The sun., 1919-04-14
Formal Announcement.

Secretary Glasss statement follows:
''The Victory Liberty Loan, which will
he offered for popular subscription on
April 21. Will take the form OF 4ea per
cent three-four year convertible gold
notes OF the United States. exempt from
state and local taxes except estate and
Inheritance taxes, and from normal
Federal income tax. The notes Will be
convertible at the option of the holder
throughout their life into SA per cent.
three-four year convertible notes of the
United States, exempt from all Federal.
State and local taxes except estate and
Inheritance taxes. In like manner the
3s4 per cent. notes Will be convertible
into 4& per cent. notes.
The amount of the issue will be $4,-
s00,000,0 900, which with the deferred In
s,alments OF income and profits taxes
payable in respect of last years income
and profits during the period covered by
the maturity date of the Treasury Ger.
ti1cates of indebtedness now outstand-
ing, will fully provide for the retirement
of such certificates. The issue will oe
limited to $4,000. 900. 900. except as it
may be necessary to increase or decrease
the amount to facilitate allotment.
Oversubscriptions will be rejected and
sllotments made on n graduated scale
similar in its general plan to tha:
adopted in connection with the First Lib
erty Loan. Allotment will be made In
lull on subscriptions up to and Including
$4,000.
Notes of both series will be dated
and bear interest from May 90, 1919. and
will mature on May 20. 1898. Interest
will be payable on December 10, 1919.
and thereafter semi-annually on June
Is and December Is and at maturity.
All or any OF the notes may be redeemed
before maturity. at the option OF the
United States on June % or December
Is, 1922, at par and accrued interest.
Making Notes Attractive.
TN fixing the terms OF the issue the
Treasury has been guided largely by the
desire to devise a security which will
not only prove attractive 10 the people
OF the country in the first INSTANCE, but
the terms OF which should insure a good
market for the notes after the campaign
Ia over and Identical prices for the two
s,ries. and should not AFFECT injuriously
the market FOR the existing bonds OF the
Liberty Loan.
This will be the last Liberty Loan.
Although. as the remaining war bills
are presented. further borrowing must
he done / anticipate that the require
r1ents Of the Government. In excess OF
ne amount OF taxes and other income,
can. in view Of the decreasing scale OF
eA pendtures. be readily financed by the
issue OF Treasury certificates from time
10 time as heretofore. which may be ulti-
,nateiy refunded by the issue OF notes or
bonds without the aid of another great
Iouular campaign such as has charac-
terized the Liberty Loan.
Il am sure that the people OF America
will subscribe to this Victory Loan In
the same spirit of patriotism which they
have shown in the past. to the end that
me notes may he as widely distributed
as possible. and that our banking insti-
tutions may be left free TO supply the
credit necessary for the purposes Of In
dustry ard commerce and the full en-
ployment OF labor Let the world see
that the patriots OF America. out Of their
boundless resources and with the same
enthusiasm and devotion to the country
with which they prosecuted the war to
q victorious conclusion, are determined
to finish the job"