The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-09

Vanderlip. They are DESTROYS of getting
as large returns as possible for their sur
plus, and one way to do it Is 10 create the
impression that the article is scarce and
hard to get.
1t is barely possible that the edge to the
urgent demand for iron and steel products
has been dulled, but there is enough bust
ness in sight, however to keep the mills
going under full Roadway for long time to
come. 1t will take three or four years to
complete the physical reconstruction of
railroads, and until that is done the ca
pacity Of the iron mills will be taxed to
it's utmost. When that work is completed
the iron interests will have plenty to do
maintaining the roads at the high standard
established. 1t is estimated that in this
work at least two-thirds of their present
capacity will be absorbed in this field alone
1t is not likely, nor will it be best, that the
present high prices for iron products con-
tinue indefinitely. Iron specialists do not
expect it. AS prices decline there will nat
urally be an enlarged demand in new d.
rections.
The banking combinations and underwrit-
ing syndicates have apparently successfully
passed through the period of trial. Nearly
every important deal has now been
financed" and It only remains for the in
siders to work off their securities. The
| bears insist that this will be work of
supreme difficulty, that the public is glut-
ted to repletion and will refuse to help the
insiders take care of the output Whether
or not they are correct remains to be
seen. The bull leaders, who have been in
| command of the stock market for several
| years, see nothing discouraging in the out
| look. Floating supplies of stocks are no
| toriousy small, and the demand shows no
| important abatement. much as the pessi-
mists would like to have it appear other
| wise. The distress over the troubles or the
| syndicates appears to be confined almost
entirely to outsiders and to people who
| have not a dollar to invest. 1t is in the
| ranks of the impecunious that the greatest
amount of worrying is INDUCED In, state
of things that recalls the old story of the
! two broken grain gamblers who were
specializing who would furnish the money
| to carry the warehouse stocks Of wheat in
| Chicago they were standing disconsolate-
| ly on the curb discussing the matter, and
| their dialogue ran something like this:
| There about 100000 bushels OF
wheat in the elevators and somebody has
| got to pay for that wheat the first OF the
| month";" said No /: now, would like to
| know who is going to do that. Where is
| the money coming from? Are you going
| to furnish it?''
| The second ''vag" earnestly declared that
| he would not furnish the cash. whereupon
| the first speaker propounded the inquiry.
| Am going to furnish it?" and then, after
a long pause. he replied with solemn en-
phasis., Not by d sight"
|
| larry situated. They are not going to fur
| nish the cash by a blamed sight, to carry
| on the enormous deals framed by the syn
| dicates, but the big bankers seem quite able
| to get along without help from them The
| "curbstoners'' WILL no doubt, be surprised
| that there are others who have money,
| even though they themselves chance to be
| broke 1t is the special mission Of the
| 'has-beens'' and "never-wil-bes' to bor-
| row trouble account of others who are
conducting large affairs.
It is limited that campaign of education
will be undertaken throughout the South
| in the interest of the Southern railroad
| combination, which is being attempted I'M
| der the guidance of Mr.. Morgan and his
associates. The object of the move will
be to show to the people of that section
Of the country that they will be directly
benefited by the combination instead of
being injured by it, and that they VIII be
serving themselves best by favoring legfs-
| lation permitting the consolidation of the
| several big systems of roads. The people
| behind this gigantic deal are unquestion-
| ably in earnest in their statement that the
| industrial and agricultural development of
| the South will be forwarded If permission
| is given them to control the traffic situation
| unmolested. The continuance OF the South
| ern Railway voting trust for another five
| wears shows that the promoters of the COM
! bination project realize that time will be
/ required to carry out the plan and educate
| the population to its benefcence.
|
English and German banks are advising
| their New York correspondents that The
results of the election have produced
| favorable impression among investors on
| the other side of the water, and that con-
| fidence in the stability and permanency of
business conditions is stronger than ii has
been for some time past The agitation
J against trusts and labor outbreaks has
| been watched with interest by foreign in
| yestors and bankers who have been extend
| ing immense credits to American borrow
| ers In Great Britain there are quite good
| sized holdings of American industrials, the
Steel stocks being the favorites. The Nor
| gan underwriting syndicate placed large
| and very little of the securities have re-
| turned showing that the investment has
| met with favor. Interest in the tariff agi-
tation in the United States is quite as keen
| abroad as il is at home. and the significance
of the various moves in connection with
| the subject is appreciated at its full value.
| American competition with foreign manu-
| facturers has become a very serious ques-
| ton in the old world.
A leading market incident this week has
been the listing Of the new securities Of
the Rock Island. All opposition and criti-
cism has ceased. and the very people who
at first looked askance are now strongest
i'm their Endorsement OF the plan. Even
| Mr. Morgan, who on his return from Eu-
rope gave an intimation that the PROPOSE
ton might not meet with his approval,
now looks with entirely different eyes on