The Sunday herald and weekly national intelligencer., 1890-11-16

In view of the unfavorable news from New
York, it was hardly to be expected that our local
market would show any great amount of buoy
ancy, and it is therefore n subject Of congratu-
tion that Notwithstanding the decline in values
in the New York market our own local securities
hold up so well and in some cases, notably the
Washington and Georgetown Railroad and Dis
trict bonds, show an advance over previous sales.
In fact, number of them although
showing no transactions, are as strongly
bid for as at any time this year, and
the lack of sales shows that they are as strongly
held by present owners. 1t has been truly said
tnat this is simply erich mans panic,'' and
one engineered entirely by the spectators in
Wall street, and for their own benefit. Our
own stocks generally not being of speculative
character, holders are not disturbed, and they
do not care to sell. The speculative ones show
the effect of manipulation, and furnish the
only excitement our local market affords. And
even these hold up well under such unfavorable
circumstances.
Graphophone is generally classed as a specu-
lative security, although it is now dividend
payer, but the the continual manipulation has
had tue effect of creating want of confidence
which does not apply to many other stocks, and
it is therefore not surprising that in times like
these and under pressure prices should go off
on free selling In fact, it may be mentioned
as a point in its favor that it holds so strong
when it is recalled that during the past two
years, at times when money was abun dant
and easy, it reached nearly as low fig
ures those ruling now. Further it
may be stated that the pressure to sell is not so
very strong on the part of the public, the trans
actions being mostly confined to room-trading
among the brokers, who, being unable to make
anything out of the public, are now engaged in
the praiseworthy task of ''scalpingn one
another. The total sales of the week amounted
to but 44O shares, part of which being sold and
resold added to the total. Opening at 133, it
dropped to 12B, eleven sales being made be-
tween these prices.
Another speculative stock is the Pneumatic
Gun Carriage, which, although not yet paying
dividends, is reported in condition where its
friends warranted in the belief that it has a
great future before it, which at the present
price makes it a good thing to own. The sales
during the week represented /, 200 shares, 200 of
which sold at 81, and block of 1000 that was
eagerly taken up at 81 cents. The company
have recently bought up 5000 shares and have
sufficient cash in the treasury to provide for the
carrying out OF present contracts.
Next in point of interest and amount of sales
was the Washington Loan and Trust stock, SAG
shares selling at Al, and 100 at 11-16, the dis
position among the brokers to realize on every
thing they hold being noticeable in this stock.
American Security and Trust, which has here
tofore been very strong, also shared in the gen
eral weakness, and sold slightly lower than
heretofore the sales being 20 at &C and 80 at
65B. The first sale of the bonds on the Board
for long time is recorded, $1,000 selling at
par.
The balance of the list was very quiet In
bank stocks Traders received most attention.
Sc shares l.fffsg hands at 124GI122 the low
est prices yet reached. One sale of Columbia
at 1876, followed the next day by the same stock
bringing 10, and a bid for more at that price,
were the only transactions in bank stocks. The
bids on the balance continued strong, Lincoln
and West End only excepted.
In railroad stocks lexington dropped to 60
on small sales, 35 going at that figure and 5
bringing 62. The only other transaction in
railroads was one sale of 5 Washington and
Georgetown, which brought 254, an advance of
81 over last previous sale
Insurance stocks were also dull, 5 Arlington
selling at $50 eXdividend SO Peoples Mt 81,
and so Columbia Fire at 49, this latter marking
the lowest price at which this stock has been
since September, 1888. The balance of this
class holds up well, the bid on Firemens' and
Metropolitan especially showing a good ad-
vance.
and brilliancy, 10 shares offered at $50
promptly securing purchaser with private sales
of large quantities at same figures
The best evidence that money is not so tight
as it is made to appear is shown in the strong
demand for Government and District bonds,
$4,000 of the former bringing l24 and $6,350 of
ID. G.. 3.G5's in one lot securing 1919, at which
price the rate of interest paid is less than per
cert.
Altogether, there is nothing in our own mar
ket to warrant any uneasiness. The specula-
tive tendency of last spring, which carried
everything up beyond q normal value, is now
suffering from the natural reaction, and as soon
as things get down to solid basis the upward
turn may be expected