Treasury Department in Washington, D. C., and the Federal Reserve Banks in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta (with branch at New Orleans), Chicago, St. Louis (with branch at Louisville), Minneapolis, Kansas City (with branch at Omaha), Dallas, and San Francisco (with branches at Seattle and Spokane). Said banks have been designated also as fiscal agents of the United States to collate applications, to give notices of the allotments which the Secretary of the Treasury will eventually make to subscribers, to receive payments, and to make delivery of the bonds allotted. Subscribers may send their applications direct to any of these official agencies.

Subscribers' agencies.-Large numbers of national banks, State banks, and trust companies, investment bankers, express companies, newspapers, department stores, and other corporations, firms, and organizations have patriotically offered to receive and transmit applications for the second Liberty loan without expense to the applicants. The Secretary of the Treasury appreciates the value of these offers and will have application blanks widely distributed through the Federal reserve banks to these institutions throughout the country, as well as to the post offices. No commissions will be paid upon subscriptions, and those who receive and transmit applications are therefore rendering the service as a patriotic duty.

Form of application.-Applications must be in the form prescribed by the Secretary of the Treasury and be accompanied by payment of 2 per cent of the amount of bonds applied for. Applications must be for bonds to an amount of $50 or some multiple thereof. Any subscriber making application for an amount of bonds not in excess of $1,000 may, at the option of such subscriber, accompany such application by payment in full, at face value without interest, for the bond or bonds applied for, in which case a bond or bonds bearing interest from November 15, 1917, will be delivered to the subscriber as soon as possible after the application, accompanied by such payment in full, is received. No payment other than the 2 per cent required should accompany any application for bonds to an amount in excess of $1,000.

Time of closing application books. Applications accompanied by payment as aforesaid must reach the Treasury Department or a Federal reserve bank or branch thereof, or some incorporated bank or trust company within the United States (not including outlying territories and possessions), not later than the close of business on October 27, 1917, the right being reserved by the Secretary of the Treasury to close the subscription on any earlier date. Applications received by any incorporated bank or trust company on or before October 27, 1917, must, by such bank or trust company, be transmitted to or covered by its own subscription to the Federal reserve bank of the district in which it is located, reaching such Federal reserve bank not later than the close of business on November 1, 1917, accompanied by payment as aforesaid.

ALLOTMENT.

Applications for $1,000 or less bonds from any one subscriber will be allotted in full. All applications for bonds in excess of $1,000 will be received subject to allotment; and the Secretary of the Treas

ury reserves the right to reject any such applications, to make allotment of part of the amount of bonds applied for, to make allotment in full upon applications for smaller amounts, and to make reduced allotments upon or to reject applications for larger amounts, and to make classified allotments and allotments upon a graduated scale, pursuant to the act of Congress authorizing the bonds, should any such action be deemed by him to be in the public interest; and his action in these respects will be final. In case of applications rejected the accompanying payment of 2 per cent will be returned without interest as soon as practicable. In case of partial allotments the excess of the 2 per cent payment (without credit for interest) will be applied on the installment due November 15, 1917. The basis of allotment will be announced and allotments will be made on or about November 5. Allotment notices will be mailed shortly thereafter.

PAYMENTS.

Payment for bonds allotted, in addition to the 2 per cent on application, will be required as follows: 18 per cent on November 15, 1917; 40 per cent on December 15, 1917; 40 per cent on January 15, 1918, with accrued interest on both deferred installments. Receipt of installment payments made to official agencies prior to payment in full will be acknowledged by the several Federal reserve banks. Payments must be made when and as required under penalty of forfeiture of any and all installments previously paid, and of all right or interest in the bonds allotted. Except in the case of subscriptions for amounts not in excess of $1,000, as hereinbefore provided, no payments other than the 2 per cent required with the application will be received until after allotment is made. Payment for bonds allotted in any amount may be completed after allotment without previous notice, but only on November 15, 1917, and (the previous installments having been duly paid) on December 15, 1917, or January 15, 1918, with accrued interest.

Payment by United States Treasury certificates of indebtedness.Payments may be made on November 15 by United States Treasury certificates of indebtedness of any maturity, and on December 15 by certificates maturing on that date, and on January 15, 1918, by certificates maturing on that date if any such are outstanding. These payments may be either for the full amount of the allotment, or for the first installment, or for the installment then due. Such certificates will be received at their face value, and the accrued interest thereon will be remitted by check to the subscriber. Unmatured certificates thus presented on November 15, 1917, in payment for bonds must not be of a larger face value than the amount then to be paid on the subscription, and subscribers should obtain certificates in appropriate denominations in advance.

How to make payments.-It is strongly recommended that subscribers avail themselves of the assistance of their own banks and trust companies, in which case they will, of course, make payment through such institutions. In cases where they do not do so, subscribers should make payment, either in cash to the Treasury Department in Washington or to one of the Federal reserve banks, or by bank draft, certified check, post-office money order, or express com

pany money oraer, made payable to the order of the Secretary of the Treasury if the application is filed with the Treasury Department in Washington (thus: "The Secretary of the Treasury, Second Liberty Loan Account"), or, if the application is filed elsewhere, made payable to the order of the Federal reserve bank of the district in which the application is filed (thus: "Federal Reserve Bank of Second Liberty Loan Account ").

DELIVERY.

