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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jan 10, 1888
Page
6
The Boston money market opens with moderate activity, time loans firm and clearing house balances steady. Banking statements show gains in loans and deposits with a higher surplus, while the local stock market strengthens led by Atchison and Bell Telephone, amid a broad advance across bonds and equities.
The First National Bank at Yarmounthport declares a 3 percent dividend. Laurel Lake Mills Company in Fall River declares a 14 percent quarterly dividend. The National Union Bank in Fall River declares a 24 percent semi annual dividend.
Authorized issue $500 600 registered bonds due January 11 1938 bearing 4 percent interest payable semi annually will be issued at par and accrued interest after January 1 next. Right to raise the price at any time without notice is reserved. D M Washburn Bec 27 1887.
Brokerage house advertises buying selling and carrying on margin with private wire to New York. Encourages correspondence and mail orders. Located at 7 Exchange Place Boston with telephone 1079.
Boston firm C. WIlliams & Co reports New York Stock Exchange trades for January 9 with total 254,185 shares. The list shows shares sold along with opening, highest, lowest and closing prices for today and the closing Saturday.
Money on call eased to 4 percent with prime mercantile paper at 5 12 744. The stock market opened active after noon, Jersey Central leading gains, Western Union and Reading catching fire on cables. Railroad bonds traded heavily, with total sales around 1,740,000 dollars as several issues rose on improving demand.
London trading shows Consols at 1033 16 for money and account with several industrials and rail shares listed. Paris quotes 3 percent rentes at 81 francs 2714 centimes, money rates at 112 134 percent, and bar silver at 447 164 per ounce.
The Bricklayers International Union opened its thirteenth annual convention in New Era Hall with 200 delegates from U S states and ten Canadian unions, aiming to reduce daily hours to eight. Officers include President Alexander Darragh of St Louis and Secretary W H Stevenson of Cincinnati. Delegates from Halifax and Indianapolis joined, with welcomes by Boston and city officials. The gathering adjourned for dinner and reconvened in the afternoon to hear credentials reports and form committees. Secretary Stevenson praised the Boston welcome as delegates stayed at Richwood House.
At a special Boston Chamber of Commerce meeting resolutions condemned adulterated lard and urged federal branding laws. Rules on grain shipments and insurance were refined, a flour inspector role was created, and cable repairs to Martha's Vineyard funded. A boiler explosion at Pettit & Cripps in Washington injured three men and a boy.
New York reports a very strong copper market with 500 000 to 600 000 pounds sold at 16.40 to 16.50 for spot and January deliveries. About 300 000 pounds traded at 17 cents for March and April. February bids of 16.70 were refused while near deliveries targeted export. The London market was dull and Chile bars held at £85 12s 6d. Tin and lead in New York metal prices edged differently with tin dull and lead easing slightly. An agent of a French copper ring trespassingly proposes output restraints for four years in London, a plan unlikely to gain acceptance.
Sanowicu January reports two East factories Mt. Washington New Bedford and Meriden Meriden Conn withdrew from a new schedule but began operating again this morning. Workers see signs that others may follow and break the manufacturers union while Boston Sandwich Glass Works remains idle but workers stay hopeful.
A westbound Union Pacific passenger train halted for engine repair near Edson station when a fast freight collided with the rear car. The fire consumed two emigrant cars and the sleeper Delhi. Several injuries and a child killed are listed, with extreme cold hampering rescue efforts and conductor Scott Vermillion missing after fleeing.
A string of small fires caused substantial damage. In Charlestown a stable fire at Medford street killed five horses due to thawed pipes. In Portland a Fore Street store damaged 10000 with insurers listed. In Portusfield fire damaged a Britannia factory building and warehouse with losses around 12000. In Mt Lebanon a fire in a Shaker community warehouse caused 1000 damage and the manager was found dead from smoke suffocation.
The Boston railway and steamship agents held a dinner at Young's Hotel with 60 members and guests. Philadelphia and Reading Railroad held its annual meeting with President Corbin reporting earnings of 10,931,570 net and a broad plan of reorganization. voting on officers proceeded as managers prepared to adopt the report and issue bonds.
The yacht Gitana, traveling from Boston to Charleston, has arrived at Fort Monroe, Virginia, on January 9.
Flour and several grains firm or steady with oats and oatmeal rising slightly. Butter steady, cheese stronger, eggs easy, beans in fair demand, potatoes and hay in fair demand, pork firm, lambs and veal in fair or steady demand, cranberries very firm, Florida oranges fair demand, sugars firm, molasses steady. Overall quiet but firm tones through agricultural markets.
Report notes little change in flour, firm miller prices, and quiet trade. Quoted prices cover flour varieties, cornmeal, rye flour, oats, and barley with supply data for Jan 9 and historical comparisons. Also includes stock levels in elevators and Chicago, with last call bid/ask for oats and notes on rye, millfeed, and malt markets.
Barrett market firm with scarce supply and strong demand for creameries. Cheese and butter varying by region with Western and Eastern lots priced. eggs dull but held stock ample. Bean and grass seed markets firm, with high prices for select NY handpicked peas and timothy and clover seeds. Poultry market firm for Northern turkeys chickens and fowls with mixed quality ready for sale. Grouse, ducks, and geese show steady to quiet demand.
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