National Affairs: Refunding Victories

Refunding "Victories"

Secretary of the Treasury Mellon, following Budget Director Lord's announcement of an expected treasury surplus at the end of the year, made public the Government's plan for refunding the Victory Loan. Victory Notes fall due on May 20. Part of them were called for redemption last December. But $830,000,000 of the Victory Loan yet remains to be paid off.

The Treasury will issue on May 15 a new series of 4¾% tax free notes maturing in 1927. They will be in denominations of from $100 to $100,000, and the Government reserves the right to pay...

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