Show I Liberty Bonds Ex Exchangeable ble The Federal Reserve Bank o oSan of ofSan ofSan f San San Francisco this we week k began bega n to exchange Permanent 4 4 43 0 Coupon Bon Bonds s of the Fourth Li Liberty Liberty Lib Lib- b I erty Loan with attached coupons coupon g to t maturity for the temporary y coupon bonds issued during th the e I Fourth Fourth Loan Deliveries of th the e permanent bon bonds s will be madin made mad e in the order of receipt of temporary temporary tem tem- te m bonds from froth banks and i individuals in individuals in- in n throughout the Twelfth Twelfth Twel f th Federal Reserve District With the commencement o othe of f the fourth Liberty Loan e exchanges ext ex ex- t changes chang it will now now be possible ble le Governor John U. U Calkins announced to convert convert rt and exchange exchange exchange ex ex- change outstanding Temporary Coupon Bonds of all issues described described de de- de- de scribed is ads s follows follows- First Liberty Loan converted 4 per nor cent Temporary Coupon Bonds mav may be converted and exchanged ex ex- changed chang d for p permanent 4 per percent per percent cent Coupon or or Registered Bonds First Liberty Loan Converted per cent Temporary Coupon Bonds may be exchanged for Permanent 4 per cent Coupons or Registered Bonds First Liberty Loan Second Converted per cent Temporary ary Coupon Bonds may be exchanged ex exchanged ex- ex changed hanged for Perman Permanent nt 4 per percent percent cent Coupon or Registered Bonds Second Liberty Loan 4 percent per percent percent cent Temporary Coupon Bonds may be converted and and exchanged for P Permanent 4 per cent cent- Coupon Coupon Coupon Cou Cou- pon or Registered Bonds Second Liberty Loan Converted Conver Conver- Converted ted 4 Temporary Coupon Bonds may be exchanged for Permanent Permanent Perma Perma- Permanent nent 4 per ver cent Coupon or Registered Registered Reg Reg- Bonds Third Liberty Loan 4 per percent percent percent cent Temporary Coupon Bonds may be exchanged for Permanent Permanent Permanent Perma Perma- nent 4 per cent Coupon or br or Registered Bonds Fourth Lib Liberty Loan 4 percent per percent percent cent Temporary Coupon Bonds may be exchanged for Permanent Permanent Permanent Perma Perma- nent 4 per cent Coupon or Registered Registered Re Re- Registered Re- Re Bonds on and after January 24 1921 All Holders of Temporary Bonds of the Fourth Liberty Loan are urged to offer their securities for exchange for Permanent Per Per- Permanent manent Bonds immediately through th their ir local b banks bank I o v |