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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Nov 23, 1888
Page
6
The Boston money market shows easy funds with ample clearing and a surplus after bank borrowing needs. Prices for general time loans 4 to 6 percent, call loans 3 to 4 percent with collateral. Local and national securities move amid varied gains and losses across rail and copper stocks, with notable activity in Atchison, Boston & Maine, Union Pacific, and copper holdings.
The Cocheco Manufacturing Company declares a dividend of $10 per share. Ontario Silver Mining Company proclaims a 50 cent per share dividend. Peabody Mills Company notes a dividend on preferred stock. The Big 4 Railroad declares a quarterly dividend of 14 per cent on $10,000,000 capital stock payable Dec 16. Michigan Iron and Land Company paid $150 today. this year totals $450 with October 1 and June payments of $1 and $2 respectively.
The Massachusetts National Bank of Boston issued stock and bond orders executed in Boston New York and Philadelphia reflecting active financial activity across major markets.
A list of various bonds including Springfield Mass 7 percent water bonds due 1915 Toledo Ohio 6s due 892 Boston record and Montreal RR 7s 1897 City of Cincinnati 75 10s 1899 Cambridge RR first mortgage 58 1903 Boston Winthrop and Shore RR 4s due 1906 and a guaranteed endorse to the Boston Revere Beach and Lynn RR.
Boston market notes list bonds and railroad stock sales with prices and maturities, including Little Rock Junction, Michigan Central, Missisquoi Valley, Nashua & Lowell, Chicago Burlington & Northern, Farmers' Loan Kansas debentures, and several railroads. The New York section reports total daily volume of 269,300 shares and lists opening, high, low, and closing prices alongside yesterday's close for the overall market.
Chicago reports a volatile session with less wheat for sale early, large buyers pushing futures up then selling to drag prices down. Ongoing demand by cash buyers and November delivery supported modest gains. corn and oats showed strength but limited activity. Northwestern markets were firmer on light receipts amid rumors of scarce farmer wheat.
Money on call eased to 2 percent with the day ending dull and heavy near the day's lows. Government bonds were weak while stocks drifted lower after early gains, led by declines in Omaha preferred and Richmond & West Point. Railroad bonds remained dull, with total sales about $983,000 and minor advances in a few issues.
Wool is strong while leather stays steady and hides run dull. Flour and corn trend steady to firmer as oats and oatmeal firm. Rye and rye flour show mixed tones with firmer rye. Butter and eggs rise or hold firm with good demand for beans and poultry. Potatoes and sweet potatoes stay ample while grapes remain oversupplied and truck activity dull.
The wool market shows active interest with buyers plentiful and prices firm or higher in many zones. Michigan and Ohio markets report small fleeces and high asking prices, while Texas Wyoming Utah and Montana wools see strong demand and scarce supplies. Combing and delaine wools remain tight with rising prices, and foreign wools stay firm as supply tightens. California and New England wools show steady to shrinking stock levels.
The report lists wool price ranges from Western California Oregon and Washington Territory to international sources such as Australian Montevideo and Cape wools. Details cover classes like Clothing combing crossbred carpet and Angora, with values in cents per pound and notes on quality labels and regional markets.
Leather trade remains fairly active with steady prices and small supplies. Rumors hint at slight concessions to move large lots. demand strongest for finished and wax kip leather while rough and grain leathers show mixed activity. Hides are dull with ample supply. foreign hides quiet and New England hides slow. various prices listed for calves, kips, buckskin, and buffalo products.
Market notes show no sales on first call and six cars sold on second call in March, with firm to steady quotes for oats and corn in New York Milwaukee St Louis and Peoria. Rye, barley, millfeed, cottonseed meal and hops quoted with varying demand. Chicago and New York prices reflect general softness in some grains and stability in others.
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