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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 01, 1888
Page
6
The Boston money market closes easy and slightly firmer with calls at 4% to 8% and collateral loans 2% to 8%. Troves show July exchanges, balances, and year totals for Boston and New York, plus government securities, treasury holdings, and bond offerings. Copper stocks rise as investors chase copper mines like National and Huron while Franklin drives a speculative surge.
New York July 2 1888 Missouri Pacific Railway consented to pay taxes labor claims and operating expenses deferring for a time the motion for naming the Receiver Foreclosures proceed and bondholders urged to unite by sending names addresses amounts and rates of bonds to undersigned Edward b Adams Winslow Lanter Co 17 Nassau St NY William L Bull Edward Sweet Co 38 Broad St NY William Whitewright Union Trust Co 71 Broadway NY William Mertens J von Hoffmann Co 60 Wall St NY William E Strong Work Strong Co 36 Broad St NY fAlliam Bird notices since our application
The Salem Gas Light Company declares 3 percent. The Kansas City Fort Scott and Memphis Railroad issues 4 percent on preferred stock and 1 percent on common stock. The Kansas Investment Company will pay gold first mortgage coupons due Aug 1 at 101 Devonshire Street at Water corner.
The Boston firm lists Wednesday August 1 1888 auction items including Dorchester Gas Light Co Merchants Nat Bank Naumkeag Nat Bank and many railway and manufacturing stocks plus bonds and other securities. Trading notes accompany the list with market activity and closing strength across the day led by St Paul and Western Union amid continued high interest in railroad bonds and financials.
New York money on call remains easy at 1 to 1 1/4 percent with last loan at 1 1 4 percent and close at 1 1 percent. Prime mercantile paper quoted at 4 64 4,4. Bar silver at 91 1 4 percent. Sterling exchange weak with actual business at 4.85 for 60 day bills and 4.87 for demand. posted 4.86 4.88. Government bonds dull and steady. railroad bonds quiet but strong. stock market details cut off at the fragment.
President Maxwell of the New Jersey Central says his road now owns the Lehigh & Hudson River railroad stock, giving control of a 65 mile line from Belvidere New Jersey to Newburg and the West Shore railroad. The line intersects Erie and other lines, with its northern terminus within twenty miles of the Poughkeepsie Bridge. The New York & Northern may see a full management change at the October election, and closer traffic deals with New York & New England and Manhattan are discussed.
In quiet trading conditions, several staples show steady or firm quotes as California fruits remain active. Lumber and several grains drift with modest shifts while meats hold firm. Sugar, molasses, and tallow move little as pork and fresh beef maintain steady levels.
July 31 London updates show Consols at 99% money and 99% account, U S 42s at 10942, Atlantic & Great Western firsts 35% and seconds 72, Canadian Pacific 59%, Erie 28%, Illinois Central 12444, St Paul 75, New York Central 108%, Reading 33%, with short bill discount at 15s 1% and Paris 3 per cent rentes at 83 francs 72/2 centimes account.
Concord equity suit Manchester & Lawrence railroad versus Concord Railroad Corp and officers sees pleas and demurrers. Concord Corp claims contracts exceed powers and violate the anti monopoly act of 1865, while others demur on multifariousness remedy at law and lack of equity. Positive notes on Baltimore & Ohio plan to complete Staten Island connection and terminal improvements.
Antwerp saw strong demand for better grades with over 1900 bales offered including 1270 Buenos Ayres at 75 180 francs per 100 kilos and 170 Rio Grande at 140 185 francs. 100 kilos sold. London conducted a sale of low foreign wool with 4573 bales offered, including 1161 Cape Hope Natal Mohair and 1374 China camel hair, but demand was light and much was withdrawn. prices largely held with Mohair as the active class.
Exports of merchandise for June 1888 reached 44,626,822 while imports stood at 62,833,162. Gold exports were 3,164,276 with 293,170 imports. silver exports 2,122,832 and 916,088 imports. For the year ending June 30, total merchandise exports were 695,974,619 versus 723,865,146 imports. Gold exports 16,860,093 against 43,934,807 imports. silver exports 29,215,599 with 15,403,169 imports. The year shows a 11,336,786 rise in total trade value, a 20,208,592 drop in domestic exports, and a 31,545,378 rise in imports. Domestic export declines occurred mainly in wheat, corn, refined sugar, and leaf tobacco, while cotton, wheat, flour, beef products and animals rose in value. Major import gains were in coffee, vegetables, tin, wool manufactures, hemp, barley, silk and silk products, wool and steel railway parts. Gold exports rose 7,158,906 and gold imports 1,024,216. Silver exports exceeded imports by 13,812,430, versus 9,036,310 in 1887.
Market report shows domestic flour quotations, carload grain prices, and steady to firm conditions. Reports from New York Chicago St Louis and Milwaukee cover receipts shipments and price ranges for fine, superfine, extra patent, and various wheat and corn grades with notes on oats and rye trading dynamics.
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