The Bismarck tribune., 1919-04-14
VICTORY LOAN
is FOURTH LESS
THAN THE LAST
Financial Circles Generally Sur.
prised to Find Amount
Asked So Small
sls,5O0!OoO FOR DAKOTA
Quotas Generally Will BE About
. sThree~Quarters of Those
in Fourth Liberty
'Sls,5OO!OOO FOR DAKOTA

/ ;, Washington, April 4.-Announce-
ment, by Secretary Glass that the
amount of the Victory loan would be
$4,000, 200, 900, came as a surprise to
financial circles, as it had generally
been expected the amount would be
larger .- 49, ~ g..
Secretary Glass advised that the
loan would take the form of 3-4 con-
vertible notes, redeemable in four
years. with the treasury department
reserving the right to take them up
in three years. ->.. ~m1 I'N.,
Quotas Three-Quarters of Last Loan
i Quotas of most communities for the
Victory loan will be three quarters Of
the fourth Liberty loan, the treasury
announced today.
Federal reserve district quotas by
percentages and amounts were an
nounced today. The quota of the
minneapolis district, the ninth, was
announced as 3 l-2 per cent, $751;
100000.
| North Dakota has been allotted
eighteen million five hundred thous-
and dollars of the Victory Liberty
loan. .
The ninth districts quota is $751;.
! 500, 600 out of toaf for the nation of
| $4,5OO,0OO. 900. The rate of interest is
A "a per cent. -
+! The unexpected small amount of the
loan and the high rate of interest
4 have brought great JOY tn the, liberty
loan workers of the ninth federal re-
serve district who will begin their
campaign on Monday, April 21.
AS announced by the treasury de.
partment, the Victory Liberty loan
i will take the form of Gold notes ma
turing IN four years. These notes will
be exempt from state and local taxes
except estate and inheritance taxes
and from normal federal income tax
les. The notes will be convertible at
7 the option of the holder throughout
their life into 3 "a per cent four-year
notes OF like maturity and exempt
from all federal stae and local taxes
except estate and inheritance taxes.
The notes of both series will be dated
and bear interest from may 20 1919,
and will mature on may 20, 1923,
Ii the loan is oversubcrioed, as is
probable, only subscriptions of $40, 900
and less will be allotted in full The
terms OF this issue have been based
upon the desire to devise a security
which will not only prove attractive
to the people but the terms Of which
will insure a good market for the
notes and not affect adversely the
market for the existing government
securities.
Theo Void, governor of the federal
reserve bank, commented today as
follow: 'The terms Of the Victory
Liberty loan are so extremely favor
able, and the amount to be raised in
this district is so comparatively small
that o my mind there is absolutely no
doubt that the loan will be promptly
Oversubcribed in the ninth federal re-
serve district. ,a D'
A. R. Rogers, chairman of the Cen
trail Liberty loan committee, expressed
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 over
the United States will take them be
cause they appreciate their value as an
investment and because they believe
in their government The treasury de-
parement's announcement of terms
should dispel the last trace of pessi'
mism, and this has been the cause OF
our only fear about the overwhelming
success of the loan"
North Dakota will be there with
the old-time spirit that put over the
first four loans in this state" said
Wesley C. Mcdowell. state chairman
of North Dakota. mo state in the
union is more ready to help finish the
job than our state, and subscribing
the $1S.50O.000 that Uncle Sam has
asked of us will not be difficult
1.-THE amount asked is so much less
than was expected that our work will
be all the easier "'H