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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
Dec 10, 1903
Page
2
A M Fletcher transacts general banking business receiving deposits subject to draft and collecting dividends remitted. Acts as fiscal agent for corporations and negotiates security instruments for railroads and other companies. Trades in government bonds and other investment securities. Commission orders executed.
A volatile session shows higher price ranges driven by utilities and copper led gains. Brokers note manipulation rumors, large profit taking, and continued absorption of selling amid hopes of outside demand. British sovereign remittances and overseas money movement shape the day.
Local financial chatter notes quiet money market with time loans around 5.54 to 6 percent and predicts dividends totaling near 2 million dollars around January 1 from local stock exchange firms and city corporations. Reports cite losses to treasury from banks, rising sterling, and expected market upticks as Brooklyn Rapid Transit and other traction stocks lead gains amid broader speculation on an upcoming upturn by late January.
New York on December 9 sees an opening at several points advance despite adverse Liverpool cables. After orders execution, trading becomes light and featureless. Bears grow as ball interests may be quietly winding down. Liverpool acts as heavy seller amid a sharp New Orleans decline. Market fears grow that prices can’t hold post government report. Purchases at the 12c level may prove profitable on any further dips.
notices filed with the secretary of state show the Wabash and Rochester Railway Company increasing its capital stock to 900 000 for equipment and operation. Other filings include Industrial Construction Company of Illinois under foreign corporation law with 5 666 daily stock, The Hoosier Tropical Company Franklin with 3 000 000 capital, and Mining and Manufacturing Company with 4 0 capital. Directors named include Charles B. Kerlin William Young Melvin E. Crowell E 0 Collins and Francis W Brown. A new bank Magoo State Bank of Delaware? Was incorporated with 25 000 capital. Noyes Carriage Company announces an increase to 75 000 capital.
Wheat prices tumbled after a major bullish operator halted backing, with May wheat down at day’s close while corn and oats held modest gains. May provisions rose, and traders noted light volume and cautious market sentiment despite some bullish Missouri crop signals.
Private wire advices on stock conditions indicate a day of irregularity in trading with an underlying good undertone. Brooklyn Rapid Transit leads as a standout performer amid a generally steady session.
In New York call money and bankers bills show varied rates with one month sixty and ninety day terms. Rates include six months prime mercantile at 4 percent, and demand bills around 4.54 to 4.79. Paris three percent rents near 98f 42e. Berlin and London quotes for silver and currencies appear, with a Treasury statement from Washington indicated.
The local cash wheat market hit a top price yesterday with No. 2 red at 87 1 2 cents. The Board of Trade echoed the gain, lifting the No. 2 red quote by 1 cent to 87 1 2 cents, while outside bids rose to 88 cents.
The Indianapolis flour mills cut output due to holiday slack and lower stocks. A miller reports depressed milling, weak orders, and a potential rise in flour prices if wheat strengthens. Public wheat stocks may drop about 230,000 bushels this week while Bulls and Armour influence keep a wary, bullish tone amid thinning receipts and mixed broker sentiment.
New York reports mixed grain receipts and exports with wheat and corn futures opening steady then wavering as Wall Street selling pressured prices. Spot grains ease. soy, cotton seed, and coffee show varied firmness. Butter and eggs markets in major cities trend easy to firm, with regional price shifts noted in Philadelphia Chicago Kansas City St Louis Cincinnati.
Local wholesale merchants report improving strength in cotton and sheeting markets as mills lag on orders after last year’s strike. Prices are higher than a year ago while demand remains robust statewide. Some jobbers fear large orders until cotton trends clearer, though weather favors sales and movement.
A block of fifty Columbia National Bank shares sold at 102 percent was the sole sale reported to the Stock Exchange yesterday. Sixy sales occurred in the session amid discussions on Indiana Union Traction stock, where recent bids were irregular due to delivery rules. Certificates will be issued later this month. Exchange quotations listed several local stocks and bonds including Indiana Union Traction and others on the Indianapolis market.
A fragmented listing shows connections to the New York Stock Exchange and several exchanges, with commodities and prices including cinchonida dry goods and various fabrics, Sara Cumberland, and multiple items in dry goods, groceries, and hardware. The dense OCR reads like a ledger of trades, with many prices per unit and numerous product names across meat, produce, and textile items.
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