New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-28
BRIEF NOTES OF FINANCE.
Paragraphs of Current Interest
for the Investor.

The currency question, like the Mexican
situation. is involved in a muddle. Fac
tions are opposing factions in banking
circles. sections of the country are OPP
posed TO other sections and the Wash
ington politicians are all fused up
over the question. From all appearances
the fundamental question of the coun-
trys welfare is about the last thing that
many supporters of each individual doc
trine of currency and banking reform
consider when analyzing the measure.
one thing seems to be assured and that
IS that the administration will not ac-
ceJt 4 bill fathered by Wall Street inter-
ests who have opposed the Owen-Glass
reform features. 1t would, indeed, be I'M
fortunate If too many cooks should spoil
the broth.
Success of Boston Bond Sales.
# is evident that the investors OF New
England, especially those interested IN
the city Of Boston, have not lost all
faith in the investment situation, notwlth-
standing the trying experiences of the last
wear. The entire issue of AliS,Ooo city
of Boston A. per cent bonds recently pur-
chased by a syndicate composed OF nVe
Boston bond houses was sold within two
davs on basis of 4.O5 per cent. The eX-
cellent demand for these bonds exceeded
the most sanguine expectations and was
most encouraging, especially when con-
trasted with the result of the previous
issue Offering by the city last Feoruary'
which has only just been cleaned up. vi
course for a municipal issue the yield
was attractive, and the fact that the
bonds are exempt from taxation uhue'
the new federal income tax law douotless
had much 10 do with their popular ac-
ceptance.
Reduces German Bank Rate.
A sign OF unmistakable Improvement
no matter how slight, as indicated by the
fractional reduction. is evidenced IN the
change of the German bank rate from
per cent TO So per cent 1t is almost
year since the Bank of Germany adVanceu
its rate to per cent. on November H.
1912. following a period Of only three
weeks when q per cent rate had been In
operation. Not since 1907 has so high
rate been maintained as during 1917 anu
this year. and this emphasizes the STRAIN
of the foreign money markets during the
period as well as the betterment "hlcn
the present reduction indicates. Natural
ly. a 81 per cent discount rate does not
mean easy money, simply easier MONEY
II is however. the first relief of a SUD
stantial nature that has been noted In
relaxation of the attitude of the Bank Vi
Germany since the beginning OF the Bar
kan war Following the successful passing
of the autumn requirements BY the bahN
OF England. the movement forecasts
less exacting position in the gold marke'
by the great central institutions OF Eu-
rope.
Oil Companies Prosperous.
An optimistic view of the oil industry
IN general is SHOWN in d booklet Just
issued by f. c. Smithers & Co, entitleu
STANDARD Oil Companies, 1913. one
paragraph says ,o
"Au things. considered. the year 1911
WAS probably the most prosperous i'll the
oil trade since August q, 1888 Wheh
petroleum was first discovered near Titus
willie. Penn. There is every indication
that 1913 will be equally prosperous. Even
though the production of crude OIL IS IN
creasing, the demand for the refined pr'u-
ucts is still exceeding the supply. Stdhu-
ard Oil companies beyond all others are
reaping the benefit of this increased ac-
tivity. for they are better ntted to 'ako
care of the. tremendous demand, and tne
most rigid economics are practIsed IN all
their plants. They have reduced the loss
in refining TO an absolute minimum. Fol
example, with few II any exceptions 10
so-caIled independent plant has installed
the continuous process stills. In this
process refined oil is running out at 'he
same time crude is being admitted 10 inc
stills. As the Standard OH group mas
hardly a plant that is not SO equipped
the saving from this item alone must run
into the millions"