The Sunday herald and weekly national intelligencer., 1891-07-05
LOCAL STOCK MARKET.
THE USUAL ANTE-HoLIDAY DULL
NESS LAST WEEK.
Little Doing in Bank Stocks-Remarka-
Bile Success of District Insurance
Companies-Stagnat in Railroad
Stocks-Poor Old Graphophone.

For the five days ending with Friday, as
might have been anticipated, the business of
the local stock exchange was meager. AL
though the range of transactions was so
limited, only in one or two securities was
there more than a single sale.
There were but three transactions in bank
stock. For 10 Traders 11S was paid, Is Lin
coin brought 101, and of National Metro
poltan Bank realized $50. The sale of Metro
politan is the first which has been made for
several months, and in view of the fact that
the surplus is so large and the valuation of
the real estate so moderate, together with the
fact that after but small accession shall
have been made to the reserve of the bank the
whole earnings will probably be divided in
dividends, the price may be considered as
very reasonable.
There was but one sale of insurance stock;
1O2 shares of National Union brought 1SI.
While on the subject of insurance stocks it
may be appropriately remarked that there is
probably no locality in the world where insti-
tutions of this kind have attained the same
success as in the District. AS an instance of
this the history of the Firemen's Insurance
Company may be cited. 1t was organized in
1887, with cash capital of but $4,000 and
credit capital, notes of the stockholders in
dorsed by real estate owners for S160,OOO.
Up to about 1870 the yearly dividends were
at the rate of 20 per cent. on the cash capital,
at which time the sum of $4,000 was taken
from the accumulated reserve and added to
the cash capital, and the notes reduced to
100000, but the dividends were still kept at
20 per cent. on the increased capital; and on
several occasions extra dividends were de-
clared.
This state of things continued until Janu-
airy, 1890, when the remaining sum of 100000
of notes was wiped out and the cash capital
brought up to 5000, 900, at which time regu-
iar DIVIDEND OF d per cent. on the whole
100000 was paid. And for the half
year just closed a like dividend of Z!
now payable. In the meanwhile the surplus
has grown, so that at fair valuation of the
valuable collateral securities and real estate
owned by the company the surplus would con-
siderably exceed 100000. The real worth of
this stock is so little appreciated that it can
be bought occasionally in small lots at as low
as from 81 to Sc. As the leading officers and
directors of the company have been frank
enough to say that they deem the surplus
ample, should the stockholders expect that
the dividends will continue to increase they
Will not be disappointed. Few of the best
District stocks pay over 4 per cent. on
their market value. At So the Fire
mems will pay 81, and at rs will yield per
cent.
The business in Washington Gas stock con-
tinues slight. But 25 shares were sold last
week. 1t brought but 43I. Privately a mum.
Der of sales of Gas stock were made at better
prices by investors who are receiving pay
ment for their District bonds of July, 1891,
which the United States Treasury is now pay
ing off.
Railroad stocks are still stagnant. Ecking-
ton, after bringing ~ for 25 shares, sold down
to 40 for a like number The closing bid was
at 40, with 4S the lowest offering. Belt Rail-
road stock stands 40 bid and As asked, with a
sale OF 20 shares at 40. 1t may again be safely
remarked that as this stock will pay per
cent. on 40 it should go no lower, but show an
improvement very soon in price. For the
Belt Railroad bonds 102 was paid for 500 and
lO0s for 800. For lexington bonds 100 was
paid for 81 900. For the bond rights of the
Belt Railroad 102 was paid for $375 worth.
The offerings of U. S. Electric Lighting stock
continue small. But four shares changed
hands last week. 1t was an odd lot, and went
for l55. For lots of ten shares 161 is asked
There was but one sale of trust stock Five
shares of Washington Loan and Trust brought
95f. District 365 bonds continue dull and
low; 81 900 brought but 1144. Washington and
Georgetown convertible bonds sold for 135
for So, 900.
While no transactions in Graphophone stock
are recorded on the board, a prominent F.
street broker says he is quietly picking up all
the little lots that come to his counter at
market rates. Mr. John White, one of the
official stenographers of the House and di-
rector in the Graphophone Company, has Just
returned from the Bridgeboart factory, where
the improvements to the graphophone are be-
Ing made, and his reports are SO encouraging
that well-known broker, holder of about
900 shares, some of which stan Is him 25
after talking with Mr.. White let it be known
that he would like to pick up 300 shares at the