The Sunday herald and weekly national intelligencer., 1891-08-02

Inc local sJOck market continues TO gamer
strength and volume, although the transac-
tions are not as numerous and important as
dealers would like to see.
Washington Gas securities brought excep-
tionally good prices. Although the interest
has but recently been paid on the "An and
"B' bonds, the former brought 1870 for 81 800,
and 1901 for 81 800 of the latter. For $1,000
convertible skies 1901 was paid Gas stock
for 35 shares brought 43l.
The first sale of the new convertible bonds
of the Metropolitan Railroad was made last
week. For 81 900 121 was paid. At the close
1901 was bid,
The first sale of the new Ivy City Brick
Company was also made last week, 20 shares
brought S7i, % above per. The closing bid
was S6.
The new convertible bonds of the U. s.
Electric Lighting Company continue to
change hands at prices favoring the buyer:
5000 brought ITO, privately 500 brought the
same price. For 2 share of Electric Lighting
stock $50 was paid. The other sales on the
board were 1000 District Columbia Market
stock'' Is at 101, / 100 u. s. As at 1171, GO
shares of Columbia Insurance stock at 15} 10
shares of Lincoln Fire Insurance stock at 5,
8 shares of Georgetown and Tennallytown rail-
road at SO and 5 (resold) at 60, and / share of
Washington Loan and Trust stock at 944.
Privately there were quite a number of sales
VI IOCdl SJOChS. TOT ~ lTemeu' insurance
was paid; 10 shares of Lincoln bank brought
10l; 500 convertible U. S.Electric bonds sold
for ITO, and 1000 Metropolitan convertible
railroad bonds sold for 1901
Although a number of active stock opera
tors are away from the city thereis growing
disposition to accept good securities when
offered "over the counter'' at fair prices. A
ready disposition was also observed to extend
loans to those who were prepared to make
transactions If such accommodations could
I,a 1tc &c 1<.~1 fl.
tion, and if generally followed by bankers and
capitalists cannot fail to bring about such a
restoration of confidence as will speedily aug
ment the stock exchange transactions five
fold.
The writer of the financial articles recently
published by THE SUNDAY HERALD was graf
flied to find that his anecdote, entitled ssThis,
too, will pass away" quoted from the historian
Allison, with the authors philosophic refec-
tions thereon, published July 10Th ultimo.,
found its way into the ably-written circular of
| Hambleton & Co., of Baltimore, issued yester-
| day. The paragraph in question was tele-
| graphed over to New York on a special stock
| wire and was caught up by the different
| operators in the various stock offices through
| which 1t passed, and published with this
| writer's assent in Baltimore.
| The oft-quoted truism, "Hstory repeats it
| SELF" finds no more striking exemplification
| than In the fact that the so-called panic of
| last autumn was brought about by precisely
| prior to 1925 when occurred In England a
| panic which, by reason of its severity and far
reaching results, is known as ''the panic"
| In 1923 the Government of Great Britain
concluded that per cent. was too large a
| rate OF interest to pay in time of profound
peace on the vast debt which had accumu-
lated before and during the Napoleonic wars
1t was resolved, therefore, to reduce the rate to
| 3 per cent, Offering the money to those who
| elected not to renew their bonds Thousands
In m
idle yielded to the invitation of plausible adj
venturers, and invested their funds in every
sort of chimerical scheme brought to their
attention, very largely in loans to South
| American republics, as we'll as in comm ercial
enterprises to modern minds so absurd as to
be absolutely ludicrous
Among the articles which some commercial
companies exported to the tropics were skates
and warming-pans. Now for the parallel in
our own day: In April 1889, Mr.. Groshon,
one OF the ablest financiers England has ever
produced, taking advantage of condition of
unusual ease In the money market, gave no
tice to: the holders of consols, bearing per
cent. interest, that the Government would
grant the holders the privilege of renewal for
one year at 24 per cent. and after that for
thirty-six years at 81 per cent.
A large number took their cash, declining
to renew, and made use of it in much the
same way as did their grandfathers in 1926,
| in South American investments. In a little
more than eighteen months like result fol.
lowed; exchanges became largely against
England and the greatest financial distress
followed imaginable, and but for the timely
aid which this country so literally afforded
the disaster would have euualed that of 1925
Testimony given by an able fnancier before
Parliamentary committee inquring into the
causes which led to the panic, but for the use
of the name of Pool & Co., instead of that oil
| a great English house aided by the Bank O!
England last autumn, would have seemed tc
have been written yesterday. The evidence
went on to attribute the panic to the failure o.
the bankers above named because of thei
VeI-confdence in South American loans ant
commercial enterprises.
CeIestiaIs Must Show Certificates.
The Secretary of the Treasury has issued