The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-19

lator, and e. H.. Hartman, head of the
Union Pacific and many other railroad sys-
TENS. II Is said that Mr.. Hartman re-
sents the conspicuous part taken by MI.
Keene during the last year in the affairs
OF the Southern Pacific. and that he con-
sented only under pressure TO acQuiesce In
Mr.. Keene's suggestion OF a big bond issue
to reimburse stockholders for the Sz5,OeO,-
COO outlay in road improvements. The bond
plan is now confeSsedly side-tracked, ana
as that was the backbone of Mr.. Keene's
speculative campaign in Southern Pacific
the street INDUCES itself in much gossip
over the incident and finds satisfaction in
stories OF strained relations between the
magnates.
A gratifying proof Of the healthfulness
OF the general business situation is found
in the reports made to leading bankers.
showing the financial status of mercantile
houses throughout the country. These re-
ports show a decided reduction in the ag-
gregate volume of commercial paper
afoat, a circumstance which indicates the
paying off OF mercantile indebtedness and
the increasing strength of people engaged
in trade They are becoming independent
of the money lenders and in better posi-
ton to swing their own affairs. AT the
same time word is received from the mer-
chants that collections from their con-
stituencies are In every way satisfactory.
The country is full of money, and con-
Alt 10 Mtl dS IlClC AldlAl dAu Lildllu
facturers are well supplied.
XXX
Railroads nave been gradually meeting
the demands of their employees for better
pay, recognizing the justice of the plea that
the cost of living has been materially in
creased In the past four years and that
the men have a right to their fair share
In the prosperity of the country. To such
an extent has this increase in wages paid
to railway employees been carried that it
Is beginning to have an appreciate i'm
preston on the aggregate operating ex-
penses. This in turn will be reflected in the
amount available for dividend distribution,
PRODUCTION of economies has about offset
the enlargement OF the appropriations for
wages
AS an incident Of the settlement of the
coal strike may be noted the retirement of
politics into the background as a market
factor. For a time it looked as if politics
would jump to the front as a leading fea-
ture of the market, but the political cam
paign is now only discussed as having a
vague and remote connection with stock
values. The population of the financial
district finds amusement in the thought
that the ''spellbinders'' Of both parties are
obliged to revise their speeches on short
notice.
Even in Wall street a majority of men
in discussing the coal strike, common
President Mitchell. of the mine workers
organization. for the temperate and mas.
terly manner in which he has conducted
his end OF the fight. 1t is quite a Wall.
street habit to make comparisons between
Mitchell and 6ther labor leaders who have
been active in the past, and also compare
him with the anthracite coal operators
These comparisons, nine times out of ten
are favorable to Mitchell, and il is otter
said in banking quarters that Mr.. Mitchell
has clearly outclassed the spokesman anC
managers OF the opposition.
The necessity of putting into immediat,
force all possible methods of economy ii
likely to expedite the plan Of the anthra
cite coal trust to eliminate the middle mel
Goal dealers) and adopt measures for tn,
sale and distribution of its w produc
direct TO consumers. This plan has lon,
been under consideration and may be sait
to be ready at any time for announcement
W.. G.. n.