The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-22


under co, overwhelming thousands of peo-
pie with ruin. The shrinkage in Amalga-
mated stock alone represented loss OF over
which fell upon Spectators and many thou
sands of actual investors, most of whom
were New Englanders. At the bottom the
again and by manipulation OF the metal as
well the stock market ran the quotation
or Amalgamated up to 70 and better For
a week or more the manipulators have been
unloading. Evidences of distribution have
been plain to those who read the signs or
the markets. Whether it is the intention
of the insiders to let the stock make new
low record cannot be stated. The dice are
loaded, and people who fool with Amalga-
mated in the stock market should never
forget the fact that they are playing in
lous professionals. j. Whitaker Wright,
famous London promoter. is struggling to
escape the tolls in New York city just now
compared with past manipulations in Anal
gamated Copper stocks, and Whitaker
Wright is a skilled and very sizeable man
in the arena of high finance.
John W. Gates is scheduled for an appear
ance before the Interstate-commerce Com
mission in this city next Friday. March a.
Wall street awaits with considerable eager
ness the hearing. 1t is the common ex-
pectation that Mr.. Gates will "come back"
at ]. Pierpont Morgan and give the true
inwardness of the famous Louisville. &
Nashville deal. 1t is also the popular be-
lief that he will pay his respects to Mr..
Morgan, who. it will be recalled, charac-
terized him dangerous man.. Mr.
Gates feels that he was played for suck
err by the Morgan people in the LOUISVILLE
& Nashville deal and treated in bad faieh
from first to last. AS his price for fore
going a corner" which would have
"
Gates was to be taken into the conserva-
tive circle OF Wall street. Subsequent de-
velopments showed that those who dealt
with him never so much as let him into the
vestibule of the club, and that when they
got through with him they dropped all pre-
tense of caring for him. The Morgan testi-
mony was construed as formal notiiica-
ton that the Western plunger was still re-
garded as chief of the tribe OF Ishmael-
XXX
The anthra cite coal roads are expecting
to do a record business this year. The pro-
duction. II is estimated. will be 6O,WO,0OO
tons or more upon which the carrying
roads expect to derive 30 cents a ton more
than the year before for handling the traf-
fc. The anthracite roads have already
fairly well recovered the losses incident TO
the great strike last year. and II their ex-
pectations in regard to this years business
are fulfilled the earnings for 1908 shouid De
phenomenal. There has been good buying
az the anthra cite stocks in anticipation OF
the results. The soft coal business. too. is
expected to be greater than that or any
previous year. The production is inquired at
five times that of anthracite.
The people of New York are in funny
predicament in the matter of illumination.
They are raising a great hullabaloo over
the extortions of the gas monopoly, and
crusade was organized to substitute other
light for gas. 1t has been discovered, how
ever. that there was no chance Tor them
Standard Oil capital controls not only the
gas, but the electric light plant as wei.
consequently consumers of gas who seek
electricity as a substitute are still paying
their money into the pockets of the Rookie
Teller combination II they try oil their
money goes the same way. They are now
clamoring for municipal ownership, but
that is a long way off and the project is al
ready showing symptoms OF having peen
morphined.
The return of Charles NJ. Schwab is
looked on as quite an event Mr.. Schwab Is
a picturesque figure in the financial as well
as the industrial world and is popular
subject for gossip. not all of 1t friendly.
Under the superstition that his illness was
permanent and that he would retire from
the presidency of the steel trust, rivals
sprang up among those who felt they
would like to have his job. These rivalr1es
led 10 the creation Vi ldCllONS III tic stcci
trust directorate and to ill-feeling WHICH
looks as If Ii might be enduring. Mr..
Schwab's appearance and manner denote
his entire recovery, and 1t is now given out
that he will remain at the head of the cor
poration. 1t is quite certain that III ne
should retire it will be of his own vohtion.
He seems to be in the very best of spirits
and looks like an athlete.
In Chicago there was once a one-armed
selling green goods. He confined his oper-
atoms to smart people, by which term
he meant those who made their living by
their wits. He held that these people were
as credulous as farmers. and he felt safe
because when they lost their money they
would not kick. Morse. once known as the
lice King" seems to have operated on the
same principle. Morse organized the
| American stocks and securities of that
| company. He cleaned up many millions
| of dollars, and now an investigation Is un-
| der way with the view of ascertaining the
real value of the assets of the concern
| Every body who touched American Ice was
| scalded except Mr.. Morse and very few
of his associates. 1t transpires that the
| people who constitute the inside member
| ship of Tammany. Nine-tenths of the po-
| litical grafters in the city of New York
| went into American Ice, and they all lost
| 1t is jocularly remarked by the victims
| themselves that the stealings of three years
| went into the pockets of the insiders who
| put up the American Ice game on them
| Mr.. Morse, organizer of the ice trust, Is
supposed to be entirely out of the property
now. He has put his acquired millions
| largely into bank stock, and controls a
chain of banks in this city and elsewhere
| numbering not less than a dozen, some OF
| them of considerable Importance in the
| financial community. He aims to become
| a great power In money circles
1t has been given out several times late
| ly that international banking houses had
made advance preparations to finance the
Panama canal payments. 1t is unquestion-
ably true that on this theory arrangements
were made for immense loans abroad In
| one day SIS. 900 was borrowed in Europe
by the selling of finance bills for account
| of American banking houses. This trans
| action was presumed to be for canal pay
ments. Ii now turns out that ii will be
months before formalities can be completed
| SO as 10 permit the secretary of the treas
| ury to make these payments. Meantime
| the Americans who seized upon this oppor-
| tunity to secure accommodations abroad
| will have the use of the money, providing
! they can secure the necessary extensions
| as they will have little trouble I'm doing
| The alleged necessity for thus financing
| the canal deal was happy thought 1,
| gave excuse for borrowing money during a
period Of stringsncy. AS usual. the Yankee
| was alive to the chance and grasped II