The Washington critic., 1890-04-23
LOCAL sTOCKs.
transactions on the Washington stock
Excbange-Notes and Gossip.

There was marked Improvement in
the business Of the LEGAL exchange yes
terday. A greater number of stocks
than usual claimed attention and the
volume of business was larger than for
several days previous.
In Columbia Railroad the sales were
2 shares at 7S, 90 at 7S, and 5 at 78i
The closing bid was 76, with the low
est Offering to sell at 80.
There was also an improvement in
Belt Line Railroad stock, 20 shares
bringing 12I, the highest price this
valuable stock has yet attained. The
closing bid was at 20, with stock for
sale at 72l There were two sales of
insurance stock, 80 Riggs brought 0,
" which price was bid for 100 shares
more, with no offerings below o. A
small lot of Z shares of Columbia In
surar ce brought 49,. AT the close the
lowest Offering was Il. 10.
An important sale was that of Colum
bia Title Insurance stock. 800 shares of
which brought65 Although this stock
is paying but A per cent. dividends the
success and prosperity of the company
justify an anticipation in the near
future of dividends equal to three
times this amount. The reputation of
the company for rapid and accurate
work is unsurpassed, and purchasers
of the stock will find that they have Sc
cured a solid and profitable Investment.
The activity and firmness in Electric
Light stock continues. In detail the
business was as follows: Ten shares at
1921, 10 at 112i, Is at 1924 and at
1921. The closing bid was at 1l2t, the
lowest offering at 1134
The sensation of the day was the
| publication by the Chesapeake and Po.
tomac Telephone Company of its divi
dend notice, announcing dividend Of
but rs cents for the current quarter, in.
stead of $1.25, as has been the custom
for several years. A killing frost In
July, or thunder clap out of clear
sky would have caused less surprise
and CONSERVATION. AS might have
been expected, the effect on the stock
was immediate. Twenty shares sold
for 70, decline Of $40 per share from
the bid price of the previous day, So.
The closing bid was "a. with an offer
ing at rs.
But the stockholders are disposed to
accept the situation philosophically,
realizing that the reduction was not an
indication of poverty, but rather the re-
verse. II is freely admitted that the pres
ent prosperity of the company exceeds
anything it has enjoyed in its experience
| The net earnings of the company this
year will reach 100000. Heretofore
the yearly dividends have amounted to
about $3.50, 900. AT the new rate, but
about $4,000 will be required But
the outlay of about $200,000 first and
last will so increase the business, as
that net income of about $23000
will be realized, which will begin to be
felt carly in the coming autumn, so that
the money which is, in one sense, bor-
rowed from the stockholders, to increase
the value of the property, will, in o
very brief period, begin TO yield an ex-
cellent return. Probably in years
time it will be found that the earning
capacity of the company has been so
much increased that dividend. larger
than ever declared, can be made.
The effect of the reduction in the
dividend by the Chesapeake and Poto-
mac Telephone Company was very
thoroughly discussed yesterday. The
cashier of leading uptown bank, a
man of good judgment and sound sense,
said; 1.-THE decline catches me with a
small lot of this stock on hand. which
| cost me about Sc, but l am not going to
sell. l can afford to hold it until it
comes up again, which ii surely will.
| There may be those who will sell now
with the expectation of buying in again
at lower price, but my experience and
| observation has taught me that the first
decline, when something adverse oc-
ours TO stock, is generally the great
est. How often we see this in Wall
street! a stock drops suddenly, on
bad news, but it almost invariably oc-
ours that the effect is over. estimated,
and frequently in few hours an inn
portant recovery is seen. This stock
has declined to 70, but it must not be
overlooked that on that valuation il
will pay per cent. while many Other
good stocks at their selling price paS
but 3, and some less than that; so al
things considered, think it best t.
hold"
1t may be appropriately remarked
also that the money that is thus hel(
back from the stockholders obviate.
the necessity of bonding the company
which is always disparagement to {
good property. The necessity for the
use of additional capital is SO tempo
rary that it was considered undesirable
to issue bonds which could not be re
tired or bought in, except at pre-
MUM, thus entailing loss on the com
pany. 1t is worth considering also
that the expenditure which is taking
place is. and will be, TO effec
large saving to the company
The sum of 100000 goes into fin
i building in Baltimore. This outla,
yields six per cent. and taxes, beside
providing handsome and much needed
accommodations for central office
/ free of additional cost. The rest Of th
|; expenditure will be made in providin
an underground system of cables fo
Baltimore. This too, while done unde
legislative compulsion, will be in th
direction of economy, as the cost O
, maintaining overhead wires, which
considerable, will be obviated. TIL
' underground cables cost PRACTICAL
a nothing to keep In order.
The transactions in Graphophon
: stock were again meager and unin
e poltant. The sales were SO shares
Q l3t. 20 at 13t and 25 at 49,. Th
!. closing bid was 13s, with small offe
8 ing at 133. Privately 100 shares wei
q bought at 13&.
The Corooran Cadets Hop.