The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1903-06-10
WALL STREET NEWS LETTER.
BY w. @. Mich ,ias

New York, June g. Tue failure OF
smcs & Co. Of Toront which may
be said to have marked the collapse
Of a Wild speculative NOV nent In
canada, Aag cleared the e. : market
attn sphere. At the mJnen Of me
writing It is believed that the conse-
quences OF this failure can be taken
care OF without entdilbg the fall of
any other large firm OF institution,
although at first IL WIS feared iLat
Canadian bank. OF watch Mt Anes
was the organizer aaG whl-l must
have been heavily involved il his
Jull campaign. migat sicsi.no n 'Ae
pressure. The trouble was no Un-
expected in Wall street There bad
been heavy liquidation here in Ca
madam accounts for sCiae time Pre-.
ceding the failure. in's was under
stood by Wall street LruKois handling
Canadian accounts T. mean tnat les
perate efforts were be,as MADE Z"
avert a crash. Aha ,ush tho Case
'dians have been carrying large lin.s
OF stock in New York the Eject the
failure here was not as severe as
would be imagined Mucn heavier
losses were entailed on the Boston
crowd. There has been an important
Boston end to the Canau'an specu.
iation. especially In tLu Dominion
stocks. New York interest in these
securities has never been large. The
local bear crowd in Canadian Pacific
evidently was informed .. the Toron.
TO situation and began It's campaign
IN anticipation OF some such trouble
as that which has occurred. The
market position OF Canadian Pacific
here has been myste,y for many
weeks. 49,.
~
II Just begins to be fully realized
in Wall street that the Standarl OH
crowd has been going through the
celebrated performance known in the
market vernacular as holding the
bag" It was reported this week that
John ID. Rockefeller individually pu..
chased 10000 shares OF stock prin-
cipally st. Paul and Pennsylvania,
within the ten days preceding. There
was no possibility. of course. Of vcr-
flying this information. but II IL so
technically probable that no wei in
formed observer was inclined to dis.
pute Il. There is no doubt whatever
that the Rockefeller interests, other
wise the Standard Oil crowd have
been hostile TO the market for sever
al months. They have not only with
held support from their own stocks
but have actively depressed prices at
times. making no secret OF their bear
lshness. The secretiveness OF the
Standard OIL crowd is notorious. The
only thing one may be sure OF is
that when this contingent is openly
bearish II is buying 81 IS and con
verseiy when It is most bai'ish It is
selling stocks. II sold g'nat quant-
ties of st. Paul above 1870 and It has
beer buying equally large amounts
around and below 15r Il appeared
20 be very bullish on The SUCK so
points up and has lately pretended to
be hearish on II at this level One
of the stocks the Gates crowd bulled
in the course of its illstarred demon
stration last summer wl.J ST Paul but
It took the hint when II found il was
getting certificates in the names OF
the Rockefeller people and liquidatsd
it's ST. Paul at an early stage of the
decline other people were less for
tunate, or less discerning If you like
and carried their ST. Pau! down to
points at which they wCtv compelled
to sell Some extraordinary losses
have been suffered in the stock and
there is a great deal of bitterness in
consequence. The Sttncard Oil
crowd, however. is subllmely ndiifer-
ent to its enemies
Attention has recently beee called
in this correspondence to the United
state Ship Building Co. as a piece
of trust finance that woulG nave to
bo done over again. II has beer done
over The capitalization has been
scaled down nearly 90 per cent and
the reorganization was accompanied
by an extraordinary statement In
which the following cont assiCn oc-
Cured: In many Instances where
profits have been reported it was
found IN denomination thai the com
pany had sustained losse3 Instead OF
making profits" 1t Was col lessed
further that misleading reports had