Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-04-15
|CALL,v|CTORY NOTES:
/ BEST LOAN OFFERING
Will Have Greater Stability IN
Market Than Earlier Issues,
Says Reserve Board
NOT TO INITIATE CREDIT

the short term notes TO be issued ir
the Victory Liberty Loan are believed
by the Federal Reserve Board to bt
greater than those of any preceding
7 liberty Loan issue.
In its forthcoming bulletin for April
an abstract of which was made public
today, the board expresses the opinion
that the short term notes will have
greater market stability because of thelr
short maturity and also because they
will not be encumbered by uncertainty
as TO redemption after speclhed
period, as in the case with long term
notes.
'when the investor purchases gov
ernment note with a maturity OF tou'
wears the board argues. he has the
assurance that the obligation thus pur
chased will possess greater stnblilly ol
value than could possibly be given Oy
apy bond whose maturity is long OF
which is subject TO the possibility Oh
redemptiop after n specified period, but
which has no definite or positive clain'
for sucb redemption upon the maker or
issuer Of such bonds.
"Far from its being true, therefore,
that thc new notes are NOT wei
adapted TO private subscription they are ar
emipently so adapted, while the conui ,
tiops under which they are to De issueu
should hiring them much closer to tue
requirements of the individual DuFer
than has been true of any OF the pre-
ceding Liberty Loans.
Aside from the attractive Investment
offered. the notes must be absorbed
largely through private subscription' ,he
board says, in order to prevent lurther
imitation Of banking credit ana re
sultant continuance of high prices
Liberal subscription to the issue IS de-
, cIared to be the dictate of self interest
Can Apply Only One Remedy
"Onlv one remedy for the financial
situation now existing can be applied.
tbe hoard saws. "and that is that the
nublic subscribe freely for the govern :
ment obligations when offered ana pay
for them out of the proceeds OF savings
Indeed, the urgency for adherence to
this policy is greater now than 1t was
during the war, inasmuch as at tha'
time there was strict oversight ana cou
troll on the part of the government over
production, distribution and, in meas
urc. consumption, while at present tha
oversight has naturally and properi!
been greatly relaxed, or in man
branches of business entirely abolished
The responsibility of saving and con
serving resources thus remains Wit
those who are the recipients of curren
incomes. either from investments o
from salaries and wages, in perhaps
higher degree than was previously true.
Many unique and odd features are be
ing planned TO boost the sales OF tn
Victory Loan here and throughout tn
United States.
The Navy Department will send thre
warships between San Francisco an
New York city. via the Panama canal
during the campaign. the daily posi-
tions of which will indicate the amour
of subscriptions to the loan. The mrs
vessel will leave San Francisco o
April 81, the opening day Of the drive
Considerable interest attaches itse
to the arrival in New York Of tn
Belgian soldiers mission which wi
come to this city to aid in the loa
driye-one hundred and fifteen vet
Grams of more than four years servit
on the western front. carrying the
full equipment and accompanied by pc
lice dogs which aided them in the
fighting. The men have seen continu
Gus service since the siege of Liege {
the outset of the war, and wear VIZ
decorations from virtually all of Il
Allied countries.
Captain Aldred de Direick, of Il
Third C8rbiniers, with six citation
the Order of Leopold, the War Gro
and the Order of the Crown, is in con
mand. The organizations represent'
are the Second, Third. Fifth and Sixt
Chasseurs: Ninth, Eleventh, Tweft
and Fourteenth Line Regiments; See
ond Royal Grenadiers and the Roy
Belgium Cavalry.
Big Brass" Concert
The biggest brass concert ev
held in this city will be given in col
nection with the Victory Pagean
which is to launch the Victory Lot
campaign next Monday night.
There will be more than 800 mus
cal pieces marshaled in South PEI
square behind the Victory Statue VIII
the unveiling ceremonies begin. Du
ing the exercises this huge band, t
combination of ten bands participate
in the pageant, will play constantly.
Prominent financiers aud busint
men will address one of the large
preliminary Victory Loan rallies of t
campaign in this city tonight at t
Philadelphia Cricket Club.
An intensive campaign among t
foreign speaking population of this di