Elko independent. [volume] (Elko, Nev.) 1915-current, 1917-10-01

the second Liberty Loan which was
offered to the public today. The chief
features are:
Amounts. 000. 100000 or more the
excess not to exceed one-half of the
amount OF over-subscription.
Term OF bonds-Maturity % years;
re?eemable at the option of the secre-
tsIy OF the treasury in ten years.
Denominations OF bonds-s5O and
mul.iplcs OF $50.
Interest rate per cent, payable
semi-aDnually on November Is and
May is.
Terms of payment-Two per cent
up0, application. Is per cent Novem-
Der 10. 40 per cent December II and
10 par cent January Is, 1918.
The privilege of converting bonds
az this issue into bonds of any sue
ceeGing issue bearing higher inter
est rate than per cent during the
period OF the war is extended. and
through an arrangement under which
bonds will be printed with only four
coupons instead of so Ito be exchang.
ed at the end OF two years for the
bonds bearing the full number OF cou-
pons). deliveries will be prompt. In
this manner the issue Of ad interim
certificates will be avoided.
Secretary McAdoo's announcement
reads as follows:
with the approval Of the president,
have determined TO offer on Oct. l,
1917, three billion or more dollars of
United States OF America four per
cent convertible gold bonds. due on
November Is, 1912. and subject to re-
demption at the option OF the United
States at par and accrued interest on
and alter November Is, 1927. The
bonds will bear interest from Novem-
Der 10, 1917. and the interest will be
payable ON May Is and November Is
in earh year.
iasued under this offering will de-
pend on the amount of subscriptions
received. II is, OF course. to be ex.
pected mat subscriptions considerably
in exces; of three billion dollars will
be received, and In that event the
right Is reserved to allot bonds in ex-
cess of three billion dollars to the ex.
tent OF not over one-halr of the sum
hy which the over-subscriptions 10 the
extent Of FIVE billion dollars are filed,
four billion dollars Of bonds may be
allotted.
"rhe bonds will be offered as before
at par and accrued interest and will
be denominations of $50 and multiples
thereof.
"The bonds shall be exempt, both
as to principal and interest from all
taxation now or hereafter imposed by
the United States. any state, or the
possessions OF the United States, or
by any local taxing authority, except
;a) estate or inheritance taxes, and
(b) graduated income taxes, common.
ly known as surtaxes and excess pro.
dts aid 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
nii certificates authorized by said act,
Ia principal of which does not ex.
coed the aggregate $4,000, owned by
any Individual, partnerships, associa-
ton or corporation, shall be exempt
from the taxes provided for in clause
tb) above.
IF a subsequent series OF bonds
(not including United States certlh
cater OF Indebtedness, war saving GER.
;ifleates aud other obligations, Datur
Ing not more than Ave years from The
issue Of such obligations, respectively
hearing interest at higher rate than
per cent per annum, shall, under tho
authority of said act approved Sep
TENDER ~, 1917, or any other act, to
be issued by the United States before
the termination of the war between
the United States and the Imperial
German government (the date Of such
termination to be fixed by proclama.
ton OF tho president OF the United
steies) then the holders OF bonds OF
the present series shall have the priv.
lege Mt the option OF the several hold.
ers, OF converting their bonds, at par.
into bonds bearing such higher rate Of
Interest, NJ the Issue prior OF bonds
81 such subsequent series. not less
han par, with an adjustment OF &C.
,.ued interest
"suoh conversion privilege must be
n at all. at any time within
be period after the public offering of
onds OF such subsequent series, be.