Irtl-
v IS
I"?
T-cT
Af "-
., .:',-v - i,v. . "" -f 4 ".,-!'
"7
fV
.,
V;
V
... . . ..
1 14
tV,-
il.
$25.
s000,000
Canadian National Railways
Grand Trunk Railway Company of Canada
15-Year 6 (Non Callable) Sinking Fund Gold Debenture Bonds
The Dominion of Canada Guarantees '
Principal and Interest by Endorsement
The Bonds are not callable as a whole or in part
it-
Dated September 1, 1921
Due September 1, 1936
Principal and interest payable in gold in New York City at the Agency of the Bank of Montreal
Interest payable March 1 and September 1. BoncU In coupon form of $1,000
wiui provision for registration of principal. Total Authorized luue $25,000,000 '
CENTRAL UNION TRUST COMPANY OF NEW YORK, TRUSTEE
i
Canadian counsel advise us that these'guaranteed bonds
are secured by the full credit and taxing power of the
e Dominion of Canada equally with its direct obligations
A sinking fund of $500,000 per annum; accruing from September 1, 1921ris"to be available
in equalsemuannualamountsfor the purchase of bonds in the market at not exceeding
par -and interest. If bonds are not so obtainable any unexpended balance: reverts to the
Railway Company. '
These bonds are the direct obligation of the Grand Trunk Railway Company of Canada",
which is controlled by the Government of the Dominion of Canada and forms part of the
Canadian National Railways System of over 22,000' miles extending from the Atlantic to
the Pacific Ocean and reaching every important traffic center in Canada.
Price 95!4 and Interest. To yield 6.50
TVo offor tho abovo'bonds for delivery rrhen, as and if issued and received by us, sub
JDCtJ the ,aPPTOVat o Ieial proceedings by counsel. It is expected that Dillon,
Read & Co. interim receipts will bo.ready for delivery on or about September 27.
Dillon, Read & Co.
The National City Company' Guaranty Company of New York
Lee, Higginson & Co.
Continental and Commercial
Blair & Co., Inc.
Bankers Trust Company
Union Trust Company, Pittsburgh
Trust & Savings Bank
The Information ont.tn In tU. atortbemeat ha. bn obtained from .ource. which w. con..de, reH.b.e. Whiten gutet it U accepted bx c. a. .ccur.
.
' ""
t
i
'"IIMMMIM,wll'Mw'w'IIM,'"M"w3B"aa""M'"aaaMaaaaMMBM
l w""ll""MW"MM'M,,l,wllnM"Ma''M"'"""""aBMaMBaMaaMBMWMMai in j m sj
National Bank of Commerce
1 inNewYork
HI ESTABLISHED 1839
11 STATEMENT OF CONDITION
Jill SEPTEMBER 6, 1921
HI Rcaourcca Liabilities
I IIL Loans and Discounts $253,625,917.86 Capital Paid up $25,000,000.00 I
II U;iitVH?,!if,CatCS f In" finiMQ ''5urplus 25,000.000.00
Ott'r'tnTs and-Sccuritic; oftS Undivided Profits 10,485,230.13
II U. S. Government Securities Deposits ... 304,233,980.87
II Borrowed 2,500,000.00 U. S. Government Securities
II Stock o Federal Reserve Borrowed 2,500,000.00
II B?"k 'ir JvSffiS!! Bills Payable with Federal
si I jinking House 4,000,000.00 Reserve Bank 6,000,000.00
I II Cas" Exchanges, and due p-.nr,i r t. .. i
'l fromFederallleserveBank 101,195,684.67 Te, a,A nd jotojmai
,11 Due from Banksand Bankers 7,011,238.00 Taxes Accrued 4,279,454.08
