned:
The provisions of department circular No. 94, (War Savings Circular No. 1) dated Nov.
15, 1917 under the title "Method of Distribution and Sale," of department circular No. 95,
(War Savings Circular No. 2) dated Nov. 30, 1917, department circular No. 96, (War Savings
Circular No. 3) dated January 2, 1918, and department circular No. 101, (War Savings Circular
No. 5), dated February 19, 1918 are hereby extended, subject to the provisions hereof and of
department circular No. 128, dated Dec. 18, 1918 to the distribution and sale of United States
War Savings Certificates and War Savings Certificates Stamps series of 1919, and to the distribution and sale of United States Thrift Stamps after December 31, 1918. (Pages 31, 35, 42, 57, 61.)
All provisions of said circulars with reference to War Savings Certificates and War Savings
Certificates Stamps, series of 1918, issued under department circular No. 94, as heretofore and
hereby modified, shall, mutatis mutandis, apply with equal force and effect to War Savings Certificates and War Savings Certificates Stamps series of 1919, issued under department circular
No. 128, dated December 18, 1918. (Page 61.)
War Savings Certificate Stamps, series of 1919, and United States Thrift Stamps (together
with Thrift Cards and War Savings Certificates series of 1919), will be furnished (1) to post
offices for sale to the public and to agents of the first class, and (2) to Federal Reserve Banks as
fiscal agents of the United States, for distribution to agents of the second class and also for sale to
agents of the first class, such agents being classified as provided in the above described circulars.
Post offices and Federal Reserve Banks will maintain available supplies of stamps, certificates
and cards in amounts sufficient to meet the requirements for such distribution and sale.
Agents of the first class and cash agents of the second class duly appointed for the sale of
War Savings Certificates and War Savings Certificates Stamps series of 1918, may act as such
agents, respectively, for the sale of such certificates and stamps, series of 1919, without further application ; and they will by the receipt or sale of War Savings Certificates or War Savings Certificates Stamps, series of 1919, or by the receipt or sale of United States Thrift Stamps after December 31, 1918, be conclusively presumed to have assented to all the terms and provisions hereof.




65

Collateral agents of the second class already qualified to a sufficient amount pursuant to department circulars numbers 95 and 101 for the sale of War Savings Certificates and W a r Savings
Certificates Stamps, series of 1918, will not be required to file anew formal applications for appointment as agents, nor resolutions and pledge agreements, and they will, by the receipt or sale
of W a r Savings Certificates or War Savings Certificate Stamps, series of 1919, or by the receipt
or sale of United States Thrift Stamps after December 31, 1918, be conclusively presumed to
have assented to all the terms and provisions hereof. Collateral security pledged or to be pledged
under any of the circulars above mentioned will be conclusively deemed to be pledged as collateral security thereunder and hereunder. (Pages 35, 57.)
Forms of applications for new appointments as agents hereunder will be furnished on application. The provision that the amount of W a r Savings Certificates sold to any one person at
any one time should not exceed $100 has been repealed by the act approved Sept. 24, 1918, and
is no longer in force. (Page 31.)
Collateral agents of the second class may obtain from a. Federal Reserve Bank W a r Savings
Certificate Stamps, series of 1919, in amounts of $1,000 (maturity value) or less, as well as in
amounts in excess of $1,000 (maturity value). In determining the collateral security to be
deposited and pledged by such agents, W a r Savings Certificate Stamps, series of 1919, shall be
taken at the December, 1919, issue price. Any such agent desiring to obtain W a r Savings Certificate Stamps, series of 1919, at such December, 1919, issue price, and Thrift Stamps to the aggregate amount of $50,000 or more, may deposit and pledge as collateral security, subject to
the provisions hereof, any securities of the classes described in Treasury Department Circular
No. 92, of Sept. 21, 1918, as heretofore or hereafter amended and supplemented.

(Page 17.)

The Secretary of the Treasury will make provision for the exchange of Thrift Stamps after
December 31, 1919, into W a r Savings Certificates series of 1919 upon payment of the additional
amount then required, or into some other series, or will otherwise protect the interest of holders
of Thrift Stamps.
No agent shall sell any United States W a r Savings Certificate Stamps, series of 1919, at any
price other than the current issue price of such stamps during the month in which sold as specified
in department circular No. 128. (Page 61.)
It is not lawful for any one person at any one time to hold W a r Savings Certificates, series of
1919 (and W a r Savings Certificates Stamps, series of 1919) to an aggregate amount exceeding
$1,000 (maturity value) ; it is lawful to hold W a r Savings Certificates, series of 1919 (and W a r
Savings Certificates Stamps, series of 1919) up to an aggregate maturity value of $1,000 regardless of the amount of W a r Savings Certificates and W a r Savings Certificates Stamps of the series
of 1918 that may already be held.
The Secretary of the Treasury reserves the right to withdraw this circular or to amend,
from time to time, any of the provisions hereof and to terminate any agency created or existing
hereunder.




C A R T E R GLASS,
Secretary.

66

Regulations with Respect to Lost Bonds
of the United States
Relief in Cases of Destroyed or D e f a c e d Coupon Bonds and Destroyed,
D e f a c e d , or Lost Registered Bonds
[Extract from "Regulations of the Treasury Department in relation to United States Bonds"—1915.]
The following are the provisions of the Eevised Statutes of the United States concerning relief
that may he granted in cases of destroyed and defaced coupon and registered bonds and lost registered bonds of the United States:
Provisions of L a w
SEC. 3702. Whenever it appears to the Secretary of the Treasury, by clear and unequivocal
proof, that any interest-bearing bond of the United States has,, without bad faith upon the part of
the owner, been destroyed, wholly or in part, or so defaced as to impair its value to the owner, and
such bond is identified by number and description, the Secretary of the Treasury shall, under such
regulations and with such restrictions as to time and retention for securit}' or otherwise as he may
prescribe, issue a duplicate thereof, having the same time to run, bearing like interest as the bond
so proved to have been destroyed or defaced, and so marked as to show the original number of the
bond destroyed and the date thereof. But when such destroyed or defaced bonds appear to have
been of such a class or series as has been or may, before such application, be called in for redemption,
instead of issuing duplicates thereof, they shall be paid, with such interest only as would have been
paid if they had been presented in accordance with such call.
SEC. 3703. The owner of such destroyed or defaced bond shall surrender the same, or so much
thereof as may remain, and shall file in the Treasury a bond in a penal sum of double the amount
of the destroyed or defaced bond, and the interest which would accrue thereon until the principal
becomes due and payable, with two good and sufficient sureties, residents of the United States, to be
approved by the Secretary of the Treasury, with condition to indemnify and save harmless the United
States from any claim upon such destroyed or defaced bond.
SEC. 3704. Whenever it is proved to the Secretary of the Treasury, by clear and satisfactory
evidence, that any duly registered bond of the United States, bearing interest, issued for valuable
consideration in pursuance of law, has been lost or destroyed, so that the same is not held by any
person as his own property, the Secretary shall issue a duplicate of such registered bond, of like
amount, and bearing like interest and marked in the like manner as the bond so proved to be lost or
destroyed.
SEC. 3705. The owner of such missing bond shall first file in the Treasury a bond in the penal
sum equal to the amount of such missing bond, and the interest which would accrue thereon, until
the principal thereof becomes due and payable, with two good and sufficient sureties, residents of the
United States, to be approved by the Secretary of the Treasury, with condition to indemnify, and
save harmless the United States from any claim because of the lost or destroyed bond.
D e p a r t m e n t Regulations
4

Parties presenting claims on account of a coupon or registered bond of the United States which
has been destroyed wholly or in part, or on account of a registered bond which has been lost, will be
required to present evidence showing—
1. The number, denomination, date of authorizing act, and rate of interest of such bond;,
whether coupon or registered, and, if registered, the name of the payee. In the case of a registered
bond, it should also be stated whether it had been assigned or not previous to the alleged loss or destruction, and, if assigned, by whom, and whether assigned in blank or to some person specifically by
name; and if assigned in the latter manner, the name of the assignee should be given.
2. The time and place of purchase, of whom purchased, and the consideration paid.
3. The specific place of deposit of the missing bond (that is, if the bond was kept in house or
office, it should be shown in what part thereof, whether in a desk, box-, etc., and whether under lock
and key; if kept in a bank vault, the name of the bank should be given) : whether or not any person or
persons, other than the owner, had access thereto: and in the event of its having been accessible to
other parties, their affidavits, in addition to that of the owner, should be furnished, showing their
knowledge of the existence of the bond, and of the fact of its loss or destruction.




67

2
4. The material facts and circumstances connected with the loss or destruction of the bond.
5. I t must be shown by the affidavits of two credible persons, if practicable by United States
officers, that the statements of the claimant as set forth in his affidavit are worthy of the confidence of
the Treasury Department, and that he is the identical person named in the application. Like evidence of credibility must accompany the affidavit of any person who may have had access to the bond,
besides the claimant.
All affidavits sworn to before a notary public, a United States commissioner, or a justice of the
peace must be accompanied by a certificate from the proper court, showing that the officer was in
commission on the date of the execution of the document.
In all cases, the evidence should be as full and clear as possible, that there may be no doubt of
the good faith of the claimant. Proofs may be made by affidavits duly authenticated, and by such
other competent evidence as may be in the possession of the claimant.
General Form of Affidavit
(To be used as a guide only.)
Personally appeared before me, a
in and for the city of
, county of
, and
State of
, the subscriber,
, of
, county of
, and State of
,
who, being duly sworn according to law, deposes and says that
is the lawful owner of the
following-described registered bond of the United States, viz.:
No
, for $
,
per cent,
, registered in name of
(Title of loan.

If postal savings, state the series.)

on the books of the Treasury Department
, 1 9 . . . . (if more than one bond lost, stolen or
destroyed, each bond must be described); that no assignment or transfer of said bond has been
made or authorized by
or
attorney, either in blank or by a specific assignment, or in
any manner whatever (if assigned, state by whom and whether assigned in blank or to some person
specifically by name; if in latter manner name of the assignee must be given. See par. 1 of regulations, above); that said bond has not, by hypothecation, pledge, loan, or otherwise, passed from the
custody or control of said
with [his or her] knowledge or consent; that said bond was purchased
,
, at
, of
, and the consideration paid was
dollars;
that the place of deposit of the bond was
and that no person but deponent had access
(See par. 3.)

thereto [in the event of the bond having been accessible to other parties it should be so stated, and
their affidavits must be furnished] ; that the said bond was stolen [if lost or destroyed, the material
facts connected therewith should be given] from the said
, at
, on the
,
,
by some person or persons unknown to deponent; arid that due diligence has been exercised in endeavoring to recover the said bond, without success. [State ivhat has been done.~\
of
Sworn to and subscribed before me, this the
day of
, A. D. 1 9 . . . ; and I certify
that said
is personally well known to me to be the identical person mentioned in
the foregoing affidavit.
[SEAL.]

(See par. G as to notaries public, etc.)
For relief on account of destroyed coupon bonds change form to suit the case.
Affidavits and other evidence pertaining to the claim should be transmitted to the SECRETARY
OF THE TREASURY, Division of Loans and Currency. Upon receipt of such documentary evidence,
it will be referred to the Comptroller of the Treasury for his opinion as to its sufficiency. The
applicant will be advised of the decision as soon as it is reached; I F I T BE FAVORABLE TO SUCH APPLICANT, a blank indemnity bond will be forwarded to him for execution; and when this indemnity bond
shall have been duly executed, returned to the department, and approved by the Comptroller a,nd
the Secretary, the relief desired will be granted.
The acts of August 13, 1894, and March 23,1910, authorize the acceptance of a surety company,
duly incorporated and duly authorized to do business by the Secretary of the Treasury, in lieu of
the two sureties prescribed in sections 3703 and 3705 above quoted. When a surety company has
been duly accepted by the Treasury Department its sufficiency need not be certified as is required in
the case of personal sureties. A married woman as a surety on an indemnity bond will not be




68

3
accepted by the department. If an unmarried woman acts as surety she must furnish a statement
setting forth the fact that she is unmarried.
A duplicate in lieu of a lost registered bond will not be issued within six months from the time
of the alleged loss.
The interest on an uncalled registered bond will be paid to the payee thereof, even though the
hond has been lost or destroyed.
I n case relief is granted by the issue of new bonds for destroyed or defaced coupon bonds
the new bonds will be in registered form.
These regulations do not apply in any way to coupon bonds which have been lost or to coupons
lost or destroyed which have been detached from the bonds to which they belonged, as no relief,
i n such cases, can be granted under existing laws.
Registered bonds assigned in blank become, in effect, bonds payable to bearer, and if lost or
stolen no relief can be granted on account thereof under existing laws.
TREASURY DEPARTMENT,

Division of Loans and Currency.

Interest on Registered Bonds
Interest on registered bonds is paid by check drawn at the Treasury Department in Washington and mailed to the owners of bonds.
Interest checks should not be held but should be presented for payment promptly. When interest checks are presented for payment the endorsement must be in ink or indelible pencil and must
correspond exactly with the name as printed on the face of the check. Holders should not write their
names or any other matter on their bonds.
Further information will be given upon request to the




FEDERAL RESERVE B A N K OF N E W YORK

69

FIRST LIBERTY LOAN SUBSCRIPTIONS IN DEFAULT

1919

-

TREASURY

Department Circular No. 135.

DEPARTMENT,

OFFICE OF THE SECRETARY,

Loans and Currency.

.

Washington, February 5, 1919.

Pursuant to the provisions of Treasury Department Circular $"o. 78, dated May 14, 1917,
any and all installment payments made to the Treasury Department or to a Federal Reserve bank
upon subscriptions to First Liberty Loan 3 % per cent gold bonds of 1932-1947 filed with an
official agency designated in said circular, upon which bonds have been allotted, and upon which
one or more of the subsequent installment payments due pursuant to such circular and allotment
has not been paid, are hereby declared to be forfeited to the United States; and such subscriptions and all right and interest in the bonds allotted thereon are hereby declared to be forfeited
because of the failure to make further payment as required by said circular. Installment payments hereby forfeited will be credited by the several Federal Reserve banks to the general account
of the Treasurer of the United States (if not already credited), as "Forfeited First Liberty Loan
installment payments," and will be covered into the Treasury to the credit of "Miscellaneous
Receipts." Federal Reserve banks will attach to every transcript showing such credits a schedule giving with respect to each such subscription the name of the subscriber, the amount of bonds
allotted, and the amount of payment or payments received against the subscription and therewith
credited. If such installment payments have previously been credited to the general account of
the Treasurer of the United States, Federal Reserve banks will forwith send to the Treasurer
of the United States a like schedule to accompany the transcript on which such credits appeared,
identifying such transcript by date. On receipt of all such forfeited installment payments
against any subscription, the allotment to the Federal Reserve bank in "question will be reduced
accordingly.
All interim certificates now outstanding, issued by or on behalf of any Federal Reserve bank
pursuant to Department Circular Xo. 78, for installment payments representing less than payment in full for the bonds therein described, are hereby declared to be in default, and such
certificates and all rights thereunder are hereby declared to be forfeited pursuant to the terms
thereof and of said circular for failure to make payment of subsequent installments due as therein
required.
The Treasury Department, or Federal Reserve bank, as the case may be, with whom a subscription has been filed on which any installment payment is forfeited pursuant hereto, will
advise the subscriber of the forfeiture by registered mail at the last known address of such
subscriber.




CARTER GLASS,
Secretary

70

of the

Treasury.

(See page 11.)

REGULATIONS GOVERNING THE EXPORTATION OF COIN, BULLION,
AND CURRENCY.
(Revised.)
EXECUTIVE ORDER.

By virtue of the authority vested in me, I direct that the regulations, orders, limitations,
and exceptions prescribed in relation to the exportation of coin, bullion, and currency shall be
administered by and under the authority of the Secretary of the Treasury; and upon the recommendation of the Secretary of the Treasury I hereby prescribe the following regulations in
relation thereto:
1. Any individual, firm, or corporation desiring to export from the United States or any
of its Territorial possessions to any foreign country named in the proclamation dated September
seventh, nineteen hundred and seventeen, any coin, bullion, or currency, shall first file an application in triplicate with the Federal Eeserve Bank of the district in which such individual, firm,
or corporation is located, such application to state under oath and in detail the nature of the
transaction, the amount involved, the parties directly and indirectly interested, and such other
information as may be of assistance to the proper authorities in determining whether the exportation for which a license is desired will be compatible with the public interest.
2. Each Federal Eeserve Bank shall keep a record copy of each application filed with it
under the provisions of this regulation and shall forward the original application and a duplicate
to the Federal Eeserve Board at Washington together with such information or suggestions as
it may believe proper in the circumstances and shall in addition make a formal recommendation
as to whether or not in its opinion the exportation should be permitted.
3. The Federal Eeserve Board, subject to the approval of the Secretary of the Treasury, is
hereby authorized and empowered upon receipt of such application and the recommendation of the
Federal Eeserve Bank to make such ruling as it may deem proper in the circumstances and if in its
opinion the exportation in question be compatible with the public interest, to permit said exportation to be made; otherwise to refuse it.
WOODBOW WILSON".
T H E W H I T E HOUSE, September

7,

1917.

B Y T H E PRESDEXT OF THE U N I T E D STATES OF AMERICA.
A

PROCLAMATION.

Whereas Congress has enacted, and the President has on the fifteenth day of June, one
thousand nine hundred and seventeen, approved a law which contains the following provisions:
Whenever during the present war the President shall find that the public safety shall so
require and shall make proclamation thereof, it shall be unlawful to export from or ship from or
take out of the United States to any country named in such proclamation any article or articles
mentioned in such proclamation, except at such time or times, and under such regulations and
orders, and subject to such limitations and exceptions as the President shall prescribe, until otherwise ordered by the President or by Congress: Provided, however, That no preference shall be given
to the ports of one State over those of another.
Any person who shall export, ship, or take out, or deliver or attempt to deliver for export,
shipment, or taking out, any article in violation of this title, or of any regulation or order made
hereunder, shall be fined not more than $10,000, or, if a natural person, imprisoned for not more
than two years, or both; and any article so delivered or exported, shipped, or taken out, or attempted to be so delivered or exported, shipped, or taken out, shall be seized and forfeited to the




71

2

United States; and any officer, director, or agent of a corporation who participates in any such
violation shall be liable to like fine or imprisonment, or both.
"Whenever there is reasonable cause to believe that any vessel, domestic or foreign, is about to
•carry out of the United States any article or articles in violation of the provisions of this title,
the collector of customs for the district in which such vessel is located is hereby authorized and
empowered, subject to review by the Secretary of Commerce, to refuse clearance to any such
vessel, domestic or foreign, for which clearance is required by law, and by formal notice served
upon the owners, master, or person or persons in command or charge of any domestic vessel for
which clearance is not required by law to forbid the departure of such vessel from the port, and
it shall thereupon be unlawful for such vessel to depart. Whoever, in violation of any of
the provisions of this section shall take, or attempt to take, or authorize the taking of
any such vessel out of port or from the jurisdiction of the United States, shall be fined
not more than $10,000 or imprisoned not more than two years, or both; and, in addition,
such vessel, her tackle, apparel, furniture, equipment, and her forbidden cargo shall be forfeited to the United States.
And whereas the President has heretofore by proclamation, under date of the twentyseventh day of August in the year one thousand nine hundred and seventeen, declared certain
exports in time of war unlawful, and the President finds that the public safety requires that
such proclamation be amended and supplemented in respect to the articles hereinafter mentioned :
Now, therefore, I, Woodrow Wilson, President of the United States of America, do hereby
proclaim to all whom it may concern, that the public safety requires that, except at such time
or times, and under such regulations and orders, and subject to such limitations and exceptions
as the President shall prescribe, until otherwise ordered by the President or by Congress, the
following articles, namely: Coin, bullion, and currency shall not, on and after the tenth day
of September, in the year one thousand nine hundred and seventeen, be exported from or shipped
from or taken out of the United States or its territorial possessions to Albania, Austria-Hungary,
Belgium, Bulgaria, Denmark, her colonies, possessions or protectorates, Germany, her colonies,
possessions or protectorates, Greece, Leichtenstein, Luxembourg, The Kingdom of the Netherlands, Norway, Spain, her colonies, possessions or protectorates, Sweden, Switzerland or Turkey,
Abyssinia, Afghanistan, Argentina, Bolivia, Brazil, China, Chile, Colombia, Costa Eica, Cuba, Dominican Republic, Ecuador, Egypt, France, her colonies, possessions or protectorates, Guatemala,
Haiti, Honduras, Italy, her colonies, possessions or protectorates, Great Britain, her colonies, possessions or protectorates, Japan, Liberia, Mexico, Monaco, Montenegro, Morocco, Nepal, Nicaragua,
the colonies, possessions or protectorates of The Netherlands, Oman, Panama, Paraguay, Persia,
Peru, Portugal, her colonies, possessions or protectorates, Roumania, Russia, Salvador, San Marino, Serbia, Siam, Uruguay, or Venezuela.
The regulations, orders, limitations, and exceptions prescribed will be administered by and
under the authority of the Secretary of the Treasury, from whom licences in conformity with said
regulations, orders, limitations, and exceptions will issue.
Except as hereby amended and supplemented, the above-mentioned proclamation under date
of August 27, 1917, shall continue in full force and effect.
In witness whereof I have hereunto set my hand and caused the seal of the United States
of America to be affixed.
Done at the city of Washington this seventh day of September, in the year of our Lord
one thousand nine hundred and seventeen, and of the independence of the United States
of America the one hundred and forty-second.
WOODROW WILSON.
By the President:
ROBERT LANSING,




Secretary of State.

72

3

ADMINISTRATIVE PROCEDURE.
METHOD OF MAKING APPLICATION

Individuals, firms, and corporations desiring to obtain licenses for the exportation of coin,
bullion, and currency • must file an application with the Federal Reserve Bank of the district
in which the applicant resides or where the transaction requiring the shipment originates.
These applications must be made on a standard form, which has been furnished to all Federal
Reserve Banks.
EXPORTS OF GOLD.

It is the practice of the Board
the desirability of permitting such
the national interest. In reaching
circumstances in each particular case.

not to authorize the exportation of gold except in cases where
shipment is clearly established as being compatible with
its conclusions, however, the Board will consider all attending
(See page 74.)

S H I P M E N T S OF CANADIAN SILVER COIN AND CURRENCY.

