The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-17
BOOM IN LAKE TRAFFIC
Lack of Tonnage to Meet the Enor-
nous Summer Demand.
Coal Shippers Caught by Their Own
Cupidity-Hcavy Increase I'm Lo-
cal Freight Business.

The Lake Marine News Bureau, at Chi
cago. to-day will say: The boom in lake
traffic has at midsummer exceeded even the
expectations of the most sanguine vessel
owners at the opening of navigation last
April. The advance in rates has been steady
from week TO week, first in one great line
OF traffic and then another. until 1T has
reached the highest figures paid during the
summer months in this decade. Still. with
the advancing carrying charges, freight has
steadily accumulated. There is more coal TO
be carried than there are ships TO take it:
there is more ore to go from the mines than
vessels and were 1t not for the new position
of the great trunk lines of railroads from
Chicago to the seaboard, grain would be ac-
cumulating at upper lake ports for lack Of
tonnage to carry it to Eastern and foreign
markets. Wages on lake vessels and on
docks have been advanced from 10 to Is per
cent. practically every demand of the labor
unions. excepting that Of the grain shovel
ers at Buffalo. has either been granted or a
satisfactory compromise reached.
1.-THE direct cause of the boom in lake
business is the great activity in the iron and
steel trade. The iron mining companies are
putting forth every effort to get down all
the ore from the mines possible before
winter. Notwithstanding their efforts the
movement of ore is not sufficiently large TO
meet the demand of the furnaces. The
Illinois Steel Company, at South Chicago,
is a quarter of a million tons short of what
il ought to nave at this time of the year.
The great steel plants in Ohio and Pitts
burg are little better off, but they will need
every ton they can secure. Less than three
months ago even vessel men believed a dol
lar rate on iron ore from Lake Superior was
a thing OF the past. yet the i~ron-mining
companies are now paying that figure.
1T seems likely the Northwest, supplied
with coal from Lake Superior, viii be in a
bad way for fuel owing to the steadily adj
vancing coal rates from Ohio ports. Instead
of moving their stocks early in the season
the coal shippers pursued the tactics which
they had been so successful at In the years
OF depression. They got together and made
an agreed rate, more than which they would
not pay. The result was that when the coal
ought to have been going forward ships
were running back to Lake Superior with
out cargoes. AT last when the coal shippers
found they were under new conditions and
were not masters of the situation. as they
had been since the panic, they began 10 bid
up, but in the meantime return freights had
also advanced and they were as bad off as
before. Vessel men say IL is now impossible
with the ships to be had, to take a suffi-
cient supply of fuel TO the Northwest for
the coming winter, regardless of rates.
From now until the close Of navigation
there will be nothing but rush in the lake
business. Thus far the losses from disaster
have been very small and the season to date
Is as profitable TO the underwriters as to
the vessel owners"