The Portland daily press., 1882-05-01
DOWN TOWN.
Financial Items-Relief of Coasting yes
sells Decline in Iron-Activity in
Breadstuffs.

The reports from the money centres are that
Saturday was very dull day with no material
changes in affairs; and in local circles nothing
worthy of remark occurred. The clearing
house figures for the week were 1896, S04.57.
In Boston Maine Central touched Guy and de-
clined to 60. OF the relations between this
road and the Eastern, an exchange says that
the report that the recent advance of the form
or materially increases the value of Eastern,
because 1t holds 81 600 shares of the former
company, is only partially correct, because the
Eastern cannot realize benefit by sale, as
the company is obliged to hold $1,000 shares in
order to retain controlling interest in the
Maine Central. If the latter should pay d.
vidend of ~ pei: SHARE as talked of, that would
of course accrue to the benefit OF the Eastern.
Coupons of the Rumford Falls and Buck
field Railroad are payable at the Mutual
Bank of Redemption in Boston to-day; $4,000
interest on the debt of the city of Portland
will be paid in the same city.
Quite number of national banks, whose
charters are about to expire, have decided to
reorganize in the manner described in the
PRESS on Saturday.
1t is expected that the Secretary of the
Treasury will to-day issue call for all the I'M
paid per cent bonds of 1881, amounting to
abou. Sill, 100000.
A bill has been reported in the Senate TO re-
lieve the coasting trade of many of its present
burdens. 1t reduces thefees for measuring yes
sells for enrolmentor license and abolishes the
present charges of entering and clearing ves-
10 {roI ia with ha
minion. 1t dispenses with the present fees on
certificates of enrolment and license or for re-
ceiving or certifying manifesls and granting
permits on the arrival of licensed or registered
vessels; relieves vessels engaged in trade with
Canada from tonnage tax or duty and the use
of consular certificates. The 40 cents monthly
assessed on mariners and owners OF coasting
and fishing vessels has been reduced to 20
cents The Committee on Commerce, in re-
porting the bill formally recognized the fact
that that the fees chargeabe to vessels have
been largely increased within twenty years,
while the value of vessel property and its earn
ings have gradually decreased: that, while in
coastwise trade vessels are compelled to COM
pete with railroads, the former are loaded
down with government taxes and the latter
bear none that the carrying trade between the
United States and the Dominion of Canada is
almost entirely in English bottoms, the taxes
Imposed upon tQ6 AiueFlCau VESSELS cACluuiHs
them from any participation in it. The bill
was originally introduced by Senator Frye.
For two months there has been gradual de-
cline of prices OF iron in the british markets.
The average decline in Scotch brands and 10
freights are such that Scotch can be imported
now about So per ton cheaper than during the
early portion of the year. Stocks have ac-
cumulated very little in New York, and the
loss from the decline will be slight At the
opening Of the year English Bessemer pig was
sold for S27 80, At the present time the article
is offered at 1914 for future shipment from
abroad. Steel rails have fallen about SIS per
ton in the United States Owing to the duty
of 1913 per ton, foreign rails cannot at present
be placed in this market in competition with
the home manufactured article. Exclusive of
duty they can be laid down here at about $35,
as against $780, the lowest price accepted by
American markers this year. The general de-
cline is attributed to over production in antici-
patton of a heavier American trade than has
been realized
In New York on Saturday there was sud-
den development of activity In the breadstuffs
market 1t was caused by the receipts of
wheat, corn, rye and cats via the Erie canal,
and1the prospects Of a better European de-
mand for breadstuffs. Although prices were
unsettled, there was general tendency to-
ward strength. Wheat advanced to cents
per bushel; corn went up in like proportion,
and the advance in the price OF oats was still
more important.