The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-08
Disagreeing Opinions as to the Effect
This May Possibly Have on the
Speculative Market.
A CHECK FOR A "HOLD-UP" GANG
PROGRESS OF PLANS FOR UNITING
TRANSPORTATION LINES.
Indications of Big Fight to Prevent
Invasion of Eastern Trunk-Line
Territory by the GouIds.

Special to the Indianapolis Journal.
NEW YORK, Feb. THE New York
offices of Western railroads have been well
supplied with reports covering every fea-
ture Of the corn situation along their lines.
The burden of the information received as
to the quality of the crop bears out the
claim that a smaller percentage than usual
will be of contract grade. This Is not sur
prising to the trade, but it may not be
generally known that the experts employed
by some of the railroads give it as their
opinion that time will not improve the
grade as much as in ordinary years. Such
being the case. it may be assumed that
the great bulk of the crop will grade under
No. and go into consumption on it's mer-
it's without controlling regard to Chicago
contract prices. What speculative market
effect this result will have remains to be
seen. BY some it is held that contract
corn will be so scarce that 1t can be cor
nered continuously throughout the year. and
that very high prices will rule. Others con-
tend that there will be such a small amount
of very high-grade corn that it will be
gambling proposition, as too risky to
said a day or two ago that he would not
be surprised if contract corn would be used
as scarfpins in competition with diamonds
and other precious stones. The quality
of the corn is OF less Importance to rail-
roads, however, than quantity, and ton
mage is in sight to an immense aggregate.
Large numbers of cattle have been shipped
into the corn belt this winter. There Is
stock in the corn of last years crop as
though 1t had been of high commercial
grade Later on the railroads will have
greatly increased livestock tonnage, which
is taken into account in the estimates of
earnings for the year.
Slight attention has been paid to the lat
est move by the group of professional lti-
giants in Wall street to hold up a great
corporation. This little coterie is composed
of three four men who have made it
business to bring suits to block financial
plans, hoping thereby to compel the con-
trolling interests to pay them a big price
to quit. In several cases fat sums were
paid them, and success emboldened the
fellows to enlarge their operations. The
leading fnanciers in Wall street have now
organized for defense, and on two or three
notable occasions lately they have exposed
the conspiracy and given the gang more ad-
yertiSing than its members desired. For
time these exposures caused suspension
of activity, but lately the aggregation re-
sumed business at the old stand. 1t is under
stood that they made killing with their
lawsuits against the tobacco trust. having
cleaned up several hundred thousand dol
lars, it is said They seem to have gone up
against a. tough proposition in the Rock
Island crowd, however, and beyond doubt
they will be given extremely lively enter
tainment. Before bringing action attempts
were made to brighten the Rock Island
people into a settlement, but they were
given to understand that there was not
dollar for tribute and that the litigants
might begin their work as soon they
pleased. II Is the purpose Of the big people
in Wall street to resist attacks of this sort
with all the weapons they can command.
This concert of action applies only to the
"hold-up'' gang. Where ii is evident that
legal proceedings are brought in good faith
the claims will be treated with proper and
decorous consideration. The courts incline
to accord minority stockholders in corpor-
.ations every benefit of the law, but they
are not in sympathy with organized black
mail, as they have shown in number Of
| instances lately.
| The records do not bear out the ill-natured
statement made by Charles T. Yerkes that
| trusts are destroying our foreign trade"
| The exports since the LIST of January are
| at least $4,000 900 greater than those of the
corresponding period last year, and great
| er even than two years ago, which was a
record breaker up to that time. If the bus
mess for the remaining eleven months is
| anywhere near as good as it was in jan
uary the international trade balance in fa-
| vor of the United States will reach $780,
| 600 600, and may go beyond that. I have
| called attention repeatedly to this phase of
| the business situation, and at the risk Of
| being tiresome will again refer to 1t. 1t
| is of especial Importance as showing how
| cur floating debt to Europe will naturally,
| quietly and legitimately be paid off. These
trade balances call for the payment of real
| money or its equivalent fact which Is
too often forgotten by the financial writer's
| who are prone to look on only one side of
| the question and utter chronic lamentations
| over our immense floating debt to Europe
The international as well as the domes-
| tic monetary situation is becoming every
day more satisfactory. London cables tell
| of the employment of immense sums of
French money in that center, and give 1t
| as the expert opinion that the bulk of this
money will remain undisturbed for long
which were to be fioated early in the
| spring by France Germany and Russia
| seem to have been deferred, thereby re-
n tge lest Words mone1 Pe
The banks in the large American centers
are again amply supplied with funds. and
erss Vonme It having g0 it's
| mission in starting the bumper crops to-
| wards the markets.
| XXX
There is very little doubt that Paris in
tends to Americanize her gas and electric
lighting equipment, and that the proposal
made by c. X. G. Billings and Anthony N
Brady looking to a purchase of control
will be accepted. If this is done these gen.
tlemen and their associates will invest
about s25,OO0,OO0 in the enterprise. They see
in the reconstruction of the Partisan illumi-
mating plants big gold mine as Yerkes
saw in London when he projected his
tube plans. Mr.. Brady is regarded as
the leading gas specialist in the world
He has made an immense fortune in the
business estimated at s50,000,000 or more
ard Oil crowd. This combination controls
the gas business in many Of the leading
American cities, including New York anG
Chicago, and is increasing its investments
wherever IL can find an opening. When the
Standard Oil party absorbs everything In
sight that is worth having in the gas man.
ufacturing line, IL will be a matter OF in.
difference whether consumers use oil Oh
| gas They will have both ends of the game
and can afford to laugh when "kickers'
announce that IL they don't get better gas
they will begin to burn something else
There will be nothing the householder car
use that will not pay profit TO the Stand
| ard Oil and TO their representatives anC
friends like Brady and Billings.
Wall street has been RECALLED this weel
with more than the usual assortment Of
stories OF railroad consultations and ALI