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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Nov 05, 1887
Page
6
The Boston money market shows dull steady trading with banks discounting regular paper at 6 percent and outside paper at 6 to 7 percent. Clearing house balances and New York funds move modestly. stock and bond activity is bullish with large daily totals and leadership from New York. Copper stocks surge amid a London and New York rally, with Lake, Calumet & Hecla rising and prices firming across futures and spot markets.
In a brisk session, railroad bonds led gains with several issues advancing. Prices closed strong as trading totaled about $1,118,000 with St Paul and Lake Shore among notable risers, while market chatter hints at bull pools and possible continued uplifts across major rails.
Advertisement notes exclusive private wire to New York and invites correspondence. It states bought sold and carried on margin and promises prompt attention to orders by mail. Includes address 7 Exchange Place Boston and telephone 1079.
Sales activity at the Boston Stock Exchange Brokers Board from 10 to 10:30 A M shows the highest and lowest figures in today’s early session. The report lists transactions across listed securities with price movements captured during the interval.
Stock report notes Boston & Providence notes payable rise to 760000 as of Sept 30 and Bussey bridge disaster cost 423168. Old Colony and Providence road lease plan discussed with stockholder ratification due Nov 16 and potential May or June lease start. No new intercity Boston route plan. union to take effect after approval.
Old Colony Railroad directors vote to recommend leasing the Boston and Providence railroad for 99 years with 10 percent stock and a $1,000,000 cash bonus. The move promises a $25 extra dividend per share and funds roadbed improvements, including the Bussey bridge replacement and double tracking of the West Roxbury branch.
The fish market shows little activity with vessels largely laid up. Mackerel and codfish prices hold firm while demand remains modest. herring, hake, and pollock show small to fair demand. Gloucester receipts for October and the week ending Nov 4, 1887 are reported with sizable codfish and halibut totals.
London financial page reports Consols at 108 1 16 for money and 10 3 16 for December. Atlantic & Great Western firsts BN% Mexican ordinary 44 Pennsylvania 561 2 Reading 32. 12 30 p m Paris advices quote 3 per cent rentes at 97 1 2 for the account.
The New York financial column notes easy money on call from 3 4% to 4%, last loan at 3 4%, and closing at 3 4 4. Sterling exchange remains dull, with bills near 4 82. Government bonds steady, railroad bonds generally firm. Stocks show broad activity after 2:15 led by Union Pacific Reading Western Union Missouri Pacific and St Paul, closing near day highs amid overall steady gains.
A fogbound collision on the Old Colony line near Wollaston involved the South Braintree local freight, toppled cars, and a damaged fish express. The accident blocked tracks but trains were rerouted via the Granite branch with minimal passenger delay.
In a curious note, residents report no dirt affecting Pearline usage as expectations of cleaning power are tested. The town watches how the product performs in households and workshops this season.
S Evans and Co advertise as bankers and brokers at 991 Washington Street with offices 1 2 and 3 next to Youngs Hotel. They buy and sell stocks bonds and oil for cash or on margin with direct wires to New York and Chicago. Extra facilities rapid service small margin profits unlimited brokers orders solicited.
Agricultural and commodity notes show mixed activity. Butter and eggs firm, flour quiet but firm, oats firm, rye steady, millfeed in good demand, and refined sugars higher while raw sugars hold. Molasses demand noted with yearly import totals.
Government figures show September exports valued at 55 281 768 dollars and imports at 56 002 112 dollars, nearly balancing the month with a 720 344 dollar import excess. Through nine months the import excess totals 45 326 546 dollars, with expectations of offsetting gains in the remaining quarter.
Flour market firm with Minneapolis choice brands at 5 dollars. mills in strong demand, jobbers quiet. Spring patents steady. winter flour dull. Corn supply light keeping prices steady. oats firm but ample supplies. No 2 white oats and mixed oats priced in elevators and on track. Western mill products and various grain prices listed for carloads with regional and export quotes.
The butter market remains firm with steady prices and quiet trade, while eggs stay very firm with strong demand for choice stock, especially Eastern lots. Prices for Western eggs run 21 to 22 cents, beans and grass seed hold steady with full prices for beans, potatoes light receipts, and sweet potatoes scarce at 350 to 400 per barrel.
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