The Washington critic., 1890-05-16
LOCAL sToCKs.
transactions ON tho washington Ex-
change-Notes and GOSSIP

The features of the local stock mar
ket yesterday were the continued
strength of Chesapeake and Potomac
Telephone and the apparent weakness
Of Graphophone stock On pretty free
selling of Telephone the price steadily
advanced. Ten shares went for 74I, 12
brought 74i and 90, 75 1t is generally
conceded that by the timely interposi-
tion of THE CRITIc holders Of this stock
have been saved many thousands of
dollars. When 1t is remembered that
the capital of the company exceeds two
and one-half millions of dollars, and
and that largely through the efforts
this paper recovery of SIX per cent
has been recorded, saving to the stock
holders S150,000, many of whom are
poor and have their little all In this
stock, THE CRITIC is not afraid that
its efforts in this direction will not re.
ceive public recognition, and that its
advice on other equally worthy stocks
will not be found just as valuable.
For $500 convertible bond of the
Washington and Georgetown Railroad
2l24 was paid. Considering all the ad.
vantages attaching to these securities,
the price is reasonable. The strength
of American Security and Trust stock
continues, 80 shares bringing SOL with
50i bid for more, and the Offering close
TO the bid price, indicating that some
one is willing to risk making what he
thinks low sale TO hold down the
price.
AS intimated above, the weakness of
graphophone stock is in appearance
nnlu nd do Il ,l~o "A
have arrived when those who want the
stock largely, at current rates, may see
that the opportunity for obtaining 1t its
present low rates cannot continue. But
25 shares changed hands yesterday. The
lot brought 14I. At 141 more stock
could have been had; for by the strict
rules of the exchange every published
quotation on the 'call' must represent
1000 worth of each security, or of
graphophone stock not less than so
shares.
So, as this stock is believed to have
been artificially depressed by those
who really want to buy, offerings COM
ing from no other source, and the re-
cent wiping from the earth of operators
of a similar kind all over the country
having proved so salutory, 1t is alto
gether probable that the low quotations
on this stock may disappear at any
moment like the baseless fabric of a
dream, and leave naught behind but
two or three wrecked bears, much la
mented only by those who have failed
to profit by their temerity.
The only sale of Electric Light stock
was that of 10 shares privately by phil
anthropic broker at 1875. The delivery
was made by handing over convertible
bonds, but as the coupons had been cut
off the issue of the stock could not be
made, but will be in time to secure the
buyer the So quarterly dividend on the
stock by the 1st day of July. 1t is quite
| probable that the broker intended in the
| transaction to reserve the accrued inter-
est. If so, the bonds you'd be yielding
| about 1911, which Is really a low price
intrinsically.
The high rate for money, 10 per cent.
on call, in New York yesterday is well
understood in Washington. This is the
explanation: There are nearly 1000
national banks In this country. The law
requires the comptroller of the currency
TO call upon the banks five times each
| year for statement of their condition.
Although no dates are fixed for these
calls, the banks are able to form correct
| judgements as to when they are about
10 be made. Either from ambition
10 make favorable showings OIL
because of less worthy motives, II
is not unusual for the banks
temporarily to withhold accommoda
tions from brokers and others which
ordinarily they would be glad to grant
So momentarily sometimes rates are run
up to fabulous figures. The Comptroller
has been away from the city and nc
call has been made, though it has beer
daily looked for since the 18th. Posi-
bly, no call will be made Immediately
1t rests with him.
The bucket. shop failures are not t.
be understood as rejecting an unsafe
financial condition Of the country. They
show that operating on the suppositiol
that good stocks can be kept down b.
the effrontery of reckless men ha
ceased 10 be in this time Of real pros
perity thing of safety.