MARKET VALUE

1. — Alls bonds, other than the 3 1/2 per cent, of the territory of Hawaii (c).

2. — Bonds of any state of the United States (c). 90 PER CENT OF MARKET VALUE.

1. — The 3 1/2 per cent bonds of the territory of Hawaïi (c).

2. — Approved notes, certificates of indebtedness, and warrants issued by any state of the United States (c).

3. — Approved bonds of any county, city or political subdivision in United States ; approved notes, certificates of indebtedness and warrants of fixed maturity (d) issued by any county or city in the United States, which are direct obligations of the county or city as a whole {or payable from general taxes) (d); but not including any bonds, which (at date of this circular) (b) are at a market price to yield more than 5 1/2 per cent per annum, nor other obligations, which (at the date of this circular) (b) are at a market price to yield more than 6 per cent per annium, if held to maturity (c).

4. — Approved dollar bonds and obligations of foreign governments engaged in war against Germany (September 21, 1918) (a) issued since July 30, 1914 (c).

(a) Supplement to Circular N° 92, April 17, 1919.

(b) Omitted in supplement to Circular N° 92, April 17, 1919.

(ce) Treasury Department Circular N° 92, October 6, 1917.

(4) Omitted in Supplement to Circular N° 9%, September 21, 1918. (e) Supplement to Circular N° 92, September 21, 1918,

© 5. — Commercial paper and bankers’ acceptances, having maturity not to exceed 6 months, eligible for rediscount or purchase by federal reserve banks ; if approved by the federal reserve bank of the district. Such collateral must be indorsed by depositary (c).