Evening Republican, Volume 21, Number 137, Rensselaer, Jasper County, 18 June 1918 — FOURTH LIBERTY LOAN THIS FALL [ARTICLE]

FOURTH LIBERTY LOAN THIS FALL

WILL PROBABLY CALL FOR SIX BILLION IN $750,000,000 BLOCKS EVERY TWO ~ WEEKS. ' Washington, June 16.—The government financial program for the next four months was discussed yesterday by Secretary McAdoo’s announcement that in preparation for fourth Liberty Loan, to be floated probably in October $6,000,000,000 certificates of indebtedness will be issued. They will be" offered in blocks of $750,000,000 each, every two weeks beginning June 25. Every national bank and trust company is asked to assst the government by subscribing five per cent of its gross resources monthly. The certificates will bear 4% per cent interest, like those preceding the third Liberty Loan and will have varying maturity periods, none exceeding four months. In addition an undetermined quantity, perhaps $2,000,000,000 of tax certificates will be issued during the summer for use in paying taxes a year from now. The announcement of this program indicated that the fourth Liberty Loan will be for at least $6,000,000,000 the exact amount depending on government expenditures in the next few months. The treasury already has estimated these roughly at about $12,000,000,000 between July 1 and next January 1. The sale of certificates under the plan in effect during the past year amounts virtually to borrowing in advance from banks on projected popular war loans or tax collections, and periodically refunding these short term obligations in long term Liberty Bonds. Depository banks make 2 % per cent net, the difference between 4% per cent interest paid by the government and the 2 per cent collected on deposits.