davidaulloa/AmericanStories huggingface dataset:
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
WESTERN COAL TRADE.
weather Conditions Check Movement
Both East and West.
o The indianapolis Journal.

Special TO the indianapolis Journal.
CHICAGO. Jan. 15.-The Black Diamond. Off
cial organ of the coal industry. reviewing the
Western trade, tomorrow will say:
THE mild weather experienced last week in
the West. while the Eastern States were in the
midst of a severe cold wave. had an influence in
curtailing the demand for fuel of all descrip-
lions The result is in evidence this week In
an oversupply of many descriptions OF bituminous
coal at chicago ana 1tneI tag1 In n1e n mo d
Possibly the discOuraging features or the mid
winter market are emphaslzed 70 a considerable
panIes TO move coal promptly. There Is COM
plant In some quarters that cars at the mines
have had 'tclean-ups," during which they moved
practically all Of the coal congested at junction
suited in comparatively heavy arrivals. and.
with the consumption reduced. owing to the
weather conditions. TO which attention has been
called. IL was quite natural that there should
be some pressure to find buyers.
pendent on the weather. Should much lower
temperature prevail in the West and the cold
anticipate steady values on about a normal
basis. on the other hand, should the weather
continue more or less mild a decentralization in
values would be most likely TO occur.
THE Western anthracite trade continues on
portance being the absence OF suf1cient quanti-
ties OF all-rail coal to meet current requirements;
has been loaded for all-rail territory where de-
mapds were especially urgent gr6T condit,ons the mast
week. transportation lines out Of Buffalo have
been badly congested. The Grand Trunk has
been embargoed on all connecting lines. and
very little coal has arrived at Michigan points
or in Chicago over that road. Several Of the
Chicago-D Detroit Buffalo lines have been badly
Handicapped owing to the interruption by ice TO
ferry service over the Detroit river. one line.
except for handling passenger traffic and perish
able freight, has attempted TO handle no freight
during the week. and this. Of course. has held
back a considerable tonnage OF coal. Another
factor in interrupting the movement of all-rail
coal is due to the extremely cold weather in the
East last week. Many Of the collieries We're
unable TO work. owing to inability 10 operate
their washeries and breakers. and this must
certainly have reduced the tonnage produced,
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
NEW YORK

NEW YORK. Jan. 15-Flour-Receipts, 20. 80
brls; exports. 2s.477 brls; sales. Y. $50 packages.
Market quiet but firm. Rye -four firm: fair to
good. S3.35q3.45; choice TO fancy, a
Buckwheat flour easy at ~S2.lOd2.25 Corn meal
firm. Rye steady. Barley firm: feeding. 47c.
c. /. f. New York; mailing, 5Oa6oc, c. /. +. Buff
falo.
w-heat-Receipts, $3.50 bu: sales. 1900. 900 bu
futures. Spot firm; No. ? red. Csc to arrive and
sc (. o. b. ahoat: No. l northern Duluth. sshc.
f. o. b. ahoat; No. / hard Manitoba nominal
(. o. b. ahoat. Options were hrmer again to-
day on renewed war talk. lower consols. bull
support at Chicago and bad weather in the Ar
gentine, closing strong at &c net advance. Sales
included: No ? red. May. sO.aslc, closed at
Sic, July, S6lzaS7 s-iee. closed at 81 s-lec
sales. 1000 bu futures and 400 ba spot. spot
hIm; No. :, Azc in store and 5su9Sl4c T. o. b.
ton market opened steady and later advanced
on the wheat upturn, light offerings, war news
higher. May, 5lA a5l lS-l6c. closed at 50 1S-lsc.
oats-Reeeipts $500 bu. spot. firm: No. 2,
Whit; StHh R@s "i NO. ) White. ssas5Ee: H track I
white Western. 44Q4Sc; track white. state, A
Feed frm. Hay steady. Hops arm. Hides
nrm. Leather steady. Wool hrm.
ern steamed. $40; January closed at $40 nom
inal; refined hrm. Pork hrm.
Japan nominal. Moasses firm.
conee-Spot Rio steady; No. T. invoice. 7ssc.
Sugar-Raw nominal: fair refining. 27c: GEN.
trifugal, 80 test, 3ssc; molasses sugar. 2sc. Re-
fined dull.
The market for coffee futures opened steady
at an advance Of . points following bull
fish adviCes from the French markets and con-
tinued moderate primary receipts. While de-
manc was not large apparently there was COM
paratively little coffee Offering early and dur
ing much OF the session the market ruled firm
net ; to 10 points higher. Toward the close.
however. there was considerable liquidation and
although the market was finally steady, the
gains had been lost and a decline Of 5 points
established on October. the other mrufhg hefp~
net unchanged Sales were reported OF 500
bags, including: January at 7O5QI. 10c: March
at 1904 7.S5c, May at I65Q770c: June at 7.SOc:
July at 1921 95c; September at S.l0dS 2Oc; Oc-
tober at S.l5q22Oc and December at S.5Jc.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
STOCKS Dull But FIRM
WEAKNESS OF LONDON MARKET DID
NOT AFFECT AMERICANS.
Big Gain in Cash Indicated Good
Bank Statement TO-Day-Banks
Ahead S7,OOO,OOO.

