Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-12-01
LOCAL FINANCIAL NEWS.

The facility with which large issues OF
railroad bonds have recently been disposed
or Is looked upon as a favorable indication
or the condition of the investment market
and affords additional proof of the fact that
there is no lack of money. The disturbances
in Wall street which have attracted SO
much attention are now generally under
stood to be due to overcapitalization of vari-
Gus enterprises. and not to the prostration
of the business of the country.
Some of the recent bond issues include
S10O0O,OO0 Philadelphia, Baltimore and
Washington per cent bonds, Sl0.o00O00
Long Island Railroad Company As, glaran-
teed by the Pennsylvania Railroad Com
pany; S4O.O0ooOO Lake Shore and Michigan
Southern railway 2o-year debenture As.
additional amounts of Baltimore and Ohio
prior lien 31as and As, and a 1.J00,O00
pounds sterling per cent loan of the
Great Northern Railway Company.
In the general as well as in the local mar
ket the feature of the present buying is
what is known investment securities.
While the prevailing prices of frst-class
bonds are not on as high a level as was tho
case, Tor example, last year. still the shad-
ing off has been compa ra lively slight and
securities which pay on the market price
per cent and less are in good demand.
Locally the speculative buying of securities
represents small fraction of the transact
tons while bonds taken at figures
which show an appreciation over the quo
tations of a few months ago.
An illustration of the conditions re-
Ierred to above as bringing about the
present state of the general stock mar
ket is found in the figures which have
been collated of the capitalization of new
COMPANIES incorporated in the eastern
states turing the month just closed In
Guiding only companies with a capital of
S1,ooo 900 or over, the total for the month
is only about $56.ooo,000, as compared
with S1l5,uoO.0O0 of November of last
year anu sos 900, 900 for a similar period
two years ago. These figures show that
there is a general indisposition to create
ne. enterprises or to carry out CONSOLE
dation sJhemes previously contemplated
on large scale. In nutshell the reason
Is that ne great congestion of such Sc
curities has made 1t difficult to obtain
money-for new enterprises.
The experience gained from the operation
of the Potomac Savings Bank in George
town. during the few months of its exist
ence has demonstrated that the savings
department Is not being used while the
opening of commercial accounts has gone
beyond what was at all expected when the
institution was organized. In view of this
condtion, the plan of changing to a ma
tlonal bank, Is being considered. and It Is
likely that it will be carried out in the near
future.
ne SltlZenS national Bank has sold the
old West End Bank building 14I5 G. street
for 10000 The International Banking
Corporation. which has lease on the en-
tire building for five years, with the privi-
lege of buying the property for $50, 600 has
given up this option and has made a lease
for the first floor alone with the new owner
for ten years at $500 per month The pur-
chaser has acquired the property for in
vestment purposes. He Is quite large
holder of Washington realty.
Mr.. John Joy Edison, jr., has been elected
a director of the National Union Fire In
surance Company.
The bonds of the Washington Street Rail-
way Company were today offered in the
stock exchange without the interest cou-
pons. which are now payable. III was
finally bid for them, but there were mono
for sale at that figure. The asking price
was q. The other transactions We're of no
significance, and the aggregate of the
trading done was small.