The Washington times., 1912-08-11
IN LOCAL FINANCIAL CIRCLES
By I. A. FLEMING.


Two measures, one enacted and one
proposed, have been before Congress.
during the past week, of vast import
ance to Washington. One the seven
year tenure of Office for civil employees
OF the Government and the other the
application for franchise from Cori-
Sress for a subway, ETC., on. Pennsyi-
vania avenue.
Both ought to receive a quietus as
quickly az possible. Washington as o
city, depends for fits 5uccess as a city
OF homes, as a place In which mer-
chants may do business. as national
capital, upon the army. and no small
one either. that draws its pay from
Uncle Samuel twice a month.
Having the assurance that the lob"
one of the most valuable things in the
world to the man OF moderate means
and more, important to the man of no
means at all, this army of workers ID
willing to commence undertake ventures
that would be foreign to the policy of
any seven-year employees. AS IL is.
homes have been bought on small paw
ments. and the payments continued to
liquidation Of mortgages and complete
ownership.
Better homes and, furnishings have
followed initial ventures, the savings
and commercial banks have gathered In
directly or indirectly hundreds of thou
sands. millions of dollars for the credit
or the workers, which, In turn, is ex-
pended to the expansion Of the trade
and commerce of city devoid of manu-
featuring institutions.
New residence districts have been
opened, real estate has increased in
value, and the civic employees have bene-
hted by the enrichment OF their prop
erty, and they in time have become
prominent citizens, endowed with a fair
degree OF independence and raised faml-
lies In the city, which they and theirs
have adopted for a home.
1t is the picture that has made WASH
ington what II is today,
The other picture would not be as de-
slrable by any means. A seven-year
tenure would mean an army of employees
In the Capital, not for homes and bet
terments, but entirely against the get
away day. Homes would give place to
cheap boarding houses. real estate de-
Te.opmsnt mspGha ndi.W would be at are an end. and
tual necessities. hand to mouth. while
the army Of the poorly clothed, the
scantily fed: and hopeless ones, pre-
pared for the seven years OF famine
after the seven years of prosperity. In
That such measure should ever live
to reach the Presidential veto Is a mat
ter of surprise to men having the inter-
est of Washington at heart-the service
also.
Washington has just about as much
use for subway on Pennsylvania ave-
nue. as Alexandria, across the river, has
OF the city of New York-that much
and no more.
Just why 1t should be proposed sug-
gests would-be syndicate without
money and without price. hopeful of
the future. when some syndicate with
money and price might be in the mar
ket for franchise.
Every bank president west of Four
teenth street and several east of the
line except one Is absent from the city
Business is decidedly slow, but the
bankers have hopes for recovery in the
near future.
Sometime again there may be num-
erous orders. buying and selling exc
cuted on the Washington Stock Ex-
change. Somewhere the sun is shin
Ing" but II is not on F street. Nearly
place or other. Capitalists who usually
place at least a part of their funds in
washington Investments. as the safest
and the best, may come back to their
the worst ever, so far as trading is
concerned. and 1t is just as good as
ever on the question Of strongly held
investments.
4 A market that can stand up the way
the local market does for weeks when
there Is no inquiry whatever for stocks,
has much Of real honest merit in It.
Usually in the midst of, dullnes an
enforced sale will smash prices. Here
there are no enforced sales.
InVaQtnrQ avidantIv well Sa fia6ah
to have their funds in local securities;
dividends are regular, fluctuations are
never serious, and usually In the d.
rection of gains.
The banks have found the Potomac
Consolidated per cent bond Issue an