NEW DIRK Jan. 15.-This was another day of
incOnsequential results in the stock market and
Of Iistless and neglectful trading. The war
scare seemed to have resumed its force in for
eign markets. II started prices ownward here,
but support was met, or. rather. the selling was
discontinued.
Movements for the rest Of the day were desul-
tory and scattered. There was some absorption
Of United States Steel preferred and Of Anal
gamated Copper. which seemed based on trade
conditions. but their movements were without
animation or importance. United States Realty
preferred was supported and advanced two points.
IN spite of the withdrawal of important interests
from the company and the disclosure of a degree
Of friction in the corporation. which had not
been adequately understood.
The advance in Pacific Mail was based upon
a superstition that the withdrawal of competing
between Russia and Japan would decrease the
business Of the company. The Erie issues were
slight rallies. on the doubt raised in the public
discussion as TO the declaration of a 2 per cent.
seml-annual dividend on the preferred for the
WHEN VOTING TRUST EXPIRES.
The provisions of the voting trust are for it's
expiration upon the declaration Of a full 4 per
cent. dividend in a year on the first preferred
stock. 1t is rumored that the voting trust may
desire to perpetuate its control by Withholding
the full dividend. as was done lately in the case
OF the Reading first preferred dividend and the
Southern Railway preferred dividend.
Inc heavy influx OF cash indicated by the pre-
liminary estimates of the worlds currency move
ments was accepted with languid interest, and
the market closed barely steady and intensely
dull. Estimates of the receipts by the banks on
the direct express movement vary TO the extent
Of several millions OF dollars.
Inc subtreasury operations have yielded TO the
banks S~f,4l2,OO0, and the various estimates of the
interior movement indicate d total net gain in
cash OF twelve 60 fifteen millions. The advance
IN foreign exchange towards the gold export
point under these circumstances is not surprising.
The December foreign trade statement leaves
no doubt, however, that New York can readily
command more resources with evidence of any
need. Both the exports and the excess Of ex-
ports over imports Tor the month rise to record
hgures, the trade balance in our favor amounting
10 the formidable total Of $50, 9S4, 0S4. An in
crease in the value of imports of upwards of
Sl6,OOO.O5O. compared with December of last year,
contributes materially 10 this result, and marks
the resumption of supply of the domestic demand
by domestic products in place of formerly i'm
ported materials.
Bonds were firm, and a broadening tendency
was manifested in the market. Total sales, at
par value, were 50. $50. 900. United states twos
declined "a per cent. on call.
Sales and the range.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
BUSINESS IS IMPROVED
EASY MONEY WILL CAUSE
TON OF POSTPONED WORK.
Distribution of Merchandise Is In
ACKNOWLEDGEMENTS i'm Steel and
Iron Trades Only Moderate.

