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Show VICTORY LOAN NOTE ADVANTAGE Wholly Tax Exempt Notes at 3 3-4 and Partially Exempt Notes at 4 3-4 to Be Offered. WASHINGTON, April 14". Subscriptions Sub-scriptions will be received during Ihe' victory liberty loan campaign for the I wholly tax exempt note bearing 3- 1 per cent interest, which the treasury will issue as alternatives of the I S per cent securities with partial tax exemption. Emphasis, however, will be! laid by solicitors on the 44 per cent notes, .md :in effort will be made to : round up the bulk of subscriptions to these securities which mav be concerted con-certed at any time into the Z per I cent notes. ; A limited amount of the 4; per cent notes will be available fnr outright sale, but the treasury is not sure that all demands for cash purchases can be tilled. As in past campaigns, work ba been rushed at the bureau of i n-gravlng n-gravlng on the bonds of small denominations, denom-inations, since these constitute most of the over-the-counter sales. There will be plenty of the notes for use as "'ample?" by salesmen, officials said today Gratification over the 4,500,000 I total of the loan, which is smaller than had been generally anticipated, and the interest rate was expressed today in hundreds of telegram reaching reach-ing the treasury from loan committees. commit-tees. Many of these were to the effect ef-fect that the term? had raised tho hopes of loan workers and financial observers. Officials discussing terms of the victory vic-tory loan today said one reason for this belief that the market price of bonds of past Issues would not be depressed de-pressed by the new securities, was that there still should exist a strong demand for the older issues by large fax payers, with certain arrangement of holdings Of past issues it is possib!e to hold $160,000,000 of bonds absolutely absolute-ly tax free. Glass to Sound Keynote. Secretary Glass is expected to sound the keynote for the loan campaign in nn address tomorrow in New York. He plans to reave Friday for a two weeks speaking tour of the west. As a graphic Illustration of the progress of the nation's subscriptions toward tbe goal, the navy will send three warships war-ships between San Francisco and New York bv way of the Panama canal during dur-ing the loan campaign, the daily position posi-tion of these vessels indicating the amount of subscriptions. The first ship, the treasury publicity publici-ty bureau announced today, will leave Snn Francisco on April 21, the opening day of the loan, and proceed tq a point off San Diego where it will be met bv 8 destroyer which will then make t.h trip southward to the Panama can.il The third ship, which will be a de-strojrr de-strojrr of the newest aud fastest type, will make the last leg of the journey from the Panama canal to New York, which is to be called the "Harbor of Victory ." Harbor ot Victory The faster the country subscribes the faster the vessel will travel and the sooner the "Harbor of Victory" be reached. As the victory ship proceeds from San Francisco to the "Harbor of Victory," Vic-tory," its progress will be shown by I maps in th newspapers and by bulletin bul-letin boards In the larger cities. Every night Rear Admiral T. J. Cowie. navy liberty loan officer, will obtain from the treasury the da s I subscription to the loan and by radio I will instruct the ship commander to I proceed a distance In proportion to the I amount of the subscription. The distance to b covered la more than 5.000 miles and the trip can be made easily within the 21 days of the campaign. oo |