II Irtcrest Accrued 524,38826 Unearned Discount 1,951,140.68
II Customers' Liability under Letters of Credit and Ac-
II Letters of Credit and Ac- ceptanccs 33,770,470.72
II ceptances 30.717.773.14 Otlic- T.tMiit;;,.. ntnnnnm
III $414,570,276.48 $414,570,276.48 "
I II MBBIDBriT S
, I III JAMCS S. ALEXANDER 'j
II vice-prteslDBHTO
llll J. HOWARD AUDREY HERBERT P. HOWELL FARia R. RUSSELL
l 'SflSEPH A. OnODEniCK LOUIS A. KEIDEL STEVENSON E. WARD
l aOf EMERSON DAVID H. 0. PENNY ROGER H. WILLIAMS
II JOHN E. ROVENSKY
, second viCB'PHBaioefira
l HARRY P. DARRAND anrmnALD F MAXWELL EDWARD H. RAWL3
J I LOUIS P. CHRISTENSON mInz MEYER EVERETT E. RISLEY
il I JAMES I. CLARKE f"ANi "tT HENRY C. 8TEVEN3
'llll
llll OABHIBK ' AUOITOIf
llll ROY H. PAS3MORE ALBERT EMERTON
llll DINBOTOftS I
II 'AME3 S. ALEXANDER FORREST F. DRYOEN VALENTINE P. SNYDER
II JOHN W.DAVIS CHARLES E. DUNLAP HARRY D. THAYER
llll WLLIAM A. DAY HEROERT P. HOWELL JAMES TIMPSON
INI HENRY W. do FOREST tfWWj THOMAS WILLIAMS 0
llll Mss.
llll tfSyinta(?v II i
Xf
flj Tli C. S. PATTON & COTI
III au ciiKniiviJT sts.
BANKERS
Huoressors to
NAIT.VIt & BIXVKNSON
II rtonda ii nil Htocks boualit and Bold
Momhfra I'lilla, Rlork Krchanro I
Important
Utility Financing
During the first six months
of 1921 the securities of
29 of the principal public
utility companies were of
fered to the public. Twenty,
three of these are selling
above their original offering
price.
No type of security can
show a more convincing
record. We invite irequests
for List No. 7337 of specially
selected public utility bonds
and notes yielding from
74 to over 8.
Bonbright& Company
437 Chestnut Street
Philadelphia
New York Chicago
Boston Detroit
r?
General Motors
The latest available informa
tion concerning this "giant"
of the motor industry Is in
corporated In a Special Analyt
ical report.
Just Write M-lit
Kardos &. Burke
1424Wnlnut St.,PhlladeIphla
Phonti Spruce 6jq
New York Drooltlra Pltt.borth
Chicago Boiton Dtltlmote
Avirs&irnvaievviTciionrvoinf AUUJJiccj K
$25,000
THE AUTOCAR COMPANY
6 Serial Gold Notes
to- , ,Dt,d 3oVU 1, 1021 Due In Serlei
. 1, 1022, and Quarterly Thereafter Until Mar. 1, 1023
To Yield Over 8
Frto of Pennsylvania Ptrional Property
Tax of Four Mills
8 btoarb itotober &tobt
UW Mtmber Philadelphia Stock Exchange
iC0"" 03S Race, 3530
..?
i4t
7
AUTOMOBILE
INSURANCE
UnERTY HI'TUAIi INRURANOK CO.
rhontl lAHxutt 1070 tO-Xt flo. lBlh HI,
Autocar Co. 6
Serial Gold Notes, 1922-23
HARVEY FISK & SONS. Inc.
Land Title Dldir.. Phil..
Now York Chicago lluffala Doitan
GE0.A.HUHN & SONS
STOCKS AND IIOND9
Member of ths PMIadelphU. Nfw
ork nud Chfcnro Htocl Kachansta
Commlaalon Ordera Exeoutsd in
All the Principal Marketa
Liberty Donda Douoht and Sold
llrllevue Court lllda.. ills Walnut 8t
N. y HI llroadwar. Atlontlociii;
Ambnmndor Hotel '
Foreign Exchange Explained
Ask for Free Booklet F-3
Wm.H.McKenna&Co
221 South 15th St, Phila,, p-
11(11 rhonai Locuit 177a ' "
New York Paten
WIIX ho no Investor ever loot u daUar
of iirloolonl or lotenet id i .!
for our bookltt 8-Q aud loarn tho r..1'!
wtur.
