OCR Text |
Show gardless of their age, for the period from June 1, 1959, to their maturity. In addition, the Treasury has promised a 10-year 10-year extension privilege . for all E bonds, both old and new. "I cannot emphasize too strongly the fact that every person who owns an E or H bond benefits from the new rate, without having to do anything about it," Mr. Price continued. "I would therefore encourage the public to do two things: keep holding their old bonds, and keep on buying the new ones. This is the finest fin-est Savings Bonds package ever offered." Bond Interest Rate Increased Never before have United States Savings Bonds been so attractive to investors and small savers alike, Sterling E. Price, chairman of the Utah County Savings Bonds Committee, Com-mittee, said today in commenting comment-ing on the one-half per cent increase in interest rates on old and new Series E and H Savings Bonds. "Forty million people automatically auto-matically benefit from the recent re-cent legislation passed by congress," con-gress," Mr. Price said, "because "be-cause that many hold outstanding out-standing bonds in the amount of $42.6 billion. For the first time, the hike in rates applies to old series E and H Savings Bonds, as well as those being bought currently. So, it will be to the advantage of most bond owners to hold onto their old bonds, thus automatically receiving the benefit of the increase." in-crease." The new law does two things: (1) it provides that all Savings Sav-ings Bonds bought on and after af-ter June 1 draw 3 per cent interest when held to maturity, matur-ity, and (2) it increases by at least one-half of one percent the interest return on all outstanding out-standing E and H bonds, re- |