Until further notice the Board will approve all applications for the exportation of Canadian
silver coin and currency to Canada, and of Mexican paper currency to Mexico, without limitation.
The Treasury Department has instructed collectors of customs to pass such shipments when approved by the Federal Reserve Bank of the district from which the shipments are made. Continuous permits for shipments of Canadian silver coin and currency and of Mexican paper
currency, without requiring an application in each case, may be granted by Federal Reserve Banks
upon condition that each transaction will be reported to it without delay. The Federal Reserve
Banks will transmit to the Board weekly reports of all applications of every kind passed upon
by them, showing the amount of each shipment.
EXPORTS OF SILVER BULLION AND SILVER COIN OF FOREIGN MINTAGE.

Applications for the exportation of silver bullion and silver coin of foreign mintage will
in general be approved by the Federal Reserve Board upon recommendation of the Federal
Reserve Bank with which the application is filed. (See page 11.)
UNITED STATES NOTES, NATIONAL BANK NOTES, FEDERAL
RESERVE BANK NOTES.

RESERVE

NOTES,

AND

FEDERAL

Applications for the exportation of United States notes, national bank notes, Federal Reserve
notes, and Federal Reserve bank notes will as a rule be approved by the Federal Reserve Board,
but each application must come before the Board for its determination before shipment is made,
unless authority to pass upon such applications locally has been delegated by the Board to the
respective Federal Reserve Banks.
TRAVELERS LEAVING T H E COUNTRY.

Instructions have been issued by the Treasury Department to collectors of customs to permit travelers leaving the country to carry on their persons or in their baggage:
(a) United States notes, national-bank notes, Federal reserve notes, or Federal reserve
bank notes not to exceed $1,000 for each adult; or an equivalent value of currency, bank notes and coin, other than gold, of the countries for which passports
have been duly issued to them.
(b) Subsidiary silver coins not to exceed $100 for each adult, such coin to be in lieu
of a like amount of notes under (a) above.




73

4

Collectors of customs have been informed that in dealing with travelers they may act in
accordance with these regulations, without communicating with the Federal Reserve Board or
with the Federal Eeserve Bank of their district.
Travelers who desire to take with them silver dollars or gold coin, or gold or silver certificates in any amount, must obtain a license from the Federal Eeserve Bank of their district,
from which application blanks may be obtained. Whenever such licenses are issued, the Federal
Eeserve Bank will give due notice to the collector of customs at the port from which the applicant expects to leave the United States, and collectors of customs have been notified that in
dealing with travelers to whom such licenses have been issued they may act without communicating with the Federal Eeserve Board.
GENERAL.

Shipments of coin or currency which appear to be or are suspected of being for enemy account
or for the benefit of the enemy, or to destinations whence such shipments might readily be made
available to enemies, will not be permitted. These regulations are issued subject to change without notice, and no application granted will be regarded as constituting a precedent.
FEDEEAL EESEEVE BOAED,
By W. P. G. HARDING, Governor.
Approved:
W. G. MCADOO,

Secretary of the Treasury.
WASHINGTON, D. C, May 11,

1918.

FEDERAL RESERVE BOARD
Washington, June 9, 1919.
(The following ruling was received from the Federal Eeserve Board concerning the termination
of the control of foreign exchange transactions, etc., while this pamphlet was in process of printing.)
"After consultation witli the Secretary of the Treasury and with the approval of the President,
the Federal Eeserve Board has terminated the control heretofore exercised over transactions in foreign
exchange and over the exportation of coin, bullion and currency, except as to the importation or
exportation of rouble notes or exchange operations with that part of Eussia now under the control
of the so-called Bolshevik Government and except as to exchange transactions with territories in respect
of which such transactions are at present permitted only through the American Eelief Administration.
Hereafter applications for exports of gold will, like applications for exports of silver, be granted
freely irrespective of amount or destination except as above indicated. Applications for both gold
and silver exports must, however, continue to be made to the Federal Eeserve Board until such time as
the President shall by proclamation formally bring to an end the present control. The control now
exercised over foreign exchange including the reports required to be made by dealers will continue
until the President shall formally put an end to present requirements, but with respect to specific
transactions licenses will be granted freely, except for the exportation or importation of rouble notes
or for foreign exchange transactions with that part of Eussia now under Bolshevik control and except
as to exchange transactions with territories in re=pect of which such transactions are at present permitted only through the American Eelief Administration."




74

(See page 11.)

F X-n

ORIGINAL
APPLICATION FOR PERMISSION TO E X P O R T COIN,
B U L L I O N OR CURRENCY FROM T H E U N I T E D S T A T E S
( T o be filed with the Federal Reserve Bank of New
To the Federal Reserve Board,
{To be executed in triplicate and forwarded

York)

through the Federal Reserve Bank of New

York)

SIRS:

The undersigned hereby makes application for permission to export from the United States
coin, bullion or currency as hereinafter set forth:
1.

Description of shipment (i. e. gold

2.

Value

3.

Date and place of shipment

4.

Destination

5.

Proposed route (including name of

6.

Consignor

7.
8.

Consignee
Name and address of person, firm,
corporation or government for
whose account shipment has been
ordered

9.

Name and address of person, firm,
corporation or government to
whose account shipment will be
charged

10.

Names and addresses of all other
persons interested in the transaction, directly or indirectly

11.

Specific transaction which

coin, silver bullion, currency, etc.)

vessel, if possible)

resulted

in order for shipment

NOTE.

12.

If shipment is in payment of, balance due*consignee or on exchange operations,
give full details of commercial transactions of which such balance or exchange
operations are the result.
If shipment is made for applicant's
own account, state whether the
purpose is to furnish customers
with exchange. If so, give names
and addresses of such customers




75

13. Additional information indicating that
the exportation will be compatible
with the public interest

I,

on oath depose and say that I

know the facts hereinabove set forth to be true, and that I have no knowledge of any material
facts in connection with the proposed shipment above described which have not been set forth in
this application.
Subscribed and sworn to before me this
day of

191

(Signature of Applicant)

(Address)
Notary Public.

RECOMMENDATION OF FEDERAL RESERVE BANK OF N E W YORK
The above application is forwarded to the Federal Reserve Board with a recommendation
granted
refused for the following reasons:
suspended

{

Respectfully,

Assistant Cashier.
To the
Federal Reserve Board
Washington.



76

(See Treasury Department Circular No. 138, page 113.)

Victory Liberty Loan Act
TO AMEND THE LIBERTY BOND ACTS AND THE WAR FINANCE CORPORATION ACT, AND FOR OTHER
PURPOSES.

Be it enacted by the Senate and House of Representatives of the United States of America in
Congress assembled, That the Second Liberty Bond Act is hereby amended by adding thereto a new
section to read as follows:
SEC. 18. (a) That in addition to the bonds and certificates of indebtedness and war-savings
certificates authorized by this Act and amendments thereto, the Secretary of the Treasury, with the
approval of the President, is authorized to borrow from time to time on the credit of the United
States for the purposes of this Act, and to meet public expenditures authorized by law, not exceeding
in the aggregate $7,000,000,000, and to issue therefor notes of the United States at not less than par
in such form or forms and denomination or denominations, containing such terms'and conditions, and
at such rate or rates of interest, as the Secretary of the Treasury may prescribe, and each series of
notes so issued shall be payable at such time not less than one year nor more than five years from the
date of its issvie as he may prescribe, and may be redeemable before maturity (at the option of the
United States) in whole or in part, upon not more than one year's nor less than four month's notice,
and under such rules and regulations and during such period as he may prescribe.
"(b) The notes herein authorized may be issued in any one or more of the following series as
the Secretary of the Treasury may prescribe in connection with the issue thereof:
"(1) Exempt, both as to principal and interest, from all taxation (except estate or inheritance
taxes) 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;
"(2) 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;
"(3) Exempt, both as to principal and interest, as provided in paragraph ( 2 ) ; and with an
additional exemption from the taxes referred to in clause (b) of such paragraph, of the interest on
an amount of such notes the principal of which does not exceed $30,000, owned by any individual,
partnership, association, or corporation; or
"(4) 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 taxingauthority, except (a) estate or inheritance taxes, and (b) all income, 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.
"(c) If the notes authorized under this section are offered in more than one series bearing the
same date of issue, the holder of notes of any such series shall (under such rules and regulations
as may be prescribed by the Secretary of the1 Treasury) have the option of having such notes held by
him converted at par into notes of any other such series offered bearing the same date of issue.
"(d) None of the notes authorized by this section shall bear the circulation privilege. The principal and interest thereof shall be payable in United States gold coin of the present standard of
value. The word 'bond' or 'bonds' where it appears in sections 8, 9, 10, 14, and 15 of this Act as
amended, and sections 3702, 3703, 3704, and 3705 of the Revised Statutes, and section 5200 of the
Revised Statutes as amended, but in such sections only, shall be deemed to include notes issued
under this section.
SEC. 2. (a) That until the expiration of five years after the date of the termination of the
war between the United States and the German Government, as fixed by proclamation of the
President, in addition to the exemptions provided in section 7 of the Second Liberty Bond Act in
respect to the interest on an amount of bonds and certificates, authorized by such Act and amendments thereto, the principal of which does not exceed in the aggregate $5,000, and in addition toall other exemptions provided in the Second Liberty Bond Act or the Supplement to Second Liberty




77

Bond Act, the interest received on and after January 1, 1919, on an amount of bonds of the First
Liberty Loan Converted, dated November 15, 1917, May 9, 1918, or October 24, 1918, the Second
Liberty Loan, converted and unconverted, the Third Liberty Loan, and the Fourth Liberty Loan,
the principal of which does not exceed $30,000 in the aggregate, owned by any individual, partnership, association, or corporation, shall be exempt from 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.
(b) In addition to the exemption provided in subdivision ( a ) , and in addition to the other
exemptions therein referred to, the interest received on and after January 1, 1919, on an amount
of the bonds therein specified the principal of which does not exceed $20,000 in the aggregate,
owned by any individual, partnership, association, or corporation, shall be exempt from the taxes
therein specified: Provided, That no owner of such bonds shall be entitled to such exemption in
respect to the interest on an aggregate principal amount of such bonds exceeding three times the principal amount of notes of the Victory Liberty Loan originally subscribed for by such owner and still
owned by him at the date of his tax return.
i
SEC. 3. That section 5 of the Second Liberty Bond Act, as amended by section 4 of the Third
Liberty Bond Act, is hereby further amended by striking out the figures "$8,000,000,000" and
inserting in lieu thereof the figures "$10,000,000,000."
SEC. 4. That section 3 of the Fourth Liberty Bond Act is hereby amended to read as follows:
" S E C . 3. That, notwithstanding the provisions of the Second Liberty Bond Act or of the War
Finance Corporation Act or of any other Act, bonds, notes, and certificates of indebtedness of the
United States and bonds of the War Finance Corporation shall, while beneficially owned by a nonresident alien individual, or a foreign corporation, partnership, or association, not engaged in business in the United States, be exempt both as to principal and interest from any and 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."
SEC. 5. That the privilege of converting 4 per centum bonds of the First Liberty Loan converted and 4 per centum bonds of the Second Liberty Loan into 4^4 per centum bonds, which
privilege arose on May 9, 1918, and expired on November 9, 1918, may be extended by the Secretary
of the Treasury for such period, upon such terms and conditions and subject to such rules and
regulations, as he may prescribe. For the purpose of computing the amount of interest payable,
bonds presented for conversion under any such extension shall be deemed to be converted on the
dates for the payment of the semi-annual interest on the respective bonds so presented for conversion
next succeeding the date of such presentation.
S E C 6. (a) That there is hereby created in the Treasury a cumulative sinking fund for the retirement of bonds and notes issued under the First Liberty Bond Act, the Second Liberty Bond Act, the
Third Liberty Bond Act, the Fourth Liberty Bond Act, or under this Act, and outstanding on July
1, 1920. The sinking fund and all additions thereto are hereby appropriated for the payment of such
bonds and notes at maturity, or for the redemption or purchase thereof before maturity by the
Secretary of the Treasury at such prices and upon such terms and conditions as he shall prescribe,
and shall be available until all such bonds and notes are retired. The average cost of the bonds and
notes purchased shall not exceed par and accrued interest. Bonds and notes purchased, redeemed,
or paid out of the sinking fund shall be canceled and retired and shall not be reissued. For the
fiscal year beginning July 1, 1920, and for each fiscal year thereafter until all such bonds and notes
are retired there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, for the purposes of such sinking fund, an amount equal to the sum of (1) 2 ^ per centum
of the aggregate amount of such bonds and notes outstanding on July 1, 1920, less an amount equal
to the par amount of any obligations of foreign Governments held by the United States on July 1,
1920, and (2) the interest which would have been payable during the fiscal year for which the
appropriation is made on the bonds and notes purchased, redeemed, or paid out of the sinking fund
during such year or in previous years.
The Secretary of the Treasury shall submit to Congress at the beginning of each regular session
a separate annual report of the action taken under the authority contained in this section.
(b) Sections 3688, 3694, 3695, and 3696 of the Revised Statutes, and so much of section 3689
of the Revised Statutes as provides a permanent annual appropriation of 1 per centum of the entire
debt of the United States to be set apart as a sinking fund are hereby repealed.




78

SEC. 7. (a) That until the expiration of eighteen months after the termination of the war
between the United States and the German Government, as fixed by proclamation of the President,
the Secretary of the Treasury, with the approval of the President, is hereby authorized on behalf of
the United States to establish, in addition to the credits authorized by section 2 of the Second Liberty
Bond Act, as amended, credits with the United States for any foreign government now engaged in
war with the enemies of the United States, for the purpose only of providing for purchases of any
property owned directly or indirectly by the United States, not needed by the United States, or of
any wheat the price of which has been or may be guaranteed by the United States. To the extent
of the credits so established from time to time the Secretary of the Treasury is hereby authorized to
make advances to or for the account of any such foreign government and to receive at par from such
foreign government for the amount of any such advances its obligations hereafter issued bearing such
rate or rates of interest, not less than 5 per centum per annum, maturing at such date or dates,
not later than October 15, 1938, and containing such terms and conditions, as the Secretary of the
Treasury may from time to time prescribe. The Secretary, with the approval of the President, is
hereby authorized to enter into such arrangements from time to time with any such foreign government as may be necessary or desirable for establishing such credits and for the payment of such
obligations before maturity.
(b) The Secretary of the Treasury is hereby authorized from time to time to convert any shorttime obligations of foreign governments which may be received under the authority of this section
into long-time obligations of such foreign governments, respectively, maturing not later than
October 15, 1938, and in such form and terms as the Secretary of the Treasury may prescribe; but
the rate or rates of interest borne by any such long-time obligations at the time of their acquisition
shall not be less than the rate borne by the short-time obligations so converted into such long-time
obligations; and, under such terms and conditions as he may from time to time prescribe, to
receive payment, on or before maturity, of any obligations of such foreign governments acquired
on behalf of the United States under authority of this section, and, with the approval of the
President, to sell any of such obligations (but not at less than par with accrued interest unless
otherwise hereafter provided by law), and to apply the proceeds thereof, and any payments so
received from foreign governments on account of the principal of such obligations, to the redemption or purchase, at not more than par and accrued interest, of any bonds of the United States
issued under the authority of the First Liberty Bond Act or Second Liberty Bond Act as amended
and supplemented, and if such bonds can not be so redeemed or purchased, the Secretary of the
Treasury shall redeem or purchase any other outstanding interest-bearing obligations of the United
States which may at such time be subject to redemption or which can be purchased at not more
than par and accrued interest.
(c) For the purposes of this section there is appropriated the unexpended balance of the appropriations made by section 2 of the First Liberty Bond Act and by section 2 of the Second Liberty
Bond Act as amended by the Third Liberty Bond Act and the Fourth Liberty Bond Act, but
nothing in this section shall be deemed to prohibit the use of such unexpended balance or any part
thereof for the purposes of section 2 of the Second Liberty Bond Act, as so amended, subject to
the limitations therein contained.
SEC. 8. That the obligations of foreign governments acquired by the Secretary of the Treasury
by virtue of the provisions of the First Liberty Bond Act and the Second Liberty Bond Act, and
amendments and supplements thereto, shall mature at such dates as shall be determined by the
Secretary of the Treasury: Provided, That such obligations acquired by virtue of the provisions of
the First Liberty Bond Act, or through the conversion of short-time obligations acquired under
such Act, shall mature not later than June 15, 1947, and all other such obligations of foreign
governments shall mature not later than October 15, 1938.
SEC. 9. That the War Finance Corporation Act is hereby amended by adding to Title I thereof
a new section, to read as follows:
"SEC. 21. (a) That the Corporation shall be empowered and authorized, in order to promote
commerce with foreign nations through the extension of credits, to make advances upon such terms,
not inconsistent with the provisions of this section, as it may prescribe, for periods not exceeding five
years from the respective dates of such advances:
"(1) To any person, firm, corporation, or association engaged in the business in the United
States of exporting therefrom domestic products to foreign countries, if such person, firm, corpora-




79

tion, or association is, in the opinion of the board of directors of the Corporation, unable to obtain
funds upon reasonable terms through banking channels. Any such advance shall be made only for
the purpose of assisting in the exportation of such products, and shall be limited in amount to not
more than the contract price therefor, including insurance and carrying or transportation charges
to the foreign point of destination if and to the extent that such insurance and carrying or transportation charges are payable in the United States by such exporter to domestic insurers and carriers.
The rate of interest charged on any such advance shall not be less than 1 per centum per annum in
excess of the rate of discount for ninety-day commercial paper prevailing at the time of such
advance at the Federal reserve bank of the district in which the borrower is located; and
"(2) To any bank, banker, or trust company in the United States which after this section takes
effect makes an advance to any such person, firm, corporation, or association for the purpose of
assisting in the exportation of such products. Any such advance shall not exceed the amount remaining unpaid of the advances made by such bank, banker ,or trust company to such person, firm,
corporation, or association for such purpose.
"(b) The aggregate of the advances made by the Corporation under this section remaining
unpaid shall never at any time exceed the sum of $1,000,000,000.
"(c) Notwithstanding the limitation of section 1 the advances provided for by this section may
be made until the expiration of one year after the termination of the war between the United States
and the German Government as fixed by proclamation of the President. Any such advance made by
the Corporation shall be made upon the promissory note or notes of the borrower, with full and
adequate security in each instance by indorsement, guaranty, or otherwise. The Corporation shall
retain power to require additional security at any time. The Corporation in its discretion may
upon like security extend the time of payment of any such advance through renewals, the substitution of new obligations, or otherwise, but the time for the payment of any such advance shall
not be extended beyond five years from the date on which it was originally made."
SEC. 10. That section 15 of the War Finance Corporation Act is hereby amended to read as
follows:
"SEC. 15. That all net earnings of the Corporation not required for its operations shall be
accumulated as a reserve fund until such time as the Corporation liquidates under the terms of this
title. Such reserve fund shall, upon the direction of the board of directors, with the approval of
the Secretary of the Treasury, be invested in bonds and obligations of the United States, issued or
converted after September 24, 1917, or upon like direction and approval may be deposited in member
banks of the Federal Eeserve System, or in any of the Federal reserve banks, or be used from time
to time, as well as any other funds of the Corporation, in the purchase or redemption of any bonds
issued by the Corporation.
The Federal reserve banks are hereby authorized to act as depositaries
for and as fiscal agents of the Corporation in the general performance of the powers conferred by this
title. Beginning twelve months after the termination of the war, the date of such termination to be
fixed by a proclamation of the President of the United States, the directors of the Corporation shall
proceed to liquidate its assets and to wind up its affairs, but the directors of the Corporation, in their
discretion, may, from time to time, prior to such date, sell and dispose of any securities or other property acquired by the Corporation. Any balance remaining after the payment of all its debts shall
be paid into the Treasury of the United States as miscellaneous receipts, and thereupon the
Corporation shall be dissolved."
SEC. 11. That the short title of this Act shall be "Victory Liberty Loan Act."
Passed the House of Eepresentatives February 26, 1919.
Attest:
SOUTH TEIMBLE,
Clerk.
By J. C. SOUTH,
Chief Clerk.




8o

RECEIPT OF LIBERTY BONDS FOR ESTATE OR INHERITANCE TAXES.
(See page IS.)
1919.

TREASURY

Department Circular No. 132.

DEPARTMENT,

OFFICE OF T H E SECRETARY.

Washington,

Loans and Currency.

January 80, 1919.

