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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
Dec 09, 1903
Page
2
Indiana Union Stockyards report mixed hog activity with buyers forced to accept steady prices as packers refrain from hikes. Cattle trading quiet with dull demand, common to medium stock steady to lower, hogs 4.25 to 4.65, overall market subdued amid slack buyer interest.
The morning bulls pushed prices up in New York but overextended the market. A broad selling wave followed, lowering averages below last night. No decisive news triggered the move and the close was weak with no recovery. Prices fell as selling accelerated, with copper and steel stocks showing contrasts amid interest in call loans and treasury financials.
Local bankers discuss President Roosevelt's currency reform stance in his message. One banker favors minimal changes now to avoid market unease, while another criticizes politics guiding policy. The piece cites Indianapolis banks and their reserve levels as reported by the Wall Street Journal in its Bank Showings segment.
National Bisou Swift & Co notes that in twelve of twenty-two cities loan reductions have occurred since September. Indianapolis, New York, Baltimore, Cincinnati, Cleveland, Detroit, and others show improved legal reserve proportions while several others report smaller reserves. A. W. Thomson cites Wall Street chatter on Northern Securities and stock movements, with regular houses increasing business and railroad stocks rising on short-covering. Treasury balances update in Washington alongside discount rates.
London demand lifts American securities as New York opens with broad advances and active trading. Experts warn of a reactionary pullback after gains, noting big blocks traded and a slow bull trend since August. Purchases by the public bolster confidence while call rates ease with gold inflows.
Fragmented financial report shows mixed money rates in New York and London with doubts about commercial paper demand. Call money near 6 percent, time loans varied, mercantile credit uncertain, and silver prices referenced amid global exchange notes.
The Indianapolis and Eastern Railway Company preferred stock worth 200000 was listed on the local Stock Exchange yesterday. Common stock and 5 per cent bonds, totaling 2000000, had been listed earlier but only received formal action yesterday. No trades occurred yesterday. the preferred bid 90 and ask 98. Exchange quotations cover a wide range of local stocks and bonds with varied bids and asks.
Chicago markets steadied as a leading long reportedly added 1,500,000 bushels to his wheat, aided by heavy local selling and bearish cables. May wheat closed down, corn and oats slipped, provisions mixed, with overall receipts and clearances noted and prices showing small declines despite intraday strength. Local trade dominated by elevators and commission houses, with prominent buyers and sellers shaping the session.
The local cash wheat market shows weakness with No 2 red and December slipping to 86c from 87c on Saturday and Monday. The corn market remains steady with prices unchanged.
General 1 cent per 100 pounds cut on grain shipments to seaboard tomorrow lowers corn freight tariffs to 9 16 cents per bushel. Local bids rise slightly, aiming to restore seaboard receipts near earlier levels after December tariff increases. Flour and wheat markets edge higher with meal futures watching weather, car supply, and North American exports amid bullish and bearish signals.
Reports from Chicago describe a bear dominated wheat session with some recovery, noting Armour and Wells behavior, weak cash prices, and rising Northwest supply. Corn shows limited demand, Seaboard cautious on export and inspection, while oats remain quiet amid general market nervousness. The text cites Illinois movement and Terre Haute buyers, with mixed futures and cash implications.
New York market reports a mixed session with flour receipts at 33,179 bris and rye and corn meal steady. Wheat futures show declines with May at 85 11 1/2 cents and December around 90 1/2 cents. spot No 1 northern Duluth at 84 cents f o b afloat. Corn futures ease, oats steady to dull, lard steady, pork weak, and coffee futures steady to slightly lower after brief gains.
Trade in General reports scattered grain prices and receipts from St Louis and other markets. Prices cover flour, corn meal, oats, wheat and rye in St Louis Kansas City Cincinnati Toledo Duluth Minneapolis Baltimore Milwaukee New York and Milwaukee markets with receipts and shipments figures and multiple grain classifications.
Boston and New York reports show a dull to steady wool market with price quotations across states from Ohio to Montana. Trade is limited as buyers cover orders. sentiment leans toward cautious purchasing before the heavy-weight season, with some regions noting weak or unchanged values despite overall quiet activity.
A developing national shift toward banks and trust companies courting small depositors increases labor and overhead but yields more stable balances. The article notes small accounts provide steadier totals than large call loans and emphasizes the value of widespread small deposits over concentrated big accounts.
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