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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 22, 1888
Page
6
The money market remains easy with abundant funds and weak demand. New York Clearing House metrics show solid surplus reserves rising by over six million dollars, while bond offerings and Treasury notes total about 87 million. Atchison Topeka Santa Fe reports strong 1888 growth in miles and rolling stock but warns of lower earnings due to poor crops and rate wars, with a $7 million guaranty fund backing new notes.
News from Boston and New York shows clearings mixed with a strong week for outside cities led by gains outside New York. Atchison Topeka Santa Fe stock steadied near bottom after dividend news, with traders eyeing deliveries and short-covering as books reopen later in October.
Auction sale announced in Boston with numerous stocks and bonds to be sold Wednesday Oct 24 1888 by order of executors and assignees. Items include railroads Western Union Amory Mills and many corporate bonds and shares with quantities and issues across banks industries and utilities.
The Globe Yarn Mill Company of Fall River has announced a quarterly dividend of two percent. The move reflects steady profits and rewards shareholders.
Money on call remains easy at 2 percent with 2 percent closing. Prime commercial paper in demand but restricted supply, rates 4 5 for sixty to ninety day indorsed bills, 4 6 for four months acceptances, 6 7 for good single names with four to six months to run. Sterling exchange dull but firm. actual business 4.84 for sixty day bills, 4.88 for demand. Government bonds dull but steady. railroad bonds quiet and firm. Stock market opens feverish then strengthens on Union Pacific, Northern Pacific preferred, and St Paul buys, aided by favorable bank statement. Bond sales total $583,000. notable issues include Baltimore & Ohio 5s to 142, Chicago & East Illinois firsts to 144, Iowa extension to 78 6, Iron Mountain to 531, Toledo, St. Louis & Kansas City firsts to 1, Kansas & Texas 6s 1%. Week bond sales about $7 million versus $6.389 million prior.
London reports show Consols at 97 to 16 for money and account with mixed results across key securities. The money market remains uncertain as official rates rise while open rates fall, dull stock actions persist, and American railroad securities weaken on the week amid lingering speculation concerns.
The Rand Avery Company made an assignment Saturday afternoon to Nathaniel J. Bradlee. The firm, once thriving with large profits, faced $140,000 in obligations, $12,000 due that day, and failed to secure needed capital. Assets are claimed near $450,000. Other notes mention Smithfield Woollen Company and insolvent estate reports with major creditors including New York, Hartford and New Haven banks.
The Windsor Hotel hosts Isaac Ebbitt and Mrs Ebbitt with Charles Pratt of astral oil fame also staying there. Nearby Vendome welcomes Edgar Harding and Mrs Dexter with Miss Garrett. Brunswick houses Gouverneur Morris and Miss Charrington. Thorndike hosts Marie Stone and other Bostonians, Stetson troupe members Helen and Alice Carl, plus Colonel Woodworth and George Torrance. United States Hotel has John Nelson and Mme Modjeska’s manager Hayman. Adams House lists Mme Hayman guests. Tremont includes S E Pingree ex governor and others. Parker's features S H Harmon and family. Revere House notes Charles A Stood. Quincys and other names among the travelers.
The custom department at 32 to 44 North street by G. W. Simmons & Co lists ladies habits side saddles gentlemen breeches coats leggings spurs and every item used by equestrians for sale.
The report lists varied commodity attitudes with flour dull and corn steady while oats barely steady and oatmeal steady. Many farm products show firmness or good demand such as rye flour butter cheese hops lard mo lasses and pork, with apples grapes and other fruits plentiful or quiet and livestock prices mixed.
Antwerp wool sales begin Tuesday, continuing three days. Offerings include 6500 bales River Platte, 1360 bales Australian, 550 bales Cape of Good Hope and Natal, and 490 bales Algerian.
Fall River reports weekly print cloth stats with production 175000, deliveries 179000, stock 8000, sales 186000, spot 25000, futures 161000 pieces and prices 818-16c for 64x64s and 37-16c for 60x56s. Market firm and active in Fall River. Providence market closes strong at 13-16c bid and declines for 64 squares to April delivery with manufacturers seeking 3% and 3 1/2% bids, 14000 weekly sales including 3000 64x64s spots at 33 4c plus 1% and 2000 at 31 3-16c, 3500 56x60s spots and 5500 futures to January at 89 4 sec, stock 16000 648, no 56x60.
Chicago markets opened quiet as wheat and corn traded lifeless until near close, then a sharp bounce in the December option. New York and St Louis closing prices show wheat around 1.08 to 1.16 per bushel, corn about 0.39 to 0.51, oats near 0.30 to 0.31.
Boston markets report domestic flour prices with spot ranges from fine to patents. Wheat futures show firm tones in several cities, with New York and Chicago receipts and shipments detailed, including No 2 red and No 2 spring offerings.
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