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To Liberty
Bond Holders

A third edition of our booklet, "Your Liberty Bond," including details of the Fourth Loan, is ready for distribution.

This booklet will tell you what you ought to know about your holdings.

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Total.

1,450 1743

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3,416 272 86.600 535 1,062.200

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195,180 231,600 28.786 2,740 26,300 91,700 31,852 59,403

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443,170 1,510,589

193,600, 108,713 2.900,015 946,732 818.642 61.775 6,455,366

168,410 2,252,765 731,636 915,877 123,303 329,902

369,660 1,165,400

261,155

11,500 126,960

252,250

574,030 3,310,075

220,840

115,245 2,284,280

82,296

656 927 287,040

97,000 4,334,400

68,875

70,175 124,855

969,118

76,000 77,850

39,685

81,265

11,300

New work. Alterations.

RAILROAD EARNINGS NOW HEAVY

For the month of August the operating revenues of American railways reached $502,759,622, which was a record surpassing that of any previous month. It was a sum greater by 7 per cent. than the showing made in July, and disclosed a gain of 37.3 per cent. over the figures for August, 1917. On the other hand, as Bradstreet's points out, the total of net revenue from operations, viz., $143,771,957, was somewhat less in amount than for July, tho it was a rise of 20.5 per cent. over August of last year. After deducting what may be termed ordinary taxes, as distinguished from war-taxes, net operating income for August of this year amounted to $128,123,081, the increase over August, 1917, Operating expenses, being 22 per cent. aggregating $358,987,665, increased 45 per cent. over August of last year, expenditures for maintenance of equipment having advanced 93 per cent., and charges for transportation 33 per cent.

Bradstreet's remarks that it is needless to say that the increase in freight as well as passenger-rates "played an important part in expanding operating revenues for the month of August last." The earnings derived from freight amounted to $349,816,570, the increase over August last year being 39 per cent., while the income from passenger service brought in $113,651,976, the advance over August, 1917, being approximately 40 per cent.

Further:

"Operating revenues for eight months of 39,157 the calendar year amounted to $3,051,828,939, an increase of $440,707,552, or 16.8 per cent., over the corresponding time in 1917; but as operating expenses absorbed $2,489,862,562, or $652,607.815 100,047 more than in the first eight months of last year, net operating revenues show up at reflecting a only $561,966,377, this sum

66,545

14,316

306.250 343,280

130,540 214,320
21,635

25,210

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ING

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Your Investment Problem

UNDER present conditions sound investment securities are available 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. It investigates, 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

service.

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.

Our monthly booklet, Investment Recommendations, is mailed on request

Guaranty Trust Company of New York

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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:

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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 protest."

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59, No. 7. Whole No. 1491

War and the Pierce-Arrow

UMAN life can be saved by a rapid war

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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 voluntarily 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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