The county record. [volume] (Kingstree, S.C.) 1885-1975, 1919-04-17
GLASS ANNOUNCES
LAST LOAN TERMS
VICTORY LIBERTY ISSUES LESS
THAN FIVE BILLION.

Terms or the Slctoly Lipefty Coo"
were announced by Secretary Glass,
a few days ago. They are: amount,
S4,50O, 100000, oversubscriptions to
be rejected.
Interest Ak per cent, for partial
w tax exempt notes, convertible IN
to So wholly tax exempt. =,
Maturity, four years, with tne
treasury reserving the privilege OF
redeeming the notes in three years
The So per cent, notes, to be IS,
Sped later, also may be converted
subsequently, back into AZ per cent.
notes.
The Ak per cent securities are to
be exempt from State and Socai tax
alton, excepting estate and inherit
ance taxes, and from normal rates
of federal income taxes. The "a per
cent securities are exempt from all
federal. State and local taxes except
estate and inheritance taxes.
The size of the loan was much
smaller than had been anticipated
by most of the close observers, who
Looked for an issue of about 6,OOO,-
600. 900, particularly in view OF Sec
retary Glass past statement hat
the loan would be for $4,000, o,ooo, 900
or $4,000, ,000, ,0@
This will be the last Liberty Loan,
Secretary Glass explained, although
there will be other issues OF govern,
ment securities to finance beiased
war expenses. These will not be
hoated by popular campaign.
None of the past issues Of Llber-
ty bonds are convertible into Victo-
nv Loan notes and there are no spe-
cifcations in the terms of the Vic
tory issue serving directly to main
tain market prices Of past issues.
In many communities the selling
campaign already has begun active
" without formal acceptance OF sub
scriptions, said reports Monday, 70
the treasury, although the official
opening date is April 81. The drive
viii continue three weeks, until
May 10. ,
an fixing the terms of the issue, y
said Secretary Glass announcement
of the Victory Loan, "the treasury
has been guided largely by the de,
sire to devise a security which Will
not only prove attractive to the peo-
ple of the country in the first in
stance. but the terms OF which
should insure good market for the
notes after the campaign is over
and identical process for the two Sc
ries, and should not effect injurious
" the market for the existing bonds
Of. the Liberty Loans.
"This will be the last Liberty
loan. Although as the remaining
var bills are presented further bor-
rowing must be done. | anticipate
that the requirements OF the gov.
srnment, in excess Of the amount OF
taxes and other income, can, IN view
Of the decreasing scale OF expend-
ture, be readily financed by the is
sue of treasury certificates from
time to time as heretofore, which
nay ultimately be refunded by the is
sue of notes or bonds without the
aid of another great popular cam
paien such as has charactized the
Liberty loans.
81 am sure that the people OF
America will subscribe to this VIC
tory loan in the same spirit OF pa
triotism which they have shown IN
the past to the end that the notes
may be as widely distributed as pos
sible and that our banking lnsttu-
tons may be left free to supply the
credit necessary for the purpose OF
industry and commerce and the FULL
employment Of labor. Let the world
see that the patriots Of America out
of their boundless resources, and
with the same enthusiasm and devo-
ton to country with which they
prosecuted the war to victorious
conclusion, are determined to finish
the job"
Terms of the loan were explained
as follows:
"The Victory Liberty loan will be
offered for popular subscription on
April 81 and will take the form Of
~ per cent, three-four year con,
vertible gold notes Of the United
States exempt from State and local
taxes, except estate and inheritance
taxes, and from normal federal in
come taxes. The notes will be con-
vertible, at the option Of the holder,
throughout their life into 3& per
cent three-four year convertible gold
notes of the United States exempt
from all federal, State and local
taxes, except estate and inheritance
taxes. In ike manner the 3% per
cent notes will be convertible into
the Ak notes.
"The amount of the issue will be
34,5OO,00O,0O0 which with the defer
red installments Of income and pro
fits taxes payable in respect to last
years income and profits, during
the period covered by the maturity
dates of treasury certificates OF in,
debtedness now outstanding, will
fully provide for the retirement OF
such certificates. The issue will be
limited to s4,5O0,000,000 except as
it may be necessary to increase or
decrease the amount to facilitate al
Dtments. Over subscriptions will be
Naiected and and allotments made
on a graduated scale similar in its
general plan to that adopted in con-
nection with the First Liberty loan.
Allotment will be made in full on
-L..~;n&;opc mn IN and including