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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Jun 20, 1891
Page
3
The last of June shows strong iron trade conditions with steady advance in prices and good demand for Bessemer pig and old rails. Reports indicate improved business, rising steel outputs, and cautious optimism for July while mills hold firm on prices and delivery ranges.
The Southern iron market remains dull with little money in sight. Brokers face alternating hopes for improved activity as orders fluctuate and cash demand lingers, leaving traders unsure about near term demand and prices.
Output remains high with about 76 percent moving west and north and 6 percent to the Atlantic seaboard while prices stay near quoted lows. The Tennessee Coal and Iron Company dominates district stacks as furnaces run with some idled or under repair. Coke demand stays strong as miners prepare for contract renewals, with tensions expected at the June meeting.
Telegram report notes only slight irregularities in iron and pig iron lines while overall demand for structural materials improves. Mills run full on backlogged orders, rails priced firm, no regular demand for old rails, scrap markets slow with No 1 railroad scrap quoted around 20 dollars and steel and iron prices largely unchanged.
June 19 report shows rising output and growing demand across mills and foundries. Production in April and May ran about half consumption in 1864, with many northern furnaces resuming and more to follow. Rail traffic in a wait‑and‑see pattern until interest is paid. then demand should rise. Rolling mills expected to begin mid summer. liquidity decreasing.
A telegram from St Louis reports Rogers Brown & Meadomsby noting no large orders in the iron market and only small orders being booked at low prices. They quote cash prices for various coke and charcoal products including Southern coke and related items.
In Chicago a quiet market emerges as midsummer dullness appears earlier than usual due to May buying. Demand remains fair for medium sets. prices steady though Southern cokes price lower and longer deliveries from leading firms. Superior clubcoats stay at $18. a few smaller fur garments may still cut this price.
New York market summary notes pig iron dull and American at 1600 to 151, copper nominal to Lake 22 3, tin dull but firmer domestically. The brief item captures commodity price hints and market tone from June first.
Wool markets show steady demand with sales totaling 2 420 200 pounds for the week and prices easing for many grades. Domestic and foreign wools vary by region with New York and Texas markets quiet and prices for Australian wools and carpet wools reflecting softer levels.
New Year June 19 London quotes show car silver in London at a rate per ounce in dollars. Dealers’ price in New York and London reflected in the telegram.
A brisk real estate spark in Pittsburg sees transactions across Highland avenue, Holland street, Alder street, Murray Hill, and Beltzhoover with buyers like Emmett Queen James Craig John Hawkins and G W Jones shaping a growing market. Amid a strike and abundant money, buyers push forward while developers plan new homes and lots.
The local stock market showed breadth with Airbrake applying a 6 percent dividend, lifting its price to near 16.50 as trades closed near higher levels. Duquesne and Manchester Traction activity sparked speculation of consolidation while Westinghouse prepared for a brief delay in stock surrender talks to reach the 90 percent threshold.
Financial desks report a mixed end to the session with small losses in some stocks. Jersey Central and New England slip about 1 percent, while Silver shows weakness. Bond activity picks up with total sales around 650 000, Norfolk and Western 5s rise to 91. Prices for active stocks on the New York Stock Exchange are listed.
Financiers report a stable money market with plentiful funds and moderate calls for accommodation. Bank conditions remain sound despite gold outgo and crop movement worries, with New York and Chicago figures showing steady exchange and clearings, while Western banks stay strong.
The article notes a cautious market with rumors of gold exports and a late surge of over 2.9 million for export by steamers. Bear attacks follow but no broad market panic. silver supports prices while a few leading stocks lead losses. Overall, trading remains narrow with limited movement and conservative holdings.
New York June Alice 106 Adams Consolidated 155 Aspen 94 Deadwood T 190 Eureka Consolidated 975 Hale Nor cross 210 Homestake 1075 Horn Silver 334 Tron Silver 100 Mexican 245 Ontario 3400 Plymouth 300 Savage 175 Sierra Nevada a Union Consolidated 200 Yellow Jacket
The kitchen market highlights a shift toward home raised goods with fruit and vegetables front and center. Native strawberries are at their peak while raspberries are rising, prices for meats and dairy show small declines, and Ohio nets rule lake supply with lakes Huron and Superior supplying through fall.
Drygoods business shows gradual healthy gains with renewed fall buying interest. No price changes in cotton goods today and the market remains steady as developments unfold.
Market notes show turpentine holding steady with firm tone in Charleston at $125 and rosins remaining quiet in New York Rosin price strength and turpentine firmness indicate stable demand across the commodities market with limited changes in ends of markets.
Prices shown for wines at 117 dollars and spirits at 119 dollars reflect a steady market. Western rectified whisky listed at 104 dollars with 180 units noted.
The issue reports quiet Friday trade after a heavy stock day, noting lower prices for home grown strawberries and raspberries, downward trends in Southern potatoes, and ample cheese supply. Coffee market details show Brazil buyers, low Rio and Santos activity, and a believed bottoming price with varied futures moves.
No sales on call at the Grain Exchange today but receipts were the largest this week. Cars arriving from Pittsburg Ft Wayne and Chicago included oats hay straw malt and flour. further from Pittsburg Cincinnati and St Louis, corn wheat oats and four. and from Pittsburg Lake Erie and W ern, rye flour malt and mill feed. Market tone improved slightly after opening bearish with a brief rally. wheat No 2 red and corn prices quoted with mixed yellow and shell varieties and fanciful notes for spring and winter grades.
Wheat and corn decline amid bearish weather and crop reports with late-day recovery. Prices moved on July and Liverpool futures while European cables showed improved crops and reduced demand shifting sentiment.
No. 2 red wheat and corn prices showed limited demand with near term selling in a mixed session. Milling interest remained tepid as receipts and futures activity fluctuated. quotes edged lower then steadied with No 2 red wheat near 1 a bushel and oats and rye showing muted activity.
Receipts at East Liberty and Auction Yards show cattle receipts about 1,500 head with no cattle shipped to New York as consignments were heavy. Hog receipts near 3,600 with 220 head shipped and market described as fair with steady, unchanged prices.
New York June 1 coffee market shows options steady with minor changes in futures for various contracts. Market dull but stable across fair grade beans and spot quotations for No 7, with general activity subdued and prices holding recent levels.
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