The Glasgow courier. [volume] (Glasgow, Mont.) 1913-current, 1919-04-18
VICTORY LIBERTY LOAN
DRIVE >9%P@,ENS MONDAY
VALLEY COUNTY'S QUOTA Is SIXTY THOUSAND.
MONTANAS QUOTA ELEVEN MILLIONS
RATE OF INTEREST FOUR AND THREE.
QUARTERS PER CENT

Montana has been allotted eleven
million dollars of the Victory Liberty
loan, of which Valley county's quota
is sixty thousand dollars, fifteen thou
sand less than the previous loan. The
ninth districts quota is one hundred
and fifty-seven million five hundred
thousand dollars, out of total for the
nation of four billion five hundred
million dollars. The rate of interest
is four and three-quarters per cent.
The unexpected small amount of the
loan and the high rate of interest
have brought great joy to the liberty
loan workers of the Ninth district
who will begin their campaign on Mon
day, April 21st. AS announced by
the treasury department, the Victory
Liberty loan will take the form of
gold notes maturing in four years.
These notes will be exempt from state
and local taxes except estate and in
heritance taxes and from normal fed
eral income taxes. The notes will be
convertible at the option of the hold
er throughout their life into three and
three-quarters per cent four year
notes of like maturity and exempt
from all federal state and local taxes
except estate and inheritance taxes.
The notes or both series will be dated
and bear interest from May goth,
1919, and will mature on May goth,
1923. If the loan is oversubscribed,
as is probable, only subscriptions of
ten thousand dollars and less will be
allotted in full. The terms of this
issue have been based upon the de-
sire to devise a security which will
not only prove attractive to the peo-
pie but which will insure good mar
ket for the notes and not affect ad-,
versely the market for the existing
government securities.
Theodore Void, governor of the
federal reserve bank, commented as
follows: ''The terms of the Victory
Liberty loan are SO extremely favor
able, the amount to be raised in this
district is so comparatively small,
that to my mind there is absolutely
no doubt but that the loan will be
promptly oversubscribed in the Nineth
federal reserve district
A. R. Rogers, chairman of the CEN
tral Liberty Loan committee, express
sed eager satisfaction over the terms
of the loan. ''The Victory notes are
the finest security ever issued by the
United States," said Mr.. Rogers.
"People in this district and all other
districts will take them because they
appreciate their value as an invest
ment and because they believe in the
government. The treasury department
announcement of the terms should dis
pell the last trace of pessimism and
this has been the cause of our only
fear about the overwhelming success
of the loan"
eve will go over the top without
any fuss or feathers in our same old
way" said Norman B. Hotter, state
chairman of Montana, when he was
told of his states quota. "People
of Montana, as in other states, are
fast coming to realize that Liberty
bonds which are backed by the pledge
of the greatest government in the
world are the finest sort of invest
ment history has ever seen. Putting
the interest rate at four and three
quarters per cent will also be a big
help"
This will be the last Liberty loan,
Secretary Glass explained, although
there will be other issues of govern
ment securities to finance belated war
expenses. These will not be floated
by popular campaigns.
None of the past issues of Liberty
bonds are convertible into Victory
loan notes and there are no specific
provisions in the terms of the Vic
tory issue serving directly to main-
tain market prices of past issues.
In many communities the selling
already has begun actively,
without formal acceptance of sub
scriptions, said reports today to the
treasury department, although the of
ficial opening date is April 21. The
drive will continue three weeks until
May 10.
Mr.. Glass's Statement.
"In fixing the terms of the ISSUE"
said Secretary Glass announcement
Of the Victory loan, "the treasury has
been guided largely by the desire to
devise security which will not only
be attractive to the people of the coun-
try in the first instance, but the terms
Of which should insure a good market
FOR the notes after the campaign is
over and identical prices for the two
series; and should not affect injur- ]