Show TO BANKS AID mm BANKERS in transmitting herewith a c arpy py of treasury department De circular no 89 we call your attention to those paragraphs more prominently marked ani earnestly request your co op aeration in meeting the desires of the treasury department and there by lessening the enormous mount of physical effort requited of the department this bank and finally yourselves the emphasis laid by the secretary upon the probability of a higher rate of interest for the next bond issue would seem to indicate it as a certainty in which event practically 1 Y arr all of the present sai subscribers will I 1 nant ant to exchange liberty bonds of the first issue for those of the se cond provided that they now ex I 1 change h I 1 interim a t arim certificates for definitive bonds this present ex change should be avoids as far as possible all banks and others holding holdine in team certificates for subscriptions which represent sent a large number of small smal I 1 holdings will therefore do this bank an inestimable service by explaining to their subscribers the a advantage dyan tage of not now demanding definitive nitie bonds but r resting e with ailline it their heir present interim certificates t ates or at other her official receipts until such it time me as details of the next issue are decided more pat ticul arly is this advantage made apparent by the ex of all exchange privileges wit without hout charge until june this lank will commence issuing definitive bonds september un on der regulations yet to be announced but 1 sou on are urged to do everything consistent with your local situation to minimize to the greatest possible extent exchanges of interim certificates for definitive bonds at the time gov red FED RESERVE BANK san francisco cal ca |