The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1902-12-15
QUE wALL sTREET LETreR.


riod OF convalescence. II was made r
awfully sick in consequence Of the g
terrible liquidation brought about {
through the accute necessities OF the
syndicates and underwriting combina-
tions. and the process Of restoration
TO normal condition is slow. The
men at the head OF the great money
combines are far-sighted and patient
Experience has taught them the dan
ger OF trying to get action before the
situation is ripe. They are loaded up
with securities and are leaning heav-
lily on the banks and trust companies.
but they are not going to spoil the
market and jeopardlze their chances
OF getting out at profit by attempting
to force their goods back upon the
public before II is ready TO take hold.
They decided a good while ago to re-
strict speculation to the smallest pos
slble limits end TO discourage the |
gambling element by every means |
available until after holidays. Mean
time the banks are slowly gathering
strength TO get themselves into a po-
sition to promote activity at the prop
Of January the resources OF the fiscal
powers will be taxed to gather In the
funds required for January disburse-
ments Of dividends and interest which
this time will aggregate $4,000. 900
No such sum has ever been distribut-
ed on any previous first OF January
That alone should stimulate specu-
latiye interest. and II Is being depend
ed on to do that. There Is a feeling
In Wall street that beginning with the
first OF January another grand bull
movement will be inaugurated. OF
course, this view is not unanimous, but
the strong people are evidently en-
couraging il. It is needless TO reca-
pitulate here the factors going to
make a bull campaign They have
been enumerated so often that to give
them now would be an unnecessary
repetition.
II is a bad time for stirring news
of financial sort. Important develop
, ments are occurring continually OF ia
4, yorable and encouraging import af-
! fecting both railroads and industrials.
but insiders do not care to exploit
these matters because II would be a
waste Of energy. The prominent in
. terests are inhexibly opposed to specu-
lative expansion and the public has
been educated to believe that nothing
4 be lost by delay in getting back
into the market. They have been told
o that the period of convalesceuce is not
). yet over and it would be rank foolish
q ness for investors to get in now and
p stand the burden of interest and car
= rying charges on stocks when there is
; no chance for quick rise. This
teaching is effectual. II is something
4 that appeals to the pocketbook and is
/ understood by the tape-players. Con.
T sequently the policy of the Street"
may be compressed in brief and forci-
BILE sentiment coined to meet the oc-
}. casion, "nothin' doin,." There is liter.
3 ally nothing doing in Wall Street these
e days and nothing expected until the
e turn OF the year. Occasionally little
d bob-tail jumps In and takes a scalp
= out OF the market, but so unworthy of
n serious consideration have these in.
i cidents become that they hardly cause
$ a ripple in the doings on the Stock
3 Exchange. AS an illustration OF this
y many be mentioned that the retire
. ment OF a leading member of that
r BODY from active business a few days
4 ago, gave the brokers on the Ex.
/ change an excuse for nearly two
= hours OF farewell to their old friend
ordinarily he would have gone out the
'front.' door with hardly the ceremony
OF departing handshake from hall
a dozen. II is a waiting season
Q Everybody is waiting for the none
e tary stringency TO pass away and fol
sign to that effect from the renre
Il sentatiyes OF the banking combina
q tions That sign once given the ma
- ehlnery will once again be set in mo
>. ton and the public invited to contrib
Is ute to the gayety Of the game.
e Bank statements. however honestl,
. they may be compiled. are in many re
spects misleading these days. The,
do not reflect the actual condition a
IN normal times. They do not repre-
es sent the true situation with any dc
gree or accuracy They take no ac
pc count for instnnoo ~ .. -