S. W. STRAUS & CO.
Block Kachanio lllda.. rhlladohihia
Lee, Higginson & Co.
Kotabllobed U43
nosTON new vonic ciiroAoo
130G Flnanco Bldg., PhlladelpMa
tF
NEW YORK BOND SALES
Amr. Arr'o
Chom 7H
2j.,.. DT
1..:.. or
a a & n't no
2 78
1 7704
3 77
1..A. 78
Am T A T So
1 BOH
1 SOU
Am UTOi
l.... loon
1.... iwW
2.... 100H
1.,.. 100y.
4.... ion
D.... 100
A T ft 8 nl
1 70 M,
A T ft 8 K 4
B 78H
2 78U
Atch Top'ka ft
H Fo ov 4o
0 78
Ate T A H Fo
cv 4a '00
2...... 89
A Coatt I' clt
11 13
Atl'o Fruit 7o
1 80
1 80H
Atlantic Hofo
ct 0Ho
3.... 101H
Atlo.ii Pwdr U
74a vrl
1 09H
Unit ft Ohio cv
8 71 W
Halt ft O 3 4
1 H8H
Halt ft Ohio Oo
B 03
1 03
8 03
Dell Telephone
of Pa 7a
2 00
Beth Steel fd
B 83 tt
Ii Steel Bo '30
1 78W
Dkn Edl D 7a
1.... 102 H
Canad'n Nthn
nia rcto
IB.... 102
B.... 102
17.... 102
B.... 102
1.... 102
1.... 102
Canod'n N 7
1.... 104
1.... 103 Vi
1.... 101
Crnl of CIs, 6s
17 03
3 03
1 03
1 02W
Ctl Leather Bo
1 80
1 00
Ctl Pacific Ut
4 7ST4
0 78
Ct'l F S L
1 73
Cero de Pasco
Cop'r 8s
2.... 109
C ft Ohio 4Uo
2 77
B 77K
C'k ft O cv 31
1 83
4 83
4 83
1 B3T4
C D ft Q ma
1.... 102H
.... 1024
10.... 102H
tOAMSS m $1000
2.... 102
B..,. 102
Chlcaao Mil ft
St P'l 4o
1 70
Chlcsco Mil A
Bt Pcv 4W
' 3..... 03 T4
Cheloao Mil ft
Ot P fd 4Vo
1 B9Vi
1 B0
Chicago Mil ft
St P cv So
1 07
OiIcoeo Mil A
StP imlHi
2 78
CM Ilwy'o Ba
1 04
Chi ft W I 4
1 01
Chlneoo Oovo'l
Ilu-K Rly Ba
B 47
Cltr of Doraen
8s rcta
1.... 100
Ctr Chrlo'a flo
... 101V4
City of Copen-
haaen BUa
1 81
City Paris Oo
2,... 00.13
2.... 00. IB
City Zurch He
2.... 101 Tt
crd cm cni
St tio 0o
IB 04
Colo ft S'n 4o
3 85
Cons' d das 7s
1.... 101
Cuban A fl 8s
B.,i.. 00
1 00
Cuban C B cv
4 B0
1 B0
1 80
3 00
B 80
Del ft Hud cv
1 85
1 85
Denmark Con
ct 11 8s
2.... 102
Den ft II O fd
1 44
Den ft It O 4a
2 07
Det Edl Ba '40
1 82
Det Edl Co 0s
1 00
Do Canada'20
6 04
1 04
D de Nemours
Pwdr 7a
20 00
1 00
1 00
1...'.. 00
14 00
Dui Light 0s
1 04
B 03
a 01
Irle It ext 7a
8 08
Flsk llub'r Co
8s v1
5 00
B 00
2 00
B 0D
Fort Worth A
D City lot
8 00
Qen'I Klce Bo
B 87
Cloodyear Tire
ft Itubr 8a
1.... 102
Oove't French
II 7a rcto
7
4 ft
2
6
1. . . .
1.
1.
2.
1...
05
98
0B
08
05
00
05
00
on
08
00
Oove't F It 8a
1
2..
2,,
B.,
5..
