The Sunday herald and weekly national intelligencer., 1891-07-26

There was notable improvement both in
the volume of business and in the prices
realized for the securities sold on the local
stock exchange last week. Besides there was
an almost universal conviction that the i'm
provements noted had come to stay. An i'm
portant feature of the week was the listing
by the governing committee of the exchange
of the following named bonds Chesapeake
and Potomac Telephone Company's first
mortgage gold $50 5 per cent. bonds, $780,
600; Capital and North o street Railroad
first mortgage thirty-year gold 5 per cent.
bonds, S250,0 Metropolitan Railroad con-
vertible per cent ten-year bonds, 100000
United States Electric Light convertible 5
per cent. ten-year bonds, $100, 600 District of
Columbia 81 registered 2-10 bonds, So, ,4OO, 900.
Bank stocks were dealt in to a limited ex-
tent. For shares OF National Metropolitan
Bank 275 was paid, 10 West End brought 9S,
and Lincoln brought 80. These are ali
moderate prices, and as each of the institu-
tions named is making money there can be
little doubt that brief period will show
handsome profit on all the purchases named.
The first Washington Gas stock sold for sew
eral weeks was marketed yesterday. Seventy
shares brought 431 without the August divi-
dend, which goes to the former holder. The
closing bid was 434 and the lowest Offering
a. Chesapeake and Potomac Telephone
stock also scored two sales of 10 shares each
at 61. This is low value and must yield a
handsome profit to the buyer within few
weeks. There were no offerings of this stock
at the close for less than 60.
The business in Electric Lighting stock was
small, 5 shares were allowed to go for 155.
At the close the best bid was 152 and the low
est offering ITO. There are few local stocks
that give better promise OF future profits
than this, largely for the reason that the COM
pany is making money aud is committed to do
something handsome for its stockholders
after while; quite as well and better than
another prosperous Illuminating company
did for its friends a few months back, and
for the same good reasons that the bond
dividend made represented earnings which
had been used to improve the plant.
One Of the greatest bargains obtained at
the Exchange In months was $4,000 of the
convertible U. s. Electric Light bonds at 112
These bonds bear per cent. and in 28 years
can be exchanged for the stock of the COM
pany, which good and safe fnanciers predict
will sell by that time for $50. The present
actual value of these bonds is estimated to be
130 There was but one holder putting them
on the market. His sales were $1,000
The offerings of Washington Loan and
Trust stock continue light, but 3 shares were
sold; 95a was the price. A rumor Of good
dividend proceeding from an inside source
only needs confirmation to send this sto TX
above par. The undivided profits are Of
Hclally SDaCGu at SOO,O54.O4.
The transactions In railroad stocks continue
light; 80 shares of Georgetown and Tennally-
town brought 62 and 30 shares of lexington
sold for 39. There was but one sale of Dis
trict of Columbia bonds, 1000 365's at 114s.
The only sale of insurance stocks last week
was that of 20 shares of Firemens also, bought
to replace some sold at better price before
the dividend. AS this stock pays6 per cent.
at50 and as the next dividend will probably
yield per cent. at so, an increase of the semi
H. =
argument is needed to commend the pur-
chasers wisdom.
From the improved tone manifested in
Graphophone stock, it was predicted that
something was developing which would bring
this once popular security again into promi-
nence. The bid without apparent cause in
TWO or three days, has been advanced from
TO 81, and while the offering of stock con-
tinues at 6, there is but a solitory hundred for
sale, on an order good till revoked, by mem
ber of the board supposed to be in Europe.
A circular issued by the Phonograph Com
pany announcing that hereafter Photographs
may be purchased outright no doubt explains
the advance in graphophone stock. 1t is
difficult to overestimate the Importance Of
this change of policy by the American Phono-
graph and Graphophone Company 1t mas
been known for long time that the chief
difficulty in the way OF the development of
the talking machines was the heavy rental
demanded for their use. Forty dollars per
oned at per cent, was the interest on $500;
now at the same rate of interest, the mini
mum cost, interest on the selling price Isl ,25),
would be but So per annum.
There is a growing ease in the money
market, both here and in New York. The
weekly bank statement shows the following
changes:
Reserve, increase .....,'...,,..",.. s., ~. $50
Loans, decrease. e.....,,,..,.+,,.,..,... SS7, ,690
Specle increase. I,lo9,SOO
Legal tenders, decrease. ..............,, $500
Circulation. increase .....,........... Iol.oOO
The banks now hold $40, 71O, 1926 in excess Of
the requirements of the 25 per cent. value
That is nearly $40, 600, 900 in cash more than
the National banking act requires the
banks of New York City to have on hand.
Royal Blue Line to Atlantic City.
The only double-track route to the sea is
via the Baltimore and Ohio and Reading Rail-
roads Special fast express from Baltimore
and Ohio station, Saturday, July 25, at p. m.
All Saturday night and Sunday at the shore.
So so round trip Special train will leave At
lantic City on return trip at 6 p. m, Sunday,