The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-25
There IL Less of Speculation, and the
People who Are Buying Stocks and
Bonds Are substantial.
MORGAN OBJECTS TO DETAILS
EXPECTS sUBORDINATEs TO LOOK
AFTER MATTERS OF THAT SORT.
The Tobacco Trust Not succeeding
with It's Scheme to Force Retail
ers Out OF the Business.
Special to the indianapolis Journal.


Special to the Indianapolis Journal.
NEW YORK, Jan. A.-The securities
market is gradually working into strong
er position. 1t has had its reaction after
the sharp advance which began just about
q month ago and is again moving up. Some
Of the financial writer's and their allies, the
professional element on the exchange, pro-
fess to see occasion for weakness in the
fact that the multitudinous public is not
in evidence to the extent they seem to think
necessary for a sustained bull movement.
This sort of opinion is not the most VAL
liable, however, for the same people were
bearishly disposed two years ago because
the great public was in the market. They
were wrong either then or now. The fact
is that they were right the first time and
wrong this. The market two years ago went
TO pieces because it was overbought by tens
of thousands of lightweight people and
amateur spectators. This year the buying
of stocks is Of the best kind. Substantial
people are under the stocks and bonds.
There is less of sheer speculation than at
any time in many months. The public is
nevertheless in the market on very ex-
tensive scale. More than a million men and
women own stocks in the various corpor-
atoms whose securities are dealt in on the
New York Stock Exchange. These are the
people who are in and under the market.
They give it strength and character. The
big pools and syndicates will take ad-
vantage of the rallies to unload some of
the stuff they took over on the big break
last fall. This feature will probably char
acterize the entire bull movement until II
eliminates. Recessions, such as have been
witnessed during the past two weeks. serve
the useful purpose Of discouraging shoe.
string gambling and speculation on light
margins. 1t keeps the market solvent and
drives poorly-equipped spectators away
The monetary situation is becoming easier
every day, and railroad and industrial earn
ings are in every way satisfactory. The
strongest people in Wall street make nc
secret of the fact that they are unqual-
ifiedly bullish the general business sit
uation. They do not think the era of pros
perity has reached the apex. but that good
times will continue at least through an.
other year. II 1903 should be blessed with
good crops there is seemingly no reason
why there should be a serious setback
There has not been important overproduc
ton in anything. and the purchasing power
of the people of the United States is seem
ingly inexhaustible.
One of j. Pierpont Morgans peculiaritie.
is his supreme contempt for details. They
tell story of him to illustrate this trait
1t dates back to the period Of extensiv,
railroad reorganization when so many sys
TENS were emerging from bankruptcy ant
receiverships and establishing themselve:
on a solvent basis. Mr. Morgan had al
most a monopoly of this kind of business
for awhile, and he called it day lost tina
did not bring to his office some propert,
for hospital treatment The way ii wa
done is thus described by veteran broke
who had the run of his Office at that time
/ will use the gentleman's language as nea
as 1 can recall it. This is the way he toll,
it:
1.-THE representative of crippled railroa,
would call on Mr.. Morgan, and after awhil
gain an audience with him. He would in
form the financier what he had and wha
he wanted. Have you got the papers witt
you?' Mr.. Morgan would ask and receivin,
an affirmative reply would say brusquely
We'll. let us have them The packag
would be fished out of the callers poke
and turned over to him. Mr.. Morgan woul,
tumble over the papers few minutes, dis
cuss the matter for possibly a quarter O
an hour, and then dismiss the man witt
a statement that he would decide what h
could do by the next afternoon, or possibl
two days later. AS soon as the man wa
gone, he would touch the button and cal
Mr.. Coster. his reorganization partne,
Here, Coster. is another railroad to reor
ganize. Look the papers over and submit
a plan Tomorrow Coster would take tn
documents home. sit up all night. prepar
a plan. have 1t typewriter the first thin
the following morning, and have 1t al
ready for the head of the firm on his ar
rival about noon. Mr.. Morgan would loo
over the plan, turning the leaves rapidl
until he came to the last paragraph 4
which the compensation to be allowed
Pierpont Morgan & Co. for their work wa
named. What he would exclaim. .Di
you only make it a half million dollars
Strike that out and make it a Million an
with that he would turn the papers back I
Mr. Coster and proceed about other bus
ness. The railroad would in due time h
ground through the Morgan hopper and pr
on it's feet with the Morgan brand on i
which was sufficient to establish public cor
fdence in its permanency. This is a fai
illustration of Mr. Morgan's personal cor
nection with the arrangements. He rese
lutely refused TO have anything to do wit
the details, saying that that was what h
had partners for. and that if it should eve
become necessary to burden his mind wit
the little things connected with his bus
ness he would quit. He has always playe
the part of commander-in-chiefo of the arm
leaving to his generals and colonels III
management of the corps. divisions an
regiments"
The Mr.. Coster referred TO i'm the for,
going died in harness. His friends in Ii
street" say he KILLED himself trying
| do too much of Mr.. Morgan's work.
The determination of the President an
Republican leaders in Congress to put ne
antitrust laws on the statute books is ha,
| ing a greater depressing influence in II
securities market than financiers are will
| ing TO admit. The move is having a di