6..
1..
8..
d'd
2
100
100
100
100
100
101
100
... 100
Trunk' 7a
104
O Nth nty lot
B
a Nthn
0....
5....
2....
1....
8
2....
a....
1....
Hud ft Man fd
1 07H
1 07
0 08
Hud ft Man In
83
It 70
102
102
102
102
103
102
102
102
25
3
E
12
Ksale)
2
44
44
44
44
44
44
44
44
44
45
45
8.
1.
20.
20.
Ill Central fd
I.A.. 78
III Cent 4ft '53
1 74
Ills Cen'l Ba
7 03
Ills Cen'l tls
It.... 103
1.... 102
Int M ct 4o
: 12
tnterb It T fd
3 63
I M Marino Oa
3 70 '4
Jap Oove't lit
2 8.1
1 84
1 84
Jap Oove't 4s
1 70
Knn C Ft B A
Memp 0s
B 08
Kan C ft S So
1 78
Kellv Sprinted
Tiro Co so
1 07
1 07
K Delclum 0s
1 05
1 05
7 05
1 05
1 .. . 0.1
1 ... 0.1
K Uelc'm 7s
1.. . 103
K DclK'm rets
1.... 101
1.... 101
1.... lots
8.... 101
Klnartom Den
mark ct 8s
1 103
1.... 103
1.... 103
1..I. 108
l..t. 108
Klncdom Nor
way ct 8s
3.... 103
8.... 108
!... 105
Lake Shore M
0 4s '28
4 87
1 87
Lo A Nash 7a
1.... 104
1.... 101
Mer ret'm 8s
2 07
Mich S Tola Bo
1 01
Mid S A Or Bo
4 77
M St P S Bte
M 0a
1 09
M 1C A T 2nd
0 42
Mo It A T 4s
3 03
2 03
3 03
2 03
Mo Pacific 4a
1 04
1 64
NaohVa Chat
ft St Ii Ba
2 01
l..i.. 04
Nil Tubo C 60
B 01
Now Or Tex ft
Mexloo 60
1 00
N T Cent'l flo
0 03
2 03
0 03
1 03
N V Cent'l 7s
4.... 103
Now T N IC 4
II 4a '67
2 81
N Yk lllya 5a
2 0
N Tk Tel'e Oo
1 00
2 00
2 00
New Y W C ft
Host 4 a
4 35
Nfk ft ff'n .4s
B 70
North IVest'n
J) Tel'o 7a
2 101
8.... 103
1.... 103
1.... 103
Nth S Pwr Bs
2 82
l.... 82
Ore ft Calf rn
2 08
Ore-W ltd Co
Navl Co 4a
1 73
Pnck'd M.tor
Car Co fta
1 07
Pa It sm 4s
7 81
Penna It It Bs
1 80
3,,... 80
1 80
Penna Zl 0a
8.. 101
4.... 101
3.... 100
8,... 101
2.... 101
Peo Oaa V A
Coal Co Ba
1 70U
Phlla Cnty cv
11 08
Pitt C Chi A
St L a Ba
1 80
Readlnr Co 4a
0 70
Rep chile rcta
1.
B.,
8..
1..
1..
1..
08
08
08
08
08
08
08
Rop'o of Uru-
auy 8a wt
2.... 100
B ... 100
2.... 100
1.... 100
B.... 100
Roo ft Pitt Oo
1.... 100
Rock Il'd A ft
I.oul'o, 4a
1 00
St L A S F a)
1 08
Ht L ft S F In
B .... 87
6 B8
St Lo ft B Fr
Scries A
11 .... 02
St Lo ft S Fr
Borlea II
1 70
Sart Antonla ft
A P my Is
13 01
13 01
Sao Paulo of
Urazll ct Ss
1 08
Seab'd A I. On
1 48
Sinclair C Oil
Carp'n 7o
1 02
2 . .. 02
8 ... 02
1 112
2... . D2S
2 1)2
E'n Pacific fd
1... . 77
S'n I'nclOf 4
1 73 V.
