The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-17
THE WEEK INWALL STREET.
HARRIMAN-HILL FIGHT CONTINUES
LEADING FINANCIAL TOPIC.
Larger Number Holds That the Fight
: Is Not Real, and That There Is
Friendly Understanding.

| Wall street who have believed right along that
| II the Standard Oil-Harriman, purpose to
| force the liquidation OF the Northern Securities
assets through receivership and gobble up the
properties in dispute. This theory was strength
| ened by the renewal OF the Rockefeller Harri-
man alliance through the wholesale purchase Of
| Union Pacific stock by the Standard Oil in
! terests.
BY far the larger number held to the theory
that the dispute between Hill and Hartman
over the participation of assets a pretense
| and that there in reality friendly under
standing. The many interviews given out by
| Mr.. Hill tended to disturb faith in this latter
theory. however. Mr.. Hill gave many evidences
that he was hurt. and those who knew him
best could not reconcile his lamentations and
cutlery against Hartman with professions Of
| harmony.
Mr.. Harrman's attempted Intervention was
| construed by a few shrewd lawyers of the
corporation class part of merciless Stand
ard Oil plan to drive back a great rival and
bottle him up which would be the result If the
assets Of the Northern Securities Company were
| sold by receiver TO the highest bidder,
The resources of the Morgan-Hill combination
are supposed to be large. Matched against those
of the Standard OiI-Harriman alliance. however
they would, beyond doubt prove the smaller
in Wall with bated breath The idea was
!
| whisper, although as a matter Of fact IL ought
mot to be disturbing to the b general
medfately concerned, the people Of the North
west and West, and for that matter. The whole
iuck might befa tRe in
quarrel, amongst themselves over the partition
] OF the transportation companies.
Mr.. Hill has been record as saying that if
/ Hartman won his suit he would sell out his
interests in the Northwest and leave the peo-
g tne1 section to get on as best they could
preston that but for him the Northwestern
| reputation would be in a desperate state. and
/ they might be eternally ruined. The people
themselves are not unanimous in agreeing with
Mr. Hill in his estimate Of his own Importance
| or Of their lost condition should Providence re-
move him from the position OF transportation
Mr.. HIN has never been backward in claiming
credit for the development of the Northwest
sble for it than any other human agency His
career has certainly been marvellous and in
the construction and management of tens Of
thousands of miles of railroad he has done a
great work II there had been 10 Jim HILL
! however. others would probably have done the
business well better
road wes of t ap viii the in rq the
course OF few years. be reduced to virtually
shgee grand eontr9ed by the
| ton. another by Mr.. Hill and his associates in
Ine TortRweft and the third by the Rock Island
| the Rockefeller group, although each Of the
others would be in an Independent position well
The Hill system would be the smallest of the
I IeLee AND the least important The Rock
track in eighteen States and Territories 1t
throughout territory OF more than LOCO miles
! g uareureaehng from St Paul 10 the gulf. and
! more than likely that in the fullness of time
| closely harmonious relations will be built up
| operated by their owners and whenever pro,
| prietary interests are in active direction of
everything Is done for the upbuilding OF the
! properties
The expectation of gold promises to continue
| for weeks 1t is the expectation that be-
tween So, 100000 and s25 100000 will be sent to
Europe before the movement comes to an end
This will be offset TO considerable extent by
the receipt of gold from Japan which has be-
| come an important customer in the purchase of
tood supplies and other eommodites japan pays
remlttances are largely in gold. thus far.
With the departure OF in the mountains
| there promises to be tremendous activity in the
/ development of mining fields not only in
the United tsates. but in British Columbia and
Mexico. The production of god which fell
somewhat last year. will probably be record
breaker In 1904 The output Of the mines
throughout the world is again on the upgrade.
conspicuous in the column of increase will be
! South Africa, where activity has been resumed
on almost the scale 1t was prior to the Boer
a stimulating effect on speculation and deveIon
ment in every direction.
A caller at the office of Mr. James r Keene
the other day was discussing with him the prom
| inent bankers of New York. Mr.. Keene was in
one Of his nervous moods and paced up and
down his room with the tireless energy of a
Gagged tiger. He stopped every minute or two
at the ticker and carefully scrutinized the tame
| The visitor had finally reached Jacob Schin in
| his conversation and casually expressed the
| opinion that within the next two or three wears
| the house of Kuhn. Loeb & Co. of which Mr.
premier banking house of America INV
Mr.. Keene keyed his voice up to even a
| What the devil do I care who is going 70 be
premier banker of New York. 1t won't be a
or Jake Schin or Stillman is the premier bank
er now, or two years from now or five years
can make present dollar. / would give more
money money to know two minutes ahead what that
the future of all the bankers in New York II
is the immediate dollar that interests me- Tell
me how to make a dollar and you engage me in
banker or banking house or CLIQUE Of Fanny any
and / am mighty likely to 90 to sleen Mr.
Ksene i Is not the only man in Wall street to
vastly more living interest than academic specro
Or h Se about the prominence of in
The great bulk of literature which has been
going out OF Wall street for the last two weeks
more has been distinctly buliish in tone Com
mission houses. which have for many months
maintained a noncommttal position and have
discouraged clients from trading are advising
action The underlying for this is the
cheapness Of money and the opportunity afforded
for scalp on capital employed in Carving
securities bought on margins. Manifestly this
scalp cannot be corralled unless Customers are
in the market. hence the anxiety TO enlist the
public once more in stocks.
Banks are giving Wall street decided prefer
ence in loans They offering immense
amounts on call as low IL per cent. and
giving brokers and stock houses all the time
money they want at 81 to per cent the con-
tracts TO extend into another calendar wear
Bankers are. for the time being literally eroan
ing under the load OF idle funds Railroad a,a
other corporations have borrowed heavily on
no,es covering period of one and two wears
Much of this money is TO carry on Improve
ments planned some time ago. The funds are
left deposit in banks and drawn unon &c
required. Other sums have been borrowed nv
corporations to reimburse their treas,Irtes Co.
advances made on improvements equpment and
new properties bought. the transaction heinc
merely temporary and in anticipation OF bonS
sales II the plans of the big people do not
miscarry these temporary loans will he taLar
up by the money realized from the sale OF honSs
when the better prices can be obtained for
mortgage securities. ~
Incidentally the bond market is undereoinv
| marked improvement There has been no rad
ical advance in the prices OF the goods h,,
fr,or sod inc, ;S