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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
Aug 23, 1902
Page
10
Describes a banking entity named Banking House or A. M. Fletcher conducting general banking duties including accepting deposits subject to draft, collecting dividends, acting as fiscal agent for corporations, negotiating railroad securities, handling government bonds, and executing commissions.
National oversight agencies examine major banks and corporations after a series of financial disclosures. Key figures include executives at several unnamed institutions and notable investors, with regulators pledging stronger capital standards and tighter liquidity rules to protect depositors and markets.
Live cattle stronger with good demand for quality stock while inferior grades struggle. Hogs rise 15 to 50 cents with a brisk market and buyers seeking large supplies. Receipts for five days show gains over last week and declines versus a year ago as feeders and cows command solid prices and a firmer overall tone persists.
Receipts were light with steady to higher prices in some regions. Cattle demand remained cautious in Indianapolis and Chicago, with best steers reaching around 7.50 to 8.75, while hog prices advanced modestly and early bulk sales emphasized strong local and outside demand for choice heavy hogs.
Reports from New York and other cities on August 22 show mixed poultry prices with steady to firm ranges for chickens, turkeys, ducks, and fowls while cottons and fabrics in New York demand rise modestly. Textile prices remain largely unchanged for bleached goods and variably firm for prints, ginghams, and linens amid steady home demand.
The New York stock market closed higher today amid reduced trading volume. Colorado Fuel recovery and a rally in Southern Pacific lifted sentiment, with gains broadening late as telegraph, railroad, and steel shares moved, while United States Steel largely held. Bond prices rose on expectation of treasury relief measures.
On August 22 at Chicago Board of Trade a wild, volatile session saw September corn steady while December fell. Wheat slipped as frost and dry conditions in Argentina buoyed buyers, yet overall prices fluctuated wildly. Provisions weakened despite a strong hog market. receipts and futures activity pointed to a cautious, unsettled market with mixed signals from bulls and shorts.
International money rates and domestic clearing totals listed for cities including Indianapolis New York Chicago Boston Philadelphia St Louis Baltimore Cincinnati and London. The Treasury balances show available cash around 204.95 million and a 106.12 million figure in the redemption division.
At New York on Aug 22, wheat receipts 320000 bu and 320000 bu, corn 534000 bu, oats 310006 bu. Spot wheat No 2 red 7c elevator, No 1 northern Duluth 5c f o b afloat. September wheat 7-15-16c, December 7c15?c. Corn spot No 2 66c elevator, 6i c f o b afloat. Oats spot No 2 new Se. May 9c, Dec 35-26c. Quiet to firm trends with mixed month closes. bellies 11.25- with hams 11.50-12. Coffee Rio firm, sugar raws steady, refined steady.
St Louis and other cities report quiet to steady prices for flour, wheat, corn, oats and rye. No. 2 red and hard wheat hold around 65 cents, corn ranges up to 63 cents, oats mixed 32 to 40 cents, and rye around mid 60s. Pork and lard prices ease while dry goods and hay show modest firming or softening. Receipts and shipments vary by location, with regional notes from Louisville Kansas City Toledo and Liverpool.
Across major cities on August 22, butter eggs and cheese prices show steady to firm trends in New York Philadelphia Baltimore and Chicago with Western and Eastern developments. Cotton remains steady in New York and St Louis reports metal markets quiet with lead at four dollars and zinc around five dollars and twenty-five cents.
Bradstreet’s notes broad revival in fall jobbing and improving collections, with strong wholesale demand for dry goods and shoes. Coal furnace curtailment and coke shortages threaten iron and steel output, while pig iron and rail materials remain in high demand. Wheat and corn exports rise, shoe and leather trades stay active, and weekly business failures total 181.
R G Dun & Co Review of Trade says fuel scarcity remains a major industrial handicap with protracted anthracite idleness raising soft coal and coke demand. Despite higher output, deliveries are inadequate due to lack of motive power and coke train blockades. Earnings rise, weather variable, buyers active, textile mills busy, prices steady, and failures estimated at 207 in the U.S. and 30 in Canada.
Bradstreet compiles weekly banking data for principal cities, showing total clearings of 2 105 495 356 for the week ended Aug 21, with a 22.9 percent increase from the same week last year. The table lists each city’s clearing totals and year over year change, reflecting broad gains in financial activity across the country.
Union Traction Co Indiana postal timetable lists stations from Union Block to Anderson and Muncie with intermediate stops. It shows leave times starting 4 55 a m hourly, limited trains to Anderson and Muncie, connections at Anderson with Elwood trains, and combined passenger and express cars from West Maryland Street. Indianapol is Georgia and Meridian street car departures from 9 am to 9 30 pm. Freight cars depart 5 am and 9 am with returns.
Passenger car timetable notes departures from Kentucky avenue and nearby streets to Indianapolis Union Station. First car at 6 a m, last car by 6 30 p m with services to Mooresville and intermediate stops. Cars connect Sunday morning excursions on the air railroads.
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