The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1919-04-14
VICTORY LOANS
RATE THREE AND
THREE QUARTERS
Issue Will Be Limited to
Four and a Half Bill
lions.
LAST OF LIBERTY SERIES
Issue Will Be Partially Tax
Exempt and Run for
Four Years.
last OF LIBERTY SERIES

WASHINGTON, April 14.-Terms of
The Victory Liberty Loan were an
noHnced today by Secretary OF the
Treasury Glass. They are:
Amount, $500 600, 900, oversubscrip.
lion to be rejected.
Interest, Az per cert. for partly tax.
exempt notes, convertible into 3A per
cent notes wholly tax exempt.
Maturity, four years. with the
Treasury reserrins the privilege OF
redeeminG the notes in three years.
The S% per cent. notes. to be issued
later also ma: be converted snbse-
squently back into Ak per cent. notes.
The Az per cent. securities arc to be
exempt from state ard local taxation.
dxcept.Gg estate AMI Inheritance
taxes, and free fron normal rates OF
Federal iEcai taxes. he ~ per
cent. securities are eg nipt from al,
FNcderal, state and lcca taxes, except
state and inheritance lakes.
None OF the pass isaul OF Liberty
bonds are convertible into victory
3 Loan notes, and there are 70 spefif.a
provisions in the terms OF the ,.'ictory
Issue serving directly to maintain
market prices of past issues.
'%Thtc notes OF both series will be
dated and bear interest from May 20,
1919, and will mature on May 20, 1923.
Interest viii be payable on December
40, 1913, and thereafter semi-annually
( one June Is and December Is, and at
maturity" says an official statement.
49, All or any of the notes may be re.
deemed before maturity at the option
Of the United States on June 10 or
December Is, 1922, at par and accrued
interest"
In many communities the selling
! campaign already has begun actively,
Without formal acceptance of SUBJ
ecriptions, said reports today to the
Treasury. although the official open.
ing date is April q, one week from to-
morrow. The drive will continue until
May 10. Secretary Glass in announc-
ing the terms of the loan said:
I'm Fixing the terms of the issue
the Treasury has been guided largely
by the desire to devise a security
which will not only prove attractive
10 the people of the country in the first
lnstance, but the terms of which
should insure q good market for the
notes after the campaign Is over and
an Identical price for the two series,
md should not effect inipriously tho
market for the existing bonds OF the
Liberty loans.
3, Il. 1af
kith0ugh as the remaining war bills
& ire presented further borrowing
must be done, / anticipate that the
requirements OF the government, in
u xcess Of the amount Of taxes and
Sther income can, in view of the de-
sreasing scale of expenditures. will be
:eadily financed by the issue of Treas
its 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 char
kcterized the Liberty Loans.
Il am sure that the people Of Amer
Ca will subscribe to his Victory Loan
ID the same spirit of patriotism which
hey have shown in the past to the end
Iiat the notes may be as widely dis
lributed as possible, and that our
Eanking institutions may be left free
% supply the credit necessary for the
purpose OF Industry and commerce and
he full employment of labor. Let the
world see that the patriots of Ameri.
"a, out OF their boundless resources,
md with the sac enthusiasm and de-
gotion to country with which they
prosecuted the war to victorious con
huston, are determined to finish the
OBJ
The interest rate of Az per cent. is
DE highest borne by any of the war
ss1es. Financial interests have
Urged q 5 per cent. rate, but Secretary
SIass indicated recently that he re-
d sarded such rate as excessive. The
~ per cent. rate OF the tax exempt
totes, into which the ASS are con
tertible. is per cent higher than