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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Nov 28, 1887
Page
6
Boston financial column notes a firm money market with loans on call at 6 to 7 percent and mercantile paper at 6 to 7 percent. It lists clearing house exchanges, New York figures, and weekly bank statistics, plus proposals for the Stony Brook and Constituent water loans of 650000. Alfred Turner invites sealed bids due Dec 5 1887 with payment details and security plans.
A column reports that the Delaware and Hudson Canal Company increased its Rutland holdings to gain control, with $45 per share offered and no bargain for minority stockholders. It notes Clement’s maneuver to secure a majority, outlines Rutland’s corporate history, and forecasts possible absorption by Central Vermont, Fitchburg, and Boston and Maine while tracking rail and metal market movements.
The Consolidated Gas Company of New York declares a 2 percent dividend payable December 15 to stockholders of record November 80. Transfer books close November 30 and reopen December 16. The Brush Electric Illuminating Company of New York also declares a 2 percent quarterly dividend.
And Their Correspondents buy and sell foreign exchanges and tele graphic transfers on Europe, California and the British provinces. Stock and bond orders executed in Boston, New York and Philadelphia.
Direct wire to New York and New York Boston exchanges. Buy and sell stocks and bonds for investors or on margin. Dealers in municipal and railroad securities. Located at 72 Devonshire Street.
On November 26 at 10 30 A M traders on the Boston Stock Exchange conducted sales at brokers before calls amid the morning session. The activity reflected unsettled market tone as brokers executed orders ahead of the official call period.
Daily report corrected from the Boston Stock Exchange shows New York stock sales for November 26. Total shares traded reached 139,968 with a list of shares sold and their opening, high, low and closing prices along with yesterday's closing baseline.
Money on call eased between 4 and 6 percent with the last loan at 4 and closing offered at 3. Prime mercantile paper ranged 6 8 percent. Bar silver 95. Sterling exchange dull and steady with sixty day bills at 4.8184 to 4.82 and demand at 4.8544 to 4.8544. Government bonds dull and steady. railroad bonds generally heavy. The stock market was moderately active and irregular. Early declines due to foreign selling reversed after the bank statement, with a late close near last night's levels. Bonds: Kansas and Texas weakness noted, mixed final prices with some gains in American Docks, Houston & Texas, Ohio River, and Pennsylvania issues. Weekly bond sales totaled 38.363 million versus 6.671 million the prior week.
London notes consol prices and U S and railway securities with mixed movements and a weekly rise trend. Paris reports strong bourse despite political upheaval, with notable gains in three percent rentes and Crédit Foncier, Canal shares, and Panama Canal.
Iron remains unchanged while copper strengthens and tin holds firm. Tin plates quiet, lead in fair demand, zinc stable, and fish unchanged. Grain markets vary with flour and oats firm, oatmeal quiet, rye steady, malt unchanged. Millfeed in good demand, cheese quiet, beans moving, grass seed steady, hay in fair demand, straw unchanged. Potatoes plentiful, sweet potatoes steady, poultry higher, apples dull, cranberries steady, pork and lard unchanged. Fresh beef quiet, lambs dull and plentiful, veal moderate demand, tallow steady, refined and raw sugars steady, molasses quiet.
The market shows fair demand for pipes nails and plate iron with copper stronger and lead modest. London tin and Chile bar prices rise while Straits tin quotes hold. A Russian plan to buy Polish iron works backed by Bank of St Petersburg aims to expand frontier mills and reduce foreign dependence, with mixed financing including new shares.
The October foreign trade movement reveals exports of merchandise up by nearly 21,000,000 from September and over 7,000,000 above October 1886. Imports rise by about 5,000,000 from September and exceed October 1886 by 6,000,000. A twelve month table shows total exports 724,025,735 and imports 707,062,498, with exports exceeding imports by 17,563,237.
The market shows firm pig iron prices with strong demand expectations for the coming season. Steel rails hold at $3250, pri ces in the East around $32 a ton with local margins between $25 and $50, foundry pig iron in better demand than Bessemer, nails weaker, scrap iron variable, and foreign pig iron dull. Steel plate and sheet iron maintain steady demand at old figures. Bar iron is noted but cut off.
The flour market stays firm with quiet trade as mills hold out. Corn prices rise with strong demand and on call sales reach 114 cars today while totals top 425 for the week in Boston. London Millers Gazette notes UK flour stocks and firm barley, hops and cornmeal prices with various flour grades listed.
Demand for choice butter remains firm with higher figures. Western creameries quote 291¢ per lb for sound lots. Cheese market steady with limited active demand and prices unchanged. Montreal exports for 1887 are near record highs, totaling about 1,103,143 boxes, with 230,000 boxes supply across Canada and varying regional estimates.
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