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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 16, 1886
Page
3
Boston weekly money market hardens as loanable funds scarce and rates firm. Bank of England expected to raise discount rate, narrowing gold imports. Clearing house balances steady, exchanges rise while foreign and domestic rates show widespread tightening across major centers.
Money on call sits at 3 to 4 percent with last loan at 4 and full mercantile paper at 4 1/4. Government and state bonds steady, railroad bonds weak. The stock market closes with no change after a tame opening, total sales near 821,000 dollars. Exports and imports of specie show a weekly drain, while bank statements hint at ongoing liquidity tightening and a cautious outlook.
General Manager S K R Callaway of Union Pacific, in New York, expresses high confidence that transcontinental rate difficulties will soon be settled. Huntington says the settlement choice is in his power. All lines agree to a speedy termination of the differences and have signaled willingness to arbitrate. Rates are rising and business improves daily, with a near-term settlement seeming very likely.
The Rail Gazette dated the 13th notes extensions and track lays on several lines. Atchison Topeka and Santa Fe extends Chanute branch 8 miles west to Verdigris river. Carolina Central reaches Bushy creek from First Broad river, four miles. Chesapeake and Nashville lays eleven miles from Gallatin northeast. Chicago Burlington Northern adds 1 mile, completing the main net. total 49 miles this year, 2511 miles so far, compared with earlier years.
The Boston and Lowell Boston and Maine Old Colony and Concord railroads announce weekly freight settlements due to new legislation requiring weekly employee payments. All shippers must pay freight charges at the end of each week starting August 1, 1886.
The committee on reorganization extends security deposits to Sept 1 with a fee of $1 per bond and 25 cents per share for deposits after last Saturday. The committee holds a majority of bonds, and 57,000 of 77,000 bonds have paid the assessment.
The Manhattan Elevated Railroad presents its quarterly statement for the June 30 period, outlining revenue, expenses, and financial position of the elevated line in the city. Details cover fare incomes, operating costs, and net results for the quarter.
A cascade of insolvencies and assignments floods the records from Pittsfield to Boston, Rockville to Worcester, with firms like Jill Bros in Pittsfield and Dupuis Brien Coutlee & Co of Montreal seeking to pay creditors at 50 cents on the dollar. Other entities including T Ward, Arthur B Tribeu, and Oliver J Webber face insolvency or assignments, while creditors hear about secured claims and pending meetings.
The Boston Young Men's Christian Union relaunches its Rides for Invalids program for a thirteenth season. It reports 1370 transports of sick persons to and from hospitals and homes and 897 round trip harbor boat tickets. Donations to W. H. Baldwin at 13 Boylston Street will fund continued service with receipts issued.
The Boston Caledonian Club hosts its annual picnic and Scotch games at Oak Island grove in Revere Beach on Thursday August 26. Prizes total 1600 in cash plus 600 in trophies and medals. Noted athletes from the United States and Canada will compete. Amateur Leuchars medals worth 100 and a sword combat on horseback between Duncan UC Ross and Sergeant Walsh feature in the program. A 550 purse funds the mounted duel. All games follow the North American Union Caledonian Association rules.
The Saturday Evening Gazette commends Lieutenant Henn for his skill navigating our coast and harbors without a pilot. It notes English yachtsmen handle fogs by compass and bearings, urging sailors here to rely more on charts and depth soundings to avoid trouble in fog.
About thirty feet of sea wall along Fort Point channel north of Dover Street bridge caved in on Saturday morning. Old Colony railroad tracks near the wall were undermined, taking down a switchman's hut and two signals. Railroad crews worked yesterday to repair the damage. train operations continue, and full rebuilding will take several days.
Cambridge beat Waltham 4 1 in lacrosse on Waltham grounds. Poplar Lacrosse Club lost to Dorchester 1 0. Walnut Hill cricket defeated Dedham 60 to 52 in a close game at Dedham.
Fred Miller of East Boston was riding near Spot Pond in Malden yesterday when he struck a rock, was thrown from his bicycle, pitched down a steep embankment, and sustained severe injuries to both arms and the body. His wrecked machine lay nearby.
The remains of John McFadden, member of the Boston Lodge B P O Elks, arrived from Denver yesterday. A lodge committee met the body at the depot and took charge. Funeral services will be at the Church of the Good Shepherd Cortes street Tuesday at 3 PM, followed by interment in Elks Rest Mt Hope cemetery.
Flour prices show little change with spring patents up about 10 cents, sales mainly small lots. Gorn steady, high mixed at 57 57.5c, steamer yellow around 56 57c, oats quiet with choice clipped at 44 45c and No2 white at 39 40c. August and September futures show sparse bids, exact levels varied. Acreage for spring wheat in 1836 higher than 1835 except peak year 1535, with yields turning out better than expected. Bureau data note July breadstuffs exports rise to 11.57 million dollars, wheat and flour driving gain. Exports Jan 1 to July 31 show wheat 42,773,937 bushels and flour 5,095,648 barrels, up from last year. Future August wheat and flour exports expected to exceed last year. Flour grades listed from $2.35 to $5.10 per barrel equivalents, cornmeal and rye figures included. Oats and malt prices also given with modest activity.
