The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-04-14
CITY STARTS WORK
ON VICTORY LOAN
Announcement of Terms
Pleasing to Members of
Committee Here.
STRONG SPURS CHAIRMEN
Secretary Of the Treasury
Glass to Address Meeting
at Metropolitan.

New York city's last war loap drive
got under way yesterday afternoon with,
in few moments after announcement of
the terms OF the Victory Loan came over
the wires from Washington. At the
time the announcement was made there
was in session a meeting of the local
Liberty Loan Committee and almost Inn
mediately the following telegram was
sent by Benjamin Strong, governor of
the Federal Reserve Bank of New York,
TO all district chairmen throughout the
New York. or Second, Federal Reserve
district:
Terms OF the Victory Loan an
nounced this morning provide for sale of
an issue of four year notes limited to
the amount of $4,000. 100000. No over
subscription will be accepted, the issue
being limited TO the amount indicated.
although It IL stated by the Secretary
that applications for amounts of $4,000
or less will be allotted in full.
THE notes are 10 be redeemable at
par and interest at option OF the Treas
ury at the end OF three years. and are
20 bear AZ per cent. interest free from
State and local taxes except estate and
Inheritance taxes. and also free from
Federal income tax. so that under pres
ent tax laws notes will yield as much to
individuals liable to normal tax as cor
poration obligations subject to normal
tax yielding about 16-100 per cent.
May BE Converted.
1.-THE notes may be converted at the
option of the owner throughout their life
into notes Of the same maturity and re-
nj iop lot ri In
terest and wholly exempt from Federal.
State and local taxes, except estate and
inheritance taxes
"These exemption privileges are the
same as those of fret Liberty Loan az
per cent. issue, which now yield about
3.55 per cent. New notes are to be In
terconvertible between AZ per cent. is
sue and So per cent. issue during their
life.
THE Liberty Loan Committee consid-
ers these new securities most attractive
Investments for all types Of buyers and
teels sure that II can rely upon active
work by committees to make certain the
same widespread distribution of the new
notes which was obtained in preceding
loans and which is equally essential to
the success of this issue.
IT urge you to call a meeting of your
committee at once as We hope to secure
from them the same enthusiastic in
dorsement Of terms Of the new loan as
has been given by the central committee
and determination to make the loan
an overwhelming success in both amount
and number of subscribers.
announcement of the terms OF the
loan week before the beginning OF the
campaign gives ample time for distribu-
ting general knowledge of the loan. and
while II Is hoped that subscribers will
90 voluntarily to their banks during the
hrst few days of the cafnpaigp and file
subscriptions without solicitation the
organization here believes that active
canvassing should begin on the opening
day In order to secure the widest pos
sible distribution.
THE Secretarys announcement states
that this will be the last Liberty Loan
Let us make this last loan the browning
work OF the organization that has stood
together for all these great operations
OH behalf OF the Government"
Terms Please Committee.
The terms of the new loan obviously
pleased the members of the local COM
mittee. which isued this statement
''The Liberty Loan Committee believes
the terms of the Victory Loan. as an
nounced to-day by the Secretary of the
Treasury. are in every way in the best
interests of the American people
We believe the Victory notes are an
attractive investment for all types OF
buyers. Both the limitation of the Of
fering to s4.500,0 900 and the short
maturity afford the best assurance that
the issuance Of these securities should
have n favorable effect upon the Gov
ernment issues now outstanding
The official opening Of the campaign
has been set for Monday. April 81. The
Liberty Loan organization Is ready for
work. IT :; source of qualification TO
those workers that the securities are such
as to inspire their enthusiastic and
wholehearted efforts and insure the
widespread popular distribution which
has been such an important feature Of
previous loans and ia equally essential to
the success Of the Victory Loan"
The first meeting 10 boost the sale OF
The Victory notes will be held tomorrow
night in the Metropolitan Opera House.
Attending IL will be 1000 district chair
men from all over this reserve district
The chief speakers will be Carter Glass,
Secretary of the Treasury, and Rear
Admiral William S. Sims, who COM
manded the American fleet in the war
sone' Gov Strong also will address the
meeting