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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Mar 05, 1892
Page
3
Reports from major trading centers show the iron and steel market remains demoralized with weak demand and record low prices. Overproduction sustains stockpiles as furnaces idle and banks on unloading, while steel and iron compete for shrinking orders across Bessemer pig, billets, rails, and foundry material.
Cincinnati reports a sharp downturn in coke iron prices with substantial weekly sales and expected output of 30 000 tons. Buyers hoard, resist large purchases, and fear a bottomless market while producers anticipate cuts as 35 percent of active farms wake to reduced demand.
The iron market in Birmingham Alabama is at its lowest level with No 1 foundry at 12 dollars No 2 foundry at 11 dollars and 2 more at 10 dollars as demand remains light and production high. Industry leaders foresee continued production cuts and a push to secure worker concessions while leaders in New York discuss the situation.
Brown and Merwin report no notable change in the pig iron market as prices for Northern and Southern coke iron trend lower. Buyers delay purchases, using December and January contracts to cover yearlong needs, with furnaces likely to blow out in all districts until demand improves.
Rogers Brown & Co report several large buyers testing the market in Philadelphia and Pritapetraia with some sales noted. Buyers seeking lower prices find sellers resist, while steel consumers receive very low quotations from the Pittsburgh districts.
Rogers Brown and Meachum report no improvement since last update. A few small orders for Southern coke at very low prices have been placed this week. Lake Superior iron has seen some sales in the market at extremely low figures.
The March 4 metal markets show copper weak and steady at 10.54 dollars per unit while lead remains dull and steady at 4.24. Tin trades in Straits at 19.60, with American domestic markets maintaining steady tones.
Market items show mixed demand with Lent easing floral sales and keeping meat prices steady. Eggs fluctuate to cents per dozen while butter and creamery remain stable. fish and oysters gain momentum though overall meat trade stays slow at butcher stalls. Floral markets soften with lower prices despite improved flower quality.
In New York on March 4 the coffee market opened barely steady while nearby futures closed steady. Traders noted thin margins with some support bands and limited activity as prices hovered around key levels amid a cautious session.
There is brisk movement on Grant street with a probable property change near the Cathedral. A three story building at 205 Grant street was sold for 10 200 to Larkin Filson, part of broader Monongahela valley industrial growth with major firms like Carnegie Mills and National Tube Works driving demand and pricing.
Trading was moderately active with uneven results as Birmingham Traction and Switch and Signal declined while Airbrake Electric Central Traction and Pleasant Valley rose to day’s highs. First call bonds included 6000 Birmingham at 100.44 and 10 Philadelphia Gas at 17 100 at 174.
New England and Richmond and West Point weaken early but rebound as Lake Shore leads gains with Michigan Central and Nickel Plate also rising. Vanderbilts spur a broad advance while bonds lag, total stocks traded reach 51,4489 shares and total transactions 62,100,000 dollars amid ongoing reorganization uncertainty for several issues.
Aspen 30 Best & Belcher 200 Chollar 100 Consolidated California and Virginia 435 Eureka Consolidated 1 Gould & Curry 110 Hale & Norcross 175 Homestake 1325 Horn Silver 65 Mexican 10 Ontario 4100 Ophir 300 Plymouth 175 Savage 100 Storm Nevada 190 Standard 135 Union Consolidated 150 Yellow Jacket 115.
Bar silver quotations show New York values around 41 7 16 dollars per ounce with London dealers noting similar ranges. Market listings reflect bid and ask levels and shift with trade activity in March.
Local money market shows good supply and moderate demand with no change in the 6 percent rate. New York reports stronger demand for time money and higher rates, Pittsburgh follows, small notes scarce, bank clearings at 2,320,760.98 and balances 64.25. London Chamber of Commerce circulates Goschen currency plan responses, 20 of 300 in favor of pound notes and gold reserve increase. New York money on call easy at 1 3 4 to 2 percent, prime mercantile paper 4, sterling exchange steady at 4 for day bills and 4 8 1/2 for demand.
The report lists bond quotations from Northern Pacific and Union Pacific lines plus Northwestern and St. Paul trusts, with clearings and balances for New York Philadelphia and Chicago markets. It notes money discounts and exchange rates, including Chicago money easy at 6 percent and New York exchange at par in several cities.
East Liberty and other stock yards show varied receipts and shipments. Hog and cattle volumes fluctuate with market steady to higher in places, while sheep and calves trade mixed across multiple markets including St Louis Kansas City Buffalo and Chicago with prices noted per cwt. Head counts run into thousands and include native steers, Indian and Texas cattle, and prime hog weights.
The Home Markets show vegetables and fruits quiet with steady hay and millfeed while corn sinks. Egg prices weaken, poultry remains scarce with an upward price drift, dairy steady, and potatoes cabbage and onions near seasonal lows. Maple syrup remains liberal with price pressure ahead.
The report notes sugar advance as settled and quotations rising per pound. It lists firm prices for green coffee and other commodities, with mixed entrails of shellac, oils, syrups, molasses, and dried fruits reflecting a broad, unsettled market. road conditions hinder trade in Pittsburg region.
Two on call grain sales at the Exchange list oats hay ear corn feed rye and middlings from Pittsburg Fort Wayne Chicago and Lake Erie routes. Oats quiet but futures may rise. current prices make immediate sale unprofitable. various No 2 yellow and No 1 Pennsylvania items noted along with mill feed prices per ton.
Chicago traders faced firm to higher open on wheat but closed unchanged as crop damage reports from France and bullish foreign weather cables supported buying. Corn stayed steady with moderate export demand while oats and hog products moved modestly. prices reflected mixed shipments and dull trade.
The Northwestern Miler notes weekly flour production across 17 mills at 177.50 barrels daily, up to 18 operable water mills, with close to 30,000 barrels produced daily but weak orders and sluggish exports. Minneapolis prices run around 25 1/4 to 25 1/2 dollars per barrel amid trading and market pressures.
Market reports show St Louis and California wool receipts steady with 12 000 lbs shipped. New Year wool trades quiet and steady with largely nominal activity. Boston notes improved demand early then buyers hold price. Ohio and Michigan show mixed activity in No 1 wools. Combing wools dull. delaine fleeces quiet in Ohio and Michigan. unwashed cornhouse wool sees moderate sales with prices around mid 20 cents and three eights quoted.
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