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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Nov 07, 1889
Page
7
Markets dragged with overall weak demand and lower prices across cattle and sheep. Hog prices steadied after last week’s tumble while land export activity dwindled and buyers remained scarce at Liberty yards.
Receipts vary by market with New York Beevee slumping, exports steady, and live cattle scarce. Chicago reports weak finishes on cattle with steady hogs, while Kansas City and St Louis show active cattle sales and softer hog prices. Market tone remains cautious with mixed regional results.
In Fredericktown Missouri Carroll Hicks and James Jordan, two young farmers, argue over timber theft. They met near Hicks farm yesterday and exchanged shots from a shotgun and a revolver at fifty yards. Jordan was killed. Hicks walked home untroubled as three bystanders watched.
In New York, a holiday and mild weather period saw steady drygoods activity with strong orders from the South and West for cotton and wool fabrics. Bleached cottons improved, Masonville 44 at a higher price, coarse yarns and brown cottons firming, and men wear woolens and heavy goods in demand. Copper and tin markets showed little movement.
A lively session shows speculative wheat trading led by local operators with edge in December and May contracts. Prices rose early then eased but closed above Monday, with strong local demand and brief signs of manipulation, while port and farm markets across butter, flour, corn, and pork echo steady to firmer tones.
The Rome correspondent reports the Pope has finished a two part encyclical on the social question after two years of work. The first part is purely original philosophic doctrine and the second part applies past teaching. He consulted leading authorities including Cardinal Manning on arbitration for employer worker disputes. The encyclical may be issued near the end of the month.
John Garnett, an elderly miner from Ottawa Ontario, died in Seattle last week while preparing to hunt a rumored $100,000 treasure on Apple Island near Vancouver Island in British Columbia. He described a rock beneath a landslide on the island’s west side as the burial spot, prompting multiple treasure hunts after Barnett’s disclosure.
Rumors from reliable sources claim a syndicate led by Mr. F. Gwinner bought 11 or 12 acres in Allegheny's Eleventh Ward for about 50000 as speculation. W A Herron & Sons hold the property but offered no details. The sale could influence California Avenue and an electric road, while Schenley Park promises substantial ward benefits and rising land values nearby.
Local trading activity rose with 345 shares changing hands. Philadelphia Gas climbed from 8 to 34 cents amid light offers while Wheeling Gas languished at 23 in bids. Central Traction fluctuated early and weakened later, and Pleasant Valley Railway sold at 2 1/2.
The report lists bids offers and sales across gas utilities and banks including Citizens Insurance Allegheny Heating Gas Philadelphia Gas and Union lines with figures like 37 percent and 48 percent for Electric, 41 and 100 for Central Traction and Philadelphia Gas, while New York Stock Exchange totals show 577,008 shares with names such as Reading St Paul and Union Pacific among others.
Local money market remained stable with no new features. Strong demand from borrowers and ample cash dispersed at 6 cents. Pittsburg holds substantial funds, clerical business active, both checking and deposits robust. Exchanges at 50,058 97 with balances of 246,454 79. Money on call in New York eased to 4 1/2 to 4 per cent, last loan 4, close 3. Prime mercantile paper and sterling exchange steady.
The report covers state and national bond listings with prices and yields, including Louisiana, Missouri, North Western consols, and various U S issues. It notes firm state bonds, bank closings, and exchange rates with New York, Boston, and St. Louis data.
Oil market firm yet quiet with prices opening at 105.74 and closing near the day’s peak. Pittsburg led buying pressure while Antwerp’s refined slump provided weakness. Monday clearances reached 450,000 barrels as firms like A B McGrew & Co. quoted puts and calls around 111.00.
In November markets, Titusville data show highs around 1.0534 and lows near 1.0732 with closes at 1.0732. New York figures cite steady to strong prices around 1.08 with daily moves and notable daily barrels traded.
Multiple Pittsburgh area real estate transactions featured. W A Herron & Sons sold a Lincoln Avenue lot for 21000 to fund a forthcoming residence. Jamison and Dickie sold several homes and lots on Mayflower Street and Carver Street with prices ranging from 500 to 2700 for buyers like Maddock and Redenbach. Other properties changed hands on Beecher Street, Fourth Avenue, and Webster Avenue with prices noted, plus mortgages of 1200 and 1000 placed on various east and third ward properties.
The stock market was more active today with a feverish but generally firm tone. Reading led selling amid rumors of company affairs, yet received notable support with a modest final decline. Bonds remained nimble and overall gains appeared across the list.
Investors recovered from early weakness as Reading Holdings fell 144 while Chicago Gas rose 234 and Louisville and Nashville advanced. Inside buying supported rail stocks with Missouri Pacific and Grangers showing late strength. bonds traded actively with totals near $2.17 million as rates eased and overall market mood improved.
Fragmentary stock listing mentions Philadelphia stocks and brokers at Fourth Avenue New York Stock Exchange. References Lehigh Valley and Northern Pacific lines with implied securities and preferred shares. The readable fragments indicate a market update or listing snippet from a 20th century financial page.
A list from New York shows dates and values across mining districts including Caledonia B H 220, Consolidated California and Virginia 575, Deadwood 120, Eureka Consolidated ti Gould and Curry 190, Hale and Nurcrous a0, Ht Silver 165, Iron Silver 200, Ontario 3400, Ophir 425, Sav age 159, and other figures with scattered town names Mount ed and about 25. The compilation records varied bids and holdings in multiple mining operations and districts.
The largest mortgage recorded yesterday was for $65 000, purchase money, by John Walker to A Morgan. Bisson firm of Yj H Durbin & Co. dissolves as John F Seer retires and Robert L McWatty takes his place. Also: Allegheny County Light stockholders meeting called for April 4 1890 to act on capital increase. Central Traction plans to occupy the unfinished Keystone Bank building as offices. Sedan National Bank and First National Bank of Hamilton rated to begin with $50 000 capital each. Dividends announced: Exchange National 4 percent, Bank of Pittsburg 3 percent, Citizens National 3 percent, West End Savings Bank unknown. A broker tested Bible verse recall among peers. two succeeded. A doctor of divinity also failed. Citizens’ Traction October earnings reportedly over $48 000.
Grain and hay show ample supply beyond demand with corn as the only exception. Lumber movement remains highly active. Elgin and Ohio creameries raise butter terms while cheese eggs and produce hold steady. Prices for beans cider fruit vegetables and imported goods listed with several specific lot and per unit figures.
Grain Exchange updates show 42 cars of shipments by Pittsburg Ft Wayne and Chicago with oats hay barley flour bran hay oats corn malt and rye feed in assorted cars. Prices listed for No 2 red yellow and white corn oats rye wheat and bran with timothy bay as a single car sale at 11 10. Prices reflect limited new shelled corn and firm corn demand with rye and middlings quoted and a note that oats are not as abundant as earlier.
Fragmentary listing shows hardwoods and pine lumber with inconsistent spellings and measurements. Mentions black walnut two by four white oak planks and yellow pine in vague terms, likely from a general building materials advertisement.
A private secretary to Vice President Morton denies plans for a bar to be run in connection with Morton's new Washington hotel. The report also notes various other dispatches on maritime disasters, Alaska boundary talks, and political events.
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