The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-18

construction Of sky-scrapers, say that the
building outlook for 1903 is very encourag-
Of structural iron and plates larger than
last year, although in two or three cities
building will be less than in 1902. This is
probably the case in New York, where con-
struction has been going on for the last
four years at a terrific rate and now gives
signs of abatement. although not serious.
1t is simply a case Of the supply having
measurably overtaken requirements. The
population of Manhattan is increasing at
a wonderful ratio, however, and activities
in the building line cannot halt for long.
The erection of high-claSS buildings is
proceeding vigorously In almost every inn
portant city in the United States. and the
season of 1903 promises to be the largest
In aggregate on record.
The interview of Charles T. Yerkes, the
street-railway magnate, provoked amuse-
ment among New York business men in
stead of producing disquiet or alarm. Mr..
Yerkes came over to America to buy ma
terial and equipment for his London SUBJ
ways. Finding the prices higher than he
liked, he turned his tongue loose. He
scolded the Americans for keeping up quo
tations and predicted terrible consequences
if they did not see the folly of their ways
and put prices down so Europe could buy
on a more liberal scale than she is NV
doing Self-interest and disappointment
stood out so palpably throughout the in
terview that it fell fat a moving cause
for uneasiness. The interesting part of the
Yerkes interview was found in the state
ment that the cost of the London sub
way will approximate sS0,000,0O0 and that
the tubes" will be fifty miles in length.
The great banking house of Speyer q Co.
is behind the enterprise. 1t having proved
York capital which Mr.. Yerkes originally
enlisted. The Elkins-Widener combination,
in connection with j. Pierpont Morgan d
Co.'s London house, tried to cut the ground
from under the Yerkes party in London,
but they failed ignominiously since which
time it has been plain sailing for the Chi
cago schemer and hs friends.
1t is not known yet what conclusion has
been reached by Anthony N. Brady and c..
X. G. Billings, who went to Paris to look
over the gas field there with the view Of
securing a monopoly. They were favor
ably impressed with the statements SUBJ
mitted them as to the money,making pos
SibilitieS, but, being cold-blooded and wise
to their business, they went on a tour of
personal inspection. Like the man from
Joplin, they had to be shown.
XXX
Stock market conditions are unquestion-
ably bullish and the trend of values is up
ward. The bull leaders and their follow
ers are welded to the theory that before
the movement reaches it's zenith new
record for prices will be established on
practically the entire list. This prophesy
applies to railroads. Industrials not
being so strongly urged upon investors
and spectators. The water is not entirely
squeezed out of some of the industrial
captalizations, and for that and other rea-
sons they not in high favor with the
rank and file of Wall-street spectators,
although why Wall street should turn
against stocks, because they happen to
| have water in them, Is not entirely clear.
Pauses and reactions occur in every bull
movement and the one now is not eX-
| pected to be an exception TO the rule. The
| underwriters and syndicates went into the
campaign with a big load on. 1t is natural
| they should Tighten their burdens on the
way up. Sales from that quarter have
| been in evidence during the last week,
which accounts for the reaction from the
| high range established ten days ago on
the rally which began three weeks earlier
| Important moves in the railroad world are
developing. Consultations and alliances
| are being formed between great carrying
| one point of raising and maintaining rates
| the increase in railroad revenues and, con-
! sequently, to the enhancement of secur-
| tiles values based thereon. The monetary
| situation is relaxing right along, and for
| reasons referred to in preceding para
| graph, Europe is becoming less and less
| a menace or a dis .urbing feature in our
| finances. w. c. n.