?r I Executor Trustee I . Chartered 182:3 ' The Farmers' Loan and Trust Company Nos. 16, 18, 20 & 22 William Street Branch Office, 475 Fifth. Avenue At Forty-first Street New York London Paris Foreign Exchange 3| Administrator Guardian Member federal Reserve System and Now York Clearing House I I i We beg to announce a change in our Ielephone Number to 7500 RECTOR effective on and after January 19, 1920. Miller Sc Company Members A i a Yorl( StocJf Exchange 120 Broadway ^^| New Vork STA WKEKI.T r ~| ?VII I KR SUMMARY ^** MAILED ON TO ITANPAKr? OIL : ISVKSTORS ISSUES ON REQUEST CARLH.PFORZHESM.ER & CO. Tm.,1 i.j. ... UroEd *? tin?., au. N. X. Shoe Makers (? el Large Share o? Price of fVoduet tanners Also Are Paid Well for Leather, So Demand for Cheaper Footwear 1> Hard to Meet, Dealer Says Between a marked si ' ? work ers and constantly nr.ii material rof' . gethei with the serious shortage of high-grade leatti :r, .-?'hoe manufacturers, especially those producing ^he higher gradea of foot? wear, in which handwork is an impor? tant, requisito, are confronted with a serious problem. They recognize that the general public is looking for a decline in prices, but conditions ave de? veloping daily that the cost of manu? facturing shoes will advance further. Tn discussing the situation, from the viewpoint of the 1 ;. h-class factories, thi president of one ?<"' the city's larg? est custom bootm panics yes? terday made soi ? compari? sons of iabor ;.' : I costs n befon -the-war di ? ? w. rTe de? clared that it was the desire of ?hoe men to gratify the < ? " ' ma of the public in respect to lower-priced foot? wear, but said that at present it was, an impossit ilit; Would Welcome Lower Trices ''To begin with," he said, "the natural tendency of a n ufacturers is to keep down the cost of producing their {roods. Just after the armistice was signed it was b -li- ved that the time had arrived for pries in general to take a dov. i -, People were comph h that prices were too high, and thi eved that witl the war over a r< ti< wa loj ca ' and "i order. We wanted - n I that con? dition and Dot bo ii selling i.wi -. advai : ng when the genera it they should ? coming d "But leath - ha coi tinued to go un STuCKHOLEDRS1 MEETINGS SEABOARD NATIONAL BANK a- ? ? Mr th. . f" war . ? . . ., . . :??'. fcrauel G. Ban Bob?,--. j. i ? ? '?'?'? - r,n "- ?0: - Btnntx : At a nv r.g h*!i this ... ar.lrti', . ? W. K r- , ?? L. '?? jr. L N I ; , , ?- H .>. r. E. o O M J " ? WA.! DIVIDEND NOTIGES Superior Oil Corporation .?*'*?:. | ?? - ?run? ? *?-'??. ? - ?? "' r?n, ? ? ..... . W. rSEDKrUCK BUENDKB, Trea*. ;*?V H, mo POETIC *r> O AS & COKE CO. r^rtr?r?- POHTLA U Ol!] ***f*T'?K- ,. NO 'i?*?'"'-"' '?>'?? . - ' ,. i ? ?, ? tit * r' ' ? b>j? Ma , okoi ... : .,,*,.. , ? mi on the rv-ferrt.1 II ?: EPItj .-.. rutar? TWE TRKV-fOS (..,lTHUl/< CO. '',"''? ? ? ' , :'>-?r> At . '?* mTmn* " ?>?,,./?.. ? ' . . . -? i,i n - <*<.7 w?2*' '* ' ' ' ?. ? ' on ?..;,*?.; ..?,'.. I'. M? ?nau?}V ?us | ro roKi'OUATION * rtM.. ' " '?'' **TCk l\%; " "?*'?"?; ;-/-*.