The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-12

to be advised somewhat on this subject are
looking forward with curiosity to the an
nouncement of the allotment of stock Tor
railroad absorption. The east-and-west
trunk lines will, of course, come in for the
heaviest amounts, although interior con-
Meeting lines will be given a chance. Ii Is
almost needless to remark that roads given
this opportunity will not turn their backs
on il. To do so would be to invite dis
elimination and loss. The inner circles OF
the mighty transportation trust will have
the distribution of the stock which is to be
taken UP by railroads and no one will care
to incur enmity in that quarter.
xxx
People wonder why steel trust shares do
not show more buoyancy, in view of the
enormous earnings. That is easily ac-
counted for. For a year or more after the
corporation was organized the underwrit-
ing syndicate and large individual holders
of the securities of the company were per-
sistent sellers OF the 100000 shares Gl,-
0OO. 900 0O0) it is estimated that at least A.
100000 shares of inside stock were unloaded.
large part of this inside stock which was
sold is still ''undigested' and tens OF thou
sands of spectators hold steel through
their commission houses on margins. In
vestors have not yet come forward in suffi-
cient numbers to take the floating supply
out of the street" The progress OF diges-
ton is going on all the time. however, the
number of shareholders in the corporation
having increased from 10000 at the begin
ming to more than $1,000 at the present
time. The public may get some idea of the
amount of this inside stock which has
poured out, by recalling the recent opera
tons of some of the leading men in the
great corporation Mr.. Gates and his as
sociates bought Louisville Nashville,
putting up s250O0.000 it Is said Mr.. Frick
has put 100000 or more into skyscrapers
and other forms of real estate In and about
Pittsburg. The "tin-plate party invested
$50, 100000 In the purchase of Rock Island,
and there were numerous other instances
showing what the big people did with a
goodly portion of their steel trust holdings.
Their course did not mean a lack of conf
dence in the future OF the property, but it
is only human nature to "get SAFE" and
not have all the eggs in one basket. In the
case of Moore Brothers, d. c. Reid and w.
B. Leeds. composing the "tin-plate party"
and. in fact, almost all the others of the
Obliged to invest their money in something
outside of industrials being barred by a
sense of business morality from re-entering
that field or in any way competing with the
corporation of which they had been a party
and in whose organization they partici-
pated.
When the secret history of the great coal
~+-;ly hat q r
tie had its origin In all intrigue for the con-
troll of one more of the great anthracite
coal-carrying and coal-mining railroads.
That explanation has been broadly init
mated in the inner circles of Wall street
for many long day. and 1t Is also sug-
gested that it is the real reason why the
strike was so mysteriously protracted. The
suggestion is sinister 1T would be an ugly
| blot on the fair names Of several people of
| international financial reputation should 1t
ever be proved that they had made the suf-
| ferings of 100000 in the coal regions and the
| comfort and convenience of half the people
| in the United States subservient TO deal
| in the stock market. 1t is not improbable
that Congress may attempt to probe this
| matter to the bottom, but whether the
| facts will ever be learned is doubtful. Con-
gressional Investigations of Wall-street in
trigue are rarely fruitful of practical re-
suits.
Mr.. Russell Sage, the venerable financier,
is giving signs of breaking down. He has
had several bad spells" lately and his
| friends fear that at any time he may be
seized with fatal illness. Mr.. Sage is re-
puted to be worth at least s75ooo.0Oo. He has
very few relatives to whom he can leave
his fortune, and what disposition he will
make of the vast estate is one Of the mys-
| teries of Wall street.
On one of the slumpy days in the stock
market this week the report circulated on
| the Exchange and was carried through the
| entire financial district that J. Pierpont
Morgan had called for police protection
and that twenty policemen were surround
| ing his banking house to guard the finan-
| cier from some mysterious danger. Hun
| dreds hurried to the spot only to find that
| they had been the victims of hoax. True
| enough the police were massed about the
banking house, but Ii was because a parade
| was forming and they were getting into
position for the march. w. G. n.