GARRISON CHOSEN TO CONDUCT LOAN DRIVE

Lloyd Kirkham Garrison '19, of New York, N. Y., has been appointed chairman of the University Victory Liberty Loan Drive which begins on April 21, by W. L. W. Field, the director of the campaign in schools and colleges. Garrison, who is treasurer of the Senior Class, will appoint a committee today, which will begin work at once.

A competition for a Harvard Victory Loan Poster is to be held. All undergraduates of the University are eligible to turn in designs for the placard which is to be in not more than three colors, and of any appropriate size. All posters must be handed in at the CRIMSON building before seven o'clock Monday evening.

Rate of Interest Higher Than Before.

Last spring, $67,850 was subscribed to the Third Liberty Loan by undergraduates of the University, and the Committee hopes that even more will be raised this year. The loan, as recently announced by Secretary Glass, will be for $4,500,000,000, all oversubscriptions to be rejected. The rate of interest, 4 3-4 per cent, will be higher than in any of the previous loans.

The bonds will reach maturity in four years, with the Treasury reserving the privilege of redeeming them in three years. The 3 3-4 per cent notes, to be issued later, also may be subsequently reconverted into 4 3-4 per cent securities.

This will be the last Liberty Loan, although there will be other issues of government securities to finance belated war expenses. These, however, will not be floated by popular campaign. None of the past issues of Liberty Bonds are convertible into Victory Loan notes, and there are no specific provisions in the terms of the Victory issue serving directly to maintain market prices of past issues.