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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Apr 09, 1892
Page
3
Reports from major centers show little change in iron and steel values with weak furnaces facing higher costs and buyers stockpiled. Pig iron demand remains limited while producers resist concessions. bottom prices near current quotations. freight reductions may delay improvement.
In Chicago the coke and charcoal markets show little movement as production remains higher than demand. Buyers offer low prices while furnaces resist cuts, keeping prices depressed but not collapsing. Charcoal sellers report relative stability though overall industry curtailment is expected to deepen.
In Cincinnati April reports say foundries and mills are melting but not buying. Prices drop and delivery times lengthen, causing buyer hesitation. Northern furnaces hold ore contracts, southern stocks recede, and no major ore engagements post navigation opening. Shipped tonnage remains heavy with 12,000 to 15,000 tons sold locally.
The iron market shows improved movement in two weeks with rising production and falling stocks. Small deals dominate with prices around 9 for gray forge and 1150 for No 1 foundry. Industry aims for lower production costs and hopes the overall output price falls below 9 soon. Freight-rate cuts focus north of the Ohio river. Southern lines may follow.
Business is fairly active at St Louis and St Lovin with Southern furnaces persisting no further concessions and preferring stock accumulation. Buyers show wide disagreement on the future market with some saying iron has bottomed out while others foresee still lower prices, making conditions puzzling.
Rogers Brown & Co report no material change in market conditions. There is no disposition to buy beyond immediate needs as buyers focus on land purchases and hope for future price changes.
Market reports detail receipts and shipments for cattle hogs sheep and calves in East Liberty Pittsburgh Chicago Kansas City St Louis Omaha and Cincinnati. Hogs and cattle show steady to strong trends with varying prices per 100 pounds and live weights while some markets remain dull or slow.
New Tank April and dullness marked the drygoods market as the spring season ends and fu trade delays slow activity. Reports show no major changes at first hands while thieves are noted to seize on the lull with fair business.
Allegheny reports a pool of real estate activity on the Northside with a $22,000 sale on Ohio street near the Carnegie Library to George Artzberger by H M Schmith. The deal reflects rising values and first transfer in five years as outside capital eyes Pittsburg markets.
The market shows steady, not dramatic moves with fractional price shifts. Turnover remains modest with few leaders up. notable closes include Switch and Signal and Air Brake. Early calls feature Charters Gas and Central Traction among others with varied bids and small bond movements.
The New York Stock Exchange opened quiet and down from late activity as liquidation continued. Manhattans surged about 8 percent at one point, then cooled as the general list rose, with Industrials giving back much of their gains. Delaware and Hudson lagged, while Baltimore and Ohio and Edison Electric showed strength. Total stock sales reached 267,240 shares with notable issues including Atchison and New England.
Mining stock quotations from New York on April 6 list Best and DBeicher at 10, Caledonia B. H. at 105, Choller at 109, Consolidated California and Virginia at 440, Dead T. at 200, Eureka Consolidated and Carry at 135, Hale and Noros Homestake at unspecified, Horn Silver at Boorean 175, Ophir at 370, Plymouth and Potosi with incomplete data. The fragment shows market prices for several mining shares with several garbled names.
Bar silver quotations show gains with New York dealers reporting higher prices in London trading. The New York price hovers around 86.40 cents per ounce amid shifting supply and demand dynamics for the precious metal.
Bank clearings were steady with small discounting and the standard 6 percent rate. Total clearings for 51 cities rose about 1.06 billion from March 1991 to March 19, with New York accounting for most of the increase. money on call in New York was easy and sterling exchange fluctuated.
Fragments show bond quotations and listings for railroad and utility securities. Items include Northern Pacific West Shore Missouri Pacific and Union Pacific notes with varied percentages and series. several captions and decimals indicate prices and yields amid a damaged text block.
New Orleans and New York exchanges show mixed clearings and balances. Bank clearings across several cities reach over 125 million in New York with balances above 5 million. rates cited include 5.6 percent money and 2 to 3 percent in various markets.
The report highlights fluctuating home market prices with butter and eggs firm yet creamery butter drifting downward. Fruits and vegetables show mixed trends as imports surge and local supply adjusts. New York prices trail Michigan and Ohio markets, with bananas lighter and grapes less in demand.
A garbled OCR list enumerates seafood products and prices. Items include sardines honey mustard and mackerel in various forms, prices shown as dollars per unit, along with references to cans and large quantities, but many phrases are unreadable or corrupted.
A single sale on call at the Grain Exchange featured a car of sample shell corn, 440 spot, with receipts bulleted at 19 cars. Traders reported firmer ear corn, wheat, and flour, with hay stabilizing under gas receipts, while oats and millfeed remained steady and prices were advanced on several grain items.
Chicago wheat prices surged as Pardridge led a frenzied session on the grain pit. He battled a long rally, margins, and a bear panic to push May prices toward 44 cents while corn and hogs followed the bullish tone and open higher.
Cash quotations show firmer flour and higher wheat in St. Louis and Philadelphia. Corn and oats advance in some markets while butter and eggs stay steady. pork and lard rise in New York and Chicago with mixed notes on other staples.
Turpentine prices listed show rosin dull at 1.20 per unit. Tar hard resin firm at 1.15, yellow dip 2.23, and virgin rosin priced accordingly.
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