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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
Dec 12, 1903
Page
2
The page lists prices for drugs and chemicals, dry goods, groceries, and hardware items with a focus on per pound and per unit costs. It also includes a market report noting limited stock activity, U S Steel declines, and general conservatism in investments with brief bond and currency observations.
Local securities discuss the Atlas Engine Works begun in 1872 now a leading Indianapolis industry. It is the world’s largest plant devoted to steam engines and boilers. Details cover preferred stock, tax status, and dividend schedule with redemption dates and par values.
Private wire notes from Indianapolis report railroad securities resisting declines while Steel preferred trades heavily, with over 200000 shares changing hands and a 3 percent loss. Insiders are implied to have supported the rails, keeping the market steady despite bearish sentiment.
Banks in Chicago report higher commercial paper purchases by large national banks while six month loans at 5+1/2 percent are offered. New York and Wall Street discuss steel weakness, railroad stocks, and anticipated fund movements for January disbursements with calls for selective buying of Missouri Pacific, Wabash, Texas Pacific, Erie, Southern Pacific, and Amalgamated Copper amid mixed market signals.
Indianapolis reports commercial paper at 4 to 6 percent and time loans at 5 to 6 percent. Clearings amount to 1 078 958 79 with balances 257 750 75. New York money firms bid 5 6 percent, offered at 6. Time loans sixty and ninety days at 6 percent, six months 5 percent. Prime mercantile paper 6 percent. Sterling firm. London money 9.5 percent, Consols 88. Paris three percent rentes 98. Treasury statement notes available cash balances in the general fund and gold reserve details.
The cotton market opened higher on Liverpool strength amid heavy continental demand and light offerings. Heavy short covering and outside buying pushed prices, then a renewed wave of orders sparked another rise, with late-day trading steady near day’s best. A New Orleans report of heavy ball clique buying lifted sentiment, but holiday realignment may trigger heavy realizations. market offers opportunities, safer to sell short on good rallies.
Forty Wasson preferred stock shares traded on the Stock Exchange at 100, the day’s sole sale. Overall bidding showed modest bullishness with several important stocks lifting bids. Official quotes list numerous banks, railroads, utilities, and trust companies with varied bid prices and delivery when issued terms noted.
The piece condemns the Steel trust capitalization and its speculative manipulation. It accuses promoters of selling bonds and shares to the public, then forming syndicates to profit from buyers. It remarks that an insider history would shame many era millionaires for get-rich-quick schemes.
Chicago December 11 May wheat rose to as high as 1 1 1 2c from the low with a late softening yet closing 1 2c higher. Wheat and corn rallied on demand and strong Liver pool prices with large clearances. oats and provisions also advanced. Primary receipts logged 795 600, with smaller Northwest and Southwest shipments aiding the rally. May wheat closed near 81 2 1 2c, oats rose, and hog prices gained with May pork up to 11.67.
Local cash wheat and corn markets rise after option market read. Wheat advances 1 to 2 cents, corn 1 to 2 cents, oats and hay steady. No. 2 red and December wheat gain about 1 cent from Thursday, climbing toward the crop top reached Wednesday.
The wheat market surged as bulls rode the government report and open activity. Receipts were 796000 bushels of wheat and 427000 of corn, with ongoing spread of short cover and strong miller demand. Analysts note general snow in the northern belt and expect ample moisture next growing season.
Chicago trading opens bullish on govt yield drop and Argentina weather, with 437 million bushels forecast, 100 million below last year. Winnipeg and Minnesota receipts vary, cash trade improves, exports active, futures firm. Bullish sentiment persists amid firm corn, stronger cables, and cautious offers from Northwest and Seaboard.
Fresh buying spurred by bullish crop reports lifts flour and wheat taxes in New York trading. Spot grain remains firm with No 2 red at 90 1 16 cents, while futures edge higher on demand and export gossip. coffee and molasses show firm to dull trading as markets close with modest gains or steady tones.
Trade in general items reports mixed price movement across grains and breads with active flour futures, steady corn meal, and firm hay. Wheat, oats, and corn show shifts in bid prices in Kansas City Cincinnati and Milwaukee markets, with December and January contracts noted.
New York market notes dated December 11 report butter receipts at 4 million packages with quiet demand. Creamery and graded varieties show small, late-made lots including common to choice, with various state classifications and a total around 230 packages. Nearby markets in Pennsylvania and the West note second and extra grades, with refrigerated Bagale details incomplete.
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