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Many business concerns have lost a large number of their employees thru the war. Doubtless you have. You may release more and at the same time perform a patriotic duty by using a central organization that will supply you with complete dependable information in practically every line of business.

Babson's Reports will take the place of all such employees that you release, either voluntarily or otherwise. Write us about your business and let us tell you what we have for your line.

Avoid worry. Cease depending on rumors or luck. Recognize that all action is followed by equal reaction. Work with a definite policy based on fundamental statis

tics.

When you write, address Dept. G-9 of
Babson's Statistical Organization
Executive Block
Wellesley Hills, Mass.
Largest Organization of its Character in the World

INVESTMENTS-AND-FINANCE

HOW STOCK MARKET AVERAGES
HAVE VARIED IN TWO YEARS

tons each. Grain arriving in Buffalo is immediately transferred to the barges by floating elevators. A 10,000-ton steamer has been loaded in one day at Duluth for Buffalo, and many transactions are reported for smaller cargoes. Tonnage has been in great demand at Lake Michigan ports. It is expected that barges will be kept busy on the canal for the remainder of the season.

N the subjoined diagram, taken from the black line shows the closing average prices of fifty stocks, half industrials and half railroads, at the dates indicated in the upper margin. The wider black area shows the high and low average prices of the twenty-five industrials included in the fifty and the white area the corresponding figures for the twenty-five rails. The lines begin at a time when Germany was suffering severely from her failure at Verdun and from losses in men and territory from the great Allied Somme offensive. The subsequent rapid decline (November to February) embraces the period of Bethmann-Hollweg's sensational peace offensive, followed a few weeks later by Germany's intensified submarine warfare. The lowest point of all (December, 1917) was -19161917Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept

Complaints have been made that the canal in certain sections is not deep enough to enable the deepest draft barges to pass without grinding the bottom. In reply to a question as to when the canal would be completed to its full depth of twelve feet for its entire length, State Engineer Frank M. Williams recently replied:

"The channel construction should be entirely completed by next spring. All of the terminals, however, will not be fully equipped and in operation on that date, altho most of them may be in fairly usable

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reached after Germany's successful counter-
thrust for Cambrai, her "peace offensive"
with the Bolsheviki at Brest-Litovsk, and
the taking over of our railroads by the
Government. The low prices that have
since persisted have in large measure been
due to the tremendous demands on capital
made by war-industries, income-tax pay-
ments, and Liberty Loan purchases. Not
even Foch's victories have been able to
remove this influence in keeping stocks at
low prices.

BUSINESS ON THE GREAT BARGE
CANAL

Now that the New York Barge Canal,
from Buffalo to the Hudson River, with
branches to Lake Champlain, Lake On-
tario, and the "Finger Lakes," has been
in operation for a few months, some of the
data to hand are interesting as showing
what may result for future operations.
Traffic has been increasing rapidly, and
State officials say everything points to big
results during the remainder of the season.
New boats are arriving in Buffalo almost
daily.

Boats are loaded in Buffalo with grain and return immediately to the seaboard. Occasionally, besides grain, they take on copper and flour. These boats have a carrying cargo capacity of 500

shape. As soon as sections of the canal are finished by the State Engineer, they are turned over to the Superintendent of Public Works for operation and maintenance. It will be necessary for that department to remove such slides as may occur and also to dredge such silt as may be deposited. Not many sections of the canal, however, are subject to slides and these will be greatly reduced in extent as time passes and the canal banks are found to have taken their natural angle of repose. Inasmuch as a large portion of the canal lies in the beds of natural streams, bars are bound to occasionally form at the entrances of tributary streams, particularly at times of exceptional flood. These, of course, must be removed."

INTEREST RATES AFTER THE WAR

Predictions have been made that the end of the war will see a world-wide demand for capital that will bring about a sharp increase in interest rates. Writers have assumed that as there will be a rush by European nations to incur new obligations to finance the work of reconstruction and to refund maturing issues, this result must necessarily follow. Other opinion, however, has noted that as this war is unlike any other, historical precedents may not gov ern conditions in 1919 or 1920 and so the world may experience different results. A

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