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Newspaper
Pittsburgh Dispatch
Location
Pittsburgh, Pennsylvania, United States of America
Date
Oct 10, 1891
Page
3
The week shows weak raw iron prices and cautious buyers in the Home Market while demand remains robust in other regions. Shifting prices persist with rumors of steel rail sales and large September finished-iron tonnage surpassing four-year highs, signaling underlying activity amid uncertain prices.
No apparent shift in demand or prices in the Cincinnati market for the past week says Rogers Brown Co. Demand remained normal and turned in without change. Some Southern furnaces booked large contracts for next year at a weighty advance, while overall sentiment suggests prices may fall under adverse conditions but demand may rise next year. Productive capacity remains fully employed in both regions, and any notable consumption rise could tighten iron availability. At week’s end a number of quiet mentions were noted.
Large consumers seek to cover current needs while some sellers delay payments to protect profits for furnaces. Carload sales of Carwhesl irons stay slow but show some sizeable deals. Railroads avoid the market as new crop moves. Foundries report gradual order growth but no boom.
Activity in the Chicago semi metal market remains steady with several round deals closed mainly between Northern and Southern coke fronts. Prices hold firm with outlook unchanged. some expect a ton advance later, while railroads place large rolling stock orders to lock in current prices.
The Birmingham iron market shows slowed momentum after a brief rise in quotations. Demand remains fair to steady, with producers still hopeful for a gradual advance. current nominal prices for No 1 foundry and related items are listed, concessions offered based on order size.
Reassessing metal trade in Philadelphia and New York shows a slight downturn from the prior two to three weeks. Dealers report fair iron business but prices hold near steady, with slate and iron product concessions at five to fifty cents per ton. Consumer complaints about slow collections persist amid statewide unease. lead and steel figures show subdued activity.
Orrick of Pitrancasa reports stock market activity with cattle and hogs. Receipts include 1 181 head of cattle, 4300 hogs, and 1 head of sheep. Prices are firm for hogs at 549 to 550 per head and for sheep and lambs, with better quality reflecting steady demand. no cattle shipped to New York today.
Telegraph reports Chicago and midwestern markets with receipts of cattle and hogs and varied results. Cattle active to higher in New York and St Louis with steers around 23 to 25 per 100 lbs. hogs opened strong then settled weaker in some cities. Kansas City and Cincinnati show steady to weak trends with mixed grading. Sheep and lambs generally firmer in some markets, while calves steady to firm.
Coffee markers report mixed trading in New York with Rio grades steady to dull. Prices shown include No 7 and Us varieties, with quotations around 54,750 and 10.110 for several months, reflecting spot market steadiness and fluctuating futures.
A fragmented note reports silver prices around four dollars per ounce in New York. The text references bar silver in Landon and a per ounce rate, but details are incomplete and unclear.
Prof W C Lyne bought five acres between Heberton avenue and Farragut street near Highland Park for 22000. Presbyterians may convert Hubley property in Wilkinsburg into a home for old ladies. Market activity rises with buyers and sellers revaluing properties, gold flows and new financing prospects fueling optimism.
The market was quiet with no notable price changes as traders maintained a hesitant mood. Values remained largely unaffected by trouble in the iron trade and there was no extra pressure to buy or sell.
New York stocks showed a steady to dull close after mixed trading. The day featured a rise in short interest and a late recovery in Hocking Valley amid rumors of new stock issues. All major rails held firm tone with modest declines in bonds and total sales around 664,000 shares.
Mining stock quotes listed for New York trading on October 9 include Alice at 1.50 Adams 1.55 Agnew 3.00 Chollin L40 Grown Point 14 percent Consolidated California and Virginia 5.75 Deadwood 1.95 Gould and Curry 10 Hale and Norcross L3 Homestake 10.50 Hom Silver 3.40 Iron Silver 1.40 Mexican 240 Ontario 34.00 Sierra Nevada 2.35 Standard a Union Consolidated 2.35 Yellow Jacket.
No sign of disturbing factors in the money market. Experts say lending rates may settle at 6 percent for time transactions, with strong demand for local funds and ample reserves. Bank clearings reached $2,007,537.5 and balances $512,844.73, while New York money on call ranged 4 to 4 1/2 percent.
A historical summary of bank clearings and balances across major exchanges including St. Louis, New York, Chicago, Philadelphia, and Boston. Details show clearings amounts ranging from millions to tens of millions with varying balances and money rates, noting discounts on New York exchange and international settlement activity.
The Diamond market reports better trade in fruits and vegetables with grapes leading demand. Tomatoes cucumbers and cabbage show activity while peaches decline and plums disappear. dairy and eggs rise, oysters short, florists quiet, and a long list of current basket prices across meats vegetables and fruits is provided.
Wool receipts totaled 162000 pounds with shipments of 45000 pounds while overall demand stayed strong and prices remained firm. Prices for various grades across states including New York Michigan and Texas showed activity with substantial sales and a 2,150,000 pound week reported. Valparaiso carpet wool sale at 1 elligible price noted.
Savaxxan Turpentine holds at 24 ye and Rosin firm around 1.20813. Chan Leroy Turpentine steady at 54 jc with Rosin firm, good strained at 1 15. New York Turpentine weak at 7. Rosin quiet and steady. Wilmington Spirits Turpentine steady at Me with Rosin firm, strained at 10% strained at 1. Tar at 927. Crude turpentine firm, hard at 100, yellow dip at 190, turin at 190.
Markets show stronger demand for strictly fresh eggs and dairy such as Elgin creamery butter and New York cheese. Vegetables rise with cool weather. tomatoes cucumbers and lima beans advance while citrus, tropical fruits and lemons firm. Coffee and other staples trade firm, with limited supply for fresh items and heavier arrivals depressing green coffee.
Chicago and New York markets show wheat rally with December session highs near 1.60 while corn strengthens in sympathy. Cash grain quotes list No 2 spring wheat at 59 1 2c and No 2 red at 59 1 2c. rye and oats firmer in several hubs. hog products weak amid packer selling as pork and lard prices edge lower and higher in different contracts.
Grain Exchange sales show 1 car 2 white oats and 3 car next lots, with October futures for red wheat and corn moving up. Receipts total 20 cars, Pittsburg and Chicago lines supply hay bran feed flour rye and malt, while oats remain scarce. markets steady with a sharp advance in corn and oats though overall prices vary by grade and destination.
The drygoods market opened quiet but favorable for near futures with active orders for spring staples like ginghams. Retailers and robbers showed modest activity. burglars page features Charles T. Murray describing the largest bank vault project in New York.
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