The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-29
Controlling Interest I'm the stock Be-
Iieved tn Have Been Secured
at About Fifty.
SITUATION IN WALL STREET
LARGE TNsTALLMENT OF THE PENN
sYLvANIA LOAN PAID.
Ffnsnciers of Opinion the stock Ex-
change FURRY VIII Not Harm
Industrial Interests.

NEW YORK, July 2S.-The Rock Island
system. through the medium of the st.
Louis & San Francisco Railroad, to-day ac-
quired control of the Evansville & Terre
Haute and its subsidiary lines by taking
over the holdings of the syndicate headed
by Edward s. Hooley. senior partner of the
firm of Edwin s. Hooley & Co.,
the failure of which was announced on
Monday. Official announcement of the
change In ownership was made late to-day
by l. f. Pearson. assistant secretary of
the Evansville & Terre Haute, after a meet
ing of the board of directors held at the Of
hce of the road. At the same time Mr..
Hooley resigned as president and director
of the Evansville & Terre Haute and B.
Il. focum, president of the st. Louis &
San Francisco, was elected to succeed him
In both offices. Mr.. Hooley also resigned the
presidency of several subsidiary roads, and
Mr.. Yocum was elected in his place No
other changes were made in the board of
directors of any of the lines, W. L. Stow,
OF the suspended firm OF w. L. Stow G.
Co., who is also director OF the Evansville
d Terre Haute. retaining his connection
with the property. Among those who at
tended the meeting were w. L. Stow, b. F.
Iocum. Henry Seibert. W. f. Carlton.
Charles A. Nones and several others. From
sources other than Official it was learned
that the price paid was around fifty.
THE PENNSYLVANIA LOAN.
No statement was given out to-day re-
garding the other Wall street failures. An
important development in the New York
money market situation to-day was the
further reported paying of large INSTALL
ments of the Pennsylvania railway loan
1t was reported that atout s35OOO,OO0 had
been iquidated, but this lacked conhrma-
tion. While still averse TO placing their
opinions on record. the conservative bank
ing interests of this city practically agree
that events Of the past fortnight have
done much to clear the atmosphere. A few
express further apprehension as to the
stock markets action. and there are inti-
nations in other quarters of money strin-
gency when crop-moving time comes.
Jacob III. Schiff, of Kuhn, Loeb & Co.,
said: The time is hardly ripe for a full
and free discussion OF the financial situa-
ton. / think, however that matters are
gradually readjusting themselves. In fact,
so confident am / that all serious danger
is AT an end that have arranged to leave
Harbor. That. 1 think, best proves my
faith In the situation
Isaac N. Seligman, of ]. N Seligman &
Co. said: The recent severe liquidation
has impaired a feeling OF safety and Sc
curity not only among the careful bank
ing interests but with the prudent and SEN
sible public. Conditions which brought
about the liquidation did not result from
any fear OF tight money. but simply from
over-speculatfon. The feeling of hopeless
ness that prevailed until a few days ago
has beer dispelled. ano investment orders
for high-classed securities have come from
strong parties. Fully sleO00,000 to $4,000 900
of European capital has been sent here for
investment within the past week The ruI-
Ing rates for long time money indicates.
I'm my judgment, that q money stringency
in the fall is most improbable 1t is hardly
likely that we will increase our indebted
ness to Europe this year. / can say def
nitely by way OF assurance that in case
there should be any squeeze during the
next two months, the Treasury Department
win offer prompt relief to legitimate finan-
cial interests-
Mr.. HEPBURN'S VIEWS.
A Hepburn, former controller of the
currency, now vice president of the Chase
National Bank. who has several thousand
correspondents scattered all over the coun-
try. said of the situation: 1.-The country has
undergone an area of great and genuine
prosperity. AS - always the case advan-
tage Is taken of such conditions to pro-
mote great many securities at greatly in
fiated values. We have gone too far, and too
fast. Credit has been too much extended.
We have been doing too much business for
our capital. A hardening process which SUBJ
jected securities to a level that would de-
termine their proper value was bound to
ensCe and Is now in progress throughout
the country. The public and banking in
terests generally became skeptical credit
was withdrawn and liquidation became in
evitable. AS Is always the case under SIM
liar conditions, the people sold their best Sc
curities when the crash came. because their
others were unmarketable. They did this
To commitments on what has been char
acterized as 'indigestible securities Under
this pressure railway shares-some of them
have deprecated TO a point where as an
investment they are attractive. Doubtless
other securities on the list will be subjected
to pressure, rising in value until they reach
the investors point. Later the commercial
and Industrial interests of the country will
doubtless undergo a similar experience.
Those who have made mistakes financially
must suffer financially. General business
conditions however. are in excellent shape
the crops are magnificent that it will be
impossible TO produce anything like n fnan-
cial or commercial crisis. The stock market
has fallen fifty points without serious
panic or complications, and the business in
ferests of the country will have equal op-
portunity 10 conform TO any fall in prices
or any reduction In the volume of trade"