The sun., 1919-03-11
FOUR P. G. LIBERTY
BONDS CONVERTIBLE
Glass Authorizes Exchange Of
Seconds and Converted
..Firsts for 4 las.
HE TELLS HOW TO DO 1T
Either. Treasury or Reserve
Banks; VIII Act for Holders
il Blank Is Obtained.

WARRINGTON March 10.-Under the
authority OF the recent bond act Secre-
tary of. the Treasury Glass has issued
formal orders reopening the conversion
privilege for Liberty bonds Of the First
Loan converted and for bonds OF the
Second. Loan. These bonds. bearing I
per cent. interest, can be converted into
~ per cent. issues The conversion
privilege does not. however. extend to
the az per cent. bonds Of the First Loan.
which were notsconverted.
The conversion privilege will remain
open at the discretion of the Secretary
OF the Treasury, 1t will be closed on not
less than six months public notice.
Authority for the reopening OF the
conversion privilege was given by Con-
gress on the Recommendation OF the Sec
rotary. The original time for conversion
was limited by statute. Treasury officials
felt that there were many holders or
bonds who, being unfamiliar with such
transactions, had not become conversant
with their privilege and that 1t should be
extended.
Send Them to Reserve Bsnks.
The conversion privilege may be exer-
cised by presentation of bonds OF either
of the two issues to the Treasury or the
various reserve banks A properly allied
out request form must accompany the
bonds. Other instructions are as fol-
lows: :
Registered bonds will be delivered
upon conversion OF coupon bonds II
written request therefor be submitted
with request for conversion. Coupon
bonds will be delivered upon conversion
of registered bonds II the registered
bonds presented for conversion are
duly. assigned to the Secretary of the
Treasury for conversion and exchange
for coupon boIids' on the form APP
pearing on the back thereof; such as
signments must be duly executed in the
presence OF an officer authorized to
witness. assignments OF United States
registered bonds.
Bonds will be delivered so far as
practicable in like denominations as the
bonds upon the conversion OF which
they arc respectively issued unless
written request for delivery in other
denominations be submitted with re-
quest for conversion. Changes OF own
ership Will be permitted upon CONVEX
sions OF registered bonds = IL the regis
tered bonds presented 3or conversion
have been duly assigned for transfer
in accordance with the. regulations
governing assignments Of United states
registered bonds.
Changes of ownership OF registered
bonds, however. cannot be effected
when the transfer books for the loan
in question are closed and requests for
conversion involving such changes Of
ownership received during any such
period when the transfer: books are
closed win lbe effective during suct
period only as presentations for con-
version and the changes OF ownership
will not be effected until the reopenins
OF the transfer books.
When Books VIII Be Closed.
The transfer books for the first Lib
erty-Loan converted will be closed from
May 16 10 June Is and from November
16 TO December 10 and for the second
Liberty loan from October 16 TO No
venlher 10 and from April Is to May 10
ir each year. in each case both dates in
elusive
"For the purpose OF computing the
amount OF interest payable bonds pre-
sented for conversion under this circular
shah be deemed to be converted on the
dates for the payment OF the semi-annual
Interest on the respective bonds so pre-
sentfd for conversion next succeeding the
date OF such presentation. Interest will
conversion at the rate OF per cent per
annum to the semi-annual interest pay
merit date next succeeding the date OF
PRECIPITATION for conversion. TO the reg
istered owner Of the bonds presented for
conversion or in case change OF owner
ship has been effected upon the CONVEX
sion before the closing of Tho transfer
books in anticipation of such semi-an-
nuaI interest payment to the registered
owner Of the bonds issued upon such
conversion.
Registered bonds issued upon CONVEX
sion will bear interest at the rate OF AN
per cent. per annum from the semi-an-
nuaf interest payment date next sue.
ceedlng the date OF presentation for con
version. In the case of coupon bonds
presented for conversion all ,coupons ma
turing on or before the .semi-annual in
terest payment date neXt succeeding the
datesof presentation for5converson must
be detached and collected in ordinary
course when due. All Subsequent cou.
pons must be attached.
Interest After Conversion.
Coupon bonds issued upon conversion
will bear interest at the rate OF Az pei
cent per annum from the semi nnua
interest payment dateb next succeeding
the date of presentation for converslos
and will have interest coupons attached
thereto covering serni-annual interes
payments uS'o and including tho,
spective maturities OF such bonds. Pro
vided, however. that until gune Is, 1920
in the case of the bonds of the FRS
Liberty Loan converted. and until MAJ
Is, 1920. in the case OF bonds OF tn,
Second Liberty Loan, coupon bonds is
sued upon conversion will have coupons