The Washington critic., 1890-05-08
LOCAL STOCKS.
Transactions on the Washington FIX
change-Notes and Gossip.

transactions on the Washington Ex-
change-Notes and Gossip.
The sales yesterday of local stocks
were again meagre on the Exchange.
A round lot of 100 shares of Riggs In
surance stock brought 81, with 0 bid at
the close and o. asked. This is a good
and safe stock and is likely to prove a
valuable purchase at the price at which
il sold. The management is of
the best and safest, and for light
running expenses there is no compari-
son between it and any other company
in the city: besides the valuable lease
Which the directors had the sagacity to
secure on its building when the com.
papy was organized, not only leaves its
own rent free, but yields a revenue in
addition. Further, it is not improbable
that the dividends this summer may be
increased to 8 per cent.
There was another small sale of Met
ropoliian Railroad stock yesterday. 1t
brought 175. A further offering, at the
same price, was made, but the stock
list of to day will probably disclose that
the asking price has been advanced.
The dealings in Graphophone stock
yesterday were interesting, perhaps in
stIuctive. The first offer to sell was at
II at which price an order reading.
Buy 80 Graphophone stock at II or
less, was ready to take it. In fact the
buyer was so convinced that his action
was wise that his verbal instructions
were "buy so shares" making the price
without limit. The broker who had
the order with characteristic care for
the welfare of his clients patron,
though he was interested to see the
stock sell higher, held back until an
offer to sell at 15l was made when the
usual emphatic cry "sold' rang out.
What followed then, the alleged sell
ing of 54 shares at 14l, so at 14k and 80
at ID, might be accounted for on the
| theory that the Offering and selling was
| a sham, in brokers parlapce washed
sales, which good and true member
| of the board said to THE Critic man
the other day was his belief respecting
numerous published sales of the board.
But Tie CRITIC man at once took up the
defense of the Exchange, replying, in
substance: 81 have much better opin.
ion of you all than that. l trust your
suspicion is groundless.
In this connection ii may be remarked
that the penalty of the Exchange for
the crime of being party to washed
sale, a fine ofi$10, it may be So, is dis.
grace. 1t should be expulsion and sur
render of those engaged in the nefariou;
business to the grand jury, if possible.
However. admitting and hoping for the
sake Of the manhood of the members
that the transactions were genuine
these low sales. showing a drop of Il
per cent. in a few minutes, are another
indication that there are times wher
rare opportunities arc found to get low
| priced stocks at the board.
The way for the public to reap tht
benefit is for buyers or sellers to in
| struct board broker directly, OF
| through ''curbstone man." to buy OF
sell at certain price. or better, if pos
sible. and if the one giving the order is
convinced that his proposed action I;
wise have the order remain good unit
| fulfilled.
The market continues strong fol
American Security and Trust stock
with sales of 25 and 20 shares at 50l fol
| each lot.