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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Mar 23, 1889
Page
6
The money market shows easy conditions with interbank loans as low as 1% amid a broad range of 3% to 5% for time loans and 2.14 to 3.44 percent on call with collateral. NY exchanges, bond sales, and foreign exchange figures are provided along with notable bond issues and corporate moves including Atchison and Lamson Store Service.
The Woburn Gas Company declares a semi annual dividend of 4 percent. The Daly Mining Company announces a monthly dividend of 26 cents per share. Norfolk & Western directors meet next Wednesday with expectations of a 142 percent cash dividend. The Cutting 1 Company declares its regular quarter dividend of 2 percent payable April 1 to stockholders of record March 21.
Investment bonds described as long six per cent issues from Kansas counties including Rawlins Logan Thomas and Sherman under the Kansas Refinancing Law of 1879. The law provides state supervision to bond holders and notes these counties lie in good agricultural districts with favorable crops and small debts.
Early trading saw Missouri Pacific and Burlington rise a point each, but demand waned and prices drifted down to a shade below opening. The market closed quiet and heavy, with railroad bonds active and several issues traded. Reading 4s led with $194,000 and other issue movements followed.
Money on call was easy at 2 to 24 percent with the last loan at 24 and closing at 2 percent. Sterling exchange shows dull firm rates around 4.85 to 4.89 for bills and demand, while government and railroad bonds remain dull and heavy. The stock market paused after noon with minor gains and a generally quiet, heavy close.
London financial notes detail Consols at 97 13 16 money and 97% the account Canadian Pacific 4944 Erie 28% the seconds 104% Mexican ordinary 44% St Paul 68 54 Reading 22% Money 2% discount on short bills 3 months 2% Paris 3 percent rentes 86 francs 7.2 centimes bullion in Bank of England balance today unspecified Harrowing of bears keeps market unrest Wabash Pennsylvania doubts dividend effect North of England Debenture £500000 oversubscribed Foreign & Colonial Debenture £1000000 subscribed twice Rothschilds to back new trust India buying aids dyspepsia product Horsford's Acid Phosphate.
The text lists locations at y and 8 North Market St Stake V4 and 76 Faneuil Hall Market Boston as part of the notice details.
Fisheries and agricultural commodities exhibit mixed trends with fish steady and flour firmer, corn dull, graham flour steady, cornmeal firm, oatmeal quiet, rye dull, barley very quiet, millfeed slow, cottonseed meal quiet, malt unchanged, hops dull, butter fairly steady, cheese in fair demand, eggs dull, beans fairly active, potatoes quiet, hay unchanged, rye straw steady, game and poultry firm, apples dull, lemons steady, cranberries quiet, pork firm, corned beef quiet, fresh beef unchanged, other fresh meats quiet, refined sugars higher, molasses firm, tallow steady, oleomargarine firm.
Copper prices jump as the Syndicate faces heavy losses with the year 1889 dubbed the copper year. French deputies condemn the syndicate as ruined while plans for the Comptoir d Escompte unfold under limited government participation. Paris shares fall on the copper crisis but gain on the Russian loan ahead.
Antwerp reports good turnout and firm prices at wool sale today. About 2600 bales offered including Buenos Ayres 780 bales at 80 195 francs per 100 kgs, Montevideo 600 at 115 210 francs, Rio Grande 548 at 145 200 francs, Victoria 265 at 115 226 francs, Good Hope and Natal 243 at 125 430 francs, sundries 160 bales.
In New York on March 22 prices for standard cloths stand at 316-16 and 342 39-16 cents for 50x60s while traders expect no price increases. Demand remains steady though volume is ordinary. gains come from cotton goods due to yesterday's gingham auction. In Fall River the market stays firm with futures bids seen at 313-16 cents for July to September and spot goods largely cleared.
The leather market remains steady with fair movement at prior quotations and an overall upward tendency. Demand is strongest for grain, wax, hip, and buff leathers in small lots, while rough splits and very dull hides temper the market. foreign hides stay strong and supply is tight in buffalo stock.
A dense price table lists finished leather weights from tbs to lbs and hides from green salted to dry. Values cover Calfskins, Kip, Western wax, No 1 No 2 lines, and regional markets Buenos Ayres Montevideo Rio Grande Cordova Entre Rio with per unit and grade notes. Prices range broadly from fractions of a dollar to several dozen cents per unit.
Gloucester market notes a week of moderate movement across dry and pickled fish with large cod receipts due to easterly winds bringing Georges fleet. Licenses for bait from Canada and Newfoundland are debated as vessels await permits and authorities’ dates. Prices span large and small cod, hake, haddock, mackerel, and other offerings with steady demand and variable supplies.
In Chicago on March 22 Farnum Reardon & Co report early trading showed insiders had dumped wheat, but offerings were absorbed and little remains for sale. A May wheat tip to 105 spurred shorts to push prices, while July futures gained on dry weather as a bullish factor. The advance in May boosted overall firmness.
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