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Exempt from Federal Income Taxes Exempt from New York State Income Taxes Legra! Investment for Savings Banks and Trust Funds in New York State $200,000 New York State 4**% Coupon Bonds due January 1, 1964 at 110$ and Interest $100,000 New York State 4% Coupon Bonds due January 1, 1967 at 109 4 and Interest $ioofooo ? New York City 4% Registered Bonds due November 1, 1936 at 95 li and Interest $75,000 Deerpark, N. Y., 4**% Coupon Bonds Union Free School District Number 1 (City of Port Jerv's) due serially. June 1, 1920 to 1947 at prices to yield 4.40% We recommend these bonds for investment Harris, Forbes & Co Pine Street, Corner William NEW YORK ^li:i]111t!ll3!Hl!1HH!lIIIII!llSll3in]lllIlll]a]]n:iIl|]llII]II113I]IIESIIIII!IIIIHIIItIIIUIi 5 Free frcm Personal Taxation ? GUARANTEED First Mortgage Certificates | Paying ^) l/2 Per Cent. s Secured by First Mortgage on Improved New York City Property 5 Issued in Amounts of $100 and Upward ?? Legal investments for Trust Funds. 5 Send for Booklet 3E 1 Kew York Title and Mortgage Compaq H CAPITAL AND SURPLUS $4.000,000 ? 135 Broadway, New York 203 Montague St., B/ooklyr: Z: 'PhoDf 9.100 Rector rhone 7100 Main r When Buy-ng Real Estate Consult Us Relativ? to Title Examination: ^u?nii?siifiiiiiiiinEiiuufisiittiuiiiiiiKii?fi?iiiiiiEiiiiEsiiiiiieiiiiiiiiiuiiiniiiii?ii ff7? Specialize in American La France Fire Engine Company Common Stock Preferred Stock Hallowell & Henry Investment Securities 27 Pine Street New York Telephone John 3456 NOTICE To Stockholders of Darwin Lead & Silver Mines & Development Corporation The stockholders' agreement for the reorganization of the finances of the corporation ha? become effective by the deposit with the undersigned of the necessary stock. In order that the non-depositing stockholders may share in the provisions of the agreement, th-ir stock should be deposited with the Committee on or before the fifteenth day of December, 1919. E. W. Wagner of E. W. Wagner & Co., J. P. Griffin of J. S. Bache & Co., Paul M. Herzog of Kendall & Herzog, Trustees for Stockholders. Henry W. Becker, Secretary for Trustees, 33 New Street, New York City. (Dated November 11, 1919.) fT MAGNA OIL & REF. CO. Circular on request LOUIS FAGENSOIM SPECIALIST Member New York Curb Market Ass'n. 61 Broadway New York Phones: Broad 5810?Bowling Green 6850 Standard Oil Would Develop Agency in France But Decision on Plans for the Sale of Fuel Oil and Gasoline There Depends on the Coming Elections Development of a great selling agency for American fuel oil and puso lino in France will depend largel> upon elections to the French Chamber of Deputies on November 17, according to officials of the Standard Oil Com? pany of New Jersey. The future of the American oil in? dustry in that country will bo detor ! mined largely by the policy of tin | government regarding the question of ? monopoly. In the session just con- ? j eluded the proposal to establish a gov ; ernment monopoly