The Washington times., 1904-09-02

interest, albeit money has been plenti-
full in Wall Street OF late.
Consequently, S2.000O 600 was placed with
four trust companies. The Morton Trust
Company, the New York Security and
Trust Company, and the Bankers Trust
Company were chosen as repositories
for S575. 600 apiece. and the Bowling Green
Trust Company received $4,000. Thus
a little higher rate % interest was OBJ
tanned on a portion OF the money.
About $4,000 600 of the 81. 900. 900 that was
to be put cut on bond and mortgage had
been placed when a halt was called on
this form OF investment and short time
loans were considered. 1t is understood
that a large amount VAS disposed Of in
this way, but neither the fiscal agents
nor their counsel will shed light on this
phase of the matter
Public Improvements.
High grade railroad bonds were re-
garded favorab;y and several hundred
thousand dollars were invested in that
way. II is denied that any other sort OF
bonds were purchased or that any specu-
lative issues were touched but the A.
nancial district signs at the news that
the fiscal commissioners are about TO
go away without having distributed all
OF the money at their command.
Mr.. Arias said yesterday that about
a million dollars would be spent on
public improvements IN Panama. A part
of this money has beer used already
for a government road and schoolhouses
and other improvements Will consume
the rest Of the million dollars.
It is expected that internal revenues
taxes. and imposts Of one sort and
another. and the customs receipts viii
suffice. together with the interest re-
ceived from the investments made on
Manhattan Island to keep the govern
ment going.
OF Manhattan as the best and most
secure form OF investment I'm the world.
We could have put this money into
realty elsewhere, but this Is the one
place, IN the judgment OF the best in
formed men. we could find. IN which TO
invest In securities OF unquestsoned sta
bility." said Mr.. Arias.
Improved Property.
we have not put out penny on I'M
improved property. but have always
taken completed properties not subject
to labor disturbances and which are
bringing in rents. We have not hur-
ried, but we have been diligeut. and
OF course real estate brokers have been
glad to come here 10 see US"
Mr. Morales Joined Mr.. Arias at this
juncture.
why have you not gone ahead and
| invested all the money in bonds and
mortgages
"Oh. there are some instances where
the search OF the titles has not been
finished and IN other cases the titles
were not wholly satisfactory" was the
! joint response.
Then you have practically concluded
your labOrs here?
Yes we shall go home very soon'
VIII you not have TO maintain an
agency here for the collection OF rents,
the payment Of taxes and other incl
dental matters, or VIII you return
| here2"
Matters have been so arranged that
we shall not have TO come pack here
unless we desire TO, and we Will not
| keep an expensive esta blishment here.
/ II will not be necessary at all"
What about the millions that We're
not specifically and constitutionally set
aside for realty investments Who
| controls that part OF the SO. 0oO. OOO2"
For reply the fiscal commissioners
| pointed to their check books on the
desk. and recited where 3. 900, 900 was on
/ deposit. and smilingly salf. Good
| afternoon"