The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-03-15
READY TO EXCHANGE BONDS
GAGE CALLS FOR SURRENDER OF
UNITED STATES SECURITIES.
tho President Signed the Financial
BiII-Bonds VIII be Given In Ex-
change Bearing Int crest ut the Rate
of Two Per Cent.

change Bearing Int terest ut the Rate
of Two Per Cent.
Washington, March 14.-Immediately
upon receiving notice that the financial
bill had been approved by the president
Secretary Gage issued a circular to
holders of United States per cent
bonds of the act of January IA, 1875;
per cent. consols of 1907 act of July
IA, 1870 and January 20, 1871 and
1898, in which their attention is direct
ed to section eleven of the act approved
to-day. The secretary continues:
| Under the provisions of this law the
department will be prepared to receive
on and after this date, until further no.
tice, any of the bonds issued under the
acts above mentioned, and as early as
| practicable thereafter will issue in eX-
change therefor like amount of United
| States registered or coupon bonds bear
| ing interest at the rate of 2 per centum
| per annum as provided by the act of
March A. 1900.
"To effect the exchange the outstand-
ing bonds should be surrendered to the
secretary Of the treasury in accordance
with the terms of this circular; they
will be accepted for that purpose in the
order of surrender Of them to him, and
new bonds bearing interest at the rate
of two per centum per annum will be
IN, In,
Of A letter of transmittal should ac-
company each package of bonds for ex-
change setting forth the purpose for
which they are forwarded and giving
the address to which the new bonds and
checks TO rthe interest thereon shall be
sent.
Bonds held by the treasurer of the
United States in trust for national
bank may be surrendered by letter ad-
dressed to the secretary of the treas
ury, accompanied with the treasurer's
receipt representing the bonds, togeth
er with a resolution of the board of
directors of the bank, authorizing the
treasurer to assign the bonds.
THE propriety of issue of the new
bonds will be determined by the date
of the receipt by the secretary of the
treasury of the outstanding bonds or
the papers representing the same, pro-
vided that the bonds or the papers rep
resenting the same are in proper CON-
dition for such surrender, as set forth
hereafter in this circular. If any cor
rection is required the priority of the
bonds to be issued will take date from
the receipt and acceptance of corrected
dc OF
"Any registered bonds forwarded
should be assigned to the secretary of
the treasury for exchange into two per-
centum bonds. The assignment should
be dated and witnessed by one Of the
officers named in the note which is
printed on the back of each bond
Where new bond is desired in the
name of any one but the payee of the
old bond, the old bond should be as
signed to the secretary of the treasury
for exchange into two per centum bonds
for account of--(here insert the name
of the person In whose favor the bond
is to be ssued)
Registered bonds inscribed in the |
name of an institution forwarded for |
exchange must be accompanied by a
resolution of the board of directors of
the institution authorizing the assign |
ment to the secretary of the treasury !
for such exchange The resolution must |
bear the seal of the institution or If |
the institution have no seal there must |
be furnished with the resolution an af
fidavit setting forth the fact.
Upon the acceptance of any bonds
for exchange under the conditions of |
11i oirn no Of ha |
bonds to yield an income of
two and one-half per centum per an
mum, will be calculated as of the date
of their acceptance as except as pro-
vided for in the new paragraph and the
sum representing the difference be-
tween the present, worth of said bonds
and their par value will be paid to the
owner thereof in due course by check
Drawn in his favor by the treasurer of
the United States. The settlement will
include payment by the department Of
accrued interest on the old bonds to
he dates of their acceptance for ex-
change and a charge against the owner
sor accrued interest on the new bonds
rom the date Of their issue to said date
If acceptance. Bonds surrendered up
IN which interest has been prepaid need
lot be accompanied by a deposit to
,over such prepaid interest, as the de-
)artment will deduct at the time of the
settlement any amount which may be
lue on account of unmatured interest
which had been prepaid.
THE new bonds will be dated April
, 1900; therefore all outstanding bonds
surrendered for exchange and accepted
or that purpose prior to that date will
,ear interest to April l, when interest
m the new bonds will begin; and the
present worth of such surrendered bonds
will be calculated as of the said April ,
The new bonds will be issued in de-
nominations as follows: Coupon, $50
100. $780, $1,000; registered, s50 $1OO, !
900, 81, 900, $4,000, $4,000, 100000
"All bonds forwarded for exchange
iill be regarded as the property of the ,
erson, firm or institution in whose fa- :
or the nGw bonds are to be issued and ;
I each case the check in settlement of (
he present worth, etc, above referred .
} will be drawn in favor of such per- !
on, firm or institution, but if the agent :
1rwarding the bOnds shall desire and so | ,
equest the bonds and the checks may ,
e forwarded to such agents address :
lr delivery to the owner.
Packages containing bonds for sur
snder, or papers representing bonds, |