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CIRCULAR NO. 184 F E D E R A L R E S E R V E BANK OF N E W Y O R K BOND ISSUE 120 A D D R E S S ALL C O M M U N I C A T I O N S BOND ISSUE /*> **<?.*** DIVISION BROADWAY TO TELEPHONE DIVISION RECTOR NEW YORK. July 8, 1919 V I C T O R Y L I B E R T Y LOAN CONVERSION P R I V I L E G E T o ALL HANKS, T R U S T COMPANIES AND SAVINGS BANKS IN THE SECOND F E D E R A L R E S E R V E D I S T R I C T , DEAR S I R S : You will find enclosed copy of Treasury Department Circular No. 139 and forms for your use in forwarding Victory Notes for conversion. Please note that under the provisions of said circular no conversions may be made before July 15, 1.919, and that exchanges of coupon notes for registered notes or of registered notes for coupon notes and transfers of ownership of registered notes, will not be permitted upon conversion, but must be conducted as separate operations. . T h e circular also provides that when presenting and surrendering notes for conversion it will be necessary to make an exact adjustment of interest. Therefore, if 4 « ^ % notes are presented to us for conversion, adjustment of interest will be figured to the date on which notes are received for conversion and payment will be made by check, or by credit to the reserve account of a member bank, as directed. If 3 / 4 % Bent to us in the must be figured table contained *i b&^ notes are surrendered for conversion check may be forwarded, or instructions case of a member bank to charge its account, for the interest adjustment due which to the date notes are received by us for conversion in accordance with the interest in Treasury Department Circular No. 139, enclosed. The transportation charges on notes presented for conversion must be paid by the holder, but if it is desired to have us effect insurance on mail shipments of coupon notes in either direction, please use enclosed form BI-85, which should be forwarded to us in advance of the notes and accompanied by payment or by instructions from a member bank to charge its account. Yours very truly, B E N J . STRONG, Governor. 5700 VICTORY LIBERTY LOAN. RULES AND REGULATIONS GOVERNING EXERCISE OF THE CONVERSION PRIVILEGE. D e ^ t x u J f ^ c u l a r 139. Department Circular 1.19. 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 hy the Second Liberty Bond Act, as amended hy 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 4f Per Cent Victory Notes) or of 3f 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 proscribe from time to time further rules arid regulations for the suspension of such privilege of conversion pursuant to the provisions of said circular. Conversions may be effected, subject to tne 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, Bichmond, 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. 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. 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. 113476°—19 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 hoiJ * notes surrendered for conversion at the time of such conversion, or, in the absence of uu.11* 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 note3 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 bo 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 4f per cent per annum and interest at the rate of 3 J 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. 