1. T h e following regulations are prescribed pursuant to section 14 of the Second Liberty Bond
Act, approved September 24, 1917, as amended by Third Liberty Bond Act, approved April 4,
1918, which section, as so amended, reads as follows:
SEC. 14. That any bonds of the United States bearing interest at a higher rate than four per centum per annum
(whether issued under section one of this Act or upon conversion of bonds issued under this Act or under said Act
approved April twenty-fourth, nineteen hundred and seventeen), 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 prescribed 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.
2. The bonds described in said section a t present issued and outstanding are—
(a) First Liberty Loan converted 4J4 per cent bonds of 1932-47, dated M a y 9, 1918.
(b) First Liberty Loan second converted <V/i per cent bonds of 1932-47, dated October 24
1918. (These bonds are of course not yet receivable in payment of taxes.)
(c) Second Liberty Loan converted 4^t per cent bonds of 1927-42, dated M a y 9, 1918.
(d) Third Liberty Loan 4*4 per cent bonds of 1928, dated M a y 9, 1918.
(e) Fourth Liberty Loan 4*4 per cent bonds of 1933-38, dated October 24, 1918. (These
bonds are of course not yet receivable in payment of taxes.)
3. Bonds of the issues above described are receivable for such taxes only in case such bonds
have been owned by the decedent continuously for at least six months prior to the date of his
death and upon such date constitute part of his estate. The reckoning of the required period of
ownership will begin on the date when the decedent acquired such bonds by original subscription,
by purchase, by conversion of bonds of other issues, or otherwise. I n the case of acquisition of
bonds by conversion of bonds of other issues previously owned, the date of presentation for conversion to the Treasury D e p a r t m e n t or a Federal Reserve Bank will be deemed the date of acquisition. Exchange of coupon for registered bonds, or of registered for coupon bonds, or of
bonds of one denomination for bonds of other denominations of the same issue, within six months
prior to the date of death of the decedent, will not prevent the receipt of such bonds for estate or
inheritance taxes, provided t h a t no change of ownership takes place.
4. Bonds tendered for payment of taxes pursuant to this regulation must be accompanied by
an affidavit of one or more of the legal representatives of the estate on Form 760 hereto attached,
and the collector is authorized to require such further evidence as may be necessary to enable
him to determine t h a t the bond or bonds are properly receivable in payment of estate or inheritance
taxes pursuant to law and these regulations.
5. On receipt of such bonds, and on making such determination, and provided t h a t the bonds
tendered conform to the other provisions of these regulations, the collector shall stamp or plainly
write upon the face of each bond, the following:
.'
This bond has this day been received in payment of estate (or inheritance) taxes on the
(Date.)

estate of

under authority of law, and the same will not be redeemed by the United States
(Name of decedent.)

except for credit of the undersigned
District of




Collector of Internal Revenue for the

8i

„

2

and shall duly sign the same. Coupons, if any, attached to each bond, shall be stamped or marked
"paid" on the face of each coupon in letters of sufficient size to be plainly legible.
6. The entire tax may be paid in bonds, or the tax may be paid partly in bonds, and partly
by any other form of payment permitted by law or regulations duly in force. Collectors may not,
however, receive bonds, the par value and accrued interest of which, computed in accordance
with these regulations, aggregate a greater amount than the tax in payment of which the bonds
are tendered.
COUPON BONDS

7. Coupon bonds received for such taxes must be delivered to the collector with all unmatured
coupons attached and with all matured coupons detached. Detached matured coupons will not
be receivable in payment of estate or inheritance taxes. The portion of the face amount of the
current coupon which represents accrued interest to date of receipt of taxes will be determined
in the manner prescribed by the interest table (b) hereto attached, and such accrued interest will
be receivable for estate or inheritance taxes. (Page 85.)
8. Coupon bonds, after being received, and reception noted on the bonds, as above required,
will be deposited by the collector in the Federal Reserve bank of the district in which his office
is located as a deposit of the par value with accrued interest, determined as above required. Such
bonds must be transmitted by registered mail but will not be insured. The collector will transmit
with the bonds an accurate schedule on Form 761 hereto attached, showing the serial number
and denomination of each bond transmitted, the issue, the date of issue, the face value and date
of receipt for taxes, the amount of accrued interest and the amount for which credited against
estate or inheritance taxes. Such schedule shall be made in quadruplicate, the original to accompany the bonds deposited with the Federal Reserve bank, the duplicate to be transmitted to
such Federal Reserve bank under separate cover, the triplicate to be transmitted to the Secretary
of the Treasury, Division of Loans and Currency, Washington, and the remaining copy to be
retained by the collector. (Page 90.)
9. A Federal Reserve bank on receipt and examination of such bonds will charge the Treasurer's account with par and accrued interest to date of receipt for taxes as reported by the collector,
give credit to the collector for like amount, and will issue a certificate of deposit in triplicate on
National Bank Form 15, and transmit the original to the Secretary of the Treasury through the
Treasurer of the United States with its transcript, and the duplicate and triplicate to the Collector,
who will forward the duplicate to the Commissioner of Internal Revenue. Such Federal Reserve
bank will then physically cancel the bonds and coupons attached, and transmit the same to the
Treasurer of the United States with the original or duplicate of the Collector's schedule (Form
761). to which shall be added the Federal Reserve bank's certificate as shown thereon. (Page 90.)
REGTSTERED

BONDS

10. Registered bonds are also receivable for estate or inheritance taxes in accordance with these
regulations. In addition to requiring the affidavit (Form 760) the collector shall determine that
the registered owner whose name is inscribed on the bond is identical with the decedent whose
estate is liable to estate (or inheritance) taxes and that the bond is presented from the custody or
control of the legal representative or representatives of such estate. Such bond shall be assigned
to "the Secretary of the Treasury for redemption in payment of estate (or inheritance) taxes" by
the authorized representative or representatives of the deceased registered owner. Such representative or representatives must furnish to the collector a certificate under the seal of the court
in which the estate is being administered or a duly authenticated copy of the letters testamentary
or of administration, showing the appointment of such representative or representatives, and the
date thereof. Such certificate must be dated within thirty days prior to its presentation to the




82

3

collector. If the representative be appointed to execute a will, a certified copy of the will must
be furnished to the collector. All such documents of authority will be attached to the bond and
forwarded therewith by the collector as hereinafter provided. Where there are two or more legal
representatives, all must unite in an assignment, unless by decree of court or testamentary provision some one or more of them is or are designated or empowered to dispose of the bonds. The
form printed on the back of the bond must be used for assignment, and the assignment must be
dated and properly acknowledged as prescribed in the note printed on the back of the bond.
Officers authorized to take acknowledgments of assignments of registered bonds in addition to those
mentioned on the back of the bond are designated in the Regulations of the Treasury Department in
Relation to United States Bonds. The collector will satisfy himself that the above-mentioned
documents of authority and the requisite signatures and acknowledgments are in hand before
noting on the bond its reception for taxes, as provided in paragraph 5 hereof, but the final determination of the correctness or validity of the assignment will be made by the Secretary of the
Treasury, Division of Loans and Currency, at Washington, on receipt of all such bonds and documents, when transmitted as hereinafter provided.
11. By reason of the•periodicalclosing of the transfer books of the Treasury Department for the
payment of interest on registered bonds, and the impossibility of stopping payment of interest to the
registered holder during the period of such closing, registered bonds will not be receivable in payment
of estate or inheritance taxes during the period of closing of the books of the issue in question. The
books are closed with respect to each issue for one month prior to each interest date. The closed
periods with respect to each bond may therefore be determined by inspection of the bond itself,
being one month prior to each interest payment date named thereon, and until the day following
auch interest payment date. The closed periods for each issue of bonds receivable for estate or
inheritance taxes are also stated in table (d) hereto attached. (Page 90.)
12. Collectors will examine each registered bond tendered for estate or inheritance taxes to
determine whether the transfer books of the issue in question are then opened or closed. If the
books are then open but are due to close on a date too early to permit the bond to be transmitted
to the Secretary of the Treasury, Division of Loans and Currency, and to be received by such
division prior to the closing date, the collector will advise the Secretary of the Treasury, Division
of Loans and Currency, by telegraph at the time of receipt of the bond, using Form (e) hereto
attached, and will immediately confirm the same by mail. The Division of Loans and Currency
will thereupon stop interest payment on such bond. The Secretary reserves the right (a) to refuse
to receive in payment of estate or inheritance taxes any registered bond tendered to the collector
during an open period but received at the Division of Loans and Currency during a closed period
of the transfer books of the issue in question, unless the current payment of interest on such bond
has been stopped, (b) to adjust the value at which such bond will be received in payment of estate
or inheritance taxes at the equivalent of par and accrued interest on the date on wThich such bond
was properly tendered to the collector. (Pngc 91.)
13. Registered bonds receivable in accordance with these regulations will be received at par
and accrued interest, computed from the last preceding interest date as shown thereon, to the
date of receipt, in accordance with Table (b) hereto attached. (Page 85.)
14. Registered bonds when so received, and bearing the stamp or writing required by paragraph 5 hereof, will be transmitted with all accompanying documents of authority to the Secretary of the Treasury, Division of Loans and Currency, Washington, by registered mail, but not
insured. The collector will make an accurate schedule on Form 762 hereto attached in triplicate
showing the date of death of the decedent, the serial number and denomination of each bond, the
issue, the date of issue, the face value, the date of receipt for taxes, and the amount for which
credited against estate or inheritance taxes. The original of this schedule must accompany the




83

4

bonds sent to the Secretary of the Treasury, Division of Loans and Currency; the duplicate shall
be transmitted to the Secretary of the Treasury, Division of Loans and Currency, under separate
cover; and the triplicate shall be retained by the collector. (Page 92.)
1
15. On receipt of such bonds, the Division of Loans and Currency will determine whether
the assignment has been properly executed, whether the bonds are of an issue receivable for estate
or inheritance taxes hereunder, whether the Department's record of registration is consistent with
the affidavit of ownership (Form 760), and the amount at which such bonds are receivable for
estate or inheritence taxes, and will, if it find the bonds in order, transmit them with its advice on
Form L. & C. 122 to the Treasurer of the United States for redemption. The Treasurer will
thereupon cancel the bonds and issue a certificate of deposit in the name of the collector, in triplicate, and will forward the original to the office of the Secretary of the Treasury, Division of Public
Moneys, and transmit the duplicate and triplicate of such certificate to the Commissioner of
Internal Revenue, Accounts Division, who will forward the triplicate to the collector. (Page 92.)
GENERAL.

16. Until certificates of deposit are received by the collector, the amounts of bonds deposited
must be carried as "Cash on hand," and not credited as "Collections," as the dates of the certificates of deposit determine the dates of collections.
17. The right is reserved to amend or withdraw the foregoing regulations in whole or in part
at any time.
CARTER GLASS,
Secretary of the Treasury.
TREASURY D E P A R T M E N T ,
INTERNAL R E V E N U E ,

F o r m 760.

(See page 81.)
AFFIDAVIT OF OWNERSHIP OF BONDS.
STATE OF

County of.

ss:

We (I),
the undersigned execut
, administrat
, beneficiar
,
legal representative of the estate of
deceased, who died on
,
19
, do severally swear that the bond.... described below bearing interest at a higher rate than 4 per centum per
annum was (or were) each owned by the decedent continuously for at least six months prior to the date of his (or her)
death and upon such date constituted part of his (or her) estate, and that the following statements with respect to
each such bond are true to the knowledge of deponent, to wit:
Serial
No.

Description of issue.

Date of issue.

Date of
maturity.

Date of
Face
acquisition
value.
by decedent.

Coupon or
registered.

(Each bond must be entered separately.)

(Address for mail.)

Subscribed and sworn to before me at




this

day of

, 19.

Notary Public, Deputy Collector.

84

TABLE

(6).

TREASURT DEPARTMENT.
DIVISION OF LOANS AND CURRENCT

F o r m L. & C. 90.
(Ed. 50,000—Sept. 16, 1918.)

(See page 81.)

LIBERTY LOAN
INTEREST TABLE FOR 4H PER CENT BONDS.
Interest on $100 at 4lA per cent per annum, payable semiannually (2/^
per cent per half year).
[Tables prepared by Government Actuary.]

NOTE.—Interest on United States bonds is computed on actual days basis within
the interest period. For any given interest computation the appropriate column to
be used may be determined from the following:
NUMBER OF DAYS IN EACH HALF YEAR.

Half year ending the 15th day of—
Regular years—
March, May, July, August
April, June
October, December
January, February, September,
November.

Days. Leap years—
Days181
March, May, July, August
182
182
April, June, October, December 183
183
January, February, September,
November.
184
184

Half year of 181
days.

Half year of 182
days.

Half year of 183
days.

Half year of 184
days.

1
2
3
4
6

$0.01174033
.02348066
.03622099
.04696133
.06870166

$0.01167682
.02335166
.03502747
.04670330
.05837912

$0.01161202
.02322404
.03483607
.04644809
.06806011

$0.01154891
.02309783
.03464674
.04619565
.06774457

6
7
8
9
10

.07044199
.08218232
.09392266
.10666298
.11740331

.07005495
.08173077
.09340659
.10608242
.11675824

.06967213
.08128415
.09289617
.10460820
.11612022

.06929348
.08084239
.09239130
.10394022
.11548913

11
12
13
14
16

.12914365
.14088398
.16262431
.16436464
.17610497

.12843407
.14010989
.16178671
.16346164
.17613736

.12773224
.13934426
.16095628
.16266831
.17418033

.12703804
.13858696
.15013687
.16168478
.17323370

16
17
18
19

20

.18784530
.19968664
.21132597
.22306630
.23480663

.18681319
.19848901
.21016484
.22184066
.23351648

.18579236
.19740437
.20901639
.22062842
.23224044

.18478261
.19633162
.20788043
.21942935
.23097826

21
22
23
24
26

.24664696
.26828729
.27002762
.28176796
.29360829

.24519231
.26686813
.26854396
.28021978
.29189660
(5)

.24386246
.25646448
.26707650
.27868862
.29030065

.24262717
.25407609
.26662600
.27717391
.28872283

Days.




85




6

Days.

Half year of 1S1
days.

Half vcar of 1S2
days.

Half year of 183
days.

Half year of 184
days.

26
27
28
29
30

$0.30524862
.31698896
.32872928
.34046961
.36220994

$0.30357143
.31624725
.32692308
.33859890
.36027473

$0.30191267
.31352459
.32513661
.33674863
.34836066

$0.30027174
.31182065
.32336957
.33491848
.34646739

31
32
33
34
35

.36395028
.37569061
.38743094
.39917127
.41091160

.36196055
.37362637
.38530220
.39697802
.40866385

.35997268
.37158470
.38319672
.39480874
.40642077

.35801630
.36966522
.38111413
.39266304
.404:21196

36
37
38
39
40

.42265193
.43439227
.44613260
.45787293
.46961326

.42032967
.43200649
.44368132
.45636714
.46703297

.41803279
.42964481
.44125683
.45286886
.46448087

.41676087
.42730978
.43885870
.46040761
.46196662

41
42
43
44
45

.48135359
.49309392
.60483425
.51657469
.62831492

.47870879
.49038462
.50206044
.51373626
.52541209

.47609290
.48770492
.49931694
.51092896
.52254098

.47360643
.48605435
.49660326
.50815217
.61970109

46
47
48
49
60

.64005525
.55179558
.66353691
.57527624
.68701667

.63708791
.64876374
.56043956
.57211538
.68379121

.63415301
.64676503
.65737706
.66898907
.68060109

.63125000
.64279891
.55434783
.66689674
.57744566

61
62
53
64
65

.59876691
.61049724
.62223757
.63397790
.64671823

.69546703
.60714286
.61881868
.63049451
.64217033

.69221311
.60382514
.61543716
.62704918
.63866120

.68899457
.60054348
.61209239
.62364130
.63619022

66
67
68
69
60

.65746856
.66919889
.68093923
.69267966
.70441989

.66384615
.66552198
.67719780
.68887363
.70054945

.65027322
.66188525
.67349727
.68610929
.69672131

.64673913
.65828804
.66983696
.68138587
.69293478

61
62
63
64
65

.71616022
.72790066
.73964088
.76138122
.76312165

.71222527
.72390110
.73557692
.74726275
.75892857

.70833333
.71994536
.73155738
.74316940
.75478142

.70448370
.71603261
.72758152
.73913043
.75067935

66
67
68
69
70

.77486188
.78660221
.79834254
.81008287
.82182320

.77060440
.78228022
.79396604
.80563187
.81730769

.76639344
.77800546
.78961749
.80122951
.81284153

.76222826
.77377717
.78532609
.79687500
.80842391

71
72
73
74
75

.83356364
.84530387
.86704420
.86878453
.88062486

.82898352
.84065934
.85233517
.86401099
.87568681

.82446355
.83606557
.84767760
.85928962
.87090164

.81997283
.83152174
.84307066
.85461956
.86616848

76
77
78
79
80

.89226519
.90400552
.91574586
.92748619
.93922652

.88736264
.89903846
.91071429
.92239011
.93406693

.88251366
.89412568
.90573771
.91734973
.92896176

.87771739
.88926630
.90081522
.91236413
.92391304

86

7
Days.

Half vear of 181
days.

Half vear of 182
days.

Half vear of 183
days.

Half year of 184
days.

81
82
83
84
85

$0.95096685
.96270718
.97444751
.98618785
.99792818

$0.94674176
.95741758
.96909341
.98076923
.99244506

$0.94057377
.95218579
.96379781
.97540984
.98702186

$0.93546196
.94701087
.95855978
.97010870
.98165761

86
87
88
89
90

1.00966851
1.02140884
1.03314917
1.04488950
1.05662983

1.00412088
1.01579670
1.02747253
1.03914835
1.06082418

.99863388
1.01024590
1.02185792
1.03346995
1.04508197

.99320652
1.00476643
1.01630435
1.02785326
1.03940217

91
92
93
94
95

1.06837017
1.08011050
1.09185083
1.10359116
1.11533149

1.06250000
1.07417582
1.08585166
1.09752747
1.10920330

1.05669399
1.06830601
1.07991803
1.09153005
1.10314208

1.05095109
1.06250000
1.07404891
1.08559783
1.09714674

96
97
98
99
lOO

1.12707182
1.13881215
1.15055249
1.16229282
1.17403315

1.12087912
1.13255495
1.14423077
1.15590659
1.16758242

1.11475410
1.12636612
1.13797814
1.14959016
1.16120219

1.10869565
1.12024456
1.13179348
1.14334239
1.15489130

101
102
103
104
105

1.18577348
1.19751381
1.20925414
1.22099447
1.23273481

1.17925824
1.19093407
1.20260989
1.21428571
1.22596154

1.17281421
1.18442623
1.19603825
1.20765027
1.21926230

1.16644022
1.17798913
1.18953804
1.20108696
1.21263587

106
107
108
109
H O

1.24447514
1.25621547
1.26795580
1.27969613
1.29143646

1.23763736
1.24931319
1.26098901
1.27266484
1.28434066

1.23087432
1.24248634
1.25409836
1.26571038
1.27732240

1.22418478
1.23573370
1.24728261
1.25883152
1.27038043

Ill
112
113
114
115

1.30317679
1.31491713
1.32665746
1.33839779
1.35013812

1.29601648
1.30769231
1.31936813
1.33104396
1.34271978

1.28893443
1 .30054645
1.31215847
1.32377049
1.33538251

1.28192935
1.29347826
1.30502717
1.31657609
1.32812500

116
117
118
119
120

1.36187845
1.37361878
1.38535911
1.39709945
1.40883978

1.35439560
1.36607143
1.37774725
1.38942308
1.40109890

1.34699454
1.35860656
1.37021858
1.38183060
1.39344262

1.33967391
1.35122283
1.36277174
1.37432065
1.38586956

121
122
123
124
125

1.42058011
1.43232044
1.44406077
1.45580110
1.46754144

1.41277473
1.42445055
1.43612671.44780220
1.45947802

1.40505465
1.41666667
1.42827869
1.43989071
1.45150273

1.39741848
1.40896739
1.42051630
1.43206522
1.44361413

126
L27
L28
129
L30

1.47928177
1.49102210.
1.50276243
1.51450276
1.52624309

1.47115385
1.48282967
1.49450550
1.50618132
1.51785714

1.46311475
1.47472678
1.48633880
1.49795082
1.50956284

1.45516304
1.46671196
1.47826087
1.48980978
1.50135870

1.52953297
1.54120879
1.55288462
1.56456044
1.57623626

1.52117486
1.53278689
1.54439891
1.55601093
1.66762295

1.61290761
1.52445652
1.53600543
1.54755435
1.55910326

L31
L32
L33
L34

L35




1.53798342
1.54972376
1.56146409
1.57320442
1 1.58494475

87




Days.

Half year of 181
days.

Half year of 1S2
days.

Half year of 183
days.

Half year of 184
days.

136
137
138
139
140

$1.69668508
1.60842541
1.62016674
1.63190608
1.64364641

$1.58791209
1.59958791
1.61126374
1.62293956
1.63461539

$1.57923497
1.59084699
1.60245902
1.61407104
1.62568306

$1.57065217
1.58220109
1.59375000
1.60529891
1.61684783

141
142
143
144
145

1.65538674
1.66712707
1.67886740
1.69060773
1.70234807

1.64629121
1.65796703
1.66964286
1.68131868
1.69299451

1.63729508
1.64890710
1.66051913
1.67213115
1.68374317

1.62839674
1.63994565
1.65149466
1.66304348
1.67459239

146
147
148
149
150

1.71408840
1.72582873
1.73756906
1.74930939
1.76104972

1.70467033
1.71634615
1.72802198
1.73969780
1.75137363

1.69535519
1.70696721
1.71857924
1.73019126
1.74180328

1.68614130
1.69769022
1.70923913
1.72078804
1.73233696

151
162
163
154
156

1.77279005
1.78453039
1.79627072
1.80801105
1.81975138

1.76304945
1.77472528
1.786401lO
1.79807692
1.80975275

1.75341530
1.76502732
1.77663934
1.78825137
1.79986339

1.74388587
1.75543478
1.76698370
1.77853261
1.79008152

166
167
158
169
160

1.83149171
1.84323204
1.85497238
1.86671271
1.87845304

1.82142857
1.83310440
1.84478022
1.85645604
1.86813187

1.81147541
1.82308743
1.83469945
1.84631148
1.85792350

1.80163043
1.81317935
1.82472826
1.83627717
1.84782609

161
162
163
164
166

1.89019337
1.90193370
1.91367403
1.92541436
1.93715470

1.87980769
1.89148352
1.90315934
1.91483517
1.92651099

1.86953562
1.88114754
1.89275956
1.90437169
1.91598361

1.85937500
1.87092391
1.88247283
1.89402174
1.90557065

166
167
168
169
170

1.94889503
1.96063536
1.97237569
1.98411602
1.99585636

1.93818681
1.94986264
1.96153846
1.97321429
1.98489011

1.92759563
1.93920765
1.95081967
1.96243169
1.97404372

1.91711956
1.92866848
1.94021739
1.95176630
1.96331522

171
172
173
174
175

2.00759668
2.01933702
2.03107735
2.04281768
2.05456801

1.99656593
2.00824176
2.01991758
2.03159341
2.04326923

1.98565574
1.99726776
2.00887978
2.02049180
2.03210383

1.97486413
1.98641304
1.99796196
2.00951087
2.02105978

176
177
178
179
180

2.06629834
2.07803867
2.08977901
2.10151934
2.11325967

2.05494606
2.06662088
2.07829670
2.08997253
2.10164835

2.04371586
2.06532787
2.06693989
2.07855191
2.09016393

2.03260870
2.04415761
2.05670662
2.06725543
2.07880435

181
182
183
184

2.12500000

2.11332418
2.12500000

2.10177696
2.11338798
2.12500000

2.09035326
2.10190217
2.11346109
2.12500000

88

9
EXAMPLE.

$10,000 Third Liberty Loan 4J4 per cent bond of 1928, tendered in payment of estate taxes, January 5, 1919.
Interest payment dates on Third Liberty Loan bonds are shown on the face thereof to be March 15 and September
15 in each year.
Current half year interest period therefore ends March 15, 1919.
The year 1919 being a "regular" (not a "leap") year, find "March" in the list at head of table under "Regular
years." This list shows that the half year ending March 15, in a regular year, has 181 days.
Compute number of days since the beginning of such half year that have expired to date of tender of bond, thus;
1918.
Days
September 15 to September 30
15
October
31
November.
30
December
31
1919.
January
5
Total

112

Enter table headed "Half year of 181 days" (second column) and seek in that column the amount of interest on
$100 for 112 days. This will be found opposite the figure "112" (days) in first column, and proves to be $1.31491713.
$100 is 1 /100 of $10,000 (found by division), and the amount of interest accrued on a $10,000 bond is therefore 100
times the amount shown on the table, or $131.491713.
The figures more than two places to the right of the decimal point are fractions of a cent (in this example, 1713).
Fractions more than one-half a cent will be taken as one cent and added to the total; when less than one-half a cent
they will be disregarded. In this case .1713 of a cent is less than one-half a cent; consequently, the fraction will be
disregarded, making the final figure of accrued interest sought $131.49. The bond is worth for estate taxes $10,131.49.
When more than one bond is tendered in payment of estate taxes, each bond will be computed separately, by
the use of its proper table, and the result stated with the full resulting number of decimal places. These sums will
then be added together, and the adjustment of fractions of a cent applied to the total, thus: Supposing, instead of one
bond of the par value of $10,000, three such bonds were tendered, the result would be—
First bond.
Second bond
Third bond

$131.491713
131.491713
131.491713

TotaL_„

394.475139

In this case the fraction of a cent (0.5139) is greater than one-half a cent; consequently, the accrued interest is
$394.48, and the bonds are worth for estate taxes $30,394.48.