of the oil business as a means of lev ing an indirect tax was defeated in the Chamber of Depu tie. The new election will forecast the probability of a retiewni of the dis? cussion. Pending determination of the issue. the Stanuard Uil Company is holding in abeyance comprehensive plans for the ? distribution of fuel oils and gasoline { At present the Bedford Petroleum i Company, a subsidiary of th<- Standard Oil operating in France, confines its activities to the marketing of lubricat? ing oils and grease. Production in the Rumanian fields of the Standard Oil Compan. lias not been ful,y restored. The disorganiza? tion of the administration iv??l the oackward financial condition of the country have retarded etforts to restore the properties devastate?! during the war. Under German occupation some progress was mad" toward the organi? zation of the wells, and at the time the Germana evacuated the country production had reached ('0 per cent of the pre-war otitpiu. In their retreat ihe Germans destroyed many wells by filling them with concrete and scrap iron. Some of these have been re store?,!. but in other cases new borings must be made. Production is now es? timated Bt about 60 per cent of the pre-wur rate, which was about 30,000 barrels a day. Officials of the company would make no statement regarding plans for the resumption of trade with Germany af? ter the conclusion of peace. It is ..nown, howevei thel several cargoes of oil and gasoline . ' been shipped airead by the Standard >>ii Company to Germany. The problem of credit ex tension, which a large business on a peace-time basis would necessitate will not be considered until after the rati? fication ?if the pcuce treaty. The disposition of the Standard com? pany':* fleet of tankers held in German ports is still undecided by the Allied naval eimm'ssi n. With the present difficulty of obtaining transportation o. oil, particularly tium the .Mexican ant Centra; American field, officials saj that these shi; s in service would b< worth $50.000 a day. Fourteen tanker: ?7,i m v.y owned by the Uerman su^sidi ary of the Standard Oil Company ar? involved. Eight of these are oii burn ers in a condition ready to take the sea The Day's Bond Market U. S. Government Transactions Yield, Snip* per cent Liberty 3%s, 1947. $371,000 2.is do t-t 4a, 1947 . . . 131.00? I 2 ; do 2V1 4s. 1942. 276,000 1.49 do 1st 4'Ms, 1947. 91.000 I 5? do 2d 4!,s. 1942. 1,106,000 4.60 do 3d 4"4s, 1928. 2,506,000 1.91 do 4th 4%a, 1938.738.0 " 1.81 ? Victory 4"!?. 2,278,000 1.88 do 3%s . 881,000 289 Quotations Net High. I n?-, 1 -1 .t. rhf.c. Liberty 3%s ....100.46 100.22 10(1 21 ,02 do Is! l.i. o5.en 90.1 0 7 . 0 ' do 2d ?-. 92.96 92 SO 92 80 do 1st l*4s_ 25 es 95 00 "5 00 .08 I'- I do 7.1 4',s. . . . 92.98 92.82 72.V2 .24 S do 3d ? ',..- 94.82 94.68 91. "0 .1 t - do 4th 4*4*_ 92.01 92.80 22515 01 - Victory 4%a _ 99.40 99 34 99.36 - 02 - do 3%3 . 99.40 99.26 99.40 -J-.O-l ;; Bid and Asked Quotations ~ Closing Closing ~ Yesterday Monday 3 T ?berty 12 1 \-, ?d If ! ked S 7,-. s. 1947 _100 . 