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CIRCULAR NO. 230 FEDERAL RESERVE BANK OF N E W YORK GOVERNMENT BOND DEPARTMENT December 6, 1919 EXCHANGE OF TEMPORARY 4 % AND \\i% COUPON LIBERTY BONDS FOR PERMANENT BONDS. T o ALL BANKS, 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 DISTRICT, D E A R SIRS : There is being forwarded to you under separate cover a "Notice to Owners of Liberty Bonds" giving information in regard to the exchange of temporary Liberty Loan coupon bonds for permanent bonds in coupon form. As this notice contains information of value to many of your customers and furnishes an answer to questions which would otherwise be directed to your tellers, you will doubtless wish to have it posted in a prominent place in your bank. Treasury Department Circular No. 164, to be issued shortly, will give complete information concerning the exchange of these temporary bonds for permanent bonds in coupon or registered form. Yours very truly, B E N J . STRONG, Governor.