The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1919-04-18
ALL IS READY FOR
THE VICTORY DRIVE

The executive committee for con
ducting the Victory Loan Drive fol
the Athena district. of which F. s
LeGrow is chairman. has everything
ready to start the drive next Monday
morning and it is expected that Ath
ena will be put over the top on that
day. Athena's quota in this. the
last popular subscription loan to be
issued is $4,000. or $l02, 900 less
than the quota for the Fourth Liberty
Loan. But the fact that the quota is
less than half the amount of the last
quota, is no reason that all should not
do their part ir subscribing to the Vic
tory Loan, and the committee expects
and will insist that each potential sub
scriber take in proportion to his rat
ing.
The committee personnel comprises
the same men who have heretofore
successfully conducted the Liberty
Loan campaigns and the drive, which
begins next Monday morning will be
made along much the same lines aa
those of the preceding drives.
Terms of the Victory Loan as an
nounced by Secretary Glass are:
Amount $4,000. 100000 oveisub-
scriptions to be rejected.
Interest, 4 3-4 per cent. for partial
ly tax exempt notes, convertible into
y S-4 per cent notes wholly tax ex.
empt.
Maturity four years, with the trea-
sury reserving the privilege of redeem
ing the notes in three years.
The 3 S-4 per cent notes to be issued
later. also may be converted subse-
quently back into 3-4 per cent notes.
The a s-+ per cent securities are
to be exempt from state and local
taxation excepting estate and inher-
itance taxes and from normal rates of
federal income taxes. the 3 "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 financial observers. who looked
for an issue of about siA billion dollars
particularly in view of Secretary Glass
past statements that tthe loan would
be FIVE or six billions.
This will be the last Liberty loan,
Secretary Glass explained, although
there will be other issues of govern
ment securities to finance belated war
expenses. These will not be fioated
by popular campaigns. None of the
past issues Of Liberty bunds are con-
vertible into Victory loan not,s, and
there are no specific provisions in the
terms of the Victory issue serving d.
rectly to maintain market prices on
past issues.
In many communities the selling
campaign already has begun actively,
formal acceptance of subscripr
tions. although the official opening
date is April II. The drive will con-
tinue three weeks, until May 10.
In fixing tho terms of the ISSUE"
said Secretary Glass announcement of
the Victory loan. "the treasury has
been guided largely by the desire to
devise security which will not only
prove attractive 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 cam.
paign is over and identical prices for
the two series and should not affect in
juriously the market for the existing
bonds of the Liberty loans.
"This will be the last Lib erty |
oan. Although as the remaining war
bills are presented further borrowing
must be done. anticipate that the
requirements of the government, in
excess of the amount of taxes and |
other income, in view of the decreas-
ing scale of expenditure can be read
lily financed by the issue of treasury
certificates from time to time as here
which may be ultimately re-
funded by the issue of notes or bonds
the aid of another great pop
ular campaign such as has character
lied the Liberty loans.
Secretary Glass has announced the
dates upon which payments will be re-
quired on the notes of the Victory Lib
arty Loan as follows: Ten per cent
with application on or before May 10;
ten per cent on or before July Is;