2 ; 10 >.5e 100. ' ' 7 100. i-' S Ist 4s. 1'.?17_ 9.5 00 ?? 95.10 95 00 S '?'?"? 10 " 2d 4s. 19(2_ 92.88 : 92 II - lit 4%s, 1217. 9.").00 ; il i.lO !? 1 0(1 / 95.10 S 2d 47t'. 1942.. 92.80?? 92.82 93.00? 93.06 - 3d 4%s. 1928. . 94.68 ( 94 ?*0 91.80 1 9-1 84 - 4th 4%s, 19 18. 25 00 1 93.1 2 92.94 .1 '..:>?? - Victory 4%s . . 99 3 ?V 99.36 7 . 99.4U - do 3%s .... 99 38 .1 99.40 99.36(3 '?'? I ~ Pre-war issues : S .s reg, 123".100 (? 100% 100 (fi'l? 5 2~ coup, 1930.. . .100 '5' ,M0 .1 ? - Z. i res 1916.. ... V9 ' 92 >J <? : ? S 3s coup, 1916.... S!? (h ''2 R1? ci 92 = 4s r?*, 1C25_106 ?106% 106 @100% ~ 4- coup, 1925...101? @106% 106 11072. S - Pa 1, c, 1925 : ?>;...'./ - : : '? '<; ? ~ 2a Pan, :. 1776. 991o$ - 99%(?] ? " s Pan, c, 1938.. 99%(fT? ? '1:1'..'?: ? S "? l'an, r 1938.. 99'?.?vf? ? 99V-C? ? ~ 3s Pan, reg.. .. 88 88 ?> 91 - ?: Pan, coup_ KS '..?; 91 88 (a) 91 5 hi) .',8, 1934. . . 92 (? 9C 92 Q D6 S Phil 4s. 1977,_ '?2 '<" 96 ''2 <<i 96 ?5 Phil 4s, 1936. . . . 92 fa 96 92 (fi 96 S D Co! 3s, 1965.. '?7 @ ? 97 @ ? 5 For'ign Govt. and Municipal Bonds - (Intcrr>t To Be Added? = Pid Asi 2 Anglo-French Extern Ds, 1920.. ' "-. 1? Argentine Intern 5?, 1945. 77 1 ' ? Cnnada, !>;>m of, 5?, 1921. 97% do 1926 . 94% 951 r- do I '21. 92'.. 93 i Chin? 1 Gov 11 K Ry 5s, 1951.. tit'. 63 1 Cui.a, Extern 5s, 1944. 72 92V do 5s, series A. 1949. ? S6 . g Ao 4%s, 1949 . 77'5 ^2 m Dominican It p 5s, 1958. ? 90 ,? City of Paris 6a, 1921. 95% 96 g Jap Go\ 4%s, strng In. 1225.. Sl% a do 4'mS, 2d sor. 1925. S2 i do 4s, ?trlng In. 1931. 68 2 City of Tokio f,s, 1952. 70% 7 1 1 U K G B & I 7,-yr 5 i>3, 1921 . 97% 97$ 2 Fore.jrn Bi nds D? alt in fiat 5 Mexico Extrn str 5s of '99, 1915 25 17';. I do sold is of '?4, 1954 ...... 45 !."?. ? (Sales) U S 4s coupon ;?'ap stir! loan ,; ? 500.107 English stamped do Pan 3a coup I " 10.000. 89 V K of Gt Britain Anglo-French 5s & I 5%s 172 1 2,000. 97ft; 8,000.1 3,000. 97 ? 13 I ? .... 971 : 7 000. 97 ft 5,000. 27 0 000 _ 97% 7,000. 971 1 000. 97ft 2,000. 97^ 13.1. 97V4 8.000. 97% 3,000. 97% do b%s 1922 f,n,000.97 7-, 113,000. 98 10,000. 9714 50.000. 97" 238,000. 97% 31. ..08 27,000. 97'i ! do 5%s 1929 50.000. 77', 135 000, , . . 06' Argentine G 5s 88 000 .... 96' 1,000. 79', 54,000.'6V. City of Paris 6s do 5%a 1937 S 000. 9122 30,000. 22' 32, 'Cid. 96% i..I. 9 0 : 5,000. 95% 16,01 0. '"? : no 1 . 96 14,000. , 9 - City of Tokio 5s 500. 92' 5.000.71 IG .'? ? Dom Canada 5s 1921 16,000. .. . '2 S 2 000. 97 ; . 5.000 F 2" 0 '0 ... . 97%l 4,000. ... '' '? ; 2 000. 97% Virginia dfd 6s B R do 5s 1931 1 & Co ctfs 1 OOD . . . 92% 5,000. 60 Jap 1st ser 4%s 5,000.59 2 000. 82 NYfU's I'm Mn do stir loan 4s 5 000.101?. i 18,000. 68% do 5>-- 1954 Maj < 6.000. S2" Railways, Other Corporation! Am Ak Ch deb 5s IMUw Gas Light : 5 000 . . .100 3,000 . ".7 ??? do cvt 5s M K &. T 1st 4s ) 000. I^", ! 000. 64 IL,000.99 4,000 .... CI1 . Am Smelting ,5s d.-> 2,1 4s 1.0. 86% 4.000. ..'.. ?' Aro T S T cvt Gs ? ,0i I 2 000 .... 