S'n Pac cv 4s
4 83
0.... 3
1 .... 83
2 M3
2... R3;
1 ... Wt
Sn Pro Term'l
. 73
Illy 4s
. BH
Stand'd Oil of
Calif 80
1.... 104
4.... 104
Swta'd Con 80
1.... 107
1.... 107
6.... 107
Third Ave a J
S 88
Tidewater Oil
Co Ct 0o
23..... 00
23.... 1 07
Union Pao ov
1 87
1 E8
U K Ort Brit
A I'd 1023
n..... 08
2 0fl
O K of O lint
A I'd 1020
4 80
4 80
1,.... 89T4
25,.... 80
2 80
V K of O Ilrlt
A I'd 1037
2 80
1 80
1 88
U 3 Drazll 8a
1.... 100
2.... 100
5..,. 100
0.... 100
1.... 100
1.... 100
U S Mexico 4a
B 80
U S Mexico Ba
15 B8
IB 52
B 62
U S lUJrsb'r Bs
1 70
U S Hub 7a
1.... 10O
4.... 100
1.... 100
.... 100
C'd S Steel 8a
2 0.1
2 04
0 04
Vn-C Ch 7s
1 03
Wrst'n Md 4a
1 Bl
V'n Taclflc 1st
B 80
V U 0s wl
LOCAL MINING STOCKS
TOJfOPAH STOCKS
nid
Cash Boy ,..tt...,., ,.04
Jim Irutler ..... ........ .07
MacNamara ..'........... .10
Crescent ......,.... .''
Midway .11
Mlzpah Ext ......; .On
Montana ..,,....f..,.. .04
North Star ,.,........... .03
Rescue ISula ........ ,20
Tonopnh Ext ..... liV
Weot End 83
West Tonopah ............ ,10
DIVIDE STOCKS
Allied Dlvld 01
Alto Divide ..
Relcher
IJolcher Ext .
Jlsn Hur . ...
Ilrouah Divide
Divide Kxt ..
Divide Con . .
,,,....
...,
.01
.01
.01
.02
.0i
.01
.12
.01
Sth'n
B....
100
.. 100
.. 100
.. 100'
.. 100
E M 7s
.. 103
.. 108
.. 103
8(sa!o)103
Wlcks'e Spncr
Stoel Co 7a
2. ,.. 08
Wis Cent'! 4s
2.,
1..
B.,
1.,
2.,
W t
2.,
St.,
1.
70
70
Liberty 3VC-S
Liberty lt 'iV".
Liberty 2d -lVis..
Liberty 3d 4Vis..
Liberty. 4th 4Vi. .
VlcNotcN33xH...
Vie Notes 4-y. s...
HlKh
5.44
SS.00
8S.7I!
!)' 0(i
SS.80
00.02
011.00
Low
RS.'JO
8S.0S
SS.4I1
02.40
SS.02
00.02
09.02
1:10
P.M.
8.S.40
8S.5S
SS.00
fi2.no
ss.so
110.02
09.04
Paris Bourse Dul
i-nns, epi. 10. Trading . waa dull on
me Mourss lonay. inroc per cent rentes
not H-c; exenanao on London. 03r 25c; B per
cent loan, 81f 4.1c. Tho dollar waa quoted
HI 111 Oii:.
Dlvldond
East Divide
Hamuli
Harbrnuck Dltlde
IIlKh Divide
Knox .09
Revert Divide 02
Rei Divide "1
Roseta 01
silver Kine 1
Sutherland .01
Tonopah Dlvldo nil
victory Dlvldo 01.
Verde Divide 02
Zone 08
OOLDFIELD STOCKS
Booth 02
Comb Fraction Ol
CrackerJack 03
DlamondBeld Blue Bull
Florenco 30
goldfleld Con Q0
old Dev OJ
OoldfleM Deep (it
Great Bend 01
Jumbo Ext 03
Kewanaa 01
Lone Star 02
Oro 1
Red Hills 2.0'
Silver Pick 00
Spearhead ,02
MISCELLANEOUS
Amparo 1.10
Arizona United 05
Caledonia 01)
Eden 10
Emma Sliver .01
Kurelca Croesus 82
Eureka Holly .01
Hecla 4
Mothor I.nde 6K
Novada Hill .01
Netoda Wonder 15
Success "J
Tecopa Mlnlmt 05
Whlto Caps 0t
Vlibert 01
.10
.08
,00
'
.12
:H3I
.03
,(i3
:88
.211
.04
.03
.!
