Boston Money Market and Bond Auctions Report
Boston financial news notes easy money and shifting rates with clearing house at 2 percent. It details New York exchanges, bank balances, and bids on city loans, plus bond offerings and treasury actions.
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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jan 18, 1889
Page
6
Boston financial news notes easy money and shifting rates with clearing house at 2 percent. It details New York exchanges, bank balances, and bids on city loans, plus bond offerings and treasury actions.
The Mercantile Wharf Company of Wellfleet at $50 per share, the Dakota Loan and Trust Company at 4 percent semiannually, the Girard Fire and Marine Insurance Company of Philadelphia at $6 per share quarterly, and the Pittsfield National Bank at 4 percent semiannually announce dividends. A 4 percent dividend from the Boston Lead Manufacturing Company is payable Feb 1 to stockholders of record Jan 26.
Auction sales list extensive bank and railroad stock offerings with names of institutions in Boston, Portland, New York and Chicago. The notes include bonds and share counts across multiple banks, mills, railroads and manufacturing companies with prices and lots in a dense securities auction record.
Money on call easy at 2 percent with last loan at 2 and prime mercantile paper at 4 percent. Stocks showed a quiet, firm close after a morning slant but with slight gains in some issues. Bond prices shuffled with readings like Atlantic & Pacific 4s up 1, Long Dock 6s up 2, and Western Union 7s up 1 to 117.
London stocks show Consols at 99 16 for money and 99 316 for the account with U S four percent at 110 12. Bank of England bullion today 35 thousand pounds, Western reserves up 0.848 million last week. Paris sees a 2.45 million franc fall in gold and 0.8 million rise in silver per the weekly Bank of France statement.
Rail heat details show atchison system accounting for 3000 miles not in full operation. Reported eleven months net earnings reach 4 642 050 with projected year total near 5 317 838 under bonds. fixed charges around 9 500 000 annual. Gulf and California lines earnings vary. Chicago line near covering interest. Northern lease rumor denied by Old Colony and Fitchburg presidents. Webb named to Central & Hudson presidency. Worcester Sudbury project revived to link Boston and Worcester and Marlboro.
Creditors of lumber dealer Wilson G Hammond heard his proposal to pay 15 cents cash and 85 cents in Winter Harbor Land Company stock at par per share or 20 cents cash if declined. Committee of investigation named. meeting took no action. Separate notices report William Bassett’s failure and Irvin & Snow boot and shoe jobbers creditors approving a 20 cent offer.
Wool is quiet and firm leather dull hides quiet flour dull corn slow oats steady rye flour dull graham flour quiet cornmeal steady oatmeal firm rye dull barley quiet millseed easier cottonseed meal slow mait dull hops quiet butter weak cheese steady eyes easy beans quiet potatoes steady sweet potatoes quiet hay plenty rye straw steady game slow poultry quiet apples dull oranges fair demand lemons unchanged cranberries dull pork quiet corned beef steady fresh beef slow other meats quiet raw sugars steady refined sugars unchanged molasses quiet taliow firm
The print cloth market in Fall River remains firm with 64x64s quoted at 4c for spots and April delivery and 85-16c for April to July. Sales for June and July at 3c, with weekly activity reaching about 175,000 pieces across the market.
The leather market remains dull with large supply and buyer advantage. Prices are easy across finished leathers and hides, with only scattered movement in wax and kip. Demand varies by type, while calfskins and rough leathers show limited activity and prices hold near old figures.
The wool market remains steady with firm prices and quiet demand. Ohio and Pennsylvania wools show little activity but full prices persist, while No. 1 combings reach 40 42c and delaines show strong movement. Texas and California wools hold near previous levels as other regions report steady quotations.
A dense listing of wool types and prices by region and grade, covering Michigan Wisconsin New York New Hampshire Vermont and many other states and areas. Includes categories such as combing crossbred unwashed unmerchantable pulled and various wools from California Oregon Washington and international sources.
At Antwerp wool sales on January 17 a large crowd attended as competition stayed brisk. Twenty five hundred bales were offered with Buenos Ayres 273 bales at 80 165 francs per 100 kilos, Montevideo 820 bales at 95 225 francs, Entre Rios 580 bales at 10 ae francs, and Algerian 240 bales at 100 105 francs.
Farnum Reardon & Co report wheat prices fluctuated as sellers pressed early, with Schwartz & Dupee later buying steadily. Minneapolis forecasts a 250000 bushel weekly wheat decrease, while California wheat futures soften in Liverpool. Downtick of small shorts spurs a 1 4 cent advance, with export demand supporting some buys. Copper and oats show mixed moves across futures boards in St Louis and New York closures.
The report lists carload inspections of wheat, corn, and oats and notes declines in breadstuffs exports for December 1888. Flour markets show dull demand with wide price ranges for fine to patent grades and various regional quotes. Wheat and corn futures are described as unsettled to firm, with regional price levels and on track versus elevator quotes for multiple grades.
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