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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Feb 13, 1889
Page
7
The Minneapolis Miller notes signals of a wheat and flour price rise while urging caution. Experts say bears have pushed wheat below value, asserting a bullish turn may hold but export demand has weakened. They warn against speculative bets as bread supply remains ample.
Cattle receipts 20 head with shipments 1 head. market fair at yesterday's prices. Hog receipts 100 head with 4 cars shipped to New York for 20 dollars. Sheep receipts 5 000 head with 4 200 head shipped. market firm and a shade higher than yesterday's prices. Abortive OCR notes: date February 12 153.
Telegraph wires report cattle receipts at Kansas City with mixed quality and steady to lower prices for dressed beef. hogs weak to lower. sheep receipts and prices show weakness. St Louis market notes stronger cattle but lower hogs and steady to higher steer prices. Texas and Chicago trends cited with mixed weights and packing demand.
In the House of Representatives today a petition with 602 signatures was presented by taxpayers and businessmen arguing that the constitutional prohibition on manufacturing and selling intoxicating liquors harms the state. They claim the amendment cannot be enforced and has devalued real estate, seeking repeal of the prohibitory amendment.
Fragmentary notes describe copper prices and market tone with terms like trend American and seed on. Lead appears quiet and easier, with sessions closing quiet and firmer amid uncertain sentiment.
A fragmented note notes a large embroidery business here set to grow with bargains and a wide selection of fine French and American fabrics and laces offered at present low prices.
Wheat futures opened firm with a 3 to 4 cent gain, then fluctuated as shorts covered. May closed a bit higher. July rose early but edged back. Corn and oats showed firmer tones on wheat strength while hedging kept selling cautious, and locally traded activity widened as buyers and room traders entered.
T. J. Griffith a tax agent for the Baltimore and Ohio Railroad visits Baltimore to push reductions on city assessments. He argues the system overvalues property and cites excessive taxation while officials push for fairer appraisals.
The annual meeting of Westinghouse Electric Company directors was postponed for 60 days due to recent purchases, delaying a full statement until the next session.
Wool markets show quiet activity with prices largely unchanged in St Louis New York and Texas regions. Trade sources note subdued demand and stable quotes as market players await broader signals.
A dispute centers on the condemnation of a Fifth avenue corner building used by the Baltimore and Ohio Railroad. William Roseburg appeals, alleging inspectors misjudged its safety and value. Histories show the structure hosting hatters, clothiers, booksellers, and a railroad ticket office since the 19th century.
Demand for local stocks was tepid with 270 shares changing hands. Westinghouse Electric gained slightly but activity slowed. Wheeling Gas rose modestly while Philadelphia weakened. Central Traction and Electric stock were traded, with total New York stock sales reaching 539,578.
The local money market showed no major changes as funds accumulated with weak borrowing demand. At a long-established bank only a small paper was offered for discount. acceptable paper ranged 6.7 percent. Prime collateral like Government bonds or bank stocks secured 6 percent, bank-to-bank trades slightly above monthly average. New York money on call was easy near 14 to 2 percent, prime mercantile paper 4 percent, sterling at 60 days 4.86 dollars and demand at 4.84.
Closing quotations in New York furnished THE Dispatch by Robinson Brot. New York clearings reached $140,054,979 with balances of $6,770,134, while Boston reported clearings of $15,050,460 and balances of $2,151,123. Money rates show 134 percent, with other figures noting steady and unchanged conditions across centers including Bank of Chicago money clearings at $10,198,000.
The market opened with fear of a selloff but bulls pushed prices higher to the strongest level since last December. Afternoon activity showed firm demand and higher volume with traders hopeful for longer term gains as experts urged patience amid volatility.
Oil prices opened steady in New York with early sales then rose as buying orders from the West pushed values up. The market finished strong with bids around 88 1/8 to 89 1/2 cents and a reported 1,834,000 barrels traded.
