ihe a 





and Victory notes at current martet nric2s, the demand for the savings secur- 
ities has continued strorg in ranv parts of tr> country. fs the securit© rare 
rats hecore rore settled, Treasury savines“s¢curities, bearing interest at 4 
ner cent corrounded ouarterl, asxernt from State and local taxes and from the q 
norral Federal ineome tax, and redoerablé’ substantially on demand, should ‘© 3 
prove ineressingly attrectiv>, particularly to the mul ti tude of sell investors. 
"3th these considerations in mind, ‘the Treesurv is ‘committed % the con 
tinued sale of Governrent savings securities, and feels trat as time goes on 
contintious sales‘-of savings securiti as over thse counter, at post-of “ee and 
hanks throughout the ‘countrv, _ should rlas’ an inereas sineliy impor tant, nar t bet hed 
current financing of. the Government we 
"To this end, the, Treasurv ts also cormitted to the continuance of the wor’ 
of. thes Savines Division: in Wash ineton and in ‘the several Feasrel Pasorve distsif 
rictsy his orranizat? Lon endearors to promote the yorula ir. ‘wurchas? of Governmen 
Savines Seouritieg: develors and rrotscts th* secon*arr rarket Sor 14 arty’ bonds 
and Victory nétes and other war. tesnes of Gévernrant ssevritios, and unites -the! 
efforts:of all’ heltful ec4nci4s and mover-hts,.financisl, . industrial ,- eduéation= 
el, cormercial an4 social, in 4 hroat’ sevines cerrairn to make permanent the hab- 
its of savine and investrent in Tnited States Goverrnrent securities. Its work  - 
alone these lines will he intensified in 1921], 
"The Treasurv Savines Moverent has already demonstrated its usefulness by 
its efforts to.rromote sound econoric concitions.throvehout the country and dis=4 
sérmine te. sound economic doctrine. In fact,. the moxie of. the Savines Division. 
this vear, not only tain promoting. the sale of Governrent Savings Securities and 
tn strenethenine. the sccomlar’ market. for Tiherty bonds, but in sstablishine... oe 
witesepead habits of thrift ani sari ne, has heen frequently. recornized as meet~,, in 
ing a. groat national. need,. That recoenition has been strikingly errhagized, by - 
the reouests of ereat peksorel organizations that. the savings. work he. contimnd: 
and *~ their offers of active cooperation in the moverent, 
i 
nM, 6 Arerican Federation of Labor at its last. annual - convention ommresae Os 
itsol? as heartilv in favor not onlv of the Governrent Savings Movement out a ai ss:] 
of nt Savines Securities, 
"Nearly every fraternal organization of prominence in the United States as 
eniorsed: the Savines Movement and rany have: placed their funis. in Covernaaa 
curities, Sah ica FI. PRT ® Sa ke obs | a “ mie t Set Sa 
"Phe stdehte*ofisomen' S ‘engine bien’ have. emmhasi ned the. need of ite ‘desi ae 
vation.of. the Savines work. among their member shin in moet Bs 
"The . ake of "fe Sa ned Division | has neem splendidly sucessful ‘in $y, i 
schools, : smi th the children and as well) wit th the leaders of. educational thought 
in Americas 
4) Pieces os 
"Tn. resnondine to -those derands ey om vise coe eek vtonal ofwanizations, the ees 
‘nes Division will intensi“: during 109] its carpaign to spread broadcast the be 
essential facts relative to wise reggie and snending. and investrent and the con~ 
tinued dovelonment of new canital, LAY OG... BS : i p22 ae or 10) 2a 
rt . . . Nets , ’ - os q ss a . A ._ te - 
oe uk ASE as Te . ee Re Xr 4 ae ~~ : 3 a + ae ace 
sae WSS. ; <i 
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