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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
Mar 09, 1902
Page
11
A brief line from the Washington Post notes the author’s humorous heaven as a place without Dr Parkhursts, reflecting a personal quip rather than a full news item.
New York March 8 A muted stock week reflects heavy bank reserve strain. Cash loss near 9 million boosts fears of higher money rates as surplus reserves dip below 4 million and concerns over gold exports intensify. Public interest centers on Pacific coast issues and major railroad equities while London and Paris funds maneuver to shore up continental markets.
Financial data show clearings and balances in Indianapolis New York Chicago Boston Philadelphia St Louis Baltimore Cincinnati and London with varied rates on loans money markets and mercantile paper. Gold and silver movements are noted with weekly imports and exports and treasury balances in Washington highlighting available cash and gold reserves.
New York associated banks report week ending today with loans down 3,059,100 and deposits falling 11,821,600. Circulation and specie decline. reserves drop 972.00 with surplus down 6,017,500 and overall excess reserves at 3,958,422. Financier notes a cash loss of 5,972,000 with gold shipments and uncertain unrecorded money movements contributing to the gap.
The report notes the surplus at year’s end fell to a low not seen since Oct 19 when it stood at 2,470.00. On March 17 that year the reserve was 2,686.43. Net loss of specie by eight top banks totaled 610,100. Major banks showed loan declines totaling 5,200,000.
Private wire notes from Meyer and Kiser report a generally dull market with selective advances. Rock Island rose about 3 points but could not hold gains, while Pacific Mail gained roughly 2 points on optimism over talks to restore traffic with the Panama Railroad. Colorado Fuel showed slight weakness amid mixed speculation. The bank statement proved very bad, with a $9 million cash loss and banks above reserve requirements by only about $4,000,000. Traders anticipated further action after the report, and foreign exchange remained firm enough to allow further gold exports.
New York dispatch says no major developments today and little to predict for Monday. Some stocks rise with office demand supporting gains. If leaders stay measured there should be trading with an upward tendency next week until tougher conditions appear. Union Pacific and Atchison preferred seen as solid buys among standards.
Wheat gains supported by favorable weather and crop damage reports amid stronger foreign markets. May wheat opens higher, corn and oats rise, while provisions ease with hogs and lard mixed. Local bulls enter market as short covering grows and visible supplies shrink. receipts light and futures show cautious strength across grain complex.
In New York on March 8 grain markets showed stronger tones with provisions firm and the general list steady. Flour receipts reached 6358 bris with exports at 6290 brie while Minnesota patents traded around 5 309 and bakers near 1 9593.90. Winter patents quoted at 3.85 425 and winter strains at 0 91.9 with quiet overall activity.
Wheat and corn futures firm after initial weakness as dry Southwest weather hints and stronger French cables support gains. Spot grains show no major changes with oats and rye steady, soybeans quiet, and hogs and pork markets steady amid broader commodity activity.
The notes show steady to higher prices across grain markets with No 2 hard wheat and No 2 red futures quoted. corn prices firm, rye steady, oats mixed, and barley higher in several regional markets. Lard and bacon prices ease, butter remains steady, and export declarations list receipts and shipments of wheat, corn, and oats.
Fragmentary text mentions New York March Wool and dye items with unclear names and numbers, yielding limited readable details and no clear event or outcome.
A Philadelphia Press letter links Daniel Webster to a hidden eastern Tennessee land sale, noting Grundy and Webster era figures. It argues Webster’s deed was never recorded, leaving title in Grundy’s name, and highlights how lands later proved rich, underscoring the South’s awakening wealth and Roosevelt’s interest in southern development and the Charleston Exposition.
An Expensive Fad asks high prices for auto ownership with new private stables described as three story luxury bachelor quarters in East Seventy fifth Street. The seventeen by seventy five foot structures feature storage on the first floor, upper floor swing rooms, bedrooms, baths, and tehen with workshops, promising both vehicle housing and lavish living spaces for the modern automobilist.
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