- .... ^^1 " ?? in price every day, nrd that means all varieties of leather entering into the making of shoes. The cost of material, however hn? not been our only diffi? culty, for labor charges have kept pace with the advance of materials. The workmen employed in the making ol high-class shoes arc not calling so much for advances as those engaged in the turning out of machine-made shoes, but the high wages now de? manded bj the latter typi of workmen naturally has no little influence upon the condition of the hand worker. !' can hardly be expected that the skilled hand shoemaker will be content with his $35 or ?-10 a week wage when hi ? - that the machine man, whoso ?? i. : '. is eon par .' vel. limited, : - re ceiving about $70 a week. As th< w iges of the machine operator have advanced, so has the labor cost of the custom shoemakers gone, up, One re? sult of this has been the more general use of machinery by the higher ciar; factories. Soling Expensive Operation ''Not ? long ago the o? dina y ; ? maker f?lt sat i tied with his $16 or $1.s a week w age, but now he is rece ving more than double that, and still he not satisfied. Ten years ago we paid v woj ' ? 80 ents for sewing a pai r .' i" rs. Nov. this op?r?t on a Ion ci ts $2.80. It co ' lis $6 ' u put sobs on a pair of satin slipp rs. The lai r a has n l ab '? .-?. "Even at the pr?s e it high v, agi \ there an aj pr cial Le shorn ?? labor. We : e\ er had good . ho ? < before the war, and now tin is worse than it ever was. Tl has denuded foreign countrii - of shoi and many sho'emak rs who went ove \:?'?? h ' ir army ; ive remained "Going back to the c.osj of na.ti ?.::.'-? ince ' he war . nings have increase ' over L'-'.j per cent, Russia leather <'? percent and sole leather over 100 pei cent. So you see why prices are mon certain to advance rather iban decline.' trovernment anil Municipal Bonds : I ? in ? 7 : i U S Liber ? do it!. do 2d : do 1< :? do 2d ? ?? Jo 3d r.,.. Week" 1 ?20 Cli . . I! ?,?,. 1 ow ?v.i.iiO 10 :?? ? ..?, ; (1 [?0 9 12 ?t't.S'i 0 ' 00 01.20 02 8G 91.1 1 . 83 12 9n 00 93.3 I : : 103 d ?1th 4%. 91.20 03.00 91.1 ? PI1.7 do !:'?:?. OS 52 90.10 08. ; 00 : ' do "",:? . OS n 90 I0 08 i ? 9 do lst-2n i 4Vis.. LOO 06 101.10 100. >t? ?? II s ?(?.,?> : ? . ? i ? i : oc.'.'. i F . . !?' ' i - fen?i e Gov "s . . . ' o% 73 ? ?". ii Chin? . c i iv Rwy.5s 0 i 40 im City of B ir 6s. 92% 02' , '? ' 20 City of 1 yons Os_ 92% ' 02 , : ' ( :??? ol Mai 6s. . . . 92% 93V- '?'-'? i 10 City of Pai O.. 92% 93 '":< , 90 City of Tokio 5i r.O'? i ' ' . Dom of Tu . :, 921. 07V. 08% 07-? . ! I do ? ? 19 ??.'il" !>? 92 !.l (?O . -, ; '.07% 07% 90 .1 I i 1031 . 01% 02 iG [mp Jnp ' ??'" I ' ? .. r8 2 'i t? 10 i di 2d ' r 4%a... .76 2 ' i%. ; : do 1? . 62% 'l 62% i Rep ot Cu! a 5a 1004, 91 91 % 901 3 do 1% . 7i? 76 '. I \ IG7 UK of tiB?-l ?'?' ?s '21 90% : \ \i OH ? ?? 102.94% 0 , 'ii do i 1 i; S i >h 6 N V C 17 !,'?,? ? ?: do 1 V-? a ' '? ?ayJ i l'nfl : Nov. toi) ! I% 11 .: 0% ? '% ! .WOV_ H du 4s ior. ... do 4s do 1s 1009... .100% 100% ! '?. -. ? ? ! ?I i Railway ?nul Miscellaneous 7 Adams Exp col r la., H7% CS% 5H 5 Albany & Susn 3%s. -? 72% 72% 72' '. 1 Allegheny US' . :?: Amer Cotton Oil 5s . . Rti< . 