The Washington critic., 1890-04-22
LOCAL STOCKS.
transactions on the Washington Stock
Exchange--News and Gossip,

Transactions on tho Washington stock
ExohanRo-News and Gossip.
Although the sales on the exchange
yesterday were not large the prices
realized were decidedly higher. Colum-
bia National Bank, which within few
days sold down as low as 17S, and
which later sold at 1870 to 1888, brought
yesterday 1856 for five shares. For Cap
ital National Bank 119t was paid for
eight shares. This is thought to be too
low for the stock Of a bank which Is
doing as well as the Capital" Its de-
posts are about $400, The profits
are beginning to loom up and its ex-
penses arc very moderate. The only
sale of insurance stock was of five shares
of Arlington at 100. This is probably
the highest price yet paid for the stock
of this prosperous and ably. managed
company, and yet the near approach Of
the half yearly dividend, falling due
about the middle of May, of 81 per
share makes the price not unreasonable.
The Electric Light, which pays the
same dividend as the Arlington, is the
only stock paying an eight per cent
dividend which has not yet attained to
pI Ice commensurate with its earning
capacity.
Besides there are risks to which an
insurance stock is liable, from which
the Electric Light stock is exempt, and
yet because the public has not yet been
educated up to an appreciation of the
latter investment it has recently sold
for $1S per share less than the Arlington
1t is the same with bank stock,
they too are liable to peculiar risks and
yet several on the stock list paying but s
per cent, arc quoted at vastly more
than double the quotation for Electric
Light stock. The obvious conclusion
Is that a big rise must shortly take
place in the last-Damed security.
But there was quite a turn in the
market yesterday for this stock, as fast
as it could be offered at 112, the closing
price of Saturday, 1t was taken, and
after 10 shares sold at 1874 there we're
no further offerings at any price. The
40 shares sold yesterday are believed to
have been taken for prominent officer
of the company who has recently ex-
pressed fears that too much might he
disclosed of the prosperity of the COM
pany.
There were no sales of Graphophone
stock yesterday. A free seller, and one
who has materially aided the beal
movement, an honest man, by the way,
whose word is worth something, can
didly admitted that he had sold out.
Not from a desire to sell, but In offer
ing stock down he had parted with his
holdings.
Reference is sometimes made to the
fact that, although the Graphophone
Company has not paid a dividend, its
stock sells for premium. This is con-
sidered an anomaly. The reason the
stock is worth premium is because of
the small capital of the company. When
| the organization was first effected its
| projectors had little conception of the
real value of the invention and placed
| the amount of the capital at but 5000 600.
1t is said that Jay Gould, when shown
the instrument and informed of the
small amount of its capital, remarked
in substance: "Why, this invention, in
my Judgment, is capable of earning
| good dividends on five millions Of dol.
| lars"
A clerk to prominent Senate com
mittee, a man of mature judgment, who
says the graphophone saves him daily
six hours of hard work, remarked
recently: "I think the day is
not distant when the GraphophonC
Company will be able to divide divi
dends in a year equal to its whole CAPT
tai of $600,0 ,000."
One of the most conservative national
banks in the city yesterday loaned IL
per share on fifty nine shares o
| graph ophone stock