Clearwater Republican. [volume] (Orofino, Idaho) 1912-1922, 1919-04-18
NEW VICTORY LOAN
TAKES TWO FORMS
THE PARTIALLY TAX EXEMPT
NOTES BEAR .4s4 PER CENT
Interest.
ONLY FOR s4,50O,O00,OO0
Wholly Tax Exempt Notes viii Pay
334 Per Cent.-Belated War Elk
penses Will Be Financed by
Other Forms of Security.

Washington, d. C.-Terms of the
Victory loan are announced by Sec
rotary Glass, as follows:
Amount $4,50O, 100000, oversubscrip-
tions to be rejected.
Interest, Az per cent, for partially
tax exempt notes, convertible into
3% per cent notes wholly tax ex
empt.
Maturity four years, with the treas
ury reserving the privilege of re-
deeming the notes in three years.
The 3A per cent notes to be issued
later also may be converted subse-
quently back into Az per cent notes
The Az per cent securities are to
be exempt from state and local tax
alton, except estate and inheritance
taxes, and from normal rates of fed
eral income taxes. The 81 per cent
securities are exempt from all fed
eral, state and local taxes except
estate and Inheritance taxes.
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 floated
by popular campaigns.
Former Issues Not Convertible.
None of the past issues of Liberty
bonds are convertible into Victory
loan notes, and there are no specific
provisions in the terms of the Vic
tory issue serving directly to main
tain market prices on past issues.
The official opening date is April
21. The drive will continue three
weeks until May 10.
Statement by Glass.
"In fixing the terms of the issue,
of the Victory loan, the treasury has
been guided largely by the desire to
devise a security which will not only
prove attractive to the people of the
country in the first instance, but
terms of which should prove good
market for the notes after the iden
teal prices of the two series; and
should not affect injuriously the mar
ket for the existing bonds of the Lib
erty loans.
II am sure that the people of Amer
lea will subscribe to- this Victory loar
in the same spirit of patriotism tha
they have shown in the past to the
end that the notes may be as widely
distributed as possible, and that oul
banking institutions may be left fret
to supply the credit necessary fol
the purpose of industry and com
merce and the full employment o.
labor.
The Victory Liberty loan will takt
the form of Az per cent, three o.
four year convertible gold notes o
the United States, exempt from stat'
and local taxes except estate and in
heritance taxes and from normal fed
eral income taxes. The notes will b.
convertible, at the option of the hold
err, throughout their life into 3& pc
cent three or four year convertibl
gold notes of the United States, eS
empt from all federal, state and loca
taxes, except estate and inheritanc
taxes. In like manner the 3% pc
cent notes will be convertible int
the Az per cent notes.
THE notes of both series will b
dated and bear interest from May "
1919, and will mature on May q
1928. Interest will be payable on d.
cember Is. 1919, and thereafter sem
annually on June Is and Decembe
Is, and at maturity. All or any c
the notes may be redeemed befor
maturity at the option OF the Unite
States on June Is or December II
1922. at par and accrued interest,"
The interest rate Of Az per cent
the highest borne by any Of the wa
issues.
18th District Loan Quota.
San Francisco.-The 18th feeders
reserve bank districts quota Will
1901 500, OOO San Francisco's quot
It was announced. will be $SO,so7,5o
Western States Quotas.
Washington .....................-..''''$ sf'oooss
Idaho ii'Vos'o