Bisbee daily review., 1917-09-19
DELIVERY SOON WILL BE MADE OF
 LIBERTY BONDS
Secretary of Treasury An nounces That Start Will be Made On Big Task Septem- Der 26. Certificates Re deemed.
(By Review Leased Wire.)

(By Review Leased Wire.)
 WASHINGTON, Sept. 1S.-Denvery of Liberty bonds to subscribers, Sec retary McAdoo announced tonight, will begin September 26. The twelve fed eral reserve banks will distribute the issue. Considering the probable re tention by many subscribers of interim certificates, already issued, officials es- tina e that the work of distribution will require several weeks.
 Issue Large
 The huge issue is larger in the num- Der of Eonds required than first re- ports, based cn moer than 100000 individual subscriptions. indicated. The number of ioupon bonds, Secre- tary McAdoo announced tonight, is es- timated by federal reserve banks as in excess of S,70O.OOO, of which more than 100000 are of the $50 and s100 deltSminations.
 Advises Hclders
 In announcing the date for the com mencement of deliveries, Secretary McAdoo repeated his suggestion that holders of interim certificates would find it to their advantage in many in stances to hold the certificates, instead of exhanging them for bonds, until congress disposes of the bill author izing per cent interest rates on the next offering.
 Urges Conversion
 Tt is apparent" read Secretary Nc Adoo's statement, that if pending leg islation should be enacted and bonds which have been sold at an interest rate of only 31k per cent and exempt from normal income tax, in vIew oi the resulting privilege of conversion, the demand for defnitive 31a per cent Liberty bonds. particularly those of the smaller denominations, would be greatly reduced.
 Demand for Bonds
 Tt is apparent also that much of the demand for bonds of small denomina- tions comes through employers and others who have subscribed for bonds for their employees and customers un- der arrangements allowing the latter to make payment ill installments over an extended period, and therefore the immediate delivery of definitive bonds is not required.
 Financial Houses Aid
 Employers, banks, trust companies and others are urged to aid in reliev- ing the government and the subscrib- CTS whom they represent of the trou- ble and expense incident to the de livery of great numbers of bonds in small denominations at this time by accepting and procuring the accept ance in the first instance of bonds of the largest denominations possible, and of registered bonds rather than coupon bonds in case of large sub scriptions, and by retaining or pro curing the retention of the full-paid interim certificates until congress shall have acted.
 No Charge Made
 Until June Is, 1918, or later, no charge will be made for the issue of bonds of smalled denominations in ex- change for bonds of larger denomina- tions, nor for the issue of coupon bonds in exchange for registered bonds, all such charges being waived for the period indicated. as an en- cuoragement to the acceptance of bonds of larger denominations and of registered bonds.
 Deliveries
 Deliveries will be made by federal reserve banks upon surrender to a fed eral reserve bank of full-paid interim certificates issued over the name of that particular fedora reserve lbank. Distribution of definitive bonds will proceed as nearly as may be in the order of the surrender of the interim