The Washington herald., 1914-04-03
WALL STREET news.


Cotton exchange seat Of z. r. Hutton
yesterday was sold to ]. B. Clews for
another at $1,000, as compared with the
last previous sale Of $1,000.
The Listing committee OF the New York
Curb Market Association rules that con-
tracts In Wayland OIL and Gas may be
settled by delivery Of the stock upon. one
days notice. All trades on and after
today are to be regular way. unless other
wise specified at the time of trade.
There is evidence of accumulation Of
the copper shares. This buying has been
large in the aggregate Not only are in
vestors buying. but odd lot purchases and
spectators of shrewdness are believers
in enhancement of prices in the near
future. There is an expanding outside
interest on account OF the earning power
shown in the midst Of general depression.
The annual saving of train miles by
its policy of retrenchment and canclla-
tion Of Passenger trains, will be approx
imately $4,000 miles. OF this amount
100000 will be on the Eastern lines, and
2, l0O, 900 miles on the lines west Of Pitts
burgh.
The trains taken of the lines west of
Pittsburgh, on the Pittsburgh, Fort
Wayne and Chicago Railway. is the first
step taken on the company's Western
lines to reduce the number Of trains in
operation.
The number of trains that have either
been taken of. or will be shortly. on the
Eastern lines. is lis. The saving Of train
miles as a result of the cancellation of
these lis trains will be 110.Ooo miles per
month, or 100000 miles per anunm.
Lewis Johnson & Co. to A. B. Leach &
Co.-The investment situation presents
few important changes. The demand for
bonds is of encouraging proportions, and
money is in good supply at low rates
With the stock market awaiting an in
centive. and perhaps a leader. the lure
of cheap call and easy time money Is
easily resisted. To buy bonds Of high
grade. even though temporary loans
should be made on them. is a reasonably
sure form of taking advantage of a 3
per cent money market II history is to
repeat itself. an advance in the bond
market will precede any sustained rise
in stocks. We see no reason for any
abatement in optimism as to the sound
ness Of basic conditions.
New York Financial Bulletin: The cost
of living will be very much reduced
through the unemployment now extend
ing over the country. says a we'll
Informed source. The competition for the
so-called Iuxuries will not be as keen as
heretofore. The tariff is reducing the
price of food products in various direc-
tions. This will take from the high levels
charged heretofore. Predictions are be-
ing made that the economic situation in
this respect will be much improved
throughout the United States before the
end of the year. Railroad operating eX-
penses will no longer eat into the net
as in the past few months. according to
good authority. II is said the heavy cur
tailment Of labor will check the tendency.
for labor has been the chief cause. The
March account, and especially the April
reports, will reflect the better condition.
judging from preliminary estimates.
Railroad labor organizations are reported
contemplating petitioning the Interstate
Commerce Commission to allow advances
in freight rates. This is said TO be due
to the extensive laying OFF OF employees.
l. r. johnson, president of the Norfolk
and Western Railway Company, in reply
to an inquiry regarding the policy OF the
Norfolk and Western Railway as TO re-
trenchments stated that his policy is at
all times to hold his expenses to meet
business conditions. and there have been
constant and continuous retrenchments
since July !. 1919.
''AlI work possible has been retarded
and a considerable amount OF additions
and betterments work has been suspend
ed and will be held in suspense until
business conditions are very decidedly
improved. Passenger train service will be
maintained to meet requirements. The
property will not be permitted to de-
preciate either as TO track or equipment.
The gross earnings of this company
have increased from July l. 1918. to March
1, 1914. $4,000. as compared with the
same period a year ago. while net earn
ings for the same period have decreased
81, ,211.O00
From November /, 1918, to date there
have been suspended and relieved from
service a total of 5000 men in round num-
bers. and still further reductions will be
necessary unless business revives.''