NEW YORK. Jan. 15-R. c. Dun & Co.'S
weekly review Of trade tomorrow will say:
Reports OF Improvement in the volume Of
business outnumber unfavorable dispatches. al
though the situation is decidedly irregular. As
the money market becomes easier there is better
prospect Of postponed work being resumed.
All structural lines are largely dependent upon
and the restoration Of confidence among investors
Only fair reports are received regarding the
steel plants have resumed. but the preceding
curtalment was very severe.
Textile fabrics are as badly unsettled as ever,
lower prices for new lines Of woolens proving a
6isagreeable surprise to the many small oPer-
atOrs. anG speculation in cotton rendering Tor
ward contracts for goods an impossibility
Distribution OF merchandise Increases WIT Win
liberal orders for spring goods from statesmen IN
the West and South.
IN STEEL MODERATE.
Only a moderate improvement has appeared
thus far in demand for iron and steel products.
although the resumption OF. idle plants has at
tanned ENCOURAGING proportions. II so far as
pig iron is concerned the week has brought a
slightly lower range Of prices without stimulat-
ing Inquiries. and most departments report no
change in the attitude OF purchasers. whlcn IS
one Of waiting for more attractive terms. rms
disposition is especially conspicuous as 10 steel
rails. consumers insisting that the price should
change In response TO the lower cost OF materials,
In this connection II should be
that the leading producers MAINTAINED steel rails
at SIS without any advance while Bessemer pig
iron rose from Sl5.7 in 1901 TO S22.S early last
year, and other grades OF pig iron advanced
even more sharply.
WIRE PRODUCTS STRONGER.
Hence il Is not surprising that there is an
| effort TO continue stability. although it is true
that the reaction in pig iron has carried BESSIE
mer down to s13.S5. Large sales of scrap iron
and steel have brought greater strength, and
wire products are quoted 81 a ton higher.
Conservatism still marks the course of both
buyers and manufacturers of cotton goods. I'm
dOubtedly consumption is gaining on production.
but there is no inclination 10 anticipate require
ments. Further moderate advances in quota
tions are asked Dy the mills, and small orders
for quick delivery are being asked in every case.
Footwear buyers have appeared in the Boston
market and are placing liberal orders for spring
delivery i'm the South and West. while taking
some samples of fall shoes. Hides are more ac-
tive and prices firmly maintained, with some
advances. especially in foreign dry hides
Failures this week numbered 34 in the United
States. against 267 last year, and twenty-four
in Canada. compared with thirty-eight a year
ago.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
a IN
Quotations at st. Louis, Baltimore.
Cincinnati and Elsewhere.

ST. LOUIS. Jan. F fairly active and
steady; red winter patents, extra
Timothy seed steady at s22Oa2S5; prime higher
Corn meal steady at $40. Bran strong: sacked.
cash cash. u elexatS sI@S Sgs.c C: track. saiasse:: Nav Z IA
sac July, s9.c; No. ? hard. 730slc. Corn high
ssisc: july. Sec. oajs higher; 40. 3 cash. ~:
ira y, 3Sisd39c: May 4oA4i05sc; No. ? white
Whisky steady at slsl1s. Cotton ties. No5. Bag
ging. 5ssqsizc. Hemp t"iRs sc. Pork higher:
shorts. SO. clear RIBS, $40: short clear. So.
corn I02. GOO bu: oass. 1900 bu. Shipments
Flour loco brs. wheat. $1,000 bu; corn. 5000
KANSAS CITY. Jan. l5-wheat-Nay 7s1a
79hc. July. un7tisc. cash. No. 2 hard. 74G7se.
No 3 e9hg52.Es csrn-MSg. si5ss July age:
3. nikc. Oats-No. 2 white. 4Oc; No. ? mixed.
37G3Sc. R~ecelpts-Nhcat, 49,. 200 bu: corn, 5O0)
bu: oats. 1890 bu. SUPERINTENDENT. iSs. 800
bu: corn. 44.soo bu. oats. 1900 bu-
CINCINNATI. Jan. T.-Flour hrm. wheat
firm No. 2 red. 9iizas5c. Corn hrm: No.
mixed. 45izQtee. oats hrmer; No , mixed. s0i19
&c kye steady: No. Sc lard quiet az 80.
Bulk meats qaiet al 80 Bacon steady al s.. IS.
Whisky-Dist.llers finished floods quiet on basis
Of SLz7. Sugar steady
ULUTH MINI. Jan. 15-wheat-In store.
No. / hard. S6izc: No. I northern. SIC: No ;
! northern Sc: No. ? northern. saaa.e, Sssc;
on track and 20 arrive, size.
MINNEAPOLIs. Jan. Close. wheat-Nav
otrHNotrscs july 01frNNAl4L1 s*Rleiuher. Ihcs on
track. No. 1 hard. STAG. No. ] northern SAH.
40. > northern. S5&aSf4c; No 3 northern 80
79lkc.
LIVERPOOL. Jan. B-wheat-spot nominal
No. , red Western winter. no STOCK. 49,
Is 4ssd. Con-Spot firm. American mfxcs 49,,
As I'd: American mixed old. A. SD.
TOLEDO Jan. B-Cloyer seed-casb a. s-,,
January. $6.sllz: February, s.. prime alsits
$50; prime timothy. $40 Wheat-NIay. go.
July. Sac. cash. 9lAc.
BALTIMORE. Jan. 5-Wheat-Js,,a-u
S9ac: May. slAc. Corn-january, 5ON4so&c.
March. 50kn50kc.
68c, sample, 3Sa6-c-
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
U. S. STEEL PREFERRED STOCK