.14
,vi
.01
.11
.03
02
.02
.01
.02
.71
.02
.03
.11
.03
.02
.04
.00
.41
.01
.03
.02
,0J
.0,1
.02
.03
.01
0.00
:Ji
1.30
.10
:&
.02
:oJ
oS
.02
.20
.08
,0H
.0.1
.02
MONEY-LENDING RATES
NEW YORK Money on call, both clasaea
of collateral, opened today at S per cent
for lending and renewing.
PHILADELPHIA Call, per cent: time.
0 per cent, commercial paper, threo to six
months. 0 pnr cent. . ,
Note These are merely nominal quota,
tlons. the legal rato of Interest In the State
nf Pennsylvania being fixed at 0 per cent.
Plus premium and commission, tlm money
for thirty to ninety days Is loaned at ft to
0 per cent, while commercial paper, from
thirty to ninety days, la loantd at 0 to 0
per cent.
LIVESTOCK QUOTATIONS
Pittsburgh, I'n., Sept. 10. HOOS Ro
relpts. 4500 head Higher. Heavies, $8 25
QH 6(1: heavy yorkern. 18.00Q0; light york
crs. 8 218BC Pigs. J808.23.
SHEEP AND LAMBS Receipts. 000
teAd. Steady. Top sheep. 3 top lambs,
$10 30. .
CALVES Receipts, 100 head. Steady.
Top, 114. BO.
Eat RufTnlo, N. V Sept 10 CATTLE
Receipts, 473 head. Market 25o lower
Calves Receipts. 800 head. Market 60e
higher. $5 if 10.
HOOS Receipts, 800O head. Strong.
Heavy, JS 5008.75: mixed and yorkera. n
0.10: tight yorkera and pigs, 58.750U,
roughs, 10; stags, 14 3 3.
SHEEP AND LAMHS Receipts. 4000
head. Choice active, common alow. Prices
unchanged.
JAPAN'S TKADEREVlVlt;;
''1,',)
Excets of Imports Over Export 'tW'
Eight Months Was $131, OO, F'
Wftslilnelon, Sept. lCMnrkeft'ih
rival In both tho reports nnd imfMH'
of Japan durlnj Auguftt, followed M
pronounced slump tit that country's
foreign trade durlnc July, according: la
n cubic- to tho Commerco Department
today from Trado Conimissioner Butts,
nt Tokio. ,
Exports, whlrh dropped fro mnpprox
Imntely $r3,000.0()0 durlnir Jnne to
$40,000,000 for July, the Comniiwdoncr
ipported, returned to f52,00O.OOO for
Aucust, which compnrcn with 587(00(,
(HM) during Aueust, 1020. Imports,
which declined from ?74.000,00O for
June to $55,000,000 for July, roue n" In
to $(,000,000 tlurlnff AtiRUft, which
wn even greater than tho $01,000,000
total durini; AugUNt, 1020,
Th" ?cti of Imports over exports
for the eight months of this year, tho
t iiimiyiiiiicr said, Is $131,000,000,
-niiiHt $215,000,000 for the saino period
last year.
Uiirin August tho exports of copper
continued to be exceedingly largo, anil
the Milt shipments showed on increare.
1 nf Mi' exiif-rts of tea, cotton yarns nnd
textiles continued to bo comparatively
.litlit, while tlu most nolnlilo Rninn
iimonB the Import Items were in cotton
and machinery.
BAR SILVER
Bar Oliver waa Vid higher In London to
day at SOttd.
rnHh
BANK CLEARINGS
Dank clearings today compared with
corresponding day last 4 wo years:
1021 1020 1010
Phllada. $02,000,000 100.000.705 $03,018,001
LEBANON
AOTYONTTHE-AiAP
LEBANON, Pa., is on
the highway of suc
cess. The city is in the heart
of the rich Lebanon Val
ley, a garden-spot of
agriculture.
