The record., 1917-10-18
SEC'Y NJ hD0C GlVE5FULE
EXPLANATION Of SECOND
LIBERTY LOAN BOND ISSUE
TREASURY HEAD OUTLINES IN
VESrMENT AS II AFFECTS
BOTH LARGE AND SMALL
SUBSCRIPTION - ITS
TAX EXEMPTIONS.
syatcm OF Interchangeable Coupons
Makes Early Delivery to Buyers
roSSi ble--Sonc5 Convertible
Into Subsequent Issues.


,
,,, co+ No
wing ~,
<A"0o ''S'' >-A.o ~ '-10
S'O'4iu 1iOei'' t10''4-'
D0-A ~
- az ,>
,,,>10 - ,',,,', - I.,,.
an.ouut ot MISREPRESENTATION.
Terms OF ijUuus-Ma.urlLy, rs years
reuerlus.pie III lne opIon OF The SET
lei,ry or ,u. lfea,liyy ~ lU Years.
,an,,,uti,a,.,jus q, L,Ii,,s-ssJ and
;,orr rcr cont nav
.h,., .,i..,.... ,,., -, >,,va,,,,e;. J.,
$500, ,,..y ;,
.,-r,,., q, ,,,vn.a,,t---rwo nor cen1
NM, ,,,.,,,,.,,, ar ,..,t ,,,v IA
l ..,.,,'
~ .r, .-,.,..,., <<t,,
yernn. uo.u. 81 inns .sSo.. nro uonos
I..,,...,,.,.,,~ ,.,,.,r,,<, ., h,.,.,
-. ,,',.,.,,., ,..,., ,..r ,.1.,,, ,i,c-
,..,,,.,,,
$3.50, ,,,,., ',,,,,,<,,, ,,,-.'.,.
,.,,,<.l, 49,, ,,.-l1.,,,, ,,,,,,,
$780,. ,.,,,,,-., ,r, ~, ~
,,,,.,., ,,,., .,,,,, ~ ,,,-o 20. r,,r
~. 40 80 rl.nr,,. 1870, Ire mn, n,,n,har
-, ,,,,,,...,,,, o.,.,ya,,.,, ,,,,I 80, ,,,,.r,,,
-, ,r.1 .,,,.,.,. tr., ,ssua ~. Intnr,,,,
.r,,-,-.o,t-. h. ,ro,,oa
"e'H ACKNOWLEDGEMENTS
Secretaf! -acA2oos announcement
reisHS as loilo"S:
"lth tne approval OF the Presl-
dent 1 have de.efnlned to oiter, oct.
J., 4JII, 9o,VVV,UVU,UVO or more worth
OF Ohlteu states convertible solu
DOlG1, tua NOV. 10, I9f2, ana subject
To Ieueh-pt!on AZ lie option Oh the
Cn4ltu St"tus ct par anu accrued Ill
leIest On t1iii alter NOV. 10, lS2I lie
,LCl.u3 VIII year interest t-om Nov.
j., I3lI, and tue interest VIII be pay
.lO.G On May 10 and Nov. 10 In eacn
5edt.
"Ile exact amount OF bonds to lie
issued unQer THIS offering viii depend
on the amount or subscription re-
CeIyed. II Is, OF course, to be expected
that subscriptions considerably IN ex,
Cess OF $3,UUU,O UU,UOU will be received,
ana Ill that event the right IS reserved
70 ailOt bonds i'll excess OF S3,00O,00O,-
800 10 lie extent OF not over one-hall
81 the SUM by wh>n the subscriptions
received exceed $4,000, 900. In 9th
or words, if subscriptions to the ex
tent OF $5,0DU, UVO,VQ9 are filed $4,000
s0vV,u0O of bonds may be allotted.
At Par and Accrusd Interest.
-rTAe bonQs will be offered as be-
.fo14s, st -paf-i,ild~ aeeFued-iaterest, ana
will be il denominations of $50 anu
iMuitipies thereof.
The bonds shlll be exempt, both Is
,to Er,lLiDal and interest, from all tax
.atjJu pov OF hereafter imposed by the
Unl,ed States, any state or any Of the
possessions OF The United States OF
by any local taxing authority except
,lal estate or inheritance taxes anC
OBJ graduated additional income tai:
es, commonly known as SURFACES, anc
excess profits and war profits taxes
IloW or hereafter imposed by the Unit
ed gtates upon the income or profits
OF individuals, partnerships, agsocia
tions or corporations. The interest OF,
an amop1k of bonds ard certificate.
authorized by sold act the princjDa,
of Which does not exceed in the aggre
gate $1,000, owned by aRy individual
yartnership, association or CORPORA
tion. SHAH be exempt from this taxes
provided for in clause Co above,
eff a suDaeauept series of bonds
f,,o, including lJBitad States certifi
c.+c a. Indebtedness. xar,sayiag GER
1ificates and other obligations p1atuI
ING not md, . than five wears from tbe
issul, IF sncII .0hlieafiocs, rcsnectiyeIy,
Learins intert 81 at a higher rate than
q per cent per ..q4g1n shall, under the
authority of san! act approved Sept.
"a, 1917, or any Other act, be issued
bv the United States before the farmi
nation of the war between the United
States and the Impel.iai German Gov
eminent (the date of such termination
to he fixed by procIamation of the
President of the United Statest: then
the holders OF bonds of the present
series shall have the privilege. at the
option of the seycxas holders. of con,
gerting bonds. at par. is4ss bonds bear