80 8G 112 Amor : mel is..>-'> 86! ? S? 20 Am Tel * TeJ cvt 1 %s S2% s 82 14 I do cvl 6s .' ?'.? 00% :?? ' 66 do col Is .0% 80 77V? 107 do col ?? . 20 Arner Writ Papi -7 % 2 Ann Arboi Is.i3 68 Armo n .V (',, r ?.; i < ? , '? . ?.: ? 141 A T & ' an ! i ?en Is. ,S>., 12 do ad.i I ?. 70 7?i.. : : do adj I tpd. ;n% ;\ ? 8 do cvt ?I ? 155. . ? ? ' : I do 4s re? ....... . 1 - do Tr Sh f.in 4s. .. . . ni" i. At & Cha A r.ine I ' 27 At Cop.-,! i. 1; t con ??. 76">4 - 'i 30 do i. & Ni ol ??? !.,. . V i 72% do ui i ; . "i1, ;.? 7s ? - Bait & Ohio 6 ..... 80 -, l do pr lie i ... f .SI 3 i do pr lii :i rfg ..... 65 % ' 8 47 do -.M '? . 05 i fu 15.1 do ,t 4 02% 06 t do Toi & C Is...... 51 : : do I, i"1 i t: & \VV div 57^ I I 26 do 3' s S W di\ ...75 77% Beech < i . : . ?..?:?. 5 B Ii -;- ext i . . 06 ? "??'? 32 do ref "i . SO i.' [lo P M , . !' ... V'i .. Bwnv & i Lh A . : ,i 5 1 B R T con . 1 do 4s.25 1 ! do Isl 7s . 10 4K% L2 do V- ctfs. -ii ?'? 4 do 7s ctfs st.pd. i ' ', 7 B ti Eli -? 1 .621..'. 03 7 do : tr?d. 02 ' :: 4 Bu? Roch & Pitts 4V<.s. SI 1 Bur c R & N col i , 0 Bii.ii Ti'in ?? do U :' dii : 5s _ Soi; 10 Cti Gi S !' 5a . . ? ? i ? ,<_ i,i.v ,;,.... -, 22 C ? ? ? ?; i -, i . 61 '-, 7 i : i ' i ri : Transactions in Listed Stocks Continued fro >i Receding puge Low. Div. 1920. Rate. Sales Open Hit-h Jan 13 111/_ .Tun 13 7 Pnitcr! Cigar St pr. .fart 14 141 Jan 2 7 United Drug . .Ian 13 51% Jan 16 2>/p do 1st pr Jan .5 191/a Jnn 17 10 United Fruit Jan 10 ni/g -bin 7 - United Railway Inv Jan 10 25% Jan 5 - do pi..'. Jnn 3 84! 4 Jan 17 3 Un Ret Sinns Cl \ ?'??n 3 2' Jan 14 US O I Pipe i [<\ . Jan 9 30! n Jan 3 - USF.! nr,-A . . . Jan 5 69/2 Jan 17 ? U S Pood Products. Jan 8 104 Jan 14 8 PS Ind Alo.hol . Jan 6 IO21/4 Jan 12 7 do pr. Jan 14 44' ? Jan 2 U S Realty & Imp .?!.n 5 1223-4 Jan 17 ? (j S Rubber. I48 0 1 4'_*12234*124/8 Jan 13 #113? a Jan 17 8 do 1st in-. ? . , | Jan 3 71 Jan 12 6 ( S Smelting & Ref. Juri 6 40%, Jan 14 3'/2 d,. pr. 200 I Jan 5 104'/_ Jan 17 5 United Stales Steel..321100 107 Jaii 8 1133/4, Jan 2 7 <]? ,..,-.. . 0 1 ?la 11 3 7434 -Jan 14 / L'tah Copper. 00 77 Jan 2 10 Jan 15 - I lah Securities Corp 2700 Jin 3 '?r. Jan 9 86/_ Ja.? 17 7 Western Union Tel Jan 8 116 Jan 14 7 Weatinghouse Air Br. Jan 3 52 Jar? 1/ 4 Westinghouse Mftr. .. Jan 5 11 % Jan 14 ? Wheeling & I. Prie Jan 6 1/ Jan 1? ? do pr. Jan 6 50 Jan 16 4 Whit? Motors . J..n ', 25% Jan 17 1 Willys-Overland .... Jan 5 90 Jan 16 7 do pr. Jai* 5 74% Jan 1/ 5 Wilson Company Jar-. 13 28 Jan 16 Y\ i con i'm < en! ral Jan 9 I25/4 ?'?>" 14 3 Woolworth . Jan 6 114! 2 Jan 13 / do pr. Jan 2 87% Jan "4 Worth Bump & .VI... Jnn 1 I 92 Jan 17 7 do pr A. Jan 6 70 Jan I6 ? du pr IS... ?- dividend. 120_^ I Sales. c'^ -. High ! ; ' d . - n ,":- i i ? ? B . i ? d sei ' .71 i;,! do -? : : - ...'.. B7V4 t; i du i f.: ? . ?' ? . ? \ :,:..:.'-"'?? ? ' . do del . ' ? -, lo 5 C & L S ?!'?? . V*. lit; 14 do -1 CM? P Sd div 64 C & P W div. 97% ! i 67V do 1st ?a V\ > M div '?? . i . : . .' C .'- Nwn r3 L029. . . . !if,V? :?? '?? ;?? i ? 40 do gen 5s. I ??? n ' ? . 7S " dn sen ?',! . >.'.-:. ? % . ? . I , C K I & I' i en 4s. .. . 