The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1882-05-24
DOWN TOWN.
Money and Stocks-Rents and Real
Estate-New Corporations.

The Boston Traveller of last night said:
THERE'S still an increased inquiry for the use OF
money, and the rates of interest are quite firm
Although quotations range from a 81 per
| cent. for mercantile paper, most OF the bust
ness is transacted at 8 IL with someat per
cent. Loans on call with collateral security
| range at IL a per cent. per annum, accord
| ing to the value of the security accepted. The
country banks generally ask for 6 per cent per
annum to discount the best local paper, and
have all the business they want at this rate.
The stock market was dull. Fifty shares of
Maine Central sold at 81 IL Governments
were quiet without material change. Sterling
exchange was quiet.
The New York Stock Exchange have voted
to make holiday of next Monday and Tues
day, and the Boston Board will follow suit.
Monday is Whit-Monday, an English holiday,
while Tuesday is Memorial Day,
A brisk demand for dwellings has sprung up
lately. Early in the season there was few to
be had, but they have been taken up, and
ow ners and agents report them scarce, with
daily demand Rents which command from
5000 to $500 per year are most inquired for.
The demand is much better than it was last
season, and prices have advanced somewhat to
new tenants. At present there is not much
movement toward supplying the want further
that general repairs and some alterations to
accommodate applicants and increase the
capacity OF the buildings. A considerable
number of permits to erect wooden buildings
have been made to the City Council, but SO far
as we can judge, the uncertainty in regard to
the price of materials and labor have deferred
many from engaging in the enterprise. Quite
a number Of high priced houses are in the
mechanics hands. 1t is possible that with the
appearance of settled, warm weather more in
dications will be shown There is more in
quiry for real estate for investment than last
year and we hear Of some negotiations in
progress, though few actual transactions are
recorded yet. Prices have advanced, and we
hear of the sale Of some choice pieces OF real
estate at much larger figures than they were
held at last year. The advance in value is
especially true of the west end of the city and
in other parts that have been made more de-
sirable than formerly by the substitution of
new and elegant edifices for small and time
business upon Congress street, changing SO
much of it within few years from the site of
peaceful and pleasant homes to thoroughfare
of elegant stores and the place of busy trade,
has affected real estate very much. The best
index of the actual condition of real estate in
Portland, and perhaps we may say in Cumber-
land county, after all, lies in the fact that the
actual transfers of real property recorded at
the Registry of Deeds during the past twelve
months are very much in excess Of those for
several previous years.
Since the 9th of August last, a period of
about ten months, the certificates of one hun
pred new corporations have been recorded in
the Cumberland County Registry of Deeds,
according to law. OF these thirty-seven are
mining, smelling and reducing companies; the
remainder are formed for manufacturing and
other business. The total authorized capital
of these corporations is almost $27 100000,
ranging from $4,000 to 100000 each; par value
of shares 81 to 800. Two mining companies
have their capital of 100000 each fully paid
up: seven others-all with large capital-haye
nothing paid in; one, with an authorized capt.
tai of $4,000 has $4,000 paid in; six have
from $1,000 to $250O, Sc ven have paid in more
than 800 and less than $1,000; and the re-
mainder have small sums credited, many of
them as low as $40. Less than a dozen of these
are home companies; of the others majority
of the corporators or stockholders recorded are
residents of other States; with many of them
only single person is resident of the State.
OF the sixty-seven manufacturing and business
fxuo I'd forniun paniAg
organized under the laws of Maine for the pur-
pose of doing business elsewhere. Only two
have their capital fully paid up; SIX have
majority amount paid in twelve have no work
ing capital whatever, and the remainder are
speculative concerns, with nominal cash pay
ments in hand The aggregate amount of
paid up capital is about $1,500,00o. A very
large number of the stockholders and corpora
tors of all these companies are residents OF
Massachusetts who evade taxation in their own
State, organize under the liberal laws of Maine,
recognize few formalities here and conduct
their operations abroad. Under the laws Of
Massachusetts, corporate company is taxed
for the full amount of its capital stock.
The coal market is quiet. The consumption
has increased on account of the cold weather.
The production for the next two weeks will be
curtailed by the mines being worked only on
half time, and there is talk of an advance of
prices in June, but authorities sag that is not
probable, as it is necessary to keep the supply
short in order to maintain the present circular
prices, which are threatened. The strike in
the Cumberland coal district has not affected
the New England market for anthracite.
ParcnnaI