The Cordova daily times., 1919-04-16
LOAN DETAILS
 ARECIVEN OUT
 BY TREASURY

The First Bank of Cordova has re- ceived the following wire giving de- tails of the Victory loan drive, which begins next Monday:
 San Francisco, April IA, 1919. First National Bank of Cordova:
 The following constitute the balance of the main particulars of the Victory loan inst received from the secretary of the treasury:
 "The Victory Liberty loan which will be offered for popular subscrip- tions on April q will take the form of 4A per cent three and four-year convertible gold notes of the United States, exempt from state anad local taxes. except estate and inheritance taxes, and from normal federal income taxes. The notes will be convertible at the option of the holder throughout their life into 3A per cent three-four wear convertible gold notes of the United States exempt from all federal, state and local taxes except estate and inheritance. In like manner the 3A per cent notes will be convertible into the A per cent notes.
 "The amount of the issue will be $4,50O,00O,0 which, with the deferred installments of income and profits taxes payable in respect to last years income and profits during the period covered by the maturity dates of treas ury certificates of indebtedness now outstanding, will fully provide for the retirement of such certificates. The issue will be limited to $4,5O00O0, 900, except as it may be necessary to in- crease or decrease the amount to fla cilitate the allotment. Over-subscrip- tions will be rejected, and allotments made on a graduated scale similar in it's general plan to that adopted on subscriptions, up to and including $1O,000.
 "The notes of both series will be dated and bear interest from May 20, 1919, and thereafter, semi-annually, on June 15 and December 15, and at ma turity, all or any of the notes may be redeemed for maturity, at the option of the United States, on June 15 or December 15 1923, at par and accrued interest.
 "ln fixing the terms of the issue the treasury has been guided largely by the desire to devise security which will not only prove attractive to the people of the country in the first in- stance, but the terms of which should insure good market for the notes after the campaign is over, and iden- tical prices for the two series, and should not affect injuriously the mar ket for the existing bonds of the Lib erty loans. This will be the last Lib erty loan.
 Although, as the remaining war bills are presented, further borrowing must be done, I anticipate that the re- of the government in ex- cess of the amount of taxes and other income can, in view of the decreasing scale of expenditure, be readily financed by the issue of treasury cer- tificates from time to time, as here- tofore, which may be ultimately re- funded by the issue of notes or bonds without the aid of another great popu- lar campaign such as has character ized the Liberty loans.
 "I am sure that the people of Amer ica will subscribe to this Victory loan in the same spirit of patriotism which they have shown in the past, to the end that the notes may be as widely distributed as possible, and that our banking institutions may be left free to supply the credit necessary>for the