99% 2.0D0 2.0011.100 ' do rfg 4s ;; pf'0. ;??'". 9 000. ... 401 ! 19000. 99% Mo Pocila gen 4s ? 6.000. 99% 7.0510. 57V do col 5s 2 000. 77?? 1.000. 81 8.000 . 5. 1 1,000. 83% 5.000. 27' do 4>-8 1.000. 571 2 000. R4%' 12,000. 57 4^000. 84 2,000. 57 dn col 4s ?N Enamel & S 5s in ooo. 80 5 ooo. f?G Am W P s f 7s |Natio"!)' Tubo 5s 2 ooo. 85% 1.000.94* . Ann Arbor 4s 'N Or! T ?'? Mex Gs S POO. 53 ' 7, 000. 95' A T * S F gen 4- 10.000.95! 10.000.'<-, do 5s ! .i. 7<?'v 10.000 . ... 54* V..). 7S%!N Y C" "?i leb 6s i 000 . 78% 7,000. "'" 11 000.'. 78% 1 00. ? '; lr.looo. 78%' M 10. 93' do ad i 4a 2 000. 93? 1 000. 85 I do rf- 4%s do ?stamped 1 000. 75 1.000. 70%'? do rf?* l'-is 2 000 . 70 I 1.000. 70' do cvt 4s 1955 I do T. ?s S%s 3 000 . 68%l 2.000. 641 do cvt 4s I960 'N V Cn-"??* Ry* *' 2 000. 90%: 5 noo . 81 ' AU C ?. T, & N 4s N V n ??? W 1st -t? 5,000. 72%' 3.000. 63? : Bait * O tem 6s N Y R*"- rfg 4s I 13 000. 941AI -?. ?500."5*. 1 000. 94 % do ertm of deposit do rfc 5s I 3 OOO.... 351 1 000. 68% do e'; r.s ? 10 000. C8 I l.ooo. 7' ?C 00,1 . t;Sl, r; riiei . , 4.00?. 68 ' N Y 'IV -hcn?.' deb ?' 22,0ft0 . nT**-". ?? 1,1.0 : ? ' '. 5.000. 67 ' do-t' ? do cvt 1'--s S.oon. ?" " 2.oon. C7% 1 oeo s5 ? 1000...... 67 U: 5V1OO .'.'.' 851 ?OOOO. 67""?< nono *. 1.000. 679?j 15 010 . 8<" do gold 4? 5,000. 84' ? 2,000. 67%! t? & O C'.olU I N Y W & lin I-a'? 1,000 .... G7%| l,Di)i). 13 I.O0?. 67%l ?.UUO. 4Z?4 5,000. 67 V? Norfolk i* W cvt ba <!u p I '.i'-.js L.OU?.1" i 'i 8,000. 8R | a.'mu.ii'i' 5,0 ? I .So1 6,000.lu t:B lio Pitta 1. K & i do cm. la W V? is 1,000 . ... 78'/i 3,000. M (Nor i i.. nie li l.UOO.is I,.>.77?^ do ; ?- C i* ,,. ,., . '< i-,* 6,000, . . . 54% i,. . 71 -,v Beth Steel 1st 5s ? .. 7, ,,, 1,000."a\ do 3* do p ru 6a ..?-?in. 56 ..ij^Hiiiiii^M 0 ' S7 < BrooklN uUi l< v 5s : li T^^^^^I?^?^aa^aa^^^^^^^^^^^^M | Ore Short Line 4s 1>,U0U. 8 b.u i). ?> 1,000 Calif <,:,. & K Eg Pacific 11 d fci 6s Cen I acil la. 81 -.??m?. :?J '..s do tTL'.l A ??,* do Ktd 4a c? ? |oi n j 6a r. .?:;??.;>.;; Ch, .. Ocv, ,810J \TCTOi?i?V.T5\? do 4a . . x. ' i 00 ... 67V V.?.v;7s Phila ?55. os 1922 I,(?on l tl ? pr I i. 10 do ? |i ,000.... S31; P C i s st L H? ? ? i A 10.000.. . al? ia.!. Ser ..f N J 5s 78 ^I^I^I^I^I^H 5 1100 I.? i....; , * j^i^i^i^H ? - ;,??O . . 63! t Reading ,.i>r. 4s u, loo. . . <:', 1,000. H-j, Republic 1 A -S 6s . . . ?4 R I Ark ,v L l^a 0. G4 v? - St I. Ir Ml & S Is do resist? red K,v & Gulf div t 000 ...:?!< ,; . in. 71 i . ' ''? '?'?'? tern Is st L ? S F 4s ?or A" . i 00.54 : 000 56'i C M ?'? St i' cvt ... ,;. 5?a, ? ' n _ __ 'i.ooo. so !? i ? : ' I i (1 i,o "?. .7 V <.:! 1_ ; .'. 72%! 8,(1 i. aer A Jo ad! ,;. l.o i0.. . . '?; , do : r!- i? 14 00(1. (-S?., _ h ?o . S Un , ? SO^l 1 000. 59? ... :,:>x. deb la 1934 " do ?^ ,;, '?000. (?7M? in ?! ? M* pr?,i .:::::: S : r -. ?.''a 15. w% ... i, t i. 1st 4a /'? 'i 1.000. 62-">i 5 , ??.... 62 Vs ? ?? i do . ,i?i 4a '.5'1 do Terminal 53 do :,- Wis & M di\ 5 0O0 '.7 i C R I a P Kcn 4s 10 non . 7.a do . ??