Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-04-22
Passing Impressions Of Finance
By H. L. Bennett

1 ments as do the modistes of Fifth ave-
nue. to the latest gowns The first halt
| of 1912 and several years prior thereto
are often referred to as the days of the
2, per cent. preferred stock. conveying
excellent form Of Investment Is obso-
done through this medium, and the fact
| that some industrial corporations that
| utilized It fetched up in the breakers
has nothing to do with the form of Sc
bearing z per cent, s per cent. and
other rates, declined in common with
the whole market last year, and have
such opportunities ase they now pre-
| sent will repay handsomely those in
vestors who anticipate the time when
| broadening market and low money
rate re-establishes normal prices.
There are many such issues among
public utilities a class Of company that
continued uninterruptedly its increase
In earning power last year. A very in
teresting complication of earnings for
1913 by different classes of companies
shows gain by railroads in gross of
per cent. A selected list of represen-
tative industrials shows gain in gross
Rs fen a net but rSe paSc of sy ha,
companies, however. increased receipts
ga per cent. and net earnings s per
cent Railroads certainly, and indus
trials as a class. have not yet turned
the corner, but public utility reports as
month continue to show gains.
The cuts in crude oil prices that are
associated with the slump in the Stan
dard Oil group of stocks are an en-
t1rely natural reaction from long and
extensive series. of advances. Statistics
show the position of the market for
oil and oil products Is strong, and a
long or permanent decline is improb-
able. 1t is estimated that for one rep
averaged from s to 10 per cent. 1t
seems natural that reduced prices for
crude oil should benefit refining COM
panies. but their stocks have shared the
decline with those of producing and
pipeline companies impartially. The
fact Is that the oil group, as a whole,
like the market for the crude product,
was entitled to setback, and, like it
| again, has had one. At this writing
the stocks are erratic rather than weak.
With the demand for stocks next to
| nil, the Stock Exchange market has
peen Vulnerable to any selling pres
sure. Many people are discouraged by
the continued refusal of prices to inn
bond market should give better better idea lea
/ of the future than stocks. Their turn
will come later. incidentally, bank
e51earings 5aeacn eS, last week We're per cent.
OF 1913. weather conditions in the agri-
| cultural sections continue favorable,
| ana the money market gives constant
assurance of permanent ease. Stocks
OF merchandise in almost every line are
| low, which is one of the best possible
safeguards of the situation
If worst comes to worst in Mexico.
and we are obliged to invade, do not
anticipate serious effects for American
! business and securities. Production
and distribution would be stimulated,
and our politicians would have some
thing else to ocupy them than bully
ragging the railroads and manufac-
people together and erase their differ
! ences with common cause, though
some pessimists think not. One thing
does seem certain, and that is once we
set foot in Mexico stable Government
there will be assured, and securities
based on Mexican properties become
very much more valuable.