The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-18
HAS PASSED A SEVERE ORDEAL
OUR FOREIGN INDEBTEDNESS LIKE
LY TO BE SOON WIPED OUT.
Steel Trust officials Report Favorable
Building OutIOok-Yerkes Fails
to Create Alarm.

duce his responsibilities and put his af-
fairs in shape to better enjoy the last years
OF his life. This does not mean that he will
retire, for 1t would be impossible for him
to do so. His interests are too varied and
extensive, and for him to give up direct
connection with the large affairs OF the
financial world with which he has so long
been identified would be suicidal. The I'M
derstanding is that he will gradually shift
a large proportion of the actual burdens
upon the shoulders of his assistants and
associates. and slowly work himself into a
position that will require less of his per-
sonal attention. AS long as he lives he will
be really commander-in-chief of his armies,
but he has wearied of incessant struggle
and enormous mental and physical strain
incident to the planning and execution of
great campaigns. The last two years have
been full of extraordinary effort, and he
has been so engrossed with business cares
that he has been obliged to almost abandon
pleasures and enjoyments in other direc-
tons. Mr.. Morgan, aside from his Wall
street affairs, has several fads which af-
ford him great enjoyment. He is tireless
art collector and has under his wings
variety of philanthropic, religious and char
not been able to give one-tenth of his time
and he is determined to give himself more
leisure.
After a fashion Mr.. Morgan loves notori-
ETY.. He likes to see himself advertised as
one of the greatest financiers of the world
and delights in the advertisement attach
ing to that sort of reputation. That is
he did enjoy it until he awoke to the I'M
pleasant realization that penalties as we'll
as rewards go with the assumption of ex-
traordinary responsibilities. He organized
the Steel Trust for the purpose of avertins
a destructive war among the rival corpora
tons engaged In the iron and steel trade;
He had previously reorganized several
great railroad systems TO save solvent
transportation interests from further ruin
Gus competition from bankrupt lines. He
formed the Anthracite Coal Trust to lift
that business to a paying basis. In these
vast undertakings he felt that he had been
the salvation of the investment interests
of the country and had done heroic work
in their behalf. His genius in this regard is
generally appreciated by the substantial
people of the United States and Europe.
sponsible party behind the scenes who
could personally settle the coal strike last
summer, did he ever shirk or evade respon-
sibilities. In this instance 1t was a long
time before he could be induced to employ
the powers with which he was credited and
then only under duress he forced the Coal
| trust 10 ylelQ ana permit mining 10 De re-
sumed. During this period he was sub
jected to violent criticisms and attack. AL
most simultaneously war was begun on
him in England and throughout the Cont
nent because Of his industrial aggressions
and on account of the International Ship
ping Combine. English papers called him
crazy for paying English owners five times
as much for their steamship properties as
they were supposed to be worth. In many
ways his judgment was assailed. and Mr..
Morgan finds himself to-day suffering in
home he was subjected to insidious oppo-
siton by rivals in the financial world, and
all through the stringency and sacrifices
of last fall his numerous enterprises were
the center of liquidation.
The ordeal was a severe one, and he did
not pass through it unscathed. The exper-
fence got on his nerves, as everybody teS-
titles who comes In contact with him. 1t
was not until the real trial was over, how
ever, that he decided to tighten his load.
His mind once made up he has been pro-
ceeding with great energy along the lines
marked out. The first big thing he has
done was to pave the way for the winding
VI, of the coal trust by parceling the prop
The first step In this direction was the
lodging of control of the great Reading
system between the w. Nan Sn It. and and
disposition of Erie are approaching COM
pletion, and the other anthracite coal roads
are on their way TO resting place where
they can no longer threaten the Eastern
coal and transportation situation. Mr..
James j. Hill has relieved Mr.. Morgan of
large share Of the responsibilities for the
railroad properties in the Northwest in
which they are jointly concerned. The
Southern Railway situation has been
turned over to heutenants., Of which Mr..
Spencer is the leader, and under whose
direction the problem is being worked out.
The International Steamship combination
is the biggest undigested mess in the Nor
gan stomach. 1t is giving him trouble and
no end of unpleasant advertising. Nor
gan's enemies have been saying that 1t is
his Moscow and marks the beginning of
| an unfortunate end to his career. 1t has
certainly given them a chance for attack.
and they have availed themselves of 1t TO
| the utmost. That enterprise has done
more than any half dozen projects he has
undertaken to dscredit the great finan-
| cier Among other things it has stuck
| his underwriting friends for round $780,
| O00,0 900. and there is tedious travelling before
they can expect to get any of 1t back. But
| be that as 1T may Mr.. Morgan is going to
| treat himself to pleasures which have been
| denied him in the later days. of his career.
| 1t is safe to say he will take on nothing
new in the way of fiotation or expansion.
| The lessons of the last six months have
been quite enough TO cure him of any am
billions for further conquests. He has put
on brakes and is slowing down. His best
| friends are heartily glad that such is the
| case and the financial district is breath
| ing signs of relief The pace he set was
| firing them out
European financial papers are casting
| horoscopes and predicting that ere long
the credit and debit status of the old and
new world will be reversed During the
| season of liquidation in the stock market
| last fall, Americas floating indebtedness
abroad was greatly reduced. Late esti-
| mates are that the amount of floating
| obligations to Great Britain and Europe
is now down to sl25. 200 900. In view of the
/ fact that we have favorable monthly
| trade balance of not less than $4,000, 600.
| this figure is not appalling. 1t represents
/ the payments which must be made to this
1 country during a period of not more than
| FIVE months ahead. There is no unreal
1 ity about this fact. The balances are con-
crete, and IL takes something of real value
| to meet them. During the last seven years
| the old world has paid over s, 600, 900, 060 in
| settlement OF trade balances with the
| United States. These differences have
| mainly been paid in stocks and other Sc
| curties held abroad. Supplies of this kind
| OF property have now run very low on the
| other side and what remains is in the
strong boxes OF wealthy investors and will
| not come out Some other way must be
ness will very soon be wiped out or all
| changed and Europe will become in etern
| reality, our debtor instead OF a fussy cred
| itor nervous over every little change in
| conditions here and auerulous lest Ameri-
| can prosperity be on the wane.
| Ohicials Of the steel trust. which Is the