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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Mar 25, 1887
Page
6
The Boston money market shows faster lending with easier clearing house funds. Loans on call range from 6.8 percent, time paper from 4 to 4.5 percent, and corporate paper around 4 1/2 to 4 3/4 percent. Banks report balances at 6 1/2 to 7 percent, New York funds priced with small premiums and discounts.
Market report lists income figures for Decatur and Springfield and consolidates Buffalo New York Philadelphia receipts. It records New York stock sales for March 24 totaling 209 408 shares with opening high low and close prices and notes a Vivian Superintendent report on surface and underground work. The piece references an annual meeting next month and includes a circular on the Interstate Commerce Law from J R Watson of the Hoosac Tunnel route.
New York financial report shows money on call easy at 4 1 4 percent with 4 4 2 last loan and 41 percent closing. Stock list features Pacific Mail, Colorado Coal, Reading, grangers leading gains while Atlantic Pacific, Atchison and San Francisco shares show strength echoed by Boston market. Incomes firm with Atlantic Pacific receipts 628 000 and 128 000 for a total day of 1 849 000. bonds including Chesapeake Ohio Southwestern, Morris Essex and New York Central edge higher amid overall dullness.
Atlantic and Great Western firsts at 477 percent, Canada Pacific 64, Erie 34.54, Illinois Central 183.14, Mexican ordinary 62, St Paul common 92.35, New York Central 115, Reading 19.58, Bank of England lowers discount rate from 3 to 3 percent.
The annual report notes copper price averaged 10.989 cents per pound, with limited openings hindering production. The Huron vein shows strong copper ground, potential for larger mills and hoisting, and compares to Atlantic if expanded. Expenses totaled 270842.81, output 2,512,675 pounds, yielding 1,092,695 refined copper pounds at 9.4–12 cents. Cash on hand and assets show liabilities exceeding assets by 109.
The piece notes that John N. Abbott and other high priced pool commissioners will be out of work on April 5. It predicts mass layoffs of about 50 000 railroad clerks and questions how roads will replace contracted officials with internal officers. The commentary cites figures for several commissioners and cites the Chicago Mail as source.
The statement of the business of all lines east of Pittsburg and Erie for February 1887 shows gross earnings up 439 313 dollars, expenses up 326 760, and net earnings up 112 553 from February 1886. For Jan–Feb 1887 versus 1886, gross up 869 548, expenses up 494 185, net up 375 363. West of Pittsburg and Erie, two months show a surplus over liabilities of 285 889, against a 474 678 gain from 1886.
At a St Johnsbury meeting on March 24 8 C Shurtleff of Montpelier was elected director to replace the late A B Jewett and F W Morse of Montpelier was named secretary and treasurer replacing W A Stowell The appointment of a superintendent was left to President Mellen Resolutions were adopted on the death of Vice President A B Jewett.
A rail news brief reports snow blockades on the Northern Pacific and Canadian Pacific lines are removed and trains run normally again. Lackawanna official forecasts a 3 percent dividend to be declared Friday. Multiple rail earnings show March gains versus 1886, with notable increases for several lines. The Pennsylvania Railroad orders iron bridges to replace wooden ones. A Toronto judge rejects a motion to quash conspiracy charges against Montreal Portland and Boston Railroad directors. Central Pacific seeks listing of 5.39 million dollars in new capital stock for recent road and equipment expansions.
The Rev Samuel J Barrows closed his Practical Ethics course at the Young Men's Christian Union with a lecture on Home Influence. He argued that true home centers on family life and that both homeless rich and poor need homes. The placing out system, he said, places orphans into good homes rather than institutions and should be developed.
Dr. J C Webster of Chicago asserts the treatment is valuable in many forms of dyspepsia. The claim appears in a medical note promoting the relief for digestive disorders.
Wool and flour remain dull while corn oats and oatmeal hold steady or firm. Rye and rye flour trade shows light activity with most grains and millfeeds firm or quiet. Butter cheese eggs beans potatoes hay straw grass seeds and fats show little movement with provisions and fresh beef steady. No poultry changes observed.
The wool market remains dull before the new clip with dealers pressuring sales and granting liberal concessions. Imports of third class wool are debated with appraisers to report true value while collectors set duties, as Michigan and Ohio fleeces show eased prices and large private sales. demand fluctuates across combing and delaine grades with pulled and scoured wool volumes rising.
The flour market remains uncertain due to the interstate commerce bill with little trading as mills refuse contracts. Corn, oats, and rye show steady or firm activity with bids and asks listed. June and May positions for oats and corn appear with multiple price points and inspection figures for numerous carloads and grades.
Butter and cheese markets hold near last quotations with light receipts and steady demand. Eggs remain steady in major markets while beans, hay, and potatoes show little change. stock levels and prices vary by region with Western and Vermont dairy items cited among wholesale quotes.
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