Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-03-27
LONG REST PERIOD
AFTER THIRD LOAN
Fourth Issue Will Not Be on
Market Until Next
Fall.
ALLIES WILL GET FUNDS
Secretary McAdoo Discloses
Governments Financial Plans
for Liberty Sale.
RY ASSnrIntctI rrnr.

sF associated Press
WASHINGTON. March 25.-Thc gov
ernments general financial plans for
the next eight months. disclosed to-
night by Secretary McAdoo. provide for
a long period of rest from bond issues
after the third loan of $4,000. 900. 900
next month. and for floating of the
fourth Liberty loan ncx; October or
November.
The amount Of the fourth loan prob
ably vii! be greater than any Of those
that have gone before. and to prepare
for it the Treasury next summer prob
ably will start the issuance OF ccrtif-
Gates OF indebtedness in considerable
amounts.
Loans TO allies will be continued. and.
although more than $1,000. 900. 900 au-
:hnr!zation for this purpose still re-
aims, Congress is expected TO approve
extension Of further credits TO the sum
ct sl.joo,oo0.00o. Mr.. McAdoo estimates
that this will he sufficient to fill allied
needs unit! October. Actual credits and
Payments are made at the secrctary's
discretion. subject only TO Congress.
In the same way. the amount Of GER
issued depends on Secretary McAdoo's
decision. These are issued usually for
ninety-day periods. and arc redcemablc
at times when receipts from Liberty
loans or taxes are heavy.
Secretary McAdoo will appear to-
morrow before the Ways and Means
tails OF the bill.
OF THIRD LIBERTY ISSUE
The secretary tonight explained that
he plans to issue third Liberty bonds
in denominations of 500. Slc0. $500 and
$1,000. as IN the rst and second loans.
and that terms OF payment in INSTALL
ments will be substantially the same as
III the past.
The secretary's statement disposed OF
reports that the $50 baby bond" might
nc abandoned in the third loan for the
sake Of encouraging investment Of sach
small amounts in war savings stamps.
The function of the war savings or
ganization throughout tho country was
clearly defined by Mr.. McAdoo tonight
In statement addressed TO Liberty
loan and war savings workers. Both
are TO cooperate; the war savings cam
raign is not TO bc slackencd, but sale
OF Liberty bonds is TO be the main
object.
In the coming Liberty loan drive"
said the secretary, the war savings
organizations should continue their cf-
forts in the formation Of war savings
societies. education work in tho
schools and general thrift propaganda.
Their actual selling organizations
ordinatci with that of the Liberty
loan organization. TO the end that dur
ing this period sales of government
securities both Liberty bonds and war
savings stamps should be made in the
largest amounts possible TO each indi-
vidual buyer. but the purchase of Lib
erty loan bonds, rather than war saw
inGs stamps should. during this period.
be tie main object. To this end. dur
ing this period. all donated advcrtis-
ing space should be donated 10 Lib
crty loan offerings.
FIRST EFFORT OF DRIVE
TO SELL LIBERTY BONDS
The first effort OF both the Liberty
loan and war savings organizations
during the coming drive should be to
sell Liberty loan bonds. On the ether
hand. there are persons who are un
able TO buy Liberty loan bonds, and
all these persons should be urged to
buy war savings stamps.
with regard to partial payment
subscriptions to Liberty loan bonds
these should he encouraged, but where
employers of labor or others have
formed efficient war savings societies.
which are actually obtaining systc-
matte and adequate subscriptions to
war savings stamps. this work should
not be intcrfcrcd with by an cndcavor
to superscde the war savings societies
by the inatroduction of the partial pay.
mcnt plan for subscriptions to Lib
crty loan bonds. such war savings
societies should make every possible
endcavor TO promote the sale not only
of war savings stamps. but Liberty
loan bonds during the coming drive
The loya, army workers in both
these organizations must realize that
they are working for common cause,
though by different mcthods that each
is q part OF the Treasury Department
force, and that each is under Treasury
Department control.
COMPLETE HARMONY AND
UNITY OF PURPOSE
Complete harmony and unity of
purpose helps both organizations in
the attainment Of the purpose of each
the successful financing of the war on
n sound basis.
About Si2O,O00,000 worth of thrift
and war savings stamps have been
sold since the movement was started
last December ..
Many messages expressing surprise
and qualification ut the comparatively
small size of the third Liberty loan
and the interest rate of Ala per cent
reached the Treasury to-day from
bankers and business men.
Arrangements will be made soon for
conversion of the l-2 per cent bonds