Real estate market shows high activity with numerous sales by agents along Fourth Avenue and in Pittsburgh area wards. Properties sold include lots on Howe street Twentieth ward for 375 dollars and a large 14 acre tract with potential subdivision by purchaser L T Yoder. Additional transactions include a two story brick dwelling on Cedar Avenue Allegony City and several commercial parcels near Washington and Webster streets.
A prominent Fourth Avenue agent rebuts claims that Eastern capitalists inflate Pittsburg property prices. He argues the city has an enduring base and real business advantages, noting natural gas as a legitimate boom factor and inviting Eastern financiers to review the city’s asset strength firsthand.
In New York trading on February 12 bears drove a broad selloff across major shares with Burlington and Quincy in the crosshairs. Long and short sales weighed on Pullman and Union Pacific as West reports hinted declines, while London prices stayed firmer but failed to lift the U.S. market.
Boston stocks drifted lower with heavy losses across the board after reports on presidents’ agreement talks. The Chicago Burlington and Quincy eased, while Rutland and Calumet & Hecla showed minor gains, and other issues such as Arch Top and Water Power discussed in scattered quotes.
Trading in New York on February 12 shows mining shares for Amador 150 Bodie 130 Caledonia 270 Consolidated California and Virginia 725 Commonwealth 490 Eureka Consolidated 125 El Cristo 115 Gould and Curry 290 Hale and Norcross 485 Homestake 1450 Iron Silver 340 Mexican 00 Mono 100 Mutual 145 North Balle Isle 255 Ophir 490 Plymouth 870 Sierra cae 770 Silver King 110 Silver Cord 100 Small Hopes 15 Sullivan 130.
A meeting of the Central Traffic Association in Chicago discussed adopting a new descriptive 1000 mile ticket. The Pennsylvania lines supported it but key agents from E A Clark, C W Bassett, and E D Smith did not attend, signaling opposition among weaker lines wary of revenue loss and usage restrictions.
City Engineer Elders of Allegheny estimates the cost to elevate railroad tracks from the bridge to Wood's Run. The figures include street drainage and street repairs totaling about 240,000 plus other changes. The Joint Committee on Streets Railroads and Parks will decide city versus railroad share at the next meeting.
The first of eight granite columns for the government building portico was hauled to the site yesterday. Each column measures 24 feet and weighs 12.14 tons. Architect Patterson aims to lift them all and reach the roof within about a month if weather allows.
A large lot of embroideries in fine edge and medium flauntings and 45 inch skirtings is offered. Priced at $3 per yard for all varieties, each piece is described as very fine and about 25 percent below value. Boces and Bunt.
Domestic markets report limited revival talks with produce commission men. Eggs remain firm and in demand at outside quotes while wheat trends up and other staples move slowly. Butter Board at Elgin shows no price change.
Fragmentary OCR shows prices for winter wheat bran and chop feed including No 1 and No 4 grades. Mentions include 14 18 for bia soda fiscol and various packing costs. exact items and quantities are unclear due to damaged text.
Receipts reach 3000 head in Chicago as prices ease. East Liberty trends show lower pork and ham prices continuing a week long slide. Reports list ranges for hams, pork cuts, barrels, and sausage products with varying weights and figures.
Treasury accepted Lees bond offers while Cre vice Indian Schools appoints agency. House panel backs Cutcheon on Signal Corps reorganization. Reports cover New Hampshire interim senator, Kentucky assassination arrests, a potential Boulanger divorce denial, a Boston pawnshop crime, a bankruptcy suit, Hessian fly damage to Illinois wheat, fire at Ohio State University chemistry lab, an Oklahoma shooting, New York Oyer and Terminer court actions, tragic Ysleta cave burying, Ohio Society banquet and New York gas venture, Illinois election contest, missing dispatches to Captain Leary, iron market control talks, and an interstate beef and pork convention set for March.
Grain Exchange reports total receipts of hay flour oats and bran in cars from Pittsburg Ft Wayne and Chicago and Pittsburg Cincinnati and St Louis. Market remains buyer favored with wheat exceptions and May wheat firming. Minnesota spring patents up while other grades rise urged by flurry in wheat prices and flour demand.
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