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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Feb 01, 1889
Page
6
The January money market is easy with banks well funded and high credit. Call loans run 2 to 3 percent while time loans 4 to 6 percent, and New York funds trade near par with steady foreign exchange rates.
Thorndike Company Boston Duck Company and Cordis Mills announce dividends payable Feb 1. Union Manufacturing Fall River quarterly 5 percent. Robeson Mills Fall River quarterly 2 percent. Central Trading Wellfleet 15 dollars per share. Erie Telegraph and Telephone Company quarterly 1 percent payable to stockholders of record Feb 4.
The Northern Pacific & Montana R R is leased to the Northern Pacific RR Co for 999 years. The lessee guarantees semiannual interest payments and sinking fund installments to redeem bonds. Bonds may be bought after Sept 1, 1898 at 105 plus accrued interest. cannot be called before maturity. Bonds listed on NYSE. Road cost $29,800 per mile. $25,000 per mile bonded. Net six month revenue to main line showed profit beyond guarantee. Principal registration available in holder name.
The New York Nassau Street office lists auction stock and bond orders for sale in Boston New York and Philadelphia. Executors and administrators authorize numerous securities including Michigan Central RR and various bank and railroad issues with prices and terms noted. The market shows early strength with gains in C C C I and other rail and utility issues, later shifting toward mixed activity and strong late-day closes.
Money on call remained easy with last loan at 2 percent and bars at 93 in silver. Sterling exchange stayed dull, government bonds steady. The stock market shifted from weak morning to firmer afternoon with Ontario & Western and Evansville & Terre Haute leading gains as Lake Shore rose modestly. The day closed at the day’s high amid broader strength. The South Pennsylvania scheme was reportedly dead, boosting sentiment.
London stock figures show Consols 9813 16 for money and 99 for the March account. Bank of England reduces its discount rate from 3 1 4 percent to 3 percent, bullion in reserve rises over the week, and the Bank of France reports a weekly gold decline of 1 925 000 francs with silver up 2 350 000 francs.
The general managers of Western States lines met and approved a new passenger accord. President Strong of the Atchison railroad telegraphs from Chicago that Walker of the interstate railroad commission was chosen unanimously as chairman, with a committee including Hughitt, Strong, Cable, Miller and Newman to negotiate after all presidents sign the agreement. The committee aims to complete work promptly and report, with a meeting planned for next week.
Six sailors from the whaling schooner Alcyone of Kinston arrived in New Orleans aboard the British steamer Topaz. They had left the Alcyone at St Vincent, claiming ill treatment, and sought protection from the American consul after an investigation.
The Hon. Henry H. Sprague urged study and participation in politics as an ethical duty. He argued politics is a branch of ethics governing public life and municipal affairs, condemning cynicism and urging citizens to join a party aligned with their conscience for steady, honest public service.
In Winchester last evening about 400 attended the Winchester Village Improvement Association gathering in the Town Hall. Notables present included Mayor Johnson of Woburn, Senator Dwinell, Representative McCall, and various Winchester officials. Speakers included Samuel J. Elder James F. Dwinell Representative McCall Mayor Johnson of Woburn and Rev J W Suter among others.
Market notes show mixed signals across staples with some firmness and others quiet. Major items like flour corn and oats vary from quiet to dull while inputs such as butter cheese and poultry remain firm. Prices for fruits lean toward steady to fair demand with oranges lemons and apples showing modest activity.
London copper remains steady with Chili bars spot at £77 10s GMBs nominal. Tin market firm with spot £97 12s to £97 15s and futures at £98, £98 5s.
In Chicago on January 31 Farnum Reardon & Co note wheat futures near May at 97 4c and a mixed session with opening highs and closing near the day’s peak. Cables show dull foreign markets and Milwaukee forecasts a 1 000 000 bushel weekly drop in visible supply. Corn holds firm near 37c May with ample supply, while short sellers eye current prices. CG 8 Williams & Co provide opening, high, low and close quotations.
A compact listing shows Wheat Cash and Corn Cash figures across months with bid and ask values including January February May and June. Oats prices appear for January February and May with bids and asks noted in cents and fractions.
The Elgin butter and cheese market reports total pounds traded and dollar values for the past year, with butter totals of 17,195,578 pounds and cheese at 206,034 dollars. Monthly butter prices ranged from 19 1 20 cents in July to 33 1 3 cents in December, showing a general decline through the year.
The egg market has been weak for weeks due to warm weather bringing in fresh stock and a glut across varieties. January receipts exceed prior years, dealers face losses, and Snow & Co will auction 450 cases this Friday at noon.
Wool receipts show 4558 bags domestic and 3064 bags foreign in the week, versus last year’s 5981 domestic and 1288 foreign. year to date 27284 domestic and 10069 foreign bales. Domestic wools firm with small lot sales. fleeces and staples steady. diverse regional quotes for Ohio Michigan Texas California Oregon and Colorado. The New York market quiet, Philadelphia active but cautious. Cincinnati and San Francisco show mixed activity with inventory trimming in San Francisco.
At the London wool sales on January 31 Australian wools drew steady interest, especially crossbreds, mostly destined for America. Cape of Good Hope and Natal wools weakened in lower grades while scoured and finer greases firmed. Total withdrawals reached 3653 bales. total offerings 13113 bales with detailed regional results across Victoria New South Wales Queensland South Australia New Zealand Cape and Natal and Spon.
Boston markets show carload grain quotations for all except rye and steady flour prices. January receipts list wheat oats corn and flour values with totals. market remains quiet with moderate demand as buyers thin supplies and no rush to operate ahead.
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