The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-04

been confined TO this particular stock the
incident might have been looked upon with
ever, that in fits crashing downward plunge
Steel carried the whole market with II and
brought about panicky conditions Bank
ers became even more frightened than the
rank and file. and added 10 the discomforts
and danger I'm indiscriminately calling
loans, thus accentuating calamltous conol-
tons. With them, as with smaller Try ana
preservation. and when that stage arrives
friendship and mercy disappear from the
equation.
The report that J. Pierpont Morgan and
E. H Hartman have joined forces was at
first received with incredulity. 1t is now
believed TO be a fact 1t is also OF COM
mon report that the intimate relations 50
long existing between Hartman and Jacob
F. Schiff, head of the great banking house
of Kuhn, Loeb, & Co., have been ruptured-
Current gossip has it that Mr.. Hartman
traced heavy and mysterious selling OF
Union Pacific to quarters close to Kuhn,
Loeb G. Co, and that he chose to regard
the liquidation personally unfriendly. a
series of conferences with Mr.. Morgan fol-
lowed, and Immediately thereafter an
nouncement was made that Mr.. Hartman
had been invited into the directorate Of the
Erie railroad: which is still controlled by
Morgan and his friends. The prediction Is
heard that cordial relations between Mr..
Schif and Mr.. Hartman will ntly be
restored and that the unpleasantness Will
finally end in better feeling all around. rms
prophecy involves also q coming together
of Mr.. Schif and Mr.. Morgan. Between
these two men there has long been wall
of ice. They have not been openly unfriend-
ly, and are together on many directorates.
but still they have never been bedfellows.
Such an experience as Wall street has
passed through during the last year III is
likely to effect more than one remarka-
bic and enduring reconciliation.
The remark is frequently heard that
organized labor in the control of such men
as Sam Parks constitutes the most dan
gerous feature of the business situation.
This is coupled with the further expression
of opinion that unless labor modifies its de-
mands and takes a sensible view of condi-
tons it will find itself out of a job. A
canvass of architects and builders reveals
the fact that between $5O.oOo 900 and $4,000,
600 which was TO have gone into the con-
struction of buildings in New York city
alone has been withdrawn or held up pend
ing an adjustment of the points in dispute
between employers and their men. Con-
tractors and builders claim that the de-
mands of labor in their lines have become
rangementS for peace can be made a gen.
eral tie-up, worse than that which existed
for so long in Chicago, will be inevitable.
The effect of the troubles in New York is
seen directly In the business of the iron
and steel mills. Indirectly it is seen in the
sympathetic movement in other fields of
manufacturing and trade. Iron and steel
have long been looked on as the barometer
of trade, and falling off in the volume
of orders there causes diSQuiet ard con-
traction all along the line. The return OF
Sam Parks and a resumption or activity
on his part coincident Herewith is sched-
uled for next week The community awaits
his return much as II would the coming
of a mailman with lighted torch at the
head Of an army Of fanatics similarly
equipped
Attacks on credit have given sinister
color to the recent slump in stocks. Hardly
a house In Wall street has escaped. Con-
Germs of unQuestioned solvency have
been pointed to and made subjects
of venomous gossip. All this served
to contribute to the unrest and alarm,
although In time the campaign be-
came so notorious and general that the
villainous stories measurably lost their
effect It is understood that an example
is to be made of some OF the more motor
ious scandal mongers. Indictments and
criminal prosecutions are threatened.
w. G. NICHOLAS.