Omaha daily bee., 1919-04-15
WARSH|PS WILL
PROGRESS
OF VICTORY LOAN
Amount Of Subscription to Be
Revealed by Position Of Yes
sells on Trip From New
York to San Francisco.

Washington, April 14.-Subscrip-
tons will be received during the
Victory Liberty loan campaign for
the wholly tax exempt notes bear
ing "a per cent interest, which
the treasury will issue as alterna-
tives of the 4 "a per cent securities
with partial tax exemption. En-
phasis, however, will be laid by So
licitors on the 4 "a notes, and an
effort will be made to round up the
bulk of subscriptions to these sub
scriptions which may be converted
at any time into the 3 "a per cent
notes.
A limited amount of the 4 "a per
cent notes will be available for out
right sale, but the treasury is not
sure that all demands for cash pur-
chases can be filled. AS in past
campaigns, work has been rushed at
the bureau Of engraving on the
| bonds of small denomination, since
these constitute most of the over
the-counter sales. There will be
plenty of the notes for use as SAM
pies" by statesmen, officials said tc-
day.
Qualification over the $4,s00,-
100000 total of the loan which is
smaller than had been generally an
ticipated, and the interest rate was
expressed today in hundreds of
kilograms reaching the treasury
from loan committees. Many of
these were to the effect that the
terms had raised the hopes of loan
workers and financial observers.
Price Not Depressed.
Officials discussing terms of the
Victory loan today said one reas m
for their belief that the market
price of bonds of past issues would
| not be depressed by the new securi-
ties, was that there still should exist
strong demand for the older is
sues by large tax payers. With GER
tain arrangements of holdings of
past issues it is possible to hold
Sl60,0O0,00O of bonds absolutely tax
free.
Secretary Glass is expected to
sound the key note for the loan
campaign in an address tomorrow in
New York. He plans to leave Fir
day for two weeks speaking tour
of the west. AS a graphic illustra-
ton of the progress of the nations
subscriptions toward the goal, the
navy will send three warships be-
tween San Francisco and New York
by way of the Panama canal during
the loan campaign the daily position
of these vessels indicating the
amount of subscriptions.
The first ship the publicity bureau
announced today will leave San
Francisco on April 81, the opening
day of the loan and proceed to a
point off San Diego, where it will be
met by a destroyer, which will then
| make the trip southwark to the
Panama canal. The third ship, which
will be destroyer of the newest
and fastest type will make the last
leg of the journey from the Pana-
ma canal to New York, which is to
be called "the harbor of victory"
Progress Shown by Maps.
The faster the crew subscribes the
faster the vessel will travel and the
sooner will the "harbor of victory"
be reached.
As the victory ships proceed from
San Francisco to the "harbor of vic
tory" their progress will be shown
by maps on the newspapers and by
bulletin boards in the larger cities.
Every night Rear Admiral 7. ].
Cowie, navy victory loan officer will
obtain from the Treasury depart
ment the days subscription to the
loan and by radio will instruct the
ship commander to proceed dis
lance i'll proportion to the amount
of the subscription.
! The distance TO be covered is