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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Jun 07, 1890
Page
3
The iron and steel markets show steady improvement with prices for Bessemer and gray forge irons up from last week. Demand strengthens across nails and rails while foundry trans and other products hold last week’s prices. activity remains robust though no forward contracting at current levels.
A rapid June surge in iron orders from Western markets pushes Southern furnaces to full capacity. Tennessee Coal, Iron and Rail Road sold 15,000 tons for June, all from Emsley City furnaces, while output runs 15,000 to 11,000 tons weekly. Prices remain firm as talks of an early advance arise. New furnaces at Briarfield and Talladega boost capacity. Bluffton charcoal furnace finished. Jacksonville plant to add two coke furnaces. basic steel process expands and sells readily.
Reports from the West and South show higher iron prices while Philadelphia remains steady. Prices for pig iron, furnace and merchant bars hold firm with modest potential rises. buyers may need to meet sellers on several large orders as the market recovers from earlier declines.
A special telegram from Cincinnati notes Rogers Brown & Co reporting the strongest market spurt of the year. Heavy buying earlier filled furnace order books. Friday through Monday saw price advances and some firms withdrawing. Lead sellers held firm at a 20 cent per ton rise, with buyers paying for large iron quantities. Southern producers held firm to protect summer and fall positions as speculators maintained heavy buying on the demand side.
Chicago and the Northwest show slow belief in firmer prices but this week removes doubt as buying interest rises. Most materials hold firm with higher quotes expected, while furnaces adjust to improved figures.
Market cryptic brief notes show copper steadiness and pig iron activity, with New York figures referencing Jones and Amer markets. The report highlights modest activity levels and nominal copper pricing amid quiet trading.
The week saw abundant fruit and vegetable supplies with generally falling prices. Home grown strawberries appear, Maryland imports arrive in poor condition, and southern new potatoes are plentiful. Butter and eggs ease, meats steady, and fish markets report frogs, softshell crabs, and brook trout arrivals. Florists report steady demand, with church decorations and weddings keeping trade active.
Rain raised river levels by a few inches and rivermen expect higher tides by evening. The river at Davin Island dam measured 6 feet 2 inches last evening. Little activity occurred on either stream yesterday as coal and miscellaneous loads were sent downstream.
The Courier-Journal reports a flurry of river traffic and maritime figures. The Golden Rule left New Orleans for a port on Wednesday, while Coal City with a coal tow arrived in Louisville on Thursday. The ron Doke and tow departed Louisville for Pittsburg on Wednesday, and Sadie Long arrived yesterday with empties from the Ohio. Uuward delivered a ton of coal Thursday and began back to Pittsburg. F. Willems Gus Williams and Blue Juniata traveled upriver with coal and mixed cargo. Florescre HvLine, daughter of Thomas Halling, died Thursday night in Cincinnati. Andes left Cincinnati for Wheeling and Pittsburg last evening. Various captains and pilots change assignments, with ice shipments, towboats, and iron ore movements noted. John A Wood reached New Orleans from Louisville with three loaded boats and will return. A second contract aims to replace the Louis A. Sheriey with the Big Sandy and Pomeroy Packet in Marietta. Evanes to be completed quickly. John K Johnson, P C packet agent, has received two tarantulas from friends in the South. Captain John Nenetz of the Frank Beil was in town. he has four years river service and commanded the packet Agnes Fleming. An old English hermit on the Ohio near Steubenville, living 12 years, is described as intelligent and a constant reader guarding two government lights with boats passing near his cabin waving to him.
June trade reports scarce drills and staples priced higher as agents note advances across several goods. Cambrics and quilts show notable increases with specific items such as Berlin and Piquet brands quoted at raised rates amid cautious consumer demand.
Mrs Charles B Richards of Bridgeport Connecticut died after leaping from a fourth floor window at the Hygenic Institute in Geneva New York near an open court during a desperate struggle with a sleeping female attendant. The attendant restrained her at first but lost grip as the leap occurred. She died two hours later in hospital.
