The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-07
CONGESTION OF TRAFFIC
THE DETERRENT FACTOR IN A VAST
AGGREGATE OF TRADE.
New High Price Records i'm Cereals
Conditions i'm Iron and SteeI-In-
dianapoIis Bank Clcarings.

NEW YORK, Dec. 6.-R. @. Dun & Co.'S
Current trade is of ample dimensions,
but traffic congestion grows worse and
labor controversies add to the embarrass-
ment or shippers. II consignments of fancy
goods for the holiday trade are delayed
much longer there will be serious loss.
Prices of commodities tend upward.
Although nominal quotations of iron and
steel are unchanged figures refer only to
future deliveries. and in most cases prices
for current shipments command a consid-
cradle premium. Since this margin is in
fiuenced by local conditions at the various
mills and furnaces, besides being further
complicated by scarcity of freight cars
and strikes, il is almost impossible to ar
rive at a fairly representative price level.
In general however, the tone is distinctly
firmer, with especial scarcity of billets and
further importatiOns. Steel-rail mills are
still accepting orders, with their capacity
engaged about up TO the end of next year.
and there is much concern regarding the
filling or contracts. since the lack of fuel
grows more alarming. Instead of pig-iron
production showing another new high rec
ord on Dec. l, was indicated by the
urgency of demand, il now appears prob
able that a loss will be officially announced
because coke was not available Instead
of furnace stocks being entirely eliminated
an increase may be recorded, since cars
could not be secured TO remove supplies
Merchant steel mills have orders for
months ahead. A seasonable decrease has
occurred in the movement of pipe, while
Independent mills have furnished sufficient
competition I'm sheets and wire nails to
bring slightly lower prices. The corner
In tin collapsed. prices falling about s
cents in few days, and silver declined to
the lowest point since September of 1897.
Activity and strength are conspicuous
In the markets for domestic wool Con-
cessions are not secured by purchasers
but. on the other hand. holders grow more
confident. Despite recent phenomenal sales
at Boston. there is steady buving and
stocks do not accumulate although arrivals
are liberal Makers OF heavyweight WOOL
ems received good duplicate orders while
contracts for spring lines come forward
freely. Cotton goods are i'm better request.
but mills delay new undertakings because
OF the sudden rise in raw material and if
IL IS sustained there will probably be
new price list OF prints. Coarse coIored
cottons are selling we'll, largely for ex-
port.
Footwear factories are busy on sprine
goods, many having contracts for some
months fun occupation. Chicago hides
show a further decline but imported dry
hides well sustained.
Staple products continue advancing. corn
making most sensational gain. Extraor-
dinarily high prices for this cereal tempt
ed many traders 10 sell future contracts
In expectation OF a sharp reaction. but a
further violent rise 10 the highest price
for many years compelled covering at Sc
we're losses. This gain II not governed by
precedent. the smallest exports for many
years falling 10 produce any effect Ship
ments from Atlantic ports for the week
reached the lowest point since 1894 amount
Ing 20 only 27S.zl5 bu. against $685. us last
year. Wheat was also sharply advanced
70 the best price Of the season largely
through sympathy with corn, for which IL
was freely substituted. The estimate for
the new-erop winter wheat and liberal
milling demands were also strengthening
factors. besides exports from all ports of