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FEDERAL RESERVE BANK OF CHICAGO
GOVERNMENT BOND DEPARTMENT
ROOM 361-209 So , I..A SALLE STREET

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e. CRAMER. AssT. CAeHIKII
A. JONES. AaaT. CA9Hl&ft

A. H.VOGT,

ACORESS ALL COMMUNICATIONS
RELATIVE TO GOVe::RNMII.NT BONDS

ACTING A• ■ T, CA.aHl&JI

P.O. BOX 805

Circular No. 121.
November 2, 1918.

EXPIRATION OF CONVERSION PRIVILEGE

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TO THE BANK OR TRUST COMPANY ADDRESSED:
The Secretary of the Treasury today made the following announcement:
"The privilege of converting four percent bonds of the
First Liberty Loan converte d and f our percent bonds cf
the Sec ond Libe r ty Loan in t o four and a quarter percent
bonds expires on Nov ember ninth, ]9 8, and cannot und~r
existing law be extended. The Treasury has done all in
its power to call the attention of the bond-holders to
the existence of this valuable privilege and the date
of its expiration. It is safe to assume that upon the
ex piration of the co nversion privilege that fact will
reflect itself unfavorably in the market price of unconverted four perce nt bonds which have heretofore been
maintained substantially on a parity with the converted
!our and a quarter percent bonds by the existence of the
privilige of conversion. The Treasury now asks th~ newspapers of the United States, bankers, brokere and others
to do what they can to bring these facts before the
attention ot the bond-holders."
Please make a special effort at once to bring this
announcement to the attention of bond-holders.


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Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK OF CHICAGO
Government Bond Department