The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-04-28
Finance and Commerce

cent bond issue-shows how strong is the
investment inquiry for such securities. A
considerable part Of the buying of these
securities has come from banking institu-
tons which ind the investment return
much more advantageous than that yield
made on stock exchange collateral or ad-
vances made to mercantile borrowers at
the prevailing quotations for high-grade
commercial paper. The present demand
for securities Of this class is about the
best that has been encountered at any
time in recent years.
1T shows that investors generally are
asking only for the best securities in the
market, and that there has been a re-
markable change OF feeling compared
with the general demand a year or two
ago for securities yielding the highest pos
sible income return. Because OF the loss
es taken by many buyers of such Sc
curities ii is probable that the chief in
vestment inquiry for some time to come
will have to do mainly with the best class
Of tax exempt securities which are pur-
chased rather than providing an abnor-
mally high income return
OIL Reduction Inquiry.
OIL operators and producers of West
Virginia have asked Congressmen to
have an investigation made into the re-
cent reduction in the purchasing price
of Pennsylvania crude oil, which has
been cut from $3.50 to $40 barrel within
a little over a week.
The oil men declare that there appears
TO be "a mutual understanding and con-
certed action" and they petition that
steps be taken Immediately by the
proper government department to de-
termine whether or not they are being
made in violation OF the antitrust law"
A meeting of independent operators
will be held in Clarksburg tomorrow to
take further action in the matter.
Losses of Railroads.
Coincident with the final arguments in
the rate increase cases being heard by
the Interstate Commerce Commission, the
Bureau Of Railway Economics yesterday
gave out a statement indicating that the
returns for February reduced to a per
mile or line basis and compared with
the returns for February, 1913. show a
decrease in total operating revenues per
mile Of lilo per cent and a decrease in
operating expenses per mile of 81 per
cent Net operating revenue per mile
was less by SIS or 33.S per cent, than for
February, 1913, while that for February,
1918, was "a per cent greater than for
February, 1872
sue on May I at els p. m a report Civ
ing an estimate of the acreage of winter
wheat remaining on MAY 10 be har-
vested; the condition on May l OF winter
wheat, rye, meadow moving lands and
pastures; farm supplies of hay on May l:
the per cent done on MAY ! OF the total
spring blowing contemplated. and the per
cent of spring planting done on May
with comparisons.
1t is announced that negotiations have
been completed whereby the Craddock-
Terry Shoe Company, of Lynchburg. Va.
acquires the manufacturing and whole
sale shoe business of the Burrow-Jones
& Sayer Shoe Company and the Kauth-
Reith Shoe Company. of st. Louis The
first named company has business of
$4,000 annually with factories at St
Louis and Louisiana. Mo.
\ bulletin issued by the Department
Of Commerce gives the average export
price of cotton for March at 12c a pound.
against 12Sc pound in March. 1913: for
the seven months ended March the aver
age export price is 13c a pound COM
pared with l2c A pound in March, 1913.
and 1Oc a pound in March, 1872
The American Bankers Association is
distributing 10 all OF its members the
new cipher code OF 1914. which will be-
come operative on May Is next. The
first code was issued by the association
in 1906 and the second in 1908. which will
be displayed by the new code.
Richmond Va, which becomes the
center of the Fifth Federal reserve dis
trict. yesterday was designated an addi-
uonai reserve city. This was a privilege
under the act of 1887. but untn now the
Virginia city has not cared to take ad
vantage of il.
southern Railroad earnings for the
third week Of April show a decrease of
S4S,47+ Since July / the increase ha.
been H,1a0,sl4
Vice President James A. CahiIl of the
Commercial National is in Atlantic C;,,.