The Birmingham age-herald., 1917-09-30
BIRMINGHAM BOARD ID OPEN WAR LOAN CAMPAIGN MONDAY w. c. Adams, Chairman of Local Commission; J. B.
 Cox, Secretary CITY IS EXPECTED TO OVERSUBSCRIBE SUM Second Issue of Liberty Bonds Diff fers Considerably From First.
 Farmers Are Asked to
 Subscribe


 1 lion dollars will be launched Monday, and final preparations have been made locally for the campaign to subscribe Birmingham's quoto.
 | w. c. Adams, manager of sales of the 1 Alabama Fuel and Iron company, has agreed to act as chairman of the Bir- mingham liberty loan commission, with o. L. Bum as vice chairman and John B. Cox of Radcliffe & Cox, general agents of the Penn Mutual Life Insur- | ance company as secretary.
 ! Work will be begun in earnest Mon day" said Chairman Adams yesterday, "and We expect to have our quota over | subscribed before October 27, the date the sales stop"
 Brown Bros & Co.,, have given the commission the use or rooms 210-11-12, Brown-Marx building, for the entire pe- riod of the campaign gratis. The offices at this address will be open for the disposition of the bonds tomorrow morn ing, phone Main 143.
 Subscriptions to the loan will be solicit ed by both men and women who have periodically and voluntarily agreed to give their time and sKill to the cause for the satisfaction it gives them 10 know that they have helped America at war No one connected with the cam paign will receive material remuner:t- ton of any kind.
 DIFFERENT FROM FIRST ISSUE
 While issued for the same good pur-
 
 these bonds will be in many respects very different Conspicuous among the features of the new offering is the priyi- lege of converting bonds of this issue into bonds of any subsequent issue bear ing a higher rate of interest than per cent, the rate of this issue. These bonds are subject to the "surtax" or federal nomination of $50 and multiples of $50. and payment may be made in cash or per cent upon application, IS per cent November 15. 40 per cent December IA, and 40 per cent upon January 13, 1918, at the option of the purchaser The bonds mature in 25 years, but may be recalled in 10 years at the option of the Secre- tary of the Treasury. The new issue may be oversubscribed only 50 per cent. but more than that will not be accepted.
 Bonds of the second issue differ from the first issue in that the first bonds cannot be taxed in any form. They bear only 31a per cent interest. However, for the former reason they are to be de- sired by men able to invest large amounts as the income tax on the new issue would more than amount to the one-half of one per cent difference in interest. Therefore, this is called the workingman's issue. Men whose incomes are not sufficient to subject them to the federal income tax will, of course, invest in the new issue for the larger amount of interest. Stock exchanges report the first issue at par and say they will reach 104 within the next three or four months as large investors prefer them. FARMERS ASKED TO SUBSCRIBE
 Farmers are especially urged to in vest in this new issue. The first is- sue came out at the time of year when to the farmer "all was going out and nothing coming in," but now after a year of the largest crops in the history of the country, coupled with prices for farm products never before heard of, Uncle Sam Is going to expect the farm CTS to "do their bit," and put as much as possible in this issue Several years ago when the cotton growers were up against it'' a Buy -a-bale of Cotton" campaign was launched in order to lend helping hand. Many people who had never seen a bale of cotton subscribed to this loan. These same people are urged. in turn, to give Uncle Sam steadying hand Small investors in this campaign will be favored and everyone who can Is urged to buy one of the bonds
 Corporations who subscribe heavily for their employees are asked to purchase at each branch the bonds necessary for the employees stationed there, in order that each district will get. proper credit for it's share of the work Inasmuch as all the work is gratis, without com pensation from any source. and the men and women promoting the work in many cases are doing so to the detriment of their own, it is regarded as only fair and just that they should receive all proper credit for their work In the campaign.
 Another novel feature of this issue Is that one-third of the bonds are to be sold by women's committees as an- nounced by Mrs w. O. McAdoo, chair man of the women's liberty loan com mittee. Bainbridge Colby of the ship ping board, in telling of their work to the committee. said that the govern ment's shipbuilding programme alone cost as much as the total amount of the first liberty loan, and Secretary Mo Adoo at the same meeting said that 1T one single loan should not be subscribed 1t would be more fatal than the loss Of a great battle.