The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-22
ExTINGUIsHMENT OF AMERICAN Oh
LEGATIONS A GOOD SIGN.
No Good Reason for Believing That
Rockefeller Iatends Wreck
ing Everything in Sight.
special to the Indianapolis Journal.

under full Roadway within a month. AS mat
tiers now look it is not improbable that de-
cided change for the better will be felt by the
beginning of the year. II is not unreason-
able to expect something Of a January boom
although nothing like of whirlwnd pro-
portions or character need be anticipated. Not
wthstanding the cut in the dividends of few
industrials the January disbursements to stock
and bondholders will be larger this winter than
ever before The disbursement of something like
$50. 900 900 in profits railroad and Industrial
properties cannot fail to have stimulating eff
feet. 1t will be unanswerable offset to the
gloomy talk which has been for so long in
duiged in by the dyspeptics and bears on the
country and on business conditions.
Persons who fully understand the ms and
outs of the International exchange market and
who are we'll qualified to form intelligent opin-
ions in relation thereto express the belief that
at no time within three years has the Ameri-
car debt to Great Britain and Europe been
smaller than now. 1t has been high as $780,.
oOo.o 600. 1t has been pared down to less than
$50. oOo and is in rapid process of entire
tinguishment. One institution which had its pa
per afioat in money centers or the old world
to the extent Of more than $4,000. 900 has
trely cleared its slate ana is at the present
time heavy lender OF money Instead Of a
borrower. Concerns OF lesser importance have
been equally alert and have trimmed Uails until
they are in an exceedingly snug position. This
indeed. has been the rule and not the excep-
ton. 1t is true, in local sense, that many
banks and trust companies are carrying con-
siderable dead material. but they are much
safer than they were three TO six months ago.
and Infinitely stronger than they year
ago when the whole country was distended to
the bursting point
The recent bond issues of the Lake Shore and
Pennsylvania railroads have already been
placed. In a large measure a very consider
able percentage Of both having been taken
abroad. Money is thus provided to the amount
of approximately. $50 900. oOO nearly all of which
will be applied to the taking up of loans which
at present carried by banks and insurance
companies in this city and elsewhere. but most
ly here. BY the first OF January the banks will
be relieved just that much. Other loans will fol-
low as fast as the easing moeny marked will
admit. The success which has attended the two
loans mentioned has done much to restore con-
fdence not only among investors but among
railroads. The atmosphere has been decidedly
cleared and corporations which were in
doubt as to whether they could convert floating
debt into fixed obligations considerably
lieved In consequence 1t is now estimated that
before the first of March. 1904. Ii will be pos
sible for railroads to liquidate practically the
entire current floating debt. or as much of 1t
roads have outstanding in unfunded notes APP
proximately $500 600 600 This Indebtedness will
years That which might be called pressing is
probably an amount not In excess OF sl75 900 O0O
saSs o waSset w be taken
the market except to give Ii increased strength
and stability The liquidation OF corporate float
ing debt will lfberate large sums and place the
money at the disposal of scattered business in
terests Wall street is never without its Bogy
Man. John d. Rockefeller is filling that role
now He is about the biggest Bogy Man the
street has seen, and there have been several
within the memories OF very young men in
stock speculation, II has sometimes occurred
belonging he
stage at the same time. For instance, James
gan were trying to play the star part at once
for a year more Attention divided be-
tween them first one and then the other being
the most conspicuous figure In popular estima-
ton. There were others OF hardly less conse-
Sae seat and have given way 10 the mirb sfs
Mr.. Rockefeller. aided and abetted by H II.
Rogers and William Rockefeller.
If half the stories that are told about the
elder Rockefeller and his friends true this
coterie must be bound on wrecking the entire
country and swallowing everything up that is
| worth swallowing. They are represented as at
| lacking this property and that property with
| malevolent fnteatton TO ruin present holders
| and to wreak mysterious revenges. Just why
| they should dc all these things when they are
/ hurting themselves more than anybody else il
| not clear. The Standard Oil group has more
| money invested In corporate property than any
Il
| In business and a diminution In earning capacity
| reduces Standard OIL revenues in proportion tc
| those Of other people interested in the same
| properties Just now the street and the public
| are RECALLED with reports of Rockefeller de-
| termination to make meal OF the Pennsyl-
| vania Railroad and summarily dispose OF Mr.
| Cassatt and his associates. For lack of more
| reasonable excuse for the performance It Is al.
legged that he IL doing this partly out of re-
FIR x1r,ta cSftf 80, (r0
invasion Of the Eastern trunk-iine territory
and partly for the reason that at some remote
sylvania interfered with the Rockefeller rebat,
| schemes on petroleum. - 80 So =
AS stated frequently in these letters tn,
Rockefeller interests have for some time bacl
SSt Ne% YORK Csnra G rhsV aTe as
large owners OF stock in the anthracite Goa
sn In sney nave rn their the
| months is altogether likely. That they are do
Ing this for the double purpose Of putting thel
turns and having voice in the managenlen
ID is openly admitted by Standard Oil peopl
that this Latter is one OF the objects in view
holders in the Pennsylvania Railroad com
PEELED them 10 dispose of their shares in who'll
tiers, and 1t IS the sitting out OF this stool
which has caused the decline In that security
mas pSeo-s of Osn as oil No
ing could well be more ridiculous. The Stand
ard Oil people with enormous sums of cash I
cradle lines Of Pennsylvania shares durnpes
over by former holders TO tighten cargo, an
they may have from so 900 coo to $50 600 600 nov
invested In that quarter. This is considered
however, an extremely high estimate Probably
e5,eoo.00O would be nearer the mark. As thes
things are gagged. investment OF that mag
fuence in the mana cement. although by n
means giving control or anything like IT,
The mt the head OF Standard OIL ar
business people. They understand fully that MI
Cassatt In opposing the Gould invasion O
Eastern territory doing the proper thin
from a Pennsylvania standpoint. They woul
have less regard for him had he done other
wise than make IL hard possible for MI
Gould to get into Pittsburg or find an outlet /
tidewater for Pfttsburg traffic Now that tn
invasion Is an accomplished fact softening q
the Pennsylvania front to conform somewha
for. To extent this viii undoubtedly b
due To the fact that the Rockefeilers ar
heavily interested in Dir. Cassatt's road a
well as In the Wabash and its Eastern exten
sions- That is very far from meaning. however
that Mr.. cassatt is TO be ignominiousl
bounced from the management OF the great sys
tern which he has contributed ably to ur
{ build.
Tho stock operations OF individuals and reI
resentatives OF large interests who happen "a
the moment to be In the public eye are as
rule greatly exaggerated. IL not I'M cequentl
| happens that men entirely unknown outsid
] Of limited circles deal In larger lines or stoc