The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-17
THE WEEK WALL STREET
OF MONEY HAS sTIMU-
LATED MANIPULATION.
NichOIns Says War Between Russia
and Japan VIII he BuIIish on
American Securities.

Special to the Indianapolis Journal.
NEW YORK Jan. 16.-The cheapness or
money both on time and call in Wall street
since the first OF the year. has greatly simulated
ma nipuIaton. largely by inside interests. There
are times when regular means for making
a little money is despised in the financial COM
munity here Prominent banking houses that
would have scorned year or so ego TO be iden-
tilted with anything Of less magnitude than
S5O,OOo.COo promotion. arc now glad enough TO
turn a thousand shares Of stock in profit OF
two points in the market. thereby placing them
selves on a level with the foor-trading element
Not but dozen Of the biggest banking
houses in the street have been operating in the
market a scalping basis
Manipulation Of this character is prolific with
runors which in effect to-day and forgotten
Tomorrow. a banking house whose reputation
IS worldwide and which. perhaps. IL will be un-
necessary to call by name. has been trading in
and out OF Steel preferred for weeks and weeks,
buying the stock on the declines and selling it
on the advances. Traders see much buying,
think IT is good and follow. and are loaded with
the stocks. Again they see selling that ema-
mates from high sources and follow that only 10
get short Of stocks at the lower prices They.
Of course buy them back on the advances of
? per cent and stand the loss.
Add to manipulation Of the character above
described the daily swapping of stocks between
traders. and you have about all there is to the
present stock market. There is no outside public
20 speak of ADD all the commission brokers in
the Street are complaining of the poor state
OF business. 1t is the opinion of some of the
best observers that shall have merely
trading market some time The
year is full Of uncertainties and unsettling fac
There. is the Northern Securities decision to
come within the next three. weeks, and that
will hardly be out OF the way before the crop
outlook win begin to figure in speculative cal
culations. National politics viii become factor
at about the time the critical crop period ar
rives. Besides these incidents there is the still
unanswered question whether the picking up OF
business during the last two weeks is merely
q rally In a bear situation or the beginning
of genuine bull movement - .o o..,o,
Importance than they were last year. The de-
preston So far has been confined largely TO the
hH and a sG an ana Se
high prices prevailing for the products Of the
pens or S viii Te4s
probably result in rapid spread Of the depres-
sion In the West
A prominent WaIl-street operator who has
been through a good many wars. tells me that
in his opinion hostiIities between Japan and
Russia would be bullish rather than bearish
rich and resourceful n country as our own.
He says he should not want go long of stocks
at night II he knew that war was to be de-
clared the next morning. in that event he
should expect TO buy at concessions from the
shock Of the news.
The ultimate effect however. of war would
he favorable to this country and he goes back
over the history OF several foreign wars and
shows that all OF them were bearish before they
began. bullish after they got started and very
disastrous in their after effects. There is no
doubt that outbreak OF hostilities between
Japan and Russia would cause Europe to dump
securities In London and London in turn would
sell securities in this market; there be no
heavy
on New York for money. this being one of the
principal money centers OF the world
But vesy important consideration thus far
has been overlooked. namely: that this money
would be wanted largely for the purchase OF
such things as We produce in large quantities.
notably food stuffs. large proportion of the
the payment for supplies War also would in
crease enormously the tonnage of transconti-
The security markets of the world would have
been depressed during the last fortnight through
fear Of war, but il has often proved to be
the that the fear OF war so far as financial
centfrs are concerned IS than the war
Itself. Some OF the shrewdest operators in Wall
street would hesitate 10 take a bearish attitude
on the stock market merely because Of declar-
alton of war in the far East
Simultaneous strength Of Pennsylvania and the
Gould stocks this week was made the occasion
for reviving the story that the differences be-
tween the Pennsylvania and the Gould interests
were about to be amicaby settled. 1t has been
known for long time that bad feeling existed
between these two parties owing to the invasion
of Pennsylvania Eastern territory by the Gould
crowd and for while the Pennsylvania was
actively hostile to the Eastern extension of the
Wabash.
A prominent financial authority who is close
to the Gould interests. said this week that so
far they were concerned there was nothing
10 be settled but the Western Unions suit
against the Pennsylvania for dana ges and so
far there has been no suggestion OF that As
to the rest the Gould party IS going ahead with
/ ualy and the Pennsylvania interests appear TO
nave ceased active hostilities
situation would be TIE estabishment of frSe0dIv
/ relations between the Pennsylvania and the
are believed to- be indiere5t polnt the latter
/ TO how concessions from PennsyIvania 10
/ Wabash could be bullish on Pennsylvania. be-
Pacific system to tidewater would invade the
/ territory ana compete for the business OF the
| PENNSYLVANIA But on "rumors' of settlement
/ Wall-street traders have insisted on buiiing
There is a great deal of speculative interest
in Pennsylvania stock II is heavily oversold A
Teves that it will sell lower Conservative
traders are waiting to see to what extent a
shrinkage OF manufacturing activity East will
affect the bituminous coal market. and through
/ the bituminous coal market the earnings OF
The passing J.. C. Osgood from the control
Of the Colorado Fuel and Iron Company has
been followed by singular series of tragedies
and mystery which the people Of Colorado are
/ SSTNAlb III vain 10 unTdNel. soon after the
property passed into the hands of the Rocke.
/ felers and GOulds J. L. Jerome one of Os.
/ goods close friends and business associates
began suit against him for the recovery OF q
large sum o. money charging also bad faith
the part Of OsgOOd. The papers In the ca.
suppressed at the time and a great 80
or curiosity was felt 10 the details Of ~
charges brought by the complainant aeainSt
OsgOod- II this connection il may be state
THAI J. c. OsgOod. \ G. Cass J. a <ebIe,
and j. l.. Jerome formed group who have beer
conspicuous for many years in the industrial
development OF Colorado. They were a close
corpora ton. 0'
Keber became president OF the Colorado Fua
and Iron Company and Jerome was treasure,
OF the corporation. Osgood being chairpoap =,
the board OF directors and virtual dictator II
was charged by Jerome. Cass and Keber tba
OsgoOd threw them down in the final act an
on behalf OF Jerome against their former pa ~
ner. OsgOod. About five months ago Cass died
Keller went the same way two or three month,
later: and about six weeks Jerome went :,
70 more than suspicion OF suicide The fart
~ denied the suicide story but when tba 49,
man was found he held a sponge saturated Wiz
I chorotorm pressed against his nostrils wiz
rigid fingers.
From OsgOod's Office came the reuarl, +ba+ 4,
was a good thing Jerome had killed himself
as he had brought trouble on himself nv 80
suit against the former head o. the Colora5
Fuel and Iron Company Since the death .
the three men. Jerome Cass ana E-abf-r' q.
Papers I'm the Jerome case against Osgood be,.
mysteriously disappeared from the files an,
as the defendant Is keeping still the story ~ 30
alleged betrayal Of his former ass0ciafes VII
ever remain n mystery Osgood il now in Den
ton 10 the Colorado Fuel and IRON Cor vrl,S.
He has also revived his interest IN ~ -