Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-07-30
EVANGELICAL AND OTHERWISE.
BY I. A, FLEMING.

BY I. A. FLEMING.
Even ]. Pierpont Morgan. the man who.
in his day. knew more about the real in
side of Wall street than any other banker
or broker. died with "cats and dogs Of a
face value Of over 100000 In his strong
box and absolutely no market value what
ever.
In nearly every inventory of a large
estate will be found proportion Of
worthless securities, but one would
scarcely expect to find millions of such
stuff in the treasury of one who domi-
mated as did Mr.. Morgan.
Washington securities apparently did
not appeal to the master fnancier. for the
list of securities does not include the
name of any public utility or other listed
stock or bond, but it does include 1913
shares of the Washington Herald Com
pany, 100 of which is common stock and
the balance preferred.
In the long list Of worthless securities"
appears the stock of a Washington en-
terprise-one that fell by the wayside and
may never be revived in its pretentious
form-the proposed New Arlington Hotel.
Mr.. Morgan purchased. it will be re.
called, $4,000 of the preferred stock OF
the Arlington Hotel Corporation on con
dition that he be given accommod atoms
in the northwest corner OF the building
whenever he visited Washington" He
also owned $4,000 Of the common stock.
Mr.. Morgan was good to his friends.
The Arlington Hotel Project.
Just what use will eventually be
made of the proposed site Of the New
Arlington Hotel remains to be seen.
For over three years it has been an
eyesore to public officials and residents
as well. a source of great expense and
not 1 cent of revenue. The great ex-
cavation in the ground added to the
cost of the property by about S265.000.
1t is estimated by trust company OFF,
Gals that the annual cost of carrying
the property runs to about $4,000. IN
Guiding taxes. pay of engineers who are
the bracings, etc. to prevent costly
landslides; needed repairs to fences
placing Of lights each evening. and
last. but by no means least. the annual
interest charges collected by the
Equitable Insurance Company. owner
of the first trust on the property.
1t is understood that title to the
property is now owned in Richmond
Repeated rumors of plans for i'm
provement have failed to develop into
aCtuallty, WIN the only absolute GER
tainty of improvement or speedy sale
in foreclosure by the Equitable in the
event Of default of interest payments.
and that such steps have not been
taken is assurance that the interest
is being maintained.
Recently efforts have been made to
interest a club or clubs in proposed
partial improvements, and suggestions
of stores and hotel on part of the site
have also been made. but the Arlington
Hotel. as proposed, has never been re-
vived on the grand scale as outlined
it ever will be.
Federal Land Banks.
There Is always an element of doubt
concerning the actual workings of new
legislation and especially Of anything as
radical as the federal land bank law.
which will establish twelve districts,
after the manner Of the federal reserve
banking system: the appointment of
board and sub-boards after the banking
system methods, with minimum capital
OF $780, 600 for each of the twelve dis
trtct banks.
The Treasury Department is to make
up any deficiency in subscriptions neces-
sary after the books have been open for
thirty days. It is also obligatory on each
land bank to hold Is per cent Of it's as
sets In liquid form, and not less than
per cent Of such capital must be invested
in government bonds.
These banks are to be repositories for
public money and fiscal agents Of the
government and security for deposits
made with them is to be exacted from
them, nor can funds so deposited be used
for land loans or farm bond loans
Limit Of a loan Is to be between 800
and $40, on one property. To an asso-
citation, $4,000 in the aggregate
Farm loan associations are to be FORM
ed OF not less than ten owners of farms,
Incorporated with subscription to the
stock Of the land bank in amount of
per cent Of the desired loan or loans, and,
after approval Of application a charter
will be granted. An initial subscription
to stock cannot be less than $1,000.
Shareholders in associations so organ
lied are responsible for it's debts to the
extent of the stock owned by them
The farm mortage debt of the United