The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-04-15

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five months ago. Ills complexion is
good, almost bordering on ruddy ana
his general appearance gives the Inn
preston that he is rapidly reguining
his health
Admiral Grayson the presidents
personal physician, Is SIN unwilling
TO say now soon the President will be
able to assume all the burdens that
tall TO chief executive. by the adj
miral's orders Mr. Wilson is still
hedged about with many restrictions
and limitations, lie does not see mem
hers of his cabinet except rarely, anG
even his secretary SIR. Tumulty does
not see him on public matters mora
than two or three times n week. The
cabinet officers are still doing business
with him through correspondence. Six
diplomatic representatives Of foreign
nations are waiting 10 be formally re-
ceivcd by him. Some of them have
been here since hate last fall. Within
"A few days another now British am
bassador will arrive ana his name will
go on this waiting list
Possibility Of Relapse.
No effort is made to conceal the
fact that what some persons might re-
gard as unusual precautions to pro-
teCt Mr.. Wilson are being taken be-
cnuse his physician realizes the posi-
bility of a relapse. The recent author.
itative statement by one of the special
lists associated with Admiral Gruyson
in the case, that Mr.. Wilson suffered a
slight stroke last October explains the
precautions that are now being OBJ
served. Admiral Grayson and the con
suIting physicians testify that the
president has practically recovered
from the effect of the collapse, but
they deem it of Importance that he
shall not overwork while getting back
his strength and that he shall be pro-
tected against the possibility Of sud
den shock Of any kind,
Under the restrictions imposed on
the president he is permitted to trans
act all pressing public business. lie
has been doing this for the last two
months, and for several weeks he has
been permitted to clear his desk every
day Of the accumulation of matters re-
curing his attention.
Confusion over Exchanging Bonds
Owners of war bonds and
who is not such an owner-are
confused over the rules and regula-
tons for exchanging bonds. The tenn
porary coupon bonds of the third Lib
erty loan had no interest coupons at
tachcd for interest acCruing after
March 10, 1920. and therefore became
eXchungeablc by their terms on and
after that date for new bonds with all
subsequent coupons to maturity. The
next interest payment on the third
Liberty loan does not occur until Sep
tember 10, 1920, and In the meantime,
up TO about September 6, 1920, the
temporary third 414's will still be rec
ognized as good deliveries in the mar
ket, SO that there is no necessity for
any immediate rush by bondholders TO
exchange their temporary bonds for
permanent bonds.
The treasury has made provision in
connection with these exchanges of
temporary for permanent bonds where
by recognized banking institutions In
the United States who make no charge
for their services may effect exchanges
without expense or risk on account OF
the transportation OF the temporary
bonds surrendered or of the permanent
bonds issued upon exchange. Provi-
sion has also been made whereby in
COrporated banks and trust companies
may make over-the-cOunter exchanges.
In view Of the liberal arrangements
which have thus been made for eff
feCting the exchanges, ana I'm view of
the fact that no charge for the ex-
change Is imposed by the United
States, the treasury Is appealing TO
the banking institutions Of the coun-
try TO handle exchanges Of temporary
for permanent bonds without expense
to the holders ana thus complete their
patriotic service in. connection with
the war loans by carrying out this last,
ana mechanically the largest, opera
ton related to our war financing with
out imposing charges for their own
services.
Available Within Few Weeks.
First Liberty loan converted ! per
cent bonds, second Liberty loan ! per
cent bonds, first Liberty loan converted
AZ per cent bonds, and second Liberty
loan converted AZ per cent bonds are
all expected to be available In pcrma-
nent form for delivery In exchange for
temporary bonds within the next
month or six weeks, and exchanges Of
these bonds Will be handled in sub.
stantlally the same manner as OK
changes Of the third Liberty loan
bonds.
lnusmuch as the temporary first
4A's and second AVS. have coupons
attached covering interest TO June Is
and May 10, 1920 respectively, they
need not be exchanged for permanent
bonds until those dates in fact, before
June 10 and May 10. 1920 respective
~, the permanent first Az and Sc q.
ond AIS are required chiefly for de-
livery upon conversion and eXchang
OF temporary first as and second As.
which have no coupons attached for
interest accruing after December Is
mud November To- 1919, respectively
hut whose exchange has been post
poned awaiting the preparation Of the
permanent AIS, in order that both