The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-17
Men Who Attempt to Raid Standard
Interests, However, Find Them
Pretty Firmly Anchored.
VAST STRENGTH OF OIL PARTY
INDICATIONS OF A BEAR RAID ON
UNITED STATES STEEL.
Uneasiness Caused by a Recent Cut in
the Price of Billets-Development
of Crude Oil for Fuel.

Special 10 the Indianapolis Journal.
NEW YORK, May 16.-Several weeks ago
the Standard Oil crowd, so-called which Is
composed Of the principal personal elements
in the Rockefeller clique, decided upon a
policy Of stock market inactivity. That
was very unusual thing for it to do, and
there Is great deal Of curiosity in Wall
street to know why it should have resolved
at this particular time to held aloof from
the market. The illness OF Mr.. H. H.
Rogers may have had something to do
with it, and If his return to health is what
the Standard OIL crowd has been waiting
for its reason for being inactive will soon
disappear. The outside world may be sur
prised at the extreme solicitude which Mr..
Rogerss illness awakened in financial cir
cles. Only Wall street knows what
tremendous stock market force Mr.. Rogers
is. 1t has always been the policy Of the
Standard on people to figure as a crowd
rather than as individuals, and this no
doubt. is the secret Of their enormous
strength. Mr.. Rogers, however, comes as
near being the leader OF the Standard OIL
crowd as it ia possible for one man to be.
He figures always in the background, how
ever, and IL rather distinguished for
modesty in the society Of men whose chief
characteristic, either individually or col
lectively, is the lack of outward assump-
ton. The Standard OIL party is the most
unassuming combination of financial in
terests. outwardly at least In Wall street
Whether this happens to be a common trait
of character or arises from a sense Of I'M
limited power 1t would be difficult to say.
1t Is by far the most powerful party in
Wall street. and to the lay stock market
observer it's campaigns appear to be as
precise and irresistible as the movements
of the earth. The possibility of it's failing
in any important design is so far beyond
the comprehension Of the Wall-sreet mind
that in this little world 1t is not admitted
to be possibility. AS party, it is
enormously rich. and its resources are al
ways available because they are never
tied up In underwriting syndicates or
similar ventures In its long campaigns
II possesses the patience of calm convic-
ton and in less pretentious operations 1t
exhibits a masterful genius at the art OF
mere trading. Previously to having de-
cided several weeks ago a policy of in
activity its position on the market for
several months had been purely a trading
Ing on the breaks and selling on the bulgeS,
as any room trader might do without TAX
ing a positive attitude At the present
time 1t Is unwillinsly, apparently, to UNI
but on the other hand, It seems to see no.
thing in the immediate situation on which
to bull stocks. Its great speciality. st. Paul,
has been left to take care of itself in the
| hands Of professional traders. The room
crowd has found 1t impossible, however,
to move the stock more than three points
without pncOuntnrinQ N.
position. Other stocks in which the Stand
ard Oil influence is dominant have been
Paul. giving the impression that they are
pegged at about this level pending the
| agreement of the STANDARD Oil crowd upon
| definite stock market policy.
| It is understood that the Standard OIL
interests are not satisfied with the none
tary outlook and they are getting their
| banking information through the National
| City Bank. Money Is cheap. Call funds
have been in abundance under per cent
for more than fortnight and the rates for
time money have gradually declined until
| 1t IS now possible to negotiate a nine
months loan carrying over the end of the
year at per cent. There is, besides, the
prospect OF financial relief this autumn in
| the enactment OF a currency reform meas
/ III.
| deed, banking interests generally are less
! apprehensive than they usually ere at this
| season of a really serious autumn strin-
| gency in the money market. The clouds
| are of another character. 1t is extremely
| probable that number of underwriting
syndicates which are heavily obligated
1 in undigested securities will be called upon
| to take up these securities, and this will
| mean an awkward shifting Of Wall-street
burdens. For many of these securities
| might be included the securities of the
| International Mercantile Marine and the
United States shipbuilding Company. In
scribers to the underwriting syndicate may
| be compelled to sacrifice good stocks for
| which there Is a market. The Standard
OH crowd facilities facilities OF
! Judge this phase Of the situation as no
| outsider can judge Ii, and there is a very
strong impression that its future attitude
| toward the market will depend upon the
| outcome Of these underwriting combina-
| tons. Not being involved itself. IT will be
in a position. In the event Of enforced
LIQUIDATION of good stocks in order to take
| up unstable securities. to stand under
| with an open bag. Meantime, all other
financial interests are striving to an alto
gethsr different end. The Standard Oil
| crowd is the only combination THAI san
| afford at this juncture to maintain q mega
tive attitude. The Kuhn-Loeb crowd. the
| Morgan party, the Gould contingent and
the Pennsylvania coterie are believed to
| be arrayed on the bull side.
| XXX
There appears to be a strong bear party
at work in the shares Of the United States
Steel Corporation. The public interest In
the Steel stocks is larger than in the Sc
cur!ties of any other corporation on earth
If ii had not been for James r. Keene. who
managed for the Morgan party the mos,
extraordinary distributtve campaign ever
known, some of the big insiders would, in
all probability, be loaded still with sur
plus Of Steel shares, especially the common
stock 1t is said to have required three
weeks to make out the United States Stee
certificates that were sold to small New
England investors through the buckle
shops alone. 1t is pretty generally admitted
by the WaIl-street experts that IL was
| mistake TO put United States Steel common
on a per ceLt. basis. AS a per cent
| stock 1t is selling nearly 30 points lower
than Tennessee Coal and Iron, which is l
| nondividend- paying security. Tennessee,
| Coal and Iron Is selling above so on tn,
| mere prospect of dividends II Is not how
| ever, fair comparison. because the vol
| ume of Steel common II very mucl
| greater than Tennessee Coal and Iron /,
the minds Of shrewd observers, however
/ IL is question whether Steel common
| would be selling any lower than IL Is II 1
1 M he