Arizona republican., 1918-12-19
HOW W. $. STAMPS 0F
 1913 ARE REDEEMED FOR ISSUE 0F 1919

Secretary of the Treasury w. G. McAdoo has wired to state directors for the War Savings Stamps and Thrift stamps giving directions for the redemption of series 1918 stamps left unsold in the hands of authorized first class agents in stamps of the 1919 series the redemption period being from January l to 10.
 War Savings stamps of the series of 1918 which remain unsold in the hands of first class authorized agen- cies for their sale, largely the banks. will be computed at a value of s4.24 per stamp. The first class authorized agencies bought them for cash at the various cost figures for 1918. starting at $412 last January and running up a cent a month until December when they cost $4.23, and in the exchange for 1919 series stamps the first class authorized agencies are, therefore, en- titled to interest on their money the same as any other investors in w. s. $.
 In exchanging for 1919 series w. s. S.. the new stamps start off at the same price for January that the 1918 stamps did, $412, and the old stamps will be redeemed at a price of $4.24 with new stamps at price of $412, the difference being paid in Thrift Stamps at 25 cents each, and any | fractional balance which cannot be met with a 25-cent payment will be paid in cash.
 That, in brief is the plan of eX- change. As it is outlined in full in i Secretary McAdoo's telegram, it is as follows:
 "The aggregate value of war savings | certificate stamps. series of 1918, re- | ceived from such authorized agent of | the first class for exchange shall be | computed at the price of S4.25 for each such war savings certificate stamp. | The bank or trust company making the ] exchange shall then deliver, in ex- ! change therefor to such authorized | agent of the first class. war savings certificate stamps, series of 1919, com- | puted at the price of $4.12 each to the | extent that the same may be delivered without exceeding the aggregate value of the war savings certificate stamps. series of 1918, received for exchange and computed as above required. Any l balance remaining of such aggregate value shall be paid by delivery of United States thrift stamps at 25c each to the extent that may be done without exceeding such balance, and any balance remaining shall be paid in cash.
 Such exchange may be made only on presentation by the authorized agent | of the first class of his certificate of appointment for sale of war savings | certificate stamps, series of 1918, bear
 ing fac simile signature of the secre- tary of the treasury. An incorporated bank or trust company receiving wal savings certificate stamps. series oi | 1918. for collection or exchange, is au- | thorized to deliver on or before Janu- ary 20, 1919, such war savings certifi- cate stamps, series of 1918, so received to the Federal Reserve bank of it's dis trict, together with a statement setting forth the name of the authorized agent of the first class, from whom the same have been received and the number o stamps received from such agent.
 'On receipt thereof, the Federal Re. serve bank as fiscal agent of tht United States, will pay such bank ol trust company SPA in respect of eacl war savings certificate stamps. serie. of 1918. SO delivered or at the optioi of such bank or trust company, vii deliver in lieu of paying cash war say ings certificate stamps. series of 1919 computed at S412 each. and United States thrift stamps. computed at 2 each. and cash to an aggregate no exceeding the aggregate value of tn war savings certificate stamps, serie of 1918, computed at S4.24 so received
 "The foregoing provisions apply onl. to war savings certificate stamps series of 1918, not affixed to war say
 ngs certificates and apply only t
 collection or exchange of stamps hell
 by authorized agents of the first class
 Banks and trust companies shall no make such collection or exchange ex
 cept for persons who are duly author iZed agents of the first class and il the manner above set forth"