The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-04-14

will fully provide for the retirement OF
limited to ,5O0,000,000 except as it
may be necessary 10 increase or de-
crease the amount to facilitate allot-
ment. Ovcr-subscriptions will be re-
jected and auotmcnts made on a grad
uated scale similar in its general plan
to that adopted in connection with the
first Liberty loan. Allotment will be
made in full on subscriptions UP 10 and
including $4,000.
Eotes Dated My 20.
The notes Of both series will be dat
ed and bear interest from May 20. 1918,
and will mature on May 20. 1898. In
terest will be payable on December Is,
1919, and thereafter seIni-annually on
June IS and December is and at ma
turi.y. All or any Of the notes may be
rede med before maturity at the opoon
of the United States on June Is or De-
cember Is. 1922, at par and accrued IN
terest-''
The interest rate of Az per cent. Is
the highest borne by any Of the war is
sues. Financial interest have urged a
five per cent rate. but Secretary Glass
Indicated recently that he regarded
such O rate as excessive and Specula-
ton as to the rate recently has rero'Ved
about AZ DER cent. The 3A per cent
rate Of the tax exempt notes. into which
the i%S are convertible. is i per cent
higher than the tax exempt first Lib
erty bonds, which mature in 80 years.
On Commercial Basis
Secretary Glass has announced re
neatedly that the terms OF the Victory
loan would be such that II might be re-
sarded more on q commercial basis than
mast issues, In all his speeches, how
ever. he has emphasized that the patri-
ottsm Of the American people must De
relied on to. make the loan a. complete
success.
The coming loan IS the only loan since
the first on which oyersubscriptious have
not been accepted in whole or in part
COMPARED with the 6,s93.072-00o subscrip-
| tons Of the fourth loan, the aggregate
| Of the Victory issue win be nearly Sc
500, 900, 900 less
! Already $685.. 0oo,oo certificates Of
! ind eht edness have been issued. including
the current issue, in anticipation or the
Victory Liberty Loan. but SSoo,oO0.oGu
OF these have been called In for immc-
date redemption There will remain
outstanding $500. 900, 900 more certificates
than proceeds Of the Victory Loan. to be
met from tax receipts OF from proceeds
from future issues Of certificates.
For some time The treasury had con-
tcn1platcd terms for the Victory Loan
which would have a direct influence IN
keeping up the market price Of past is
sues. but apparently these plans were
abandoned.
Compared with Other Loans
Terms Of the Victory issue may be
compared with the following terms of
past issues:
First loan, so, ooo, 900. 600. 3k per cent;
tax exempt maturity 90 years.
Second loan. $4,000. 100000 offered. 81
SIT, ooo, 900 subscribed. S3.-os. 100000 &C
cepted. per cent partially tax exempt
maturity 25 years.
Third loan, $4,000, o00.oo offered, s4.
176, o09. 900 subscribed and accepted. ~
per cent, partially tax exempt. maturity
10 years.
Fourth loan. $4,000. 900 900 offered. So
se3, ooO, 900 subscribed and accepted, Ak
per cent, partially tax exempt. with spe-
cial conditional exemptions for past is
sizes. maturity 20 years.
War savings stamps bear the equiva-
lent OF per cent interest and mature in
five years.