The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-11

Teller and others of the Standard Oil party;
and 1T was through him that they unioaoeo
great masses OF Amalgamated Copper,
stock above 40. He is said TO have soid
10000 shares for II. III. Rogers alone az
figure which Melted him S25.0oooD. mat
&o,000,000 was clean velvet, and Represented
copper deal. When Mr.. Keene joined han9s
with ]. Pierpont Morgan in the carry
manipulation of the Steel Trust stock,
wall was built up between him ana tne
Standard Oil crowd Now that he has
pulled away form Mr.. Morgan, cordlality
between the great Spectator and ms FORMER
Clients has been resumed. Mr.. heehe -
back in the street again with all his old
time dash and vigor. He is completely re-
stored 10 health and is more like hlmSen
than he has been for three years MT
Keene has a reputation for being aoie 10
buy or sell more stock in less time ana
with least disturbance to the market tnan
any other man ever in Wall street. His
equal as a trader has never Deen Seen, anu
ne carries on his campaigns with such
adroitness. skill and secrecy that even ms
closest friends are never aware or MS POSI-
ton.
The attention of spectators as well as
investors is being directed to the cheap
bonds 1t is discovered that good bonds
can be bought at current prices ON and
6 per cent basis, and considerable money
is going into them in preference to stocks
This tendency is growing and is almost GER
tain to result in an advance in bonds. In
deed, speculation is working into that chan
mel TO the detriment of stocks. Tnere are
good bonds on the market which, at current
quotations, yield even higher than per
cent, and it is morally certain that they
will go 10 TO 10 points higher, whereas there
is more or less uncertainty in stock specuia-
ton or investment Money IS accum .ais,
ing in the centers with unhealthy rapldity,
and it will not be long before IT VIII De
compelled to seek an outlet. The BOND
specialists are looking ahead to quite a
harvest in their line.
The professionals are trying to make
second Steel out of Amalgamated Copper.
They say that Amalgamated Copper is in
reality worth no more than Steel common,
and that it is certain to pass its dividends
In the no remote future. There is no guaran-
tee that this will be done, but the state
ment is predicted on the theory that If the
Standard Oil party is bent on still lower
prices it will use Amalgamated Copper as
a weapon to beat the rest OF the market
down. This party is in absolute control or
the Copper situation, and its future course
is subject to the pleasure OF the petroleum
magnateS.
The reduction in the Steel dividend is like
| ly to be followed by a reimbursement of the
investments in Steel securities AT cur
| rent prices the preferred stock yields about
! the same on the investment as the COM
| mon, and there is a tendency on the part
| of holders of the common shares to shift
| into the senior isuue. This changing about
| is going on to a considerable extent already,
| and as the situation becomes better under
| stood more people will make the change.
| Around the prices that ruled the middle OF
4 the week, Steel common yields 1l1a per
| cent, while Steel preferred returns los4:
| The preference shares have s5OS, 100000 OF
| common stock behind them. The advantage
| of making the change is apparent to every
| investor who looks for permanent return
| on his money. w. u. NlCHOLAS.