The value OF aecumulative preferred stock in
any company Is determined by two conditions.
one or these Is the average earnings OF a COM
pany over a period OF years. and the other is the
possibility or foreclosure by bondholders during
a depression.
IN the case Of United States Steel preferred
stocks, the bonds coming ahead OF IL consist Of
three classes. namely, the underlying bonds OF
subsidiary companies. the Carnegie bonds and
the sinking fund . Per cent bonds. In the case
OF the last named, default must continue for
two years before foreclosure can be accomplfshed
which means that the company must. during two
years fail TO earn enough 10 meet its interest
To meet all bonded interest ahead OF the sink
ing fund lives. together with depreciation and al
loWances as az present. requires. in round dg-
Eres. &0,c0o.o0O per annum OF net earnings. Pass
ing over the fact that the company could IN
coubtediy manage 70 get along through one or
two very bad years without the full allowances
for depreciation and so on made in the mast
three years. IL would seem that at worst II would
emily have 10 earn 100000 a year 10 keep the
Carnegie bonds from foreclosure.
The sum OF G0oOo.000 per annum would take
care u the sinking fund hves as well. 50 that
<J0.oo4.ooo would prevent the preferred stock from
foreclosure. IL f. safe 70 say that for a period OF
two years Se,0o.o9 a year would 90 this anv-
how. as the company would undoubtedly inter
nit the special depreciation allowances for that
period n necessary. Thus. the prospect OF steel
preferred stockholders having 10 face a fore
closure. may fairly be described as reasonably
remote. everything considered Wall Street Jour
sal
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
Local Clearing
EFFECTS OF WAR ON MARKETS.

This fall of consols to the low price of the
generation, the break in Russian, japanese and
Chinese bonds, the furious advance in wheat. and
the equally spasmodic break in cotton draw
renewed attention to the question of war in it's
influence on staple markets. Experience teaches
abundantly what is the first effect of a war an
nouncement; but most people are still somewhat
hazy in their recollection of what was the actual
result.
So far as regards securities. and notably pub
lie securities, the government causes have been
concisely summed up by Sir Robert Giffen. A
good while ago, he observed of this question:
"A really hTst-class war will be certain 10
cause a creation OF securities on a large scale.
We know what has taken place in our great
wars. and the more recent experience of the
United States and of France will be fresh in
peoples recollection. When war breaks out,
therefore. or is suddenly threatened, spectators
know for certain that an event is at hand
which will not disturb the markets temporarily.
but may absolutely defeat their speculation. -
New York Post.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
Bank Exchanges in 1903 Mean Little.

