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Newspaper
The Indianapolis Journal
Location
Indianapolis, Indiana, United States of America
Date
May 10, 1901
Page
4
The Daily Journal of Indianapolis lists subscription terms including weekly and Sunday rates, agency reach, and postage. notices cover mailing procedures, offices in major cities, and a 1901 editorial roundup with remarks on politics, railroads, and international affairs.
Internal evidence once supported acceptance that he wrote it though not a quarrel over the story. Some chapters are good others weak, suggesting possible collaboration. It failed to endure beyond the summer of its printing and has faded into forgetfulness.
Citizens of the South Side oppose the Indianapolis Southern Railroad plan to use the city right of way. They argue for balanced consideration of city interests, noting rail lines have spurred growth, while acknowledging grade crossings and risks. The piece urges entry from the south or over existing tracks and warns against partisan manipulation by the Board of Works.
The piece argues Governor Odell is an excellent executive despite early machine politics accusations. It credits him with curbing state commissions and cutting expenditure, vetoing improper bills, and pushing reform while maintaining strong party organization. Odell is hailed as one of New York’s best governors.
Russell Sages claims another Black Friday may occur today. The piece recalls the original September Black Friday when Gould and Fisk tried to corner the gold market in New York, buying vast sums for banks, pushing gold from 144 to 2H, and triggering panic until the government released millions to quell it.
Letter to the editor protests the Missouri St Clair county commissioners decision not to levy a tax to pay interest on bonds for a long ago railroad vote. The writer urges the Indianapolis Journal to publish the issue and seek public remedy.
In Crawfordsville Indiana in May, debate centers on a road subsidy that was never built nor intended at the time of funding. More than a million dollars was paid by other counties for the unrealized road, while St. Clair county refuses to contribute. The political issue blocks a commissioner election until a stance against levying taxes to support W. G Swank is clear.
A collage of jokes and light anecdotes from old papers. A Montreal Star quip about a bill of seventy nine dollars leads to a whale tale and a shy confession of love with quivering dialogue.
Secretary of the Treasury rejects the Durkee claim against the United States. He states no record shows ownership of first mortgage bonds by John A. Kuykendall as administrator for Charles Durkee and no funds or bonds have been deposited with the Treasury for Durkee or heirs. Courts dismissed prior suits and the Treasury will decline further communications or interviews about the claim.
The May 8 dispatch reports approvals for a new home National Bank of Thorntown with 30000 capital, and notes American National Bank of Indianapolis as reserve agent for Citizens’ National of South Bend. It covers appointments, contracts for Fort Wayne public building supplies, postmaster candidacies, rural free delivery efforts, a mail tampering protest in Constantinople, and various Indian affairs updates.
Indiana Commandery of the Military Order of the Loyal Legion held its annual meeting at Lincoln Club Hall Lafayette with Admiral George Brown presiding A net gain of nine members was reported though fourteen deaths included Col Nicholas Ruckle and Brig Gen Benjamin Harrison Officers for the coming year were elected led by Commander Rear Admiral George Brown A banquet at the La hr House followed with Governor Durbin and many state leaders in attendance including Purdue officials and numerous Lafayette residents.
Governor Durbin delivers a war era style address praising service and cautioning against overreaching policy. He calls for practical leadership and warns that public officials must act with character and courage to meet evolving conditions.
The speaker advocates nonpartisan management of state institutions, warns against deficits, and commits to economical, prudent administration. He extols Indiana’s resources from coal to cereals, honors Civil War and Spanish American War veterans, and urges congressional support for Tippecanoe battlefield preservation and a monument.
Steamships Majestic and Servia returned from Europe with Northern Pacific common in their mails for arbitrage houses. Blocks were delivered to them early this morning. Stocks were prepared for instant delivery on the exchange amid a frantic demand, though a takeover could not occur until the next annual meeting in months.
