The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-25
But They Are Not Aggressive in Their
Purchases, and Their Action Does
Not Encourage the Bulls.
MORGAN AND RoCKEFELLERs
NO INDICATION THAT EITHER Is
wAGING WAR UPON THE OTHER.
The standard oil Company and the
Foreign Money Markets-RusseII
Sage's Enormous Loans.

Special 10 the Indianapolis Journal.
NEW YORK, Oct. A.-Many things go to
prove that there has been going on for
some time a quiet and large accumulation
of stocks in strong hands. Bear campaign
ers have been unable to drive the railroad
list 10 new low levels. Buyers are not ag-
gressive In any quarter and ii is plainly
not their purpose to encourage bull specu-
lation. The plan as developed is to take
offerings on the breaks, but not to bid for
the properties. This has encouraged the
bears to keep out extensive short lines
with expectations of further breaks. 1t
thus happens whenever the market takes
an appearance of weakness it looks very
weak-sick almost unto death. On the raj
lies sentiment undergoes sudden and re-
markable transformation. This popularity
is due largely to the fact that the bears
become more aggressive as prices fall away
and their offerings increase in volume as
quotations near the bottom. When they
are brought up with sudden turn they
begin buying back their stocks and as the
fact is revealed that the supply is not large
their efforts become more eager until the
rally is about to eliminate, when they fall
over each other in their efforts to cut their
losses short without another moments de-
lay. The professional traders have found
the market full of whipsaws, that is to say,
full of temptations to sell at the bottom
and buy back at the top. This professional
element has been badly punished during the
last two three weeks on account of the
deceptive appearances which confronted
them day by day. They get weak at the
wrong time and strong at the wrong time.
In this respect they are not widely differ
ent from the rankest outsiders, or lambs,
as they are jeeringly called by the talent.
Rich men who are experienced in the
ways of Wall street recovered their nerve
when it was found that surplus capital was
accommodating here. They discovered that
borrowers of the better class were holding
aloof and taking in sail, whereas few
months ago the scare was with the lenders.
who relentlessly called in loans, and the
alarm was shifted TO the other party. Mean
time there has been going on steady liq-
uidation of securities and a decline in
prices. This led to a gradual shifting of
conditions, and very soon the owners of
money learned that they would either have
TO let their funds lie idle reinvest them
in property that would earn something.
At the time the decline in the securities
market began money was bringing per
cent. and even higher, while stocks and
bonds were selling or a 3 and Sls per cent.
basis. Now the situation is the reverse;
money is again cheap, and stocks and bonds
offer the best returns. Consequently the
cash is going back into the better class of
these securities and TO low-grade stocks
and bonds offering a speculative promise
..-x4 Il IL.
turing to Wall street. The line of distrust
and apprehension has moved westward, and
the further it travels in that direction the
more distinct 1t becomes. There is no dis
trust nor lack of confidence west of the
Mississippi. and very little west of the
Ohio State line.
In regard to the industrials it may be said
that while there is a general expectation of
lower prices in some of them, the feeling
is growing that the panic is over In that
quarter and that permanent recovery may
be looked for ere long. The slump carried
the prices Of many industrial securities too
Tow. and those who are familiar with the
properties on which they are based are TAX
ing hold of them again in a moderate way
1t is now becoming evident that the
struggle between the Morgan and the
Rockefeller interests is an incident of the
protracted decline in the stock market, in
stead of it's cause and dominating infiu-
ence The contrary opinion is still held
by many to whom every price fiuctuation
is clothed with deepest significance and
represents move in the varying fortunes
of the painting giants. 1t is natural that a
shrinkage extending over such a long per-
iod and meaning so much should give birth
TO curious and distorted visions" which
are not easily dispelled Now. it is very
probably true that there is no love lost
between Mr.. Morgan and the conspicuous
members OF the Standard Oil party, and
that ill-feeling may have accentuated the
decline in some stocks. but the loss on
that account is not confined to one market
faction. Standard Oil specialties have suf-
fered along with the Morgan favorites.
The indigestion has been widely and inn
partially distributed. liz has affected St
Paul, Copper, Gas and Oil stocks as Sc
riously Steel. Southern Railway, the
Coalers Northern Securities. According
to a lately popular theory the Rockefeller
brothers and III. II. Rogers have Been
putting in the better part OF year I'm re-
lentlessly hammering j. Pierpont Morgan
and nearly backing him off the board.
This is the veriest rot. If the truth could
he known IL would more than likely be
QlSCONeTeu tIlstl MT. SioTSdU mas Dcen play
ing cards himself, and that he is about
as far from requiring the services of a
CONSERVATION as John ID. Rockefeller II
has become very clear that the Standard
Oil party was quite Industrious and
quite as active in tightening cargo as the
Morgan party. and that the same mo-
tive inspired both, namely, the instinct
of seif-preServation and "A determination
to get safe The Standard Oil people
may have got somewhat the start of
the Morgan party. but liquidation from
both sources began on a prodigious scale
early in the game and continued for a
long period.
The attacks upon the International Mer-
camille Marine enterprise by London news
papers and London financiers was the first
stern warning TO which attention was paid
on this side of the Atlantic. These attacks
We're followed quickly by discrimination
against bills of exchange drawn by GER
tain banking interests upon London. Paris
and Berlin. Where previously these bills
to any amount were taken eagerly diff
Guilty experienced in floating small
amounts. The changed condition forced
the adoption of a policy on the part OF
the Americans directly interested. The one
house against which criticisms were most
vigorously directed curtailed it's offerings
Of bills 90 the lowest possible volume II