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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
May 15, 1888
Page
6
The Money Market notes a light week start with bank rates near 2 percent, loans ranging 3 to 5 percent, and calling loans at 2 to 4 percent. Government securities firm, U S Treasury figures show large balances, gold shipments, and a rising stock market with Atchison and Bell Telephone movements.
Agassi Manufacturing declares 40 per share, Osceola Consolidated Mining pays 1 per share, June 15. Standard Oil Trust raises annual payout from 10 to 12 percent with 3 percent for June 15. Erie and New England Telephone announce today payments totaling 60,000 and 52,000 respectively, including extras.
Quotations and last sales lined up from the Boston Stock Exchange official reports. First Call and Second Call updates reflect mining companies trading activity with daily corrections.
The Boston Stock Exchange was reported to prepare for a significant ER period with measures under review. Traders awaited guidance on settlement procedures and possible market adjustments as the session opened.
The list details shares and bonds to be sold by auction on Wednesday May 16 1888 including holdings in Bates Mfg Co Merchants Bank Continental Bank Metropolitan Railroad and various utility and railroad stocks. Also notes by order of Trustee Executor Admin and assignee indicate transfers and rights on numerous securities and property assets.
Boston markets show extensive closing prices across mining stocks and bonds with many names listed. The New York Stock Exchange reports May 14 activity with 167,843 shares traded, detailing opening, high, low, and close for major issues and notes of various rail and financial firms.
Auction notices list items including Rutland RR stock at 5 shillings in 1898, Ogd and Lake Champlain Consolidated stock at 6s with $100 par, 1000 shares of Lowell RR at 7s in 1892, 2 shares of Amoskens Manufacturing, Concord RR, 3000 shares Newport and Richford RR with bids Bs in 1911.
Money on call easy from 1 4 to 2 with closing offers at 11. Prime mercantile paper fair demand though scarce with rates 4 4 to 6l. Bar silver 91%. Sterling exchange active and steady. Government bonds quiet but firm. Rail road bonds dull but firm. Stock market dull after 2 15 with Reading and Richmond West Point showing some life. Several bonds and stocks moved modestly with mixed gains and losses. market ended dull and about steady.
London valutations list US 4s at 129 1/2 percent, Atlantic and Great Western bonds at 871/4, Canadian Pacific 61 1/4, Erie 26 and Erie second 9 5/ to 9 3/4, Illinois Central 123 32, Mexican ordinary 43 1/4. Paris quotes 3 per cent renes at 82 francs 474 centimes. Bar silver at 82 1/2 pence per ounce. Bank of England bullion balance today amounts to £74,000.
Visitor to Boston Merchants Week urged to see the Cyclonamic picture The Battle of Bunker Hill at 401 Tremont Street The landscape is said to surpass all predecessors with graphic depictions and foreground figures presented as a remarkable object lesson
Arrangements advance for building a standard gauge Tucson to Globe line of 110 miles with a 20 mile Deer Creek branch. Bonds limited to 20 000 per mile, 7 percent first mortgage gold secured by Boston based American Loan and Trust Company sinking fund. Southern Pacific contract yields 50 cents per ton under 2 cents per mile and $1 per ton above that. Coal and mining traffic expected to drive volumes. Freight rates between Southern Pacific and Globe cited.
Rocque Ester May 14 After an eighteen month struggle the executive committee of the People's Telephone Association representing nearly 700 subscribers reached peace with the Bell Telephone Company of Buffalo. The controversial toll system was withdrawn and flat rates, even lower than during the strike, were secured. The company will progressively underground wires and recognizes the city's right to abrogate the contract at any time and to appoint an inspector funded by the company to oversee underground trenching. Several minor concessions were made.
Ottawa report states a government introduced bill to ban bucket shops will be passed tomorrow. Law targets both operators and speculators with severe penalties including fines and imprisonment, despite strong opposition from bucket shop keepers and CP telegraph magnates who lease the wires to gamblers.
The Supreme Court denied the application for a rehearing filed by the People's and Overland Telephone companies claiming Crawbauzh, not Bell, was the first inventor of the telephone. May 14 in Washington.
In Ottawa on May 14 the House of Commons considered supplementary estimates totaling 1,860,000 dollars. Subsidies for steamships are cut by 46,000 dollars. Maritime provinces lament the absence of a subsidy for the Halifax to West Indies line.
New York on May 14 contestants in the go-as-you-please race met at the Sporting Times office and collected prizes. Littlewood received 8717 dollars 15 cents Guerrero 14 684 Henry 1115 14 Noremac 743 43 and Golden 371 71. The week’s total receipts were 15896 50 dollars.
Urtea May 14 report lists cheese sales including 140 boxes at 5c and 9c, 3275 at 9 1/2c, 930 at 9 1/2c, plus 56c. butter sales include 12 packages at 24c and 22 packages consigned. Little Falls market notes 200 boxes at 84c, 135 at 9 1/4c, 150 at 9 1/4c, 2400 boxes consigned and 420 boxes sold at Save. butter 530 packages sold at 0.
Mr C J Wills of New York opened a three night series at St Andrew s Church Cham bers street to show laymen's work in the Episcopal church He traced the Brotherhood of St Andrew from Chicago to 200 plus chapters highlighting a New York Avenue A mission that transformed a dance hall area into a gospel garden with Jesuit priests approving the effort and denying proselytism The audience listened closely and many stayed for the after meeting.
Messrs Palmer BacuElver and Co at 146 Tremont street Boston offer fresh novelties in gold leaf lace pins gold and silver hair pins garters bracelets solitaire and cluster rings in new designs. One of Boston oldest houses carries reliable lines and a broad stock.
Commercial matters show firm or steady readings across grains dairy and produce. Corn oats rye and rye flour hold firm while potatoes improve and hay and apples stay steady. pork lard and beef are quiet or fairly steady. butter cheese eggs beans and oils show firmness or quiet demand. multiple items indicate steady or improving market conditions with little volatility.
The Chicago markets report wheat opening quiet at 890 for July, then rising to 900 as traders note a 2,000,000 bushel drop in visible supply. Cold weather delays seeding in the Northwest, while corn weakens briefly on car arrivals before the supply downturn prompts a rally. Provisions stay strong with hog receipts projected higher.
Antwerp May 14 full attendance at wool sales with active demand. Prices firm and slightly stiffening. 2400 bales offered, 1691 Buenos Ayres sold at 24 francs per 100 kilos, 238 Montevideo at 190 francs per 100 kilos, 153 Melbourne greasy at 160 190 francs, and 14 Melbourne scoured at 34 francs per 100 kilos.
Local carload price list shows domestic flour and grain quotes rising amid market tightness. Minnesota and Michigan grades traded high while New York and Chicago receipts supported firmer values across bakers’ grades, wheat types, and export lots.
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