New York May 9 An insider in Wall Street talks says Kuhn Loeb will publish a notice tomorrow to let Northern Pacific shorts out at 150. Morgan & Co will release shorts for 10. The Morgan Hill controlled board can finalize the Northern Pacific Burlington merger without two thirds of stock approval. The two thirds rule was removed in reorganization. the deal is considered closed.
Kuhn, Loeb & Co. prepared to release Northern Pacific stock to shorts at 150, easing tension as Morgan interests resisted pro rata lending. Jacob H Schiff answered written questions on settlement prospects, while James J. Hill downplayed market involvement, and Russell Sage predicted a quick market stabilization after unprecedented volatility.
At the Waldorf Astoria in New York on May 9, financiers gather amid wounded pride and cautious optimism. Kuhn, Loeb & Co. and J. P. Morgan & Co. expected to settle at 150 a share, with Gates and Keene weighing in. Rumors swirl of Morgan-Hill control and Vanderbilt’s return, while hopes rise for a rally as banks stabilize the market.
The assignee estimates liabilities at eighty thousand dollars with assets about the same. Charles R. Steckels, a Consolidated Exchange member, failed to meet margins as stock market slumped and customers could not cover losses. A. F. Fields, another Consolidated member, also failed with no public amount yet disclosed.
In St Paul on May 9 the New York stock market fluctuations drew intense interest. Northern Pacific Railroad President C S Mellen refused to discuss company affairs. Common stock reportedly rose to 250 on the NYSE and touched 1007, prompting Mellen to express astonishment and say he could not explain such jumps.
Toledo May 9 Hon Grover Cleveland arrived at Sandusky to fish ten days at Middle Bass. He travels with Admiral Lamberton Professor John Lloyd Judson Harmon and Charles Foster former secretary of the treasury. Asked about Wall Street winnings he said I have nothing to add and refused further interview.
In London on May 9, a historic stock panic gripped Throgmorton Street after the Exchange closed. Union Pacific tumbled rapidly while St Paul fell similarly. Dealers crowded into shorters court to bargain, prices slumped then partially rebounded amid frenzied buy and sell orders.
J Pierpont Morgan Jr and Speyer Brothers officials call the day a panic caused by unclear railroad market conditions and not a true crisis. Glasgow and Chicago trading scenes show steep drops and unsettled sentiment as settlement looms. London shows restrained fever as finances reassess future railroad consolidation.
London financial cable reports a day of near paralysis as dealers hesitated to set prices amid a violent market swing. Northern Pacific briefly hit 12 percent before collapsing to 18 and then slipping to 15, with other stocks dropping 3 to 5 percent. A tentative rally followed on silliness around a twenty four hour truce in the Northern Pacific squeeze, while European markets sank with France discussing a Russian loan and South Africa seeing large fund outflows.
J Pierpont Morgan left AIX LES BAINS FRANCE this evening bound for Paris in a hurried departure. The prominent financier travels amid a France visit and high profile business engagements.
New Orleans citizens express universal pleasure at President McKinley's visit. He and Cortelyou conveyed genuine satisfaction with the brief stay, banquets, river excursion, and street reception. The Times-Democrat notes his gentle disposition, firmness, and surprising mental caliber, implying a lasting favorable impression on the community.
A New York Press excerpt quotes a barroom proprietor who opposes treating to protect his trade. He argues moderation over total ban and cites customers flocking elsewhere, revealing practical, hardheaded views on business and drinking. He contrasts American and British drinking habits and hints at temperance leadership by pragmatic men.
Ex governor Stephens recounts a costly loss from a Missouri Pacific stock scam. He recalls a friend urging a quick investment to turn a fortune, a Beaumont trip with Governor Hogg, and a string of missed chances that drained millions. The column frames the episode as a cautionary political irony about gambling on hot stock tips.
The piece ponders gold and silver inflation speculation, noting the uncertain mood after the spree. It questions whether gold or silver routes yield a morning after feeling and suggests the outcome may be equally unclear depending on choice.
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