The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1902-12-22
OUR WALL STREET LETTER.
CBy W. G. NlcholasJ


group Of strong banks in providing
s5O,OOO0OO emergency credit to pro
tect the stock market against further
undue depression having calmed the
disquiet over the monetary situation,
Wall street Is turning II attention to
diplomacy, statecraft and war. II is
watching with the great interest the
moves being made in the Venezuelan
matter and specializing on the out
come. While the open expression and
possibly the honest general belief Is
that the dispute will be arranged with
out rupture or relations between this
government and the old world powers,
an undertone of uneasiness is felt in
the financial district There is moth.
ing particularly soothing in the spec
tacle OF the warships of Great Britain
and Germany and other foreign coun.
tries huriying TO South American wat
ters, or in fact that the United States
has massed there already the strong
est fleet of warships and armored
cruisers ever brought together under
the American flag. This display may
conduce to peace, but at the same time
there is something almost terrifying
in the grim and bristling front pre-
sented by the great powers on earth
which profess ardent desire to avoid
/ Naasss IL. ~
clearing their decks for action and
sending women and chharen back into
the bomb.proofs Spectators figur.
ing on the possible effect of serious
troubles of warlike nature are by no
means agreed that an actual conflict
will spell ruin to securities. They re-
call what happened when the Spanish
American war began. During the
preliminary moves the stock market
steadily sold down, but the very mo-
ment war became inevitable the mar
ket started up and it did not stop ad-
vancing for two straight years. The
turn was at the time of the famous
secret midnight meeting held at the
residence of the late Vice President
Hobart in Washington, at which lead
ers in congress, members of the Nc
Kinley administration and several of
the great New York fnanclers were
present The Wall street contingent
hurried back to New York prepared
to unite the financial interests in sup
porting values, believing that the war
announcement would be followed by
collapse. To their amazement and
| joy there was no occasion for more
than a demonstration of Willingness
on their part to stand under the mar
ket The great American public
rushed in and bought securities right
and left. IL was a way the people
had of showing their confidence in the
government. IL seemed as though
men with money regarded it almost
as an act of patriotism to go in and
buy stocks. II was n bet on them
selves and the old flag and visible
proof to the civilized world that we
believed in ourselves. Remembering
this remarkable demonstration, specu-
lattors are more than half inclined
to believe that real war between the
United States and the allied powers
might be followed by another similar
movement, although they admit the
possibility OF very sharp break pre-
ceding ii.
The steel trust, in gobbling up the
Union Steel company, its strongest
rival strengtheningitself in many ways.
1t secures a valuable addition to its
coal and coke properties, several mills
OF latest construction and at the same
time gets rid OF competition that
threatened to become annoying and
possibly dangerous. The central fig.
ure in the Union Steel company is II.
c. Frick, who is also a member of the
board OF directors of executive com.
mittee OF the United States Steel Cor
poration. To forestall possible criti-
cism over the purchase Judge Carey of
the big steet trust explains that the
properties acquired were under con.
struction before the formation of the
billion dollar trust. This announce.
ment is intended to head off any un-
pleasant comment about any alleged
'holpup" or inside deal and will
doubtless have that effect in well in.
formed quarters. The great trust is
gradually getting itself in shape to
monopolize the field as much as pos,
siOle on any back tracking in prices
which may occur, attended as II will
possibly be by reduced production
| This DOlfcv will c,,t bo.h -