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FEDERAL RESERVE BANK OF CHICAGO GOVERNMENT BOND DEPARTMENT ROOM 361-209 SO. LA SALL&: ST. S . B . CRAMER , ASST . CASHIER ADDRESS ALL COMMUNICATIONS RELATIVE TO GOVERNMENT BONDS 0. A . JONES, ASST , CASHIER A . H . VOGT , ACTIN G ASST , CA SH IER P. 0 . BOX 805 • Circular No . 8'7. June 24, 1918. BOND CONVERSIONS. TO THE BANK OR TRUST COMPANY ADDRESSED: We have prepared forms for your use and instructions for your guidance in connection with converdion of the First and Second Liberty Loan Bonds into 4!1o bonds , with the expectation that the new bonds would be ready for delivery promptly on July 1, 1918 . In view of the fact that shipments of the new bonds from Washington have not yet comme aced, it seems wise to defer sending out the forms and instructions until we know that coupon bonds are available fer delivery, and we recommend that you persuade individuals to wait until say July 10, 1918, before turning in their bonds for conversion . They will suffer no loss on this account, because both of the 4% issues are convertible any time between Jul y 1 and November 9 , 1918, with automatic adjustment or intero3t from the last interest date , and th9 differen9e to tr.e holders of 3½1o bonds in the amount of accruec interest required to be paid to the United States wiJl ~e inconsiderable. Furthermore , it n.ill probably be more •onvenient for you to receive bonds for conversion after the first few days in July are past. Do not send us bonds for conv3rsi . n until you receive the necessary forms and instructions . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FEDERAL RESERVE BANK vF CHICAGO Government Bond Department.
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