Arizona republican., 1917-09-28
NEN JOAN. COMING UP
 OCTOBER 1
Republican A. P. Leased Wirel

WASHINGTON, Sept. 27.-Sacretary McAdoo tonight announced the details of the second liberty loan which will be offered to the public October l. The chief features are:
 Amount-$3, ,000, ,000,000 or more, the excess not to exceed one-half of the amount of over subscription.
 Term of bonds-Maturity 25 years; redeemable at the option of the secre- tary of the treasury in ten years
 Denominations of bonds-$50 and multiples of $50.
 Interest rate-4 per cent, payable semi-annually on November 15 and May 15
 Terms of payment-Two per cent up on application, IS per cent November 15; 40 per cent December fl and 40 per cent January 15, 191S~
 The privilege of converting bonds of this issue into bonds of any succeeding issue bearing a higher interest rate than four per cent during the period of the war is extended. and through an arrangement under which bonds will be printed with only four coupons in- stead of 50 (to be exchanged at the end of two years for the bonds containing the full number of coupons), deliveries will be prompt. In this number the is sue of interim certificates will be avoided
 Secretary McAdoo's announcement reads as follows:
 With the approval of the president I have determined to offer on October l. 1917, three billion or more dollars ot United States of America four per cent convertible gold bonds, due on Novem Der 15, 1922 and subject to redemption at the option Of the United States al par and accrued interest on and aftel November 15. 1927, The bOnds-will beal interest from November 15, 1917. anC the interest will be payable on May T. and November 15 in each years.
 The exact amount of bonds to be is sued under this offering will depend upon the amount of subscriptions re ceived. It is, of course, to be expecte, that subscriptions considerably in ex cess of three billion dollars will be re ceived, and in that event the right il reserved to allot bonds in excess 0 three billion dollars to the extent of no oyer one-half of the sum by which tn subscriptions received exceed three bil lion dollars In other words, if sub scriptions to the extent of five billioi dollars are filed four billion dollars o bonds may be allotted. ~'
 The bonds will be offered as befor at par and accrued interest and will b. in denominations of $50 and multiple thereof
 The bonds shall be exempt, both a to principle and interest, from all tax ation now or hereafter imposed by tn nited States, any state or any of tn possessions of the United States, or b, any local taxing authority, except GA estate or inheritance taxes, and (B graduated additional income taxes commonly known as surtaXes and ex cess profits and war profits taxes nov or hereafter imposed by the Unite' States upon income or profits of indi viduals, partnerships, associations 0 corporations.
 The interest on an amount of bond and certificates authorized by said act the principal of which does not excee in the aggregate $5,000, owned by an. individual, partnership, association 0 corporation, shall be exempt from tn taxes provided for in clause (B) above
 If a subsequent series of bonds (no including United States certificates O indebtedness, war saving certificate and other obligations, respectively bearing interest at higher rate than per cent per annum shall, under tn authority of said act approved Sep tember A. 1917, or any other act, b issued by the United States before tn termination of the war between tn United States and the imperial Ger man government (the date of sue termination be fixed by proclama tiOn of the president of the Unite