89

TREASURY DEPARTMENT
INTERNAL REVENUE.

Form No. 761.

(See page 82.)
SCHEDULE OF COUPON BONDS RECEIVED BY COLLECTOR IN PAYMENT OF ESTATE OR INHERITANCE TAXES AND TRANSMITTED TO FEDERAL RESERVE BANK.

19
Schedule of United States coupon bonds
Liberty Loan
,
per cent, dated
, 19
, due 19
, received by
, collector of internal revenue of the
district of
, in payment of estate (or inheritance) taxes and transmitted on the above date
to the Federal Reserve Bank of New York.
(Signed)
,
Collector.
(Use S e p a r a t e Schedule for E a c h ISSUE of Bonds.
Serial No. of
bond.

Face
value.

Accrued
interest.

E n t e r Each Bond of S u c h Issue Separately.)
Total
(amount
for which
accepted
for taxes).

Date accepted by
collector.

Total

1
FEDERAL RESERVE BANK OF N E W YORK

19
I hereby certify that I have examined and forwarded to the Treasurer of the United States the above-described
bonds which were received from the collector named, amounting to S
, principal, and S
, accrued
interest, which amounts have been charged and credited in the Treasurer's general account this day pursuant to the
regulations of the Treasury Department.
Cashier.
(See page 83.)
TABLE

(d)

PERIODS DURING WHICH TRANSFER BOOKS ARE CLOSED FOR THE VARIOUS ISSUES OF LIBERTY BONDS RECEIVABLE
FOR ESTATE OR INHERITANCE T A X E S .
Closed periods.
Title of bonds.

From
close of
business.
May
Nov.
fApr.
[Oct.
Feb.
Aug.
Mar.
Sept.

First Liberty Loan converted 4J4 percent bonds of 1932-47
First Liberty Loan second converted 4J4 per cent bonds of 1932-47.
Second Liberty Loan converted 4}^ per cent bonds of 1927-42
Third Liberty Loan 414 per cent bonds of 1928
Fourth Liberty Loan \\i per cent bonds of 1933-3S
(See page IS for Victory Notes.)

To opening of
business.
June
Dec.
May
Nov.
Mar.
Sept.
Apr.
Oct.

15
15
15
15
15
15
15
15

16
10
16
16
16
16
16
16

NOTE.—If the closing date falls on a Sunday or legal holidav the transfer books will close on the preceding day; if the opening date falls on a
Sunday or legal holiday the books will open on the following day.




(10)

90

11

FORM (e).

19
(Date)
SECRETARY OF THE TREASURY,

Division of Loans and Currency,
Washington, D. C:
Stop interest on registered bonds inscribed

, aggregate face value
(Name of registered owner.)

f First
dollars < qnJjrH

"
)
f Liberty Loan (if converted or second converted, so state)

(Total par value of bonds.)

per cent, dated

(Fourth J
191

, due 19

, this day received for estate (or inheritance) taxes.
Collector.

(Bonds of only one owner and of one issue in one advice.)
[Sample of above telegram.]
CHICAGO, May

14,

1919.

SECRETARY OF THE TREASURY,

Division of Loans and Currency,
Washington, D. C:
Stop interest on registered bonds inscribed John Doe aggregate face value four thousand four hundred fifty dollars
First Liberty Loan Second Converted four and one quarter per cent dated October twenty four nineteen eighteen
due nineteen thirty two forty seven this day received for estate taxes.




RICHARD R O E ,

Collector.

9i

TREASURY DEPARTMENT
INTERNAL R E V E N U E .

F o r m 762
SCHEDULE OF REGISTERED BONDS RECEIVED BY COLLECTOR I N PAYMENT OF ESTATE T A X E S AND TRANSMITTED TO
THE SECRETARY OF THE TREASURY, DIVISION OF LOANS AND CURRENCY.

19
Schedule of United States registered bonds
Liberty Loan
,
per cent,
dated
, 19
, due 19
, received by
, collector of internal
revenue of the
district of
, in payment of estate (or inheritance) taxes and transmitted on
the above date to the Secretary of the Treasury, Division of Loans and Currency.
(Signed)
Collector.
(Use S e p a r a t e Schedule for E a c h ISSUE of B o n d s .

Serial
No.

Name of registered
owner.

Date of
death of
registered
owner.

E n t e r E a c h Bond of S u c h Issue Separately.)

Face
value.

Accrued
interest.

Total
(amount
for which
accepted
for taxes).

Date accepted by
collector.

Total..

TREASURY D E P A R T M E N T ,
LOANS A N D CURBENCT.

F o r m L & C 122
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
DIVISION OF LOANS AND CURRENCY,

Washington,

, 19

The TREASURER OF THE UNITED STATES.

SIR: You are advised that the attached bond...., registered in the name of
'.
received by the collector of internal revenue,
district of
, in payment of estate or inheritance
taxes on the estate of said registered owner, have been examined and found to be duly assigned to the Secretary of
the Treasury for redemption in payment of estate (or inheritance) taxes, and to be receivable in payment of such
taxes at the values shown in the following table:
Serial
No.

Description of
issue.

(Bonds of only one owner on each form.

Total

Face
value.

Accrued
interest.

Total
value for
payment
of tax.

Each bond must ba entered separately.)

$
Respectfully,




Chief Division of Loans and Currency.
(12)

92

(See also page 134.)

EXTENSION OF CONVERSION PRIVILEGE
DeP.rtme„t a r c l NO. ,37.

TREASURY DEPARTMENT;
OFFICE OF THF SECRETARY,

Loans and Currency.

^Yasllington, March 7, 1919.
To Holders of 4 Per Cent Gold Bonds of 1932-47 of the First Liberty Loan Converted and 4 Per
Cent Gold Bonds of 1927-42 of the Second Liberty Loan:
By virtue of the authority conferred upon the Secretary of the Treasury by section 5 of the
Victory Liberty Loan Act, approved March 3, 1919, the privilege of converting 4 per centum bonds
of 1932-47 of the First Liberty Loan Converted and 4 per centum bonds of 1927-42 of the
Second Liberty Loan into 4^4 P e r centum bonds, which privilege arose on May 9, 1918, and expired
on November 9, 1918, is hereby extended, subject to the provisions of this circular, for the
period beginning March 7, 1919, and ending at such date as may be fixed by the Secretary of the
Treasury on six months' public notice given in such manner as he shall prescribe. Said conversion
privilege is described in Department Circular No. 114, dated May 9, 1918, and the provisions of
Titles I, IX, X, and XI of said circular, except as herein otherwise provided, shall apply to and
govern said conversion privilege as hereby extended. (See titles referred to, on page 134.)
This circular does not apply to any conversion privilege which arose in favor of the 3 %
per centum bonds of 1932-47 of the First Liberty Loan.
Conversions in the exercise of the conversion privilege as hereby extended may be effected by
presentation and surrender of 4 per centum bonds of the First Liberty Loan Converted and 4
per centum bonds of the Second Liberty Loan to the respective Federal Reserve Banks in Boston,
New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas
City, Dallas, and San Francisco, or to the Secretary of the Treasury, Division of Loans and
Currency, Washington. Such bonds so presented and surrendered for conversion must be accompanied by "Request for Conversion" in the form prescribed by the Secretary of the Treasury
(Form L and C 25A, 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 bonds presented for conversion. (See pages 95-96.)
Registered bonds will be delivered upon conversion of coupon bonds if written request therefor be submitted with Request for Conversion. Coupon bonds will be delivered upon conversion
of registered bonds if the registered bonds presented for conversion are duly assigned to "The
Secretary of the Treasury for conversion and exchange for coupon bonds" on the form appearing
on the back thereof; such assignments must be duly executed in the presence of an officer
authorized to witness assignments of United States registered bonds. Bonds will be delivered so
far as practicable in like denominations as the bonds upon the conversion of which they are respectively issued, unless written request for delivery in other denominations be submitted with Request for Conversion. Changes of ownership will be permitted upon conversions of registered
bonds if the registered bonds presented for conversion have been duly assigned for transfer in
accordance with the regulations governing assignments of United States registered bonds. Changes
of ownership of registered bonds, however, can not be effected when the transfer books for the Loan
in question are closed, and requests for conversion involving such changes of ownership received
during any such period when the transfer books are closed, will be effective during such period
only as presentations for conversion, and the changes of ownership will not be effected until the
reopening of the transfer books. The transfer books for the First Liberty Loan Converted will be
closed from May 16 to June 15 and from November 16 to December 15, and for the Second Liberty
Loan from October 16 to November 15 and from April 16 to May 15, in each year, in each case
both dates inclusive.




93

2
For the purpose of computing the amount of interest payable, bonds presented for conversion
under this circular shall be deemed to be converted on the dates for the payment of the semiannual interest on the respective bonds so presented for conversion next succeeding the date of
such presentation. Interest will be paid on registered bonds presented for conversion at the rate
of 4 per centum per annum to the semiannual interest payment date next succeeding the date of
presentation for conversion, to the registered owner of the bonds presented for conversion, or in
case change of ownership has been effected upon the conversion before the closing of the transfer
books in anticipation of such semiannual interest payment, to the registered owner of the bonds
issued upon such conversion. Registered bonds issued upon conversion will bear interest at
the rate of 4 ^ per centum per annum from the semiannual interest payment date next succeeding the date of presentation for conversion. I n the case of coupon bonds presented for conversion, all coupons maturing on or before the semiannual interest payment date next succeeding
the date of presentation for conversion must be detached and collected in ordinary course when
due. All subsequent coupons must be attached. Coupon bonds issued upon conversion will bear
interest at the rate of 4*4 per centum per annum from the semiannual interest payment date
next succeeding the date of presentation for conversion, and will have interest coupons attached
thereto covering semiannual interest payments up to and including the respective maturities of
such bonds: Provided, however, that until June 15, 1920, in the case of bonds of the First
Liberty Loan Converted, and until May 15, 1920, in the case of bonds of the Second Liberty
Loan, coupon bonds issued upon conversion will have coupons attached thereto covering semiannual interest payments only up to and including June 15, 1920, and May 15, 1920, respectively, the bonds so delivered being exchangeable on and after said dates, respectively, into a
new bond or bonds having coupons attached thereto covering semiannual interest payments up
to and including the respective maturities of such bonds.
N"o adjustments of interest will be required upon conversions of either registered or coupon
bonds under this circular.
Transportation charges upon bonds presented for conversion must be paid by the holders.
Coupon bonds to be delivered upon conversion will either be delivered directly to the holders of
the bonds surrendered for conversion at the time of such surrender, or in the absence of other
written instructions and remittances to cover expenses, will be expressed at the owners' risk and
expense. Registered bonds to be delivered upon conversions, unless delivered directly 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, unless otherwise directed in writing.
As the cost of transportation of coupon bonds by express is greater than by registered mail
insured, holders. of coupon bonds 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 bonds to be converted and of the bonds
to be issued upon conversions, 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 arrangement will be furnished by Federal Reserve Banks to
incorporated banks and trust companies.
The Secretary of the Treasury reserves the right at any time to suspend or terminate the
extension of the conversion privilege made by this circular upon six months' public notice given
in such manner as he shall prescribe. The right is also reserved to make from time to time
any supplementary or amendatory rules and regulations governing the exercise of the conversion
privilege hereby extended, information as to whicli may be obtained from the Treasury Department
or through any Federal Reserve Bank.




CARTER GLASS,
Secretary of the

94

Treasury.

B 1 80A

- -

(See page 93.)

(Pink Copy)

FORM L AND C 25 A

REQUEST FOR CONVERSION
Separate blanks must be used for each of the two series of bonds.
Do not surrender or request both coupon and registered bonds on the
same blank.
To FEDERAL RESERVE BANK OF NEW YORK,
Date

1919

BOND ISSUE DIVISION

120 BROADWAY, NkW YORK CITY, N. Y.
The undersigned herewith presents and surrenders:
Use one line only.
j 4% Convertible Gold Bonds of 1932-47 of the First Liberty Loan Converted.
Cross out line not used. } 4%
"
"
"
" 1927-42 of the Second Liberty Loan.
In

{Regrstered}f°rma8f0ll0W8:

Denomi
nations

No. of Pieces

$

Enter belozu the numbers of coupon bonds surrendered.
(If space for listing numbers is not sufficient, use back of this sheet.)

Amount

50

100

500

1,000

5,000

10,000 •
(When registered bonds are surrendered show only total amount)
Total $.
and requests that the same be converted according to the terms of Treasury Department Circular No. 114, dated May 9, 1918, and
Circular No. 137 March 7, 1919, into an equal face amount of
4X%^CouP°n
[Gold Bonds of the above issue as follows:
Registered)
Number of
Pieces

Denominations

Amount

Number of
Pieces

Leave this Space Blank

Denominations

Amount

Leave this Space Blank

$

5,000. 10,000. 50,000- 100,000,

$

50
100
500
1.000

Total-

Total.

If registered bonds are desired, use form on next page for names, etc.
(Signature in Full)
IN TELLER

(These

spaces

CHECKED

(Address)
TOTAL EXT.
CHECKED

to be used only by the Federal




NUMBERS
CHECKED

Reserve

REGISTERED LIST
CHECKED

Bank)

95

(City or Town)
EXCHANGE
RECORD

DELIVERY
PREPARED

DELIVERY
CHECKED

AUDITED

SCHEDULE FOR ISSUE OF 4'/% REGISTERED CONVERTED BONDS
(See pages 56 and 95.)

Use Typewriter iif possible, otherwise print names carefully.
Names in which bonds shall be registered,
and post-office address for interest
checks and mail.




(Indicate in proper column number of bonds desired of each denomination.)
AMOUNT
$50

$100

$500

$1,000

$5,000

Total aggregate amount registered bonds

96

$10,000

$50,000

$100,000

j $.

4
FOLLOWING FORMS TO BE USED ONLY FOR GIVING SPECIAL INSTRUCTIONS.

I. If registered bonds are desired upon conversion of coupon bonds, use this

form.

Referring to $
face amount, of coupon bonds surrendered herewith for conversion, the undersigned hereby requests the issue of registered bonds inscribed in the name of.
(Mr., Mrs., or Miss.)

(First name in full.)

(Middle name o r initial.) Last name.
partnership, or other person.)

(Or complete legal name of corporation,

Address fo r interest checks
(Give full address.)

"

(Number.)
(City.)

(Street.)
(State.)

Signature of person signing request for conversion
II. 7/ delivery is desired of bonds in a different

denomination

or denominations

from

the bonds or bonds

Referings to $
,* face amount, of bonds surrendered for conversion herewith, the undersigned
surrendered, use this form.
hereby requests delivery of bonds upon conversion as follows:
Number of bonds.

Denominations.

Total.

$50
$100
$500
$1,000
$5,000
$10,000
2
$50,000
2
$100,000
Total i . . $
1 These amounts must be the saiwe, otherwise request may be
disregarded.
2 Coupon bonds are not issued in these denominations.

Signature of person signing request for conversion




97

LOAN

INTEREST
COUPONS

DATE—MATURITY
F i r s t Liberty L o a n

DUE

J u n e 15

3 H % — 1 5 to 30 year

First C o u p o n '
J u n e 15-1917 t o D e c . 15-1917

INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST
D A T E O F LAST
ON
ON
ON
ON
ON
C O U P O N ON
ON
TEMPORARY BOND
$100.
$50.
$500.
$1,000.
$5,000.
$10,000.
.87

1.75

8.75

Second Coupon
and

Bond d a t e d J u n e 15-1917
D e c . 15
M a t u r e s Juno 15-1932-47
Second Liberty Loan
4 % — 1 0 to 25 year
Bond dated N o v . 15-1917

M a y 15
and
N o v . 15

M a t u r e s N o v . 15-1927-42

T h i r d L i b e r t y Loan
4 M % — 1 0 year

M a r c h 15
and

Bond d a t e d M a y 9-1918
S e p t . 15
M a t u r e s Sept. 15-1928

Fourth Liberty Loan
4 ^ % — 1 5 t o 20 year

April 15
and

Bond d a t e d O c t . 24-1918
O c t . 15
M a t u r e s O c t . 15-1933-38




o
o

17.50

Dec. 15-1917 to J u n e 15-1918

.88

1.75

8.75

Definitive bond
issued

17.50

cr rPt
rt
rt
o

On $50 coupons alternate 87e-88c
First Coupon
N o v . 15-1917 to M a y 15-191S
Second Coupon
M a y 15-1918 to N o v . 15-1918
Third Coupon
N o v . 15-1918 to M a y 15-1919
Fourth Coupon
M a y 15-1919 to N o v . 15-1919
First Coupon / Adjustment
\ of 129 d a y s
M a y 9-1918 t o Sept. 15-1918
Second Coupon
Sept. 15-1918 to M a r c h 15-1919
Third Coupon
March 15-1919 to Sept. 15-1919
Fourth Coupon
Sept. 15-1919 to M a r c h 15-1920
First Coupon / Adjustment
\ of 173 days
O c t . 24-1918 t o April 15-1919
Second Coupon
April 15-1919 t o Oct. 15-1919
T h i r d Coupon
Oct. 15-1919 to April 15-1920
Fourth Coupon
April 15-1920 to Oct. 15-1920

1.00

2.00

;o.oo

20.00

100.00

200.00

1.00

2.00

10.00

20.00

100.00

200.00

1.00

2.00

10.00

20.00

100.00

200.00

1.00 •

2.00

10.00

20.00

100.00

r

200.00

3

N o v . 15-1919

r

o
p
3

.74

1.49

7.45

14.90

74.49

148.98

LOG

2.12

10.02

21.25

100.25

212.50

LOG

2.13

10. G3

21.25

10G.25

212.50

LOG

2.12

10.02

21.25

10G.25

212.50

1.01

2.02

10.10

20.20

101.00

201.99

LOG

2.13

10.03

21.25

100.25

212.50

LOG

2.12

10.02

21.25

100.26

212.50'

1.07

2.13

10.03

. 21.25

10G.25

212.50

3

•a

oK
1
—
HH

3

rt

fD.
March 15-1920

o
c
>
o
o
3

CO

fD
G
O
rt

o
c
fD

Oct. 15-1920

O
3

LOAN
DATE—MATURITY

INTEREST

4%
First Liberty Loan
Converted
Bond dated N o v . 15-1917

J u n o 15
and
Deo. 15

M a t u r e s J u n o 15-1932-47

4M%
First Liberty L o a n
Converted
Bond d a t e d M a y 9-1918

J u n o 15
and
D e c . 15*

Converted
Bond d a t e d M a y 9-1918

M a y 15
and
N o v . 15

M a t u r e s N o v . 15-1927-42

June
Dec.
June

J u n o 15

First Coupon
M a y 15-1918 to N o v . 15-1918
Second Coupon
N o v ; 15-1918 t o M a y 15-1919
T h i r d Coupon
M a y 15-1919 to N o v . 15-1919
F o u r t h Coupon
N o v . 15-1919 to M a y 15-1920
Dec.
June

Bond d a t e d Oct. 24-1918

and
Dec.

M a t u r e s J u n e 15-1932-47

Deo. 15
June
May

Victory Liberty Loan
3 ? i % 3-1 year
N o t e d a t e d M a y 20-1919
M a t u r e s M a y 20-1923

J u n e 15
and
Doc. 15

Dec.
Juno
Dec.
Juno
Dec.
June
Dec.

Victory Liberty Loan
4 % % 3-4 year
N o t e d a t e d M a y 20-1919
M a t u r e s M a y 20-1923




J u n e 15
and
D e c . 15

First Coupon
15-1918 to D e c . 15-1918
Second Coupon
15-1918 to J u n o 15-1919
T h i r d Coupon
15-1919 to D e c . 15-1919
F o u r t h Coupon
15-1919 t o J u n e 15-1920

First Coupon
15-1918 to J u n o 15-1919
Second Coupon
15-1919 to Doc. 15-1919
Third Coupon
15-1919 to J u n o 15-1920
F o u r t h Coupon
15-1920 to D e c . 15-1920
First Coupon—209 D a y s
20-1919 t o D e c . 15-1919
Second Coupon
15-1919 t o J u n e 15-1920
Third Coupon
15-1920 to D e c . 15-1920
Fourth Coupon
15-1920 to J u n e 15-1921
Fifth Coupon
15-1921 to D e c . 15-1921
Sixth Coupon
15-1921 to J u n e 15-1922
Seventh Coupon
15-1922 to D e c . 15-1922 •
E i g h t h Coupon—15G D a y s
15-1922 t o M a y 20-1923

First Coupon—209 D a y s
M a y 20-1919 to D e c . 15-1919
Second Coupon
Dec.-15-1919 to J u n o 15-1920
Third Coupon
Juno 15-1920 to D e c . 15-1920
F o u r t h Coupon
D e c . 15-1920 to J u n e 15-1921
Fifth Coupon
J u n e 15-1921 to Dec. 15-1921
Sixtli Coupon
D e c . 15-1921 to J u n e 15-1922
Seventh Coupon
J u n e 15-1922 to D e c . 15-1922
E i g h t h Coupon—15G D a y s
D e c . 15-1922 t o M a y 20-1923

INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST
D A T E OF LAST
ON
ON
ON
ON
ON
COUPON ON
ON
$100.
$50.
$500.
$1,000.
$10,000. T E M P O R A R Y B O N D
$5,000.
.90

1.79

8.95

17.91

89.55

179.10

.87

1.75

8.75

17.50

87.50

•175.00

1.00

2.00

10.00

20.00

100.00

200.00

1.00

2.00

10.00

20.00

100.00

200.00

1.00

2.00

10.00

20.00

100.00

200.00

1.00

2.00

10.00

20.00

100.00

Dec. 15-1919

200.00

cr
o

1.06

2.12

10.62

21.25

106.25

212.50

1.00

2.13

10.63

21.25

106.25

212.50

l.OG

2.12

10.62

21.25

100.25

212.50

1.07

2.13

10.63

21.25

10G.25

212.50

o
p

r

tj

l.OG

2.12

10.62

21.25

10G.25

212.50

3

P

l.OG

2.13

10.63

21.25

106.25

212.50

1.06

2.12

10. G2

21.25

106.25

212.50

1.07

2.13

10.63

21.25

106.25

212.50

l.OG

2.12

10.02

21.25

106.25

212.50

1.06

2.13

10.63

21.25

106.25

212.50

>7

J u n e 15-1920

M a y 15-1920

^

P

a
o
3

c
«-r-

<-t
1—'•

3 o
P- 3
O

l.OG

2.12

10.62

21.25

10G.25

212.50

<
o
O

1.07

2.13

10.63

21.25

106.25

212.50

*<

1.07

2.14

. 10.71

21.43

107.14

214.29

1.87

9.37

18.75

93.75

187.50

z
o

rt-

.93
.94

1.88

9.38

18.75

93.75

187.50

rtCO

d

.94

1.87

9.37

18.75

93.75

187.50

Cou

4H%
First Liberty L o a n
Second Converted

( 5 months @ 3J^%
1 month @ 4 %
1 on Bond converted
First a d j u s t m e n t ) as of N o v . 15-1917
Coupon 1A
( 6 / 1 5 / 1 7 to 1 2 / 1 5 / 1 7
6 m o n t h s ©3%%
First a d j u s t m e n t on Bond converted
Coupon I B
as ofDec.15-1917
I 6 / 1 5 / 1 7 to 1 2 / 1 5 / 1 7
Second C o u p o n
D e c . 15-1917 t o J u n e 15-1918
Third Coupon
J u n o 15-1918 to D e c . 15-1918
Fourth Coupon
D e c . 15-1918 to Juno 15-1919
Fifth Coupon
J u n o 15-1919 to D e c . 15-1919

Dec.