73"'B 7l ? l'.''s di ref 4a. H ij. ?'. ?, ? . : M ii O deb 5b. .81 87 V, '? 6 Ch U ?-.?'???. ?er A. 81% ? i ? . V\ Ind Is... . ???.- ? 4 . Cli le ? ' per cvt 7s . . lOi % IO^vb V 315 do r, . ? ? ( ? i ' i ,-. ?? L Ken ?'?-'. ? ? ? ?? r Col Fi ?en " Col Im . 7?.' fi Col & i la..... ?->?'?_ 2S do ref 4 '-?s. Ce ?: . ? m 5s . . -'.-' . Comp- ['ab 1- .' ';- ? ? ? ? ? ? '? LO Con Gas cvt I .99 % ' . Da' Ion ,r Mich ''s , R1 -' 81 I ? . & Hud .-; ' ... i .!?''. m ? \ do cvl ?a.s ? ' ' ', - do ref -Is.. .! Di . X Mich ; ..8 RI 81 Den \ RioGi . ?? ' t?o i .... ? ? (Ir, ' : : . . ? '., ' '"., do con la. '? i ' ? ? : -? Ed Co '?';: I 1940 ? : D. Riv Tun 1 ? s. "-? . I nil Rwys ? ???? . . . ? 1 I' V & G m 5s... ?? '4 , 20 Erie prior lien 4s.:'. ?"'? " ' 01 do Ken It n 4s. . . ,41 10 ' ? i con v ! s ser A.... ! - '?'. '. '? . '? <>???;,:' er B.... ? ' i on.- I ? or I'?. . . . : - .: do Penn col tr la.... 7 ?'?;. 1 ?"* . ' ' ; I Gen Elec i'''1' ?a. '. : ?? :? . : Ge, rgia Pac ls1 5-61. ? i ' 36 Gt Northern 4*?s. SI , 8r,U s : ':? M k Val ' ' con 4 ' - ? . 2 ? Houa E & W Ti " l -? ?? 80 HuiJ & M :"?-: :?-. ser A ? I ? 1 11 i!,) adj income fis.. . ; ? 16% n m r, , .c r.Vi si- i. x N i; j' 5a ser A. 61 lili oi Cen ref Is., .. do Is 1932. 1 do 4 . 1953. 10 Illinois St! deb 1%3. 52% I : Ind SI -el 5s . ! ?'.i Int. r- Mi ' 1%:. 1 i . ? ?? i ref 5s. . . ! Inter Agr ; . - 16 ? nr r Mer M? r .. f Rs 0 ? ? er Paper cvt 5s 1047 ? .i ! len ' 5s. 7 > ? 22 do ref 4s . 11 ! . In1 Viet l%a ctfs.. . . 11 le ? -an ? i l ar 4a i S 1 K i Citj i'; S & M 6a \ ' -i % IS*. : ? i Citj S uth ! * 3s. 50 25 do . . . 73 10 Kan Ci t; term i ' Is Ki i ,v ? & Bes M 5s.. Ii 1 i . :. Steel 5 102 '.i 12 do is 1! 0. O.'! : , ?' ' deh Is I02S ?' deh 4s 1031. Li ? eh Val con 4%i is , . ? : '? .li'n do i N Y 1 ; . , ' Penn gen -Is. 71 ' ! ? .. Ka ? '??. 5s. . 0 Li n : . My. rs 7 . . .1? 5 do 5s . -? 8 Lou : Island deh 5s 1937 li 31 do ref 4 . 00 do uni Is . . . li aG ? oi ' h u )i i ;? :' R Mi . m ji i ' do 4 L C & L div ' ' ? !, dh . . . . 0 :: do ??. st i. .m. 15 Manhi I , , . ...... -? h i r ? 10 ? i M ?:. State Tel Lst . -' liai I f N J 62 M & Ord , . fil , ??.??. ? ? . . '.: I. '? - ?- I .!'?;'? '.Il- con If lo K K 1st 5s. ..... 31 . ?I & <: on i i 1 '-. Mi : |] !,i Is :5t L ci C d . M t Pwi Co m:\ \ ? VI ri C ? ; 1% ' N c .'. Si .. con ?? 30 v-m Tul ? ' ?.' 11 N O Tern Is . ? . ? O 'I :. M inc ?"?? : N V Ail '??? c ? ? 107 N V C , 12 .lo ? .- imp 2 do c n I .' ? do pi do L Sh col tr ;?%s, do M C c tr 3 x ;. ; - 4s ' 5 d del, .? 1 ; N V C,,n Rw: - '? : 2 X y P. ck Co. i. IT X Y O K T. !!.. !' .'< I 5s - '. ? do . n m ,.-. I I.ad; & W 4s. . . : 20 ', V Ml . I! r- i i ' - ' V O i VV 1st ref 4s : \ v' ? (g 4s ctfs. . . 30 tin ' ? . ? :? ? i . ??? ' ? . 3 d i ndj 5a ctfa. ION Y Tel fis 00 d . pen " 20 ??-: V VV a B ?' ?. N'iaftara t\t .? Pw ? ?: 1. ' O '.' i' N, p So 5s er A. .. " ?? r ? W cvi Gs_ fi :?? do .- n 4 ... I do divl la. P ( . < ? .i v. . ' N ? Pac : i. .. ?n . | ? i:nn \-ven Sin ti 7 Ont I.J. &. Pv (i it Trai sit i . Ore Sh I. Isl Gs . ' I 3 d ? r.-f !.. .... 13 Ore W R R .v N -Is.. . 'ne < ? I .S-! I Pnc T : ,''r.,.. I 10 Pi nn R i: 10G8 do eon ? 