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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Dec 29, 1902
Page
9
Wall Street shows sober mood after months of liquidity strain. Investors retreat from high risk, marking a sharp drop in many securities. Analysts note reduced debt abroad and a stronger overall trade backdrop despite looming monetary pressures and potential foreign loan activity.
In Yokohama on Dec ll a report from Victoria B C dated Dec 28 says the United States will impose a ten cent a pound duty on tea held in bond even if withdrawal occurs after January 1 when the duty ends on new arrivals. Tea merchants and related interests fear the impact as the market reacts like a thunderbolt and will urge government action to withhold the measure.
The Milling Company, a long established local industry, made an assignment for the benefit of creditors in Wabash. John B. Latchem was named trustee to sell the mill property and collect debts. Liabilities are substantial and owed to Wabash creditors.
Chicago market analyst urges patience before buying May oats and corn. He cites long-term corners, high wheat values, and speculative sentiment, predicting May corn near 40c and a potential oats break after a cent or two. He warns against chasing high pork and ribs with ample feed.
Berlin reports unusually strong trading with higher volumes across iron coal and electrical shares driven by better Rhine and Silesia trade outlooks. Reichsbank notes heavier demand but does not raise discount rate as year end pressure is forecast to be extraordinary.
Indiana oil field shows a slip in December production despite higher crude prices. Indicated 416 wells completed, 78 dry, 49 abandoned. daily output 5,130 barrels from new wells, down from 5,990 in November. Average December well yield 15 bpd versus 17 in November. 340 wells active with 137 new rigs, total 477.
Saturday evening market brief shows cash corn in steady demand and oats easing slightly. Wheat and rye hold firm with No 2 red winter at 77 cents and No 2 yellow mixed prices around 60 cents to 44 cents for various grades. Hay steady as receipts for the week total 42,664 barrels of flour and 3,101 tons of hay with shipments 35,617 bbls and 930 tons respectively.
A compact table of Saturday receipts and shipments lists quantities of staples by item. It includes grains like oats, corn, barley, and rye, along with meats, butter, lard, and oils, with figures for tons, bushels, pounds, and cases and notes market conditions for fruits and vegetables, oils, and cotton.
London market closes the year with stronger sentiment as money demand rises and high grade securities show renewed interest. American and African shares lead gains, Venezuelan bonds jump on arbitration news, and Chamberlain's South Africa visit boosts mining stocks.
Pierson R Mitchell head of the P R Mitchell Company purchased the old David Gibson homestead site in Clifton avenue near four acres. The sale to Mr Mitchell by W W Ebersole Co for Mrs Sarah N Gibson widow of David Gibson cost close to $20 000. The ground fronts Clifton avenue 300 feet and runs 700 feet deep. Mitchell plans to build a residence on the property.
Butter prices at Pittsburgh on December 2 show creamery product notes from Ohio and Pennsylvania at 22a38e to 29c with Swiss cheese at 26c for storage while poultry lists live prices for springers 13c and turkeys 16 to 17c, geese 1c. The report cites various regional dairy and farm products with dated market quotes.
Washington December 28 The Senate Committee on Military Affairs paused all army promotions below Major pending investigation amid complaints about selection methods under the reorganization law. Officers claim long service counts less than volunteers who moved quickly to captains, with delays and rapid promotions stranding trained workers. A subcommittee plans to report when Congress reconvenes.
From the Humber to the Tyne poverty strikes as shipping stagnation halts work. Newcastle Gateshead and South Shields report 8 000 to 9 000 unemployed. Wearside and Hartlepool endure dire hardship with up to 3 000 and 2 000 jobless respectively. Shipyards run at half capacity. private charity falters amid looming homelessness.
The fragment lists train and electric rail schedules from Norfolk area stations, noting departures from Portsmouth to various points, with times ranging from morning to night and references to connections at Sardinia Hillsboro and Carrel Street. It mentions Pullman sleepers and multiple daily departures.
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