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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jun 20, 1887
Page
6
A court order restrains the trustees from interfering with Vanderbilt stock voting. Defendants must answer the bill within twenty days. The case involves about $10,000,000 and the control of the Pittsburg and Lake Erie road and its branches.
The Boston Money Market closes firm with higher rates across calls and commercial paper. Clearing house balances at 5 percent, drafts of $22,459,893 today and $86,739,448 for the week. New York clearings rise 5.9 percent year over year. Loans, government securities, and sterling exchange noted. municipal loans awarded to Blake Bros. & Co. and N. W. Harris & Co. Stock market dull after holiday. plans discussed to increase board broker business via fortnightly settlements and reduced commissions.
The meeting appointed Thomas N. Hart J. D. Braman Alfred D. Foster and A. D. Chandler to wait on the Boston park commissioners regarding immediate Riverdale Park improvements. The American Electric Manufacturing Company reports its annual year to May 31 with a June 1 1887 balance sheet showing assets of 193 278 289 and liabilities including capital stock 3 000 000 and debenture bonds 50 100. The circular notes progress and continued dividend period.
The Burton Stock Car Company announces a semi annual dividend of 84 percent. Homestake Mining declares a regular monthly dividend of 20 cents per share. Mexican Telegraph Company reports a quarterly dividend of 244 percent. Pittsburg Fort Wayne and Chicago Railroad Company declares a quarterly dividend of 194 percent.
The report shows a June 18 sale listing from Wilson W Fay & Co of Boston including Antimony, American Shoe Tip, Kensington Chair, Mass Lord Acoustic Telephone, Catalpa, Burton Stock Car, Lord Acoustic Telephone, Bruns Ships Berth, and Bowman stock entries with quantities ranging from 20 to 500 units, reflecting a diverse treasury of industrial and consumer items traded on the market.
Money on call easy at 3 to 6 percent, last loan 4, with 4 percent closing. Prime commercial paper 5 6. Bar silver at 96 1 4. Sterling dull and steady. Government and railroad bonds steady to firm. Read ing stock surged on Schuylkill Navigation compromise rumors, while St Paul & Duluth rose 4 points to 2 3 4. Weekly bond volume fell to 5,386,000 from 6,668,000.
Today's transactions total 738,109 shares traded. The report lists shares sold along with opening, highest, lowest and closing prices for the day.
London reports a quiet week with discount at 1144 and restricted stock exchange dealings. Prices remained firm while American railroad securities were unsettled early after a collapse in American corners, later stabilizing as daily realizations lessened. Major lines listed include Atlantic & Great Western firsts, Canadian Pacific, Erie, Mexican Central, Mexican ordinary, Pennsylvania, Reading among others with varying percentages.
Plans to extend the Fitchburg system beyond North Adams include remodeling stations and moving several. The Troy and Boston and Boston Hoosac Tunnel and Western lines will run double track after the July 5 timetable change. Westbound business shifts to Hoosac route. Eastbound to Troy Boston. Grade separation at Greenfield completed at about $100,000. New freight facilities at Williamstown and Fitchburg to be ready by autumn. other work includes widening ditches and ballasting as trains begin operations on widened routes.
The New Haven line reported its heaviest passenger day as 400 extra cars moved thousands to witness the soldiers and sailors monument dedication. Divisions carried 14,940 to New York, 22,920, 11,640 to Shore Line, and 5,840 to Air Line, with 55,000 passengers served from 6 am to midnight and no accidents. Separate Ogdensburg and Lake Champlain railroad annual, year ended March 31 1857, shows gross earnings 683,213 and net earnings 229,200 with fixed charges paid. balance sheet lists assets of 7,628,351 and liabilities of 7,628,850.
In Pressburg Penn June 18 Judge Stowe overruled the demurrer in Cornelius Vanderbilt v trustees of the Pittsburg and Lake Erie railroad after the plaintiff struck from the bill the prayer declaring the trust deed null and void. The suit now seeks an injunction and protection of Vanderbilt stock voting rights.
A New Jersey incorporated syndicate titled Pennsylvania & New England Construction Company plans a through line from Slatington Pennsylvania to Hartford Connecticut Springfield Massachusetts under one management. It has secured Hartford & Connecticut Western control and aims to build from Tariffville to Springfield. General James W. Husted and Storm King supporters may join, with offices to be based locally.
The Commercial and Financial Chronicle shows April rail earnings across many routes with total gross for sixty one roads at $3,625,825 and a $520,552 gain for the second June week. notes leasing of Hanover branch to Old Colony for $123,995 and planned improvements along Charlestown waterfront. and lists monthly and quarterly deficits for several lines including Central Pacific and Southern Pacific, with various mileage figures and stock movements.
A congested OCR style item lists lawyers and firms including W H Walker & Co Chicago I1 E M Phelps Phelps Dodge & Palmer Howard & Hayward Wells & Curtis Watkins & Spencer Murphy & Comstock Louisville J J Schulten W C Cage Sleeper Clifton & Co detailing cross city representation in a legal matter with multiple names and firms from Buffalo Chicago Columbus Lexington Lafayette Louisville Am. and Tex. The fragment lacks a clear event or outcome.
The Worcester county shoe factory lockout is upheld by the State board of arbitration which notes manufacturers refuse to drop notices forcing employees to deal with firms directly. The employees favored following the board's earlier stance, but the report concludes further investigation would add little benefit and regrets missed opportunities for prompt settlement.
About 200 National Militia Veterans Association members sailed the Rose Standish visiting Deer Island Fort Warren and Nantasket. Officers elected for the year include General D. W. Wardrop president and J. G. McMurray as financial secretary. Resolutions mourn Colonel Ezra J. Trull. next meeting set for New York City on January fourth Tuesday to address postponed business.
Metals unchanged while flour and corn stay quiet and oats steady. Oatmeal remains quiet but steady with rye flour quiet and rye unchanged. Butter firm and cheese dull as eggs stay steady. Beans in fair demand amid good potato and hay markets. Straw, tallow, bananas plentiful, strawberries abundant, truck demand solid, pork steady, fresh beef firm, raw sugars steady and refined sugars very strong. Molasses unchanged.
The metal market shows dull to steady tones across pig iron, steel, and copper with quiet demand and stable prices. A Franco-German syndicate reportedly offered to fund and build Intercolonial railway extensions to Cape Breton and blast furnaces in Nova Scotia for steel rails, including a government rail purchase pledge and duty terms.
The Chicago markets showed opening, highest, lowest and closing quotes for yesterday along with the closing figures a year ago. Data covers price levels across key commodities and stocks, highlighting performance shifts from last year’s close to present.
The flour market remains quiet with spring patent sales around $6 as dealers wait for market clarity. Corn steady to easy with steamer yellow at 52 cents and track lots 51 14 cents. Oats hold, No 2 white near 39 40 cents, July oats at 39 34 ½ cents. Inspections show mixed wheat and steamer yellow corn activity. various flour types priced across Minnesota, Michigan, and New York markets.
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