The Sunday herald and weekly national intelligencer., 1891-08-16

The absence of stock dealers from the CITY
and the small attendance of brokers at the
board last week reduced the transactions to
the smallest aggregate recorded in the history
of the exchange. The transactions were in
detail $500 lexington Railroad 6s at 1901; 10
lexington bond rights at 100; 100 Peneu.
matte Gun Carriage stock at SO cents per
share, and $4,000 Belt Railroad IS at 1O5. The
lexington bonds, bearing per cent interest,
are considered very low, and the Belt road
bonds, having thirty years to run and selling
at so slight premium as per cent. are re-
garded as a very desirable investment The
lowest Offering OF the latter at the close was
at 110I.
The chief event OF the week in the local
financial world was the announcement of an
additional issue OF 100000 of the United
States Electric Lighting Companys converti-
bic pei, cent. bonds. The new bonds will
be allotted at par to the stockholders of record
on September proximo, at the rate of 500
bonds to each six shares of stock, and are to
be paid for in four monthly installments of
% per cent. each. beginning on the 18th of
September and ending on the 18th Of Decem-
Der. The bonds will not be ready until the
latter date. If paid for previously receipts
will issue until the bonds are ready. The
bonds will be delivered with the coupon due
November on, which will amount to bonus
of about per cent. to the subscribers.
1t has recently transpired that the monthly
net revenues of the United States Electric
Lighting Company amount to 81, 700, which is
estimated to be double the amount required
on the stock and bonds for interest and divi-
dends. The amount of the issued stock of
this company is but $600,000 The fact that the
$1,000 of new bonds will not be issued be-
fore December will doubtless make a better
market Tor the issue of May last, which the
announcement of a further issue had the
effect to depress. The last bid for them was
but 105. Sales had previously been made al
112
As the great and universal depression which
has prevailed over the whole country for
nearly a year originated in the stock markets
of London and New York, the fact that
most encouraging change has taken place in
both these important centres in the last few
days, will doubtless serve to send thrill of
confidence throughout the length and breath of
this highly favored land. And as tits recog-
nized that confidence alone has been needed
new era OF prosperity may be confidently
anticipated. comparison of the reserves
now held by the New York clearing house
banks with the reserve of year ago is favor
able to q continued ease in the money market.
A year ago the reserve was about So, 900 900
below the legal requirements, while at the
present time it is over $4,000, 900 above, and
while 1t was extremely difficult to obtain even
call money az all last year for many weeks
past the rate has seldom exceeded II to per
cent. per annum.
year ago the amount of gold in the bank
of England was but little below the average,
namely, stated in dollars, $40, ,125, on
August IA it was 1855 $50, or over $685.
100000 greater. The same favorable condi-
tions prevail at nearly all the great financial
centers of the continent.
There has been a much better feeling in
graphophone stock, and privately sales have
been recorded much beyond the bid price,
which has advanced from to AZ. The 100
shares which were offered at have been sold,
and the lowest offering on the board is at Z.
A prominent and influential board broker has
diagnosed the graphophone market by saying:
"With little concerted action the stock
could be advanced to 10, and that within
brief period graphophone would be Que of the
best speculative stocks on the list"
An important factor tending to make all
kinds of business active and prosperous is the
enormous amount of work going on. There
was probably never time since the demise of
the,Board of Public Works when SO large an
amount of money was earned by the mechan-
les and latorers of the District. This money
is nearly all expended, bringing profit to all
classes of the community