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 3f per cent per annum and interest at the rate of 4f 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 preceeding 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 bank 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 wliich may be obtained from the Treasury Department, or through any Federal Reserve Bank. CARTER GLASS, Secretary of the Treasury. ici «'i9r> r sOA*' TREASURY DEPARTMENT. Loans and Currency. F o r m Ii <fc C 214 r VICTORY NOTES REQUEST FOR CONVERSION Only one series of notes may be entered on this form, and separate forms must also be used for (1) coupon notes and (?) registered notes. Dated ,19 To the SECRETARY OF THE TREASURY. The undersigned herewith presents and surrenders— Per Cent Victory Notes $ (Interest rate borne by notes presented herewith for conversion.) in I .J v , [ form, and 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. any, are given b y the undersigned on the back hereof. Special instructions, if Autograph signature of holder in full Address, number and street (For delivery of notes.) City or town County State - .. 1. If 4J Per Cent Victory Notes are surrendered for conversion, the execution of the above form is all that is required. 2. If 3J 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 forms of payment will be accepted. i. Registered notes surrendered for conversion need not be assigned. Registered notes will not be converted during the period when the registration books are closed against transfers (3) Following forms to be used only for giving special instructions: I. If m Per Cent Victory Notes are presented for conversion, this form m u s t be used in remitting to cover a d j u s t m e n t of interest. Referring to $ herewith incloses $ , face amount, of notes surrendered for conversion herewith, the undersigned , being amount necessary to adjust interest thereon from , 1 9 . . . , to , 1 9 . . . , in accordance with Interest Table, appearing in Treasury Department Circular No. 139, dated May 20, 1919. Signature of person signing request for conversion >W YHG II. If delivery is desired of notes i n a different denomination or denominations from the note or notes surrendered use t h i s form. Referring to $ ,* face amount of notes surrendered for conversion herewith, the undersigned hereby requests delivery of notes upon conversion as follows: Number of notes. Denominations. $50 $100 $500 $1,000 $5,000 S10,000 2$50,000 * $100,000 Total,* $ i These amounts must be the same; otherwise request may be disregarded. * Coupon notes are not issued in these denominations. Signature of person signing request for conversion- 5 TREASUltT H E P A B T M E N T , 'ii of Loans and Currency. (Ed. 50,000— Apr. 16-19.) Form I. & C 191. VICTORY LIBERTY LOAN. TABLE FOR COMPUTING INTEREST ADJUSTMENTS UPON CONVERSION OF NOTES. I N T E R E S T AT 1 P E R CENT P E R A N N U M ($ PER CENT PER H A L F Y E A R ) . (See explanation at end.) $1,000. $6,000. Nuintwr of days. $1,000. $5,000. Number of days. Half year of 182 days. 1.... $0.027473 2 .054945 3.... .082418 4.... .109890 6.... .137363 Half year of 183 days. Half year of 182 days. $0.027322 | $0.137363 .054645 .274725 .081967 .412088 .109290 .549451 .136612 .686813 Half year of 183 days. $0.136612 .273224 .400836 .546448 .683060 Half year of 182 days. Half year of 183 days. 6 1 . . . $1.401099 $1.393443 52 1.428571 1.420765 63.... 1.466044 1.448087 64. ... 1.483516 1.475410 55.... 1.510989 1.502732 Half year of 1S2 days. Half year of 183 days. $7.005495 7.142857 7.280220 7.417582 7.554945 $6.967213 7.103825 7.240437 7.377049 7.513661 6.... 7.... 8.... 9.... 10.... .164835 .192308 .219780 .247253 .274725 .163934 .191257 .218579 .245902 .273224 .824176 .961538 1.098901 1.236264 1.373626 .819672 .956284 1.092896 1.229508 1.366120 56.... 57.... 58... 59.... 60 1.538462 1.565934 1.593407 1.620879 1.648352 1.530055 1.557377 1.584699 1.612022 1.639344 7.692308 7.829670 7.967033 8.104396 8.241758 7.650273 7.786885 7.923497 8.060109 8.196721 11.... 12.... 13.... 14.... 15.... .302198 .329670 .357143 .384615 .412088 .300546 .327869 .355191 .382514 .409836 1.510989 1.648352 1.785714 1.923077 2.060440 1.502732 1.639344 1.775956 1.912568 2.049180 61.... 