The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1882-04-24
DOWN TOWN.
Financial-TheLu Trade.

The Portland money market on satu rday
was in the main unchanged from Friday; II
there was any perceptible difference it was to-
ward greater ease. Rates were unchanged.
The stock market opened stronger, Maine Cen
trail stock being one per cent. better; but at the
close there was decline of one half to one per
cent on the general list from the opening
prices.
The exchanges for the week at the Clearing
House were 1928, 747.62
By the end of February, 1888, the charters Of
391 national banks will expire; of these 10 are
located in Maine, with present circulation of
over $2610,C00. Congress has been urged to
provide for this pproachingEemergene but at
present there does not appear to be any pros
pect of action. The general desire appears to
be to extend the charters Of these banks and
authorize them to continue business without
interruption; but if this course is refused, am.
pie time is asked for reorganization as new
banks, which will be the only course left, it
is said, in the event of non-legislation. Ii is
estimated that not less than $40,000,000 of
national banking currency, which rests on the
extended Is, will be retired between now and
the first of October, unless other bonds are
substituted for the Is, which will probably be
called in before that date
IL can safely be said that the lumber market
is in excellent condition. The demand for
nearly all kinds is active and number of the
mills report that though they are running up
to their.capacity they can scarcely keep up
with their orders. This is particularly the
rsx,lr &c
lumber most in request in New York and the
interior cities of Massachusetts,, where build
ing operations are becoming brisk. Though
the wharves and yards are well filled, con-
veying the impression TO the casual observer
that there is an accumulation, the aspect
changes daily, new receipts taking the places
of the piles removed for export or oonsump-
ton. Prices are firm, and dealers,
regard the outlook favorable for good sea-
sons business with full prices and a steady
demand. There is not very much Western lum-
Der in hand here now. AT present very little
is ready to come forward, not being sufficient
ly seasoned. When shipments come forward,
however, it may be afforded at little less
than present rates, but it is not apprehended
that the general price list will be affected. AS
regards the supply for the coming season, the
dealers do not feel any anxiety. The predic-
tions of mid-winter that there would be
scarcity on account of the unfavorable season
for getting out logs, have not been fulfilled.
The last part of the season was favorable for
operations and as far as we can learn, the
mills have pretty good supply of material on
hand For example, it is estimated that the
stock on the Penobscot, ia hand and to come
down the streams, is about 160,000,000 feet,
which is fair seasons work these latter years.
The aspects of the Western markets, which
are firm and active strengthens the belief that
the present year will be prosperous. The de-
mand for lumber for foreign export is good.
We have record of ten cargoes shipped hence
since the first of March for South American
ports, which aggregated 3,746,000 feet, and
number of vessels are now in berth prepared
to load Tonnage is pretty well taken up for
foreign and coastwise shipments. Doors,
sashes, blinds, &C., which have been dull, are
reviving, and orders are coming in quite free
", which indicates that building operations
are becoming more active. There has been an
advance in prices, which may have a tendency
to slacken the demand, as many builders have
made their estimates on last falls figures.
The city demand for the above kinds OF manu-
featured lumber has been very light but the
dealers hope that later in the season those who
are beginning to calculate the cost of new
buildings will decide to venture. Shingles are
quite scarce in this market at present and
command good prices