Show FEDERAL SANK BANK GOVERNOR ON GIGAN GIGANTIC ilC LOAN s I 1 OF I 1 GREATEST OBLIGA TIvA oversubscribed 17 approximately 80 per cont by U S before it TV was as due 9 c Q 0 written lor for the san francisco chron leal nr BY JOIN ionn u CALKINS govonor gotch nor feutral reserve bank of 0 san francisco may hay 6 9 marked a signal evat t in tto fezi record ot of our chuu co u 11 aft T it was the final settlement or of maturity dadd of 01 tact most gigantic obligation which has ever matured in tho the worlds world history tho great vie vic tiry liberty loan loaa offering ott ering by the united states government during tho the spring e of ills this was issued in the of four year victory notes the stupendous sum of 0 four and one oneL half billions of 0 dollars soil about foad of drew w as tle 10 vs ow pey ow cent reir gwei seral annual T on baw beicht continued from page pace one FEDERAL BANK GOVERNOR ON GIGANTIC LOAN ss ly and the remainder at 3 percent the two most remarkable kable features of this monumental piece of government financing were first the loan was nearly 17 pOr cent oversubscribed by the american public during ahr three weeks april 21 to may 10 13 which comprised the sales period commonly known as the fifth liberty loan campaign and second this last ot at our groat great war loans was approximately 80 per cent repaid by the government to subseT subscribers ibers considerably before the money was due and payable in short ot at tho the ot of victory notes issued only the comparatively ively small sum ot of about were still outstanding attar surrenders sui su renders in response to the Treas Treis calls lor for redemption of 0 the 3 per cent notes on june 15 1922 and the 4 ai per cent notes note A to F inclusive on december 15 16 1922 the great bulk ot of the victory victor y loan therefore was retired retied before maturity through cashing or refunding operations and by purchases in the open market where these cecur aties had to take their proper place and like alko other securities be subject to the law at 0 supply and demand the significant thing that chii iii truly achievement emphasizes pha sizes is the unquestioned value of united states government securities because of the absolute safety ot of both principal and interest which have always been regularly and promptly paid in tull full when due and even before due as has hag been so magnificently through h the expeditious settlement of the entire victory loan issue it Is well recognized that industry sato sata savings and sound investments form the basic support and secure foundation ot of the business life of both the individual and state abe e tore fore the interests ot of our vast army 0 of small saveiro alq very properly a matter ot of vital concern to our national government millions of at dollars of 0 their hard earned money are wasted and lost loat annually in getrich get rich quick schemes people are generally imperfectly informed int ormed on investment matters manors and tho the luro lure ot at unusually large returns frequently results la in their being victimized much money Is alse hoarded hidden bidden or kept in Inse insecure curd places and therefore tails falls to pa pr torm its legitimate function through being thus withheld from circulation the government Is particularly do airous there tom of getting as much as possible of the money coming back to thet the holders of redeemed victory notes reinvested through purchase of the 1923 lanue issue of treasury savings certificates which mature in five years from the batet purchased and yield 4 por per cent interest compounded semiannually semi annually they aro are tree free from all state and local taxation except estate and inheritance taxes and the he normal federal income tax treasury savings certificates can be in denominations of 0 25 tor for 2060 2090 tor for 82 92 and 1000 lor for s 10 from thel the federal reserve bank ot of san francisco or its branches aal through most moat other banks they are am bought at all money order post offices sold at a discount and so increate In creane in value every month the holding limit ot of an individual or concern Is maturity value in any one year experience has demonstrated that the const constant ailt attention the treasury U department has been devolin devoting 9 tar subject 0 of continued thrift and saving by its citizens has not only proved helpful to the havinga banks and kindred institutions but to the public as well I 1 therefore unhesitatingly lecorn mend united states treasury savings certificates to all who desire an abdol sate safe investment with reasonable profit in this connection it la Is well to remember the old adage that the tha g geatz the gain the greater the risk no risk is attached to treasury savings certificates they are wo wa th more than they cost coat |