The Sunday herald and weekly national intelligencer., 1891-06-28

The dullness incident to the heated term is
manifest in all the stock markets of the
country, and Washington shows no exception
to the rule. Rarely have the transactions
been so few and unimportant as they were
last week on the local stock exchange. A
large proportion of the business of the week
was in bonds. For $1,000 United States AS
11SA was paid; $1,650 District 365's brought
1l5; $4,000 Washington and Georgetown Con-
vertibe bonds brought 1876; $3.50 of the scrip
OF the same company went for 1345. For the
new Belt Railroad per cent bonds 102 was
paid for $500; the scrip of the same com
pany sold for los for $3.50 worth. The stock
of the Belt Line sold for the lowest price it
has reached for nearly eighteen months. The
drop in this stock has been extraordinary.
Just previous to the election for directors in
May, 1890, when a strong effort was making
by those anxious to secure control of q ma
jority of the shares for a considerable block,
which would have been voted in the interest
of the then existing management 500 per share
was paid, and for lot of about $50 shares,
which it was believed was not essential to
oust the old board, $75 per share was paid.
From that time the drop has been gradual to
its present valuation of $40. The decline has
been mainly due to the obligation imposed by
Congress to relay the entire track of the road
with grooved rails and to the desire of the
present management as soon as possible to i'm
prove the present method of transportation.
AS the present dividend of so cents per quarter
on the stock is likely to continue, which makes
it yield nearly per cent on the present
market value, it is considered unlikely that
any further decline will be witnessed in this
security.
There was a stronger tone manifested last
week in L. S. Electric Lighting stock The
sales were "a shares, all of which brought 100.
This is very ch sap stock, as in addition to the
regular yield Of per cent, which the stock
will pay at 160 sundry bond privileges will
accrue during the next twelve months, and
the fact is not disguised that before the ex-
pfration of that period bond dividend of 80
per cent. will be forthcoming.
Washington Gas stock remains inactive
but firm at the present market price. But %
shares were sold last week. 1t brought 43a.
The closing bid was 43s, with 44s asked For
$50 convertible bonds 13l was paid.
The most important financial event of the
week was the opening of the bids for the Dis
trict of Columbia 2-10 8! per cent. bonds, bids
for which were invited TO be opened June
%. The result was great surprise,
doubtless, to everybody interested in the sub
ject. Outside of the bid of Harvey Fisk Il
Sons, New York, there was but one bid for an
amount worthy of consideration. 1t was for
but $10,0 900 at 81 premium, but as the bid of
the New York firm was only good provided
the whole of the So, 400, 600 should be allotted
to them, this bidder was cut out There are
several reasons why these bonds may attain
considerable premium. Outside of the Dis
trict, where the tax on bonds is more rigidly
enforced than with us, the unmistakable fact
that these securities are absolutely exempt
from any and every sort of taxation will oper-
ate to render them popular and favorite
investment; besides they are not subject to
call until the expiration of two years, and in
the meanwhile another issue of nearly 81 ,000,-
600 will be put out, which, by the terms of the
act, will be subject to call before the present
issue; further, if the District can invest its
sinking fund money at a better rate than 81
per cent, this issue of bonds will be undis-
turbed as long as such condition prevails.
Besides, the requirements of the sinking fund
are not sufficient to exhaust the issue of 1892
for four or five years. Treasurer Nebeker, in
order to realize on the new bonds in time to
be ready to pay off the old ones, which fall
due on the 1st of July, forwarded to-day by
registered mail the 81, 400, 900 to the assistant
treasurer at New York for delivery to Harvey
Fisk 81 Sons.
The low price at which the lexington Rail-
road bonds bearing per cent. interest are
selling is worthy the attention of investors;
$3.50 brought 102, 81, 200 101, and $1,000 were
allowed to go for 100. These bonds will run
to 1911 and it would be difficult to conceive
that anything could happen to this road
which would render its bonds an unsafe in
vestment.
The sales of bank stocks were unim-
poFtant last week. For 10 shares of West
End 994 was paid, and 10 brought 99s.
There We're but two small transactions in Wash
ington Loan and Trust stock last week; g
shares brought 96, and z realized the same. SO.
Metropolitan Railroad stock is stronger The
bid has been advanced TO los ex dividend, ana
the asking price 1l6 to 100. For IS shares OF
Columbia Title stock 3-16 was realized.
There is a much greater ease in the local,
money market than usual just before the July
call on the banks by the Comptroller of the
Currency, and large amounts can be had on
good collateral securities. The growing ease
in the New York market is reflected in the
bank statement received by telegraph yester-
day:
IIcSciNc, lucI6dse ...''''''''''''''''' 1Ss~SSioo
specie, increase. -sfOoifUN
Legal tenders, increase. ....,.......... l,5lS,oOO
Loans, increase. se.......'''''.'''''''''' SIf0,69V
Clrculatlon, decrease .............'... oo,oOV
To Atlantic City via Royal Blue Line