Arizona republican., 1917-09-21
ID BEGIN DELIVERY IF LIBERTY BONDS
 'ON SEPTEMBER 26
Republican A. p. Leased Wire:

WASHINGTON, Sept 2G.-Delivery of liberty bonds to subscribers. Secre- tary 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 estimate that the work of distribution will require several weeks.
 The huge issue is larger in the num- Der of bonds required than first re ports based on more than 100000 in dividual subscriptions. indicated. The number of coupon bonds, Secretary McAdoo announced tonight, is esti- mated by federal reserve banks as in excess of sS,700,00O, of which more than 100000 are of the $50 and $100 denominations.
 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, in stead of exchanging them for bonds, until congress dispOses of the bill authorizing four per cent interest rate on the next offering.
 "It is apparent" read Secretary Me
 
 islation should be enacted, and bonds should be issued bearing interest at higher rate than three and one half per cent and exempt from normal in come tax, in view of the resulting plan of conversion, the demand for definite three and one-half per cent liberty bonds, particularly those of the smaller denominations would be greatly reduced.
 | Tt is apparent also that much of i the demand for bonds of small de- nomination comes through employers and others who have subscribed for bonds for their employees and custom l CTS under arrangements allowing the 1 latter to make payment in installments over an extended period. and therefore the immediate delivery of definitive I bonds is not required
 i Employers banks, trust companies and others are urged to aid in reliev- 1 ing the government and the subscrib- :, CTS whom they represent of the trouble and expense incident to the delivery of ] great numbers of bonds in small de- nomination at this time by accepting and procuring the acceptance in the | first instance of bonds of the largest denominations possible, and of regis tered bonds rather than coupon bonds in case of large subscriptions, and by retaining or procuring the retention l of the full-paid interim certificates un- ktil congress shall have acted. 1 Until June 15 1918, or later, no charge will be made for the issue of bonds of smaller denominations in ex change for bonds of larger denomina- l tions. nor for the issue of coupon i bonds in exchange for registered bonds, i all such charges being waived for the i period indicated, as an encouragement 1 to the acceptance of bonds of larger ; denominations, and of registered l bonds. Deliveries will be made by federal reserve banks upon surrender to a federal reserve bank of full-paid certificates issued over the name of that particular fed 1 eral reserve bank. Distribution of i definite bonds will proceed as nearly as may be in the order of the sur render of the interim certificates to l the federal reserve banks for exchange. Wherever subscribers have availed themselves of the assistance of their own banks or trust companies in mak-