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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
May 05, 1903
Page
9
FOR SAFETY Indiana Trust Co. offers safe deposit for valuable papers and treasures family plates precious possessions and every newest appliance and convenience. Fittings of unsurpassed elegance inspection invited.
A sunny mild day spurred strong wholesale activity in Indianapolis with dry goods houses reporting excellent business as traveling salesmen filled orders. Grocers, leather dealers, and grain trades all show firmer prices and upbeat demand as harvest nears, with eggs and butter following uncertain price moves and strawberries in light supply ahead of Tennessee and Kentucky arrivals.
A busy trading day saw stock prices rise decisively as professionals bet on scarce shares and limited offerings. Major advances appeared in Delaware & Hudson, New Jersey Central, Lackawanna, American Express, and Chicago & Northwestern, with Sugar benefiting from a tax refund ruling.
Indianapolis reports commercial paper and time loan rates with clearings at 1.12 million and balances of 188 thousand. New York offers call money easy at 2 percent with time money at 4 percent for various terms. Sterling and other currencies show firm exchange levels. Chicago notes New York exchange at par with large clears. London, Paris, and Berlin report rates on money, discounts, and bonds. Treasury statement highlights available cash balance and gold reserve details.
Private wire dispatch from Meyer and Kiser reports a stronger market with widespread gains led by Delaware and Hudson and active trading in Erie issues Missouri Pacific and Texas Pacific. Rumors of higher dividends circulated but were unfounded while crop reports from the West and solid railway earnings supported the advance. The day ended with a bull tilt and higher closing prices.
Today's stock improvement in New York was mainly due to efforts by Conner J. Field, W. B. Oliver, and Gould brokers. The market faced little resistance as floor sentiment favored moderate price gains, with no adverse news and no willingness from outside interests to join the rise so far.
Dun's Review shows April insolvencies in the United States and Canada with 750 commercial defaults totaling $11,811,967, fewer failures than last year but much larger liabilities due to a few big manufacturing collapses. Banking suspensions reached four with $71,000 in indebtedness.
Edwin C. Kelly treasurer and general manager of the B. K. Enamel Brick Company was arrested on a warrant sworn by president J. A. Blackburn charging embezzlement of 5000 pounds. Kelly was seized in Airmount West Virginia and brought to Cleveland by a local officer.
Chicago wheat opened firm on cables and outside strength then weakened, July and nearby contracts finishing lower. Corn Oats and pork market movements. futures showed mixed declines while receipts and weather reports influenced trading. New York shows a drop in visible grain supply across wheat corn oats and barley with small shifts in rye.
New York May 4 Wheat market opened higher on crop damage news and optimistic cables but reversed as damage denial spread, closing with small losses. Corn and oats followed lower trends with steady to weaker futures, while hogs and beef markets showed limited activity and steady to soft tones in fats and oils.
Market notes from St Louis Louisville and Kansas City show dull flour and steady seed prices, with wheat and corn mixed across contracts. Prices cited include No 2 red wheat around 72 73c, cash and May levels, with rye, oats, and lard varying modestly and ample receipts of wheat and corn reported.
Minneapolis May 4 Wheat Cash 70% May Tic July on track No 1 hard 7The No 1 Northern Tc No 2 Northern No 3 Northern 74 75 cents Barley firm No 2 0c sample 46 55c Oats dull No 2 mixed Ee Are steady Beads after tate tad eee Sade at $1.20
Broad-ranging May 4 market briefs from distributed reports. Butter eggs and cheese prices across states. Chicago and New York poultry standings. regional rosin spirits and turpentine prices. raw wool values and metals. multiple city price snapshots and shipments data.
Union Stockyards Indianapolis May 4 Cattle receipts 20 shipments small with larger than usual supply. Prices moved slowly as buyers sought concessions while sellers held for prior week close. Hogs receipts about 2,000 with few low grade hogs. slight decline overall, prices around 6.50 to 7.05 with some better lots at 7.05. Kansas City and Chicago notes show mixed trends with cattle steady to weak and hogs lower. New York and St Louis also report softer cattle and higher sheep.
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