The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1903-03-09
QUA WALL STREET LETTEa
BY W. G. NeAoiss


fe-1r Ferl-E irQl is pfQ'-1 - III
over the fsflure % coouess 20 pAss
ne Aldrch financial buL good
nAry people IN TIE stock EArkes guAr-
te- worked thszseiTes into quite an
s1cs;e7e-t over his bll ant ed hen
selves really 70 believe thai TIE co1n-
try EAs il danger q utter ruin II con
Krsss neEiected 20 eriend the relief
cerzrtec. TEers -1s ulls tzlk q
bringing pressure 70 bszr Epoz the
presssen; 20 call al eItra session q
oo1Eess 70 set @ TIE neaE1re. but
the -orsrnenf ended where Il hegzn.
in vlzd TIE original proposition a.
bess had o-iy divi8ed support right
here IL ne s-s.ciai center and 80
many Ene-tzerts q doubtful wisdom
were tAcksd on % The bln ths; cozssrv-
Gtives co1fess quiet satiEfactioz ~ is
fate. Tie country wfl nov proceed
under IRE sane laws TIA; have con
troIled during the periods q entrsor-
dinsry prosperity With which il has
ben biessed duriny the past feE de-
oa5es Cynios remark that Wall
Flree- merely fnds Itself In the posi-.
ton q an inpudent road agent Who
GRABBED a. the purse and failed 70 g;
the syols. Il sought = 1ecure the use
q every dollar q government surplus
on its Oz-n terms and simply failed 70
obtain the privilege. The secretary
of the treasury sun has the right 70
deposit gOvernnent funds derived
from internal revenue collections. and
a. Il will be eight months before the
next crop movement begins be will
have ample time 10 make provision for
the emergency. 20 far as lies in his
power Meantime the government sur
plus will be reduced by $4,000. 900 or
80 BY payments on the Panama canal.
The bulk Of this payment will be
made abroad. but the deal viii no
doubt be cousumnated without disturb
ing the domestic money market The
chances are that the cash will remain
in this country and payments provid-
ed for abroad by the sale Of finance
bills on International banking credit
In fact. plans are understood 10 be
already natured for such an arrange
ment.
New York banks have marked up
rates on nOney. the chief object Of the
move being % stop the outflow OF cur
rency to the interior Another object
was TO remove the temptation to ship
gold abroad by making exportation un-
profitable In both directions the paly
Is succeeding. The current Of cash 10
the West and South has sloxed down
and there Is no longer talk Of gold
exports Meantime there has been
considerable liquidation In the stock
market and the calling Of loans. The
bears In stocks and In cotton. as well.
delight 10 call attention 20 the un-
paralleled extension In loans by the
New York banks. The clearing house
Institutions now show an aggregate OF
$3.50 900 600 out on time and call
against deposits Of 1868. 900. 600 The
margin Of reserves above the % per
cent legal requirement has thInned
down to a shaving The fact Is over.
looked, hovever, that the New York
clearing house banks have, Increased
their capital and surplus during the
year more than $50. 900 and that
private banking houses outside the
association have enlarged their 70
sources immensely in that time The
banks have also largely increased
their secret emergency fund which Is
now said 20 exceed $4,000. 900. They
are therefore much stronger than their
Official statements indicate.
, -
II is not usual for the stock market
I 20 drag during the last half Of Febru
airy and the first half OF March. in fact
oftentimes well along through the
month Of March. II is noted that a
) buying impulse usually seizes upon
2 investors about the time the land
scape begins to turn green. Old Un
. 81.