The Sunday herald and weekly national intelligencer., 1891-03-22


shows up remarkably well by comparison. AS
is generally we'll known the national banks
are required to keep 25 per cent. of their de-
posits always on hand in cash. and so far as
this city goes the requirement was more than
complied with, as the amount on'hand iep-
resented 45.73 per cent. of the total deposits.
Brooklyn had but 1888, Cincinnati 1910;
Cleveland, 27.97; St. Paul, 81 go, and Louis
vile, 25.25 per cent. Our bankers had evil
IDENTIFY made provision for the storm should it
break over u.s. and the plethora collected to-
gether is now making itself felt by the grow
ing ease and lower rates asked for it, good
loans being readily placed at 8 per cent.
Washington is less liable to suffer from
panic than any other community, as the easy
manner in which 1t stood the recent shock
and the almost total absence Of failures con-
spicuously attests
One of the surprises of the week in the
local stock market was the unusually large
amount of Franklin Fire Insurance stock
which came out, the transactions IN this Sc
curity being very rare, and then only in small
amounts, but one sale Of twenty shares hav-
ing previously been noted for several months.
This company is the Oldest in the District,
having first commenced business in 1918, at
which time John Quincy Adams was Secretary
of State, and, MS a Cabinet officers salary
then, like the silver dollar Of our forefathers,
would go great deal further than at present,
he invested some of his surplus in the stock of
that company. Later on when he became
President ana had more money he continued
to buy the stock, seeing with rare foresight
its future value under its present excellent
management. 1t would appear that there
was not at that time SO much objection to a
President of these United States making pro-
vision against the future by an investment in
Fire Insurance Companies as he gradually
absorbed about one-third of the capital stock,
paying therefor the sum of $5 per share.
The The capital was place, at $1,000 $1,000
provision of the charter it was necessary that
it should be full paid, and so for all these
many years note for the balance was re-
quired from every shareholder, which, Incl
dentally, it may be remarked, has largely
operated to prevent dealings in it. This fea-
ture has now, however, been abolished by con-
verting portion of the surplus to that pur-
pose and the stock has become full paid. Up
to about three years ago the Adams family
were still the possessors of their original hold
ings and nothing gave so much discomfort to
the genial secretary, MIR. Young, as the semi
annual mailing of their dividend check.
Though frequently importuned they refused
to sell until the time mentioned, when the
stock was placed on the market and readily
brought $40 per share, the larger part of 1t
becoming the property of the present vice
president, George E. Lemon. The dividend,
which had been regularly paid some years, was
81 per share semi-annually until November
last, when it was increased to $1.25, and, as be-
fore stated, sufficient of the surplus converted
to pay off the notes and make the stock full
paid.
On the 3lst of December last, according to
the statement made to the District Commits
sioners as required by law, the company had
paid up capital of $125, 900 and surplus of
$141, ,S91. II, and showed that it had made up
ward of 900 during the year or about 35
per cent on its capital. The year previous it
made $42, ,000, 0,representing about the same per-
centage on its capital stock, and that, notwith-
standing the birth of several new companies,
it still retained it's hold ON public confidence.
Taking the figures of its statement and it
plainly shows that this old reliable company
could close its doors and pay to every stock
holder about $53 per share, while, as It is genH
orally understood that the assets are under
rather than over estimated, 1t is believed that
$50 per share would be nearer the mark.
Hence the willingness to buy large amounts
when offered, the sales aggregating $50 shares
at $4,000. The dividend will be paid on May l.
X
Probably at no time in the history of the
Stock Exchange has so much Washington
Gas stock been marketed as during the past
three months, the sales running up well into
the thousands of shares and at steadily advanc-
ing prices. During the perilous times of last
well, the price ranging from 46 to AZ. On
December l, when the directors decided to
make each shareholder present of So for
each and every share owned in the shape of
6 per cent. bond which did not in any way
materially depreciate the value of the stock,
it nevertheless Immediately thereafter sold
down to 80, recovering slightly when an un-
expected 5000 shares was let loose, and,
greatly to the surprise of some of the Oldest
and wisest among the brokers, was promptly
absorbed by a confiding public who
seemed willing to assmilate an un-
usual amount of Gas stock with
their financial system. Commencing
February / the market turned
at 39I, and has steadily gone upward from
that figure to 45f with total sale of 1923
shares, and lots of 200 shares additional re-
ported privately made. Evidently our public
have confidence in that particular stock, and
are willing to buy it at any and all times. 1t
is generally quoted as being per cent. re-
turn ON $40 and gauged simply by the divi-
dend paid, 5000 per year, the idea is correct.
But when it is recalled that such rich and
juicy plums as recently fell into the willing
pockets of the shareholders are not of unusual
occurrence it figures out through series of
years decidedly better average. The pres
ent tone of the market indicates that point
has been reached where reaction may set in,
and those who bought month ago are will
ing to take a good profit on their purchases,
and hence a lower range of prices is not I'M
likely to prevail FRANK III. PELoUzE,
1885 f street.
Other Features ofthe Market.
There was good volume of business last