Evening star. [volume] (Washington, D.C.) 1854-1972, 1883-03-17
OF COLUMBIA sECURI.
TIES.

An Advance In Stocks and Bomds-
How Railroad and insurance stocks
Stand-Bank aud Ice StOcks-Sales at
Auction and 1t the stock Exchange
A Fine Showing, Etc.
As was stated In THE STAR not long since, local
STOCKS ana investment securities have taken a
"boom.' DESTROYS to learn something Of the
cause, as well the status OF the various stocks
STAR representative In conversation with men,
Der OF the washington Stock Exchange, who Is
we'll posted as to the movements Of the "bulls''
and "bears" ELECTED the following facts. sIn the
FIRST place." began the broker, Congress is not
here; their pre- ence never helps our local stock
buslaess, although many people think otherwise;
they seldom assist In District legislation anyway
while they are here, and multiplied bills for new
charters and railway extensions always keep our
stocks 1T about tue same figure during the entire
session.
This year the Belt r. r. received an important
extension OF their charter. which VIII bring them
OF the revenue of the Washington q Georgetown
and Metropolitan roads.-bOth amply able TO stand
Ia, as you ! know The pubic by this VIII be con-
last November sold for 80, ana to-day cannot be
bought for 36h share; the Metropolitan road does
an exceedingly profitable business: the stock has
been dun and heavy with plenty Offering last IA il
at Is and rs. The two horse car and conductor bill
(Which, by the way, ought TO have passed, and
Iailedj and the amount In dispute over old taxes
stu unpaid have given the bears material with
which to put the stock down, but just now 1t has
crrpt up to So
GLOW about Washington and Georgetown
ION, that can't be bought FOR love or money
We hardly ever have any eff red. The last sale
WIS OF small lot at 1865 Congress does nos seem
10 hurt this company any more than II does the
gas company. That renlin Is that gas stock
has made things lively Tor us Three weeks ago
bought some at from 80 10 i0a1, and lately it has
sold for 80. l.eOple here / ind are not easily
fool by the Offering of bills fer new charters to
very loudly indeed, but these same were scamper-
Ing around picking up large biocks-princpally
from cut II town hOlders-at Al ana A. The Phil
adelphi3 people who owned stock got frightened
about new charter and the cry OF ''wolf" in
duced them to be energetcally shaken out' of a
number Of hundred shares Mr.. BarLol attends
very sagac0uslY 10 his own counsel AMI guess
he has about come to the conclusion that his large
surplus breeds new bills ior gas grants. The im-
preston IS abroad that he will divide it this
spring: II he does know WHO many OF the happy
ones VIII be- Then everybody viii see what
blessing IT Ii Is to own gas stock, even though
they are all out OF sorts with the gas light
"Columbia insurance IS the most active Of the
thsuranre stocks just now at ss4 old, With sales at
9and 81. They say there is dividend coming In
May. National Union sells readily at 21M and
Potomac Is offered at DC. Telephone has had its
but is now l15 bid am afrai,. some OF the bows
got little 'stuck" on it. It's good stock, ard
those Boston men who bought oat our local COM
pany didn't come here for Iun.'
All the bank stocks stand we'll Wehav them
offered but seldom. National Bank Republic
leads at $50: then Farmers and Mechanics, l4O;
metropolitan, 13o There has been much activity
I'm Second National. Four weeks ago 1J sold for
S9H; and last week Duncanson sold it at auction
"By the way asked the STAR man. show is it
that notwithstanding your stock board there are
SO many sales at auction of securities"
well laughed the broker, "Ii tell you some
thing about that The auction sales are all
very goot thing for the seller. as often high
prices are obtained from class of purchasers
who think it big thing to outbld some one
on the opposite side OF the room, but they don't
buy their stocks cheap. There is an instance
Union Insurance sold for COX. Ne have e'G had
1t offered at the board for month at 2c4-h,
and bid OF 20 would have taken it. Potomac
Offering it for 49, Second National brought 1851
l have stock which Il bid on the board OF iO4
Woald have taken. Gas stock sold for 81 and So
at the call OF stocks on the day OF the auction SO
would have bought the $50 shares sold by
Duncanson for 81. and you Can see that one
Wre 90 shsfss sa 1h Fas there ERE
sold at IS, when last month know OF at least six
brokers. members of our board, who offered 100
l am telling yOu and our printed quotations Will
bear me out in being substantially correct as to
bowling are very successful as to the high prices
they obtain. Thomas Dowing by the way, is a
member or our board. These auction sales are all
very good thing for the aucttoneer and seller,
but an expensive amusement TOR the investor
Nearly ali OF them are under decree OF the court
and cannot be sold any other way, but some
of the outside brokers have a fashion of put
ting up stock for sale after Tie regular sale
anu often they dispose of their stock at good fig
public little. think, for they are getting in the
habit OF having "wash sales;" that is, man puts
up fifty shares stock: the market as quoted by
brokers and dealers is 49, say, and the party who
puts up the stock, or his friend, bids 81 for it
others not bidding enough to allow sale at a
profit for him; and then notice goes into the pa
pers that certain stock has sold for 81, when in
reality the seller has bought in his own stock and
people who are not familiar with how the thing is
done go into the market and, mised by the figures,
oftenpay1 and per cent over the usual and regular
price or course, the auctiOneer is not responsible
mer, when 1t was hot and dull. 1 went down to a
sale OF stocks at auction at Dcwling's. friend OF
mine thought it a chance to buy cheap invest
ments ana In the midst of the heat, and facing an
opposition OF people who were bidding up their
own stocks. paid about three dollars a Share more
for certain stock than he could have bought it
for at Riggs, Lewis johnson & Co.'S or OF any
broker. After the sale offered him The same
stock for three dollars a share less than what he
me. He was like a woman at sale OF goodS-he
had set his mind on Outbidding every body, and he
had to pay for it. Fortunately. he was wen able
to do SO So much for stocks at auction. The stock
board here make great mistake though in
allowing their quotations to go out with such wide
differences between the bid and asking prices
We must correct this II we hope to maintain
reliable quotations We can do this and the public
"Is there any demand for District bonds?n
"ies. a fair demand. 2Dyear per cents are
1l54, and In them and 30-year per cents there ia
more doing than since November For the last
class 12esl Is asked. s,65s are trife dull There
was some specializing in them when they thought
Congress would allow the banks to hold them to
secure circulation, but the bill not passing, and
about 100000 coming on the market, they went
down TO los, and were quickly picked up by In
Festors, anu are now quoted at 1924 The Is per
cents people don't know much about here, nearly
all OF them being held In New York and Boston.
and quoted at ia"
''Do you think that there VIII be an Increased
demand Tor local securities this spring 2"
ut Undoubtedly. April with see all classes Of our
locals In strong demand, and much higher We
expected better things in January, and were dis
appointed. Yes, next month VIII bring from per-
mancnt investors many good orders, which VIII
continue 10 put prices higher. And let me tell YOU
thaJ Washington securities are held by very many
persons who never saw the Goddess or Liberty
ana that 1t is no unusual thing to have orders
from people distant, who know their worth and
hold them strongly"