7i .'?:???:-... : do 41 ;.s 1921 ? " . ..??.,!?.??: .1 . ' ? ?: " . . rio -Is IMS., . 5 P. nn R It Is 105 !. .81 1 Peo ( ,\ C of C Gs_ SO ?? ?"..,???-:? ' T if N J 5s. GO ' '?? li.1 -Is. . . . n ' ' . ?.. : .? fis 1940, 04' ' Ri G ? W 1st 4s. . . U h ?? Pitl ron Rs. ..infit ? \ ! R I Ark & L 4%s .. ' ' 1 ' St L I M & S gen ?a ! ' ' ' I do if,- la . T-? 1 do 4 R & G div. ... ? - ' : S' L & .S P gen fis-1"2 i do pr lien 4 ser A 5 do pi lien 5s ser B. . 10; do mu Gs. ? ? 1.lo inc 6s. 12 SI L S\vn lsl 4s.04 1 nu i do c-on 4s. 51 .- ; Te minai 5s... . . I ?1 St. P & K C S t. 1 ' ? ?.. ? '?', ' G' ? st P M & M con 41 1.. 0 1 do con 4s.SSi-i, f ' c on r se m P i lie sonc lrk< ?\pr y]', '?'-. ! "' Seul rj?i Won 19:0 FrfrrffS^^fflTT? -. .I. 1 ' ?] tOJNDUSTRIf?LSW !vj_J __ . J_ ' , I \skTiuTiES\ ..;;.<: : . 1 - : ; n l k ;-7-*'r-<^?-T-'-i^ . i ..... ,. . 1 ?' .? htl/? mils'\ 1 ; ^' PrVrfb '? .> .:.: ? s-hl T?TTM :: H4. lit ""T1 ' ? B?;,jffl?=dffl-tit h h m H-fl44-1+ri rti ' i_;_.; ? ? ' .? ? : ' : :.: : S ?- ? ? ih#;; ; f?f-t r-iff n s :? -:-:.'1' JLL 1 ; -73 Ihm graph ttliuwH ihe averuge price? of len railroud, len industrial und live public utility bonds ?n the first business duy of each month from January, 1<>17. lo December, Din, im aggregating $22,444,992,000 on ober ?7. national banks of the U '?'- d States have estai lished a new ? foi growth anil development, it a it] to-nigh I by John .- y.1! ? on Will- i ?ami C >mn1 roller of the ( 'urre r.ey, I n m ki ??; public figures as to the bank call ? : ? ? ' date. Between the call i ol September 12 and November 17 na : ? i. banking n sources increased Si P 76.0 0 and a gai ; of $2,623.538, 01 l -i' urces for the year ended No vi ml ?"? 17 was recorded. increased i:i proportion to tl .ri'?:..-?:? in resources Mr. Will ? figures show. For ?ho year ended Mo erab 1 .' thi gain in deposita wa: .i i ximately $2,500,000,000, while hi'.', .i; September 12 and November r the increase in deposits was $786, ?'. L,0 K). Total deposil ? on November .1'. were ? i i\467 - ,3,000. iVorway V>, itbbolds Licenses For Exportation o! Hides Ac ording to rabio advices, tho Di? li, ti .-ni m?' Industries at Chi ?tins i?: .. ' ed a si atemenl to the etfecl ?'? ' he granting of'exporl licenses for hi r>: and salted calfskins will be dis continued for an indefinil e period. 1' ? s .-aid that a plan is under considera- : tion whereby the domestic hides and i salted calfskins are to be utilized in ! the Norwegian tanneries and leather '. industries. This newest regulation of the Department of Industries regard? ing the embargo on hides and salted calfskins supersedes all previous regu? lations with regard to the same matter. \Uiat War Did to Labor War and war work made a heavy draft upon our workers. Estimating the number of males of producing age m the United States at 286 per 1.000 of population, the Secretary of War has published statistics showing that the war took 108 of them for its prose? cution and the special activities it nei ded for its support. Thirteen were fighting in France, six were behind the lines in Prance sixteen were