The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-04-26
Securities Now I'm Strong Hands and a
Bull Campaign Is Considered
Among the Possibilities.
WRECKED IN A FINANCIAL ORGY
WALL STREETS DISTRESS HAS NOT
AFFECTED COUNTRY AT LARGE.
Complications That May Result IL the
Threatened Attack on the Anthra-
cite Coal Trust Ii Made.
Special to the indianapolis Journal

Special to the indianapolis Journal
NEW YORK, April 25.-The leading stock
operators of this day do not run to pic
turesque as did those of former periods.
The only one left OF the old set distin-
guished for decorating the street literature
with striking figures OF speech or catchy
illustrations is Mr.. Keene. and he is getting
over the habit. He has too much to think
about In other directions to indulge him.
self freely in this species of vanity. 1t was
the custom of the late Addison Cammack
to condense into epigrams and apt sentences
the philosophy Of a market situation and
to do it in a way to stamp the coiner OF the
phrase as a man of originality and clair
voyant observation. 1t was his custom to
advise his friends that 10 was good time
to sell stocks when the bank vaults were
empty of securities, and per contra-that 1t
was a good time to buy when the bank
vaults were heavily '1ined with stocks
His line of reasoning was that the manu-
facturers, statesmen and custodians or
stocks, when they had nothing to sell, their
interest no longer lay in the direction or
higher prices, but when they had an abund-
ance of goods on hand they would natur-
ally and inevitably work for a rise. In
these conclusions he was nearly always cor
rect Adopting, then, this theory as well
grounded. 1t Is safe to conclude that the
important financial interests are bullish on
the stock market, and that they will be
found on that side for a long while. 1t is
the history OF the stock market that the
banks and the wealthy people accumulate
stocks on a decline and let go of their spec
ulative lines on rise.
It Is common knowledge that the public
has been shaken OUT Of an enormous ag-
gregate Of speculative shares during the
last six or seven months. Wherever there
has been a sale there has been purchase.
The selling has been unanimously on the
part Of the multitudes; the buying, con-
sequently, must have been by strong inter-
ests and in the way of concentration. There
has not been a time in years when the float
ing supplies of stocks have been lodged in
stronger hands than at present. These
care of themselves. They may have on
hand more than they want, but that is no
reason why they will liquidate at a sacri-
flee. On the contrary. 1t may be assumed
with entire safety that. having put their
shoulders under the burden and already
gone through sweat, they will go further
If necessary. The situation as it Is now
found is not an unusual one. 1t is of peri
odic recurrence and marks the climax of
every occasion where there has been a
struggle between the public and the rich
people i'm wall street. When both these
elements can work in accord-both wings
flap in harmony, as 1t Were-everyDody APP
pears to be making money. IT is only when
the necessity arises for contraction and
liquidation that there occurs a battle for
self-preservation, one side being arrayed
against the other. AT such times 1t Is in
variably the public that suffers. The strong
men endure punishment, too, but being
strong they outlast the mob. When the
next rise in the market occurs they have
goods for sale and are in position to real
lie a profit. while the stranded multitudes
can only look on enviouSly and regret their
losses. 1t is the old. old story in Wall
street.
The distress through which the stock
market has passed since early last autumn
has In no manner communicated to the rest
Of the country. Elsewhere there is a super
abundance of prosperity and an accumu-
lation Of wealth by the people that sur
passes anything ever seen. The hurt here
has fallen in large part upon the tens OF
thousands who accumulated fortunes sud-
denly by reason of the organisation Of
great industrials and the tremendous infia-
ton that accompanied this phenomena.
There are cases without number where peo-
plo who had labored and struggled for
many years In the possession Of manufac-
their businesses. and who found themseives
rich In quick assets almost within q day.
They obtained for their properties two,
three, fve and not infrequently ten times
as much as they had held them 10 be worth,
and the experience dazed and bewildered
them. 1t took an extremely level head to
withstand such prosperity, and the first inn
pulse was TO convert their stocks and bonds
into cash; the next was to buy something
else with that cash. The result was an in
terchange and reinterchange of cash for
securities which brought to the stock mar
lat m he xrit
messed and put prices to the highest alti-
tudes on record. The last few months has
witnessed the entire or partial extinguish-
ment or thousands upon thousands of these
fortunes. which lasted upon paper for only
q few brief years. The country is full of
men who enjoyed a brief season of wild ex-
hilaration in this magnificent center of &C
tion and then slowly found their way back
to their former homes or else settled down
here with such employment or occupation
as they might find. The metropolis is full
of men who count themselves poorer by 90.
70 and 80 per cent than they were a year
ago, but who, for all that, may be as we'll
fixed as they were when they first started
on the orgy.
The dedication of the new Stock Ex-
change was a great event in the financial
district. The members of the exchange are
heartily glad to get back home. They have
been cramped and uncomfortable The two
| years covered by the occupancy of their
temporary quaretrs in the Produce Elk
change have not been period of unalloyed
| satisfaction. Things have happened during
| that time which made superstitious trSlers
| believe that the old req brick building was
hoodooed. Within two weeks after they
| took possession occurred the terrible panic
incident TO the Northern Pacific corner
| President McKinley's assassination fol-
| lowed. Then the copper corner collapsed
involving q loss of more than 500 600 900
! Last but not least. began and eliminated
| the sensational decline In the general stock
market, shrinkage represented in dollars
and cents by more than s.. 10000 This
| sum approximates the actual shrinkage as
| shown by the high and low ranges the
former prevailing about the LIST OF Septem-
Der 1902. and the inside figures having beer
reached only a short while since. Hopeful
members OF the Stock Exchange believe
| that good luck will attend the early years
of the occupancy of the new 100000 temple
| of speculation. They find ground for this
expectation in the promise of enormous
| crops and in the fact that there appears &c