The weekly times-record. (Valley City, N.D.) 1912-1922, 1918-03-28
$3,000|,0|0|0,0|0
April 9Th; A. !

Fargo, March Z6.-W eSley u. NC
Dowell, state chairman Of the third
Liberty Loan drive left for Mime
apol;s last evening Immediately upon
receipt of notice that the next loan will
be for $4,000 100000. Today he will
meet with District Chairman A. r..
Rogers when the quota for North Da-
kota will be assigned.
The speaking campaign for this
Liberty Loan drive will start at Alice
this evening, it was announced yester-
day. Attorney w. &C. Green is in
charge of the speaking Judge H. F..
Miller Of Fargo will address the meet
ing at Alice tonight and Chairman F..
M. Johnson for the Alice district will
preside.
A movement to allow the 122 school
districts in the county to invest in
Liberty Loan bonds has just been
started, it was announced at the Cass
county headquarters yesterday. School
officers are holding meetings in the
various districts this week to consider
the matter. It is believed that about
100000 could be made available in
this way.
Washington, March 25.--The Third
Liberty Loan, to open April 6, will be
for $4,000, 100000 and all over-sub-
scriptions at Az per cent interest.
Bonds of the first loan, bearing 81
per cent interest, and of the second
loan at 4 per cent, may be converted
into new bonds, but those Of the third
loan will not be convertible into any
future issue.
This announcement was made to-
night by Secretary McAdoo with the
comment that "the great events now
happening in France must fire the soul
of every American with a new deter
mination to furnish all the dollars and
all the material resources of America
that. are needed to put an end to the
exeeratlei atrocities of German mill
tarism."
Plans Sinking Fund
In connection with the loan, the Sec
retary plans to establish sinking
fund to purchase back bonds of the
third loan thrown upon the market,
to aid in keeping them at par. Ma
turity of the bonds yet to be deter
mined, but it was officially stated that
they would be long term, probably be-
tween 20 and 80 years. ..~
Other features which remained to be
settled are the length of the campaign
and the terms of payments on the
bonds.
Most financial observers were. sur
prised at the comparatively small size
Of the loan, and at the interest rate,
both of which they had expected to be
higher. Reduction of government ex-
penditures and allied loans below the
former estimate is responsible for the
loans size, Secretary McAdoo ex-
planned.
To Maintain Rate
He said the bonds were made nom
convertible to put an end to expecta-
tions of higher interest rates in the
future, indicating his purpose to main
tain the Az rate for future loans.
Legislation will be drafted tomor-
row by Chairman Kitchin of the house
ways and means committee to provide
for an additional bond authorization
of $4,5OO,OOO0, 900 more than the $3,-
666, 100000 sum already authorized
but unissued, for the continued inter-
est rate, for continuance of loans to
the allies this summer, and for issu-
ance of more than the $4,00O,000, 900
certificates of indebtedness now au-
thorized,r An effort will be made to
rush this legislation through both
houses this week, so that final plans
can be made for the Third Liberty
loan and the engraving Of the bond
faces by the first of next week. No
opposition to the legislation is looked
for in either house.