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Newspaper
Indianapolis Times
Location
Indianapolis, Indiana, United States of America
Date
Jun 26, 1923
Page
3
New York June 26. A sharp drive hit the industrial list at market open. Studebaker fell to a 100% low while Baldwin and steel shared the pressure before a late rally. Bear pressure persisted with Studebaker and Baldwin rebounding as bears tried to cover.
June money market notes show time money at 5 percent with four month trades near 5 percent. Commercial paper and prime names quoted at 5 percent, while other issues also at 5 percent, indicating broad rate stability.
Foreign exchange closed steady in New York with sterling at 4.6116 dollars per pound and francs at 6.13 cents. Lire at 4.435 percent, Belgian guilder 5.23 cents, marks 140.350 per dollar, Swiss 17.87 cents, pesetas 14.8 cents, Sweden 26.48 cents, Denmark with serene demand 16.53 cents.
New York reports Studebaker investors face disappointment as the stock trades near one hundred dollars despite earnings of about three times that amount. Analysts note widespread concern from industry rumors and rising commodity prices that threaten purchasing power and future profits. Boston traders warn of lower prices ahead, urging profit taking on rallies as evidence mounts of systemic weakness.
Decline in grain prices at the Chicago Board of Trade closes after favorable crop news. July wheat nears a prior low while deferred months hit new lows, corn shows strength, oats fall, and provisions firm with light trading. Farmers haul supplies to warehouses near Des Moines amid high country prices.
Primary receipts list wheat at 813000 with 366000 shipments, corn 636000 receipts with 339000 shipments, oats 474000 receipts with 609000 shipments. No. 1 yellow corn 85 to 85 1 2 cents, No 1 white 85 to 85 1 2 cents, oats No 3 white 42 to 43 1 2 cents, barley 62 to 66 cents, timothy 5 50 to 6 50 dollars, clover 15 to 17 50 dollars.
Kansas needs 1 000 harvest hands to cut winter wheat as Europe shows progress in agriculture and rising food production. Danville Illinois reports premature ripening and ongoing harvesting. European buyers switch to monthly wheat purchases amid unsettled conditions. Hot weather boosts the Midwest corn outlook while Northwest rye is damaged and forecast well below last year. Storms and tornadoes hit the Northwest, limiting wheat arrivals from Illinois and Indiana.
United Financial reports a sharp fall for Gillette Safety Razor to a 1923 low of 238 in the curb market. Turnover was light with twenty shares trading between 258 and 240 as preexisting market conditions drive the decline. Oil pro ration and pressure from bear operators hit oils and autos, with Goodyear Tire & Rubber, Reo Motors, and Peerless Motors among the vulnerable names.
In United Financial RK Cotton Market By United Financial RK on June 26 futures show gains. July up to 27.50 cents, October at 25.20 cents, December 24.69 cents, January 24.30 cents, with gains from the prior session.
Market notes show scattered price quotes and slips in June and December. Visible figures include a bid around 2.90 and several fractional cents amid overall tentative activity.
Hog prices advanced 5 to 10 cents on the local livestock exchange as liberal outside demand and steady local buying supported higher quotes. Hogs sold mostly at 7.55 with top at 7.60. sows and rigs showed mixed moves amid broad market activity.
Chicago Cleveland Cincinnati and other hubs show hogs firm to higher with top prices around 7.45 and 7.85. Cattle receipts around 9 000 with steady to modest gains, bulls and feeders lifting. Sheep and lambs active with top around 15.50 and improved demand across regions.
Fresh exes and packing stock butter quoted for Indianapolis with butter fat price. Cleveland lists potatoes, butter, eggs, poultry and dairy prices. New York covers flour, pork, lard, sugar, coffee, hay, dressed poultry and cheese with regional variations and market weakness.
Carl Eversole and J Kelley labor on a tall crane at the Meyer Kiser Bank building on East Washington Street. They describe the danger and heat of the job noting a breeze is welcome and a sun drenched day is tough to endure.
A long obituary-style list records deaths including Robert Elmer Mackey aged 1 month from broncho pneumonia at 1360 W Twenty-Sixth and Melissa Walton 62 at Central Indiana Hospital with lobar pneumonia. It notes numerous others aged 42 to 81 across several diseases and hospitals.
A long list of building permits issued for multiple residences and structures including dwellings, garages, reroofs, and additions. Amounts range from 200 to 9 000 dollars with addresses across Holmes, Audubon, LaSalle, Groff, Park, and others. Notable entries include Catherine Flood reroof at 629 N Tacoma and Laura J Husbands dwelling at 321 E Thirty-Sixth for 8 000 dollars.
Washington reports exports of grain last week reached 4,522,000 bushels, up 1,665,000 from the prior week. Barley 379,000 bushels, corn 182,000, oats 206,900, rye 105,000, wheat 2,048,000 bushels.
Four men connected to the Indiana State highway system admit painting cars during state time using state materials. They planned to haul wood from a penal farm, billed labor and fuel at 44.95 and 12, plus 45 gallons of gasoline, and later painted a Velie car owned by Congressman Fred Purnell. Discharged after discussions with officials, a bill for painting and expenses is expected from Crawford and others.
A long list of marriage licenses shows numerous couples with ages and addresses including L B Van Arsdall and Laura Fleetwood, W B Ayers and Eva Mount, Joseph Majer and Josephine Jock, among others, spanning multiple streets and neighborhoods. The record preserves names, ages, and home locations for prospective marriages across the city.
Birth announcements list girls and boys born to multiple couples at homes and hospitals. Names include Charles and Mary Wiseman, at 288 N Lynn, and Charles and Henrietta Nettle at Methodist Hospital, with other families at 217 Cora, 704 W New, 228 Smith, 815 Lock, 1209 Sturm, 2024 Pari, 2630 Roosevelt, 1417 W Thirty Sixth, and additional entries for Maxwell, Young, Alexander among others.
Wholesale beef prices listed by Swift and Company show dressed rib No 2 at 19 cents No 3 at 15 cents loin No 2 at 20 cents No 3 at 23 cents round No 8 at 20 cents No 3 at 17 cents chuck No 2 at 27 cents No 9 at 18 cents plate No 2 at 7 cents No 3 at 6 cents
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