Evening journal., 1919-04-19

scrlptions are In addition 10 the half
million dollar subscription taken by the
Wilmington Trust Company.
Financial Authorlty's View.
A weekly review Of financial con-
ditions, by John Moody, compiler Of
MOody's Manual, an authority on CO.
poration and financial matters, says
Victory Loan Market: On Monday we
had what might be called avictory loan
day In the stock market; for such was
the qualification over the terms an
nounccd by Secretary Glass that stocks
showed unusual strength. Quite a
number OF industrials gained several
points, while The average OF twenty OF
them gained = OF a point. Even the
rails advanced about u Of point as
an average, and the volume OF trading
exceeded 100000 shares.
Secretary Glass promises TO come
out of the Treasury Department a big.
| ger man than when he was sent into
&C.; tnd this cannot be said of many
Secretaries OF the Treasury. Some of
them have acted upon the principle
that their FIRST thought was necessarily
the best, and that therefore momentous
decisions reached in absolutely I'M
biased ignorance should never be
changed upon the advice OF men whose
minds have become warped through
llfetimes Of experience with big flnan-
cial matters. Our present Secretary,
however, has been making a careful
and thorough study OF the requirements
OF this loan, and has succeeded in ind
ing an admirable way TO make the
bonds a good investment for large in
,estors such as banks and estates. and
at the same time make them attractive
TO the masses OF people.
"The main difficulty was that in the
case Of taxable bond the surtaXes ate
up so much OF the income that the
substantial investors Of the country
men who as a class carry more than
half Of the total war burdens-felt that
they could not afford 10 own any more
OF such bonds than patriotism re-
quIred. At the same time a free tax
bond must necessarily carry a low in
terest rate, since a high interest rate
would represent a needless loss TO the
government; and II Il carried low
interest rate it would not be attractive
to the masses OF people who pay insig-
niflcant income taxes and no surtaXes.
IN the 3M per cent wholly tax eX-
empt bonds OF this issue, however, the
wealthy investor finds Just what he
wants. namely, an absolutely secure
cash-eQulvalent hond whose income is
all genuine income. Many investors
who have heretofore bought Liberty
Bonds and sold them az loss. because
/ they could not afford 10 carry them.
/ will buy these Victory Bonds and hold
them. As for the mass Of the people,
catering TO their demands is politically
necessary in spite OF the fact that they
absorb only about a quarter or third
OF the loan Hence. IL Is also a sub
iect for congratulation that the ih
per cent. partially tax exempt notes
win suit the needs Of the masses.
..Nor is IL TO be overlooked that the
loan is $500 100000 less than govern
ment officials have been teaching us
10 EXPECT for months past. That is
equivalent 10 the approximate pre-War
savings OF the American people Tor
neriod Of six months. II isn't the
small change that most people imagine
For example. it exceeds the total wealth.
os Detrolt and Is almost equivalent to
the assets of the u. S. Steel Corpor7.
alton" .s
the following program for the eXhiDi-
tlon OF the Victory Liberty Loan him.
.sThe Price Of Peace"
Aprll 22-New Castle, Mrs. l.. Z. Ella
son, chairman.
April 23-Dover, Mrs. J, Hall Ander-
son. chairman; Mrs. Winifred MOTIFS
publicity chairman.
April 2i--Mlford. Mrs. George Mar
shall, Miss Lena Short, joint chairmen.
April 25-Lewes, Miss Leah A. Bur-
ton. chairman.
April 2e-Georgetown, Mrs. J. w.
chairman.
April 27-wimlngton, Mrs. Richard
Reese, chairman.
April Harrington, Miss Sapp,
chairman.
April 29-Bridgeville, Mrs. Emma N,
Hayes, chairman.
In Dover there will be six separate
performances in one day so that every
one viii have an opportunity to see
this fine propaganda picture.
There will be exhibitions in Seaford,
Laurel and Delmar, dates 10 be an
nounced later.
Mrs. Ginns has arranged also to have
slidos bearing I'VE Finish What We Be-
GIN" the motto Of the Women's Vic
tory Liberty Loan Committee of Della
ware. displayed in facsimile in every
moving picture house in the State at
every performance throughout the cam
aafQn