New Britain herald., 1918-04-05
PRESIDENT signs
THIRD LOAN BILL
Presses at Bureau Of Engraving
Turning Out Bonds

Washington, April 5.~-The legjsla-
tive foundation for the Third Liberty
Loan was laid last night when con-
gress completed and President Wilson
signed the bill authorizing issuance
Of additional bonds at ~ per cent.
Earlier in the day the treasury an
nounced that the bonds would ma
ture in ten years, that the loan CAM
paign opening Sa turday, would con-
tinue four weeks, until May 4, and
that, after the initial payment of five
per cent. on subscription, instruments
Of 20, 80, and 40 per cent. would be
due respectively on May IS, July IS,
and August Is. The amount is So
100000 and over subscriptions.
The only remaining details to be
determined by the treasury are the
arrangements for conversion of bonds
of the first and second loans into
Third Liberty bonds.
Within an hour after President
Wilson signed the Bond bill. the first
completed bond of the Third Liberty
Loan came from the press OF the bu-
reau of engraving and printing. It
was q $50 Baby Bond'' and was laid
ASIDE Dy James l.. w lllncLu, QlIecIOI
Of the bureau, for special disposition,
to he determined later.
Forty thousand moro bonds were
ready this morning, and 10000 by
Saturday, and thereafter they viii be
turned out at the rate of 100000
day to supply demands for cash sales
and immediate delivery
Reports to the treasury told of busy
Liberty Loan workers in cities and
villages all over the country prepar-
ing for enthusiastic demonstrations
Saturday on the opening of the loan
campaign and the anniversary Of the
entry of tho United states into the
war. The keynote for the big popu-
lar war credit, to be sounded by
President Wilson in a speech at Bal
timore and by Secretary McAdoo at
Philadelphia will be echoed by scores
Of other speakers at local meetings
from coast to coast. Returning from
q four-day vacation, Secretary Nc
Adoo made final arrangements for his
speaking tour on behalf of the loan to
start Saturday,
Final disposition Of the Bond bill
was FASTENED in the House late by
agreement to minor Senate amend
ments. Wide difference of opinion
between members prevented inclusion
of a provision exempting national and
State bank holdings of Liberty bonds
from consideration in determining
State and local taxation Of banks.
Chairman Kitchen Of the House Ways
and Means Committee intimated that
the subject would be placed before
Congress again in 81 separate bill.
The present bill gives the Score
IL, Ia .-;t +n &c
sue $4,000, 100000 bonds, in addition
to the SO, $3.50, 100000 already author
lied under former legislation, raises
the interest rate from 4 to IA per
cent, authorizes issuance of as much
as $4,000, 100000 certificates of in
Gebtedness at one time and extends
to the Treasury the power to loan
$780, 600, 900 more to the Allies
from time to time.
Five Days to Tabulate Returns.
The Treasury announced that banks
would have five days after the close
Of the campaign in which to tabulate
and report subscriptions. Instead of
requiring , per cent. cash pawn
with the subscription, as in the sec
ond loan. per cent. will be asked.
The Treasury expects many subscribe
crs to pay in full on purchase, and
In csc early payments may be suffi-
cient to redeem the 5000, 600, 900 to
certificates OF indebtedness falling
due before May 9. Otherwise it may
be necessary to refund the certificates
with other short-time lots. Officials
also believe the May 2S payment
actually will be much greater than
the 90 per cent required,
The payment dates have been ar
ranged so that none will come in
June. when the drain on the Coun-
try's financial resources will be great
on account of income and excess
profits taxes due June 3. In the sec
ond loan I s per cent. was due two
weeks after the cam paign closed, 40
per cent. n month later, and 40 per
cent one month after that.
The new bonds will mature on
September Is, 1928, and will bear in
terest from May next, payable semi
annually on September 5 and March
Is. The first coupon will be for 129
DAYS interest.
Payment in fun may be made
With the application on or before