Bonds dated November 15, 1917, and bearing interest from that date, will be delivered by the several Federal Reserve Banks as fiscal agents of the United States as far as practicable in accordance with written instructions given by the subscribers, and, within the United States, its Territories, and insular possessions, will be delivered at the expense of the United States. Subscribers for an amount not in excess of $1,000 who make payment in full at the time of filing their applications will receive bonds bearing interest from November 15, 1917, as soon as possible after their subscriptions are received. Such subscribers will receive no interest from date of payment to November 15. All other subscribers will receive bonds promptly after due completion of payment.

INTEREST.

The bonds being dated November 15, 1917, no accrued interest will be due on subscriptions for bonds paid for in full on or before November 15, 1917. No rebate of interest will be allowed, either on account of full payment in advance of November 15, or on account of the 2 per cent required to be paid with the application. Upon completion of payment for the bonds on December 15 or January 15 the subscriber will be required to pay accrued interest from November 15 on the deferred installments at the rate of 4 per cent per annum.

FURTHER DETAILS.

The bonds will be receivable as security for deposits of public money, but will not bear the circulation privilege.

Coupon bonds will have four interest coupons attached, covering interest payments up to and including November 15, 1919. On or after that date holders of these bonds should surrender the same and obtain a new bond or bonds having coupons attached thereto covering semiannual payments from May 15, 1920, to November 15, 1942. Bonds with the limited number of interest coupons attached will be thus delivered in order to save the annoyance of the delivery of interim receipts, and to allow sufficient time for the engraving and printing of bonds with the full number of coupons attached, without inconvenience to the subscriber.

Further details may be announced by the Secretary of the Treasury from time to time, information as to which as well as forms for application may be obtained from the Treasury Department or through any Federal reserve bank.

W. G. McADOO, Secretary of the Treasury.

EXHIBIT E.

UNITED STATES OF AMERICA WAR-SAVINGS CERTIFICATES, SERIES OF

1917.

Department Circular No. 94.

(War-Savings Circular No. 1.)

Loans and Currency.

1918.

TREASURY DEPARTMENT,

OFFICE OF THE SECRETARY, Washington, November 15, 1917.

The Secretary of the Treasury offers for sale to the people of the United States an issue of United States war-savings certificates, series of 1918, authorized by act of Congress approved September 24, 1917. Payments for or on account of such war-savings certificates must be evidenced by United States war-savings certificate stamps, series of 1918, which are to be affixed thereto. The sum of such war-savings certificates outstanding shall not at any one time exceed in the aggregate $2,000,000,000 (maturity value). The amount of war-savings certificates sold to any one person at any one time shall not exceed $100 (maturity value), and it shall not be lawful for any one person at any one time to hold war-savings certificates to an aggregate amount exceeding $1,000 (maturity value).

War-savings certificates, war-savings certificate stamps, and United States thrift stamps (described below) may be purchased at the prices hereinafter mentioned at post offices and at numerous banks and other agencies to be appointed by the Secretary of the Treasury. Advance sales will begin December 3, 1917. All sales of war-savings certificates and war-savings certificate stamps made in December, 1917, will be at the January, 1918, price, and the date of issue of all certificates so sold will be deemed January 2, 1918.

DESCRIPTION OF WAR-SAVINGS CERTIFICATES.

A United States war-savings certificate, series of 1918, will be an obligation of the United States when, and only when, one or more United States war-savings certificate stamps, series of 1918, shall be affixed thereto. Each of such war-savings certificates will have spaces for 20 war-savings certificate stamps, series of 1918, and each of such stamps thereto affixed will have a maturity value of $5 on January 1, 1923, which will accordingly give each such certificate when bearing its full complement of such stamps a maturity value of $100 on said date. No war-savings certificate will be issued unless at the same time one or more war-savings certificate stamps shall be purchased and affixed thereto, but no additional charge will be made for the war-savings certificate itself. The name of the owner of each war-savings certificate must be written upon such certificate at the time of the issue thereof.

War-savings certificate stamps, series of 1918, will be issued in 1918 at the following prices:

The average issue price above fixed for the year 1918 with interest at 4 per cent per annum compounded quarterly for the average period to maturity will amount to $5 on January 1, 1923.

Payment at maturity.-Owners of war-savings certificates will be entitled to receive on January 1, 1923, at the Treasury Department in Washington, or at a money-order post office, upon surrender of such certificates and upon compliance with all other provisions thereof, $5 in respect of each war-savings certificate stamp, series of 1918, then affixed thereto, but no post office shall be required to make any such payment until 10 days after receiving written demand therefor.

Payment prior to maturity.-Any owner of a war-savings certificate at his option will be entitled to receive at any time after January 2, 1918, and prior to January 1, 1923, at a money-order post office, upon surrender of his certificate and upon compliance with all other provisions thereof, in respect of each war-savings certificate stamp, series of 1918, then affixed to such certificate, the amount indicated in the following table; but no post office shall make any such payment until 10 days after receiving written demand therefor.

Registration.-War-savings certificates may be registered without cost to the owners at any post office of the first, second, or third class, subject to such regulations as the Postmaster General may from time to time prescribe, and payment in respect of any certificate so registered will be made only at the post office where registered. Unless registered, the United States will not be liable if payment in respect to any certificate or certificates be made to a person not the rightful owner thereof.

War-savings certificates not transferable.-War-savings certificates are not transferable and will be payable only to the respective owners named thereon, except in the case of the death or disability of any such owner.

Tax exemption.-War-savings certificates shall be exempt, both as to principal and interest, from all taxation now or hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority except, (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly known as surtaxes, and excess-profits and war-profits taxes, now or hereafter imposed by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. The interest on an amount of bonds and certificates, authorized by