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Your Investment Problem UNDER present conditions sound investment securities are avail

able at prices which yield unusually attractive returns. In solving your investment problem—in placing your funds or in re-investing your holdings to the best advantage the Bond Department of this Company can be of service to you. This department is a complete investment organization, with every modern facility for service to investors. Itinvestigates, examines, and underwrites bond and note issues; buys and sells securities; and furnishes information relating to investments. Through our correspondents in various cities, these facilities are placed at the convenient disposal of our customers outside of New York.

This Company is an organization of which the Bond Department is a part—covering completely the field of banking and trust

4501

of 27 per cent. The balance of earnings after taxes for the first eight months of the current calendar year amounted to $438,476,373, a loss of $220,405,413 from the like time of 1917. The following table gives in small compass the essential facts as to earnings for August and the eight months ended therewith:

RAILWAY EARNINGS (193) ROADS
August
1918

1917 Changes Mileage..

232,866 232,2021 664 Tot. op.rev.

$502,759,622 $366,223,601 1 $136,536,021 Expenses.... 358,987,665 246,918,741 i 112,068,924 Net op. rev....

$143,771,957 $119,304,860 1 $24,467,097 Bal. after tax... 128,123,081 104,472,891 1 23,650,190 Rev. per mile..

2,159
1,577 1

582 Exp. per mile..

1,542
1,063 1

479 Net per mile..

617

514 I

103 Op. inc. per mile. 550

100 Eight Mos.

Tot. op. rev. . $3,051,828,939 $2,611,121,387 1 5440,707,552 Expenses... 2,489,862,562 1,837,254,747 1 652,607,815 Net op. rev.. $561,966,377 $773,866,640 D $211,900,263 Bal. after tax... 438,476,373 658,881,790 D 220,405,413

The following table shows the trend of railway earnings over a period, the percentages reflecting the increase or decrease, as the case may be, from the preceding year:

Per Cent. Inc. Per Cent. Inc. Per Cent. Inc.

Gr088 Net Gross Net Gross Net 1918 1918

1917 1917 1916 1916 January *5.0 *83.2 15.2 11.0 21.7

56.7 February .9 19.4 .9 26.7 27.7

57.0 March.

15.1 *6.3

9.2 *8.0 25 1 42.9 April.

16.0 *1.9

13.5
.5 22.1

39.0 May.

9.3 15.6 14.8 3.5 28.2 52.2 June. 12.5 136.0 16.8 10.0

21.6 25.4 July.

34.4 37.0 15.0 3.0 18.6 25.8 August

37.3

20.5 11.6 *3.8 21.1 28.1 September

9.9 *6.3 13 1 9.8 October

12.7 4.6 10.6 7.7 November

9.9 18.3 7.4 *1.3 December

8.0 17.5 7.7 *4.8

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service.

a

• Decrease.

Through its Banking Department, the Company transacts a general commercial banking business. As a member of the Federal Reserve System the Company is enabled to extend to its customers the credit facilities and rediscount and collection privileges of a member bank. Through its Foreign Department and its affiliations and connections throughout the world, the Company affords a complete foreign banking service. It also gives special attention to the banking needs of officers and men in the American Expeditionary Force and other recognized organizations abroad. Through its Trust Department the Company acts in every fiduciary capacity for corporations and individuals. Your inquiries as to how we may serve you will be welcomed.

June..

November.

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Ourmonthly booklet, Investment Recommendations, is mailed on request Guaranty Trust Company of New York

140 Broadway

FIFTH AVE. OFFICE Fifth Ave. & 43rd St. MADISON AVE. OFFICE Madison Ave. &both St.

LONDON OFFICES 32 Lombard St., E. C. 5 Lr. Grosvenor Pl., S. W.

PARIS OFFICE Rue des Italiens, 1 & 3 TOURS OFFICE Rue Etienne Pallu, 7

Capital & Surplus $50,000,000 Resources over $600,000,000

'Expenses and taxes for August compare with preceding months as follows:

1918
1917

1916
January.. $285,484,162 $229,256,203 $196,137,642
February 275,267,724 221,500,882 196,902,301
March

298,604,206 243,268,331 207,079,863 April

295,792,051 1241,888,416 203,409,042 May.

301,263,163 253,128,960 209,295,430

452,269,042 250,759,951 209,888,026 July.

332,617,165 252,708,289 208,548,009 August. 374,584,634 261,993,693 217,114,252 September.

268,746,282 217,310,277 October.

280,927,836 224,194,519

281,488,325 220,054,044 December

276,128,331

224,214,274 Total.......

$3,061,495,499 $2,534,147,679 The operating contracts between the railways and the Director-General of Railroads are still pending. Bradstreet's notes that, according to latest accounts, the Interstate Commerce Commission "is largely responsible for the present delay," that body having been charged with the important duty of computing and certifying the amount of rentals based on net operating earnings of the various railways during the three-year test-period. While some delay would naturally be inevitable in a matter of this sort, "the commission seems to have unduly protracted what would seem to be a matter of preparing statistics from its own records."