62 63 64.... 65.... 1.675824 1.703297 1.730769 1.758242 1.785714 1.666667 1.693989 1.721311 1.748634 1.775966 8.379121 8.516484 8.653846 8.791209 8.928571 8.333333 8.469945 8.606557 8.743169 8.879781 16.... 17 18... 19 20.... .430560 .467033 .494505 .521978 .549451 .437158 .464481 .491803 .519126 .546448 2.197802 2.335165 2.472527 2.609890 2.747253 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 1.885246 1.912568 9.065934 9.203297 9.340659 9.478022 9.615385 9.016393 9.153005 9.289617 9.426229 9.562842 21 22 23 24 25.... .576923 .604396 .631868 .659341 .686813 .578770 .601093 .628415 .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 10.027473 10.164835 10.302198 9.699454 9.836066 9.972678 10.109290 10.245902 26 27 28... 29 80.... .714286 .741768 | .769231 } .796703 | .824176 ! .710383 .737705 .766027 .792350 .819672 3.571429 3.708791 3.846154 3.983516 4.120879 3.561913 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 2.158470 2.186792 10.43956O 10.676923 10.714286 10.851648 10.989O11 10.382614 10.519126 10.655738 10.792350 10.928962 31.... 32 33... 34.... 35.... .851648 | .879121 1 .906593 .934066 .961538 .846995 .874317 .901639 .928962 .956284 4.258242 4.395604 4.532967 4.670330 4.807692 4.234973 4.371585 4.508197 4.644809 4.781421 81.... 82.... 83.... 84.... 85.... 2.225275 2.252747 2.280220 2.307692 2.335165 2.213115 2.240437 2.267760 2.295082 2.322404 11.126374 11.263736 11.401099 11.538462 11.675824 11.065574 11.202186 11.338798 11.475410 11.612022 3S!.*! 39 40 .989011 .983607 1.016483 1.010929 1.043956 1.038251 1.071429 i 1.065574 1.098901 1.092896 4.945055 5.082418 5.219780 5.357143 5.494505 4.918033 5.054645 5.191257 5.327869 5.464481 86.... 87.... 88.... 89 90 2.362637 2.390110 2.417582 2.445055 2.472527 2.349727 2.377049 2.404372 2.431694 2.459016 11.813187 11.950549 12.087912 12.225275 12.362637 11.748634 11.885246 12.021858 12.158470 12.295082 41.... 42 43.... 44.... 45.... 1.196374 ; 1.120219 1.153846 I 1.147541 1.181319 1 1.174863 1.208791 1.202186 1.236264 1.229508 5.631868 6.769231 5.906593 6.043956 6.181319 5.601093 5.737705 5.874317 6.010929 6.147541 91.... 92.... 93 94.... 95.... 2.500000 2.527473 2.554945 2.582418 2.609890 2.486339 2.513661 2.540984 2.568306 2.595628 12.500000 12.637363 12.774725 12.912088 13.049451 12.431694 12.568306 12.704918 12.841530 12.978142 46 47 48 4© 1.263736 ; 1.291209 1.318681 , 1.346154 1.373626 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 2.747253 2.622951 2.650273 2.677596 2.704918 2.732240 13.186813 13.324176 13.461538 13.598901 13.736264 13.114754 13.251366 13.387978 13.524590 13.661202 3?'"" 50 J 1.256831 1.284153 1.311475 1.338798 1.366120 I N T E R E S T AT 1 P E R CENT P E R A N N U M (J PER CENT PER HALF YEAR)—Continued. (See explanation at end.) I $1,000. fOT r *TV Ys $5,000. $1, 300. Nui«bcr of days. Half year of 182 days. 101.... $2.774725 102 2.802198 103 2.829670 104 2.857143 105 2.884615 106.... 107 108 109 HO $5,000. Number of days. 2.912088 2.939560 2.967033 2.994505 3.021978 H 111.... 112.... 113.... 114 115.... 3.049451 3.076923 3.104396 3.131868 3.159341 116.... 117.... 118 119.... 120 3.186813 3.214286 3.241758 3.269231 3.296703 121 122 123 124 125 3.324176 3.351648 3.379121 3.406593 3.434066 126 127.... 128... 129 130.... 3.461538 3.489011 3.516483 3.543956 3.571429 131..-. 132.... 133 134.... 135 3.598901 3.626374 3.653846 3.681319 3.708791 136..-. 137.... 133 139.... 140.... 3.736264 3.763736 3.791209 3.818681 3.846154 141. 142...- 3.873626 3.901099 Half year of 183 days. Half year of 182 days. Half vear of 183 days. Half vear cf 1S2 days. $2.759563 $13.873626 $13.797814 1 143....$3.928571 2.786885 14.010989 13.934426 144.... 3.956044 2.814208 14.148352 14.071038 145.... 3.983516 2.841530 14.285714 14.207650 2.868852 14.423077 14.344262 146... 