New York bank exchanges last year meant lit
tie. Money conditions curtaied financial opera
tions to such an extent and stock market oper-
ations were 80 reduced that New York bank ex-
changes, especially during the last six months
OF the year. were abnormally low. The irregu-
Iarity shown in the statement OF average daily
bank exchanges compared with both preceding
years was due almost wholly TO this fact. par
tfcuIariy the heavy loss that appeared at different
periods OF the year. Bank settlements at cities
outside Of New York are not so strongly inhu-
enced bv purely financial transactions and eN-
changes for those cities f. given separately. They
made "A very satisfactory showing. and while in
the last three months Of the year exchanges were
somewhat below normal. the loss was small.
Settlements through the banks on most CONNER
cial lines for the year were quite as large as in
preceding years. and the Increase In bank ex-
changes at cities outside OF New York up 70
and Including September, compared with 1902.
reflect heavier bank payment than In that year.
Compared with all other years but last. bank
settlements showed a considerable increase each
month. The gain was very large II comparison
Is made with years prior 20 1900. though in 1899.
which was a busy year. exchanges were heavy
The Financier.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
Local wheat Market Weak.

The local cash wheat market ruled weak yes
terday. No. . red going back to s2c. Corn was
stronger. The range;
Wheat weak: No. ? red, 92c track; No. 2 red.
s2c on milling freight; No. 3 red. SIC track;
wagon. zoe.
Corn stronger: No. 2 white. 44hc; No. 3 white.
44Lc: No. 1 white. 42c: No. . white mixed. 34c:
No. 3 white mixed. sac; No. 4 white mixed. 42c:
No. 2 yellow, SAC; No. 3 yellow. 44Ac; No. 4
yellow. 42c; No. 2 mixed. 44kc; No. 3 mixed.
44Ikc; No. 4 mixed. 42c: ear. 44c.
oats steady. No. ? white, 39i2c: No. 3 white.
39c. No. . mixed, 3Sc: No. > mixed. 3Sc.
Hay steady; No. l timothy. $lL.50: No. ? timo-
thy. Sl0.
inspections-wheat No. ? red. I car; unmer-
charitable. l; total, 2 cars. Corn: No. 2 white.
/ car: No. 3 white, is: No. 4 white. 4: No. 3 white
mixed, !; No. 8 mixed. 3: No. 4 mixed. 1: no
grade. 2; ear. 1: total. 80 cars. oats: No. 2
mixed, ! car. Hay: No. l prairie. ! car.
THE AGO MARKET.
Corn-Old 45G50c: new. 40a f5c.
~Oats-Sheaf, SSGl0 per ton; new, shelled oats.
37d40c a bu.
mixed, S1OGII; millet. SSG9.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16

The national banks OF indianapolis greatly
strengthened their positions during the year
1898 by additions to their surplus and undivided
profits funds. The American, Capital, Columbia.
Fletcher. Indiana and Merchants-the Union
has not been in existence long enough yet to es-
tablish a surplus ~fund-made additions Of $685.,
2O to their surplus funds and undivided profits
dess expenses and taxes paid from Nov. 25.
1902. until Nov. II last, the time Of the con-
trOller's Vast call. The past three weeks the
Merchants has passed 500. 900 TO its surplus fund,
and the Indiana $50. OO TO its surplus fund. So
that during the past thirteen and a half months
the total increase in the surplus and undivided
profits funds Of the six institutions amounts TO
$545. 220.
The following table shows. the individual sur
plus and undivided profits Qess expenses and
takes paid funds Nov. II. the time of the last
call. and Nov. %. 1892. the time Of the last call
that year, with individual gains figured:
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16
BROKERS VIEWS ON THE
WHEAT AND CORN MARKETS
Wheat Was Nervous and Narrow Yes
terday-COrn Strong. with small
Notwithstanding Poor
IMerer n Kiser.1