The distribution of new standard equipment ordered by the Railroad Administration and allotments of its cost among various roads have led to more or less difficulty. Some of the railways were not in need of the new equipment, and could not employ it even if its acceptance was forced upon them by the railroad control. Corporate officials of various companies in consequence opposed the plan, holding that by its adoption they would be charged with, and become responsible for, the cost of large amounts of additional locomotives and cars “which were not necessary for the operation of their own lines and over the use of which elsewhere they would have no jurisdiction." This matter has been “regarded as too important to justify acquiescence by the railway companies without at least a

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ROUGH ON RATS

%

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MORTGAGE BONDS

A United States Department of Agriculture bul. letin saye: "The best bait usually is food of a kind that the rats and mice do not get in the vicinity. The bait should

be kept fresh and at. tractive and the kind changed when necessary." "Rough On Rats" mixes with any food. It rids premises of pests-quickly, thoroughly, cheaply, Get it at drug and general stores. "Ending Rats and Mice", our booklet, sent free; WRITE. E. S. WELLS, Chemist Jersey City, N.J.

Bonds are secured by first mortgages on improved farms in the best agricultural sections of Oklahoma. We have loaned over $3,000,000.00 without a cent of loss to any investor. Bonds mature in 2, 3, and 5 years and can be had in denominations of $100.00, $500.00 and $1000.00—interest payable semi-annually. AURELIUS-SWANSON CO., Inc.

Assets over $400,000.00 31 State National Bank Building Oldlahoma City Oklahoma

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this magazine, place a one-cent notice, mail the magazine, and In the hands of our soldiers or sal proceed overseas. NO WRAPPING

A. S. BURLESON, Postm

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PUBLIC OPINION Newyork combined with The LITERARY DIGEST

NOVEMBER 16, 1918

Price

Pierce-Arrow

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UMAN life can be saved by a rapid war

victory. Therefore, The Pierce-Arrow Motor
Car Company is cheerfully replacing passenger car
production with war work. When we complete
and sell the present limited number of Dual Valve
Six cars, material for which was ordered prior to
April, 1917, there will be no more until labor and
steel are available without detriment to the military
program.

We do not think the automobile a non-essential,
but we believe that our facilities can more effectively
be applied to war success. This involves no new
policy. It conforms to our procedure since the
United States became a belligerent. We volunta-
rily dropped two popular models to concentrate on
one, so that we might rapidly divert our capacity to
military production.
Despite the public welcome for our Dual Valve
Six, the most powerful, efficient and economical
motor we have produced, we feel that practical
patriotism demands that we should make only
Pierce-Arrow trucks for essential uses and such
product as the War Department may require.

This statement is directed to our patrons who
will, we are sure, appreciate our obligations and
hold us in their good-will until we are again able
to offer our complete line.

Pierce-Arrow

THE PIERCE-ARROW MOTOR CAR CO.

BUFFALO, N. Y,

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Miss Mary Arline Zurhorst, Principal, National School of Domestic Art and Science, is a leading authority on matters pertaining to the relation of cooked foods to health. Her views, based on wide experience, are of the highest value.

Miss Zurhorst says: “As advocates of the highest standards in the field of cookery, we thoroughly endorse a more extensive use of citrus fruits, such as grapefruit and oranges, by those interested in a pleasant road to perfect health and economy in using household funds."

Physicians and Food Experts Advise Sealdsweet Grapefruit and Oranges

the Use of Grapefruit and Oranges So Sweet That They Need No Sugar Physicians of all schools prescribe them for use in hospitals Choice Florida grapefruit and oranges are marketed under and sick rooms and advise that they be eaten liberally for the Sealdsweet brand by growers cooperating in the nonkeeping well.

profit Florida Citrus Exchange, Food experts agree in urging the value of these fruits to Sealdsweet fruits are tree-ripened, thin-skinned, heavy with provide the proper balance for meals—used in cookery, juice and always pleasing to the taste, though sometimes confections, etc., as well as in their natural state.

they may be rough and uninviting to the eye. Officials of the food administration are ncouraging the Tree-ripened Sealdsweet oranges require no sugar. Nor wider consumption of grapefruit and oranges to conserve need any be used with Sealdsweet grapefruit-many persons the country's supply of meats, grains and other solid foods. prefer them seasoned with salt instead of sugar.

enc

Free, Book—“The Health Fruits of Florida".
and Sealdsweet Kitchen Calendar and Chart

"The Health Fruits of Florida," an attractive booklet, illustrated in Sealdsweet Kitchen Calendar and Chart offers a different suggestion colors, describes sixty-nine pleasing ways of serving grapefruit and for the use of grapefruit for every day in the year, has calendar for oranges and for using them in cookery and confections. Has war-time twelve months, blank space for household memoranda and gives supplement, giving desirable substitutes for sugar in recipes which opinions of noted health authorities as to grapefruit-pleasingly illusformerly provided for its use.

trated to ornament any kitchen. Booklet and Calendar-Chart both free on application

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