The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-26

securities" in an interview published just
after his return from Europe which was
Intended TO be reassuring. but the phrase
James j. Hill who improves upon Mr., MOT
cams expression and calls them undigesti-
BILE securities" Financial writers here and
III London paraphrased Mr.. Morgans Ut
terance and called them "undigestibie
securities. but their play upon the unfor-
tunate word had nothing like the enect
that Mr.. Hills distinguished authority has
given 10 the substitute phrase. The inter
view in which Mr.. Hill used the words
referred 10 occasioned a good deal or sur
prise here, owing to the close relations tnat
nave existed between himself and Mr.. MOI
gan. He calls Wall street sharply TO ac-
count for overproduction of securities,
knowing. as everybody else knows, tha'
Mr.. Morgan has been the foremost manu-
facturer OF securities for several years and
is more responsible than any other one
man for the existence of an undigested and
apparently indigestible mass of stock and
bond certificates. Mr.. Hill proclaims him
self a bull on the West and leaves the in
ference that he is bear on the stock mar
ket. 1t Is believed in Wall street that MI
Hill was selling stocks up to short time
ago. 1t is said that big line of st. Paul
bought around $50 was liquidated for his
account OF tremendous loss. IL these re-
ports be true they may account 10 some
extent for his rather bilious criticism OF
Wall street. There Is a great deal OF
curiosity TO know how Mr.. Morgan regards
IL. Mr.. Hill is one of the few financiers
who have associated with Mr.. Morgan with
out holding him in awe-stricken- reverence.
That may explain why they have not got
along as well together as men might.
Innumerable stories are afoat of indi-
vidual losses in the stock market. The suf-
ferers whose i'll fortune attracts attention
are not confined alone to the new rich, al
though the grief in that quarter is unques-
tionably more severe than anywhere else
Many of the veterans and those who had
grown so old in the effete East that they
considered themselves blue blooded are
down TO the CLOTH" 1t is undoubtedly true,
however, that hundreds If not thousands Of
those who became suddenly rich through
the successful disposal of their properties
to combinations and mergers during the
past five vars are back to where they were
before the combination mania began. This
nnds illustration in the changed atmos-
phere about the great hotels, which until
recently were the gatheSing places for
these people. A year ago or less the Wal
dorf-Astoria was clubhouse almost for
hundreds of outsiders who came to New
York for residence or at least to have a
ny" with part of Nheir newly acquired
riches. One can walk through these re-
sorts now any evening without seeing one
face In ten familiar to him only last sum-
mer. They have had their fling and have
retired. many of them to build anew for
tunes extinguished in the mad wfirl of
stock speculation, and others to nurse what
they have left and keep away from tempta-
ton. There are cases where men have lost
SIG, 100000 to s20000,0O0 within the last twelve
months, and there is one conspicuous in
stance OF a young man who became sud-
denly and enormously wealthy whose for
| tune has dwindled from So. Co., 900 or $40,
100000 down to less than 100000. 1t is
for s has on to ena
the tongue of gossip for many weeks.
w. G. NICHOLAS.