M a t u r e s J u n e 15-1932-47
4K%
Second Liberty Loan

COUPONS

DUE

O
3

h*»

Dec. 15-1920

.94

1.8S

9.38

18.75

93.75

.94

1.87

9.37

18.75

93.75

187.50
187.50

.94

1.88

9.38

18.75

93.75

187.50

.80

1.61

8.04

16.07

80.36

100.71

1.36

2.71

13.57

27.14

135.71

271.43

1.18

2.37

11.87

23.75

118.75

237.50

1.19

2.38

1 1 . SS

23.75

118.75

237.50

1.19

2.37

11.87

23.75.

118.75

237.50

1.19

2.3S

11.88

23.75

118.75

237.50

1.18

2.37

11.87

23.75

118.75

237.50

1.19

2.38

11.88

23.75

118.75

237.50

1.02

2.04

10.18

20.36

101.79

203.57

*t

*o
o
3
GO

H—I

3

rt-

O
»1
C
D
CL
<>
T

(Form of Typical Schedule.)
CHECK NO.

F E D E R A L R E S E R V E B A N K OF N E W YORK

RECEIPT NO.

SCHEDULE OF
3y2% F I R S T LIBERTY LOAN (1932-47)
4% FIRST LIBERTY LOAN C O N V E R T E D (1932-47)
4 X % FIRST LIBERTY LOAN CONVERTED ( 1 9 3 2 - 4 7 )
(PAYABLE J U N E A N D DECEMBER 1 5 T H )

1

L/ppositpn by

ISSUES

I
|

NUMBER O F
COUPONS

AT

AMOUNT

3K% of 1932-47

$

.87
.88
1.75
8.75
17.50

4% Conv. 1932-47

$

.87
.90
1.00
1.75
1.79
2.00
8.75
8.95
10.00
17.50
17.91
20.00
87.50
89.55
100.00
175.00
179.10
200.00

4X% Conv- 1932-47

$

1.06
1.07
2.12
2.13
10.62
10.63
21.25
106.25
212.50

D o N o t W r i t e H e r e — F o r U s e of Federal R e s e r v e Bank of N e w York O n l y .
1 certify that I have counted and examined the above described coupons and that this schedule in every respect is correct.

Coup. P-52




100




Coup. F-53

v-.
O

2

2L
cT

Enclose ONLY Coupons of One Issue and Denomination. N o
Payable J U N E and DECEMBER 1 5 ™

(BiuecoPy.)

First Liberty Loan of 1932-1947

o
4%

G

cd

Converted

4K% Converted

OQ

4X%-2nd Converted
CD
CO

@ $

cu

CD

r
o

*73
<U

=$

*

From.

o
o
c

o
3

Form A . No. 2 .

(See page 10.)
i H ^ " T o b e accompanied by the London Agent's Declaration on Form B w h e n
Coupons are presented for payment.

Income Tax.
BRITISH GOVERNMENT SECURITIES.
D E C L A R A T I O N to be m a d e for the purpose of claiming exemption from British Income T a x by the beneficial O W N E R of B O N D S T O BEARER or STOCK CERTIFICATES T O B E A R E R issued free of
taxation subject to t h e conditions imposed by section 4 7 of the Finance (No. 2) Act, 1 9 1 5 , as
a m e n d e d by Section 4 4 of the Finance Act, 1916.
(*) Name, address,
and occupation of the
Owner of the Bonds
or Stock Certificates
to be plainly written.
( 2 ) A person is ordinarily resident in
the United Kingdom
if as a matter of habit
he spends the greater
part of his time there.
( 3 ) The amount of
Coupons to be set out
in writing before the
Declaration is signed.

( 4 ) Name of person
witnessing the Signature of the owner
of the Bonds, &c, to
be written in full.
( 5 ) Name of owner
of Bonds, &c, to be
written in full.
§ Here state whether British Consul,
Vice-Consul, Notary
P u b l i c or British
Magistrate.

1,0)
of
by occupation
do hereby solemnly declare that I am not ordinarily resident ( 2 ) in the United Kingdom,
that I am entitled to the interest or dividends represented by the Coupons specified in the
Schedule at the back hereof, amounting to £
say ( 3 )
and that the Bonds or Stock Certificates to which such Coupons relate are in my beneficial
ownership. I further declare that, during the three years ending with the date of this
Declaration, neither I nor my wife has been in the United Kingdom except during the
following periods:—
From
to

Signature of the O w n e r . . .
Date...
fThis space is to be used when the declaration is
made before a British Consul, Vice-Consul, Notary
Public or British Magistrate.
Declared at
this
day of
191 .
Before me,
Signature.
§
Designation.

I, ( 4 ) .
of the Firm of
:
hereby certify that the above signature of
(5)
•
was written in my presence.

' Signature
Seal of British Consul,]
of witness.
Vice-Consul,
I ...
.Address.
or Notary Public
.Date.
fThis Declaration may be made without charge before a British Consul or Vice-Consul, or, if there is no
British Consular Officer near the place where the Declarant resides, it may be made before a Notary
Public or British Magistrate.
^Alternatively, the signature of the owner will normally be accepted if witnessed by a responsible officer of
an authorised bank (i.e., a bank authorised by the Commissioners of Inland Revenue to make
declarations on Forms D) at which the owner keeps a banking account, but the Commissioners of
Inland Revenue reserve the right to call for a formal declaration to be made before a British Consul
or Vice-Consul, &c, where they deem it desirable.
/ / required, the Bonds or Stock Certificates must be produced in support of this claim.

( 6 ) If Coupons are
sent d i r ec t to an
Agent m the United
Kingdom by the owner of the Bonds, &c,
this Declaration need
e signe .

(9911)

JThis space is to be used when the Signature of
the owner is witnessed by an authorised banker.

( 6 ) W h e r e Coupons are transmitted t h r o u g h a Banker or Merchant residing abroad,
o n b e n a i f of his Clients not resident in the United Kingdom, t h e following DecI
*i
«. i_ •
J
« * *
«
iaration must be signed:—
I declare that the above-named
'
j s o n e 0 f m y c ij e nts, and that the Coupons specified at the back hereof have this day been
transmitted by me for payment on his behalf to Messrs
of
Signature of Banker or
Merchant abroad
Address
Date
Wf 48647—2121. 20000, 1/17. SirJ.O.&S. Cp. 116. B845.




102

SCHEDULE OF COUPONS.
Description of Bonds
or Stock Certificates,
and due dates of
Coupons.

Total Amount of
Coupons of each
description of
Bond, etc.

The Numbers of Coupons to be entered
in consecutive order.

Aggregate Amount of )
Coupons
)

Total Number of Coupons.




T o accompany
Form A No. 2—Page 102

103

*

BC-1
Form of Typical Schedule of Coupons
British Government Issue Receivable by Federal Reserve Bank
of New York from Banking
Institutions only.

No.

(This space to be left Blank).

(See page 10.)

5% WAR LOAN (1929-1947) BOND COUPONS.
DIVIDEND, due 1st

191.

S e e Declaration on back of List, which must b e signed before Coupons are Lodged for payment. (Page J 05.)
[ K B . — T h e Coupons of each denomination MUST be placed in NUMERICAL ORDER, and in parcels of 100.]
A Coupons of
£l:5s.

B

Coupons of
£2:10s.

C Coupons of
£5

D

Coupons of
£l2:10s.

Coupons of

Coupons of
£25

£
Name

E

s.

d.

5

0

1

=

B




5 -

-

=

"

12 10 -

=

"

25 -

-

=

F

Exa

"

D
191

=

E
Date

2 10 -

C

Address

"

"

125 -

-

=

Income Tax

£
per £ =

£
104

F

Coupons of
£125

(See page 10.)

DECLARATION
Required by Finance Section, Foreign Trade Department of Great Britain, by Circulars
No. 718, of 3rd May, 1916, and No. 7 8 9 1 , of 15th August, 1917.

To the

GOVERNOR and

COMPANY of the

BANK OF ENGLAND.

I / W e hereby declare that none of the Coupons now presented by me/us for payment is presented on behalf of or for the benefit of any enemy, and that no part of the proceeds will be paid by me/us to an enemy or made available by me/us for an enemy; and
I/we further declare that as the result of personal enquiry, or as a matter of actual
personal knowledge, I/we are satisfied that the Coupons and the relative Bonds were
not at the outbreak of War on the 4th August, 1914, the property of an enemy, and have
not been the property of an enemy since that date.
I / W e mean by "enemy" in this declaration a person resident or carrying on
business in any country at war with Great Britain: or treated as an enemy under any
Proclamation for the time being in force in Great Britain relating to Trading with the
Enemy (other than the Trading with the Enemy (Occupied Territory) Proclamation,
1915) ; or mentioned in the Statutory List under the Trading with the Enemy Statutory
List) Proclamation of Great Britain, 1916.




SIGNATURE

191...

i°5

(See page 10.)

Supporting undertaking to be given by Bankers presenting to the
Federal Reserve Bank of New York Coupons of British
Government Securities for payment accompanied
by declarations.

I hereby undertake to refund to the Commissioners of Inland
Revenue, London, England, or to the Bank of England or the Federal Reserve Bank of New York on behalf of the Commissioners of
Inland Revenue, any British Income Tax which may be erroneously
allowed through any irregularity in this Declaration or any inaccuracy of statement therein, or by reason of the inclusion of coupons
which are out of date for allowance.
For
(Signature)

New York,




191

106

(See page 11.)

Form of Offering of War Finance Corporation Bonds

Federal Reserve Bank of New York
OFFERING OF

$200,000,000
WAR FINANCE CORPORATION SERIES " A " 5% GOLD B O N D S
Dated April 1, 1919

Due April 1, 1920

COUPON BONDS IN DENOMINATIONS OF $1,000
TAX EXEMPTIONS AS DESCRIBED BELOW
OFFERED AT $1,000 PER BOND AND ACCRUED INTEREST

The War Finance Corporation, a corporation created by Act of Congress, approved April
5, 1918, as amended, offers, beginning at 10 o'clock a. m. Wednesday, April 2, 1919, under the
authority of said act, with the approval of the Secretary of the Treasury, for subscription at
$ 1,000 per bond and interest, through the Federal reserve banks, as its fiscal agents, coupon bonds,
Series " A , " of War Finance Corporation in the aggregate principal amount of $200,000,000.
Bonds will be issued in denominations of $1,000 only, in bearer form, will be dated April
1,1919, will mature April 1, 1920, and will bear interest from April 1, 1919, at the rate of 5 % per
annum, payable semi-annually on October 1st and April 1st. The principal and interest of the
bonds will be payable in United States gold coin of the present standard of value.
The right is reserved to reject any application, to allot less than the amount of bonds
applied for, and to close the subscriptions at any time with or without notice. Payment for bonds
allotted may be made at once and must be made within the period fixed in the notice of allotment
which will be mailed to the subscriber. Upon payment, Federal reserve banks will issue interim
receipts pending delivery of the definitive bonds.
Incorporated banks and trust companies and such dealers in investment securities as shall
be approved by the Federal reserve banks, will receive a commission of }/$ of 1 per cent, of the face
amount of any bonds of this issue, when duly paid for which shall have been allotted to or
through such banks, trust companies or dealers. This commission is to be payable in each
instance within sixty days after the allotment has been paid for in full.




107

Legality:
Opinions have been given by the Attorney General of the United States and by the general
counsel of the War Finance Corporation that these bonds will constitute valid and binding obligations of the Corporation, and will entitle their holders to the exemptions from taxation as set
forth in this circular.
Tax Exemption:
In accordance with said Act of Congress, the bonds are 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, corporations or associations.
The interest on an amount of such bonds authorized by said act, the principal of which
does not exceed in the aggregate $5,000 owned by any individual, partnership, corporation or
association, is exempt from the taxes referred to in clause (b).
Discount and Rediscount Rights:
It is further prqvided by said Act that Federal reserve banks are authorized, subject to
the maturity limitations of the Federal Reserve Act and to regulations of the Federal Reserve
Board, to discount the direct obligations of member banks, secured by the bonds of the Corporation, and to rediscount eligible paper secured by the bonds and endorsed by a member bank.
No such discount or rediscount, however, may be at an interest charge less than 1 % per annum
above the prevailing rate for eligible commercial paper of corresponding maturity.
Security:
The act creating the Corporation provides that all bonds issued by the Corporation shall
have a first and paramount floating charge on all the assets of the Corporation and that the Corporation shall not at any time mortgage or pledge any of its assets. These assets include not
only such as may be obtained through the proceeds of sale of these bonds, but also those obtained
from funds raised through subscriptions to capital stock. The United States is not liable for the
payment of these bonds or the interest upon them.
Capitalization of Corporation:
The total authorized capital stock of the War Finance Corporation is $500,000,000 all of
which shall, under said Act of Congress, be subscribed by the United States of America. To
date, $350,000,000 of the capital stock has been subscribed and paid for, and is now owned by
the United States of America; subscriptions to the remaining $150,000,000 is subject to call upon
the vote of three-fifths of the board of directors of the Corporation, with the approval of the
Secretary of the Treasury, at such time or times as may be deemed advisable. The Secretary of
the Treasury is by law the chairman of the board.
The object of the act creating the Corporation was, as expressed in its title: "To provide
further for the national security and defense, and, for the purpose of assisting in the prosecution
of the war, to provide credits for industries and enterprises in the United States necessary or
contributory to the prosecution of the war, * * * and for other purposes."




108

Reports:
The first annual report of the War Finance Corporation, covering its operations from date
of organization to November 30, 1918, inclusive, may be had upon application at the offices of
the War Finance Corporation in Washington. The regular quarterly reports as required by said
Act of Congress will likewise be supplied on request.
Balance Sheet:
The balance sheet of the Corporation as of March 19, 1919, is attached hereto.
WAR FINANCE CORPORATION
March 31, 1919.

By Carter Glass, Chairman.

Approved:

By Eugene Meyer, Jr.,
Managing Director.

CARTER GLASS,
Secretary of the Treasury.

WAR FINANCE CORPORATION
GENERAL BALANCE SHEET, MARCH 19, 1919.
ASSETS
Cash deposited with the Treasurer of the United States and
the Federal reserve banks
.
.
.
.
.
.

$13,851,406.43

Loans To:
Banks, Bankers, Trust Companies and Savings Banks .
Railroads (which includes §50,000,000 to the Director
General of Railroads)
Public Utilities .
Industrial Corporations
Cattle Loans
Loans .

$3,912,677.61
116,555,270 00
26,781,900 00
636,652, 00
6,790,772 35
154,677,271.96

Investments:
United States of America Liberty Loan Bonds
Office furniture and equipment .
Accrued interest receivable

184,584,518.29
8,671.04
3,694,519.62
Total

$356,816,387.34

LIABILITIES
Capital Stock—authorized by "War Finance Corporation Act
$500,000,000 .00
LESS SUBSCRIPTION BY THE UNITED STATES OF
AMERICA, subject to call by the directors of the Corporation 150,000,000. 00
$350,000,000.00
6,780,122.77
36,264.57

Earnings
.
.
.
.
Interest collected in advance




Total

109

$356,816,387.34

TAX EXEMPTIONS OF LIBERTY BONDS
AND VICTORY NOTES.
Liberty Bonds and Victory Notes issued under authority of the acts of Congress approved April 24, 1917, September 24, 1917, April 4, 1918, July 9, 1918, September 24, 1918, and March 3, 1919, are entitled, respectively,
to the exemptions from taxation set forth in said acts, from which the statements on this page are summarized, and to which they are subject.
I. 4 Per Cent and 4}{ Per Cent Bonds are Exempt from all Federal, State and Local Taxation, Except (a) Estate
or Inheritance Taxes, and (b) Federal Income Surtaxes and Profits Taxes, as follows:
1. First Liberty Loan Converted 4 Per Cent Bonds of
1932-1947 (First 4s).
2. First Liberty Loan Converted 4% Per Cent Bonds
of 1932-1947 (First 4%s, issue of May 9, 1918).
3. First Liberty Loan Second Converted 434 Per
Cent Bonds of 1932-1947 (First 454s, issue of
October 24, 1918).
4. Second Liberty Loan 4 Per Cent Bonds of 19271942 (Second 4s.)
5. Second Liberty Loan Converted 454 Per Cent
Bonds of 1927-1942 (Second 454s).
6. Third Liberty Loan 454 Per Cent Bonds of 1928
(Third 454s).
7. Fourth Liberty Loan 454 Per Cent Bonds of 19331938 (Fourth 454s).
8. Victory Liberty Loan 4}i Per Cent Convertible
Gold Notes of 1922-1923 ( 4 ^ Per Cent Victory Notes).

\

j a r e exempt, both as to principal and interest, from
I 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 author\
ity, except (a) estate or inheritance taxes, and (fc)
/ graduated additional income taxes, commonly
I
known as surtaxes, and excess-profits and war1 profits taxes, now or hereafter imposed by the
I United States, upon the income or profits of indi\ viduals, partnerships, associations, or corporations.

II. 4 Per Cent and 4% Per Cent Bonds are Entitled to Limited Exemptions from Federal Income Surtaxes and
Profits Taxes as, follows :
4 Per Cent and 454 Per Cent Liberty Bonds (but not 4^4 Per Cent Victory Notes) are entitled to certain
limited exemptions from graduated additional income taxes, commonly known as surtaxes, and excessprofits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits
of individuals, partnerships, associations, or corporations, in respect to the interest on principal amounts
thereof, as follows:
$5,000 in the aggregate of First 4s, First 454s (issues of May 9 and October 24, 1918, Second 4s and
454s, Third 454s, Fourth 454s, Treasury Certificates, and War-Savings Certificates.
30,000of First 454s (issue of October 24, 1918, only), until the expiration of two years after the termination of the war.
30,000 of Fourth 454s, until the expiration of two years after the termination of the war.
30,000 in the aggregate of First 4s, First 454s (issues of May 9 and October 24, 1918), Second 4s and 454s,
Third 4j4s and Fourth 454s, as to the interest received on and after January 1, 1919, until the
expiration of five years after the termination of the war.
45,000in the aggregate of First 4s, First 454s (issue of May 9, 1918, only), Second 4s and 454s, and
Third 454s, as to the interest received after January 1, 1918, until the expiration of two years after
the termination of the war; this exemption conditional on original subscription to, and continued
holding at the date of the tax return of, two-thirds as many bonds of the Fourth Liberty Loan.
20,000in the aggregate of First 4s, First 454s (issues of May 9 and October 24, 1918), Second 4s and
454s, Third 454s, and Fourth 454s, as to the interest received on and after January 1, 1919; this
exemption conditional upon original subscription to, and continued holding at the date of the tax
return of, one-third as many notes of the Victory Liberty Loan, and extending through the life
of such notes of the Victory Liberty Loan.
$160,000total possible exemptions from Federal income surtaxes and profits taxes, subject to conditions
above summarized.
III. 3>2 Per Cent Bonds and 3}{ Per Cent Notes are Exempt from all Federal, State and Local Taxation, Except
Estate or Inheritance Taxes, as follows:
1. First Liberty Loan 354 Per Cent | are exempt, both as to principal and interest, from all taxation
Bonds of 1932-1947.
I
except estate or inheritance taxes) now or hereafter imposed by
2. Victory Liberty Loan 3^4 Per Cent [
the United States, any State, or any of the possessions of the
Convertible Gold Notes of 1922-1923. J
United States, or by any local taxing authority.
TREASURY

DEPARTMENT,

Washington, April 23, 1919.
L & C 197.




IIO

Advice of Credit in Payment of Victory Liberty Loan Notes




(See page 14.)

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(See page 15.)

Form B1-85—INSURANCE DECLARATION
A separate form must be used for each conversion application.
FEDERAL RESERVE B A N K OF N E W YORK,

DATE

1919.

Bond Issue Division,
120 Broadway, New York, N. Y.
DEAR SIRS :

We are to-day forwarding you by registered mail, coupon bonds of the
$

Liberty Loan, amounting to

par value for conversion, and request that you insure same while in transit at our expense.
We also request that you make the return shipment to us by registered mail insured at our expense.
To reimburse you for the above, we remit herewith as follows:
Insurance on $

in transit to you @ 5c per $1,000

Insurance on

$

to be returned to us @ 5c per $1,000

Registration fee return shipment (10c)
Postage on return shipment
Total (check enclosed)

$

Cross out any part of above not desired.
Very truly yours,
(Name of Bank)

(City or Town)
By

Check must be attached to cover expense; otherwise no attention will be paid to this request.
If registered bonds are to be delivered upon conversion of the above, no expense of any kind will
attach to the return shipment.
Do not use this form for any other purpose.