Reports from Thomas Liggett describe a large land rush at Parnassus with about 360 acres sold and options on 600 to 1,000 more. Purchasers seek river frontage near the railroad and gas fields as Pittsburg capital and investors push for new industrial activity and possible town development around the works.
Readings show declines led by several issues while Enterprise Savings Wheeling Gas and Le Noria rose. Electric traded lightly with bids offers and sales noted at multiple calls. total New York stock turnover reached 524,656 shares with activity scattered among listed names.
Money in moderate demand at usual rates with ample supply. Bank officers foresee continued ease through the summer as markets shift from seasonal patterns. Money on call in New York remained easy with loans near four percent and mercantile paper in demand. Sterling exchange stayed quiet and steady amid modest payer activity.
A dense list shows bond quotations from multiple issuers including Missouri Tennessee Central Pacific and Union Pacific along with redeemable and government issue rates. Totals for bullion imports clearings and balances are given, with London Bank of England bullion movement noted and Chicago clearings and New York exchange premium reported.
Oil opened strong with home manufacture support as Pittsburg edged City and Bradford lower for most of the day. Closing near the day’s range of 88 to 67k, Thursday clearances reached 138,000 barrels.
June 6 New York Petroleum opened irregular as spot prices weakened at Borac while July option held steady near 88 1 2 cents. Spot rose briefly to 89 1 2 cents then slipped to 81 1 2 cents. July fell to 87 3 4 cents before rallying to 87 3 4 cents. Market dull with few fresh orders and clearances noted.
Oil operators push ahead in Chartiers Montour and Forest Grove fields with several new wells on the pay streak. The Enterprise well on Presbyterian parsonage ground shows promise while churches may become self-supporting. A 6,000 barrel per day well and rumors of a 1,000 barrel gusher at Ackieson farm are reported amid ongoing development.
Sugar stocks showed renewed weakness in a narrow session as refined sugar prices rose without raw costs. Spreckels rumor sparked a 4 percent gain before denial led to a steep late-day drop. Rail, Citizens Gas, and Oregon Transcontinental moved modestly, with Sugar finishing down and Citizens Gas up about 1.7 percent.
The report details cattle receipts 03 head shipments 61 head with no cattle shipped to New York. Hog receipts 2 400 head shipments 1 300 head market slow with prices around 8 75 8 65 and 2 cars sent to New York. Sheep receipts 1 000 head shipments 200 head market weak. cattle, hogs, and sheep prices vary by region with New York and Chicago summaries.
Domestic market notes show sugar prices advancing for a second time this week while coffee remains steady. Grain and hay markets appear subdued with generally firm fruit and vegetable supplies, notably strawberries and new potatoes, and dairy stock described as poor in quality.
Fragmentary list of sugar cured hams bacon shoulders and sides with varied weights and prices. Mentions dry salt clear sides and tin pails with unclear catalog notes. No identifiable event or people.
Chicago trading shows wheat easing after early strength as offerings rise while corn and oats see mixed activity amid reports Missouri Tennessee crop damage. New York and Philadelphia markets quote flour, oats, sugar, and lard movements with varied price shifts. Minneapolis and Baltimore note quiet cash wheat and firm flaxseed.
The market remains slow with buyers holding the upper hand as hay and oats stay weak. July deliveries of No 2 yellow corn and No 2 red wheat fetch modest prices while receipts total 44 cars with mixed grain types from Pittsburgh, Cincinnati and St Louis rail lines and several others. Prices listed include No 2 yellow corn around 43 to 44 cents per bushel and various values for wheat and rye amid widespread weak demand.
An OCR fragment notes sick headache remedies tied to Carter's Little Liver Pills with scattered product mentions. The text shows ad style terms and repeated brand phrases without coherent context or clear event details.
Melbourne reports plentiful wool supplies and firm prices with a total of 1,883,000 pounds sold. California, Texas, and New York markets show mixed but steady rates for various wools, including washed and unwashed, with ranges from 30 to 40 cents per pound and selective higher bids for fine grades.
Romer June 6 report Prof Falb of the University of Berlin predicts Mt Etna will erupt violently in the middle of the month, more intense than any recent volcanic disturbance.
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