The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-14

armed his enemies with further demands
and great many observers believe that
pressure Is still being exerted against the
Philadelphia contingent from 26 Broadway
and 81 Wall street. II would require great
deal or space to give one-tenth Of the gossip
that revolves around this subject, and no
one would be any wiser for having read 1t.
IL IS a reasonable presumption, however,
that the final result will be q truce be-
tween the Pennsylvania and the Gould
crowd by which the latters Greater Mis-
souri, Pacific scheme will be particularly
favored. The Cassatt crowd exposed itself
TO attack In undertaking at this time TO
issue SSV,VoOO0 new stock with which 10
finance certain extraordinary improvements.
including the New York tunnel project. Mr..
CasSatt Is looking fifteen years ahead Tor
the Pennsylvania, whereas the public Is
looking 20 the present. Mr.. Cassatt mace
the mistake, perhaps, of paying too little
heed TO the present IL is probable, now
ever. that if the Standard Oil crowd had not
lnteTfered with his plans, the same would
have been carried out as intended. There
was no lack of money with which to finance
the new Pennsylvania stock issue. for i'm
mediately upon the formation OF the Kuhn
Loeb banking syndicate here the under
writing was overSubscribed and a combina-
ton of capitalists this week offered TO take
the entire business off the syndicates
hands at a premium. Some of the shrewd-
est judges of value in Wall street consider
Pennsylvania cheap and very attractive
has been very successful on the short side
of Pennsylvania is now advising its follow
ers to buy that stock and sell New YORK
Central.
The announcement the other day that
John D. Rockefeller, jr.. had retired from
the directorate of the National City Bank,
which is the Rockefeller bank, created a
good deal of surprise. and in spite of as
sertions on every hand that his withdrawal
was OF no significance whatever much curl
0cif, ID ell -,
resignation occurred several months ago,
and every effort was made to keep it quiet.
The news leaked out quite accidentally. 1t
is persistently rumored on the Stock Ex-
change that friction has developed inside
the Standard Oil crowd between John ID.
Rockefeller, sr., and John ID. Rockefeller,
Jr., on the one side, and William Rockefsi-
Ter and II. IL. Rogers on the other. The
story is that the elder Rockefeller Is in
tolerant OF the more offensive tactics en-
ployed by William Rockefeller and MIR.
Rogers in the stock market, These tao
tics have long been the subject of bitter
criticism in Wall Street but ii is a sur
prise to learn that the John d. Rockefellers
are displeased with them. 1t is supposed
that the National City Bank will support
William Rockefeller and II. II. Rogers. The
stock market operations of that bank are
colossal and they are directed principally
by James Stillman, its president, II. H.
Rogers ad William Rockefeller. This gos-
sip is more interesting than significant be-
cause the danger OF q split In the standard
Oil crowd is so extremely remote as to
hardly be within the range of possibility.
The extent of Mr.. Rogers's influence in the
stock market may be family understood
from the statement that he has been lend
ing S20.0vV,0O0 on call in the money market.
This, however, is but a small amount as
compared with the aggregate he controls.
The preferred stock of the International
Mercantile Marine Company, Mr. Morgan's
latest trust creation, sold this week as low
as 25lk 1t is a per cent. cumulative stock.
on which no dividend, however, has ever
been paid. The common stock is quoted
as low as Ga bid and ~ asked. Transactions
in the securities are more or less nominal
The Atlantic Transport line. which is an
important constituent Of the Int, ational
Mercantile Marine Company, has announced
| the curtailment of its service between New
York and Southampton, the reasons given
being depression in ocean traffic and a
desire TO effect economies. The vessels that
are taken off carry only first cabin pasSen-
gers, and Therefore are not profitable at
| this season of the year as vessels carrying
J steerage passengers. There is no informal
| ton as to whether the curtailment of the
| service will extend to the other companies,
| but the action gives rise to fresh misgiv-
| ings in Wall street. No official announce
ment has beer made to what the In
| ternational Mercantile Marine proposes to
| do on the interest that is due i'm July. The
Wall Street Journal estimates that the
| company's fixed charges on its funded debt
aggregate $3034.300 a year. OF the $40, 0O0 900
bonds authorized 100000 have been is
sued, but they are undigeSted, the promot-
| ers having been unable to distribute them.
| The underwriting syndicate is supposed to
hold the bulk of them. If any other man
| than j. Pierpont Morgan were responsible
| for the international Mercantile Marine the
| financial community would draw unpleasant
differences from the innocuous condition of
| the securities, but Mr.. Morgan is a man
who is subliriely Indifferent to his failures.
The equanimity with which he takes them
and the ease with which he passes from
| an Improbable venture into something new
are notorious to all who have been asso-
ciated with him in business. 1t Is clear,
| however. that something will have to be
| done with International Mercantile Marine,
| and the chances are that when Mr.. Nor
| gan gets back from Europe reorganiza-
1 ton will be preached He is a man who
does nothing by halves, and it is expected
| that the scaling down of the international
| Mercantile Marines finances will be quite
| as drastic as that of the finances of the
| United States Shipbuilding Company. The
| combine cannot be undone-that is the
| fleets cannot be returned to their former
owners, because the English were thrifty
| enough to take cash for their properties and
| camille Marine only the interest of curl
osity. 1t is no secret that they got fancy
| prices for their vessels.
W. G. NICHOLAS.
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