I 12

(See Victory Liberty Loan Act on page 77 and digest of this circular on page 12.)

VICTORY LIBERTY LOAN.
Department Circular No. 138.

TREASURY DEPARTMENT,
Loans anTcTrrency.

OFFICE OF THE SECRETARY,

Washington, April 21, 1919.
The Secretary of the Treasury invites subscriptions, at par and accrued interest, from the
people of the United States, for $4,500,000,000 of United States of America Convertible Gold
Notes of 1922-1923 of the Victory Liberty Loan, authorized by an act of Congress approved
September 24, 1917, as amended and supplemented by the acts of Congress approved April 4,
July 9, and September 24, 1918, and March 3, 1919 (Victory Liberty Loan Act). The notes are
offered in two series. (Page 77.)
DESCRIPTION

OF

NOTES.

Four and three-quarters per cent series.—The 4^4 Per Cent Convertible Gold Notes of 19221923 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 notes of said series shall bear interest at the rate of four and three-quarters
per cent per annum.
Three and three-quarters per cent series.—The 334 Per Cent Convertible Gold Notes of 19221923 shall be exempt, both as to principal and interest, from all taxation (except estate or inheritance taxes) 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. The notes of said series shall bear interest
at the rate of three and three-quarters per cent per annum.
Denominations; both series.—Bearer notes with interest coupons attached will be issued in
denominations of $50, $100, $500, $1,000, $5,000, and $10,000. Notes registered as to principal,
and as to interest payable after December 15, 1919, will be issued in denominations of $50, $100,
$500, $1,000, $5,00*0/$10,000, $50,000, and $100,000. Such registered notes will have coupons
attached thereto for interest payable December 15, 1919. Provision will be made for the interchange of notes of different denominations and of coupon and registered notes and for the transfer
of registered notes, without charge by the United States, under rules and regulations prescribed
by the Secretary of the Treasury.
Date of notes, interest dates, maturity, and redemption; both series.—The notes will be dated
and bear interest from May 20, 1919, and will mature on May 20, 1923. Interest will be payable
on December 15, 1919, and thereafter semi-annually on June 15 and December 15, and on May
20, 1923. The principal and interest of the notes are payable in United States gold coin of the
present standard of value. The notes may be redeemed, at the option of the United States, under
such rules and regulations as the Secretary of the Treasury may prescribe, on June 15 or December
15, 1922, in whole or in part, as to either or both series, at par and accrued interest, on four
months' notice of redemption given in such manner as the Secretary of the Treasury shall prescribe.
In case of partial redemption of either or both series, the notes to be redeemed will be determined
by such method as may be prescribed by the Secretary of the Treasury. For convenience in case of
any partial redemption, the notes will be issued in several blocks of approximately equal face
amount and bearing distinguishing letters. From the date of redemption designated in any such
notice of redemption interest on notes called for redemption shall cease.
Conversion privilege.—Any holder of notes of either series shall have the option of having the
notes held by him converted at par into notes of the other series, with adjustment in respect to
accrued interest but otherwise without charge by the United States, under such rules and regulations as may be prescribed by the Secretary of the Treasury. Such rules and regulations may
provide for the suspension of such privilege of conversion from time to time, in respect to all or
any part of the notes of either or both series, (a) to and including July 15, 1919, to facilitate
deliveries upon the original issue, (b) for a period not exceeding one month before any interest
payment date, and (c) for the period, or any portion thereof, from the date of any notice of
redemption (but not more than four months and one week prior to the date of redemption) to
and including the date of redemption designated in such notice. In any event, on the date of
redemption designated in any such notice of redemption the privilege of conversion of all notes
thereby called for redemption shall cease, and if all the notes of either series be called for redemption, the privilege of conversion of notes of the other series shall cease. The notes are interconvertible,
the privilege of conversion extending to notes issued upon conversion as well as notes issued upon
original subscription. The privilege of conversion continues throughout the life of the notes subject
to the provisions hereof and of such rules and regulations.



ii3

9

MISCELLANEOUS

PROVISIONS

OF LAW AND

REGULATIONS.

Additional tax exemption for Liberty Bonds.—In addition to all other exemptions provided by
law, the interest received on and after January 1, 1919, on an amount of bonds of the First
Liberty Loan Converted, dated November 15, 1917, May 9, 1918, or October 24, 1918, the Second
Liberty Loan converted and unconverted, the Third Liberty Loan, and the Fourth Liberty Loan,
the principal of which does not exceed $20,000 in the aggregate, owned by any individual, partnership, association, or corporation, shall be exempt from 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:
Provided, That no owner of such bonds shall be entitled to such additional exemption in respect
to the interest on an aggregate principal amount of such bonds exceeding three times the principal
amount of notes of the Victory Liberty Loan originally subscribed for by such owner and still owned
by him at the date of his tax return.
Note purchase fund.—The Secretary of the Treasury is authorized, from time to time, until the
expiration of one year after the termination of the war (as fixed by proclamation of the President),
to purchase notes of this issue at such prices and upon such terms and conditions as he may prescribe. The par amount of notes of this issue which may be purchased in the twelve months' period
beginning on the date of issue shall not exceed one-twentieth of the par amount of such notes
originally issued, and in each twelve months' period thereafter, shall not exceed one-twentieth of the
amount of the notes of such issue outstanding at the beginning of such twelve months' period. The
average cost of the notes of this issue purchased in any such twelve months' period shall not exceed
par and accrued interest.
Cumulative sinking fund.—The Victory Liberty Loan Act provides in section 6 (a) as follows:
"That there is hereby created in the Treasury a cumulative sinking fund for the retirement of bonds
and notes issued under the First Liberty Bond Act, the Second Liberty Bond Act, the Third Liberty
Bond Act, the Fourth Liberty Bond Act, or under this Act, and outstanding on July 1, 1920.
The sinking fund and all additions thereto are hereby appropriated for the payment of such bonds
and notes at maturity, or for the redemption or purchase thereof before maturity by the Secretary of
the Treasury at such prices and upon such terms and conditions as he shall prescribe, and shall be
available until all such bonds and notes are retired. The average cost of the bonds and notes purchased shall not exceed par and accrued interest. Bonds and notes purchased, redeemed, or paid out
of the sinking fund shall be canceled and retired and shall not be reissued. For the fiscal year
beginning July 1, 1920, and for each fiscal year thereafter, until all such bonds and notes are retired
there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, for
the purposes of such sinking fund, an amount equal to the sum of (1) 2J/2 per centum of the
aggregate amount of such bonds and notes outstanding on July 1, 1920, less an amount equal to
the par amount of any obligations of foreign Governments held by the United States on July 1, 1920,
and (2) the interest which would have been payable during the fiscal year for which the appropriation is made on the bonds and notes purchased, redeemed, or paid out of the sinking fund during
such year or in previous years."
Further privileges.—The notes will be receivable as security for deposits of public moneys, but
will not bear the circulation privilege.
APPLICATION, ALLOTMENT,

PAYMENT,

AND

DELIVERY.

Official agencies.—The agencies designated by the Secretary of the Treasury to receive applications for the notes now offered are the Treasury Department in Washington, and the Federal
Eeserve Banks in Boston, New York, Philadelphia, Cleveland (with branches at Cincinnati and
Pittsburgh), Kichmond (with Branch at Baltimore), Atlanta (with branches at New Orleans, Birmingham and Jacksonville), Chicago (with branch atDetroit), St.Louis (with branches at Little Eock,
Louisville and Memphis), Minneapolis, Kansas City (with branches at Omaha and Denver), Dallas
(with branch at El Paso) and San Francisco (with branches at Salt Lake City, Portland, Seattle,
and Spokane). The Federal Eeserve Banks have been designated as fiscal agents of the United
States, to receive applications, to give notices of allotments, to receive payments, and to make
delivery of the notes allotted. Subscribers may send their applications, accompanied by the required
payment, direct to any of said banks or branches.
Subscribers' agencies.—Large numbers of National banks, State banks, and trust companies,
investment bankers, express companies, newspapers, department stores, and other corporations, firms,
and organizations have patriotically offered to receive and transmit applications for the notes without expense to the applicants. The Secretary of the Treasury appreciates the value of these offers,
and will have application blanks widely distributed, through the Federal Eeserve Banks, to these
institutions throughout the country. Subscribers' agencies must transmit cr cover by their own
subscriptions all applications received by them; in the latter case they must specify the number
of subscribers and the aggregate amount of notes subscribed for by each and furnish such further
information as may be prescribed by the Secretary of the Treasury; and allotment may be based
upon such information. No commissions will be paid upon subscriptions, and those who receive and




114

3

transmit applications are therefore rendering the service to subscribers as a patriotic duty. Only the
Federal Eeserve Banks are authorized to act as fiscal agents of the United States in connection with
the operations of selling and delivering notes of the Victory Liberty Loan.
Terms of application.—Applications must be accompanied by payment of 10 per cent of the
amount of notes applied for. No payment other than the 10 per cent required upon application
should accompany any application for an aggregate amount of notes in excess of $10,000. Applications for an aggregate amount of notes not in excess of $10,000 may, at the option of the subscriber,
be accompanied by payment in full, at face value without interest, for the note or notes applied
for. Applications must be for notes to an amount of $50 or some multiple thereof. The subscriber
should indicate on the application blank whether coupon or registered notes are desired; if no
preference is indicated, either coupon notes or registered notes may be delivered. All applications
will be deemed to be for notes of the 4^4 per cent series, except applications specifying notes of
the 3^4 per cent series; but the subscriber may nevertheless, at any time before completion of
payment, by notice in writing, elect to receive notes of either series in the first instance.
Time of closing application boohs.—Applications accompanied by payment as aforesaid must
reach the Treasury Department or a Federal Eeserve Bank, or one of said branches, or some incorporated bank or trust company within the United States (not including outlying territories and
possessions), not later than the close of business on May 10, 1919. Applications received by any
incorporated bank or trust company on or before May 10, 1919, must, by such bank or trust company,
be transmitted to, or covered by its own subscription to, the Federal Eeserve Bank of the district in
which it is located, reaching such Federal Eeserve Bank not later than the close of business on
May 20, 1919, accompanied by payment as aforesaid. The right is reserved by the Secretary of
the Treasury to close the subscription on any earlier date, to reject any applications and to waive
delay in making application and payment.
Allotment.—Applications from any one subscriber for an aggregate amount of notes not in
excess of $10,000 will be allotted in full. Applications for an aggregate amount of notes in excess
of $10,000 will be received subject to allotment. The issue will be limited to $4,500,000,000, except
as it may be necessary to increase the amount of the issue in order to make allotment in full
on applications from subscribers for aggregate amounts of notes not in excess of $10,000, and except
as it may be necessary to increase or decrease the amount of the issue in order to facilitate allotment,
and the Secretary of the Treasury reserves the right to reject any application for an aggregate
amount of notes in excess of $10,000, to make allotment of part of the amount of notes applied for,
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. The Secretary of the Treasury
can not undertake to collate applications with a view to the precise ascertainment of the aggregate
amount of notes applied for by each subscriber and, while reserving the right to reject any application
or to reduce the amount of notes applied for in any case where it appears that the aggregate amount
of notes applied for by any one subscriber is not truly shown on the face of any one application, the
allotment may be based upon the several applications and reports filed with the several Federal Eeserve
Banks and the Treasury Department and without collation within or as between the said banks and
the Treasury Department; and his action in these respects shall be final. Allotments will be made
before June 3, 1919, and the basis of allotment will be publicly announced. Notices of allotment
will be mailed promptly thereafter by the several Federal Eeserve Banks.
Terms of Payment.—Payment for notes allotted, in addition to the 10 per cent paid on application, must be made so as to reach a Federal Eeserve Bank or a branch thereof as follows: 10
per cent on July 15, 20 per cent on August 12, 20 per cent on September 9, 20 per cent on October 7, and 20 per cent on November 11, 1919, with accrued interest from May 20, 1919, on the five
deferred installments. Eeceipt of installment payments made to official agencies prior to payment
in full will be acknowledged by the several Federal Reserve Banks. Payments must be made when
and as herein provided under penalty of forfeiture of any and all installments previously paid, and
of all right and interest in the notes allotted. Payment for notes allotted may be sooner completed,
but only so as to reach a Federal Eeserve Bank or a branch thereof on May 20, 1919, or, with
accrued interest from May 20, 1919 (the previous installment or installments having been duly
paid), on July 15, August 12, September 9, or October 7, 1919. Payment for notes allotted to subscribers for aggregate amounts of notes in excess of $10,000 can not be completed on May 20, but
may be completed, with accrued interest from May 20, 1919, after public announcement of the
basis of allotment, on a date or dates, not earlier than June 3, nor later than June 17, 1919, named
in the announcement of allotments, or on any later installment date. Upon applications for aggregate amounts of notes in excess of $10,000, no payment other than the 10 per cent required will be
received with the application, and in case of partial allotments upon such applications the excess
of the 10 per cent payment will be applied upon the next installment or installments and no
accrued interest will be charged on that part of any installment covered by the amount so applied;
and in case of the allotment of less than 10 per cent of the amount applied for, the balance of the
10 per cent payment made with the application will be returned as promptly as possible without




115

4
interest. In case of the rejection of any application, the 10 per cent payment made with the
application will be returned as promptly as possible without interest.
Payment in United States Treasury certificates of indebtedness.—Payment
of (1) the first
installment of 10 per cent upon application, or (2) completion of payment upon application, or
on May 20, 1919, when and as permitted hereunder, or (3) completion of payment on the date or
dates, not earlier than June 3, nor later than June 17, 1919, named in the announcement of allotments, when and as permitted hereunder, may be made in Treasury certificates of indebtedness of
Series V of any issue not previously matured. Payment on July 15, 1919, and subsequent
installment dates, may be made in Treasury certificates of the issues, if any, maturing or called for
redemption on the said installment dates, respectively. Treasury certificates will be received at their
face value. The accrued interest on Treasury certificates (which, in the case of payment of the first
installment, or payment in full, when and as permitted hereunder, on or before May 20, 1919, will
be computed to May 20, 1919, or earlier maturity) will be paid to the subscriber. Treasury certificates thus presented must not be of a larger face value than the amount then to be paid on the
subscription, and subscribers should obtain certificates in appropriate denominations in advance.
Treasury certificates of any series acceptable in payment of taxes will not be accepted in payment
on subscriptions for notes.
How to make payments.—It is strongly recommended that subscribers avail themselves of the
assistance of their own banks and trust companies in which case they will, of course, make payments
through such institutions. In cases where they do not do so, subscribers should make payment
either to the Treasury Department in Washington or to a Federal Reserve Bank or branch thereof,
in cash, or by bank draft, certified check, post-office money order, or express company money
order, made payable to the order of the Secretary of the Treasury, if the application is filed with
the Treasury Department in Washington (thus: "The Secretary of the Treasury, Victory Liberty
Loan Account"), or, if the application is filed elsewhere, made payable to the order of the Federal
Reserve Bank of the district in which the application is filed (thus: "Federal Reserve Bank of
, Victory Liberty Loan Account"). Incorporated banks and trust companies in the United
States, duly qualified as special depositaries of public moneys under Department Circular No. 92 as
amended and supplemented April 17, 1919, may, up to the amount for which such depositaries
respectively shall be qualified in excess of then existing deposits, when so notified by Federal Reserve
Banks, make payment by credit of amounts payable hereunder on or before May 20, and on the
date or dates not earlier than June 3 nor later than June 17, 1919, named in the announcement of
allotments, and, if and to the extent from time to time authorized by the Secretary of the Treasury,
on later installment dates.
Delivery.—Notes will be delivered promptly after due completion of payment therefor. Notes
of the 4^4 per cent series may be delivered prior to May 20, 1919, to subscribers for aggregate
amounts of notes not in excess of $10,000, who make payment in full in cash upon application on
or before May 10, 1919. In making deliveries before May 20, 1919, the right is reserved to deliver
notes of the largest denomination or denominations, not exceeding $1,000, contained in the respective
amounts of notes subscribed for.
A limited amount of notes of the 4^4 per cent series will be made
available to incorporated banks and trust companies within the United States prior to May 10, 1919,
for delivery to subscribers for aggregate amounts of notes not in excess of $10,000, but only upon
the terms and conditions set out in the official application blank (Form L and C 182) provided for
that purpose. Notes will be delivered by the several Federal Reserve Banks as fiscal agents of the
United States as far as practicable in accordance with written instructions given by the subscribers,
and, within the continental United States, at the expense of the United States.
Interest.—As the notes are dated May 20, 1919, no accrued interest will be due on subscriptions
for aggregate amounts of notes not in excess of $10,000, paid for in full on or before that date,
when and as permitted hereunder. No rebate of interest will be allowed either on account of full
payment in advance of May 20, 1919, or on account of the first installment of 10 per cent. Upon
completion of payment when and as permitted hereunder, on the date or dates not earlier than June
3 nor later than June 17, 1919, named in the announcement of allotments, or upon completion of
payment on July 15, August 12, September 9. October 7, or November 11, 1919, the subscriber will
be required to pay accrued interest from May 20,1919, on the deferred installment or installments at
the respective rate or rates borne by the notes to be delivered.
Farther details.—The Secretary of the Treasury reserves the right to make special arrangements
for subscriptions for the notes at not less than par from persons in the military or naval forces of
the United States.
Further details may be announced by the Secretary of the Treasury from time to time,
information as to which, as well as forms for application, may be obtained from the Treasury
Department or through any Federal Reserve Bank.




CARTER GLASS,
Secretary of the

n6

Treasury.

B 157-V

L & C 182

(See page 14.)

VICTORY LIBERTY LOAN
APPLICATION BY INCORPORATED BANKS AND TRUST COMPANIES FOR NOTES FOR
ADVANCE DELIVERY
DATE.
T o T H E FEDERAL RESERVE B A N K OF N E W Y O R K
AS F I S C A L A G E N T OF T H E U N I T E D

STATES:

T h e u n d e r s i g n e d h e r e b y applies for $
p a r a m o u n t of U n i t e d S t a t e s of A m e r i c a
4 ^ 4 % C o n v e r t i b l e G o l d N o t e s of 1922-1923 in c o u p o n f o r m described in T r e a s u r y D e p a r t m e n t C i r c u l a r
N o . 138, d a t e d A p r i l 2 1 , 1919, w h i c h t h e u n d e r s i g n e d e x p e c t s to be able to sell t o s u b s c r i b e r s for cash for
a d v a n c e d e l i v e r y u p o n t e r m s set f o r t h in said c i r c u l a r a n d in this application.
The undersigned hereby agrees to use its best efforts to obtain subscriptions for said notes at par, and that it
will not sell or offer for sale nor enter into agreement for the sale of, nor deliver any of the notes obtained upon this
application before June 17, 1919, except agafnst payment in full in cash of the^ par amount thereof upon application on or
before May 10, 1919, by subscribers for aggregate amounts of such notes not in excess of $10,000 for any one subscriber. In
making deliveries to such subscribers the undersigned hereby agrees to deliver insofar as practicable notes of the largest
denomination or denominations not exceeding $1,000 contained in the respective amounts of notes subscribed for. The undersigned hereby agrees to hold any notes obtained upon this application remaining unsold at the close of business on May 10,
1919 and at the direction of The Federal Reserve Bank of New York as Fiscal Agent of the United States either (1) to
redeliver such notes to The Federal Reserve Bank of New York on demand against repayment of the face amount thereon
without interest or (2) to retain such of said notes as may be covered by any allotment made to the undersigned for itself
or its customers upon subscriptions filed with The Federal Reserve Bank of New York.
In payment for these notes we hand you herewith
the following:
Advice of Credit

Please furnish coupon notes in the following denominations :

$

$

By Qualified Depositaries only)
Use form G. D. 10

Certificates of Indebtedness

100 Total
$

500 Total

(See note 2—only certificates of
series 5A and 5B can be used)

1,000 Total

Check or Draft (New York Funds)$
Cash

,

5,000 Total

$
TOTAL

50 Total

.@

$

10,000 Total $.
TOTAL

3.

Name of Bank

City or Town

State

Official

Signature

NOTE 1.—A qualified depositary making payment by credit for notes delivered on this application will not be required
to pay interest on the resulting deposit for the period prior to May 20, 1919, except upon the amounts and from the dates of
payments to it by subscribers for notes delivered upon this application. The depositary will be required to render separate
sworn reports to Federal Reserve Bank of its district to date of May 19, 1919, inclusive, on form L, Revised Public Moneys
(which will be forwarded later) showing the daily amounts of such notes unsold. (See next page.)
NOTE 2.—Treasury certificates of indebtedness of- series 5 A and 5 B, but of no other series, will be accepted at"their
face value in payment for notes applied for, interest thereon to cease at maturity on May 6, 1919, and May 20, 1919, respectively, or earlier if and to the extent that the notes delivered in exchange therefor are earlier sold to subscribers for cash.
Accrued interest on treasury certificates so accepted to maturity, or to such earlier date of sale of the notes delivered in
exchange therefor, will be paid by The Federal Reserve Bank of New York after May 6, 1919, or May 20, 1919, as the case
may be, upon receipt of a separate sworn report from the applicant bank or Trust company giving the amounts and dates
of cash payments to it by subscribers for notes so delivered. The applicant bank or Trust company will be required to render such reports to The Federal Reserve Bank of New York on treasurer's form 5780 (revised) (which will be forwarded
later) showing the daily amounts of such notes sold to date of May 5, 1919, inclusive, in case of payment in treasury certificates of series 5 A, and to date of May 19, 1919, inclusive, in case of payment in treasury certificates of series 5 B.



117

G. D.-39 Form L Revised
Public Moneys

STATEMENT O F INTEREST

ON VICTORY LIBERTY LOAN 4 # % NOTES FOR ADVANCE DELIVERY SOLD FOR CASH
PRIOR TO MAY 2 0 , 1919, PAYMENT MADE BY BOOK CREDIT
TO FEDERAL RESERVE BANK OF N E W YORK
FISCAL AGENT OF THE UNITED

DATE OF
SALES

STATES

AMOUNT OF
NOTES SOLD

AGGREGATE AMOUNT
OF NOTES SOLD

INTEREST
NUMBER
OF DAYS

INTEREST ON
DAILY AGGREGATE
AMOUNT

!

A M O U N T OF
' " "'
BOOK C R E D I T

April 21
;

22
23
24

25
26

27 (Sun.)
28
29
30
May

4 (Sun.)

