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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 30, 1889
Page
6
The Boston money market remained steady with balances between banks well loaned in clearinghouse operations. Rates ranged from 4% to 6% on time funds and 8% to 5% on call funds, with New York funds at par. Bond offers totaled 182,700 dollars with widespread acceptance, and local equities showed initial softness later firming as shorts bought in.
The New York Providence and Boston Railroad Company on the Stonington line and the Providence and Stonington Steamboat Company have declared a 2 percent quarterly dividend.
Capital stock of 500,000 dollars in 5000 shares of 100 dollars each offered for a Nottingham River venture. Describes climate, scenery, and rich natural resources including hematite ore, limestone, timber, brick clay, cement, coal, and coke. Lists officers and managers in Alabama and Nottingham engagement.
The report covers New York Stock Sales on October 29 with total 195,200 shares traded and lists shares sold, opening and closing prices, plus daily option market notes from Chicago. It details curb wheat, corn, pork futures, and grain futures at Chicago, St Louis and New York, noting declines in wheat, firmer corn early, and overall market softness with various open high low close figures.
The sale lists numerous securities and stock items to be auctioned on Wednesday October 30 1889 including bonds and mortgage notes from Boston railways and banks such as Arlington Mills Manchester Mills and Tremont Nat Bank among others with varied maturities and amounts. Also noted are railroad and utility securities from entities like Atchison & Nel Neb Ogdensburg & Lake Champon RR and Boston United Gas plus several insurance and manufacturing company issues.
Money on call tight at 6 to 10, closing 6. Sterling exchange weak with bids 4.8144 sixty days and 4.854 demand. Government and railroad bonds steady. Stocks dull with Union Pacific and trusts showing minor gains while other names held. Cotton Oil weak, closing heavy after a volatile morning. overall market near opening levels. Railroad bonds dull. notable moves include Burlington firsts up to 100, St Paul consols to 127.5, Shenandoah receipts to 41, Reading income 79.4, Illinois consols around 123.
The official closing prices show many mining shares moving modestly with Cal. and Nevada listings. Notable prices include Best & Belcher at 8.80, Ophir 4.05, Chollar 1.05, Crown Point 8.05, Sierra Nevada 15, Union Con. 3.25, Gould & Curry 2.00, and Hale & Norcross 3.15 among others.
London midday market bulletin shows Consols at 96 1/2 to 98 and 97 for the account, Atlantic & Great Western and Canadian Pacific quotations, Erie and St Paul figures, New York Central and Reading prices, with open market discount at 3 percent. Paris 3 percent rentes at 87 francs 15 centimes. Canadian Pacific and Mexican ordinary quotes noted again in the 4 p.m. level. An ad promotes Salvation Oil for neuralgia and rebukes a rival nostrum tied to Dr Bull's Cough Syrup.
Lumber steady and coal quiet with flour and rye flour quiet. Corn and oats rise and firm, oatmeal firm, cornmeal firmer, beans and pork in good demand, poultry firm, potatoes and sweet potatoes steady, hay and straw firm, apples oranges grapes cranberries dull or fair, hogs steady, fresh meats steady, sugar and molasses steady or lower.
Fall River notes a quiet steady market on October 29 with cloth at 39 to 16 cents for 64 by 64s. Little business reported and conditions remain slow with limited activity observed in the trade.
The Daily Commercial Bulletin notes moderate activity in seasonable goods last week in New York. Some spring and summer fabrics moved in commission and importing circles, staple cotton goods saw better demand from converters, cutters, while jobbing trade bought sparingly. Men’s wear woollens were quiet, but soft wool dress goods remained in steady demand.
A cautious week in lumber markets reports limited activity and steady stock positions. Demurrage costs persist as a trade drag, while railroads show no price moves, prompting appeals to railroad commissioners. Snow and Burgess from Puget Sound deliver a large spars cargo plus pine and cedar shingles. Southern pine markets stay active with rising mill orders. more mills near completion, and expected higher Northern supply next season. Demand for yellow pine grows, with Western pine competition likely to press prices. Freight rates ease modestly with Gulf rates around 9.25 and Atlantic around 7.50, while steamship capacity tightens until December. Southern lumber prices are listed for floorings and lift flooring from yards.
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