The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-25
odos The pressure Of securities to that Z

ood,Oos The pressure OF securities to that
extent upon the two markets caused sharp
declines in prices. The slump was at the
time described Standard Oil raid. and
IL Is still believed in many quarters TO have
been such. Persons who should be well in
formed on the subject are now saying the
offerings came from the other camp and
that they were continued on a wholesale
scale for many months thereafter, the net
result being that the house referred TO Is
To-Day In stronger position in cash than
ever before I'm its history, although shorn
somewhat of prestige and at the moment
under the fire OF savage popular criticism.
Xxx
The Standard Oil party never figured to
any extent as borrower of money in the
foreign markets. Its financing was done
at home. Its operations having been ex-
tensive the panic found the leaders of the
petroleum contingent badly spread out. I'm
mense sacrifices had to be made there as
well as elsewhere and they were made with
the same heroism that characterized the
dealings of what is known as the Morgan
element. To get money and protect them
selves the Standard Oil multi-millionaires
had to sell securities and they let go of
reamS upon reams of st. Paul, Amalga-
mated Copper and Gas stock. They had
money in almost everything and their Of
ferfngs depressed the entire market. The
Standard OIL campaign was and Is under
the personal direction OF William Rockefel-
Ter and III. III. Rogers. There is little doubt
that these gentlemen availed themselves OF
the fact that the extent of their operations
placed them in commanding position and
that they scalped the market on the way
down, occasionally going against an I'M
wieldy short interest and making turn on
sessing the bears and making a higher
market for the stock they might have to
sell. The same influence was at work with
the Morgan party and 1t often happeheo
that the two factions were found working
in substantial harmony, instead or be-
ing violently at each others threats, as
commonly supposed. Both SIDES having
made themselves absolutely safe and hav-
ing put themselves in an impregnaDle po-
sition they are again accommodating securi-
ties on the lower basis. This accumulation
dation has thus been laid under securities.
This is seen in many ways.
The excitement on account Of the ship
building disclosures has measurably died
out In the financial district. After all, the
commotion was due more to the fear that
the revelations might brighten away the
public than to the exposure itself. There
was nothing in the facts revealed to sur
prise the street. The methods and prac-
tees outlined in the ship building hearings
are those ordinarily adopted in the organi-
cation of corporations under the New Jer-
sey laws Attorneys of that State perfected
machinery for easy and quick compliance
with the provisions of the statutes, and
those desiring to avail themselves or the
law used this machinery. OF the thousands
of corpora tons formed under the New Jer-
sey laws during the last five years proba-
bly, not one in twenty went outside the
regular machinery. Readers or this corre-
spondence must concede that IL mas never
been OVERLOOKING with expressions or hlsn
regard for Mr.. Morgan. Yet, cannot re.
frain from voicing against the injustice OF
connecting his name with SWIMMING con,
Germs because the same dummies were useo
i'm the preliminary organization OF compa-
MES 1t would be just as sensible and just
to insist upon indicting him Tor muraer
because one or his clerks nappeneo 10 ,r rids
later view is taken by an anonymous WALL
street community. Mr. Morgan Is 1ar from
being popular hero now In the street, put
there is disposition In that quarter 10
do him rank injustice.
xxx
Mr. Russell Sage has personally ceased to
be a factor in Wall street. although his
money still talks influentially. He still
has a vast sum of money loaned In the
street on call, although he has ceased to
give the details of his business much per-
ity that Mr.. Sage has on an average not
less than $75,OO0,0O0 loaned In the street.
His investments in securities are believed
to aggregate anywhere from $15,0O0,O00 to
s25, 0O0.0 900 in addition thereto, which would
make his estate worth approximately
500, 000, 900. This is much above the popular
estimate, which ranges from s30,0OO,0O0 to
$40, OO0, 900. Representatives thoroughly con-
versant with Mr.. Sage's desires and his
policy have charge of his business and
handle 1t with mechanical precision. with
the exception that they do not deal in
puts and calls formerly the old gen.
tleman's chief diversion and a source of
large profit to him. Mr.. Sage is in Wall
street almost every day, and is physically
as active as he was twenty years ago. He
is still keenly alert to general conditions,
and probably as good a judge of values as
ever He has, however. not escaped the
mental infirmities usually attaching to old
age, fact which he realizes, and is there
fore quite willing to be relieved of the ex-
tails, which was formerly one of his strong
points. Mr.. Sages affairs are so arranged
that his death would not make the slightest
disturbance in Wall street, a fact which
is very thoroughly understood in that Sec
ton. What disposition he intends to make
of his vast accommodations is a secret which
Is closely held. Probably not exceeding
half a dozen persons are in the confidence
of the aged fnancier on this point. He has
no direct descendants, although several
nephews and nieces and grandnephews and
grandnieces are living.
w. @. NICHOLAS.