- ;, lonoii. ri 1,000. 23.000. . . ?a ?. ] _ lo i. ^;1>. ooo .... go I.?in ,.8r,i.;? l'., ,0 .. ? ' ? 5an An ? A J' 4s' C C C ' t I, teen I 12 000 ill ? '? .671.5 Scab.? ' \ L rte la Col & So 4i.?9 ;; AO0. 17 1,0? . ?5a, if 10. 46 So Pocll ? cvt 5s Com Oi cvt f. -? ?. r>r?'.' 57 nno.. . V y.r'ix.lien l to*; lo'no ?.'!'.". _r ' 70 000, .... .1071.1. 1.108 . ' - 5 ? . . 1081 ...? . , , . . 107 if. do ?? lien 4s n i!o evl ! i er A ....111 ?or B do .'? ? 107 . SI' I5H| : n 10 78 Fla I C 4V2s do F '? Tei n ??, . 761.A 3.000 . 75 Hud "' " if ? ?outb "y Is i i 00 ..... 54 R 000 ?a ?. do I' " 5a .' " 1 i ,.13i gtnnn ... i ivi?Hna 5? ? i. 15?, i nno 92 1ri ' ! T R 1! A of St L 4^ 111 Ce '".?1 rfsr 4s ?0 ' a Texas Co cvt 6s 1 ? - inn 104 Third V .-?: Is 1n ,?.,. ,... 5 000 M ' ? do I ? HS1 ? & I i-',-. ' 195 ' 24 India- S?i el ??a ! .... , D S '? ?'nr Ti ?Ml _WP'< ? ?? ' i 2'i onn ** lit A.I tin ,1 I ,, 4, Rl Int M ?? "nriiic 6s I?.OO0 R'" K C r do ; s om H<; D - - -r R, i , ? - i - IS Si I f 5a Kans ? ? ? | n . i:???. ?'? . '?? Va-Cnr Cbeml?! Rs ?a'"1 ? "?", 51 ? ? . l.."a Kan ( itv r-nnmal Is 9OO0 10?** i "^ ...74 i nno l.i, Lock S',-1 5a 1950 1?i 000 102 ? ' .... 96V4 ,io r.: 81.?. 96 1 nnn ?i>;i, ? 00 ? 964 " OOO '?' ? .r' 96 5 onn 96 LehiKh Valley 6s 4 nnn. 94a 1.000... . 1011^ l nno ??;,:? L0n?AI;l?nd rfe 4s Vlnrlni?" Ry r.s 10 ooo ... 701/ , Ann m I.oril?irH Co 7rt 2.0O0. " 000.1IO4 ?iooo! .... '. 86 (i" :' West Midland 4s ?? : 1 00 ....... 89^ ' '-"??' '? M " West v??,.., Vi 1 '"' '.91 '- B.ono. 7J L ? \ ??nlfled 4s \\ ?; , ? ,- , |.. 61 7 OO0 ... . 9R*! do '? a \- C <!i\ Is I 1 n.-in.. 9$ s 000 . ,741 ? 000 . do So Ry ioint 4* do ev< fis 1 nA0 _ 65li 2,?w>. 071, Midva'? *-'eel 5s 7 OOO 97 2.000. ... sfiic,! 2.000. SC-V On tho entry of the United States into the war these ships were sold b. the Germ?n subsidiary to the United States. The government held however. that the sale was not valid, and the ships were taken ns enemy alien property ? and distributed among the Allies. After j the armistice the Americnn government! protested the allocation of these boats to the other powers, and is negotiating for their return to the Standard Oil j Company. They are now lying idle in j German port:*. Tidewater Oil to Increase Its Capital Directors Vote Expansion in Stock From $40,000,000 to $100,000,000 Directors of the Tide Water Oil Com- ' pany at a meeting yesterday decided t? recommend an increase of the com? pany's stock from $40,000,000 to $100, 000 000. Stockholders will act on the; proposition at a special meeting next December 15. The funds fro? "??> new issue are to be used in a general expansion or the com.un- .s ?