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THE BONDS OF VICTORY The Best Yet—Ask Any Bond Expert Five Reasons Why Investors Should Buy _ This Fifth Issue of Liberty Bonds Safety of Principal— The Government of the United States always . pays its debts. ; Satisfactory Income— Interest rates are the most attractive of any of the loans. The 43-4 per cent bonds are exempt from all state and local taxes excepting estate . and inheritance taxes, and they are exempt also from the normal federal income taxes. Reasonable Maturity— Victory Bonds mature in four years, viz.: May 20, 1923. Ready Salability— You will be able to sell Victory Bonds readily at any time. The short maturity and the high rate of interest they bear will render it impossible for them to sell at any considerable’ discount. As a matter of fact it is much more likely that they will sell at a premium. Convertibility— The 43-4 per cent notes (bonds) can be convert- ed into 33-4 per cent notes, the latter having greater tax exemption features, and the 3 3-4 per cent notes can be converted into 4 3-4 per cent notes at any time. This privilege contin- ues throughout the entire life of the notes, and may be exercised either way as oftenas desired. BUY YOUR LIMIT Take Advantage of the Partial Payment Plan and Save as You Earn