Butter demand remains strict with quiet market conditions and steady Chicago prices. Cheese holds firm though activity lags. eggs are dull with large receipts. New York prices unchanged for dairy and produce receipts show varied movement. potatoes, cucumbers, beets, corn and other items display scattered shifts and wholesale quotes.
Circular from New York New Haven and Hartford and New York New England railroads announces seasonal freight rates for peaches to Boston and Jersey City with cars carrying 18 000 pounds or less at 130 dollars, excess weight charged proportionally, 30 pound baskets, 50 pound crates, and prepaying freight. Regular 6 05 p m Harlem River to Boston train offered at 92 dollars per carload 18 000 pounds or less. Also notes watermelons apples bananas coconuts and pears and plums prices from various ships and markets with consignees Seaverns Co and others.
Trade is quiet with no charges noted and prices unchanged. Pork and lard prices range from 9% to 15 50 per unit, with fresh ribs, sausage, and bacon varying by cut and cure. Beef prices list choice steers to heavy cuts, lambs, mutton, and eastern averages, with numerous per-pound figures across categories.
The Memphis cotton report notes improving crop prospects across West Tennessee, North Mississippi, North Arkansas and North Alabama. It predicts a later picking start, with August weather shaping yield. New York sees the first bale sold at 54 cents per pound from Thomasville Georgia. Global stocks and prices across Liverpool and New York show steady to quiet conditions with varied middling rates and several port inventories.
Markets report from New York with cotton quiet and flour firm. Wheat futures show higher prices amid large receipts and exports, including No spring and No red grades. Midwest cities like Detroit Milwaukee and Chicago show mixed flows of flour, wheat, corn, oats and barley with price shifts and steady to weak provisions.
Augusta to New Orleans to Savannah and beyond report net receipts gross and sales for August 14. Prices range from mid 9c to near 97c with most ports quiet to steady. Key figures include New Orleans exports 3028 to Britain and 211 to the continent, stock totals around 23 584, 16 816 at Baltimore and 136 117 at New York. Consolidated figures show one day net receipts 1877 and total U S port stock 199 779.
Cattle receipts total 40 shipments 100 with varied prices for steers stockers and feeders cows and bulls. Hogs receipts about 900 shipments 1066 with mixed prices from 4.00 to 4.25 per pound. Sheep receipts 1100 shipments 700 with prices for Davis Western and Montana lambs and sheep ranges.
A late private despatch from Emery and Hodges reports markets opening strong and higher on firmer cables and strong export demand. Export sales yesterday reached about 1,000,000 bushels, the largest daily business since 188?. Wheat and corn prices are provided with opening, high, low, and close for several contracts. pork remains heavy with little life. Exporters took several loads of wheat and corn, and the note suggests further upside if demand continues, with millers noting the crop’s extra value.
Chicago despatch reports about one million bushels traded on open board call with September at 79 1/2 cents. Bulls sold after long load holdings while bears dominated early. Prices firmed briefly to 77 3/4 cents before sliding again and closing near 75 3/4 cents. Corn weakened to 43 1/2 cents amid heavy selling and rain aided receipts.
Commercial from London notes firmer wheat off the coast with higher prices for prompt and shipment terms. Liverpool offers steady wheat and corn with firm prices, while Havana reports a quiet, weak sugar market with limited sales and notable warehouse stocks and weekly receipts and exports to the United States.
In London on August 14 the market reflects a turn toward end of cheap money with declines in American exchange and a possible gold export to America. American and English railway shares rise as English trade improves, stock activity increases, and Mexican railway shares jump 14 percent in two days amid buoyant prospects for steel and iron orders.
Imports at Boston include 364,000 feet lum ber aboard Barkentine Gem from Pensacola, and 272,000 feet lum ber on Schooner June Bright from Savannah. Other cargoes include 145 puncheon molasses on L P Churchill from Ponce, and 293 holds sugar along with 600 bags at Port Spain aboard Bark Stanley. Sherry shipments listed from Cadiz include 16 quarter casks and 5 quarter do sherry, with other lots of sherry, salt, and birds noted from various firms.
A dense list from multiple ships and locations details cargoes including flour, meals, beef, lard, cheese, butter, apples, and various hardware. It records steamer and schooner consignments at Yarmouth Halifax Port Hawkesbury Charlottetown and related points with quantities per item. The entries show broad trade activity across Atlantic coastal ports with cargo volumes in barrels bags boxes and packages.
Totals from Boston and Providence lines show large shipments of cotton, wool, flour, corn, oats, and meat products. Grand Junction and other railroads add substantial wheat, corn, feed, lumber, leather, and hides. Overall port receipts enumerate dozens of bales, barrels, boxes, cars, and bags across multiple lines.
The Office of the Superintendent of Streets Boston invites sealed proposals for building the abutments of the Borston Street Bridge. Bids due by 2 o'clock p m Monday Aug 16 1886. Plans and specs available at City Engineer’s Office City Hall. The city reserves right to reject any or all bids. John W McDonald Superintendent of Streets.
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