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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States r Circular No. 1 5 1 8 1 t March 15, 1935 J Adjustment of Interest as of March 15, 1935 on 2% Percent Treasury Bonds of 1955-60 Allotted After March 15, 1935 in Exchange for Third-called Fourth 4V4's To all Banks and Trust Companies in the Second Federal Reserve District and Others Concerned: For your information we quote below the texts of telegrams received by us from the Treasury Department: "Where Third-called Fourth 4 ^ ' s are tendered for exchange under Treasury Department circular No. 531 after March 15, accrued interest on the 2% percent bonds shall be computed from March 15 to the date of actual delivery to you, or, in the case of bonds received in the mail, to the date of mailing to you as evidenced by the postmark on the envelope." "If you feel that subscribers in your district do not understand that accrued interest is to be charged in cases where (Third-called) Fourths are submitted after March 15 for exchange or do not understand that in any event interest on (Thirdcalled) Fourths exchanged terminates March 15, you should make these points clear to all banks and others concerned in your district." Interest on $1,000 for one day at the rate of 2% percent per annum (figured on a semiannual basis) is $.078125. GEORGE L. HARRISON, Governor.
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