The Churchill county standard. (Fallon, Nev.) 1908-1920, 1919-04-30
PEOPLE MUST Do FULL
DUTY BY VICTORY BONDS
Reasons Why Apathy Must Not Pre-
vail In Victory Bond
Campaign


San Francisco, April 2S.-George
X. Weeks, head of the Victory Loan
campaign in the Twelfth Federal
Reserve District in bulletin Just
issued says:
Liberty Loan workers should not
gain the idea that, because the Sec
retary of the Treasury has announc-
ed that Victory Loan Notes will not
be allotted in excess of the $4.50O,-
100000 fixed as the amount of this
Loan. work can stop in any locality
as soon as its quota Is obtained.
FIRST: Because of its effect on
public sentiment.
ta) Politically: The peace treaty
has not yet been signed. There is
indisputable evidence that many
German statesmen believe their op-
ponents are war-weary and that a
show of defiance may result in their
avoiding proper reparation for their
aggressions. A large over-subscrip-
ton of the Victory Loan at the pres
ent time will have an immense moral
influence in all of the capitals of
Europe
(b) Effect on Business: Conf
dence is the foundation stone of
prosperity. A large oyer-subscrip-
tion of the Victory Lon will do
more than any other enc thing TO
stimulate business and strengthen
the markets for all other American
securities.
SECOND: Because of its effect
on the market value of the Victory
Notes.
A large over-subscription will
tend to establish a market value for
the Victory Notes at or above the is
sue price. When the great bond
houses offer for subscription an i'm
portant new issue of bonds they con-
duct an intensive selling campaign
and when the subscriptions come in
If there is the slightest question as
to the market for the new issue of
fered. they ''over-allot t'-that is,
they confirm sale of more bonds
than there are in existence This.
TO the initiated, may seem a sur
prising procedure. II is adopted be-
cause experience has shown that
there are always a certain number
of cancellations. Orders are dupli-
Gated. Subscribers ask for more
bonds than they really expect to get.
or change their minds. IT, there
fore, all subscriptions except just
enough TO make up the issue are re-
jected at the end of the selling cam
paign. these cancellations immedi-
ately throw wet blanket of bonds
on the market and the market de-
clines. On the other hand, If sales
have been confirmed in excess of the
amount of bonds available these
cancellations are taken care of in ad-
vance. there is strong bidding for
bonds TO take care of the short"
sales. the market advances. and
thousands of subscribers all over the
country are pelased. The issue is a
success.
The Treasury Department has
sought to adopt the same principle
in limiting allotments of the Victory
Notes. II these Notes are 100 per
cent over-subscribed. the large sub
scribers will be cut down and many
citizens who really want the Notes
as an investment will be In the mar
ket to purchase Notes coming from
others who are subscribing merely
for appearances, and do not intend
to hold.
Do not be satisfied at going over
the top" with the amount of your
quota. Keep right on going and
storm the enemy's trenches with a
100 per cent over-suDscription. A
countrywide over-subscription of
this magnitude will pay big diyi-
dends in developing political and
business confidence and in making a
record for Victory Notes as war of
ferng which held its issue price.