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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Mar 22, 1887
Page
6
The Boston money market opens firm with call loans at 6 percent and time paper at 6 percent. Markets show heavy government buying, rising New York exchanges, and a mixed but strong stock session led by Atchison and California Southern. Local banks report a reduced reserve surplus and improved rail earnings with notable activity in Wisconsin Central and Illinois roads.
The Mexican Telegraph Company declares a 24 percent quarterly dividend. The Central & South American Telegraph Company declares 144 percent quarterly dividend payable April 1, leaving about 144000 in cash surplus after payment. Waltham National Bank declares 4 percent dividend payable April 1. Sanford Manufacturing Company of Boston declares its third 212 percent quarterly dividend. the firm began operations a bit over a year ago and remains popular with small investors.
The report notes a mixed session with bonds like Jersey Central debentures up and South Carolina firsts sinking on coupon fears. Also listed are New Orleans Pacific trust receipts and Manitoba consols among others, with totals showing 133 165 shares traded and daily price ranges.
London on March 21 shows Consols at 10111 16 for money and 10114 for the account. U S 43 1450 percent, U S 44038 11119, Atlantic & Great Western firsts 48 35, Canada Pacific 6458, Erie 6434 the seconds 10214, Illinois Central 133% 4, Mexican ordinary 6214, St Paul common 925%.
In New York on March 21 money on call eased between 3 4 and 5 percent with the last loan at 4 4 percent. Government and railroad bonds were dull but steady while stocks overall showed little movement. Pacific Mail fell 34 percent on higher business, Reading remained weak, and Fort Worth & Denver rose about 1 percent as Texas Pacific showed late strength.
The report lists Groas earnings for Colorado Coal and Tron Company with year by year figures for 1886 and 1885, detailing increases in net and surplus and outlining fixed changes. It notes Tamarack stamp mill readiness for May 1 with new iron framed stamps and equipment specs. At National Copper Mine an adit near the Creek shaft will drain surplus water, with progress and plans for a showy opening on Lake Superior. Virginia City Chronicle notes Dr J H Rae’s arrival and the Douglass Mill test results showing big bullion gains and reduced quicksilver use.
The Chronicle congratulates Dadbee on the success of his electrical method which reduces costs and enables larger mills to save several thousand dollars monthly, solving a key hurdle for his river dredging project.
The Atchison Topeka and Santa Fe is alleged to have contracted twelve miles toward Santa Fe from Las Vegas to Hot Springs while officials deny plans to push the main line across the mountains. The situation hinges on a Congress granted land base claimed by the company as tied to a Santa Fe mainline. A report of a St Louis line route shift is dismissed as unfounded. a Kansas City link remains likely with a possible future Versailles branch.
Concord NH reports Boston & Lowell may aid expansion into northern New Hampshire. Colebrook wealthiers plan to raise capital for an independent 13 mile line from Colebrook through Columbia to North Stratford connecting with Grand Trunk. Potential 10 mile extension to the Dominion border would meet a Megantic spur. route could become Boston to Quebec through traffic.
Texas Pacific earnings rose to 466 806 in February 1887 from 432 600 in 1886 a 34 176 gain. Since Jan 1 1887 Wabash & Western reports a 457 898 balance after expenses. St Paul surplus of 739 828 in 1886 used up. debt 555 422 contracted. Chicago & Northwestern February 1887 earnings 1 589 800 vs 1 603 800. January 1 to Feb 28 1887 total 3 812 978 up 881 066. Oregon Improvement 1887 gross 268 022. net 24 675 up 19 000. Richmond legislature debates bonds and stock for rail lines. Missouri Senate fails rate-cut bill. L & N plans 184 miles of new track in 1887, 109 in Kentucky.
A garbled roster lists traders and firms from Baltimore to Xenia with names such as Bangs Bard Co Carroll Adams Frank Adler Ramsdell Selz Schwab Co Cowen Fargo Neeley Einstein Starkey Kellogg Woolman Todd Clatlin Allen Clements and Werner. The fragmentary item reads like a directory of treasurers and firms across multiple states with varied industries in the late era.
Nathaniel J. Bradley John Cummings Oliver Ditson James Longley F W Lincoln George C Lord Daniel Needham Otis Norcross John Felt Osgood Royal M. Palsifer William Fe Putnam M Denman Ross Nathaniel J Rust appear as prominent individuals in a historical or civic context, suggesting a roster or committee related to a society or institution.
Commodity markets report unchanged pig iron and steady flour and rye flour while oats firming slightly. Butter and cheese stay firm, eggs ease, beef and sugar stable, with various grains and fats quoted for export and local trade. Prices list extensive, covering corn meal, malt, hops, and barrel goods across multiple months.
In American pig iron prices hold firm around 22 to 22.50 per ton with gray forge slightly lower. Bar iron steady at 21 to 22 per ton, refined iron and steel rails quoted, scrap and old rails slow selling. Copper quiet but firmer. lead light and easier. tin and zinc activity limited with modest discounts and list prices.
Market dull with moderate sales at prior quotes. Corn quiet and steady with fair business at prior prices. Steamer yellow sold at 61 1 2 cents per bushel. a sale of 50 cars at 51 4 cents reported. No 2 white on track at 38 34 to 39 0 cents. Bran and millfeed firm. April oats to Belgee. bids and asks listed for multiple oats months. Inspections totaled 84 cars with diverse grain types. Remaining elevator stock listed.
Butter prices hold near last quotes with bids and offers in Western creamery and firsts. Cheese markets stable with solid stocks in St Louis Philadelphia and New York, while eggs dip slightly in Philadelphia and Chicago trends lower. Beans, seeds, hay, and potatoes show varied activity as buyers gain the upper hand on several farm products.
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