The Sunday herald and weekly national intelligencer., 1891-07-12
PAGES 8 To12
LOCAL STOCK MARKET.
TRANSACTIONS STILL SMALL AND
PRICES Low.
Encouraging Outlook for Gas and Electric
Lighting Stocks-Remarlss on the
Money MarketAA Good Showing for
the Second National.

An almost total absence of business was the
feature of the local stock market last week.
The transactions were not only few, but insig-
nifcant in their proportions.
The price Of Washington Gas stock was
fairly well sustained The aggregate sales
were 36 shares at "A. The closing bid was
432, with 44a the lowest price at which the
stock was for sale. There was no little salts
faction manifest in gas circles over the an
nouncement that Captain Lusk's recon-
mendation that contract be made with the
Washington Gas Light Company for lighting,
extinguishing, repairing, and cleaning public
$2l.5O per lamp year, was approved on
Friday by Captain Rossell." This
action was authorized by Congress,
and will have an important influence In ward
ing, off the possibility of another gas company
within the period named. The stockholders
of the United States Electric Lighting Com
pany are equally jubilant, as that company
has also been given a three years. contract at
90 cents per lamp per night, which, proper
tionately, is believed to be much more remun-
erative than the price allowed for gas illumi-
nation. There were no sales of Electric Light
ing stock. but the price at which the stock
is for sale was advanced from 1862 to ITO and
the bid from 1924 to 154.
There was but one sale of bank stock last
week, II shares of Lincoln National selling
for 1OO4
Although the stock of the Second National
Bank is rarely sold an Official statement of the
profits of this bank may prove interesting.
were $27, 64S.0S for the half year, expenses,
Sl3,6l7.3O; net profits, $14, ,030.7S; carried to
the surplus for the period named, $5, ,O0O un-
divided profits July I, $15 13O. go; surplus,
$4,000; surplus and undivided profits, SS5,
l3O.9O. On January last $4,000 was car
ried to the surplus. For the year, on the
$225, 600 capital the dividends paid and profits :
aggregated $33 900.
At the yearly meeting Of the stockholders
of the Metropolitan Railroad Company, held
on Wednesday last. George Pearson, Robert
Bell, A. A. Thomas, Dr. Daniel Clark, A. A.
Wilson, John Cammack, and Robert Weaver
were reelected directors The annual reports
showed a gratifying increase of business.
The only sale of railroad stock was 10 Eek
ington, which brought 40 AT the close 81
was bid and 43 asked.
The general financial conditions prevailing
both ut home and abroad are attracting much
more attention than usual, and the universal
inquiry is, ''What sort of money market are
We going to have when the autumnal demand
to move the crops sets in?" AS the almost
universal conviction is that we will have
tight money, an old Wall-street adage, "What
everybody expects never takes place." may
afford some consolation. The fact that such
a vast Improvement has taken place in Eng
land and on the Continent in the past few
months, doubtless due to the help which this
country SO literally afforded, is enough to
give assurance that further assistance will not
be required. The $72000,000 which has gone
across the ocean in solid yellow coin has pro.
duced an ease In the money market such as
has not prevailed at this season within several
years. Money on call in London has recently
loaned at per cent. per annum, and three
months bills have been discounted at the
rate OF Ii and II for the year. These rates
seem to indicate that foreign bankers have
drawn from this side more money than can be
profitably employed and that it will he alto
gether natural that as soon as our breadstuffs
begin to be exported there will be return of
large proportion OF the gold which we have
exported. Then, again, in addition to the
very large augmentation of the circulation of
the country through the issue OF treasury
Government, there is a decided tendency to
increase the circulation of the ma
tional banks Happily, the condi-
tions are such as to favor this
increase. The recent fall in the price for
per cent. bonds makes it possible for the
banks to derive once more a profit by using
the favors as basis for circulation. Then
again 1t is obvious that large proportion of
the per cent. IS issued in place of 41's will be
used for this purpose. Still further, as the
deposits OF Government funds In the national
banks are Withdrawn the bonds held as
security for such deposits will at once be re-
deposited as basis for circulating notes.
This Is already being done. Above all, as
soon as 1t begins to be apparent that all ap-
prehension OF tight money market is re-
moved there win be such rapid restoration
OF confidence that the good times which in
Varlably follow long period of distrust will
set in and investors Will be Fastening to take
advantage OF the low values which universally
prevail in all the stock markets ofthe country
wv
$3.5O-TO Atlantic City or Cape May via
Pennsylvania Railroad $3.50.
The Pennsylvania Railroad will run excur-
sions to Atlantic City or Cane May, leaving