>. ., . O?liciala su; that no now purchases.of oil land? nor of the shares of other ! corporations are under consideration. | If the new issue is authorized, 66,174 j shares will be issued to the stockhold- | crs pro rata at par. The first payment ! of 50 per cent would be called for February 2, 1920; the second of 25 per cent on April 6, and the third, also of 25 per cent, on July 6. An allotment of 20 000 shares to the employees of the company also was recommended, at terms to be decided later. The transfer books of the com- ? pany will be closed from November 2?2 ? until the adjournment of the special stockholders' meeting December 15. Vrgeutina Negotiating Large Loan in Spain! BUENOS AYI?ES, Nov. 11.? Negoti? ations are in progress by which the Hunk of Spain, with the anproval of the Spanish government, will make a large loan to the Argentine govern? ment, according to the Madrid corre? spondent of "La Naci?n.' Although the exact amount of the loan has not yet been fixed, it is said that 500,000, 000 pesetas ?3 the sum under con? sideration. Financial Items Columbia Trust Company ha h??ti up- j polni? , .transfer ?jmii with th>. r,dellty j ami Columbia Trust Company, of Louis- ! '?ihe, or the capital stock of the Thraraa.il Oil Company. W, v i.add K- Co. announce thai the subscription bunks of the Mur.rub,. OH Exploration Corporation, which opened yesterday, have been cloaod, tho Issue bo Ing lai >?? ly ..'. : 'rubsortbed. The board of trustee? of the Dominion '??I Company lias recommended Lh< amendment of the company's charter, ??" to abandon tho right to Insu any pre? ferred Block, thus leaving ill" ioIc capital liability of tho companj In the form of common stock, Thin amendment Is sub? ject tf> the ratification bj vote of the common stock holders at a meoUng to Ik. held i.n November 1H Bwartwout & Appenzellar .announce that i tho ''If, as und when ftmued" common stock of the American La Franco Fire Engine Company, Inc., par valu? $10, ha? ? b".-n oversu beert bod and subscription ; books closed. Hankers Trust Company, the American ' Exchange N'atlonr.l Bank ana A. H I-.?"urh ' ? Co., Inc., are iiT-Tinir $.1.000.000 Federal Sugar Refining Company 6-year ?> per cent gold notes, at !)7-\ and Interest, yielding ?i '-t per . ent. J. <!. White K- Co . inc.. have removed their ofllcea to 57 Wall street. The. com? pany h:is recently enlarged ?is organl?a tlon for Hi?- purpo.?' conducting .? g? i eral business in tho distribution of Invest? ment securities. Arthur Cavanagh, v*ee-presldent of the National City Bank, and H. T. S. Green, president of th? Interns'tonal Banking Corporation, will |?nve shortly on an ex? tended trip throughout the Kar East to In? spect tln> branches of tho Int.; national Banking Corpoiation U. S. ilrant, 4th. grandson of the hero : of the Civil War. who Is on the sale? staff ! of the National City Corn any, Is carrying out a new method of knitting the Interests of t .' emnloye and employee Into closer relationship. While -?-lllng a block of se? curities recently to Daniel C. Smith, vlce prcsldenl of the Oakley Chemical Company, Grant obtain?.1 permission to solicit every omployi e to b ly bonds of the new $45,000.000 external loan of the French cities ol Mar? seilles, Lyons and Bordeaux. Mr Sn Ith agreed ? i buy as many of the bonds as hla employees would subscribe fot th .? p ri II them to p? t him on in payment pla n. Th? i . I vas t hal young Grant sold bonds of the French cltl n ?