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

ments as do the modistes Of Fifth ave.
nue. to the latest gowns. The first half
of 1912 and several years prior thereto
are often referred to as the days of the
the Idea that this particular and often
excellent form of Investment is obso-
lete. great deal of financing was
fone tSat snroagn TINS meaium ana the faet
utilized 1t fetched up in the breakers
has nothing to do with the form of se-
curity. Many sound preferred issues
other rates. declined in common with
the whole market last year. and have
as yet made but inadequate recovery.
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
pubic utilities, class of company that
continued uninterruptedly it's 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 represent
tative industrials shows a gain in gross
or "a per cent, but decrease of hah
per cent in net. The public utility
companies. however, increased receipts
S.4 per cent. and net earnings per
cent. Railroads certainly, and indus
trials as a class, have not yet turned
they are published from month to
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-
tirely 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. It is estimated that for one rep
resentatlVes company the recent cuts
averaged from 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
fact is that the oil group, as whole,
, like the market for the crude product,
was, entitled to setback, and, like it
again. has had one. At this writing
With the demand for stocks next to
MI, the stock Exchange market has
sure. Many people are discouraged by
the continued refusal of prices to i'm
prove. but in the present situation the
bond market should give better idea
will come. later incidentally. bank
clearings last week We're per cent
larger than for the corresponding week
of 1918, weather conditions in the agri-
cultural sections continue favorable
and 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.
II 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.
turers. / think war would draw ouI
people together and erase their differ
ences with a common cause, though
some pessimists think not One thine
does seem certain, and that Is once we
set foot in Mexico a stable Government
there will be assured, and securities
based on Mexican properties become
very much more valuable.