The Birmingham age-herald., 1904-01-17
CHEAP MONEY HAS
 Qu|CKEN|NG EFFECT
Stimulates Manipulation of a Certain Class of Business
US. sTEEL'S POOR BUSINESS
Opinions as to the Effect That War Be- tween Russia and Japan
 Would Have on the Se-
 curltIes Market.
BY W. a. NICHOLAS.

BY w. @. NICHOLAS.
 New York. January 1s.-rhe cheapness of money, both on time and on call, in Wall street since the first Of the year has greatly stimulated manipulation of 'letty' order, largely by inside interests themselves There are times when no regular means for making little money is despised In the financial community here Prominent banking houses that would have scorned year or so ago to be Identified with anything of less mag nitude than 2 s50oooooo promotion are now glad enough to turn a thousand shares of stock in a. profit of two points In the market, thereby placing themselves on a level with the floor trading element. Not one, but dozen of the biggest bank ing houses in the street have been oper- atins in the market on scalping basis. Manipulation of this character is prolific with rlInors which are in effect today and forgotten tomorrow. banking house whose reputation Is world wide and which, perhaps, it will be unnecessary to call by name has been trading in and out of steel preferred for weeks and weeks, buying the stocks on the declines and sell ing 1t on the advance. Traders set such buying, think it Is good and follow and are landed with the stock. Again they see selling that emanates from high sources and follow that only to get short of stock at the low prices. They of course buy them back on the advance of 1 or per cent. and stand the loss. Add to manipulation of the character above described the daily swapping of stock between traders and you have about all there is to the present stock market. There Is no outside public to speak of and all the commission brokers In the Street are complaining of the poor state of business.
 It Is the opinion of some of the best observers that we shall have merely trading market for some time to come. The year Is full of uncertainties and un- settled factors. There is the Northern securities decision to come within the next three weeks and that will hardly out of the way before the crop, the crop out look will become factor at about the time the critical crop period arrives. Be- tides these incidents, there is the still unanswered question whether the pick
 
 weeks is merely rally in a bear situa- ton or the beginning of a genuine bull movement. The crops this year will be of greater financial importance than they were last year The depression, so far, has been confined largely to the east, the west and the south, thanks to an abund- ant agricultural outturn last year and the high prices prevailing for the pro- duets of the soil, being more prosperous n. lzf zfr coming season will very probably result in rapid spread of the depression in the west.
 The passing of J. c. Osgood from the control of the Colorado Fuel and Iron company. has been followed by 8 singular series of tragedies and a mystery which the people of Colorado are seeking in vain to unrave1 Soon after the property pass ed Into the hands of the Rockefellers and Goulds, J. l.. Jerome, one of Osgoods close friends and business associates be- gan suit against him for the recovery of a large sum of money, charging also bad faith on the part of Osgood. The papers fin the case were suppressed at the time and a great deal of curiosity was felt as to the details of the charges brought by the complainants against Osgood. In this connection, 1t may be stated that J. C. "A U. J. L. Jerome formed a group who have been conspicuous for many years In the industrial development of Colorado. They were a close corporation. Kebler became president of the Colorado Fuel and Iron company and Jerome was treasurer of the corporation, Osgood being chairman of the board of directors and virtual dc tator, It was charged by Jerome, Cass and Kebler that Osgood threw them down Dal,1 AxaI Gone were to furnish the testimony on behalf of Jerome against their former partner, Osgood About five months ago, Cass died; Kebler went the same way two or three months later, and about six weeks ago Jerome went to his death under cir cumstances which gave rise to more than a suspicion of suicide. The family denied the suicide story, but when the dead man was found he held sponge saturate with chlorofrm pressed against his nos- trils with rigid fingers. From Osgood's offices came the remark that 1t was a good thing Jerome had killed himself as he had brought trouble on himself by his suit against the former head of the Colorado Fuel and Iron company. Since the death of the three men, Jerome, Cass and Kebler the papers in the Jerome case against Osgood have mysteriously disap- peared from the files, and. the de- fendant is keeping his mouth tightly shut fin regard to the matter, 1t seems likely that the story of his alleged betrayal of his former associates will ever remain A. mystery Osgpod is now in Denver forming a big coal combination in oppo- sition to the Colorado Fuel and Iron com pany He has also revived his interest fin the Iowa coal fields. where he got his rtart in business. It is hardly probable however, that Wall street will be per-
 If ha of he picturesque figure who contributed so oinuanflv fn the gaietY of that quarter.