We have excellent
transportation acilities,
pure water- supply,
abundant electrical
power, low tax rates,
supply of good labor,
superb schools and bank
ing institutions, and an
active, wide-awake
Chamber of Commerce,
eager to assist you.
LOCATE IN
LEBANONI
I ADDRESS
(LEBANON CIIAMBERor COAWERCE
I L.KBANUN. PA.
aMsWoMMMsaasfeHsBBaslsHsMMMsMoiM
NEW ISSUE
$2,000,000
First Joint Stock Land Bank of Chicago
5V2 Farm Loan Bonds
(ILLINOIS AND IOWA)
Exempt from all Federal, State, Municipal and Local Taxation:
Confirmed by the U. S. Supreme Court and completely tax-exempt as the First Liberty Loan 3'2 Bonds
Dated November 1, 1921
Issued under the Federal Farm Loan Act
Due November 1, 1951
Redeemable at the option of the obligor at par and accrued Interest on November 1, 1931, or on any interest
date thereafter. Coupon bond of $1,000 denomination, fully reEiterable and interchangeable. Principal and
semi-annual interest, May 1 and November 1, payable at the bank of issue or at the Continental oiCom
mercial Dank tn Chicago, or at the Equitable Trust Company in New York City, at the holder's option
The following salient facts are summarized from President Guy Huston's letter and the Federal Farm
Loan Act:
SECURITYThese bonds are direct obligations of the First Joint Stock Land Bank of Chicago and secured by
deposit with the Registrar of the Farm Loan Bureau of the United States Treasury Department, of United States
?nHVS1C0n " morteQB. "Poo improved farms, not exceeding 50 of appraised value of farm lands
and 20 of the appraised permanent insured improvements thereon, in the states of Illinois and Iowa, admittedly
the finest agricultural section in the country. ' uulu,cuv
All of the mortgages have been approved by the Federal Farm Loan Board based upon the appraisals of thefr
own agents operating in their respective territories. In addition to government inupecrion of ffe properties tiw
bank has had independent appraisals made by their own experts. properties, tne
All bonds of the Bank are protected not only by an equity represented by at least 100 of additional land value
SLS? y Pa CaP,tal StOCk f thC bank ""J18 double Hability' and theaccumulated sunlul and
$12o!lSkS StatCment f Aug 31, 1921' shows a P-to caPitaI sto of $1,200,000 and surplus and reserves of
TAX EXEMPT FEATURES We quote hereunder from the actual bonds certified to by the Registrar of the
lhoiilrJUrfT f thC United States Treasury Department as follows: 'This bond if ifsueS under
authority of the act of Congress approved July 17, 1916, which provides that-Farm Loan Bonds issued
We quote from the decision rendered by the United States Supreme Court February 28th, 1921, as follows
taxation?" "" COnBtitutionalIy organized and the securities here involved are legally exS from
S1!5?EN7 SUPERVISION AND OPERATION-This Bank was chartered under the provisions of the
Federal Farm Loan Act". Under this act, the Federal Farm Loan Board exercises supervisory WrJ over the
SS' Ti ar t0 the Federnl Reserve Board over the Federal Reserve Banks supervisory powers over the
loansad SlFS i.wrll011 .Secpeta the Treasury is Ex-Officio Chairman, must approve all
alsTpS - - deposited and
prioeSS" riSidly reStriCtCd SUP;rViSed by thc G-cmment, it is under
(i operations in the same states
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Price 101 and interest, to yield about 5 to 1931 and 5W thereafter
Discount will be allmvr4 nt- th - r riym- ., ...
- .-."- " on.w vj or77D ijcj Biuiurn crn rne nnnHrni mm r u- u i . . .
. which latter date Intent wi.l accrue oa the lM iStataSt
1,1921, from
14 WALL STREET
NEW YORK
KISSEL, KINNICUTT & CO.
""tttMBpr,
THE ROOKERY
CHICAGO
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