The Sunday herald and weekly national intelligencer., 1891-06-21
THELOCALSTOCK MARKET.
ANOTHER DULL WEEK WITH PRICES
TENDING DOWNWARD.
Dealings In Gas stock Favor Buyers-A
Good Market for Gas Bonds-District
3-65's Lower-Metropolitan Railroad
Stronger-Belt Line Depressed.

The business In local stocks last week was
exceptionally small and featureless. In
Washington Gas stock the tendency was in
favor of buyers. On Monday 35 shares sold at
"A, and on Friday % brought but 433. This is
favorite investment, and, as it will yield
about Al per cent. on its present market price,
and every few years can be relied upon for an
extra benefit in some form, is more likely to
advance than to recede in price. The price
OF convertible Gas bonds continues to be well
maintained. For 81 300 1874 was paid. at the
close the lowest Offering of Gas stock was at
45, and the lowest Offering to sell the con-
vertible bonds was at 1876. For Gas scrip, ex-
changeable into convertible bonds, 1343 was
paid for $3.50 worth.
District 1856 bonds appeared to be de-
pressed. A short time ago they were bring
ing III. Last week, although the August in
terest is but little oyer month off, 50 900 of
these bonds sold for but lis.
In Z. s. bonds the only sales were $3.50 As
at 11S2 and 800 4l's at 99s. The only other sale
OF bonds was of 1000 second mortgage Light
Infantry rs, at 1014. Although these are
second mortgage security, from the fact that
the property is believed to be ample to cover
both trusts and that the seconds pay per
cent they are growing in favor.
There is some inquiry for Metropolitan
Railroad stock, but transactions are limited
by the small offerings. But 10 shares were
sold last week. It brought la. The buyers
seeking this stock are trying to get it cheap
by making low bids from ITO down to 102,
but on Saturday the registered offering to sell
was at 120. The usual dividend on Metro
politan was declared for the quarter ending
June 80 proximo, and the books closed on the
Both as customary. The bonds which the
Metropolitan Company proposed to issue at
par, bearing per cent. interest, to run ten
years, convertible into stock at 100 after the
expiration OF one year, were subscribed for
twice over. Complaints were heard that, as
only, and to be allotted accord
ing to each individuals holdings of
stock, no provision would be made
for the small stockholders, but when
the allotments came to be made it was found
that the little people had Jared the best, for
no subscriber was ignored, but every one seek
ing to invest was allowed to take a thousand
dollar bond at par. Now that the Metropoli-
tan Company has made arrangements to pay
for It's further improvements without depend
ing on earnings, it is quite probable that be-
fore many months dividends somewhat com
mensurate with the large profits of this com
pany may be declared. During the last five or
six years it is estimated that about S5OOOOO of
the earnings of this company have been ex-
pended in betterments.
The depression IN Belt Railroad stock still
holds on. For 25 shares on Friday but 434
could be realized. The closing bid was 33
duu Guc iOWGbG Ou6TluH. 1u6 directors OF
the Belt Line announced a quarterly dividend
OF 80 cents, payable July /, the books to be
closed after June 30.
The sales of lexington Railroad stock last
week Were 20 shares at 491 and 10 shares at
46l. The closing bid was As, the offering to
sell at 4S.
The only sale Of bank stock last week was
OF West End, 10 shares Of which were al
lowed to go at 100. The closing bid was 991,
the Offering at 102.
Tha saIac of inc, Oh on1ys
light last week. For 100 shares of CONNER
cial AZ was paid. For Riggs was paid. The
same lot later brought 81.
The only sale Of trust stocks last week was
OF Washington Loan and Trust. Five shares
brought 96i, and 20 96.
The Washington finauciers and bankers are
much gratifed at the growing ease in the
money market of New York. regardless of the
heavy shipments Of gold from that centre,
aggregating in the past few months nearly
sixty-three millions. The statement of the
clearinghouse banks betokens almost ple-
thora of funds during the summer. The fol-
lowing is the statement in detail for the
week:
Reserve, increase. ........, $685.. 400
Loans, increase. Observation-Disclosures. 3l55l(O
specie, increase ......,.............. 800
Legal-tenders, increase. ...,........... 3,642,9OO
65PeOInfid6 6PSPOsIits n0Fsass issas::: ll553sSS SS
The banks now hold a surplus of SIG, III, 900.
This is considerably more t han the national
banking act requires them to hold as reserve.
There were no sales of Graphophone stock
last week. From the way this stock is con
stantly offered down by those who manifestly
do not wish to sell it, the conclusion is gain
ing ground that there Is still short interest in
this security and an attempt to bid it up
would soon develop disposition to buy by
those now apparently desiring to sell. There
Is nothing new in Graphophone matters. The
improvement OF the machine is nearing com
pletion.