Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1917-10-08
Grand Forks Business Med
Preparing for Distribu-
ton of Subscriptions.
COUNTY AND CITY
WILL BE CANVASSED'
Headquarters Will be Open
ed Tomorrow in Basement
of First National Bank.

That Grand Forks county will do itsll
snare in subscribing to the second
Liberty Loan is evidenced by the zests
with which the business men of Grand
Forks have entered into the monster
campaign which will be opened next
this noon. At the Commercial club
rooms. F. j. Lander. chairman of the
county committee, gathered with his
assistants to outline the campaign fori
the county and at the Frederick hotel
the executive committee Of the Grand
Forks Ad club took up the local end
of the task.
mittee will open headquarters in tho
basement of the First National Bank
building and Immediately commences
preparations for the opening Of the,
big drive next Monday. The liberty
loan sale will receive no little adver-i
tising throughout the county. and the
first steps were taken today by the
advertlslng men to bring the issue be-
fore the residents of this section Of
the state and particularly this city. |
Divided Into Teams.
The business men of Grand Forks
VIII oe divided up into teams to can.
vass the city. These details are still
in the embryo stage but before the
close Of the week the entire plan will
AAoSO uCCH peI1SCleQ. w. T.. Small.
manager of the ST. Hilaire Lumber
company of this city and president Of
the Ad club is chairman of the organ.
lzation that is to govern the sales In
this city ~
The perfection of the organization
for distribution of the bonds will
bring the elimination of what prom
ises to be one of the greatest patriotic
campaigns ever waged in the north
west. Rnrdana6 with
ment that promises to be at least
twice as large as the former demand
made upon this county. it is realized
by the committees that nothing must
be left undone If an encouraging re-
port is to be made to the government
from this section of the state.
The distribution of the bonds sub
scrlbed for In the first liberty loan
campaign commenced today from the
local banks. The bonds are In four
denominations. ranging from $50,
500. $500 and $1,000. Interest rs
payable semi-annually. the first pay-
ment@on the eissuss Of June IS to be
made ON December Is. Attached to
the bonds are SO interest coupons.
extend over a period Of 80 years, one
coupon to be presented every six
months Payments are made on June
Is and December IS
The bonds now being distributed to
the purchasers carry three and one
half per cent interest and are subject
only to the inheritance tax. They are
subject to transfer for the new bonds
which carry four per cent interest but
are subject to the inheritance and the
surtax. Local bankers are Of the
opinion that those who have incomes
under $4,000 year would profit by
the transfer but those with larger in
eF4es,-"et4a- a-Het benefit changing
for the new bonds which are now be-
ing sold. The conversion must be
made, however. within six months aft
er the date of the subsequent issue
The notice received by local bank
ers from the federal reserve banks.
relative to the conversion Of three and
one-half per cent bonds for those
carving four per cent. follows:
This issue Of las is convertible
into any subsequent issue Of bonds
bearing higher rate of interest is
sued during the war. provided the
holder converts within months from
the date Of the new issue. For ex-
ample. the holder of the present
1-2s can convert into the per cent
bonds provided he does so before May
Is. 1918. If he does not choose to
the right to COVERT into any subse-
quent issue. provided again, he does
so within 6 months from the date Of
such subsequent issue.
IF he converts into the present is
sue of per cent bonds, he then be-
comes subject to all conditions Of
every kind, including the conversion
feature of the per cent issue ex-
cept that the bonds issued upon such