The Elbert County tribune., 1917-10-05
The Amount $4,000, 600, 900 or More.
May Allot Bonds to Extent of Not
More Than 0ne-Half of 0versub-
scription-Will Bear Interest
at A Per Cent.

Secretary McAdoo makes the fol-
lowing official announcement of the
terms of the second liberty loan:
With the approval of the President,
have determined to offer on October
l, 1917, three billion or more dollars
of United States of America per
cent convertible gold bonds, due on
November Is, 1912, and subject to
redemption at the option of the Unit
ed States at par and accrued interest
Bonds Available October 10.
1t is also expected that on or about
on and after November Is, 1927. The
bonds will bear interest from No
vember 15, 1917, and the interest
will be payable on May Is and No
vember Is in each year.
The exact amount of bonds to be
on the amount of subscriptions re-
ceiyed. 1t is of course to be expected
that subscriptions considerably in ex-
cess of 100000 will be re-
eeived, and in that event the right is
reserved to allot bonds in excess of
SO, 1000, 100000 to the extent of not
over one-half of the sum by which the
subscriptions received exceed $4,000
900, 900. In other words, IL subscrip-
tion to the extent of $1,000, 100000
are filed, $4,000, 100000 of bonds
may be allotted.
In Denominations of $50.
The bonds will be offered as before
at par and accrued interest, and will
be in denominations of $50 and null
tiples thereof.
The bonds shall be exempt, both as
to principal and interest, from all
taxation now or hereafter imposed by
the United States or any of the pos
sessions of the United States, or by
any local taxing authority, except
(a) estate or inheritance taxes, and
(b) graduated additional income tax
es, commonly known as surtaxes, and
excess-profits and war-profits taxes,
now or hereafter imposed by the
United States, upon the income or
profits of individuals, partnerships,
associations, or corporations. The
interest on an amount of bonds and
certificates authorized by said act, the
principal of which does not exceed
in the aggregate $4,000, owned by
any individual. partnership, associa-
tion, or corporation, shall be exempt
from the taxes provided for in clause
OBJ above.
If subsequent series of bonds (not
Including United States certificates of
Indebtedness, war-saving certificates,
and other obligations maturing not
more than five years from the issue
of such obligations, respectively
bearing interest at a higher rate than
per cent per annum shall, under the
authority of said act, approved Sep
tember "a. 1917, or any other act,
be issued by the United States be-
fore the termination of the war be-
tween the United States and the I'm
.perial German government (the date
of such termination to be fixed by
proclamation of the President of the
United States), then the holders of
bonds of the present series shall have
the privilege, at the option of the
several holders, of converting their
bonds, at par, into bonds bearing such
higher rate of interest, at the issue
price of bonds of such subsequent
series, not less than par, with an ad-
justment of accrued interest Such
conversion privilege must be exer-
eised, If at all, at any time within the
period, after the public Offering of
bonds of such subsequent series, he
ginning at the date of issue of bonds
of such subsequent issue. as such date
shall be fixed in such public Offering
and terminating six months after
such date of Issue, and under such
rules and regulations as the Secretary
OF the Treasury shall have prescribed. |
Regulations on Bond Conversion.
The bonds to be issued upon such |
conversion of bonds of the present
series shall he substantially the same !
in form and terms as shall be pre-
scrihed by or pursuant to law with |
respect to the bonds OF such subse-
quent series. not only as to interest J.
rate but also as to conyertibility-if