The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-07
THE PENNSYLVANIA HoLD.Up
ALDERMANIC GANG DEMANDS 81 ZOO
600 FOR TUNNEL FRANCHISE.
Rockefeller Money Invested i'm Public
ohiities OF New York-Delay in
the Bull Movement.

Lip expression of satisfaction was pain
fully forced. About the best that can be
said Of the Wall-street feeling is that it
was mildly grateful that President Roose-
welt had execised self-restraint i'm his rec
concentrations and suggestions for trust
legislation. The fear was that he would
take more radical stand and give encour-
agement to agitation which would tend to
disturb values and shake confidence in the
stability Of industrial stocks. The knowl-
edge that Congress would be slow to adopt
any such suggestions would, of course,
soften the effect OF radical administration
moves in that direction, but the tendency
would none the less be Injurious, In the
opinion OF the street" Hence the finan-
cial district does not entertain for Mr..
Roosevelt that lively sense of warm affec-
ton 1t should. It's heart beats are not In
cordial friendship for the chief executive
xxx
The trusts are we'll represented In Con-
gress by leaders in both parties, and small
alarm is felt that the great interests will
be seriously jeopardized by anything to
which legislative sanction is given. 1t is an
open secret that practical Republican poll
ucians in Congress are sore at Wall
street because of its coldness last fall in
the matter of campaign contributions-a
Washington situation which is not being
lost sight of. The element of resentment at
Wall-street treatment during the campaign
is quite likely to figure more or less in the
congressional programme, and it is not i'm
probable that occasion will be taken to give
warning that unless there is an enlarge
ment OF the heart during the next cam
paign the big people need not expect to be
so well taken care OF. The gospel of mu-
tuality-"scratch my back and 1 will
scratch yours"-is likely TO be taught In
Washington this winter for the benefit and
instruction of the magnates. 1t is to this
feature of the. Washington news that Wall
street is giving it's closest attention.
XXX
The aldermanic holdup of the Pennsylva-
MIA Railroads tunnel and terminal scheme
Cor the island of Manhattan is beginning
70 attract attention in Wall street. 1t is
patent that the Doodle gang is in control Of
the local situation and that it is determ-
ined not to give the railroad the neces-
sary franchise until It's terms are agreed to.
The amount demanded is said to be l,5O0,
600. To this extravagant proposition the
interests asking the privilege of confer
ring boundless favors on New York and
been trying to get what they want with
out acceding to the demands Of the hood
lers, and there the matter stands. 1t is
said that parties sufficiently interested to
| want the Improvement carried out have
| offered the Doodle gang 100000 to cease OPP
position position and grant the franchise; an
| leader of the Chicago aldermanic Doodle
| combine visited New York and impressed
| the leaders Of the gang here with the fol-
| ly of taking such trivial amount, when
| three or four times that sum should be
| exacted. That his suggestions took deep
| root is evident from the changed attitude
| of the boodlers subsequently, The quiet
opposition Of the Gould influence is also a
| factor in the Pennsylvania tunnel holdup.
| This phase of the affair is merely an Incl
| dent OF the warfare now being waged OPEN
| ly between the Pennsylvania and the Gould
| parties. For that reason the secret stand
| taken by the Goulds to block the plans
| of the Pennsylvania party may be consid-
| cred legitimate. although from the stand
| point OF local patriotism 1t is not up to the
| standard.
The Rockefellers have become heavily
interested in the securities of companies
| having control OF the public utilities of
Greater New York. Standard Oil money to
| the amount of tens of millions OF dollars
is in the elevated railroads, subway COM
pany. electric lighting and gas companies
and pretty nearly everything else to which
| The Standard Oil millions are in reality be-
hind the schemes of consolidation which
| are in progress, and 1t Is said that the plan
| is to ultimately place all the large utilities
under one corporate management. If this
plan is carried out ii will be on capital
| basis of not less than $500, 600. En-
ployment will be given to at least rs 200
| men and the aggregate revenues collected
every year will approximate sIO.VO.o0; 1t is
| said.
Mr. August Belmont seems to be the per-
! son selected to represent the financial inter-
ests of this grand scheme and John b.
McMcDonald is slated for operating and
| diplomatic representative. Mcdonald is
| one of the foremost contractors and civil
engineers in the world, and is described
| as being smooth as OIL and possessed of
remarkable executive ability and capacity
| for effective work wherever he may be
placed. Mcdonald is in fair way to be-
| come not only powerful in Wall street by
reason of his command of the practical
! affairs OF a gigantic corporation, but also
| a political dictator in New York. He
| seems to be in line for successorship to
| Croker as soon as he may see fit to as
| sert himself. although down to this time
| he Is not talked of in that connection ex-
| cept by insiders.
Wall street takes note Of the fact that the
German press has joined hands with many
leading financial and political newspapers
/ of Great Britain in fighting the Yankee
neril' and raising the flag of opposition to
| further invasion of Europe by American
| capital In Germany the opposition takes
| the form OF the upbuilding or tarin wall
20 keen out American products. The Eng
| iisb journals are directing their main ef-
forts TO promoting distrust or American
| Securities. making j. Pierpont Morgan
their center OF attack. The effect OF TINS
| warfare is appreciable in the stock market.
| IT has led to further liquidation or foreign
| holdings of American securities ana 10 con,
s'dera6le short selling by the professional
of Berlin
I,sbe foreign holdings of our securities are
snail compared to what they were nve
raars ago but they are still sufhcientIy
;arge 70 be a factor which must De taken
&c account Five or six years ago the
r..uonean holdings of americans ap-
n,rnxinated 81. 2O0, 1000. These hoi Ole
paye been reduced at least S,VoWo,Wv &c,
nor5inp TO estimates OF best-inIormeu
Soriars and brokers. In the present STATE
os the money market 1t would De incon-
ol TO be obliged to take over the re.
that is exactly what the foreign press Is
trying to force
craot az the reduction has been curing
.,s asst year in our exports and increase ~
;,,norts. the monthly trade oaiance ~
ravor Of the United States sun averasss
sho,,t gao 900 900. considerable p part OF the
aDou. f;ad continuously 10 reuucnis