The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1919-04-14
LAST VICTORY
LOAN CAMPAIGN
Government Calls for Four
and One-Half Billion
Instead of Six
HIGHEST INTEREST
RATE OF, THE SERIES

Will Pay aga Per Cent-No Oversub-
scription Allowed-No Redeemable
In Three Years :.na Mature May 20,
1928.
WASHINGTON, April IL. The Vic
tory Liberty loan, which win be of
fered for popular subscription April
four-year convertible golds notes
of the United States, exempt from
state and local taxes, except estate and
inheritance taxes, and from normal fed
eral income taxes The treasury re-
serves the privilege of redeeming the
notes in three years instead of four.
The notes will be convertible al. the
option of the holder throughout their
life into 3s4 per cent three to. four-year
convertible gold notes of the United
States, exempt from all federal state
and local taxes, except estate and in
Inheritance taxes.
i In like manner the 34 per cent
notes will be convertible into the Az
per cent notes.
The amount of the issue will be
81, 500 100000, which, with the deferred
!. installments of income and profits taxes
] payable in respect TO last year s in.
comes and profits during the period by
the maturity dates. of treasury certif-
Gates of Indebtedness now outstanding
ing, will fully provide for the retire
ment of such certificates. The issue
will be limited to $4,500,000 900, except
!. as it may be necessary TO increase OF
decrease the amount to facilitate allot
ment.
Oversubscriptions will be rejected
and allotments on a graduated scale
similar in its general plan to that adopt
cd in connection with the First Liberty
! loan.
3 Allotment Will be made in full OF
subscriptions up to and including $40,
600.
The notes of both series will be dated
and bear interest from May 20. 1919
and viii mature MAY 90 1928
Interest will be. payable Dec Is, 1919
and thereafter semi-annually June i
and Dee. Is, and at maturity. All q
any of the notes may be redeemed be
fore maturity at the option of the Unit
par and accrued interest
None of the past issues of Libert,
bonds arc convertible into Victory loal
notes and there are no specific provi
sions in the terms of the Victory issu
serving directly to maintain marke
prices of past issues.
In many communities the selling can
4 paign already has begun actively, with
out formal acceptance of subscription:
said recent reports to the treasury, a
though the official opening date is Apr
Hal The drive will continue thre
weeks, until May 10.
Sec Glass issues the following state
nent:
Ia Sin fixing the terms of the issue til
treasury has been guided largely b
the desire to devise a security whic
/ viii not only prove attractive to th
people of the country in the first il
stance, but the terms of which shoul
insure a good market for the notes af
er the campaign is over and identic;
II Ipriees for the two series, and shout
not affect injuriously the market fl
the existing bonds of the Liberty loan
This will be the last Liberty loa
Although as the remaining war bills a
presented further borrowing must
done, anticipate that the requir
ments of the government in excess
the amount of taxes anu other incon
can, in view of the decreasing scale
expenditure, be readily financed by Il
issue of treasury certificates from tin
to time as heretofore, which may
ultimately refunded by the issue
notes or bonds without the aid of a
i other great popular campaign such
has characterized the Liberty loans
- ] am sure that the people of Ame
ca will subscribe to this Victory loan
the same spirit of patriotism viii
they have shown in the past to the ei
that the notes may be as widely ii
tributed as possible, and that our ban
ing institutions may be left free to 81
uEply the credit necessary for the pl
il pose of industry and commerce and t
full employment of labor Let t
world see that the patriots of Ameri,
Tout of their boundless resources a
with the same enthusiasm and devoti
to country with which they prosecut
the war to victorious conclusion, q
+ determined to finish the job
III The interest rate Of 4M per cent
the highest borne by any of the war
sues. Financial interests have urged
~ DIi tCAb Dut hotSltNdiS bidso
- Dictated recently that he regarded SD
- rate as excessive, and speculation
to the rate recently has revolved abe
4t2 per cent. The 3M per cent rate
the tax exempt notes, into which {
HES are convertible, is quarter
I cent higher than the tax exempt fl
Liberty bonds, which mature in
wears
The coming loan is the only one sil
the first on which oversubscripti,
q have not been accepted in whole or
l part. Compared with the $685., o73l
k5subscriptions of the Fourth loan the
gregate Of the Victory issue will
nearly $2,500,000.000 less
Already 5,355.0o0,000 certificates
Indebtedness have been issued. incl
ing the current issue, in anticipat
of the Victory Liberty loan, but So
100000 of these haye been called in
immediate redemption. There will
main outstanding $200,o00,0o0 m
IA oarfifiaataS than sprncaada of tho