The Sunday herald and weekly national intelligencer., 1891-01-25

1t is one of those paradoxes of the market
which is so apparently unexplainable that not
withs anding the liberal dividend paid on
Graphopone, and the fact that it is generally
announced that 1t will be continued indefinitely,
and the further fact that all reports from head
quarters are of the most encouraging nature,
the stock continues to go steadily down, down,
down, and the lower it gets the larger amount
of the stock comes on the market for sale. 1t
will be recalled that until very recently the
transactions were very limited, and even during
the stringent times, when money was ruling
high and accommodation was hard to get, the
amount of stock seeking a market was small
and at much higher prices than are now ruling.
Why so much of it can be had now, and why
the price asked is so much lower than it has
been offered before since 1t was first 'slisted,n
in 1883, is question daily asked, and one that
still remains unanswered. One general reply
is that liquidation is going on by some of the
unfortunates that have slowed not wisely but
too we'll" and held on and on, hoping for the
coming of better times, which, being deferred too
long, have brought the holders face to face
with some hard realities, and they have t'laid
down their hands and passed out of the game"
to quote technical expression frequently used
in polite society Possibly other reasons might
be given, such as loss of confidence and a be-
lief that all is not as rose-colored as appears,
but these are idle rumofs, and are promptly de-
MED when stated. Certain it is that, taken into
consideration the magnificent return on the
money invested, based on the dividends already
paid, there is nothing in our local Sc
curities that promises SO rich a return
at the present price, for at $40, which
is par, the stock pays 12 per cent. per
annum, always providing the payment of divi-
dends is continued, and this, those who are best
qualified to speak claim, will surely be done,
though it is observed that they are not taking
advantage of the golden opportunity now pre-
sented and buying the stock. In detail the
sales were 125 shares at 104, 45O at 1Os, 465 at
10, $50 at 95, and 100 at 1916 closing with 95
freely bid for more, and offerings at 10.
So much interest was taken in Graphophone
that all other stocks suffered in consequence,
and the business of the week was dull in every
thing else, though prices generally showed i'm
provement, the next largest sale being one of
700 Columbia Title Insurance at CT in one
lump. Columbia Fire was also trif1e better,
$50 shares in ten lots bringing Is, marking
slight advance over last previous sales, though
still long way off from the prices prevailing
last spring, when it was selling freely at THO
1S3. Small sales of Peoples Insurance and an
advance in the bid on Riggs completed the in
terest in this class.
Gas stock was dull, the sales representing rs
shares at 40 and Is at 405, and general show
of indifference regarding it. Electric Light
was also fiat, but one sale of shares at 141
being recorded.
In Bank stocks there was only two sales, one
of Lincoln at 105 and 5 Second National at
100, and the only demand for Railroad stocks
was for 10 lexington. which was furnished at
So, though the same price was bid at the close
on yesterday for 20 more.
Washington Loan and Trust was in good re-
quest, 25 shares in three lots bringing YS, with
9S1 bid for more yesterday, and general
feeling Of confidence in higher prices in the near
future. American Security and Trust was ex-
tremely dull and weak, but one sale of 20 shares,
and that at 62, or so cents below par, being
noted This is the first time this stock has sold
below par, and it is believed to be solely due to
the fact that the necessity for paying up the
balance required to make it full paid finds some
holders unable to meet the assessments and
hence must sell.
The growing ease of the money market is best
shown by the demand for bonds of all kinds,
and the good prices they bring when offered,
$4,000 D. G.. rs due in July commanding a
G. 365's securing 1901. For 81 900 Wash
ington and Georgetown Railroad Convertible
(save the mark y per cent. bonds 11S was
freely paid, and an advance of SIS promptly
secured on them; So, 900 Light Infantry second
mortgage were taken at 96 and s., 900 more at 95.
The local money market has eased up very
materially, and loans at per cent. are compar-
atiVely easy to secure where the character of
the security is unquestionable. The opinion is
fast growing that, failing adverse legislation,
which might affect affairs seriously, an era of
prosperity is again before us, and with the
coming OF spring, and the general improvement
always to be counted on at that time, a return
to the good old times prevailing last spring and
before may be looked for. The belief that
money will become a drug, and that lenders
will be seeking borrowers rather than the way
1T has been for some months past, is held by
many, particularly by che borrowers, whose
wish may be father, etc. Should such be the
case the latter class will no doubt show their
magnanimity to those from whom they desire
to borrow-and take all they can get.
There is, however, good old expression
about not halloong until one energies from the
confines of the woods, and cautious people will
be careful not to strain their voices too soon.
FRANK III. PELoUzE,
1885 street