Show ETES rE MA MAY Y AKE f PLACE f tl LIBERTY ERTY I UE of hort Term Securities Kinds Probably J r Will Be Offered Rather Than Usual U. U S. S Securities B I 1 J. J Feb cb IS Short lS-Short Short t term notes maturing maturing- in from J would be bc offered rae k Deto to lice five years cars UJ the forthcoming Victory Liberty Libertyn an n campaign 1 instead of 1 long term totes ote- ote u under a tentative o agreement ca tO today 1 by the lie he House ways and caus committee to fix the terms of of than luau to totI toI ic rather loan wn by legislation I discretion- discretion tI t. t filas Glas wide I jr po- po powers t to determine them as he lie jd asked I fM t At the paine Mine time Secretary Gl Glass Glss ss In lii explained that the U Ii popular campaign would woud be ton con as planned regardless or of the tIe crag arranged by y Con Congress re s anti ana that hat ItI it I start not later than April I. 21 J. J The io 10 secretary ha had asked d Congress for tOl forI I to 10 o Issue either cither b bonds o or 0 blos toi a as market con conditions at t the time m. m liht warrant arrant but Jut members or of tho the I V concluded that a n. new loa i kiu U tie would woula necessarily carr carry with it Itc ich ch c a high rate of ot Interest that finan- finan i i L markets be bc adversely ad affect affect- orm I o rt I a Under the tentative c agreement nt of or th the b reached In executive se session t which Assistant Secretary ell eli of or the treasury was Wa present Sectary Sec eec cc tary tar Glass Glas would be given s discretion I t issuing an any anyone one or several eral e ral of ot four lour I of or notes to be prescribed b by the The Tho quantity of or these non- non securities would be limited o probably o of oc which the lie eury now nO plans to Issue only about I The principal features of ot each cacTi of orthe the I our kinds of or not nol notes s proposed would woul be Le bes Les s follows jOne One class cIas would be bo at a lo low rate of ot terest possibly 1 I per cent and awl cx- cx from all alt federal taxation one cold be at a comparatively cl high rate 1 5 per cent subject to all f fedal fed fed- dl d- d ral al l taxes a third would bear a a. mOllte mod mod- rate te rate or of Interest tl il 11 per cent was and ancl and be exempted from roin nora nor- nor a income tax levies lc the fourth would from taxation up to a n. cerIn ceri i In amount 1 J In 0 red These terms haVe e not yet ct been dc- dc e. e 11 flied Ined d but treasur treasury officials said ald the therO rO sod rope d alternatives would satisfy he treasury department Thc They cover ocr JI I 1 the Pos possible lILle terms which tho ho r might choose if jr it ha had broad dis- dis r rellon it explained in In the notes note probably would corres- corres r nil nd ith Uh past liberty loans loais ranging coin no 50 up MemberN of or the commit commit- felt this would permit of as 35 wide a ae i e a as In previous pre campaigns ns as the bort ort term terra notes would prove pro more at- at r l e to the small investors The ways wars and anti means c committee also tentatively not to increase e the lie unionization fur for issuance of bonds L rom rm m about out to lo GO lOO This mean that th Iho tho treasury IH tm 1111 would have ha power OW r to issue up to Ire he billions In LIbert Liberty bonds nt it the 41 U r iti r cent ral rate atc ot of j the Uie last two loans and the me terms Moat bec bei beeve be be- I eve c that these securities could coull not flOt be Boated i i advantageously l new con con- lions onH and consequently that the thc treas- treas r ry would not use UHe nn any of ot ti th remain remain- g authorization h I n at al uil tills this pine time Jt it Is Js 1 ibe however spine that sOme on o of the lie I tea to be 10 Issued would be Jc convertible next three or f f ur ul years ears into t erty bonds of or longer longel t maturity Gin r Tell Fell lI X Need d The draft or of the e uron proposed 8 d legislation the i r. r term lerm notes note was ordered the Hie committee and its Ite n expert s ben ben be- be Immediately to consider the plans r r the new nev measure it Is 8 expected to In a few ew days 4 with final tion to be ell follo d v after after- by j. the committee When hen tj the tte IL 11 c report I ls efforts y J b be m made de b by Calr Chairman n to te re the of or tho the l le beof bere bete be- be adjournment or of the preS Glass Glass' statement lit fit after artl Issued tofit to- to announcement of the ii d waS wa'S m tec fhe t e i action I Victory y Libert Liberty loan I campaign Jl jI bt begin not Ot later than April 21 1 Tho rho Thoi i r he or the thc tr treasury arc im- im 1 tuch and cnn cannot it be bc fIna cell with with- I a Th The form form orm and 3 or of f the hi securities to be Ii 1 to be issued roIi ro- ro determined determine Aether the they bond I or It Is absolutely al 1 that C es- es the tue willeRt Possible mea measure be realized state This wm ill a campaign o of the er as S that conducted same B In the tho past tb h the Liberty loan lonn or- or The have lla pledged cd again ng-aln d u In 1 order that the theor tJ TI Joan JO bonds or notes 1111 bc he my may Continued on Tago IaCo 2 I NOTES MAY TAKE PlACE I OF LIBERTY E Continued from a 1 1 distributed distribute as as widely whIch as possible I among tho the American people This s furnished the first t official notice of ot the tho date of oC the campaign n. n and disposed of or reports that an Issue of ot notes would be floated mainly amon among J 1 bankers rather tha than the thc g general public 4 c |