The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-12
Rain, the Fair and Too
Much Baseball Have
Played Havoc.
RICHMOND MONEY!
LEAVING TOWNs
Real Estate Agents Complain
That the Banks Are Holding
the Strings Too Tight.
Home Seekers and House
Builders Are Having
Rather Hard Time. :

The real estate market continues
dull on general principles, due to a
kind of enforced money tightness, for
which there is but little If any excuse,
and to some other causes. Last week
there were peculiar conditions we'll
calculated to shut off business in the
real estate line. The rainy spell
knocked out n dozen or more auction
sales that otherwise would have come
to pass. and then the State Fair took
up so much OF the attention of the
buyers and sellers that there was a
sort or general agreement to let the
whole week so by default, and wait
until all Of these clouds" passed by
before inaugurating the general re-
vival OF business in real estate circles
due this fall
These be the facts. but a very we'll
informed agent gave the man of news
his version of the situation for the
week Said he: Monday. as you know.
is always off day with the real cs-
tate agents. Since Monday all of the
agents have been engaged each day
from A. NJ. to p. NJ. discussing what
might happen on the baseball field.
From r. NJ. to r. NJ. all of them
have been standing in front Of The
Times Dispatch office finding out from
the electric scoreboard what was really
happening. From p. NJ. to bedtime
they have been engaged In discussions
and specnlations as to what might
have happened il that which did hap
pen had not have happened. and thus.
real estate and the real estate business
have been entirely ignored" The
photographs that have been taken Of
tho assembled mob" in Tenth Street
each afternoon since Tuesday furnish
evidence that the above remarks are
fni, dad lie
that Is to say, in n large measure.
Money Scarcity mud Why.
Another agent took the man of news
away around In his private Office and
poured into his waiting ear n dolefuf
tale OF woe. Said he: There Is no
doubt OF the fact that the real estate
business is dull in Richmond and all
around Richmond, but it is n dullness
that there is really no good excuse for.
You know the real estate business ia
largely done on n credit. and such has
been the case from time immemorial.
1t isn't once in nifty deals that all
cash is required, and when all cash
happens to be called for. the buyer
usually has no trouble in negotiating
loan that enables him to get the
cash all right: for in times past tho
banks have regarded Richmond real
G: tate as the very best kind of COL
lateral What has of late gotten into
tie heads of the men of the banks L
do not know. but l suspect that they
aie not as patriotic as they used to
be.
The fact is that too much good Rich
mond money Is being sent out of the
town. ! am told that the Richmond
banks arc lending all kinds of money
down South. and very far down South.
" may be that they are getting or
maybe per cent bigger interest down
there than they dare to charge here In
Richmond. but in the long run l doubt
L 1t pays them better to get S per cent
down South than per cent here in
Richmond, when 1t is considered that ).
me money they put out here In the
cid town Is doing lot of DEVELOPMENT
IN one way and another that in the end
Nill bring back to the banks more
money TO lend out. Then, again, the
sanks here will not pay over per
cent for deposits, and n number OF
owns close around have mighty strong
hanks that do not hesitate to pay
Ger cent. and the result Is that a great
deal or fduciary money and other kinds
Of Interest producing deposits are be-
'ng sent out OF Richmond for deposit
~ hanks Of other towns. That money
4 being lent out In those other towns
at per cent, the banks apparently
.eing well enough satisfied with two
1er cent profit. | happen to know of
not less than 100000 of this kind OF
~
Iosit in banks OF another town. Just
enc town, mind You There is no tell
Ing how much may be in other towns
Now. II all OF that money was here and
lendable on good real estate there
might be a different story TO tell of the
real estate business than that which I
and other agents are compelled to tell
you to- day
Plenty of Money, Hut
This agent, as we'll others. went
on to tell me that there is great de-
mand for money to be invested in real
estate. the demand being greater than
the supply. that IS greater than the
supply. These agents think
there is plenty OF money, and that
there is no better security for ii than
Richmond realty, but for reasons out
lined or limited at above this kind OF
money is for the present a little scarce,
or appears 10 be so.
Business All the Same.
nevertheless. money may be tight,
the banks may be pursuing wrong
may come and. State Fairs may attract
the greater part OF public attention for
q few days; basebali may in way play
the very thunder with business. and
many other direful things may come to
pass. but the real estate business Will
go on forever In and about Richmond
T he few sales that were made last
week were on the small order, and the
total was probably not much over
100000. but sales we're made all the
same, and good many Of them. Then,
too. there was a good deal OF Inquiry,
earnest inquiry OF the kind that indi- \
Gates that the inqui:ers are in earnest
and, IL given half chance. they will
invest Among the inquirers the hon1e-
makers We're in the large majority, As3ss
n matter OF fact. tho SPECTATORS are
singing in n lower key than they used
10 harp upon. The army of home M
seekers folks who arc getting tired IS
paying rent and have saved up little 3
grows larger every day.
The agents and the bankers can wSff ss