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Show . LIBERTY LOAN TO BEPOPIIUK McAdoo Confident of Vast Oversubscription to Three Billion Dollar Issue. ENORMOUS SUM NEEDED Necessary to Raise Nearly Fourteen Billions More Before Be-fore June 30, 1918. ATLANTIC CITY. N. J.. Srpt 2b Vast over-subscription of the thrn bil I Hon dollar liberty loan was confidentl predicted by Secretary McAdoo in an address here today before tho Amen can Bankers' association calling upon the bankers to give the same patriotic support to tho new bond issue that they ave to the first. i Emphasizing the financial' task ahead of tho nation, Mr. McAdoo point-1 ed out It would be necessary to raise-between raise-between thirteon and fourteen billion; dollar by additional bond Issue beforel June 30, 191S. This will not be easy.j he said, but it can be done by every-! body, banker, business man and men and women in every walk of life Joining Join-ing hands to see it through. "Fortunately," he continued, "the rc- sources of America were never so ample am-ple for ourselves and so formidable for our enemies as now. The combined resources re-sources of the national and state banks (including trust cohipanloR) of the United States are now $37,000,000,000. At tho outbreak of the civil war the combined resources of the bank- wero estimated to be $1,500,000,000 and yet with these limited banking resources resourc-es the Union government raised S3.-000,000.000 S3.-000,000.000 by bond sales or twice the amount of tho banking resources of the country. Upon the same basis we should now bo able to ralso $7-1.00.000,- 000 through government loans. I am not suggesting that this may be done; 1 am only drawing a comparison." Final Preparation Made. WASHINGTON, Sopt, 28. Final preparations for the launching of tho second liberty loan of three billion dol-lars dol-lars or more were completed today with the publication of the details of tho offering by SecreUiry McAdoo. A nation-wide campaign to obtain subscriptions to the loan will bo started start-ed Monday and will close October 27. Features of New Offering. i-iuuiiueut among no icaiures or tho new offering is the privilege of converting convert-ing bonds of this issue into bonds of any subsequent series carrying an Interest In-terest rate in excess of four per cent Tho torras of payment aro two per cent on application, eighteen per cent Nevember 15, forty per cent December 14 and forty per cent January 15. 1918. At an interest of four per cent tho bonds would bo Issued in denominations denomina-tions of $50 and more. They will mature ma-ture In 25 years, buWmay bo'rcdccmcd at the expiration of ten years at the option of the secretary' of the treasury. treas-ury. Any porsons who subscribed to the first issue of bonds bearing Interest at 3JyA per cent may convort his holdings into tho. new 1 per. cent securities nt his option, but the new four per cent bonds aro taxable under the surtaxes of the new incomo tax rates while the 3 per cent issue is exempt, Tho effect of this will be that holders of large amounts undoubtedly will keep their tax exempt bonds, although they bear a lower rate, while the smaller holders, hold-ers, who have not enough to come under un-der the new surtaxes will convort their bonds to tho higher rate |