The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-04
The Engagement Resulted i'm Routing
Many of the Rich, Who Were
Caught In Their own Traps.
STANDARD OILS VAST POWER
HAS BEEN BEARIsH FOR A YEAR,
AND HAS MADE LARGE PROFITS.
This Group of Capitalists Dominates
Eastern Railroad Situation-MOr.
gan and Hartman.
Special to the indianapolis Journal.


Special to the Indianapolis Journal.
NEW YORK. Oct. 3.-After the battle a
count Of the dead and wounded. The emu
meration shows that the chief sufferers
from the stock stampede in Wall Street are
the men who were most largely RESPONSE
BILE for the overproduction of securities. 1t
has been a rich mans rout. The million
aires who multiplied their wealth in a few
years BY promoting combinations of one
kind and another over-stayed their game,
and to a large extent were caught in traps
OF their own construction. The exceptions
to this rule have been few and far be-
tween. The big ones who got away with
their suddenly acquired fortunes without
impairment might also be counted on the
fingers Of the two hands. They are easily
identified, and their names are on the
tongue OF the Street as conspicuous ex
amples Of shrewdness and sagacity. The
shrinkage which has taken place in the
fortunes Of so many Of the very rich rep
resents to considerable extent a mere loss
of paper profits, although in trying to save
themselves the victims have in innumerable
cases been compelled to dig deep into their
strong boxes and part with good stocks to
save themselves from ruin on account of
imprudent investments. They are under
going punishment for spreading themselves
out too thin and taking risks which, as
conservative business men. they should not
have been tempted to make. The masses
Of small and middle class investors who
have seen the market value Of their securi-
ties drop have no tears to shed for the
,iofnr @% H.
aires. They are charging these men with
having buncoed them into making bad in
vestments and complain OF having been
victims Of Misrepresentation. The big suf-
ferers are openly accused by the multitudes
of small people with having been guilty of
practices which should bring them within
the operation of the criminal statutes. This
stress Of anger will pass away In time, but
1t will be many a long year before the
country will witness another saturnalia of
overproduction Of securities.
Extravagant as many Of the stories are
Of Standard Oil operations in the stock
market and of the enlarged hold it has
secured on many great properties, it is
probably true that In most cases these re-
ports have substantial basis in fact The
than year ago. and its profits on the short
side OF the market are, beyond any ques-
ton. stupendous. 1t is true, also, that dur
Ing the last stages of the slump in prices
this same group has been buying on
grand scale. The campaign is understood
to have been directed by two men-William
Rockefeller and II. III. Rogers. Mr.. Rookie
Teller keeps himself more in the background
than his colleague, Mr.. Rogers, but the two
men have worked in entire unison, and are
to-day the most influential individuals in
the money and stock market They domi-
nate the Street more completely than Mr.
Morgan did In the heyday of his success
BY reason of their control over and infiu-
ence with banks, trust companies and in
surance companies, they have been able to
play on the stock market with absolute
certainty They can tighten money or
max II easy at VIII; That this has been
to Wall Street. The Ill will Of the Standard
OH party Is dreaded by every man in active
business In the financial district. This is
comparatively new thing, and grows out
of well-defned suspicion that commission
men and bankers who go counter to the
Standard OIL plans are likely TO find them
many ways
The managers of the Standard Oil party
In wall street are in command of every
avenue OF Information and are intimately
SS4eeAAsNA
important operator. broker and banker in
the Street. 1t was once Mr.. James r.
Keene's boast that he had closer informa-
ton Of the inside affairs of Wall Street
than any other man set of men, but his
machinery for acquiring information was
as nothing compared to that in the control
know the location of every important loan
In the Street and the condition of every
account that is worth knowing about. They
know how much money every man owes.
NJ nd tha 81
sources In the accomplishment of a pur-
pose they move in hundred different
ways. For weeks attacks were concen-
This concern had loaded itself down with a
mass Of middleweight industrials. 1t was
forced out Of one after another of these
not less than s25,0O0,0O0 Never once did il
show the white feather. and is still def
antly shaking its fist at the Standard Oil
group, although 1t has almost ceased to be
a factor In the situation. 1t was stripped
Of large share Of its resources, but its
pride was never humbled, and the one par
ticular thing the Standard Oil crowd was
after is still held intact: What the out
come will be is still in doubt, although 1T
Is not improbable that when the heat of
passion cools the banking house in question
will come to terms and yield to the Stand
ard OIL outfit the prize IL is after This
institution is the most stubborn proposition
the Standard Oil party has encountered
during the entire course Of its last merciless
experience in the financial markets. The
unequal contest has been watched with
eager interest by those who were aware
of its significance. In another case a very
strong capitalist stuck up his head In oppo-
sttion to one of the Standard OIL plays. and
three companies in which he was largely
interested and whose securities he had up
In bank as collateral were simultaneously
| attacked-Canaoian Pacific, Brooklyn Rapid
Transit and Metropolitan. Discovering
| QUICKLY what the matter was this indvid-
ual went TO his knees at once and the as
sault upon him ceased. Coveted holdings
| In New York Central. Pennsylvania, Read
| ing and Baltimore & Ohio We're openly
| ''gunned for by brokers who were
often used by the Standard Oil manipula-
| tors on the Stock Exchange.
The result has been that Standard Oil
| money now dominates the Eastern railroad
| siuation. This fact is no longer disputed
although when announcement was first
| made some weeks ago IL was treated
| skeptieally by even the insiders I'm these
| properties The management of both New
York Central and Pennsylvania now know
and appreciate the truth. The Standard Oil
| is not believed TO be ambitious to assume
active control OF the properties, 1t being
In accord with the policy of these enor-
! mously rich and powerful men to refrain
as matters run smoothly and their power
| Is recognized.
The last 10 point break in United States
Steel represents the momentum of a body
| too heavy to be controlled. When the cor
poration was formed conservative people IN
Wall street expressed the fear that the