in the army in the United States, five were in the navy and sixty-eight were engaged in war work in the United States.?The \ .' ion's Business. Stock of Great Diamond Com pan y To Be Sold Here French Banking House ts Bringing 80,000 Shares of De Beers Consolidated Mines to American Marke! Lazard Fr?res announced yesterday that they had purchased 50,000 Ameri? can shares of the De Beei's Consol - ; dated Mines. Ltd.. which will be offered to the public at SIT a share. '? . another step n the effoi ts ol Ai ? investment i lo I t foi i . .. t. ... ,: t;\ prises : ta have been I ' de rt ir - \, j t : the bourses ol Euie ? The De Beers company was re; stered ::< 1888 la the Province of l?i ;>.; . Union of South Africa. 1 tboui 80 ner cent of ; h ? - output of diamonds, and ?wu ':'?? Beers. Kimberley, We* . Dutoitspan and Buitfonein, and ly thi >, hole of the Koff ? t''1 - ne. Dividends ?? the deferred shares have been paid regularly since 191 ! with the exception of 1915 and 1916, ?hen they were suspended, owing ! - i war conditions. For the year ended , 1919, 1 company paid s I pei cen? -i\ divide ids on the def rred 20 per cent wa* d? rst six months and '"?" pi i ci ??; for the second six months. A the i ;\ ?en( ?. I of i xchange the year's I was equivalent t?< about ( eat American si are. Now Ready Federal Income Tax Forms INDIVIDUAL and corporation income tax: forms for report? ing income for the taxable year 19 19 (Form 1040 tor in? dividu?is whose income is more than $5,000; Form 1040-A tor those whose income is $^,000 or less; and Form t 1 20 for corporation?) have been issued by the Treasury Department and released for distribution today. These forms, together with other income tax forms which have been issued by the Federal Government and bv the Stat? Comptroller, are available at anv of our offices. We shall be pleased to give you desired information regarding the preparation of your return. Guaranty Trust Company of New York 140 Broadway FIFTH AVENUE OFFICE MADISON AVENUE OFFICE Fifth Afame and 43rd Street Madison Avenue and 80th Stre?t Capital and Surplus $50,000,000 Resources over $800,000,000 33Cs*ner3WKna?i*j3KV>ttriK^^ Messrs. J. P. Morgan & Co. and Guaranty Trust Company of New York, fiscal agents in the United States for the Belgian Government, in conjunction with the hirst National Bank, "?'he National City Co., Bankers Trust Co., Central Union Trust Co., Chase National Batik, National Bank of Commerce, Liberty National Bank, Harris, Forbes & Co., William A. Read & Co., Kid der, Peabody & Co., Lee, Higginson & Co., all of New York, and Central Trust Co. of Illinois, Continental & Commercial Trust &c Savings Bank, First Trust & Savings Batik, Illinois Trti't & Savings Bank and Halsey, Stuart & Co., all of Chicago, offer for subscription $25,000,000 3LGIAN GOVERNMENT EXTERNAL GOLD LOAN One-year 6% Notes at 99 and interest to yield slightly over 7% Five-year 6% Notes at95% and.interest to yield slightly over 7% 1 H ESE notes constitute an unconditional obligation of the Belgian Government re payable in New York City in dollars. In addition to an income yield ot over 