Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1919-04-14
VICTORY LOAN LIMITED
TOF0URAND hALFBILLIONS
MATURING IN FOUR YEARS
All Over Subscription to Be Rejected
serve Right to Redeem Notes in Three Years
Interest Rate 4s4 Per Cent-Can Be Con-
verted Into 3s4 Per Cent Notes Wholly Tax
Exempt-None of Previous Loans Convert
bIe Into Victory Loan Bonds

y.sainEon. April 13.-Terms of
re Eic.ory Liberty Loan were an
ra.7cea by Secretary Glass. They
~
AMOUNT, 400. oO0. 900; all over
subscriptions to be rejected.
---e~est I e. per cent. for par
..z..v tx exempt notes convertible
-,a 9 81 per cent. notes wholly
-ax exempt
4a;or1ry. four years. with the
.;e.4su-y reservIng the privilege OF
-+1eenlng the notes n three years.
20 :; C-4-per cent. notes. 10 be
ssuea .a:er. also may be converted
s-nse3uentiy back into 4 Clipper
.t--. notes.
re Upper cent. securities are
&, ne exempt from state and local
-zxa,.on. excepting estate and inner
l.-ce taxes. and from normal rates
d. federal income taxes The . "a
cF- cent. securities are exempt from
III .eCeral, state and local taxes ex-
~. estate and inheritances taxes
None of the past issues of Liberty
Bonas are convertible into Victory
san notes and there are no specific
-s-oy1sions N the terms of the VIC
ON .ssue serving directly to main
I'm market prices of past issues
he size of the loan was much
mailer Than had been anticipated
~ most Of the financial observers,
w1o ooked for an issue Of about 3D.
90 40 900. particularly in view Of
secretary Glass past statements that
- Dan would be Eve or SIX billions.
ms will be the last Liberty Loan.
1e--e.ary Glass explained. although
1e-a will be other issues Of govern
,1a1t securities to finance belated
war expenses. These will not be
:c.lowed by popular campaigns
= many communities the selling cam
1llEn already has begun actively. with
-; formal acceptance of subscriptions
re reports today n the treasury, al
to1gh the omciai opening date is
april z. one week from tomorrow. The
1--we will continue three weeks. until
iav 10.
n fixing the .er.ns Of the issUe. said
>ecretary class announce nent Of the
Tic,ory loan. the treasury has been
-iiied largely BY ire desire 70 devise
= security which will not only prove
at-ac,ive 10 the people of The country
7 the first instance. bu: the terms Of
T.Ich should insure a good market for
te notes after the campaign IS ove-.
atnucal prices for the Two series. ana
hou!d not affect in}uriousiy the mar
x, FOR The existing bonds of the LIB
~ ssues
This will De The last Liberty loan.
Though as the remaining war bills are
r-ese1t further borrowing must be
-one. 7 anticipate that the require
-sa,s Of the government. in excess of
-. r yiew Of the decreasing scale of
ex7enditures. be readily financed by The
ssue If treasury certificates from time
me as heretofore. which may be
gt.nateiy refunded by the ISSUE of
7-es or bonds without the a.d Of an
-+s- --aat popular campaign such as
- characterized ne Liberty loans.
IN su-e hat the Deonle Of Amer
r. subscribe 70 this Victory l~a7
He same spiri; If paC:oti n which
~ nave shown n the past 20 the en5
q, he notes may De as widely dis
rv-ted as possible. and that our bank
= nsiitu;ions may be left free 20
s-s1.v ne credit necessary FOR the
nose Of industry and commerce ana
- al employment Of labor. Let the
7ora seq that the patriots o! America
-- %: their ooundiess resources and
IS ae same enthusiasm and devotion
-Gntry with which they prosecuted
. var % a victorious conclusion. are
e:s--lned 10 finish the joh.
ms Of the loan were explained
@ lows:
&c Vic,orv Liberty Loan. which
= oe offered for popular subscrlp-
- on April II, will take the form
taur and three-qIlarters per cent.
t:ee-four year convertible gold
ICES Of the United States. except
."o-n state and local taxes except
STATE and inheritance taxes and
,cor.iruet on Pace ., Column y