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FEDERAL RESERVE BANK
OF N E W YORK
Circular No. 326, December 14, 1920"

Government Bond
Department

Modifying Circular No. 259, dated March 5,1020, issued
subject to Treasury Department Circular No. 164,
dated December 15, 1919.

Permanent 4>H Per Cent. First Liberty Loan Second
Converted Coupon Bonds in Exchange for Temporary
Coupon First Second 4Ms
Ready for Delivery on and after December 15, 1920

To all Banks, Trust Companies and Savings Banks
in the Second Federal Reserve District:
Permanent 4% per cent. First Liberty Loan Second Converted coupon bonds with
all subsequent interest coupons to maturity attached will be ready for delivery this week
on and after Wednesday, December 15, in exchange for the original temporary coupon
bonds of t h a t issue.
As there is comparatively but a small number of these temporary bonds outstanding,
there will be no deliveries of the permanent bonds to special depositaries of public moneys
against collateral security pledged.

I t will, therefore, be necessary for banking institu-

tions in this district to forward these temporary bonds to us for exchange upon the receipt
of which the permanent coupon bonds will be delivered, unless registered bonds are requested.

The last coupon maturing on December 15,1920, on each temporary bond should

be detached together with any other past due coupons.




Very truly yours,
J. H.

CASE,

Acting Governor

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