4.010989 147 4.038462 2.896175 14.560440 14.480874 148 4.065934 2.923497 14.697802 14.617486 149.... 4.093407 2.950820 14.835165 14.754098 150.... 4.120879 2.978142 14.972527 14.890710 3.005464 15.109890 15.027322 151.... 4.148352 152 4.175824 3.032787 15.247253 15.163934 153.... 4.203297 3.060109 15.384615 15.300546 154.... 4.230769 3.087432 15.621978 15.437168 ! 155 4.258242 3.114754 15.659341 15.573770 3.142076 15.796703 15.710383 156.... 4.285714 157 4.313187 3.169399 15.934066 15.846995 , 158 4.340659 3.196721 16.071429 15.983607 ! 159 4.368132 3.224044 16.208791 13.120219 : leo 4.395604 3.251366 16.346154 16.256831 3.278689 16.483517 16.393443 161 4.423077 162... 4.450549 3.306011 16.620879 16.530055 163 4.478022 3.333333 16.758242 16.666667 164 4.505495 3.360656 16.895604 16.803279 165.... 4.532967 3.387978 17.032967 16.939891 3.415301 17.170330 17.076503 166.... 4.560440 167 4.587912 3.442623 17.307692 17.213115 168 4.615385 3.469945 17.446055 17.349727 169.... 4.642857 3.497268 17.582418 17.486339 170 4.670330 3.524590 17.719780 17.622951 3.551913 17.857143 17.759563 171.... 4.697802 172 4.725275 3.579235 17.994505 17.896175 173 4.752747 3.606557 18.131868 18.032787 174 4.780220 3.633880 18.269231 18.169399 175.... 4.807692 3.661202 18.406593 18.306011 3.688525 18.543956 18.442623 176 4.835165 177 4.862637 3.715847 18.681319 18.579235 178 4.890110 3.743169 18.818681 18.715847 179 4.917582 3.770492 18.956044 18.852459 180 4.945055 3.797814 19.093407 18.989071 3.825137 19.230769 19.125683 181.... 4.972527 182 5.000000 3.852459 19.368132 19.262295 183 3.879781 19.505495 19.398907 Half vear cf 183 days. Half year of 182 days. Half year of 1S3 days. $3.907104 $19.842857 $19.535519 3.934426 19.780220 19.672131 19.917582 3.961749 19.808743 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 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 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 4.398907 4.426230 4.453552 4.480874 4.508197 22.115385 22.252747 22.390110 22.527473 22.664835 21.994536 22.131148 22.267760 22.404372 22.540984 4.535519 4.562842 4.590164 4.617486 4.644809 22.802198 22.939560 23.076923 23.214286 23.351648 22.677596 22.814208 22.950820 23.087432 23.224044 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 4.808743 4.836066 4.863388 4.890710 4.918033 24.175824 24.313187 24.450549 24.587912 24.725275 24.043716 24.180328 24.316940 24.453552 24.590164 4.945355 4.972678 5.000000 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 talcing the day of the month of such conversion, and for— Mav, 1919 Juiie 1 to 15, 1919 subtracting adding 20 11 Leap year: March April May June 1 to 15 adding 76 adding 107 adding 137 adding 168 subtracting 15 adding 15 adding 46 adding 77 adding 107 adding 138 adding 168 December 15 to 31 January February March April May June 1 to 15 subtracting 15 adding 16 adding 47 adding 75 adding 106 adding 136 add ng 167 For any other month— Juue 15 to 30 August • ruber October November December 1 to 15 7 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, 191VJ, thereafter semiannually on June 15 and December 15, and at maturity. If 4f per cent notes are converted into 3f per cent notes, the interest adjustment is in favor of the holder, if 3f per cent notes are converted into 4J 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 Victory 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 may be ascertained from the foregoing table, the interest adjustment on each $1,000 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 $1,000 note is ma.de on July 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 (b): Conversion February 15, 1920. Last interest payment December 15, 1919. Accordingly 62 days have elapsed in a 183-day 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. WASHINGTON : COVECXMEXT PRINTING OFFICE : K : j
@FedFRASER