The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-03-15

issued in the same order in lien there
or. A letter of transmittal should ac-
company each package of bonds for
exchange, setting forth the purpose
-or which they are forwarded and Civ
ing the address to which the new bonds
and checks for the interest thereon
shall be sent.
National Bank Bonds.
Bonds held by the treasurer Of the
United States in trust for a national
bank mt y be surrendered by letter ad-
dressed TO the secretary of the treas
ury, accompanied with the treasurer
receipt representing the bonds. to-
gether with a resolution Of the board
OF directors of the bank authorizing
the treasurer TO assign the bonds.
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 their 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 request an
affidavit setting forth that fact.
Upon acceptance of any bonds for
exchange under the conditions of this
rendered bonds to yield an income of
"a per centum per annum will be cal
culated as of the date of their ac-
ceptance, except as provided in the
next paragraph, and the sum represent
ing the difference between the present
worth of said bonds and their par value
will be paid to the owner thereof in
due course by a check drawn in his
favor by the treasurer of the United
States.
Payment of Interest.
"The settlement will include payment
by the department Of accrued interest
on the old bonds to the date Of their
acceptance for exchange and q charge
against the owner for accrued interest
on the new bonds from the date Of
their issue TO said date Of acceptance.
Bonds surrendered upon which interest
h2s been prepaid Eeed not be accom-
panied by a deposit to cover such pre-
deduct at the time of the settlement
any amount which may be due on ac-
count of unmatured interest which has
been prepaid.
The new bonds wiz be dated April
1, 1900; therefore all outstanding bonds
surrendered for exchange and accepted
for that purpose prior TO that date will
bear interest to April 1. and interest
on the new bonds Will begin. and the
present worth of such surrendered
bonds will be calculated as of said
April l. The new bonds will be issued
in. denominations as follows: Coupon,
$50. 500, $500. 81. 600; registered, $50, 500,
$500, 81, 900, $1,000. $4,000, $4,000.
How Checks VIII Be Drawn
"An bonds forwarded for exchange
will be regarded as the property of the
person, firm or institution in whose
favor the new bonds are to be issued,
and in each case the check in settle
nnent of the present worth. etc, above
referred to. will be drawn in favor OF
such person. firm or institution, but,
IL the aggregate forwarding the bonds
shall desire and so request, the bonds
and the check may be forwarded to
such agents address for delivery TO
the owner.
BLANK forms of application for the
exchanges herein authorized. and blank
resolutions for use by Institutions have
been prepared by the department and
may be obtained on application 10 the
secretary of the treasury
In exercise OF the discretion given
to the secretary Of the treasury under
section IL Of the act. he reserves the
right to suspend the exchange Of bonds
above contemplated whenever, in his
opinion. the interests Of the government
may be best served thereby. The sec
retary of the treasury also reserves the
right TO change the terms of exchange
a bove set forth. either by requiring
bonus or premium upon the ? per cent
bonds. or by requiring the holders Of
bonds outstanding TO surrender the
same in exchange for the new bonds at
a rate to yield income Of more than "a
per cent per annum.