PER CENT OF MARKET VALUE

1. — Approved dollar bonds and obligations of any province or city within the territory of foreign goverments (or dependencies thereof) engaged in war against Germany (September 21, 1918) (a) if issued since July 30, 1914 (c).

2. — Approved domestic railway bonds and notes if listed on some recognized stock exchange; approved équipment trust obligations of such railways ; bonds and notes of domestic electric railway companies, telephone and telegraph, electric light, power, gas companies, industrial companies (secured by mortgages on physical property in United States, if listed on some recognized stock exchange) ; but only those bonds or obligations maturing prior to October E, 1925 (e), which (at date of this circular) (b) are at market price to yield not more than 6 1/2 7 (f) per cent per annum (nor such bonds or obligations) (e), nor notes which (at date of this circular) (b) are at market price to yield more than 7 1/2 (8) (g) per cent per annum, if held to maturity (c).

3. — Customers’ notes, drafts, and bills of exchange indorsed

by a correspondent incorporated bank or trust company, when approved by the federal reserve bank of the district. All such collateral must bear the indorsement of the depositary (h).

4. — Notes and bills payable of a correspondent incorporated bank or trust company, secured by customers’ notes, drafts or lbills of exchange to an equal amount, when approved by the federal reserve bank of the district. Such collateral must be indorsed by the depositary (h).

(a) Supplement to Circular N° 92, April 17, 1919. (b) Omïtted in supplement to Circular N° 92, April 17, 1919. (c) Treasury Department Circular N° 9%, October 6, 1917. (e) Supplement to Circular N° 9%, September 21, 1948. (f} Changed to 7 per cent, supplement to Circular N° 92, September 21, 1918. (g) Changed to 8 per cent, supplement to Circular N° 92, September 91, (h) Supplement to Circular N° 92, December 16, 1918.

PUBIIOZJIMS Jo

XUEY 1euor}eN

aura

SPUBJIOUJON JO

Aura

‘109 pue uedef Jo

Aura

*AAnSoi] [RUOL8N 94} PUS ONSSI JO SHUCY 221} OU} JO OAIOSOL 9J0U 8} SOPNIOU] (F)

£0T (12 092 1224 gg 689 68 (z) 199 (2 £LS 9GT 8çL 6ç 009 £67 1e8 GEI 8 00€ 08 PIC 66 TA LSL IST 6LT c6c 89 (9 24 G8L 682 679 t9T LT 744 eg 892 LST

(CHEN LA ue 07e)S UBISSNM HUE ueuesSunpH-013S0Y Aura U9I9Y-UBUI0r)

(SIBIIOP JO SUOIII Ur) SHAUAS4Y] d'107)

IT AXANNV

QourIX JO

xueg

OAI9S0J ojou Âouozan')

pue puelsu

Jo xueg