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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Apr 05, 1887
Page
6
The Boston money market opened softer with general business paper near 6 percent and call loans 5 to 6 percent. Clearing balances showed banks loaned at 4 percent while New York funds sold at 10 to 16.7 cents per $1000 discount, and the local stock market rallied driven by Atchison and land stocks amid strong earnings signals for March and early 1887.
About 725 consents to a stock for principal and cash for interest had lapsed by April 1, leaving only 200 with valid subscriptions until April 24. The company must raise $510,000 to carry out an amicable adjustment, requiring extensive outreach to stockholders to secure extensions.
Fall River Mass firms and banks announced a batch of dividends last week. King Philip Mills 14 percent quarterly. Mechanics Mills 14 and Narragansett Mills 144 percent quarterly. Tecumseh Mills 2 percent quarterly. Fall River National Bank 20 per cent semi annual. Fall River Savings Bank 244 percent semi annual. New Bedford Institution for Savings semi annual 4 percent per annum. Phoenix Insurance Company Hartford quarterly 34 percent.
City figures 43s for Minneapolis and 8s for Kansas City appear alongside 6s for Cincinnati 4s for St. Louis and 6s for Omaha in a sale notice. The document lists Capital Surplus banking activity and ASA P Potter as president with J W Work as cashier. New York stock sales summary for April 4 shows total 560 772 shares with quotes and closing prices.
New York financial notes show money on call easy at 6 percent, prime mercantile paper 6 44, bar silver 94, and dull but steady sterling. Railroad bonds advanced. Reading and Jersey Central led a broad rally with strong finishes, market momentum labeled a genuine bull move despite intraday volatility and late-session slight weakness.
London stock notices show Consols at 102% for money and 102 3-16 for the account. U S bonds quoted 41 1 4 with 112 percent. Atlantic & Great Western 48 8 4, Canadian Pacific 63 3 4, Erie 35 5 6 and 2 Erie issues at 105 percent. Illinois Central 123 1 4, Mexican ordinary 64 5 8, St Paul common 85 5 8, New York Central 116, Pennsylvania 60 4, Reading 20%.
The advance annual report shows 1886 miles operated 878 and gross earnings of 4,874,628 with net earnings of 2,652,332 and total net 2,811,952. Surplus 540,654 and dividends 815,000 on first preferred stock. second preferred near full 7 percent with 159,346 short of the target.
Stockholders contest the right to net earnings after a 1880 reorganization. A new mortgage funded road improvements while preferred stockholders receive dividends first, delaying common stock issuance. Supreme Court rulings on similar cases fuel expectations a decision could reshape railroad policy and earnings access for many holders.
The Detroit, Lansing & Northern reported earnings for the fourth week of March 1887 at 40,969 dollars, compared with 35,515 dollars in 1886, an increase of 5,451 dollars.
Citizens of Littleton sign a testimonial backing the Boston and Lowell railway hold on the White Mountain division of the Boston Concord and Montreal line. They praise Liberal service and terminal facilities and say the firm should continue to operate if permitted.
Reports indicate rising passenger rates on local lines and earnings gains for several railways. Notable updates include Denver & Rio Grande Western February earnings at 17000 with a 11400 increase, Green Bay Winona & St Paul January and February gains totaling 20590, and Northern Pacific weekly and monthly increases. The Panama road shows 3051559 gross with 118581 net. Wabash appoints General Manager McNulta as receiver. Boston & Maine to build Wenham reservoir. Oregon Transcontinental listed in London. Cincinnati Hamilton Dayton and St Paul show notable weekly and monthly gains as of March 1887, with year totals rising across multiple lines.
A long list of boot and shoe buyers from cities nationwide is named with company affiliations and agents. The roster includes J A Smith Moore Marsh Chicago IG P Holmes G P Holmes & Co LI E M Phelps Phelps Dodge Palmer and more from Cleveland Columbus Detroit Galveston Memphis Nashville St Louis and other locales.
J. S. Burdsal & Co. wholesale druggists Cincinnati has assigned with liabilities of 35000 and assets 20000. A Jacobs jewelry dealer Cleveland has assigned. The Compton Lithographing Co. St Louis placed in receivership under Kalb with liabilities 25000 and assets 20000. Petzke Stern & Co. Cleveland assigned. C C Gregg Memphis furniture dealer assigned with liabilities 2900 and assets 1600. Smith Moody San Francisco agents for eastern fire insurers assigned. assets nominal and liabilities largely to represented companies. J B Strange saloon keeper Bridgeport has assigned.
Father Boniface forwarded 53827 to Archbishop Salvatore Masnasco for relief of earthquake victims in Italy. The total reflects contributions from Italian Catholic Church parishioners on Prince Street and sympathetic friends coordinated by Father Boniface.
At a Boston Protective Department meeting the directors elected James Swords as president Osborn Howes Jr as secretary and C E Guild as treasurer. They raised captains pay to 1500 lieutenants to 1250 patrolmen to 3085 substitutes to 720 after appointment and 900 after six months service.
Metals firm and oats quiet but firm. Flour and corn steady with Rye flour steady and rye quiet. Butter cheese eggs and potatoes all unchanged or firm. Provisions and fresh beef steady. Apples very firm. No notable changes in poultry or other staples.
Trade shows quiet or steady movement across iron and steel varieties. Prices remain largely unchanged for pig iron, rails, plate and pipe iron while copper and tin show softer or mixed signals. United Kingdom and United States output trends in open hearth versus Bessemer steel are compared with historical figures.
The flour market is quiet with firmer spring patents at around 4 to 5 per bushel. Corn shows firmness amid dull trade, with steamer yellow bids at 23 26 on track. Oats and bran stay firm with moderate activity. No 2 white oats quoted 39 to 39 4, lots on track through at 59 12 to 39 0.75. The closing call bids show mixed positions across white and steamed corn and oats. inspections total 93 cars with mixed grades and several No grade entries. Elevator stocks list April 4 versus March 28 alongside year-end figures for rye barley wheat peas malt and shorts.
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