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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
Dec 22, 1903
Page
2
The banking house of A M Fletcher transacts a general banking business, receives deposits subject to draft, collects dividends and remits them, acts as fiscal agent for corporations, negotiates security issues for railroads and other companies, deals in government bonds and other investment securities, and executes commission orders.
Dry goods jobbers report spring shipments amid mixed market signals. Iron and machinery markets show uncertainty while steel and unfinished materials trend positively yet delays persist. Poultry and eggs hold steady with brisk trade. prices vary by region and product.
A long list of wholesale and retail price quotations appears for varying goods including beef hides beeswax candles nuts figs and coffee. Metal tools, dyes, drugs and fabrics are priced with unit rates for numbers and grades. Market notes mention stock activity in New York with dull conditions, war clouds in the East affecting sentiment, and money market ease lifting short-term rates.
Private wire reports London turned bearish on the Eastern situation and dumped about 25,000 shares in early trading on December 21. United States Steel preferred fell about one and a half points, showing little rally by close as New York absorbed a sharp London-led downturn. Rail and coal stocks faced pressure amid deteriorating iron trade cues affecting the market.
The column depicts a late 19th century mood in financial markets with references to the rocking chair metaphor for stock fluctuations, a holiday trading lull, and optimism around a turning point in sterling exchange. It notes gold imports totaling 22 million and rising bank engagements in New York, Chicago, Boston, and San Francisco, plus warnings of manipulation and 'matching orders' in steel and rail stocks and strategic buy calls on Missouri Pacific and Southern Pacific.
In Indianapolis commercial paper rates at 6 percent and time loans 5 to 6 percent. New York money on call nominal, time loans steady at 5 to 6 percent, six months 5.5 to 6 percent. Stated exchange rates around 4.84 to 4.85 and 4.81 to 4.81 for commercial bills. London discount at 3.14 to 4 percent. Paris three percent rentes near 97.5. Berlin exchange on London 20m 42pf. Silver bar London at 22d, New York bar 54 1/2 cents. Treasury shows available cash balance and gold reserve details for the general fund. Indianapolis clearings listed with year-over-year comparisons.
Heavy liquidation weakened wheat with May at 4c to 5c lower, closing around 41 to 42c and a loss of 0.5c. Provisions rose while corn and oats fell amid bear pressure and better receipts. supplies, bids, and futures shifted as market players reacted to world shipment figures and East Asia developments.
Wheat gains supported by rising option activity while corn holds steady. Prices given for No 2 red, No 3 red, and milling grades in December bids. oats and timothy reported with mixed lots and wagon market listings. Prices show regional variation and numerous grade indicators amid active trading, with totals noted for multiple car shipments.
The week opens with bullish grain conditions as wheat export demand strengthens. Despite uneven last day exports, total primary receipts and shipments shift against last year, while July wheat discounts widen amid industry hedging and Armour buying.
In New York on December 21, flour receipts held at 20.08 bris with 6164 brie exports. The market stayed firm but not higher with winter extras at 9.15 3.40, winter low grades steady. Rye firm, buckwheat sour steady. corn meal and other grains mixed. Spot No 2 red at elevator 3c, No 1 northern Duluth at Sc, Manitoba notarial options firmer on war talk then weakened by clearances.
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