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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Mar 18, 1887
Page
6
The Boston money market remains firm with rates in lenders' favor as banks ready for April disbursements. Loans on call hold at 6 percent, while manufacturing paper sits around 4 1 4 to 5 percent. Clearing house balances show liquidity, and New York funds trade at discounts.
Sanford Manufacturing declares 24 percent. Kidder Press Manufacturing 6 percent. National City Bank of Lynn 4 percent. Homestake Mining 20 cents per share for February. Evansville & Serre iaute Railroad 5 percent. Lehigh Valley Railroad 1 percent quarterly.
Baring Brothers promotes active speculation in stocks bonds and commodities with notices from London and New York. The Boston and national exchanges show mixed activity with weak start and brief rallies in Western Union Richmond & West Point and several railroad and utility issues traded, while overall market dullness persisted.
London market notes show Consols at 1017 16 for money and 1019 16 for the account with 130 per cent for U S 4s ex coupon. Atlantic & Great Western goods quoted, Canadian Pacific at 62 and Erie at 347 percent. Bank of England bullion today totals 166000 pounds, with weekly gain of 439000 and reserve ratio rising to 48.84 percent. Paris bank statement records 6760000 francs gold decrease and 2125000 francs silver increase.
Money on call remained easy with loans at 3 to 5 percent, last loan at 3.12 and close offered at 3.44. Prime mercantile paper quoted 4 1/2 to 4 3/4, bar silver 98 1/4, sterling exchange dull and steady. Government bonds were dull and heavy while railroad bonds were dull to firm as the stock market closed with a very dull session after 2:15 and no notable features.
A long list of buyers and representatives from multiple firms across cities like Baltimore Cincinnati Chicago Charleston and Detroit. Names include J Mullen Jr Creighton Mason ONeill Yates Henderson Belknap Kellogg Jones Bellows and others, with firms such as Tucker Smith & Co Creighton Disney & Co D ONeill & Sons Belknap Carpenter & Co Kellogg Johnston Co and Fuller Childs Co.
Dr. N. B. Reap of Chandlersville Illinois extols Horsford's Acid Phosphate as a remedy of high value for mental and nervous exhaustion including sick headache dyspepsia and diminished vitality.
Two more Venner suits against the Atchison Topeka and Santa Fe Railroad were decided in favor of the Santa Fe. Judge Brewer denied motions for temporary injunctions in both cases, upholding the railroad charter powers and the guaranty of Atlantic and Pacific bonds as lawful and in the companys interest.
The Wall Street News notes in Boston that the Baltimore and Ohio agreement was signed yesterday with Gould and excludees from Philadelphia and Atchison. It cites Boston & Lowell lease to Boston & Maine and warns to await confirmation from a nearer authority before full credit.
The new Pullman palace car train will run from Boston to Bar Harbor via Lewiston this summer at about forty miles an hour, departing Boston at 8 30 and arriving Bar Harbor at 5 30 p.m. Managers consider water tanks between tracks or enlarged tenders, and the Lake Maranacook bridge is built to bear the weight. The Flying Yankee may add stops, and a double track between Gardiner and Augusta is under advisement.
Harwich reports the incorporation meeting elected Marcellus Eldridge of Portsmouth as president and Charles Bassett as clerk and treasurer. Directors include Osborn Nickerson Alvin Z Atkins Collin Howes and other Chatham residents. Capital stock of 70000 fully paid, work to push forward.
The Pittsburg and Erie plan calls for 10 million dollars of first mortgage bonds 5 million in preferred stock and 7 million in common stock. Existing 6 percent bonds exchange dollar for dollar for new 4s plus 50 percent in preferred stock. Foreclosure is not planned a syndicate will buy non-assenting securities and take 1.7 million news and 255000 preferred stock for 1.564 million cash. Assenting holders may subscribe for these bonds if they wish.
Earnings for Cincinnati Hamilton and Dayton and St Louis San Francisco rise in March two week periods with year over year gains. Morris & Essex compromise sets annual taxes. Lackawanna to pay portion of back taxes as arbitrators decide. foreclosure notices for New York City and Northern Consolidated bonds. Central Lawn reports January earnings. Boston Lowell receives new passenger cars. Baltimore & Ohio sale to Cincinnati interests reportedly agreed with $500,000 paid.
John H Pray, Sons & Co. has opened an uppaca department to simplify selecting palace draperies and furniture coverings. Customers can reference both items at once and under the same source, streamlining the furnishing process.
The wool market shows uncertainty while many staples such as flour corn oats and rye remain quiet or steady. Butter cheese provisions fresh beef and sugar hold firm with eggs easy and fruit like apples quiet but firm alongside active grass seeds. No major shifts reported in truck tallow or molasses.
The wool market remains unsettled with buyers favored and prices drifting downward on limited sales. Regional reports show slow demand in New York while commodities across Michigan Ohio Texas and California fleets stay varied with quotes for fine and combing wools and strong activity in carpet and Australian lots.
The market for flour and corn remains uneventful with prices stable but demand weak. Steamer yellow and mixed offerings hold near 52e and 112e respectively, while No 1 white and No 2 white oats see limited activity. corn call shows a few cars sold for April delivery. Closing bids show minor shifts in No 2 white oats and related grains as the market steadies and reports supply movement to the United Kingdom and the Continent.
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