> ? Inn n 50 pi r ci nt of all tl. In ?I?" offlci ;J of th" i henil? il ron while at tile same time h>> Is soliciting sub Bcrlptlons by mall from the traveling rep? resenta ? i ves. The Fedaral Reserve Hank or New fork announced yester,lay ?hat In order for the bank to have nufflcient time to prepare and transmit requisitions to Washington H Is necessary that all applications for transfer of registered bonfi-i. exchange "f registered for coupon hon.Is or of coupon for registered bonis of the First Liberty Lean he In the hands of the bark not later t|lfn the close of business on Thurs ?lav. November 13. Th" trsnsfer book? at \ th? First Liberty I.'Kin will clew nt Wnih- , i ? i ? ?? ?? i m Hi'- cIom of business Saturday, November IS, an-1 will reopen at the opon- i Ina ?jf i..inn-M on Tuesday. December IS. The Italian Discount and Truei Com pany celebrated the completion ol lu first year In busings la?< nlthl with i diiniT at tii" Hotel Pennsylvania, n>vn , bv the tdacto Clab. which is composed of 11.fflcei rid ?taft ef i he com ? idri -??? ? were i ? ??.-? by ?*;. ,r ? , i ? Jab ? lent Eugene H Rtetson and p lent* of th ?iii.ir nit,,- Trust Company I H N< W Veri?. ; rohn i !'?? " hi a ??'? r ?? ? ? ,- prit an t v |i ?? pr. Rid? ??? i ? . -A ? lie I ? r ? At ? 'I,., ?i./il. -i. China, tin A?m Uankinx Corporation han jus! opened Ita eighth lir.iri'-.'i i-, ! h" !5ir East, I' KM announred tit ih" corporation's New York of ?Ice* yes tertlay. Other branches are at 8hn Hankow, l'< king, Tientsin, Hongkong. ?Can ton Mi^^H French Tux Yield TARIS, Nov. ll.-Tne tax yield for j October show.-, an increase of 201,800, 000 francs over the budget eat mates and an increase of 284,166,500 'is com-: pared with the receipt of October, 1918. Offer Land Bank Bond? The Equitable Truirt Company. BV aey, Stuart it Co. ?no William F". i ? >? 'i,n &? i'n. are offering Sl??.W' - 000 Joint Stock Land Bank 5 per Nftl bonds t?) yield over 4.50 per cent *?*? optional maturity and !? per cent ther? aft? r The^e bond* are i>sued urn - ?he Federal farm loan act and ?re secured I????- 'n->riga?e;< o farm approved hy th? I nited StaMea | me il or byi I In ite4 State ?,-? ?" i bond i Th?ty are exempt 'rom a'! v> eral, state, manieipal and loea! ?* tion. with the aingle exception of th?! inheritance taxes. 9i. I.???n? A ?""an Franelar? S?-pt groan tT,7te.M<l It* I?I4.? Bal after taxes . ? ? I ??"- 2?!.' -1 i o?? m ? t'- r?i?* ii M M |,?1* In Bal ? - utes 11,111.414 Im et incoi I0.0CI MI?M>nri l'aelnV Bgrt.aa t?l.??l ? ? - . M ??J * ?. 1 ? 1 I ? ? 4 ?l ? ? . . i - ? -11? Executor Trustee Chartered 1822 The Farmers' Loan and Trust Company Nos. 16. 18. 20 & 22 William Street Branch Office. 475 Fifth Avenue At Fortv-firn Street New York London Parif Foreign Exchange administrator Guardian Member Federal Reserve System and rT?w Torr flVwrtj* Hotne $?5,CC0,CC0 m BU "TO ?xa 4' ? S% BONDS dated/MAY *? -919 t? t^v VEf?EEH lf 191S fSSUED UNDES ?HE . E EiiAL FA.:M LOAN ACT OPTICNAL<M/"Y *? 