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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Jun 20, 1890
Page
7
The Iron Age reports US steel markets with steady North and scarce Southern output. No.1 foundry and No.2 prices firm, ferro alloys mixed, and a quiet week in structural beams. Belgians and German beams face skepticism amid high prices and weak offshore demand.
London dispatch notes rising outside investor interest in warrants, stronger hematite and pig iron demand, and mixed price signals across copper tin and iron products. Market watchers cite high turnover, improved Cleveland shipments, and ongoing buying despite earlier declines.
New York trades show copper straw and inactive demand with a firm lead market. Tin weak and unsettled, closing steadier at 215 dollars, as domestic factors and market dullness influence pricing.
The coke trade shows strong demand and rising shipments though Cleveland strike disrupts transportation. Western shipments fall short of expected levels while overall output inches higher as plants add ovens and resume five day weeks. prices stay firm around 216 to 265 dollars with Pittsburgh and northeastern routes maintaining steady flow.
The Pittsburg Dispatch reports at East Liberty stock yards for the week past. Receipts show 800 cattle, 280 heifers with slow market. 2,200 hogs received, 1,700 shipped with prices declining to common Yorkers. Sheep and pigs receipts also noted with activity varying by category.
A Pittsburg investor notes money flowing into real estate from Chicago and the East and West, keeping the city financially robust with ongoing capital in and out. Counterfeits warned by a financier, with tips on recognition, plus real estate moves, mortgage lists, and broker activity shaping a busy summer market in the city.
Telegraph reports mixed cattle receipts across major markets with Chicago listing 14.00 per head on cattle and 400 head shipments and New York noting slaughter hogs at steady prices with 5,000 head shipments. St Louis shows lower cattle and hogs with 2,800 shipments and strong sheep markets in Cincinnati.
Checking and depositing at local banks remained strong with healthy money demand. Rates unchanged. exchanges at 268,500,075 and balances around 3,650,60. Bond quotations listed, including U S 4s and Northern Pacific notes, amid stable market sentiment.
The report lists New York and Philadelphia clearings with totals of 111,802,027 and 12,988,044 dollars respectively, plus balances. It notes Bank of England bullion withdrawn 60,000 and weekly decline 501,000, with a 30.81 percent reserve. France reports gold and silver increases. Chicago clearings total 14,164,000 and New York exchange at par. Money rates firm near per cent on time.
The first stock call yielded one sale of Electric at 20 cents with no afternoon activity. Bridgewater Gas was traded at 58 and Philadelphia at 144, with transfers about steady. A special meeting in Rochester, Pennsylvania approved reducing Bridgewater Gas capital from 1,000,000 to 1,201,600 unanimously. Annual meeting set for July 15 to report company status.
The oil market opened steady and rose to 9 1/4 in Pittsburgh and Oil City trading, then slipped on the Forest Oil Company well news near Wildwood, discharging about 75 barrels per hour. It closed near the day’s high with a gain around one half cent.
Forest Grove and surroundings witness a surge of derricks and activity as wells like John Young No 1 and Vandergrift produce up to 400 barrels daily. The Bridgewater Gas rig nears completion near Robb Station. Nier farm work stalls, and talks of shooting Arras and Kendall No 2 in Corapolis surface amid a bustling oil rush atmosphere.
An early day stock market raid caused panic selling and sharp declines. Bears retreated as pressure eased and shorts covered, bringing some value appreciation later. Traders buzz about railroad troubles and gold shipments, though gains were muted.
The report notes Germany’s gold reserves down about 20 million dollars while France holds about 5 million more than before. Traders view the shift as possibly triggering exports from this port to Berlin and Paris, with the market showing volatile opening moves and subsequent rallies aided by hopes for a silver bill passage.
The ice scarcity feared this season proved groundless as new freezers with 100 ton daily capacity come online. Prices have dropped from 50 to 60 cents per hundred to about 5 to 7 cents with further declines expected, and manufacturers claim future ice will be produced rather than pond ice. A consumer estimates contracts can be secured 25 cents per hundred weight cheaper than at season start.
Daily market notes show light cereal receipts and firmer citrus prices. Potatoes move two to three carloads weekly with strong demand. bananas steady while inferior fruit floods peddlers. lemons and oranges advance. seasPort receipts remain light. butter and coffees show price shifts with widespread commodity adjustments.
Chicago wheat futures firm after a weaker start with July up 6 of an advance from yesterday. Prices for August and December also higher with a generally steady to firmer tone across corn oats and lard and short ribs markets. Trading remained largely local as outside prices held near close levels and Park trading showed moderate activity.
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