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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
May 07, 1890
Page
7
Prices for cattle and ice have risen, squeezing butchers who report scant profits. Beef cuts and canned meats show upward pressure as warmer weather nears, while ring spinning advances in English mills drive industry shifts and unemployment concerns.
Office of Pittsburgh Dispatch reports May 6 1800 cattle receipts 200, no cattle to New York today. Hogs receipts 1670 with 1600 shipped. market ranged from low to selected. Sheep shipments 2700 head, market steady at yesterday’s prices.
Telegraph market summary shows Chicago receipts 1 000 cattle 4 000 head with strong higher prices for beeves and steers while sheep receipts 7 000 head steady. New York cattle and hogs mixed yet firmer dressed beef and pork markets. St Louis and Indianapolis reports show higher cattle quotes and active hog markets with varied lamb prices.
Wool markets stay firm with tight supplies across grades. Ohio and Pennsylvania fleeces fetch high prices. Michigan light stock. California and foreign wools in good demand. Philadelphia and New York regions show firm to rising quotes across delaine and fine washed wools.
In New York on May 6 the drygoods trade showed fair business for a rainy day. Demand for cotton goods remained fairly active with more movement on bleached descriptions. Four yard browns, previously favored by buyers, sold at about one quarter percent higher price. Overall market tone remained firm.
A broker notes rare forced sales indicate market prosperity and buyers meeting payments. Kansas near Alma finds high grade anthracite at 1000 feet, vein nearly six feet, with a large shaft under way and future western supply. prices in the East may ease. Also reports on mills, iron demand, and real estate transactions along Fourth Avenue and Wilkinsburg with multiple lot sales and new lumber yard plans.
The day's activity shows about 20,000 barrels with a flat opening and no record events. Prices ranged from 55 to 85 cents, with no clear direction and light field news, as producers react to price gains and pipeline pushes. Olean Oil, Allegany finds, and Buckeye Pipe Line's 20 cent raise shape a quiet, uncertain market.
The report covers average chartered ships shipments and runs, with references to London markets and various price movements. It notes declines after opening and a June option dipping, then minor recoveries, with closing levels around 85 1/2 to 86 cents and sparse sales activity.
Citizens rush near McKee's Rocks as O'Brien's No. 2 well opens and reportedly spouts 80 barrels daily. Nearby farms including Vandergrift, McKeown, and MacCabe see drilling progress while Harpers predictions and local rivalries shape expectations for larger gushers.
Special telegram from Washington Pennsylvania May 6 reports the Fitz Williams well that started at 40 barrels per hour yesterday has dropped to six barrels per hour after one hour of production. Despite the slowdown the well is deemed good and is expected to prompt many new wells to be drilled.
Trading was light with 216 shares changing hands including 12 Philadelphia Gas and 924 at 82 percent. The stock closed at 8194 bid with bearish sentiment from unexpected realisations while Wheeling and Bridgewater Gas posted gains and other firms like Westinghouse Electric and Citizens' Traction rose. Major movers saw only slight changes as most stocks moved little.
A report on bank activity noting no unusual events in the markets money was tight yet borrowers were steady demand for discounts was moderate and rates unchanged. Clearing figures showed a dip from Saturday while on call money in New York remained easy. Sterling and bond quotations moved with little variation as regional clearings and bullion movements were recorded.
A compiling listing shows multiple mining stocks with quoted values such as New York May and Alice at 200 Brunswick Consolidated 160 Caledonia B H 200 Crown Point Consolidated California and Virginia 440 Deadwood T 125 El Cristo 100 Averane 850 Horn Silver 240 and Sierre Nevada 20 Plymouth 585 Sutter Creek 154 and other entries.
New York traders saw small fractional shifts with overall weakness in the list, while Western rail stocks showed improvement. Chicago Gas surged about 8 percent on heavy trades as Oregon Transcontinental strengthened, and investors discounted Willard’s return with Northern Pacific notable in activity. Bonds remained active with Texas Pacific and Atchison leading, as the market closed firm but unsettled with few large changes from the prior session.
The City School Directors unanimously re elected George J Luckey as Superintendent for an eighth term. Since 1868 pupil enrollment rose from 7659 to 32000 with 613 teachers. The County triennial convention re elected Prof Samuel Hamilton as County Superintendent with 123 votes. Hamilton set salary at 4000 dollars and invited directors to a dinner.
The hearing before Minister George P. Hamilton in the Amoskeag fire engine controversy was set for yesterday afternoon but did not occur due to the attorneys being otherwise engaged. No time was scheduled for the hearing.
Agricultural markets report Elgin creamery butter holding last week’s prices while butter board discussions push for higher rates. Egg supply tightens, potatoes remain slow due to heavy inferior stock, and fruit demand shifts as strawberries, bananas, and citrus vary in price and availability.
Receipts bulletin from Grain Exchange shows Pittsburg Fort Wayne Chicago routes with oats flour malt rye totals, Pittsburg Cincinnati St Louis with corn oats bran wheat hay, Baltimore Ohio with corn hay, Pittsbure Lake Erie oats flour malt rye, Pittsbore Western with corn oats flour. No call sales. Oats firm shell corn weak hay easy millfeed drifting downward wheat flour rising. Flour prices up 25c per barrel. market notes imply margin gain for jobber. Prices listed per car and on track for various grades of wheat and flour.
Reports show anarchist leaders detained in northern France while Philadelphia weavers strike against Joseph P. Murphy. The American Strawboard Company seeks a wrapping paper trust as public labor campaigns surge, and a New Jersey governor approves a Fremont public building act. Panama Canal Commission estimates 485 million francs to finish war efforts amid baker strikes in Pesth. Authorities arrest six for arson at Snell toll house. Port Milner embezzlement case nets $10,000. Albany honors James H. Mancing as mayor.
Grimes, secretary of the Pittsburg Inclined Plane Company, testified about the company’s charter and route staking begun April 20 1889. He said engineers failed to find route pins and questioned the plaintiff’s survey work and validity of its charter. The master will continue hearings as both sides seek quick preliminary proceedings.
Vice President and a director, P and A J Thomas, arrived in New York after touring the Pittsburg and Western road. He reports extensive improvements, first class condition, ample rolling stock, and strong summer coal and iron ore prospects. Thomas is a representative of Drexel, Morgan & Co.
Weekly mortuary report shows 103 deaths in the city for the week ending Saturday, up from 60 last year. Throat and lung diseases remain the leading causes, with pneumonia 2, bronchitis 5, congestion 3, croup 3, asthma 3, diphtheria 4, consumption 6. Forty three deaths were children under five. End districts recorded 34 in Hast End, 31 in the South side, and 22 in the old city. Nervous Disorders section promotes Dr Flint's Remedy for long standing nervous strain with a descriptive note available at all druggists or from Mack Drug.
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