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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 12, 1887
Page
6
Boston money market remains steady with banks charging 6 to 6 1 2 percent, outside paper 6 to 7 3 4 percent, manufacturing paper 5 to 6 percent. Cash from Nova Scotia supports strong borrowers at 6 percent while call loans with collateral run 6 to 8 percent.
A large group of Northern Pacific Railroad stockholders announce a ticket for the upcoming election. The slate includes current board members and trusted appointees to advance policy and better stockholder value. They invite inquiries from other stockholders as of August 8, 1887.
New York stock sales report for August 11 shows total of 136,609 shares traded. It lists shares sold and daily price ranges with closing prices compared to yesterday for Burg Consuls 144 to 10134, Tennessee coal, Birmingham Division 134 to 8.
The Southern Pacific reports 4846 miles operated under lease and a combined fleet of seventeen ocean vessels and ten river steamboats. Total receipts top 31.8 million with expenses 18.5 million and profit 180 thousand. The firm holds 1.14 million shares of leased road stock and invests in land to reduce bonded debt. Oregon and California control acquired to tie with Central Pacific. mileage to rise with new California Oregon lines.
Money on call eased to 4 percent with late loans at 4 and prime mercantile paper at 5 6 percent. Stocks showed a dull, heavy-to-quiet day with a brief late rally. rail stocks like St Paul and Reading led declines before trimming losses. Bond activity remained tepid with several issues moving modestly, while Ives & Co. assignment sparked a late, limited improvement.
The market shows Consols at 1019-16 for money and 1015 for the account while U S 4s trade at 181 5/8. Other notes listed include Atlantic and Great Western firsts at 45 4 4, Erie seconds at 102 1/4, St Paul common 458, New York Central 112 1/4, Reading 285 1/2, Mexican ordinary 50, and Canada Northwest Land Company at 2 48. The open market discount rate for short and three months’ bills is 1/2 per cent.
A compiled list of boot and shoe buyers arranged by city and firm, naming individuals such as J Pielding O'Neill & Sons M O Neill Beals Torrey & D and D O Neill & Sons, with firms including Blumhage & Co and Selz Schwab & Co, spanning Allegheny Austin Allentown and many other locales.
Harbor and land commissioners held a hearing on John A. Swasey and others petition for leave to erect a wharf at Juniper Point Salem. A summer resident remonstrated with a signed protest from other residents. The hearing stretched for one week. Boston was granted leave to repair the water pipe bridge between Charlestown and Chelsea. An upcoming hearing was ordered for Holmes Hole Marine Railway Company to build piers along both sides of its railway.
A Georgia Central stock syndicate forms The Georgia Company by depositing 40 000 shares of Central stock and 400 000 in cash to base capitalization. The new firm issues 4 000 000 in 5 percent bonds and 12 000 000 in stock to the syndicate in exchange for Central stock. Foreign capitalists purchase the trust bonds at 95 cents. Named participants include John H Inman Emanuel Lehman Alfred Sully John C Calhoun H B Collins August Belmont Jr A L Rice Kissel Co Dennison Phinizy Partridge E P Alexander and Patrick Calhoun. Inman Belmont Sully Lehman Hollins Rice and Dennison named voting committee for five years.
The New York Commercial Bulletin reports bankers backing proxy calls to shake Northern Pacific management. A faction led by Drake Mastin & Co seeks Wisconsin Central control as a Chicago extension, while Edward Sweet & Co pursues harmony for Northern Pacific, Oregon Transcontinental, and Transcontinental lines. German agents seek territorial harmony amid rivalry, with little sign of speculative stock among signers.
The Beacon street widening attracts visitors as the Boston and Albany railroad runs gravel trains day and night to grade the section. Paving stones and iron rails arrive, with the line expected to open to Garvanhee before November first. Most houses along the line have moved or been rebuilt, and in sixty days the project has surpassed any prior Boston example.
A revised line between Lindson and Worcester shortens the proposed railroad route. President Harris and Director Wright discuss road control. Elijah Smith gains Standard Oil, Wisconsin Central, and New York Boston brokerage backing, with Union Pacific also aligned. News notes rising fall freight demand due to coke-strike settlement, good crops, and business confidence. Reported July earnings show gains across several lines, including New York Central Hudson River and others, with substantial year to date increases.
Leather shows good demand while hides hold steady. Butter and cheese remain strong, eggs unchanged, and pork steady. Potatoes firmer, hay steady, apples abundant, berries plentiful, and there is healthy demand for truck. Raw and refined sugars steady, molasses steady, while tallow dull and other fresh meats softer.
The boot and shoe market remains steady with duplicates showing and a season likely to extend to late September. New England manufacturers report countermands on some orders while labor troubles ease and jobbers enjoy strong cash discounts. Demand stays firm for heavy-weight goods and women’s shoes, with retail demand helped by warm weather and rubber goods remaining firm.
The leather and hides market reports varied activity by category with rough leather slow and forced sales then finished leather showing strong demand for wax and kip. Calfskins and hemlock sole remain steady, while western and southern hides trend lower or quiet. prices largely hold with some gains in finished calfskin weights and buff selections.
Market reports show little change with spring wheat patents selling fairly while winter wheats stay dull. Corn remains firm though quiet with elevator quotes around 56c for high mixed and steamer yellow, slightly lower for track. Oats steady with a quiet trade and No 2 white on track around 74 to 88c, with elevator prices similar.
The report lists closing bids on oats and wheat with mixed cash and futures prices. It notes a settlement price of 8.854 cents for today and 30 cents. Inspections counted 89 cars across No 2 spring wheat No 1 and No 2 white oats steamer yellow corn and other varieties. Week’s export recap covers Wheat Corn Flour Oats by Bush, New York Boston Montreal Philadelphia Baltimore New Orleans with totals and per-city figures. Prices for flour corn oats rye malt hops are detailed with per bushel and per ton values across regions.
The butter market remains firm with light receipts and ready on arrival sales. Western creamery is 25c, some dealers at 26c. Northern at 25 26c. Northern dairy 19 21c. choice imitation creamery strong at 18 15c. New York and Chicago butter unchanged. Cheese market firm with steady demand. Eggs varied by region but generally steady, Eastern extras scarce at 18c, Westerns dull, New York unchanged, Chicago 10 34 11c. Potatoes in good demand, hay quiet, rye straw steady, poultry prices firm, beans strong with rising receipts.
Fruit supplies are ample with Nyack pippins and Summer pippins selling slowly at 175 200 per barrel, Astrakans and sweet boughs at 2250, and Jersey Bartletts 2 5003 50 per barrel. Oranges lemons peaches grapes and pears show mixed demand as auction sales note improved fruit condition.
A market list shows lively demand and price quotes for onions maltas tomatoes cabbages beans wax bush greens beets turnips long island squash marrow carrots lettuce cucumbers parsnips and other produce. Prices range from 30 cents to several dollars per unit or basket.
There is a good steady demand for pork with buyers showing solid interest. Retailers report stable prices and steady sourcing as markets respond to seasonal consumption patterns and available supply.
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