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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Nov 21, 1891
Page
3
The Iron Trade Review reports that pig iron stocks rose while demand remained weak and prices hit record lows. Production hits a record high with new Southern furnaces coming online, suggesting a possible market rebound only if output tightens as consumption stays sturdy.
A roundup of scattered reports notes a new iron ore find in Upper Michigan, a collision injuring several on Black Hills trains near Lincoln, Nebraska, and a Wall Street style mix of financial and legal notes. It mentions Russian finance policy, a Cumberland New Mexico silver vein, and various incidents from Europe and New York to Buenos Aires and Monte Carlo.
Market chiefs report prices and production near pre crisis levels as buyers linger. Foundry quot es show No 1 at 12.2, No 2 at 11.0, and No 3 around 10.75 per ton as demand cools following a period of low mood and cautious activity.
The district shows little change from recent patterns with limited activity in coke and metal sectors. Inferior furnaces offer prompt service, while gold and copper markets in New York see steady receipts of about 8,000 packages.
Real estate owners in Pittsburg praise a steady market over booms as the best path to prosperity. The article notes strong demand for business and residence properties, limited speculation, and money seeking investment. Fort Payne reports a boom lingering edge while local pages discuss auctions, building permits, and multiple land sales in Allegheny and the surrounding districts.
The market closed tame with a slightly firmer tone as buyers traded while sellers held for higher profits. Duquesne Traction showed activity with ten shares at 17.2 and Manchester at 37. A $3,000 issue of Duquesne bonds sold at 90 amid quiet post-call offers.
Opinion suggests the alump has largely run its course as the money market appears easy. Ride and asking prices at each call are provided in the accompanying table, reflecting current conditions and expectations.
New York traders welcomed a bullish session with strong gains in leading active stocks. Vanderbilt rails sparked buying, with industrials and dividend payers following. Sugar lagged. Notable advances appeared in Erie, St Paul, Rock Island, Reading, and Norfolk Southern amid broad gains and heavy turnover.
The list shows stock prices for Adams Consolidated 18h Bast sod Belcher 240 Consolidated California and Virginia 44 Deadwood 150 Eureka Consolidated 146 Gould and Curry 190 Hale and Norcross 130 Homestake 1050 Horn Silver 565 Iron Silver Mi Mexican 2% Ontario 3800 Ophir 35 Plymouth 22% Savage 40 Sierra Nevada 40 Standard Onion Consolidated 00 Yellow Jacket
City banks held 6 percent on deposits with no change in the rate. Bank clearings totaled 2,290,645.27 and balances stood at 455,599.0. In New York money on call was easy from 3 to 4 percent, last loan 3 percent, closing at 3 percent. Prime mercantile paper quoted at 6 1/2 percent. Sterling exchange was quiet and easy at 4 50 for 0day bills with 4 Shy for domani.
A garbled OCR fragment mentions Pacific lines and various financial instruments. References include Northern Pacific, Oregon & Transcontinental, St. Paul Consols, and totals like 118 and 104, with scattered abbreviations for railroads and routes. The text lacks coherent narrative or dates.
Chicago to New York exchange steady at five cents per thousand premium. Money remains unchanged with bank clearings totaling over 15 million dollars in St. Louis and 118 million in New York. Par rates cited for several exchanges including Mexurnis and Pari. Bank clearings and balances listed for New Orleans Baltimore and others with money rates around 2 to 6 percent.
Across East Liberty and other yards receipts show mixed demand with light supply at unchanged prices. Hogs and cattle move slowly with regional markets showing steady to lower tendencies. New York and Philadelphia shipments noted, while Omaha and Chicago reports show weak to steady tones across cattle, hogs, and sheep with varying regional demand and prices.
The report notes dull pig iron at 1573 1800, copper steady across lakes and December at 1115, lead quiet with a slight easter shift at 450, and tin more active in Straits at 2010. These points summarize current price movements and market sentiment in metals trading.
The Drygoods Market in New York reported no change as of November 20. Prices and offerings remained steady with no new shifts or notable movements observed by traders.
Country produce lines show slow movement in fruits and vegetables. Dairy eggs and poultry rise while Florida oranges flood markets causing weak prices. Coffee and sugar remain firm as supply and demand shift through November.
Unusually light cereal receipts this week amid cold weather boost prices. Oats and new corn rise modestly. wheat and flour steady. hay firm. Grain Exchange calls show car samples of oats, corn, flour, hay, and malt moving between rail lines, with price quotes and delivery days noted.
Readable fragments outline sugar cured ham products in sizes large and medium and a sugar cured breakfast bar. Mentions generic items without clear brands or dates.
Rumors of a corner dominate Chicago wheat trading as Czar export orders and ukase rumors drive fluctuations. Prices swing with reports of prohibition, with November corn leading gains then easing, while May follows the move but closes mixed. Provisions rise on strong hog receipts. cash markets show scattered strength.
Week of trading shows dairy mild gains but not enough to shift retail prices. Fresh produce scarce, outside markets receiving restocked stock. Poultry, game tighter. fish supply down due to storms. Floral demand high with new hyacinths appearing. Detailed list covers meats, vegetables, fruits, dairy and flowers with varied per unit prices.
Coflee and coned options opened steady with small net changes as futures moved. Market shows mixed activity with 44 500 bags traded including November December and January positions, Rio cargoes and New Orleans futures quiet with ordinary to fair varieties listed.
Turpentine markets show quiet activity in New York with prices dulling and edging lower. Trading desks report subdued demand and cautious buyers amid slow sessions and limited spot activity.
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