10
11 (Sun.)
12
13
14
15
1G
17
18 (Sun.)
19
TOTALS
This is to certify that the foregoing statement is correct as to the amount of Victory Liberty Loan Notes sold
for cash and as to the amcunt of Interest thereon at two per cent, per annum on a 365-day basis on notes so sold to
May 19, 1919, inclusive.
(NAME OF BANK OR TRUST CO.)

DATE.

CASHIER (SECRETARY)
(ADDRESS)

Subscribed and sworn to or affirmed before me tbisMy Commission expires

day of-

-, 1919.

, 19Notary Public.

KINDLY S E N D CHECK FOR TOTAL A M O U N T OF I N T E R E S T DUE W I T H T H I S S T A T E M E N T




n8

(See page 13.)

VICTORY LIBERTY LOAN
Form 2—Page 1
(See next page.)
(This form is for use of banks and trust companies only, and is to be filed with the Federal Reserve Bank of New
York, Bond Issue Division, after the closing of the subscription books, on May 10, 1919, but not later than the
close of business, May 20, 1919.)

FINAL CONFIRMATION OF SUBSCRIPTIONS
1.

Notes bought for cash sale during campaign and for which payment has been made direct
to the Federal Keserve Bank of New York .
.
.
.
.
.
.
.

$

2.

Subscriptions between $50 and $10,000 for which we are paying in full as shown on Page
120, line 9

$

3.

Subscriptions between $50 and $10,000 for which we are paying 10% and including in
face amount of notes shown on Page 120, line 8 .
.
.
.
.
.
.

$

4.

Subscriptions in excess of $10,000 for which we are paying 10% and including in face
amount of notes shown on Page 120, line 8 .
.
.
.
.
.
.
.

$

Our total subscription to Victory Liberty Loan .

$

5.

.

.

.

.

.

.

.

I n space provided below show total number of subscribers and the amount of their subscriptions. Subscriptions between $50 and $10,000 should be shown as one item; subscriptions in excess of $10,000 must be shown in detail. As
your allotment will be based on these figures, it is very important that they be correctly reported.
NUMBER OF
SUBSCRIBERS

TOTAL

AMOUNTS

|

NUMBER OF
SUBSCRIBERS

AMOUNTS

TOTAL

1

$50 to $10,000
Total of lines 1, 2 and 3

1

|
|
1

Above $10,000 (line 4)
in detail as follows:

. ' "
"

:
i
1

j

i
!

!

|

Total (must agree with
line 5 above.)

Totals forward

I n accordance with Treasury Department Circular No. 138 dated April 21, 1919, the undersigned hereby
applies for the total amount of United States Victory Liberty Loan Convertible Gold Notes of 1922-1923 as reported
above, and agrees to pay par for all notes allotted on this application and accrued interest from May 20, 1919, on
any deferred instalments.

(Name of Institution)

To FEDERAL RESERVE BANK OF NEW YORK
(City or Town)

BOND I S S U E D I V I S I O N
P . O. Box 58



By.

120 Broadway, New York
119

(State)
(To be signed officially)

VICTORY LIBERTY LOAN
Form 2—Page 2 •
(See Page 133.)
FEDERAL RESERVE BANK OF NEW YORK

1919

1 2 0 Broadway, N e w York City
Enclosed we hand you the following:
1.

Certificates of Indebtedness.
5B Issue of Dec. 19,1918 —Due May 20, 1919

$

5C

"

"

Jan.

2,1919 — "

June 3, 1919

$

5D

"

"

Jan. 16,1919 — "

June 17, 1919

$

5E

"

"

Jan. 30,1919 — "

July

1, 1919

$

5F

"

"

Feb. 13,1919 — "

July 15, 1919

$

5G

"

"

Feb. 27,1919 — "

July 29, 1919

$

5H

"

"

Mar. 13,1919 — "

Aug. 12, 1919

$

5J

"

"

Apr. 10,1919 — "

Sept. 9, 1919

$

5K

"

"

May

Oct.

$

1,1919 — "

7, 1919

$

2.

Advice of credit (For qualified depositaries only. Use Form GD 10). (Page
111.)
$

3.

Check or Draft (New York Funds).

$

And the following banks will make payment for our account.
4.
5.
6.

7.

(wit°hUliine8ioe )

Grand Total to be paid
The above payment to be applied as follows:

8.

10% of $

=

(Face amount of Notes must agree with total
of lines 3 and 4, Page 119)

9.

100% of $

=

(Face amount of Notes must agree with line 2, Page 119)

10.

Total Payment

(SwithVnfre7e )

For notes full paid on line 9 either 3 % % or 4 % % coupon or registered notes will be delivered.
Form A is enclosed to be used for ordering 3 % notes.

(Page 121.)

Form B is enclosed to be used for ordering 4 % notes.

(Page 122.)

To FEDERAL RESERVE BANK OF NEW YORK
(Name of Institution)

BOND I S S U E D I V I S I O N
(City or Town)

P . O. Box 58




120 Broadway, New York

(State)

By
(To be signed officially)

120

Form A

REQUISITION FOR 33,4 VICTORY LIBERTY LOAN NOTES

To F E D E R A L R E S E R V E BANK O F N E W Y O R K
BOND ISSUE DIVISION

120 Broadway, New York City
From our allotment and for which we have completed payment please deliver $

par amount

of 3 % % Convertible Victory Liberty Loan Gold Notes of 1922-1923, in the following denominations:

COUPON NOTES

REGISTERED NOTES
As per list of names enclosed
(Use form B I-SS-V)

(Page 123.)
NO.

AMOUNT

NO.

AMOUNT

$

50

$

50

$

100

$

100

$

500

$

500

$

1,000

$

1,000

$

5,000

$

5,000

$10,000
Total Coupon Notes




•
$

$10,000
.$50,000
$100,000

Total Registered Notes $

(Native of Institution)

(City or Town)

(State)

(Must be signed officially)

121

Form B

REQUISITION FOR 4H VICTORY LIBERTY LOAN NOTES

To FEDERAL RESERVE BANK OF NEW YORK
BOND ISSUE DIVISION

120 Broadway, New York City
From our allotment and for which we have completed payment please deliver $

par amount

of 4%% Convertible Victory Liberty Loan Gold Notes of 1922-1923, in the following denominations:
REGISTERED NOTES

COUPON NOTES

As per list of names enclosed
(Use form B I-55-V)

(Page 123.)
NO.

AMOUNT

NO.

AMOUNT

$

50

$

$

100

$

100 ,

$

500

$

500 .

$ 1,000

$

1,000 .

$

$

5,000 .

5,000 .

$ 10,000 .
Total Coupon Notes




50

$ 10,000 .

$.

$ 50,000 .
$100,000

.

Total Eegistered Notes $.

(Nanre of Institution)

(City or Town)

(State)

(Must be signed officially)

122

(See pages 120, 125 and 56.)

Bi-55-v

LIST F O R

( P i n k Copy)

VICTORY LIBERTY LOAN REGISTERED NOTES

BANK

DATE

CITY

STATE

SEE PAGE 56 FOR IMPORTANT INSTRUCTIONS
USE TYPEWRITER IF POSSIBLE, OTHERWISE PRINT NAMES CAREFULLY
NAME IN WHICH NOTES SHALL BE REGISTERED, AND
POST-OFFICE ADDRESS FOR INTEREST CHECKS AND
MAIL

INDICATE UNDER APPROPRIATE DENOMINATIONS, NUMBER OF NOTES DESIRED.
AMOUNT

$50

$500

$1,000

$5,000

$10,000

$100,000

$50,000

|
i

:

:

';

i

j

!
1
1
1

I

,

1

I

I

!

I
!

i

I

TOTAL FORWARD




123

1

i

T o b e used in completing p a y m e n t on June 3 , 1 9 1 9 ,

for all or any part of Victory Liberty Notes

allotted o n subscriptions in excess of $ 1 0 , 0 0 0 .

FORM 3—Page 1
1919

FEDERAL RESERVE B A N K OF N E W YORK
BOND ISSUE DIVISION

1 2 0 Broadway, N e w York City
Our total of subscriptions in excess of $ 10,000 to the Victory Liberty Loan

A$_

Amount allotted on above in accordance with your allotment letter

B$_

Reduction by allotment (A minus B)

C$_

Having paid 10% on amount A we accordingly have a credit on your books
amounting to 10% of Line C which amounts to
NOTE:—The

D$_

amount of Line D may be applied either on Line 2 or 7 beloto.

PAYMENT a/c 3%% NOTES
I. 90% of $

=

$

(Face Amount of Notes)

2.

Less credit as shown on Line D

$

3.
A
*'

Balance Due
Interest @ 32Ac?o on balance due on
line 3 at 1.442308 per $ 1000. .

$

5.

—

Total due on 3 | ^ % notes.

PAYMENT a/c 4X% NOTES
6. 90%of$-

_ = $
(Face Amount of Notes)

7.

Less credit as shown on Line D

8.
q
'

y

Amount Due

$-

Interest @ 4 3/i % on balance due on
line 8 at 1.826923 per $1000. .

10.

Total due on 43/i°/o notes.

1 1.

Grand total due (total of lines 5 and
10) for which payment is enclosed as shown on Page 125.




(Should agree with Line 7
Page 125.
(Name of Institution)
(State)

(.City or Town)
(To be signed officially)

124

FORM 3—Page 2
FEDERAL RESERVE BANK OF NEW YORK

1919

BOND ISSUE DIVISION

120 Broadway, New York City
Enclosed we hand you the following to complete payment on Victory Liberty Notes as shown on
page 124.
1.

Certificates of Indebtedness.
5C Issue of Jan. 2, 1919 —
5D " " Jan. 16, 1919—
5E " " Jan. 30, 1919—
5F " " Feb. 13, 1919—
5G " " Feb. 27, 1919—
5H " "Mar. 13, 1919—
5J " "Apr. 10, 1919—
5K " "May 1,1919—

(Face amount only.)

Due June 3, 1919
" June 17, 1919
" July 1,1919
" July 15,1919
" July 29, 1919
" Aug. 12, 1919
" Sept. 9,1919
" Oct. 7,1919

$
$
$
$
$
$
$
$

2.

Advice of credit (For qualified depositaries only.

3.

$_
Use Form G D 1 0 ) .
(Page 111).

$_

Check or Draft (New York Funds.)

$.

A n d the following banks will make payment for our account.

5.
6.
7.

Grand Total to be paid

(grfi.'r^TS)

*

Form A (page 121) is enclosed to be used for ordering 3 ^ % notes full paid on line 1 (page 124).
Form B (page 122) is enclosed to be used for ordering 4 ^ % notes full paid on line 6 (page 124).
Either coupon or registered notes will be delivered as requested. Use Form BI 55-V (page 123) for
listing names for registered notes. Form A or B or list of names need not accompany this report but should
be mailed as soon as possible after June 3. Notes will be delivered as soon as possible.

To FEDERAL RESERVE BANK OF NEW YORK

(Nm

<* &&»&*)

BOND ISSUE DIVISION
(City ot Town)

P . O . Box 58




(State)

120 Broadway, New York
By
125

(To be ligned officially)

Allotment Notice to Bank or Trust Company Acting for Subscribers
FEDERAL RESERVE BANK OF NEW YORK
VICTORY LIBERTY LOAN
ALLOTMENT SUBSCRIPTIONS
New York, May 29, 1919.

SIRS:

According to the terms of Treasury Department Circular No. 138 dated April 21, 1919,
you are hereby notified that upon subscriptions entered through you, including your own subscription, for $
notes of the Victory Liberty Loan authorized by Act
of Congress approved September 24, 1917 as amended and supplemented by the Acts of Congress approved April 4, July 9 and September 24, 1918, and March 3, 1919, there have been
allotted to subscribers through you, including yourselves, $
of such
notes.
You will make allotments among those subscribing through you, including yourselves, in
accordance with the subjoined schedule determined by the Secretary of the Treasury.
Payments must be made in accordance with the terms of said circular under penalty of
forfeiture of any kind and all instalments previously paid and of all rights and interests in the
notes allotted. (See pages 113 and 124.)
This notice is not transferable and no assignment of it will be recognized. It becomes
void and of no effect after payment of the first instalment of subscriptions herein specified.
CLASS

• Amount of Subscriptions

Amount Allotted

$50.00 to $10,000.

100%

$10,050. to $50,000.

100%

$50,050. to $62,500.
Allotted $50,000 each
$62,550. to $200,000.

80%

$200,050. to $228,550.
Allotted $160,000. each
$228,600. to $500,000.

70%

$500,050. to $583,300.
Allotted $350,000. each
$583,350. to 2,500,000.

60%

$2,500,050. to $3,000,000.
Allotted $1,500,000. each
$3,000,050. to $15,000,000.

50%

$15,000,050. to $16,666,650.
Allotted $7,500,000. each
$16,666,700. to $29,999,950.

45%

$30,000,000. to $49,999,950.

42.4%

$50,000,000.
Allotted $21,196,600. each
Total




Respectfully,

FEDERAL RESERVE BANK OF N E W YORK,
Fiscal Agent of the United States,
Cashier.
126

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

1919
'
D e c e n t Circular 139.

*
-r^
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 by the Second
Liberty Bond Act, as amended by 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 4M Per Cent Victory
Notes) or of 3 % 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 prescribe from time to time further rules and regulations for the suspension of such privilege of conversion pursuant to the provisions of said
circular.
Conversions may be effected, subject to the 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, Richmond, 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.
(See page 129.)
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. (See page 56.)
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.




127

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 holders of notes surrendered for conversion at the time of such conversion, or, in the absence
of other 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 notes 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 be
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 4% per cent per annum and interest
at the rate of 3 % 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. (See page 131.)
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 3 % per cent per annum and interest at the rate of 4%
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 preceding 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 ban k 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 which may be obtained from the Treasury Department, or through any Federal
Reserve Bank.




CARTER GLASS,
Secretary of the Treasury.
128

TREASURY DEPARTMENT.
Loans and Currency.
Form L & C 214
(Referred to on page 127.)

VICTORY NOTES.
REQUEST FOR CONVERSION
Only o n e series of n o t e s m a y b e e n t e r e d o n t h i s f o r m , a n d s e p a r a t e forms m u s t also b e u s e d for (1)
c o u p o n n o t e s a n d (2) r e g i s t e r e d n o t e s .
Dated

,

, 19

To the SECRETARY OF THE TREASURY.
The undersigned herewith presents and surrenders—
P e r C e n t Victory N o t e s
(Interest rate borne by notes presented herewith for conversion.)
* n { eff"11!301^!! f° r m >

anc

$

* 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.

Special

instructions, if

any, are given by the undersigned on the back hereof.
Autograph signature of holder in full
Address, number and street..
(For delivery of notes.)
City or town

County

State..

1. If i% Per Cent Victory Notes are surrendered for conversion, the execution of the above form is all that is required.
2. If 3Ji 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 form's of payment will be accepted.
4. Registered notes surrendered for conversion need not be assigned. Registered notes will not be cqnverted during the period when the registration books are closed against transfers.
(3)
Note: For the convenience of transactions in the Second Federal Reserve District the Federal R2serve Bank of New York may find it necessary
before July 15, 1919, to enlarge slightly on the above form, but fundamentally there will be no change.




129

(See page 129.)

4
Following forms to be used only for giving special i n s t r u c t i o n s :
I. If 3^4 P e r Cent Victory Notes are presented for conversion, t h i s form m u s t be used in r e m i t t i n g to cover
a d j u s t m e n t of interest.
Referring to S
herewith incloses S

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

,

19
, to
, 19
, in accordance with Interest Table, appearing in Treasury Department Circular
No. 139, dated May 20, 1919. (Page 131.)
Signature of person signing request for conversion

II.J If delivery is desired of notes in a different d e n o m i n a t i o n or d e n o m i n a t i o n s from t h e n o t e or notes s u r rendered use t h i s form.
Referring to S
, * face amount of notes surrendered for conversion herewith, the
undersigned hereby requests delivery of notes upon conversion as follows:
N u m b e r of notes.

Denominations.

Total.

$50
S100
$500
§1,000
§5,000
$10,000
2$50,000
2S100.000
Total,1 $

IThese amounts must be the same; otherwise request may be disregarded.
2Coupon notes are not issued in these denominations.

Signature of person signing request for conversion..




130

TREASURY DEPARTMENT,
Division of Loans and Currency,
(Ed. 50,000—Apr. 10-10.)
Form L & C 191

VICTORY LIBERTY LOAN.
TABLE FOR COMPUTING INTEREST ADJUSTMENTS UPON CONVERSION OF^NOTES.
INTEREST AT 1 PER CENT PER ANNUM ( # PER CENT PER HALF YEAR).
(Sec explanation at end—page 133.)

$1,000.

$5,000.

$5,000.

$1,000.
Number
of days.

Number
of days.

Half vear of
182 days.

Half vear of
l . i days.
S'

Half vear of
182 days.

Half year of
1S3 days.

51
52
53
54
65

$1.401099
1.428571
1.456044
1.483516
1.510989

$1.393443
1.420765
1.448087
1.476410
1.502732

$7.005495
7.142857
7.280220
7.417682
7.654945

$6.967213
7.103826
7.240437
7.377049
7.513661

.819672
.956284
1.092896
1.229508
1.366120

66
57
68
59
60

1.538462
1.565934
1.593407
1.620879
1.648352

1.530055
1.557377
1.584699
1.612022
1.639344

7.6923C8
7.829670
7.967C33
8.104396
8.241768

7.650273
7.786885
7.923497
8.060109
8.196721

1.610989
1.648362
1.785714
1.923077
2.060440

1.602732
1.639344
1.775956
1.912668
2.049180

61
62
63
64
65

1.676824
1.703297
1.730769
1.758242
1.785714

1.666667
1.693989
1.721311
1.748634
1.775956

8.379121
8.516484
8.653846
8.791209
8.928571

8.333333
8.469945
8.606657
8.743169
8.879781

.437158
.464481
.491803
.519126
.546448

2.197802
2.335165
2.472527
2.609890
2.747263

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
1.886246
1.912568

9.065934
9.203297
9.34C659
9.478022
9.616385

9.016393
9.153005
9.289617
9.426229
9.562842

.576923
.604396
.631868
.659341
.686813

.573770
.601093
.628416
.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
lO.027473
lO.164835
10.302198

9.699454
9.836066
9.972678
10.109290
10.2459C2

26
27
28
29
30

.714286
.741758
.769231
.796703
.824176

.710383
.737705
.765027
.792350
.819672

3.571429
3.708791
3.846154
3.983516
4.120879

3.651913
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
2.168470
2.185792

10.439560
10.576923
10.714286
10.851648
10.989011

10.382514
10.519126
10.655738
10.792350
10.928962

31
32
33
34
35

.851648
.879121
.906593
.934066
.961538

.846995
.874317
.901639
.928962
.956284

4.258242
4.395604
4.632967
4.670330
4.807692

4.234973
4.371685
4.508197
4.644809
4.781421

81
82
83
84
85

2.225276
2.252747
2.280220
2.307692
2.335165

2.213115
2.240437
2.267760
2.295062
2.322404

11.126374
11.263736
11.401099
11.538462
11.675824

11.065574
11.202186
11.338798
11.475410
11.612022

36
37
38
39
10

.989011
1.016483
1.043956
1.071429
1.098901

.983607
1.010929
1.038251
1.065574
1.092896

4.945055
5.082418
6.219780
5.357143
5.494505

4.918033
5.054645
5.191257
5.327869
5.464481

86
87
88
89
90

2.362637
2.390110
2.417682
2.445055
2.472527

2.349727
2.377049
2.404372
2.431694
2.46E016

11.813187
11.960549
12.C87E12
12.226275
12.362637

11.748634
11.88E246
12.021858
12.158470
12.29ECE2

11
12
13
M:
t5

1.126374
1.153846
1.181319
1.208791
1.236264

1.120219
1.147541
1.174863
1.202186
1.229508

6.631868
6.769231
6.906593
6.043966
6.181319

5.601093
5.737705
5.874317
6.010929
6.147641

91
92
93
94
95

2.5000C0
2.527473
2.654945
2.682418
2.609890

2.486339
2.513661
2.640984
2.568306
2.696628

12.50CCC0
12.637363
12.774725
12.912CE8
13.C49451

12.431694
12.5683C6
12.7C4918
12.8415SO
12.978142

t6
17
L8
t9
>0

1.263736
1.291209
1.318681
1.346154
1.373626

1.256831
1.284153
1.311475
1.338798
1.366120

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
2.747263

2.622951
2.66C273
2.677696
2.704918
2.732240

13.186813
13.324176
13.461638
13.698901
13.736264

13.114754
13.251366
13.387978
13.624590
13.661202

Half vear of
LSI." days.

Half vear of
l . i days.
S'

Half vear of
182da\>.

Half vear of
l . i days.
S'

1
2
3
4
5

$0.027473
.054945
.082418
.109890
.137363

$0.027322
.054645
.081967
.109290
.136612

$0.137363
.274725
.412088
.549451
.686813

$0.136612
.273224
.409836
.546448
.683060

6
7
8
9
lO

.164836
.192308
.219780
.247253
.274725

.163934
.191257
.218579
.245902
.273224

.824176
.961538
1.098901
1.236264
1.373626

11
12
13
14
15

.302198
.329670
.357143
.384615
.412088

.300546
.327869
.355191
.382514
.409836

16
17
18
19
20

.439560
.467033
.494505
.521978
.549451

21
22
23
24
25




I

3i

6
INTEREST AT 1 PER CENT PER ANNUM ( # PER CENT PER HALF YEAR)—Continued.
(See explanation page 133.)

$1,000.

i

$5,000.

Number
of clays.

$5,000.

$1,000.

Number
of days.
Half year of
1S2 days.

Half year of
183 days.

Half \car of
1S2 days.

Half year of
1S3 days.

