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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
May 17, 1890
Page
3
The iron market shows strength with Bessemer iron firm at 1800 per ton and rising. mill iron steadier but cautiously optimistic. Manufacturers expect higher prices soon and demand for finished goods remains strong, with stocks light and heavy buying anticipated.
Activity in the iron trade continues with higher demand and tentative price rises. Furnaces report near full blast, with July delivery pricing and delivery windows through July 1. Henderson Steel contracts 30 tons daily for 12 months using phosphorus ore processes.
Figures show continued volume in iron trade with Rogorm Iron & Co and peers. Compared with last year, new orders and shipments rise, likely averaging 1% growth as early year pauses ease. Heavy inquiries foreseen in bygone weeks suggest no further decline, with strong activity in Ohio and southern markets.
Market notes report a lull in orders at the Minasien market with a cautious tone ahead of changes. Traders await price moves while some firms push for lower costs, others resist conversions and wait for clearer signals amid uncertain conditions.
Lively car lot scene with buyers meeting on large totes and contracts in progress. Prices stay firm at the low level seen earlier as furnaces and brands influence demand and supply dynamics in the local market.
The article notes cautious optimism amid volatile iron prices and potential for declines if iron is stored for speculation. Lake Superior charcoal iron shows resilience while malleable end and car wheel works have not yet begun heavy buying. Northwestern Agricultural Works pending large orders.
Philadelphia May 16 The iron boom of late 1880 and early this year was driven by speculation. Liquidation of holdings causes a reaction while buying for legitimate use sustains mills. Some furnaces may shut down by June, potentially reducing pig iron output. furnaces total 444 with slight capacity rise. Steel rails inquiries loom from the West. overall market not weaker with varied price quotes for iron and steel products.
New York markets show pig iron and tin mixed with firmness in May trading. Prices cited include £1490 for New York and steady activity in Straits markets with tin holding at 21 20 amid dull to moderate demand.
Retailers report active demand despite windy weather. South seasonals appear with asparagus and beans. strawberries delayed by heavy rains. Butter prices slide but retail impact limited. meat and poultry show varied cuts and steady volumes.
The note details cattle shipments and market activity with entries for 1 000 head abipmenta and 1 401 head market at Duntensar Dots noting nothing doing and overall dull prices. New York bound ships show 8 000 head shipments and 2 400 head market dull with mixed quality cattle.
Chicago reports large cattle shipments with Texan and western stock strong in supply while markets show steady to lower receipts. St Louis notes steady cattle and hogs with varied wholesale prices. Cincinnati hogs weaken with incoming stock. prices shift amid supply pressure. Local notes include limited leather and grain updates from Black Silk markets.
A Baltimore trade item attacks claims Pittsburg lacks sites while detailing the city's rail river networks coal gas supplies and acre prices from 500 to 1000. It notes Wall Street money tightness mortgage activity in Pittsburgh and lists suburban and city land deals and sales across Allegheny and the Squirrel Hill area with prices and buyers.
The fragment shows a weekly money statement with scattered totals and currency notes such as Clearings balances and per ounce silver prices. Mentions Baltimore New York Paris and sums like 22 577 545 and 2 810 012, suggesting a banking or exchange bulletin with incomplete data.
The report notes funds remained adequate with deposits fair and discounts slow due to weather. Exchanges reached 625 million and balances 72 million, while currency and exchange parity held. Traders expect Friday stern conditions as speculation persists and money markets react to New York rates.
The Westinghouse Electric decline led by anticipated stock increase that could erode dividends, while Pleasant Valley Railway showed strength on better future facilities. Other securities like Switch and Signal and Luster Mining fell or held, with overall weak natural gas and traction sectors.
The market opened better than Thursday and rose with moderate buying in multiple cities. Pittsburg showed the strongest activity as Thursday’s clearances reached 342,000 barrels with prices ranging from 6 1/8 to 7 cents. a Bellevue well produced 16 barrels of salt water and two barrels of oil in 80 minutes. Duff City drilling remains lively with two rigs on the Swift farm and one on Hamilton, while field activity increases across the region as drillers communicate at normal tones between rigs.
Corrected daily report on yesterday's oil market by John M. Oakley & Co lists global benchmarks and price notes. It mentions London and New York levels, refineries and average prices, with data fragments from A B McGrew and other indexes.
Petroleum opened at weaker levels with some declines and a few advances as markets show irregular activity. Prices fluctuated with slight gains in some spots while others slipped, with reports of 1,000 barrel movements and notable price shifts across several oil products.
Claysville oil notes report Victor Oil Company's Carson No 8 moved to a new hole after a setback and must be completed by July 10 to preserve a 200 acre Carson lease with one producing well. Brookman farm rig lumber is being removed, while Gourlay No 7 due in five days and Warrel well in the big Injun area due in ten days. Wildcat on Moott farm near West Alexander ~1000 feet progressing.
J Huren reports a 200 barrel well near Murrinaville that nearly reached sand before being torpedoed by a 0 quart shot. Officials claim production will not affect the market though some wells on Amberson and Humphrey farms show small, steady output around 50 barrels per day on Mare station sands.
Up to yesterday afternoon the south side of Geld reported no significant finds. At Chartiers station residents awaited the parsonage well near the English Lutheran Church. A large well appeared unexpectedly at Beekbone, drawing attention from locals. F Hanning led the effort with equipment to reach the target depth.
Three wells tested this week with Locke No. 3 disappointing after an initial boost. Triangle No. 1 and Shingleton No. 1 produced gas and oil flows, while others drift toward the Eureka sand as additional tests are planned in coming days.
New York traders held steady with a mixed to unsettled day as foreign buying helped select issues advance while others lagged. Notable moves touched Union Pacific and Oregon Transcontinental with overall high money costs and bear pressure tempering gains.
A 1990 market brief notes light cereal receipts and steady to mixed price trends. Butter weak with supply expected to exceed demand while eggs rise and fruit and produce show varied movement.
Trade remains active despite bad weather as prices move on coffee, tea, sugar, and cacao. Analysts cite Congressional events and market prospects as drivers for advances and declines across commodities including molasses, fruit, nuts, and canned goods.
Grain, alkaloid, and oats data show mixed loads on track with wheat and flour steady. Corn remains a strong market factor with car lots priced for immediate delivery and rail routes including Pittsburgh Cincinnati St Louis and Lake Erie.
An itemized list of sugar cured hams and meats with sizes from small to large and prices in cents and dollars. Includes bacon shoulders clear sides bellies and dried beef varieties, plus barrels and tins for sausage and other meat products with scattered prices.
News of bad crop conditions lifted the wheat market with nervous, speculative trading and higher closes. Corn held steady amid a late day rally while pork and lard showed mixed strength. cottonseed and rosin moved with steady to firm tones across major exchanges including Chicago New York Philadelphia and Baltimore markets.
The report shows dull and steady movements in grains, meats, and dairy with wheat and corn prices fluctuating. Butter and cheese edge lower while eggs and sugar hold steady. pork, lard, and oats show mixed, subdued activity.
A busy week with 1,567,000 pounds of wools sold though domestic grades remained quiet. Michigan X fleeces at 20g with sales reported, recombing wools firm, white Ohio delaine around 35 36c, Michigan delaine higher, new spring California 17 20c, pulled wools active with various quality grades selling up to 47c. Carpet wool steady as demand holds.
A Philadelphia Times item from Chestnut Street describes four Italian women carrying a heavy lumber load across from the poste office toward Walnut Street. One woman stood on scales and weighed 235 pounds with the load, while her bare weight was 126 pounds, leaving nearly her own weight to be borne on the street.
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