Connecticut western news., 1919-04-17
LIMITS VICTORY LOAN
 TO ONLY 4,5OO, ,OOO, GOO
Bonds Will Carry 4A Per Cent Intereot and Will Mature
 in 1923

Carter Glass, Secretary of thc Treasury, announced the terms Of the Victory Liberty loan. They arc-
 Amount-$4, 500, ,000,000 with
 over-subscriptions to be rejected.
 Interest-Four and three-quar-
 ter per cent for partially tax ex-
 empt gold notes convertible ints
 three and three-quarter per cenf
 notes wholly tax exempt.
 Maturity--Four years, with ths
 Treasury reserving the privilege of
 redeeming the notes in three yssrs-
 Sale-Cam2aign opens April 2S
 and closes on May 10.
 The size Of the loan caused some surprise as it generally had been am ticipated that the issue would be $6,- 900, 0,000,000 in view of Mir. Glass; last statements.
 Mir. Glass said it will be the last of the great popular bond issues which began almost two years ago, soon after the declaration of war. As the future war bills become due. it is the intention of the Treasury Department to obtain money through Treasury certificates of indebted ness. It might be necessary to issus more notes or bonds, but not through the aid of large popular campaign
 Tax Exemption Features 4
 The new 4% per cent gold notes. MT. Glass announced, will be exemp1 from. State and local taxes. excep4 estate and inheritance taxes A1D1 from normal income taxes The notes will be convertable, at tho option of the holder, throughout their life into three and three-quar@ ters per cent three-quarter year con- vertible gold notes of the Units3 States, exempt from all federal State and local taxes, except extzt1 and inheritance taxes. Tn like maue ner the three and three-quarters pet cent notes will be convertible int1 the four and three quarters per cenn notes.
 None of the issues of Liberty bonds are convertible into Victory Loan notes, and there are no speciffr provisions in the terms of the Vic tory issue serving directly to maiR- tain market prices of past issues.
 "I am sure the people of America will subscribe to this Victory loan In the same spirit of patriotism which they have shown in the past, to thn end that the notes may be as widely distributed as possible, and that our banking institutions may be left free to supply the credit necessary for the purpose of industry and cons merce and the full employment sf labor, said MT. Glass.
 "Let the world see that the pa- triots of America, out of their bound. less resources and with the same en- thusiasm and devotion to country with which they prosecuted the wat to a victorious conclusion, are deter mined to finish the job.
 An Attractive Security
 ''In fixing the terms of the issue the Treasury has been gaided largely by the desire to devise security which will not only prove SttractiveF to 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 is ove1 and identical prices for the two series and should not affect injuri- ously the market for the existing bonds of the Liberty loans.
 "This will be the last Liberty Loan. Although as the remaining war bills are presented further bor- rowing must be done: I anticipate that the requirements of the govern ment, in excess of the amount ek taxes and other income can, in view of thhe decreasing scale of expenda- ture, be readily financed by the issue of Treasury certificates from time to time as heretofore, which may be ultimately refunded by the issue 'of notes or bonds without the aid of another great popular campaign such as has characterized the Liber- ty loans.
 "The amount of the issue will be $4 500, 1000, which, witt the d&z ferred installments of income ar,& profits taxes payable, in respect to last years income and profits, during the period covered by the maturity dates of treasury certificates of Sin- debtedness now outstanding, wfW~ fully provide for the retirement Of such certificates. The issue will be limited to $4,500,Co0,000 except as
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