7%, the Belgian Government has made provision whereby a substantial profit may accrue to the Noteholders upon a rise in the value of the Belgian franc. The precise method of realizing this possible exchange profit is set rorth more fully in the prospectus describ? ir?a the issue. Belgium's Industrial , Recovery IN O nation in Europe has undertaken re? construction after the world war, with more industrial will power than the Belgians,and Belgian Industry, in many lines is approach? ing normal activity. Mr. D. L. Blount, until recently Director General, Central Office of I nformation under the Ministry of Economics, Brussels, has written a booklet under the title of "Bel? gium's Recovery" and from it are extracted the following figures and estimates on the resumption of Belgian industry: Coal mines, 94 per cent, normal; refined sugar, 100 per cent: cotton spindles in oper? ation, 75 per cent: cotton looms, 60 per cent: wool products, 75 per cent: shoes, 70 per cent: window glass, 34 per cent: plate glass, 36 per cent: the steel mills which suf? fered most, have resumed 30 percent: 12 blast furnaces are now producing 10 per cent, of the output of the 54 blast furnaces in operation bet?re the war. Of the 9,797 pieces of machinery taken away during German occupation, 5,069 have been recovered. Prior to the war three-fifths of Belgium's total area of 11,373 square miles was under cultivation, and the value of the produce averaged $100 per acre, a yield equaled by no other country. One man in every six was a land owner. The territory seriously devastated by war amounted to only 70,000 acres, which is less than one per cent.of the total area of Belgium. Agricultural production in 1919 surpassed the average for the years preceding the war, the yield of wheat, oats, barley and rye having been particularly good. Belgian railways destroyed during the war have been practically restored. And with a total railway mileage ot 5,400 miles, Belgium has the greatest railway mileage of any country in proportion to territory. Before the war the thrift and industry of the Belgian people had earned their country eighth place among the nations of the. world for wealth, sixth place in volume of total foreign trade, and first place in actual trade figures per capita. In order to buy new machinery, as well as raw materials, Belgium needs credit of sufficiently long terms to permit her indus tries to bring up the volume of export to pre-war figures, and thereby reduce the un favorable trade balance which now militates against her outside purchases. To assist in this readjustment this issue of Belgian Government Notes is offered to the American people. fer full details regarding this issue reftrtnet is made to m circular describing the issue more completely, copies of which, as well as of Mr. B.'aunt's bookk t, net be bad upon application. January fry, I?20 As subscriptions for the above notes have been received to an amount in excess of the issue, this advertisement is inserted as a matter of record and in order to set forth the forego inn Joels regarding the economic and industrial recovery of Belgium.