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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
Oct 04, 1902
Page
3
The A M Fletcher banking house transacts general banking, scanning deposits and drafts, collecting and remitting dividends, assisting corporations, and negotiating securities including government bonds and other investments. Commission orders executed.
Reports indicate firms and individuals in the banking sector facing organized solicitation efforts. Banks, bankers, and related corporations are being approached for services or investments, with authorities cautioning due diligence and compliance.
Corn remained the market mover on the Board of Trade with prices stronger on unfavorable weather. December corn closed up about one cent, while December wheat rose modestly and oats gained slightly. Provisions also advanced, with whipsaw action in December futures driven by export demand and canny buying by commission houses. Primary receipts totaled over 1.2 million bushels, with mixed depots adding slight pressure. Local and export demand buoyed values as traders adjusted positions amid thin trade and ongoing short selling.
New York reports a sharp advance in corn with active sugar markets and firm grain prices. Wheat receipts totaled 106,425 bushels with exports of 176,140, while No 2 northern and No 1 Bard Manitoba futures show firm support. outside buying and bullish sentiment supported corn strength amid mixed rye and barley tones.
November market summary shows slight activity across commodities with notes on wheat sugar and coffee. Prices for flour and refined sugar movements are cited, including ounces and cents per unit, while weather affects receipts and corn advance. International markets referenced but without detailed breakdowns.
Commodity quotations from St Louis and other cities show wheat and corn mixed trends, with oats, rye, and pork lard prices noted. Reports include London and Liverpool wheat and corn tones, with shipments, receipts, and varying futures quotes alongside regional flour, sugar, and potato rates.
New York reports steady butter receipts and mixed creamery dairy goods with firm cheese. Quotes from Philadelphia and Chicago show varied butter and egg values, while Boston Wool Bulletin notes heavy American wool purchases and an optimistic price trend. Cotton and poultry prices move unevenly across New Orleans Louisville and St Louis with regional differences.
New York Oct 3 stock market saw a violent late-day decline after rumors that Secretary Shaw’s plan to end the 25 percent reserve on government deposits in banks was ruled illegal. A denial from the controller of the currency followed, and a rally closed the session as prices steadied.
Indianapolis reports 4 6 percent commercial paper and 5 6 percent time loans with clearings at 2 098 007 56. New York money on call at 5 8 percent, prime mercantile at 6 percent, exchange posted at 4 87 for demand and sixty days. Clearings and balances listed for Chicago Boston Philadelphia St Louis Baltimore Cincinnati with varying discounts and dollar totals.
Paris quotes three per cent rentes at 99 percent, Berlin shows London exchange at 2m 464pf, New York lists bar silver at 9 8 4 cent per ounce, London bar silver weak at 234 pence. The short and three month bills in discount markets range around four percent and 244 percent respectively.
Washington Friday treasury statement lists available cash balances at 221,966,519 in the general fund excluding the 150 million gold reserve, with the division of redemption noting 136,004,647 in available cash.
The live stock market at Union Stockyards Indianapolis on Oct 2 shows cattle receipts around 1,000 with about 400 shipments. Cattle values mixed with some grades steady and others lower while hogs move 0 to 10 cents higher and sheep active and steady. Buyers are cautious and better stock sells at steady prices though many cattle remain hard to move.
R G Dun and Co Weekly Review notes no shortage of goods yet overdue prompting urgent calls to jobbers and manufacturers. Western demand, cotton marketing, wage gains, and improved transport boost activity though iron and steel could expand if facilities normal. Cotton goods remain in steady demand with limited export sales and wage-driven pricing. Commercial failures in the US rise versus last year, with 1923 nine month totals and banking defaults listed.
Bradstreet's forecast notes broadly favorable nine months results across finance and industry, with coal supply as a rising national concern. Failures and debts are low, while steel and electron sectors flag some weakness from fuel and pig iron shortages. Wheat and corn exports rise. overall business failures decline week over week despite shifting metal demand and rail material backlogs.
New York Oct 3 The Bradstreet table shows the weekly bank clearings at principal cities with year over year changes. Indianapolis demonstrates a rapid upturn in business as the period ends, reflecting broad economic momentum across the sector.
Washington Oct 3 Controller of the Currency Ridgely issued a statement denying reports that he had overruled or would overrule the secretary of the treasury regarding the reserve on government deposits secured by government bonds. He said the rumors were false and unfounded and that he, the secretary, and the policy are in full accord.
The Union Traction Company of Indiana issues new time table effective May 23 1902 with service from Magnolia Block Capitol and Kentucky Avenues to Anderson and Muncie. Limited trains serve Anderson and Muncie with two hour travel, direct connections at Indianapolis for Elwood Marion and Alexandria, and express cars depart Indianapolis for Anderson at 6 30 am and 2 30 pm.
Indiana railway timetable effective August 15 1902 provides Greenfield Knightstown and intermediate station passenger cars departing from Feredian streets Aim car hourly with special combinations and express runs. Arrivals and departures occur at Georgia and Meridian streets with morning and afternoon trips listed, details partially cut off.
Mooresville and nearby routes depart Kentucky Avenue Rescare Street at 6 30 a m with Sunday morning excursions. One hourly service to Brooklyn from valet station Oe Peksaneped Pion in Iis Imn, including Oran thereafter to and including the specified time.
Passenger cars depart from Pennsylvania and Ingtom streets with first car at 8 and last at 10. A combined passenger and express run at Meridian and Georgia streets serves to 3 20 p m. A minute. The text then discusses reserve requirements for a financial association, potential receivership, and joint decision making by a controller and the secretary of the treasury, with the secretary retaining final authority.
ST JOHNS N F Oct 3 The Leyland line steamer Bostonian fifteen days London with a cargo arrived today to assist the German steamer Pallanza sixteen days Hamburg to New York with a cargo The Pallanza was damaged Friday last in terrible weather Signaled by the Bostonian which stood by until Saturday due to the gale The Bostonian then towed the Pallanza seven and a half miles through fearful weather and rough seas
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