101
102
103
104
105

$2.774725
2.802198
2.829670
2.857143
2.884615

$2.759563
2.786885
2.814208
2.841530
2.868852

$13.873626
14.010989
14.148352
14.285714
14.423077

$13.797814
13.934426
14.071038
14.207650
14.344262

106
107
108
109
110

2.912088
2.939560
2.967033
2.994505
3.021978

2.896175
2.923497
2.950820
2.978142
3.005464

14.560440
14.697802
14.835165
14.972527
15.109890

14.480874
14.617486
14.754098
14.890710
15.027322

Ill
112
113
114
115

3.049451
3.076923
3.104396
3.131868
3.159341

3.032787
3.060109
3.087432
3.114754
3.142076

15.247253
15.384615
15.521978
15.659341
15.796703

15.163934
15.300546
15.437158
15.573770
15.710383

116
117
118
119
120

3.186813
3.214286
3.241758
3.269231
3.296703

3.169399
3.196721
3.224044
3.251366
3.278689

15.934066
16.071429
16.208791
16.346154
16.483517

15.846995
15.983670
16.120219
16.256831
16.393443

121
122
123
124
126

3.324176
3.351648
3.379121
3.406593
3.434066

3.306011
3.333333
3.360656
3.387978
3.415301

16.620879
16.758242
16.895604
17.032967
17.170330

16.530055
16.666667
16.803279
16.939892
17.O76503

126
127
128
129
130

3.461538
3.489011
3.616483
3.543956
3.571429

3.442623
3.469945
3.497268
3.624590
3.551913

17.307692
17.445055
17.582418
17.719780
17.857143

17.213115
17.439727
17.486339
17.622951
17.759563

131
132
133
134
135

3.598901
3.626374
3.653846
3.681319
3.708791

3.579235
3.606557
3.633880
3.661202
3.688525

17.994505
18.131868
18.269231
18.406593
18.543956

17.896175
18.032787
18.169399
18.306011
18.442623

136
137
138
139
140

3.736264
3.763736
3.791209
3.818681
3.846154

3.715847
3.743169
3.770492
3.797814
3.825137

18.681319
18.818681
18.956044
19.093407
19.230769

18.679235
18.715847
18.852459
18.989071
19.125683

141
142

3.873626
3.901099

3.852459
3.879781

19.368132
19.505496

19.262295
19.398907

Half vear of
1S2 days.

Half year of
183 days.

Half year of
182 days.

Half vear of
183 days.

143
144
145

$3.928571
3.956044
3.983516

$3.907104
3.934426
3.961749

$19.642857
19.780220
19.917582

$19.535519
19.672131
19.808743

146
147
148
149
150

4.010989
4.038462
4.065934
4.093407
4.120879

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

151
152
153
154
155

4.148352
4.175824
4.203297
4.230769
4.258242

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

156
157
158
159
160

4.285714
4.313187
4.340659
4.368132
4.395604

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

161
162
163
164
165

4.423077
4.450549
4.478022
4.505495
4.532967

4.398907
4.426230
4.453552
4.480874
4.508197

22.115385
22.252747
22.3901 lO
22.527473
22.664835

21.994536
22.131148
22.267760
22.404372
22.540984

166
167
168
169
170

4.560440
4.587912
4.615385
4.642857
4.670330

4.535519
4.662842
4.590164
4.617486
4.644809

22.802198
22.939560
23.076923
23.214286
23.351648

22.677596
22.814208
22.950820
23.087432
23.334044

171
172
173
174
175

4.697802
4.725275
4.752747
4.780220
4.806792

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

176
177
178
179
180

4.835165
4.862637
4.890110
4.917582
4.945055

4.808743
4.836066
4.863388
4.890710
4.918033

24.175824
24.313187
24.450549
24.687912
24.725275

24.043716
24.180328
24.316940
24.453652
24.590164

181
182
183

4.972527
5.000000

4.945355
4.972678
5.O00000

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
taking the day of the month of such conversion, and for—
May, 1919
June 1 to 15, 1919

Leap year:
March
April
May
June 1 to 15

subtracting 20
adding 11

:

adding
adding
adding
adding

76
107
137
168

For any other monthJune 15 to 30.
July.
August
September
_
October.
November
December 1 to 15



subtracting
adding
adding
adding
adding
adding
adding

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

15
15
46
77
107
138
168
132

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

/
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, 1919, thereafter semiannually on June 15 and December 15, and at maturity. If 4% per cent notes are
converted into 3% per cent notes, the interest adjustment is in favor of the holder. If 3 % per cent notes are
converted into 4 % 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 Victoiy 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 ma3r be ascertained from the foregoing
table, the interest adjustment on each 81,000 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 SI,000 note is made on Jul}' 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 (&):
Conversion February 15, 1920. Last interest payment December 15, 1919. Accordingly 62 days
have elapsed in a 183-daj' 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.




133

The provisions of Titles I, IX, X and XI of Treasuiy Department Circular Xo. 114 referred to
in Treasury Department Circular Xo. 137 (page 93) entitled "Extension of Conversion Privilege"
are as follows:
C O N V E R S I O N O F U N I T E D STATES B O N D S O F T H E FIRST LIBERTY L O A N , O F
T H E FIRST LIBERTY L O A N C O N V E R T E D , A N D OF T H E S E C O N D LIBERTY L O A N .

ipis.

TREASURY DEPARTMENT,

Department Circular No. .14

o m c E

Loans and Currency.

Q F

^

S E C R E T A R Y >

Washington, May

9,

1918.

To Holders of 3y 2 Per Cent Gold Bonds of 1932-47 of the First Liberty Loan; 4 Per Cent Convertible
Gold Bonds of 1932-47 of the First Liberty Loan Converted; and 4 Per Cent
Convertible Gold Bonds of 1927-42 of the Second Liberty Loan.
I. PRESENT CONVERSION PRIVILEGE.
In consequence of the issue this day of a series of United States 4^4 Per Cent Gold Bonds
of 1928 of the Third Liberty Loan, holders of the above-mentioned bonds will, in accordance with
the provisions of this circular, be entitled to convert all or, any part of their bonds into an equal
face amount of bonds bearing interest at 4^4 per cent per annum, the terms of which will be
identical with those of the bonds of the Third Liberty Loan, except that such bonds will have the
same dates for the payment of interest, the same dates of maturity of principal, and the same
terms of redemption as the bonds upon the conversion of which the}- are respectively issued.
The bonds to be issued upon conversions of (a) dy2 Per Cent Gold Bonds of 1932-47 of the
First Liberty Loan, and (6) 4 Per Cent Convertible Gold Bonds of 1932-47 of the First Liberty
Loan Converted, are designated 4>4 Per Cent Gold Bonds of 1932-47 of the First Liberty Loan
Converted, and the bonds to be issued upon conversions of 4 Per Cent Convertible Gold Bonds of
1927-42 of the Second Liberty Loan are designated 4^4 Per Cent Gold Bonds of 1927-42 of the
Second Liberty Loan Converted. Such bonds to be issued upon such conversions are hereinafter more
particularly described.
IX. NON-RECURRENT CONVERSION PRIVILEGES OF 4 PER CENT BONDS OF THE
FIRST LIBERTY LOAN CONVERTED AND OF 4 PER CENT BONDS OF THE SECOND LIBERTY LOAN.
In respect of any 4 Per Cent Convertible Gold Bonds of 1932-47 of the First Liberty Loan
Converted and in respect of any 4 Per Cent Convertible Gold Bonds of 1927-42 of the Second
Liberty Loan, as to which the conversion privilege arising as a consequence of the issue of bonds
of the Third Liberty Loan, shall not be exercised within the prescribed period, in accordance with
the provisions of this circular, no further conversion privilege will arise again though bonds are
hereafter issued by the United States bearing interest at a higher rate or rates than 4 per cent
per annum.
X. DESCRIPTION OF 4% PER CENT GOLD BONDS OF 1932-47 OF THE FIRST LIBERTY
LOAN CONVERTED, TO BE ISSUED (a) UPON CONVERSIONS OF Sy2 PER CENT
GOLD BONDS OF 1932-47 OF THE FIRST LIBERTY LOAN AND (6) UPON CONVERSIONS OF 4 PER CENT CONVERTIBLE GOLD BONDS OF 1932-47 OF THE FIRST
LIBERTY LOAN CONVERTED.
Bearer bonds with interest coupons attached will be issued in denominations of $50, $100,
$500, $1,000, $5,000, and $10,000. Bonds registered as to principal and interest will be issued
in denominations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000, and $100,000. Provision
will be made for the interchange of bonds of different denominations and of coupon and registered bonds and for the transfer of registered bonds, without charge by the United States, and
under rules and regulations prescribed by the Secretary of the Treasury.




134

The bonds will be dated May 9, 1918, and will bear interest at the rate of four and onequarter per cent per annum, but only from June 15, 1918, payable semiannually on June 15 and
December 15. The bonds will mature June 15, 1947, but the issue may be redeemed on or after
J u n e 15, 1932, in whole or in part, at par and accrued interest, on three months published notice,
on any interest day; in case of partial redemption the bonds to be redeemed to be determined
by lot by such method as may be prescribed by the Secretary of the Treasury. The principal and
interest of the bonds are payable in United States gold coin of the present standard of value The
bonds will be receivable as security for deposits of public money, but will not bear the circulation
privilege.
The bonds 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 (&) 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 the
act of Congress approved September 24, 1917, or by said act as amended by the act approved
April 4, 1918, 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 (&) above.
The bonds of this issue are not entitled to any privilege of conversion into bonds bearing a
higher rate of interest.
Any of the bonds which have been owned by any person continuously for at least six months
prior to the date of his death, and which upon such dace constitute part of his estate, shall, under
rules and regulations prescribed 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 Secretary of the Treasury is authorized, from time to time, until the expiration of one year
after the termination of the war, to purchase bonds of this issue at such prices and upon such terms
and conditions as he may prescribe. The par am'ount of bonds of this issue which may be purchased in the 12 months' period beginning on the date of issue shall not exceed one-twentieth
of the par amount of such bonds originally issued, and in each 12 months' period thereafter, shall
not exceed one-twentieth of the amount of the bonds of such issue outstanding at the beginning of
such 12 months' period. The average cost of the bonds of this issue purchased in any such 12
months' period shall not exceed par and accrued interest.
XL DESCRIPTION OF 414 PER CENT GOLD BONDS OF 1927-42 OF THE SECOND LIBERTY LOAN CONVERTED TO BE ISSUED UPON CONVERSIONS OF 4 PER CENT
CONVERTIBLE GOLD BONDS OF 1927-42 OF THE SECOND LIBERTY LOAN.
Bearer bonds with interest coupons attached will be issued in denominations of $50, $100,
$500, $1,000, $5,000, and $10,000. Bonds registered as to principal and interest will be issued
in denominations of $50, $100, $500, $1,000, $5,000, $10,000, $50,000, and $100,000. Provision
will be made for the interchange of bonds of different denominations and of coupon and registered bonds and for the transfer of registered bonds, without charge b}r the United States, and
under rules and regulations prescribed by the Secretary of the Treasmy.
The bonds will be dated May 9, 1918, and will bear interest at the rate of four and one-quarter
per cent per annum, but only from May 15, 1918, payable semiannually on May 15 and November 15. The bonds will mature November 15, 1942, but the issue may be redeemed at the option
of the United States on or after November 15, 1927, in whole or in part, at par and accrued interest, on any interest day, on six months' notice given in such manner as the Secretary of Treasury
shall prescribe. In case of partial redemption the bonds to be redeemed will be determined by such
method as may be prescribed by the Secretary of the Treasury. The principal and interest of
the bonds are payable in United States gold coin of the present standard of value. The bonds
will be receivable as security for deposits of public money, but will not bear the circulation
privilege.



*35

The bonds 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 authorit}', except (a) estate or inheritance taxes and (&) 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
b}' the act of Congress approved September 24, 1917, or by said act as amended by the act approved
April 4, 1918, 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 bonds of this issue are not entitled to any privilege of conversion into bonds bearing a
higher rate of interest.
Any of the bonds 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 prescribed 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 Secretary of the Treasury is authorized, from time to time, until the expiration of one
year after the termination of the war, to purchase bonds of this issue at such prices and upon such
terms and conditions as he may prescribe. The par amount of bonds of this issue which may
be purchased in the 12 months' period beginning on the date of issue shall not exceed one-twentieth of the par amount of such bonds originally issued, and in each 12 months' period thereafter,
shall not exceed one-twentieth of the amount of the bonds of such issue outstanding at the beginning of such 12 months' period. The average cost of the bonds of this issue purchased in any
such 12 months' period shall not exceed par and accrued interest.
W. G. McADOO,
Secretary of the Treasury.




136

INCOME AND PROFITS TAXES DUE JUNE 16, 1919.

TREASURY DEPARTMENT,
Washington,

May 7, 1919.

r

Income and profits taxes due June 16, 1919, ma} be paid in Treasury certificates of indebtedness of Tax Series of 1919, dated August 20, 1918, maturing July 15, 1919, Series T 2, dated January 1G, 1919, maturing June 17, 1919, and Series T 3, dated March 15, 1919, maturing June 16,
1919. No other certificates of indebtedness will ,be accepted in payment of the taxes due on said date.
Certificates of the three series mentioned will be accepted by collectors of internal revenue at par,
without interest, when tendered in amounts not in excess of the amount of such taxes due June 16,
1919. They will be so accepted at any time on or before June 16,1919. If so accepted before June 16,
1919, full interest to June 16, 1919, will be paid as below stated. '
Coupons maturing on June 16, 1919, should be detached from certificates of Series T 3, and coupons maturing on or before May 15, 1919, should be detached from certificates of the Tax Series of
1919, before presentation to the collector, and should be separately presented for payment in the
ordinary course when due. Coupons maturing July 15, 1919, must, however, be attached to certificates of the Tax Series of 1919 and surrendered to the collector with such certificates for cancellation; and collectors will not accept any certificates of the Tax Series of 1919 which have not attached
thereto the coupon No. 5 maturing July 15, 1919.
Accrued interest on certificates of Series T 2 (which were issued without coupons "attached)
from January 16, 1919, to June 16, 1919, and accrued interest on certificates of the Tax Series of
1919 from May 15, 1919 (the last coupon payment date), to June 16, 1919, will be remitted to the
taxpayer by the Federal Reserve Bank by check and the collector must furnish to the Federal Reserve
Bank the name and address of the taxpayer and the amount and serial numbers of the certificates
presented in each case.
The procedure above provided will automatically adjust accrued interest in respect of all Treasury certificates of indebtedness used in payment of taxes due June 16, 1919, whether presented on
or before said date and no other payment or credit will be allowed or made on account of interest in
connection therewith.
Interest on Treasury certificates accepted in payment of taxes ceases to accrue on (a) the date
of the maturity of the certificates, or (b) the date the tax is due—whichever of said dates be earlier.
The provisions hereof in relation to the payment of interest to June 16,1919, do not apply to Treasury
certificates of indebtedness accepted in payment of taxes due prior to that date. Any Treasury
certificates of indebtedness accepted in payment of taxes becoming due before June 16, 1919, must
be dealt with separately, and accrued interest will be paid only to the date the tax was due and upon
surrender with the certificates of any coupons maturing subsequent to the date the tax was due.
Collectors must specially notify Federal Reserve Banks in each case when Treasury certificates are
accepted in payment of taxes becoming due prior to June 16, 1919. The 15th day of J u n e being a
Sunday, the Bureau of Internal Revenue has ruled that the taxes which by the terms of the Revenue
Bill of 1918 are due on that date become due on June 16th.
In order to avoid unnecessary dislocation of funds, it is of importance that Treasury certificates
of indebtedness of the three series mentioned be used by taxpayers to the utmost extent possible
in payment of their taxes, in preference to making cash payment of their taxes, and Federal Reserve
Banks and collectors of internal revenue should use every effort to induce taxpayers who are holders
of such certificates to make such use of them and to facilitate such use in every manner in their power.
The instructions to collectors dated December 9,1918 (T. D. 2778), issued by the Commissioner
of Internal Revenue and approved by the Secretary of the Treasury, and the instructions to Federal
Reserve Banks dated December 9, 1918, issued by the Treasurer of the United States and approved
by the Assistant Secretary of the Treasury, not inconsistent herewith, remain in full force and effect.
There seems to be no reason to anticipate that the amount of taxes paid as of June 16,1919, will
exceed the amount of Treasury certificates maturing on or about that date. I t seems that there
will be no unexpended cash proceeds arising from the payment of income and profits taxes on June
16, 1919, and therefore no redeposits will be made; nor will payment of income and profits taxes by
credit be permitted.
Collectors of internal revenue will, however, be instructed to deposit checks received on and
after June 1,1919, in payment of income and profits taxes, with Federal Reserve Banks and branches,
following to that extent substantially the procedure adopted in March. As to this procedure detailed
instructions will follow.




R. C. LEFFINGWELL,
Assistant
137

Secretary of the

Treasury.

Index of Forms, Etc.—Part II
(Contained in the A p p e n d i x , Pages 16 to 137)
PAGE

CERTIFICATES
Application
Application
Offering of
Offering of

OF INDEBTEDNESS
for "Bond" Certificates
for " T a x " Certificates
"Bond" Certificates
" T a x " Certificates

28
30
26
29

CONVERSION
Insurance Declaration Accompanying Bonds for Conversion
Request for Conversion of Liberty Bonds
Request for Conversion of Victory Notes
Table for Computing Interest Adjustments upon Conversion of Victory Notes
C O U P O N BONDS
Request for Exchange of Coupon for Registered Bonds
Request for Exchange of Denominations
COUPONS
Envelope to Contain,
Schedule of British,
A. Bankers' Declaration to Accompany British Schedules
B. Income Tax Declaration to Accompany British Schedules
C. Non-enemy Ownership Declaration to Accompany British Schedules
Schedule of U. S.,

112
95
129
131
52
50
101
104
106
102
105
i<x>

EXPORT OF COIN, BULLION AND CURRENCY
Application for Permission to Export from U. S
Recommendation of Federal Reserve Bank
G O V E R N M E N T DEPOSITS
Application for Deposits
Certificate of Approval of Fiscal Agent
Certificate of Custodian
Collateral Security (Lists of Bonds and Commercial Paper)
Payment for Certificates by Advice of Credit
Payment for Notes by Advice of Credit
Resolutions Authorizing Application for Deposits
REGISTERED BONDS
Notification of Change of Postoffice Address
Request for Exchange of Denominations
Request for Exchange oi, for Coupon Bonds
Request for Transfer of
TAXES
Interest Table for ^Y^c Bonds in Payment of Inheritance Taxes
T H R I F T STAMPS
Application to Become Agent for Sale of
Monthly Account of Sales of
Report of Sales of, and Requisition for
VICTORY LIBERTY LOAN
Allotment Notice
Final Report
Payment for Notes by Advice of Credit
:
Payment for Notes Allotted in Excess of $10,000
Request for Conversion of Notes
Requisition for 3-)4% Notes
Requisition for 4^4% Notes
Table for Computing Interest Adjustments upon Conversion of Victory Notes
W A R SAVINGS C E R T I F I C A T E S
Application to Become Agent for Sale of
Monthly Account of Sales
Pledge Agreement
Report of Sales of, and Requisition for
Resolutions Authorizing Pledge Agreement



75
76
21
21
21
22, 2325
111
20*
55
51
53
54
85
44
41
45
126
119
111
124
129
121
122
131
44
41
39
45
40-

133

Numerical Index—Part II
( O f Treasury Department Forms and Circulars and References to A c t s of Congress
Contained in the Appendix, Pages 16 to 137)
PAGE

TREASURY D E P A R T M E N T FORMS
H-5—Application for Deposits
J-5—Resolutions Authorizing Application for Deposits
K-2—Advice of Credit
L—(Revised Public Moneys) Statement of Interest
L & C 25-A—Request for Conversion
L & C 90—Interest Table for 4% % Bonds
L & C 182—Application for Notes for Advance Delivery
L & C 191—Table for Computing Interest Adjustments upon Conversion of
Victory Notes
L & C 197—Tax Exemptions of Liberty Bonds and Victory Notes
L & C 214—Request for Conversion of Victory Notes
760—Affidavit of Ownership of Bonds
761—Schedule of Coupon Bonds Received by Collector in Payment of Estate
or Inheritance Taxes and Transmitted to Federal Reserve Bank
1021—Pledge Agreement
1022—Resolutions Authorizing Pledge Agreement
1023—Monthly Account of Sales and Holdings of W . S. C. S. and U. S.
Thrift Stamps
1025—Application to Become Agent of Second Class for Sale of W . S. S.,
Thrift Stamps, etc
1026—Report of Sales of W . S. C. S. and U. S. Thrift Stamps
1029—Request for Exchange of Coupon Bonds for Coupon Bonds of Other
Denominations of Same Issue
1030—Request for Exchange of Registered Bonds for Registered Bonds of Other
Denominations of Same Issue
'.
1031—Request for Exchange of Coupon Bonds for Registered Bonds of Same
Issue
1032—Request for Exchange of Registered Bonds for Coupon Bonds of Same
Issue
1033—Request for Transfer of Registered Bonds of Same Issue
1034—Notification of Change of Postoffice Address
1035—Recommendation of Agent of Second Class
TREASURY D E P A R T M E N T CIRCULARS
No. 92, Special Deposits of Public Moneys
No. 94, U . S. W a r Savings Certificates, Offering of Series of 1918
No. 95, Agents of the Second Class for Sale of W a r Savings Certificates
No. 96, Cash Agents of the Second Class for Sale of W a r Savings Certificates
and Thrift Stamps
No. 100, Interchange and Transfer of Liberty Bonds
No. 101, Regulations Governing Appointment of Agents for Sale of W a r
Savings Certificates
No. 114, Conversion of Certain Liberty Loan Bonds
No. 128, U. S. W a r Savings Certificates, Offering of Series of 1919
No. 130, Distribution and Sale of W a r Savings Certificates and Stamps, Series
of 1919
No. 132, Receipt of Liberty Bonds for Estate or Inheritance Taxes
No. 135, First Liberty Loan Subscriptions in Default
No. 137, Extension of Conversion Privilege
No. 138, Offering of Victory Liberty Loan
No. 139, Rules and Regulations Governing Exercise of the Conversion Privilege
—Victory Liberty Loan
T a x Certificates of Indebtedness Receivable in Payment of Income and Profits
Taxes, June 16, 1919
REFERENCES T O ACTS O F CONGRESS
Banks and Trust Companies as Depositaries
Coin, Bullion and Currency, Exportation of
Conversion Privileges
Federal Reserve Bank, as Fiscal Agent and Depositary
Liberty Bonds for Estate or Inheritance Taxes
Lqst Bonds of the United 'States
T a x Exemptions of Liberty Bonds and Victory Notes
Victory Liberty Loan Act
War Finance Corporation
War Savings Certificates, Stamps, etc. (Series of 1918 and 1919)



139

21
20
25
118
95
85
117
131
no
129
84
90
39
40
41
44
45
' 50
51
52
53
54
55
60
17
31
35
42
46
57
134
61
65
81
70
93
113
127
137
16
71
8, 93, 127
16
81
67
no
77
11,79,107
31, 61

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