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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Feb 01, 1890
Page
3
In the western markets and eastern centers, steel and iron trade shows little activity with standard brands holding firm despite a cautious mood. Demand for spring goods remains uncertain, but overall consumption is near capacity, while rails and nails show strength and supply remains ample ahead of summer production increases.
New York January 31 reports a dull pig iron market with buyers discussing a potential 30 cent per ton price drop. Furnaces nationwide are oversold for 30 days to six months, yet not all capacity is sold. any cut could cancel orders. Despite weak signals, some sales occur at December quotations amid improving steel demand and rising inquiries for structural and merchant steel.
Buyers and sellers in the iron market play a tense game as furnaces run at full tilt and supplies meet demand. Concessions emerge from buyers seeking lower prices while major producers cling to steel and structural iron quotations. Prices for No 1 foundry, Hessemer, and billets hold firm amid cautious activity, with March expectations of price movement and market strength.
January 31 report notes slow furnace deliveries pace and rising buyer patience. Prices for Lake Superior bar coal remain strong with large Eastern contracts booked at cash terms. Lead remains steady as demand stays high amid market uncertainty.
A tepectal telegram to the dispatch notes St. Louis reports a firmer market tone in January with rising sales and inquiries. Indications point to February business volume as cash price quotes for FOB deliveries of hot blast coke and charcoal from Southern Coke No.1 and Southern Coke are listed, per Rogers Brown and Mechsn.
A special telegram from Crerlexamsport notes the iron market remains in a standoff between sellers and buyers with activity focused on small lots. Holdings in speculative hands west of the Allerhanses appear insufficient to meet current consumption for several days, while conservative observers expect no near-term reaction and anticipate renewed activity once demand picks up.
Retail fruit and vegetable stalls report solid weekly trade with steady prices and no new items. Eggs drift lower amid mild weather while ocean nets stay quiet and frozen fish demand remains light. Florists see active trade at old rates as tenderloin and roasts hold prices. retail meat, dairy, and produce lines list varied per pound or per item with many quantities and specials.
A prominent New York dry goods firm considers purchasing the Semple building in Allegheny, with a five year lease noted. Reports hint at the buyer's identity and discuss nearby land values as part of a broader real estate shift. Also covered are Lakeside Nail Company setup, Duluth incline work, patent advances in sheet iron, and rail route developments impacting East Coast to Midwest trade.
Office of Pittsburg Dispatch reports cattle receipts at 0 head with 420 head shipments and no cattle sent to New York. Hogs receipts at 2,600 head with 1,300 head shipments, market described as medium. cattle and hogs price context unclear. Sheep receipts at 800 head with 400 head shipments, market firm at given levels.
Trading dampened as La Noria shares fell and over 2,000 were dumped at 124 cents amid mixed activity on gas and railroad issues. Officials reported small confidences toward reorganizational moves while other issues like Airbrake, Tractions, and Philadelphia Gas showed varied interest and notable volumes.
Telegraph survey shows dull cattle trade with limited beef exports and steady hog values. Receipts across cities include 18,000 cattle in Chicago with mixed steer and feeder demand, 6,000 hogs and 2,400 cattle in St Louis, and buffalo market noted as steady with light trade volumes and varied lamb and mutton quotes.
Dry goods market in New York showed little change today with steady activity and stable prices. Trade sources report cautious buying and steady demand across miscellaneous dry goods lines.
The January money market shows an easy condition with the bulk of loans. Clearinghouse figures indicate money ease, loan demand remains light, and banks report favorable liquidity conditions.
The account notes money at 6 percent versus 7 earlier in the year amid strong business demand but excess deposits. Clearing House money transfers reach over 16 million more than January last year, with large exchanges and balances across Philadelphia Baltimore London Chicago and New York.
The market opened weak and erratic before firming at close. NYSE cash buying failed to trigger a boom, while Cranes One and Oil City led buying and Pittsburg and Bradford sold. Thursday’s clearances reached 984,000 barrels as field news stayed tame and several oil wells showed notable findings but limited immediate impact.
Features of the Market corrected daily by John M Caxiey Co with listings from Refined, New York and Liverpool. Includes call and price notes for barrels, goods, and refined products across multiple ports, indicating trading activity and prices.
Market report shows Petroleum open at 108 then close near 105 cents. Prices ranged from 104 74 to 105 60 with firm close at 105 1 2. Trading volume reached 808 000 barrels as market swung from weak early to firm by session end.
A flurry of property deals across Pittsburgh and suburbs. J C Reilly sells No 99 Robert Street, a two story brick dwelling, and an acre at Edgewood for John McCallin to Mary Murphy for 1500. Various other sales include Sixth ward Allegheny City homes for 5600, two brick houses on James Street for 475 cash, and a Queen Anne frame dwelling on Baum Grove lot for 6300. Mortgages arranged on Manor and East End properties as brokers advertise multiple transactions and exchanges.
New York stock market shows reduced activity after recent bank troubles but hints at recovery. Bank scare remained main topic while demand for stocks in the loan crowd suggests shrinking short interest and cautious buying amid lingering uncertainty.
Bears attempted a serious raid on stocks led by Granges and Pacific Mail, but failed to sustain gains as Friday money scarcity, month-end loan calls, and rumors of combines limited upward movement. New England and coal issues held ground while rail and trust sectors showed small changes. overall market closes fairly active with minor changes.
Philadelphia market notes show quotations from Whitney and Stephenson brokers at No 37 Fourth Avenue. Members of the New York Stock Exchange proffered bids and asks with limited detail, indicating a subdued session as investors weigh securities and prices.
The article notes upcoming improvements at Wildwood station, a cheap local land market, and demand for central city business spaces and small dwellings. It mentions Thomas FixGER purchasing near Seaver Falls for an organ factory, plus a Lima oil sale and a February 11 stock auction in the Chamber of Commerce rooms featuring local stocks from the late Wm. Carrana. The Wilkinsburg fire appraisers estimate damages at 7024.01 pounds with insured amount 30000 pounds and plans to send funds to the Oil Board.
The P., McK. & Y. plans to buy about $100,000 worth of land in McKeesport for yard and depot use. The recent McKeesport and Belleavennon acquisition makes this move essential as passenger traffic grows and a new depot is needed.
Grain and market report covering wheat in Chicago with outside buying and shorts covering, corn and oats trading patterns, hogs and butter and eggs prices, New York and St Louis price directions, Minneapolis receipts and milling demand, Toledo cloverseed activity, Philadelphia wool market steadiness, and regional variations in wheat, corn, oats, and rye prices across several exchanges.
In Washington on January 31 Assistant Secretary Bussey reversed a Pension Bureau adverse decision for Daniel A Wood late of Company K First West Virginia Cavalry. The Commissioner allowed $30 per month as permanent status was questioned though Wood has been largely bedridden for two years. The case grants $00 per month from November 12 1888 and thereafter.
The market shows little change with eggs quiet at inside quotes for job lots while demand picks up for creamery butter and potatoes. Cabbage remains scarce and firm, cranberries hold firm with an upward tilt, and tropical fruit lines feature strong Florida oranges with other staples like lemons bananas and apples showing varied activity. coffee, sugar, and various canned goods carry modest shifts as traders hold to current levels.
The Gram Exchange notes mixed carload sales across regions for corn oats hay and flour. Prices drift lower for some grain while bakers flour remains firm due to strong foreign demand. Market tone shows buyers shading values on flour and steady or mixed on corn and oats with various regional routes cited.
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