The Sunday herald and weekly national intelligencer., 1890-10-05
THE LOCAL STOCK MARKET.
a GENERAL REVIEW OF ITS CoNDI-
TION AT PRESENT.
n Feeling of Confidence in the Future
Buyers Again Coming Forward-Money
Growing Easier-Sales of the Week
Notes and Comment.

When the toil-worn and faithful broker
packed his gripsack in the early days of July
and sought rest and recreation down by the sad
sea waves or among the cool breezes and exhia-
rating ozone of the mountains, or perchance
took run across the Atlantic to see our foreign
cousins, he left with feeling of calm con-
tentment and satisfaction at the booming con-
dition of affairs, and mentally calculated that
the continued rise in his investments would
pay the expenses of his summer outing.
But tits the unexpected that is always hap
pening, and now on his return he finds very
decided change in affairs and instead of stocks
going up, as he fondly expected, they have per-
versely gone down to his loss and misfortune
He cannot understand it, but, all ths same, it is
a sad and solemn fact that stocks are down,
and, having struck the toboggan, seem inclined
to slide with considerable celebrity, assisted very
materially by the "bears," who stand ready to
grease the ways for more rapid locomoton.
The reason is plain. Tight money did It,
The cause for it? Well, that can be left to
those who delight in hunting up the reasons
for everything that happens. 1t is the effect
that most interests the practical individ-
ual who keeps tally on his resources. The cold
facts are that money was tight, very tight, and
Treasury something would have dropped.
But all that has passed into history now, and
the present shows very decided Improvement
and with the return of confidence has come
disposition to look for good investments. The
money market shows growing ease and rates
are coming down to normal conditions, with
disposition to afford borrowers the necessary
accommodation, and the outlook for the fall
and winter has cheerful appearance. Buyers
are coming in the market, and while no great
'boom" is to be expected good business is
predicted, and purchases made now are apt to
show profit where ordinary Judgment Is
shown in the selection.
Among Bank stocks prices have averaged
well. West End, Columbia Metropolitan, and
Bank of Washington falling off, while Republic,
Lincoln, and Farmers and Mechanics show an
improvement in the bid. The Central, Citizens
Capital, Second, and Traders hold well up to
the figures of the early summer with but little
Offering.
In railroad stocks the uncertainty attached to
Congressional legislation has had a somewhat
depressing effect and prices generally show
loss over those obtained IN the early summer
days, though considering the fears of adverse
legislation and the stringency of the money
market, they have held remarkably WELL Wash:
ington and Georgetown and the Georgetown
and Ienleytown show the greatest loss. Metro
politan, lexington and Capital and North
dropping several points each, while Columbia
holds its own on small offerings.
The enthusiasm over Insurance stocks having
or less, Or for want of offerings, remain stag
nant. The majority of them show losses, Arl-
ington, Corcoran, German American, and Poto-
mac only holding their own.
Title Insurance stocks also show weakness.
Real Estate dropping to 125 and Columbia 6s,
as against l3O and Il in June last.
Ihe surprise OF the summer has been the con-
tlnued rise and strong support given to the
Electric Light stock and bonds. In March this
stock sold freely at 115, since which time its
rise has been rapid, reaching the almost phe-
nomenal figure of 172, at which sales have been
recently made. The bid now stands daily
at 155, exclusive of dividend and the rights of
subscription to the new issue of 100000 at par
Gas stock also shows good improvements hay
ing advanced about 50 over the figures in June
In March Gas was selling at "A ], and will now
bring 4SI.
Telephone during the past four months has
fluctuated, some sales in June having been
made at 744g765, running down to 70 during
the warm weather on very small sales, and re-
covering to "A recently. At the reduced divi-
dend it pays per cent. on 75.
Why don't Washington Loan and Trust
stock advance is question frequently asked
without any satisfactory answer being given.
The company are doing excellently we'll, and
the field is good one for such institutions, but
Tor some reason the stock will not bring par,
much to the disgust of those who loaded up
expecting to realize big profits on rise The
American Security stock also shows u consider
able loss to those who in the leafy days of June
-
time it has sold at but SO premium.
What is the matter with Graphophone Is the
despairng cry which goes up from large num-
Der OF erstwhie enthusiastic holders, who but
one short year ago fOndly imagined that Col
conda's mines were not more fruitful of untold
wealth than their holdings Of this versatile if
somewhat disappointing security, which in its
movements is as tickle and variable as an
April's day. Just now the hearts of holders
are 2laddened by dividend of 80 cents per
share, which will be paid on the 18th, and are
further encouraged by the intimation that the
same VIII continue quarterly, in which case it
VIII pay per cent. on market quotations,
which is much larger rate than Government
bonds pay,
The balance of the stocks on the list are with
out special mention, as the lack of sales betrays
the lack of public interest.
Bonds generally have gone off little, with
the exception OF Government As and ID. C..
3.oos' The unfavorable legislation on Wash
lngton and Georgetown Railroad has had Sc
riously depressing effect on the bonds, as the
hgures now and some months ago show.
The sales for the past week in detail show an
increase OF business, with fair average on
prices. They were 10 Columbia Bank at 1870
with dividend, and rs at 175 without, II
Traders Bank at 1878 and Is at 1871, and Is
West End at so, % American Security at 67g,
$3.50 paid in,) and 100 Washington Loan and
Trust at A, with small sales at par One share
OF W. and IT, X. X. brought $500, and s Wash
lngton Gas sold at As, 100 Columbia Fire In
surance at III and 5S Columbia Title at 6s.
Telephone advanced to "A on sales of 20 shares,
and Graphophone dropped to 15s on small sales
or lO at l64 30 at 10, and 35 at 15s For 20
"Belt' Railroad 634 was secured, and Ecking-
ton dropped to 81 on sales of 81 at 90 and 80
atoI Two unusual sales were of 10 Hygienic
Ice at 80 and National Safe Deposit at $50.
In bonds 81 600 ID. e., 6's of 1891 sold at 1O21