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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
Aug 03, 1902
Page
3
In a small town nature study scene an elderly lady meets a friend and asks about a rare bird. The friend, mortified, denies knowledge as another passerby witnesses a vivid remark about a branch sighting of a beautiful, speckled bird and the surrounding chatter.
New York traders faced a subdued session with few large moves as London’s holiday constrained orders. Bank data surprised slightly with smaller cash decline while loans rose, boosting deposits and trimming surplus. Despite modest advances in select stocks, profit taking and high long positions cooled the market, with foreign financing and rail sector readjustments shaping sentiment.
Indiana and New York money markets show varied rates with 4 76 per cent commercial paper in Indianapolis and 4 1/2 to 4 4/5 per cent mercantile paper in New York. London holiday, Paris three per cent rentes, and Berlin discount rates cited. New York imports and exports of dry goods and specie noted, with clearings and balances across major cities.
Washington Saturday's treasury balance report in the general fund exclusive of the 150 million gold reserve in the division of redemption lists totals of 205,072,550.99 and 983,254. The figures reflect the current state of the general fund and redemption division balances.
The Associated Banks report for the week ending today records increases in loans deposits and circulation with legal tenders rising and specie falling. Reserve levels decline though banks hold ample excess reserves above the 25 percent rule, while notes on recent gold shipments and Central Pacific settlement explain prior discrepancies in cash losses.
Deposits rose by 5 048 000, yet 826 800 less than expected after loan gains and cash loss. Reserve needs stood at 1 282 07 with augmented deposits. after cash loss the de c rease in surplus reserve reaches 1 764 275. Circulation up 196 4 percent, near week prior, while daily bank clearings averaged 245 000 0M, down 7 060 08 from last week amid weaker stock market activity.
Private wire reports from Meyer & Kiser describe a dull session with narrow trading and limited liquidity. Atchison saw selling pressure but support near 91, while Manhattan gained early on rumor of New York Central control or lease. The bank statement surprised with a low current reserve, suggesting higher money rates ahead and possible currency shipments. Granger Farwell notes a light midsummer week but eyes an uptick next week as digesting past gains continues.
Market closes the week with strong gains in wheat corn and oats. September wheat up ½ to ¾ cent, corn up 1 1/4 to 1 3/4 cents, oats ½ to ¾ cent higher. Provisions also higher amid robust cash demand and scarce contract grain supplies. New buying by bull interests supports near terms while delayed July oats actions trigger another injunction.
Security Trust Company appeals posters. Judge Chettain enjoined the Bank of Montreal from paying Pratt & Buckley $1,200 held as margins on oats bought from Thoburn & Co. by Pratt & Buckley. The injunction also bars President Warren of the Board of Trade from endorsing the marginal checks for the same amount.
Quotations from St Louis to Chicago show mixed prices in grain and livestock many commodities steady or firmer. Key notes include flour and wheat movements, corn, rye and oats ranges across St Louis Baltimore Cincinnati Kansas City Toledo Chicago and Milwaukee with notable shifts in butter cheese and eggs markets.
The London Telegraph notes London city companies plan splendid carpets for Westminster Abbey use during the coronation ceremonies. Goldsmiths and Drapers display historic pieces, with complex designs, velvetlike textures, and rich color schemes created by skilled weavers over months, some dating to 133 years previously.
A Hartford messenger boy dived into the Connecticut river to rescue a drowning person. Opinions split on his bravery with some questioning his judgment while others praise his persistent devotion to urgent deliveries. He is described as efficient but prone to late night ventures and mischief.
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