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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
Dec 14, 1903
Page
2
The feature of the wholesale grocery trade this week is higher package coffee prices driven by Eastern speculators. Markets view increases as justified due to previous underpricing for peak demand, while canned tomatoes and related goods show tighter stocks. Trade notes expect wholesale activity to rise with favorable weather aiding delivery and country orders.
Produce merchants report a fall in trade at week's end while early days showed strong activity. Poultry and eggs hold steady with firmer egg tones from cold weather, then ease as warming trends arrive. East coast consignments thinning. prices for dairy, candies, nuts, and coal noted with regional variance.
A patchwork of commodity names and prices dominates the page, with groceries, grains, textiles, and farm items listed. Items include coffee, sugar, flour, molasses, oats, spices, leather, nails, and various farm produce. Specifics cover brands, weights, and per unit costs across multiple departments.
The cotton market opened fairly steady in New York on December 12 as demand from shorts, commission houses, and bull leaders supported prices near last night’s close. A rainy Southwest and approaching cold wave added bull confidence, with receipts light. Reports from the South on spot market and on-hand stocks were contradictory, but indicators suggest rapid picking and marketing, less cotton in interior than a year ago, with movement as the main price driver. Prices ranged with highs and lows and a close near the prior level.
Special to the Indianapolis Journal reports from Washington that France will have little foreign wheat market this year due to a bumper crop and lower prices. American wheat finds a modest market only in Marseilles at about 14 francs per 10 kilograms plus 7 francs extra for cuppenning, totaling rough equivalents of 23 francs per 100 kilograms.
New York stock activity stayed irregular and dull as the market absorbed speculative contract effects. United States Steel preferred gained modestly before selling pressure reappeared. Brooklyn Transit faced notable profit taking. Pennsylvania remained under pressure amid dividend undercut in the curb market.
The week ends with moderate recessions in railroad stocks from Wednesday highs. Bear raids depress Pennsylvania and United States Steel preferred, while strong absorption in Atchison Union Pacific Southern Pacific Missouri Pacific Erie and Reading supports a cautious near term outlook. Bank statements show surplus rise and loan declines, with mixed sentiment on steel and traction shares.
New York weekly bank statement notes a cash increase of 1 751 000 with specie up 722 060 and legal tenders up 1 039 590 while deposits rise by 17 280 150. The Financier cites closer alignment between cash gains and traceable money movements, offset by transfers to New Orleans and gold deposits, and notes a year ago reserve strength and anticipated cash growth from abroad and Westward returns.
Heavy snows in the winter wheat states and large December deliveries pressured futures. May wheat fell while corn closed modestly lower and oats slightly up. Provisions posted gains as hogs and other meat prices rose amid light receipts and yard demand.
The local cash markets closed the week with corn weaker and oats weaker while wheat held Friday’s levels. No. 2 white corn quoted around 4c, No. 3 white mixed near 34c, other grades down to 2-4c. Oats and timothy prices drifted lower with No. 2 white oats around 38c and No. 1 timothy at 11 dollars per ton.
The New York market shows mixed movement with flour receipts at 42 501 barrels and various price ranges for winter patents and Minnesota flour. Wheat futures opened steady then slipped before closing modestly lower on light trading and weather and war talk, while corn oats and other grains moved with receipts and demand. sugar and coffee markets showed varied action amid overall steady to firm tones.
Report from A R Thompson Co and Porterfield Co in Chicago notes a weak wheat market led by December, with Armour support and Friday deliveries shaping moves. Corn futures eased, new crop cash prices weak, with December discounting May and receipts around 199 cars. outlook bears on wheat and cautious on Monday trade.
Market report lists flour and grain prices across multiple cities led by St Louis Kansas City Cincinnati and Chicago. No. 2 red and white wheat prices vary by location with December futures and cash bids noted. corn oats and rye show mixed movements. Oil futures and eggs butter and cheese prices also cited with regional receipts and shipments data.
New York call money rates and mercantile paper steady with prime rates around 6 percent. Sterling exchange and London market show modest discounts and listed rates for checks and bills. Washington notes a gold reserve of 1,009 million and available cash balance of 220.6 million. Silver and bullion markets cited with bar silver at 5 cents and Mexican dollars at 41 1/4 cents. New York imports of dry goods valued at 2,270,456 with bullion movements noted for the week.
The Board of Trade weekly report shows a 29,700 bushel rise in local corn stocks to 87,400 yesterday, while wheat stocks drop 27,289 bushels to 254,559. Oats remain at 0, rye stock is zero. corn receipts reach 313 cars totaling 193,500 bushels and three wheat cars join the tally. Indianapolis mills produced 11,490 bushels of flour this week, down from 12,510 last week, compared with 12,067 last year.
Market notes show varied turpentine rosin and kerosene prices with regional quotes in Charleston Savannah and New Orleans. New York reports market conditions stable with buyer caution and seller-friendly pricing. New Orleans cotton sales 2100 bales with prices quoted. wool and metals markets also noted across cities including St Louis.
The table compares current local stocks and bonds with last year's conditions. It discusses New Telephones and People's Deposit Bank, notes changes due to the Union Traction and Indianapolis North Traction merger, and explains how to adjust Traction common and preferred quotations for proper comparison. It also mentions additional quoted items like Traction & Terminal and other securities not in the main list.
Banks grow stronger as Western farmers repay loans from bountiful crops. Creditors shift to larger banks, boosting investment while smaller lenders pull back. Borrowing tightens, causing some firms to suffer. receiverships and failures rise as commercial banks absorb risk from weaker borrowers.
A discussion on the need for foreign markets for American industry. It notes railroad rate cuts and past export trends, with data from 1870s to 1890s, showing fluctuations in manufactured goods exports and the shift toward seeking overseas demand during industrial recession and competition at home.
Reports from Christiania dated 3 December say the steamer Ocon was destroyed by fire with twelve A Lates aboard. Six dead are reported among crew and passengers, with three crew and three passengers among the fatalities.
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