The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1902-12-29
QUA WALL STREET LETTER.
tBy W c. Nicholas.)

I the re-a llaLIutAl Nl lN-A-Nt AaAtr AtN
in progress. This iiustmcnt o..
course. means a gen al advance
wherever Il can be ie without
arouslng too vigorous protest The
underlying project Of the ovement il
reimbursement for the Ia. -e amount
paid out 70 the army Of railr ad work
men In the form Of advance g. wages
By the middle Of January or drs, Of
February the new schedules will be In
operation and very soon thereafter the
results will show IN the reports o. net
earnings which are issued weekly and
monthly by nearly all the corporations
For the last two or three months net
earnings have shown up poorly In com
parlson with 1901. a fact which has
been made much OF by bears In the
stock market and used a. text Tor
preaching By bear orators an sriiors
There Is great ado in certain guar
ters over the apparently unfayorsble
international trade drift Of late as
shown by decrease In exports and in
crease IN imports. This condition is
likely 70 be corrected IN a natural le-
ultimate way. The decreased exports
we're almost entirely due to the stop
page In corn shipments The United
States had no corn to spare for the out
side world on account Of the partial
crop failure Of last year. The increase
in imports was attributable TO a very
large extent 10 the inability Of the iron
and steel manufacturers 10 supply the
home demand for products. compell-
ing American customers 10 20 abroad
for their goods Consumption In the
United States having measurably over
taken production in iron and steel
there has been a decline in prices, a
process which is seemingly going on.
and which is sure. sooner OF later. %
stop the importation Of metal prod
ucis Thus with increased corn cx-
ports and decreased iron and steel inn
ports 60 is easy to- see that the trade
balance in favor OF the United States
must grow This adjustment VIII en-
able America 10 pay on Us foreign in-
fobtedness which Is considerable.
silh further disturbance % hcmc.
hnanc It viii easily and naturally
dlspel the bigaboO which has served
70 frighten investors ana force iiqui-
dation Of large lines OF securitie7. In
this connection very interesting
piece of inside news Is current in
financial quarters here. Il Is 20 the
effect that a considerable percentage
Of the supposedly formidable floating
Indebtedness Of Europe has already
been settled in bonds. large quantities
Of which are said 10 have been quietly
placed abroad during the last thirty
days This tld-bit is given upon the
very best kind OF Information and may
be relied upon as correct The public
may not be fully advised as 10 the de-
tails for some time 10 come.
Unadyised and misinformed gossip
continues 70 retire Charles Il. Schwab
from the presidency Of the United
States Steel Corporation and to elect
his successor. Henry c. Frick. Z. H.
Gary. George w Perkins Of j. r. Nor
gan & Co. and others being various
ly named as his SUCCESSOR The
source Of this gossip Is usually aace-
able 20 the intrigues OF persons who
would like TO be raised TO the presI
dency Of the big steel trust Mr.
Schwab Is under a five year contract,
and as he Is improving In health his-re-
urement is very improbable II II
comes al all IL Will be voluntary on his
part and no, influenced by the maneuy-
erings and schemings OF those who
would like to inherit his job. Should
Mr.. Schwab retire. Mr. Carnegie Will
H@+fHN ~ RAN NAAAA al gAAANA AAAT
terests combined In naming his sue
ccssor Mr. Schwab was placed at
the head of the corporation As the per
sonai representative Of Mr. Carnegie.
md Mr. James Gayley was given sec
.ni place through the same Influence.
A. Gayley is now acting president in
ao absence of Mr. Schwab. aud should
latter sign. would. 10 all human
probability b. promoted to the FIRST
place M Gayiey Is a thoroughly
practical IAN AM enjoys not only the
atsolut, conf nee o. Mr. Carnegie
y.l als' Of ihe active management A
E.-,tlcal Ion an 81 man must be
president Of IA corporation TO eD
title ID 70 trade stanains