Meyer & Kiser.l
CHICAGO. Jan. l5-Wheat was nervous with
narrow trade and early was Influenced by small
orders. The Eastern situation caused anxiety
here and abroad and consols and japanese secur-
tiles were lower. Warlike rumors were circu-
lated all day. making the crowd very uneasy.
The Argentine news was Of both sorts. our
own cable reports favorable weather conditions.
The weather map shows no precipitation ex-
cept a trace OF snow in the Ohio valley. There
Is a better cash demand at Minneapolis Tor the
better. qualities OF the OF grade. Thirty thon-
sand bushels OF No 1 northern sold here al &c
under the May. Minneapolis stocks increased
50 far this week $500 bushels. Duluth Lo,es
bushels. which Is a considerable decrease. COM
The corn market was strong all day. with less
nqulcaIlon man yesterday. The Argentne news
Ne r ecsIiSh repoItIn6 SRe crop behSn eT h -
neither Item was OF any consequence compared
With the developments in the cash situation.
are in demand. Distiners and glucose people
are using the no grade in preference 70 the No.
goes 10 show the large percentage Of moisture
carried by the Nos. 3 and and the very poor
chance il will have Of maintaining its condition
in warm weather.
IA. R. Thompson & Col
CHICAGO. Jan. l5.-There has been a nervous
and cratic wheat market. finally closing strong.
mainly because OF the war possibilities. The
consols closed lower. and the advices We're
rather sensational. Early there was a little
Armour buying. but from that on it was a case
Of shorts and a congested market The market
at its best was sc higher. Liverpool was un-
changed 10 lower. Paris up. The Modern Miller
reported some relief from snow in Southeast.
hut still dry in the Southwest. The weather
map showed no relief In Kansas. The Outside
markets kept in line with this everywhere
there was a war scare and anxiety 70 cover
shorts. Seaboard reported ten carloads for eX-
port.
There has been a big corn market, with prices
a good share Of the time up about nc over last
nights close. The May went from 4Ssc 70 fssc,
and the July from $3.50 to 47ssc. II was easier
to see the buying than The selling. but at any
thing over 49C Tor May there was corn for sale.
Cash corn was steady 20 &c higher. Gables were
lower. The Argentine corn crop news was
favorable. The country selling was small. The
feature OF the trading was the continued buying
by Bartlett, Frazier * Co.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16

Bradstreet's figures on wheat and corn exports
for the week are as follows:
Wheat. including flour. exports for the week
ending Jan. IA aggregate 2,0l,2l5 bu, against
1888. S23 last week. 4,S7s.624 this week last year.
1850. SOP in 1902 and 1886. 054 in 1901. From July
/, 1903, to date they aggregate 81, ga, pa bu,
against 139, 032, 0S2 last season, 15S, 479,O47 in 1902
and 103. 1913. 1856 in 1901.
Corn exports for the week aggregate 977, 769 bu,
against 1,742. 399 last week, 2.39s.6l2 a year ago,
29S,C53 in 1902 and 5,lS4.550 in 1901. From July J.
1903, 10 date they aggregate 30. S67 ,S75 bu. against
10. 914, 09O last season, l9. 76l. 49 in 1902 and l05.-
1922, 20l in 1901.
The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16

Cash quotations were as follows: Flour was
firm. Wheat-No. 2 spring. S4gS7c; No. 3, 7SG
sec; No. 2 red. s4qS1&c. Oats-No. 2, Ss1k9
3S7c; No. 3 white. S919q40lhc. No. 2 rye, 541
choice mailing. 47G5sc. Flaxseed-No. 1. 9sIkc:
No. 1 Northwestern, $1.O411. Prime timothy
seed, 49, %. grade, 81. S5GlI. 40.
Mess pork. per brl. .12k. Lard, per 100
lbs. S6.62g6.75. Short RIB sides Qoose), Sc. 250
6. S71z. Short clear sides (boxed), 81. 62I5G6. Is.
Whisky-Basis of high wines, $127.
Receipts-Flour. "a, 200 brls; wheat, Il. 200 blu:
corn, 35, 800 bu; oats, 125, 200 bu; rye. 10. 500 bu:
barley, 40. 700 Blu. Shipments-Flour, p. 100 brls;