The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-25

interests Of the country will be served by
nonaction. 1t thus transpires that the
shadow Of the next presidential campaign
more than a year distant. is beginning to
overhans the stock market. 1t will be
great relief to the business interests when
Congress adjourns on the 4th of March,
and it will be the prayer of Wall street that
there be no special session
Speaking of trusts, the street" hears that
the tobacco trust is not meeting with the
expected measure of success i'm its attempts
to break into and monopolize the retail
trade. The large number of pretentious
stores which the trust established here and
elsewhere form a target for concerted at
tack. and there is little doubt that the boy
colt against trust-made goods is being
worked with harmful results The effect
on tobacco securities is not marked as yet,
one reason being that there are no specula-
tive tobacco stocks in the market. In its
grand scheme of financial reconstruction a
year or two ago the shares of the several
allied corporations were retired and made
basis for the issuance of collateral trust
bonds for an immense amount. Previous to
that time tobacco stocks were actively
traded In and were quite as much in favor
as sugar or steel shares Now the tobacco
magnates who used to work the market in
their own specialties are forced to play
other peoples games. They have no cow
of their own to milk. They find the situa-
| ton unsatisfactory, and there is talk of
| another financial reorganization and the
Issuing OF a new line of securities which
will give the street something to play
| with in tobacco. variety of plans to
effect this are under consideration, and it
is said to be reasonably certain that one
Of them will be adopted
xxx
Stock Exchange people are beginning to
| talk seriously about establishing brokerage
! offices on the ocean liners and giving pas
| senger to and from Europe an opportunity
| to speculate in securities, using the wireless
| system for the transmission of messages.
| The playing of that game of chess in mid
! ocean by the use of Marconigrams has done
more to direct the attention Of the business
| men to the practical uses to which wireless
| communication may be put than any other
| development thus far. Neither the steam
| ship people nor the brokers have as yet any
| clear idea just how trading in stocks can be
| done, but they are beginning to think that
| it is not such visionary proposition after
| all. and predictions are freely heard that
| within a year continuous wireless quota
tons can be sent any distance from Shore
| 1t is an interesting subject, and Wall-street
| men like to talk about it in their leisure
moments.
The De Forrest Wireless crowd complain
| bitterly that they are not being given a
fair show. They insist that they have the
only really practicable wireless device and
| say that their inventions are covered by
innumerable patents. They claim to be
able to do more than Marconi ever dreamed
| of doing, and that they entitled to at
least as much consideration as the gifted
| Italian. If for other reason than that the
| inventor Is American-born and Yale grad
uate. The cynics fail to see the relevancy
| OF that suggestion and are disposed to
make light of the De Forrest claims, de-
spite the urgency with which they are
forced upon the attention of those specially
interested in the subjects. However, 1t is
by no means sure that the De Forrest in
vention Is not equal or superior to Mar
coni's Litigation to establish the rights of
the two inventors was commenced three or
four months ago. but it would appear that
nothing has been done except filing suits.
XXX
I wonder with what mental sensations
Wall-street bankers have read the reports
of the trial of former President Kimball
and Teller Rose, of the Seventh National
bank, charged with generalization. The
defendants pleaded guilty. Everybody
knows in Wall street that Decentralization
is regularly practiced by the banks that
cater to stock market business. 1t is con-
sdered absolutely necessary. That is be-
cause so much of Wall streets business is
done on credit. If you want to know the
banks that over-certify checks in amounts
anywhere from one to twenty million dol.
lars day just look up those that have
large brokerage accounts. 1t is done for a
matter of few hours only. and brokers
always make good. 1t is an unwritten law
in Wall street that broker must first
take care of his banker. 1t is unlawful tc
certify checks in excess. Of the funds or
deposit, but that. doesn't matter where the
interests of Wall street are involved. A
bank that practieed over-certifcation was
absorbed a year or so ago by a bank thai
did not and in the news reports of the
transaction it was mentioned that brokers
accounts amounting to some twenty OF
thirty millions had been withdrawn: Nc
explanation was given. The reason was
that the consolidated bank would not over.
certify, and the brokers took their &C.
counts forthwith to banks that would
This knowledge is so very general in Wal
street among professional people that one
wonders how 1t can have escaped the bank
ing authorities that Decentralization haG
been practiced on an enormous scale. TIL,
|. only reason the Seventh National people
, | came to account was that their bank failed
, along with Marquand & Co. w. G. N
FOOTBALL CRITICISED.