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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Mar 05, 1888
Page
6
The money market closes firm with improved loan demand and steady rates. Clearing house balances stay steady and exchanges show a weekly decline. imports and specie movements are noted along with bank statements and regional clearings. A mix of securities, stock activity, and Maine land enterprise plans are reported alongside copper mining updates and corporate summaries.
New York and Boston interests report 1888 balance sheet for Basset Whitney Co. with assets totalling 235,516 and liabilities 65,076.19. Copper production since 1878 reaches 41,963,750 pounds, revenue 6,682,268, and dividends of 1,072,500 have been paid. An 1887 conglomerate lode exploration cost 6513. The report notes pending new shaft opening at Opechee in 1888 and stock sales activity in New York markets.
New York, March 3. Money on call ranged 2 to 24 with last loan at 2 and close at 24g. Sterling rates dull. Actual business at 4.85 2 4.8534 for sixty day bills and 4.8742 4.87 for demand. posted 4.8604.88. Government and railroad bonds dull. Stocks firm early, then slid 14 to 14% by noon. final at session lows. Sales $580,000. Notable declines: Northwestern Extension 43 1 at 91 , Denver & Rio Grande Western 63, Galveston Harrisburg & San Antonio Western firsts 90, Texas Pacific Rio receipts 67, Richmond & West Point 63 1 at 89, Atlantic & Pacific incomes 24. Some bonds higher. St Paul to 128, Milwaukee Lake Shore & Western 120, Wabash Detroit 6s 109. Weekly bond issue total £ 5, 979,000 versus $3,882,000 prior week.
London summaries report censors rates and US securities values, with discount and money market figures. Berlin notes a rise in German imperial bank specie, while London reports brisk discount demand, stagnant railways, and a general stock market decline amid heavy selling of foreign securities and a weak New York tone.
A string of insolvency notices lists Frank C. Pitcher of Boston and John E. Berry of Lowell among debtors. It details liabilities ranging from 10 725 to 6 000 000 marks, secured claims, and unsecured debts with partners. Creditors include Marius Hovey in Luton and Duffy in Moncton, with assets and assignments across firms and cities.
A plan to establish a home near Boston to care for and educate very young deaf children through vocal training led by Miss Sarah Fuller at Horace Mann School. The project aims to enable articulate speech early and place graduates into standard schooling, with contact at Mrs. Francis Brooks 97 Beacon Street and Miss Sarah Fuller 68 Warrenton Street.
Major John McDonough, efficient superintendent of carriers for the Boston Post Office, observed his fiftieth birthday on Saturday. In the evening a large group of friends entertained him at dinner, highlighted by the presentation of a gold watch, chain, and charm.
The Bartle of Gettysburg venue at 641 Tremont Street remains open daily and Sundays. War song concerts by select male voices enhance the entertainment. The grand picture continues to delight thousands with lasting appeal.
Iron unchanged while lead strengthens and zinc eases. Flour, corn, oats, and buckwheat flour stay firm or steady. Potatoes, sweet potatoes, and foreign potatoes ease or hold. Butter cheese and lard show quiet to fair demand. Poultry, ducks, geese steady to dark. Apples, cranberries, Florida oranges demand mixed. Meat items mutton veal lambs steady with fair movements for lambs.
Farnum Reardon reports provisions remain weak with lard and ribs in surplus while leading packers stay bearish and sellers press prices. Corn opens higher on outside buying and shorts covering. March may see light receipts and a stronger market. Wheat starts lightly traded with barely steady sentiment and no pressing sales. Nightingale and private tables show some firm readings as public cables stay firm, signaling possible 800,000 bushel wheat drop in visible supply.
The iron market shows little change with light stock and miners resuming in Lehigh. Wages fights face opposition while fuel supplies improve. Steel rails sell 40,000 tons at 34 dollars, with 12,000 tons sold East. Copper activity rises in New York with 1,100,000 pounds traded and prices around 16 cents for spot. Tin, lead, zinc hold steady amid quiet markets.
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