New-York tribune., 1919-04-15
' Victory Loan
Sure to Succeed.
Bankers Assert
Terms Fixed by Sec. Glass
Warmly Approved in
Financial District; Believe
Bofh Issues viii Go Over

Bnnkera perceived In tho terms Of
the Victory Liberty Loan, as an
nounccd by Secretary Glass, features
that would carry tho NTH great popu-
lar financial effort of the war easily
to success. Men interviewed in the
financial district yesterday Indicated
that the character Of the notes was a
surprise to them.
In common with other folk the
bankers believed that the goal of the
next loan was to be $4,000, 100000, the
same as in the fourth loan By linn
iting the amount sought to $4,000 OO0,-
600 the Treasury Will place much
less strain on the Investment market,
1t was said. The plan of making the
4A note convertible into a 3 3-5 tax
exempt note was generally compli-
mented.
"Excellent,' Mitchell Says
Charles L. Mitchell, president of the
National City Company. praised the
decisions of the Secretary of the
Treasury. 81 think that Mr.. Glass
has made excellent decisions,' he said,
both in regard to the amount and
the rates. The rates on the two issues
are such that they should prove par
tlcularly attractive to all classes of
investors. 1t is difficult to say which
of the two issues will produce the
greater subscriptions, but I think both
will be big"
James n Wallace, president of the
Central Union Trust Company, said: !:
"Ihe terms of the Victory Liberty
I ,.,l,i ,i,l,
should insure its success"
Thorough Investigation Made
J. S. Alexander, president of the
National Bank of Commerce, said:
'The Secretary Of the Treasury, in the
exercise of the discretion vested in
him by the Congress, has fixed terms
of the Victory Liberty Loan Which
should prove satisfactory to all con-
cerned. He has, over period of many
weeks, sought the views of thoughtful
and experienced men in every section
Of the country, and has given careful
consideration to the innumerablc sug-
gestions made to him.
The terms as announced represent
sound judgment based on com
plete understanding of the many and
varied conditions which required con-
siderati
Walter +. Frcw, president of the
Corn Exchange Bank, said:
"Thc terms of the loan are such as
will appeal to all clSsses Of investors.
large and small. The amount, the rate
and the ntcrchangeabilty of the con-
version privilege, to say nothing Of the
character of the security itself makes
the loan, to my mind, one of the most
ideal investments ever offered to the
public
Prom a purely investment stand
point, to those liable to pay the normal
income tax, the 43l notes are cquiva-
lent to the individual Of per cent
investment and to corporations paving
10 per cent normal tax, they are equiv
alont to an Investment yielding per
cent.
The offering is mo~t attractive and
Believe the public will so consider it,"
+. -. Barlow, vicc-pres dent of the
First National Bank, said: "Tharc is
little question but ~~nat the Victory
Loan Will be success owing to the
limited Offering, the attractive rate
and the short maturity. The terms Of
the Victory issue have already reflected
strength IN prices for outstanding Lib
crty bonds. "
Alexander j. Hemphill chairman OF
the board Of directors Of the Guaranty
Trust Company, said:
am very agrccably surprised in
the terms of the Victory Liberty Loan,
winch appear to be more favorablc
than we had been led to exnect."
Mortimer L. Schif said:
ne terms of the Victory loan arc
such as to insure complete success Of
the offering. No one need hesitate to
invest to the limit in the new notes
ana l ook for a great popular re-