The Washington critic., 1890-04-18
LOCAL STOCKS.
The Trading in WashinEton Securi-
ties-The Money Market Easy.


The Trading in washington securi-
ues-The Money Market Easy.
There was considerably more trading
in local stocks yesterday on the board
th an the day previous. The sale Of
bonds was unimportant, 800 U. s.
fours, coupon, at 122. In stocks 100
shares of Columbia Railroad found
ready purchaserg at 7S. When It is
considered that this stock cost origin.
ally but 12i and that, though the road
is admitted to be making money, no
dividends have been paid for about
three years, the price seems altogether
preposterous. The sale Of 100 shares
realized $500. This, in contrast
with the sale of 100 shares
Of the same stock which was made
year ago on the 18th of April, and
which went for 20 or $4,000 illustrates
how profits are made in dealing In
local stocks. On $500 in a year
profit of SIS. 300 was realized. Transac-
iious in Belt Line are but little less ex.
traordinary. In the early spring of
last year sales as low as 344 were made
and large lots changed hands at 49, At
the present time 6Sb to 20 can,be realized.
Metropolitan Railroad was then selling
below 115. 1t has recently sold for
175 There are good grounds for be-
lieving that Graphophone stock, which
within year has had drop of 80 per
cent, will more than recover In twelve
months what 1t has declined, and the
promise for big advance in
Electric Light stock far sur
passes the hopes which were
entertained last year for an advance
in the stocks above mentioned. Besides,
Electric Light stock yields higher re.
turn at its present quoted value than
any stock on the list. and can be carried
on as small margin and at as low rates
of interest.
Among the sales yesterday was that
of ten shares of electric light stock at
1871. Ten more shares were offered
at the same price.
On the recorded sales of Graphophone
stock. aggregating 1876 shares, there
was a steady advance. The first sale
was of 80 shares at 133, the next Of 80
at 13e, ard lastly of 25 at 13a.
Two sales Of twenty-five and ten
shares of American Security and Trust
stock, which realized 40s for the whole,
concluded the transactions of the board
for the day.
There is growing ease in the money
market both here and in the Eastern
cities, and In the monetary centres of
Europe. Rates are exceptionally low
in London, and long paper can be dis
counted there for less than 2
per cent. per annum. Within
week the Bank of England has
twice reduced the minimum rate
of discount, at first from 4 to 81, and
then yesterday from 81 to g. tits re-
markable fact that. though the English
have been investing scores, and posi-
bly, hundreds, of millions of dollars on
this side of the Atlantic in manufactur-
ing and mining enterprises, we have
been able to draw little or no gold from
Europe. This is doubtless largely
due to the extraordinary amounts
which our countrymen expended last
year in foreign travel, vastly augmented
as it was by the attraction of the Paris
Exposition. But more potent factor,
keeping the exchanges so nearly bal
| anced. doubtless, was the unprecedented
| amount of our railroad and other Sc.
| curities, which were shipped to this
side in lieu of coin and bullion. Hap.
PLY for America, the stocks were un-
loaded upon us at time when they
hardly averaged more than half their
cost
The scheme for putting into circula-
tion the greenbacks held as security for
the circulation of national banks, which
has recently been revived by Senator
Plumb, is good one. AS is well
known, the circulation was originally
secured by Government bonds. When
the price of the bonds got so high as
| to be a temptation to the banks to sell
them and realize the large profit, which
such sale afforded, vast amounts of
bonds were thus disposed of, and, ac-
cording to law, the money, greenbacks,
was deposited in the Treasury to redeem
the bank circulation. The aggregate
amount so held at this time is $62,
334 1884, and If 1t can be put into circu
lation speedily by the passage of Sena
tor Plumb's bill, 1t will give such al
impetus to trade the world over as ha
not been experienced since greenback
were first circulated.