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Show ANNOUNCES TERMS FOB LOMLISSUE Final War-Period Loan to Total $4,500,000,-000; $4,500,000,-000; Oversubscriptions Will Not Be Accepted. Maturity in Four Years; Convertibility Provided Provid-ed For; Ready Absorption Absorp-tion Is Looked For. W ASH IN' ; I ' '. A pi Li i: 'le; ms of t 1 c Victory loan weie .mil" .io, tod..y by Se t etai y i Th. v a i e; Amount 5 I . .'e " . 1 ' ' ". " , o i-i s;jbs I iptJons to be i,-m ct,-d. I ut ei e-1 i ir lent f"i' ( a rliallv ta -i'i'ii ft not s, , , in et i ; I .e into Z ' p r cent notes W hod;, t.i e.- pt. Ma t in '.' y . !':: y . ,u , with the 1 1 easur y (.. i!it the U1'.' of reileemilie; the not s in t !;r ce u-.ii'i, "i he p i- .'in notes, to be issu.-d later, also ma., be ,oni:ti d sube.in 1 1 1 1 ' b.n It Into -4 per cent pote-. The i per ii :it M-ciriti's lire to be exempt from stale and total taxation, excepting f-tale and I u In-n'.a lice taxis and f:o:n normal r.iti of teicral In. o:ne taxes, the pi r he. an. ties are cx empl fiom ad l.deial, state and !oc,J :a.xe except estate and Inheritance taxes. 'Da (d.e of t' e ;o..n was much smaller t ..a!l bad be. u a M '. . ! ed by most fill. Hi-1 tut! ooserv .-I s. who look d for an lue ol ; ah a: I ,, .i. i h. ii-. pai i aad.irly In vn-w, ol secretary c:.i--s p i s t sl.t t eiue n t.s t: al the !(mii would be live or SI X bldb'j.;;. I'INAL ISSl'E OF wau rcnioi) loans. Thi.- wi:l be l) o last l.ibej loan, Secretary Sec-retary idass exp;.ilnl, ailhou-!i th.-re will be o'her l.-UfS of Ko vel ! : m C 11 1 a 1 securities to fi ti.i ik e beia led war expenses. Tlase will not be floated by popular campaigns. None of the past u sues of Liberty b. mis aie onve:t!b!e Into Victory loan notes, aiul thi-tc ate no specific provisions In the terms of the Victory Issue serving directly direct-ly to maintain market pi ices on past issue s. In mauv conmninf.a s, the f limn campaign cam-paign already has U un active. y. without format acceptance of subs- r; pi ions, said reports' tod:'V to the treasury, although tlie offlciiil oi-enniu dale is April 11, one Wei k ftom tomorrow. The drive wdl continue con-tinue taiee weeks untd .May l'l "In fixinK the terms of the IsMie," said Secretary Gta.svs's au.ioiuicement of the Victory loan, "the treasury has been guided guid-ed largely by the desire to devise a security se-curity which will not only prove attractive attrac-tive to the pec pie of the country in the first instance, but the terms of which should insui o a good market for the nobs after the campaign Is over. TEXT OF LOAN PROVISIONS GIVEN. "This will I wi the la-t Liberty loan. Although Al-though as the remaining war bills aru presented further borrowing must be done, 1 anticipate that Hie ieUUements of the government, in exTes.- ol the amount of taxes aim other income can, in view of the decreasing scale of expenditures, be j readily financed by the Issue of tieasury : certificates from time, to time as hereto-I hereto-I fore, which may be ultimately refunded I by the issue of nates or I onds without J the a lit of auotlu r great popular cam-' cam-' paigu such as lias din racleri.ed the hib-: hib-: erty loans." Terms of the loan are as follows: "The Victory -1 .iberty loan, which will be offered for puilar subscription on April -1, will lake the form of four ami three-quarters per cent t hree-four-year coimea tiblo gold notes of the United States, exempt from state and local taxes. exc. pt estate and Inheritance taxes, and from normal federal income taxes. NOTES CONVERTIBLE AT HOLDER'S OPTION. "The notes will ho conva rt ible at tho option of tho holder, thtonghoul their lift' into three and three-ipiarters per cent three-four year convert ible gold notes of