The Washington times., 1910-05-23
LOCAL SECURITIES
MOVE BUT SLOWLY
Conditions Elsewhere Re-
fiected In LesSened Degree.
Situation Considered.
BY l. A. FLEMING.

The lessenins demand for invest
ment securities the world over and
especially in the financial center Of
the United States, where even higher
rates OF interest on high grade bonds
and relatively larger income on
stocks, fail to Influence absorption,
is reflected. 20 csgree IN the wash
ington market
Capital is always happy and willing
10 get busy when IL can see with
clearness into the future and the fur
Their the view the better. Problems
needing adjustment are not welcom-
ed. Political uneasiness. high prices
for commodities and high living gen
orally. with a trade balance with
foreign nations steadily diminishing,
naturally restricts the permanent
placing Of money.
Washington stocks are largely diff
ferent from the average list@vastly
different from the character of the
stocks traded IN Oh the New York
exchange Railroad legislation. in
creasing wage scales. higher freight
rates, foreign buying-all these and
other influences so important on Wall
Street are only Of limited reflex i'm
port here. With few exceptions.
Washington's stock list is made up Of
the shares and bonds Of corporations
doing business here and dependent,
10 a great extent on local conditions,
which are emineu,'y satisfactory.
UnimporIan, Changes.
Price changes nave not been especially
important, and the feature OF the situa-
ton Eere. as at New York, is the man
ner in which investors hold on TO their
securities. showing not the least dispo-
sitiOn to unlock strong-boxes at the ex-
pense Of material concessions IN values.
Local bon's are holding, with splendid
contrast TO the action Of the New York
bond market. The latter has sounded
the passing Of the I per cent bond as
an investment, for the time being. at
least The failure. fat and emphatic. OF
the Philadelphia ( per cent bond issue
was the lOudest declaration OF fact. And
savings bank security who will buy high
grade per cent bonds
Washington offers Capital Traction
SIS, Columbia Railroad 5's, Potomac
Electric SIS. both first mortgage and con-
solidated issues: Chesapeake and Po-
tomac SIS, all at prices that are remu-
nerative in their yield 10 investor5-some
close TO a per cent basis. These issues
have all held their own in good shape
during the pasl week. So, too. have the
Gas IS. high-grace issue Washington
Railway 4 per cent bonds have improved
quite a bit
Bank stocks are holding their own,
with an abatement o. consolidate Cos
SIP, and less investment demand from
the odd-lot buyer.
Money Cond lions.
Money is working little harder. The
West is using more money this year
than ever before in the acquisition OF
farm lands anr other realty operations.
The farming community has less pro-
duce on hand than usual and will have
TO have more help IN ,rOp moving than
of late years In a way this Is onset
by the lessened volume OF business,
gency in money. but bankers are pre-
pairing for the calls that will be made
on them later on: in this way, too
Washington conditions. though largely
Independent, reflect the New York and
general financial situation.
Washington clearings have increased
materially, due to local conditions and
the presence Of an army OF visitors, all
Of whom leave something IN the way of
cash behind them when they depart.
One Investment Demand
There IS one class Of investments that
appeal 70 capital, when securities are
less attractive-real estate mortgages
They can see the property-tangible to
the eye-the surroundings. the abstracts.
the rent roll, the date Of maturity at
face value, the entire picture as brought
down 10 date by the trust companies and
savings banks. There is a great demand
for this kind OF investments