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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
May 27, 1887
Page
6
The Boston money market shows quiet steady conditions with abundant loanable funds and favorable rates for first class paper. NY and London activity noted with Atchison and Mexican securities moving. West End Land rally eyed as speculative demand returns and dividends announced from Pacific Mills.
A firm tone favored San Francisco while a late surge pushed listed names higher. Reading St Paul factors in as late movers with Denver Terre Haute and Manitoba joining near the end. Bond sales totaled 1,452,000 with Denver Rio Grande 4s at 221,000 and Nickel Plate trust receipts 107,000. Various issues traded with notable moves in Indiana lines and westerns, while Hocking Valley and Virginia Midland shows softer prints. New York stock sales summed 241,762 shares with wide price ranges and mixed daily performance.
Money on call ranged 3 to 6 percent with last loan at 3 and closing at 3. Prime mercantile paper 5 6. Bar silver 96. Sterling exchange dull and steady. Government bonds dull and steady. Railroad bonds dull but steady to firm. Reading showed marked activity and firmness, with a 2 percent advance in Terre Haute. Overall, stocks opened quiet to firm, advancing up to 4 percent before closing at day’s best prices.
London on May 26 lists United States railway shares with prices such as 4s 132 a, 428, and Atlantic & Great Western firsts at 49. Canadian Pacific at 65% and Erie at 36 with Erie seconds at 10444. Illinois Central shows 14014 and Mexican ordinary at 65%4. St Paul common at 90% and Pennsylvania at 68 with Reading at 28.
The Joliet, Aurora and Northern railroad, completed from Aurora to Joliet, has been purchased by a Drexel Morgan & Co. led syndicate. The move aims to connect with Milwaukee & St. Paul lines, extending northwest from Aurora to Elgin and east from Joliet to Valparaiso Indiana, enabling direct west to east traffic without Chicago transfers. Previously used by Chicago Burlington Quincy as an East outlet.
The tenth annual report shows total receipts of 38760 82 with 28109 68 from passenger fares and a year end cash balance of 65984. Expenditures include 3000 for dividends. Citizens plan to petition the Legislature for a charter of the Massabeshe Horse Railroad and Steamboat Company to run from Manchester station to Hallsville crossing and connect with a steam motor to Lake Massabeshc, linking with steamboats in open season.
The Pennsylvania Railroad Company east of Pittsburg and Erie shows April 1887 gross earnings up by 480,217 and net earnings up by 50,010 versus April 1886. For four months in 1887, gross earnings rise by 1,858,343 while expenses also increase by 450,195, with net gains improving accordingly.
The Boston and Maine Railroad will begin selling mileage tickets on June 1 at ticket offices. Tickets cost 2 cents per mile or 20 for a 1000 mile book, name the user and are non transferable. The move is seen as a 1 cent per mile reduction and aims to boost year receipts alongside suburban rate cuts.
The forty third annual Northern railroad meeting opened at White's Opera House Concord May 26 with large stockholder attendance. Directors report accepted. Auditing committee named Crocker Pattee and Wilson. Directors elected: Sulloway Nesmit Crocker Benton Todd Pierce Cheney.
The Chicago and Northwestern will declare 3 percent on preferred and 8 percent on common stock at the stockholders meeting in Chicago next Thursday. There will be no melon or extra scrip. the report will show large gains in the reserve. A chairmanship will be created and accepted by Mr. Albert, the president, with a board position similar to Vanderbilt's New York Central role. Marvin Haight will be company president. Road earnings continue to rise with third week May gains of $25,000 and full May gains near $100,000.
Meriden Conn May 26 The New Meriden and Waterbury railroad directors met at Home National Bank electing Charles Dickinson of Waterbury as president George R Curtis of Meriden as vice president George Rockwell of Meriden as secretary and treasurer L Wade of Waterbury as assistant treasurer and H Wilcox George R Curtis Samuel Dodd Charles L Rockwell and A Chamberlain on the executive committee The committee was authorized to proceed with building contracts and work will start immediately Directors expect the line to be running by next Thanksgiving day
Mr W Raymond resigns as general agent of the Montreal and Boston Air Line effective June 1. G M Mills remains traveling passenger agent with duties from New England to Canada and the West, office moved to 211 Washington Street Boston. Also Peekskill Valley railroad incorporated in Albany with $200000 capital to run from Peekskill to Brewsters or Harlem line. Indianapolis Decatur and Springfield railway sale completed to 3 D Probst for foreclosure stakeholders at $700000 after bids up from $800000.
Leather and hides show quiet to dull trading while flour and oats hold firm. Rye and barley remain steady with light or unchanged trade, notes of firmness in millfeeds and sugar. Beef, butter, cheese, and poultry show limited shifts. apples and many staples largely unchanged amid a quiet market atmosphere.
Large buyers have left the market while remaining buyers rush orders for fall. Free shops in Worcester county push goods as labor troubles raise prices and spur heavy line orders. Circulars from labor groups boost free shop trade, with buyers altering orders to favor self run firms. Factories stay busy on calf boots and rubber firms adopt agreed prices to curb price cutting. Shipments of boots and shoes are listed.
The leather market shows mixed activity with small lot purchases by manufacturers and a fair supply of stock. Rough calfskins are weak while tanned skins and finished leather stay fairly steady. Pickled sheepskins and kid stock show firmness, and sole leather prices for hemlock and other grades move little. Hides remain dull with dealers willing to move goods. New England and Southern hides show varied pricing across regions.
The April report from the Bureau of Statistics shows U S merchandise exports at 47 563 043 down from 54 017 348 a drop of 6 454 805 with cotton exports falling from 165 212 889 last year to 9 492 699 this year a loss of 5 720 190 Other commodities show a small gain Petroleum breadstuffs and provisions also decline while four and ten month totals to April show higher movement than last year across longer periods. The four month total rises with a larger year over year movement despite the April drop.
Market notes show flour stays firm with little change. Winter wheats firmer, demand fair, but purchases scarce. Spring wheats firm. corn quiet. Steamer yellow 62 34 54c, steamer mixed 51% 8c. oats firm with steady demand. No 2 white oats firm at 39 34 40c. Closing bids vary by month. settlements at 39 5 39 4c. Today’s inspections list 49 cars across multiple wheat and corn grades. export figures and weekly comparisons detailed for UK and Continent.
Report shows butter steady in Cincinnati and quiet in Philadelphia while Chicago markets show weak butter and increasing cheese receipts. Eggs steady with mixed New York and Chicago quotes. beans and fowls quoted with firm hay and steady to firm prices. Receipts large for white beans, fowls erratic, potatoes in demand, and tallow daily at 4c.
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