the Untied Slates, exempt trom all led-enil, led-enil, state and local tuxis, except estate ami Inheritance taxes. In like manner, the three nud ihree-tpiartei's per cent notes will be convertible Into the four ami t hree-iiua rtf rs per cent notes. "The amount ot the issue will be $1.ritn. I'KHi.aiin, which, wilu the deferred installments install-ments of Income and profits taxis payable, pay-able, in respect lo kmt year's income and profit s. during the pet iod covered he he ma turity da les of treasury . ...rt nloates of Indebtedness now outstanding, will fullv provide for the retirement of such certificates. The issue will be limited to ?4.'j(M), 1)11(1,1100 except u.-, it may be neces-sa neces-sa ry to increase or decrease i he a mou nt to I'aeil'ta.lo allotment. Oversubscriptions will b" rejected and allotment-; made on a graduated scale similar in its u'en. ral plan to thai adopted in connect ion with the first iaberiy loan. Allotment will be made in lull on suhscriptUMty up to and including S1ii,0n. "The notes cf lh series will be dated and heap inl-nest I'imi! .May lli 1 :i. a nd will ma i urc on May a, l ;vj;;. Interest will b" payable on Iv'oemher F. (Continued on Pao 2. Column v..) "WM GIVES CUT TERMS Or LOI M (Continued from Page One.) 1919, and thereafter semiannually on June 1,1 and rvjce:nber 1".. and at maturity. All or any of the not.-s may he redeemed before be-fore maturity at the option of the Unii-'d States on June F" or l.'eceiaber 13, 11'--, at 1 ar and aeertu-d n;u -t-st." The interest ratt 01 1;; per cent is tiie hishr-n borne by any 01 tc.e war issues. Ft aancial interests have i-red a ; place-' t rait.-, but Sec Tetany Glass indieaU-d recently that he r.aide.'. s..ch a rate as excessive, and speculation as to the rate it-'cently has rev(dv..-d al out I1- per cent. The 8 - i per cent rate of the tax exempt notes, into whieh the b'-..'s are eonvertlb.' is U per cent hasher than the tax exempt fht Filx-rty bends, which mature in thirty ;.vars." OVERSUBSCRIPTIONS V.'ILL BE REJECTED. The com ins; loan is the only loan since the fust or. which oversubscriptions havj net been accepted in whole or in part. Compared with the Jt;.?L3.073.00y subscriptions subscrip-tions of the fourth loan, the aggregate of the Victory issue will be nearly "2.oi"hiu0.-f-00 F-sp. Already S.r.a.n'hoO, certificates of in. dehtedness have been issued, including; th? current issue, in anticipation of the Victory-Liberty loan, tut ?'on.0on.i.oo of these hae Ken called in for immediate redemp-lion. redemp-lion. There will remain out si anoint; Jihja.-n.iniMrt Jihja.-n.iniMrt more certificate? thai. ir oeeeds of the Victory fcan. to be naet fr"m tax receipts or from proceeds from future issues is-sues of cert a'ieates. - For some time the treasury had contemplates con-templates Uu-ms tor the Victory ioan which wouid have a direct imluenee 01. keeping np the market price 01 past issues, is-sues, but apparently these plans were a handened. Terms of the Victory issue may be com-I com-I a red with the feilowmg; terms of pas: ! issues: I First loan, ?2 ,b00'.0'."'p.'""""J J.-. per cent, tax-exempt, maturity thirry. -aTs- iSecond loan, Z, offered, i.-01 i.-01 7,000. uuO s-ubseribed, SJ.M'.tuO.eeO ac -cc-pted, 4 per cent, partially tax-exempt, rra'turity twenty-live yers. Third loan. Z. K".'.:-' offered. $4.-176.-JM.J.00O std;serii cd and accepted, -l-4 per cent, partially tax exempt, maturit;. ten years. Fourth loan, ,n0'.iafnii:00 offered. 5'h-?a 5'h-?a J.'.'O a.o O'O su:ser:bt d and accepted. 4 per cent, pait.ahv ta.-e.empt. w:th -pe-ciad cc-a'ht ior.ai exemption,? for past issues, is-sues, iiiat' rity twei.ty y-.ars. War sa'ines st.impb Ix-.ir th.e equivalent of 4 per cent interest and mature m i:ve years. |