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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
May 17, 1887
Page
6
The Boston money market shows easy rates with 4 to 6 percent on call loans and strong bank balances. In San Diego, directors recommend a 50 percent capital increase to 2.25 million and a rights issue to finance a expanded water system, with stock restructuring and bond issues to follow.
In a rising market Water Power is praised as the equity to stockholders grows with Back Bay land advances. Park finishing and West End syndicate moves boost land values, with 2,300,000 feet owned by the company potentially selling at high prices. A revised preferred stock plan aims to save 26,000 yearly, raising hope the common stock is worth 28 to 80 per share today and likely 20 by next Saturday. Delaware & Bound Brook declares 2 percent quarterly dividend.
NAVERIGE NO BANK and the $400000 $600000 capital surplus transact a general banking business and solicit correspondence. ASA P. POTTER, President. J. W. WORK, Cashier. Today's transactions aggregate 247,270 shares with opening, high, low and closing prices reported.
Money on call remains easy with last loans at 3 and closings at 3. Prime mercantile paper 5 6. Railroad bonds show active strength while the stock market rallies late, led by Rock Island. Atlantic & Pacific incomes rise, Ohio Southern incomes climb, Jersey Central debentures retreat, and several railroad and utility bonds move within narrow ranges amid a generally firm tone.
Boston Safe Deposit & Trust Company lists services including accepting trusts, caring for property and income, safekeeping bonds and securities, paying interest on deposits, renting safes, acting as trustee and transfer agent, and serving as legal depository. It names officers Nathaniel J. Bradlee and Edward P. Bond among presidents, treasurers, managers with a large list of directors.
Solomon Lincoln reports 1887 poised to yield record iron output across the country. Tennessee, Alabama, and Georgia see completed blast furnaces and plans for twenty-eight coke and seven charcoal furnaces, with twenty-nine more under contract or proposed. If all under contract come online within a year, district output could rise by about 1,500,000 tons.
London market notes show Consols at 1035 16 for money and account Canadia Pacific at 65 Erie at 3514 Erie seconds at 108 Mexican ordinary 6442 51 Paul common 96 New York Central 116 Pennsylvania 5814 Reading 23.
Metals, flour, corn, oats, rye, barley, malt, and millfeeds show firm or steady trading. Butter, cheese, eggs, beans, potatoes, hay, straw, grass seeds, fresh beef, sugar, and molasses remain largely unchanged. Poultry quiet. apples and other items show no notable shifts.
A Washington bureau report shows US exports of beef pork and dairy products valued at 5,126,428 in April, down from 6,532,996 in April 1886. For the four months to April 30 the value totaled 27,008,470, up from 25,675,923 in the same period of 1886, an increase of 1,832,547.
No change in pig iron and foreign pig iron dull. Old rails unchanged while bar iron moves fairly at old quotes. Plate iron, tubes, and pipe show moderate demand. nails see good demand at old prices. Copper quiet. lead demand moderate with higher prices. Tin markets steady. shelter quiet with unchanged prices. Nine months to April 1887 show iron and steel imports of 32.76 million dollars with duty over 13 million. Output of anthracite furnaces up from April and March. bituminous up as well. Iron Age estimates total production around 2.04 million gross tons for four months. industry remains on firm footing.
The flour market remains very firm due to high Western wheat prices. Minnesota spring patents steady at 610 640 for wholesale and jobbing. Corn and oats also firm with steady prices. Elevator stocks and on-hand quotations are listed for wheat, corn, oats, barley, and rye. Closing Chicago quotes cover wheat and oats with varied futures and spot prices, plus bulk prices for flour types and millfeed.
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