192i QKl,wN tNCVEIWEEi. 1, 1524 CUE fVAY 1, 1?53) NCVEt. EE 1, 192) &<5t?TPir.?ble at par nnd urr-rrsl Intrrrst on may Hlm? date ??ter r? ream fr^m dit? of ls?ue Onpon Bind? fu? ? Tr'?TiMt und S? terch?n*eab!e Denomlnauons $1 00U and $.5<;1 Interest payable semi-ann'is ly May ist un i Nevera ?i 1*1 P n-.pal and interest paya'd? at the bank o' isnut or at T. . Kqultabie Trust Company of New Vors New Yo'U Citj. Exempt from all Fec'erai, State, Municipal cnl Lccal Taxation excepting only In ?eriiancj Taxes Attention is called to the fo'lowing investment qualities of ti.ere Jcint Stock Land Bank Bonds: 1 Instrumentalities of the United Stat s Government, secured by first farm mortgages approved by the United States Government. 2 The principal and interest of these bonds arc exempt from al! Federa! State. Munic? ipal and Local taxation except Inheritance Taxes. 3 Legal investment for ail Trust and Fiduciary Funds under Federa! Jurisdieti i 4 Acceptable as security for Government Deposits, including Postal Sa 5 Secured by first farm mortages made tm 1er ! ed< n or by I. ment ? !ond - < >r ( ertificates. .em 6 The Attorney General of the United States has rci constitutionality of the act and the validit) of the piovisions from taxation. We have also secured the ?pin.on of George W. Wickersham Ksq., of Messrs. Cadwalader, Wickersham & Taft, and Will B G. McAdoo. Esq., of Messrs. McAdoo, Cotton & Franklin, confirming the validity an.l exemption rrom taxation of the above bonds. We have received similar favorable opinions on these bonds from the I ? known attorne) - : JOHN HA?Vt*TON BAPNE3, PniUdrl-riU Pa. SQUIRE, SANDERS & DEMPSEY, Cl?*?lan4, 0>i?r>. LANCASTER * SIMPSON Minneapolis, Minnroota. UNES SPOONFR A QUARLES, rtilwaultaa, Ww. CHARLES A RUTHERFORD St Lout* ?Mi.??uri MILI-LR. CANFIELD. PADDOCK A PLRRY Detroit, Mick GUTHRIE. CONRAD A DURHAM, Kan??? < ity Mo FA? RAR, GOLDBERG * DUFOUR N?w tM-?.... La. MAXWELL * RAMSEY, Cincinnati, Ohio MILLER MACK A FAIR? HL D, Milwauk*? W,. MAYER, uF.YF.R. AUSTRIAN & P ATI, Chic???#?, lit. HUMPHREY, CRAWFORD, M1DDLETON A HUMPHREY, I ouirrUU, Kf The Terral District Court at Kansas City October Jl, 1919 dismissed th? wH aftarMng th constitutionality of the Federal Farm toan Act and the tai eiempticn o ft? bonds, thus, in vf ret, establishing the validity el the act and all of it? previsions. PRICE 102 AND INTEREST \ \ (ding over 4.50 ^ to optional maturity %% thereafter Descriptive circula taining 4 '? nal >?? iicui?je W u <? . ? . ?i ? F sq., and i* ? ', Kalsey, Stuart & Co, IWORI'IWA rill?"?IH ? ?"?OR? TO h. W HAlMKV a ?o., mu A.o Wi.ficm R Compton C 14 V.ALL STR?Cr Nf.W YO.<K The Equitable Trust Company of N. Y. BONtf Mtr?Nl4lMI 37 WALL STREET NEW VJRK /,-.? abovt ?tfittmint? mr? ?rfi.-ux'. 9r '-t ? >? ? ?? \tUtm which v? rtf?r? ?* rtHmblt, ?n / * . - at not lu'iruni'? ihrm. th?y mr? th? ua.Uk ??-. ? h >? >.*.? a f hi ?**# p*n 'ww# ?/ ttk?n ?