The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-12

interest in the property is so very slight
at this time. however. that il makes little
failure 10 win in that celebrated fight with
Mr.. Osgood inflicted a loss in prestige upon
leader, Colonel Gates. from which it has
never recovered.
The dull and lifeless stock market which
has prevailed for some time past may suit
perfectly what are called conservative in
terests," but for those who depend upon
their own and other peoples trading for a
livelihood the present condition of things
Is far from being satisfactory. On the sur
face the Wall-street community is dis
posed TO lay the blame for existing condi-
tons on the Fourth of July, describing it
as pIe-holiday dullness and post-holiday
dullness, respectively. There may be some
foundation for this theory, but critical OBJ
servers detected beneath the surface a
strong undercprrent of anxiety on account
or the governments monthly crop report,
which came out on Friday of this week.
There is no gainsaying the fact that the
condition OF the corn crop is a source OF
much uDeaSinSSs in the financial commune
". The fact begins to be realized with
all its force that June, one of the best
growing months for this cereal, passed into
history with the corn crop to-day only
where 1t should have been a month TO five
weeks earlier. Corn from the viewpoint
of railroad tonnage is the most important
crop of all, far surprising both winter and
spring wheat, and a heavy decrease In the
yield of the coarse cereal will be rejected
I'm the earnings of the granger railroads
The western contingent is still very bull
ism on corn and as a natural consequence
bearish on stocks. Their leaders argue that
corn Is a ntnety-day crop and as 1t is now
four to six weeks late the early frosts will
be sure to overtake it while st is yet in
an immature state, and il viii therefore
be almost a miracle If the crop is ,har-
vested without serious dannaCp nv frost
xxx
Once more the hint is around the finan-
cial district that Norfolk & Western is
about to increase its rate of dividend.
Strong attempts were made to bull the
stock this week on the very favorable
showing of gross earnings by that COM
pany. Conservative are that the
| earnings of Norfolk d Western for the
fiscal year ending June 80, 1903. are ~ per
cent. net, after charging off an extra 1
| per cent. for betterments. Stories of an in
crease in Norfolk d Western have pre-
viously fooled Wall street several times.
and the financial community is therefore
disposed to regard the present gossip with
a great deal of skepticism.
In connection with the activity Of Anal
gamated Copper this week renewed stories
have been afioat as to the rupture in the
Standard Oil party. 1t is rumored that John
d. Rockefeller, ST., deplores the methods
and tactics employed by John Archbold
William Rockefeller and H. H. Rogers
in the stock market. Pere Rockefeller main.
tains that the manipulative practices EN-.
ployed, especially i'm relation to Apalgam.
ated Copper, have enveloped hiN in his ole
age with much useless opprobfium, ant
there are a great many people. no doubt
who would agree with him. However, there
are two things which to the Wall-street
,tN Ar~ n~N .4%,o
rupture in the Standard OIL party and tn,
other a bearish Mr.. Morgan. There Is nc
doubt that John ID. Rockefeller, ST., anC
John D.. Rockefeller. jr., do not give theil
appreciation to the manipulatfve practice:
employed by William Rockefeller. II. II
Rogers and their associates In the stool
market, but they are doubtless reconcilet
to the work of their wicked partners.
1t is the hope of the stock market com
munity that at last a turn has come fl
cotton, as it is generally conceded that
decrease In speculative interest in cottol
will result in an increased interest in tn
stock market. But this is a thing which
has been said so often that it is regarde,
as an axiom, ana nobody has ever takel
the trouble to explain why. However, Ii |
a question whether a decreasing interes
in cotton will result IN an increasing inter
est in stocks, but the one sure thing i
accelerate exports of that commodity, and
inasmuch as our imports are gaining Of
our exports, this is a result much to b
hoped for. The stock market contingen
in cotton has held a relentless positiol
on the short side of that staple, and thos
who were not strong enough TO hold o.
have taken some severe losses. Roughl
speaking, il may be said that Wall stree
has been short of cotton ever since Theo
dore Price ended his campaign between
and 10 cents. w. G.. NICHOLAS.