The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1903-03-30
OUR WALL STREET LETTER.
By w. q. Nicholas.
to the ArdmoreIte

is always menacing feature to the
stock market and general business at
this season OF the year The plague
is with us again this spring and 1t is
occasioning more than usual alarm
Representatives OF capital have
worked themselves into state of
nervousness over the eruption. They
are full OF fear, lest the labor unions
emboldened by the excesses of the
past two years, overstep bounds Of
decency and lay exactions on busl-
ness which cannot be met and which
will precpitate a destructive fight.
This fear is not entirely groundless
and many OF the demands for ad-
vances which come fast on the heels
of previous concessions wear the
color Of oppression. There Is a linn
Il beyond which the employing class.
es will not go and in some direction
this limit is being pressed hard. At
the same time there is among the la
Dor leaders a sense Of responsibility
and an intelligent conception Of con-
ditlons which did not formerly exist
This makes for peace and Is a re-
straining influence beyond question.
Whether or not the hotheads can be
held down or not remains 10 be seen.
Meanwhile the strikes and threats of
strikes and disturbances in many %
calitles East. West North ard South
are disQuietlng in the extreme. For
the moment apprehension OF general
labor troubles ranl9 first in the list
OF features for market depression.
The $i00,0OO00O or more American
capital invested in the bonds OF for
eign governments a year or two ago
has for the most part been recalled.
Probably the better way to Put Il
might be to say that the bonds have
been sent back home. The great
banking combinations having Euro
pean connections undertook to popu-
larize this class of investments here
and made some headway, but as a rule
their clients did not hold on. The in
vestments were in a new kind OF Sc
curities and did not retain their at.
tractiveness. The banks which had
themselves subscribed heavily to for.
eign loans have also been reselling
freely. and at the present time only
important owners of outside govern
ment bonds are a handful Of insurance
companies which are trying to do bus
mess abroad. They invest some OF
their surplus funds in that way in
order TO stand well with the govern
ments whose favor they are seeking
Many Americans OF large means have
money invested abroad, but It is in
construction enterprises and projects
that promise large returns for the TEN
porary use of capital, such as the Lon
don tubes" railroad construction in
Russia and Siberia and in mercantile
projects It can, therefore, be said
that the attempt TO find permanent
and enlarged market in America for
foreign governmental securities has
proved a failure.
Wall street is giving special heed
these days to reports from railroads
and other sources about business and
agricultural prospects throughout the
West and South. These reports are
almost unanimously favorable and
full OF encouragement and hope for
the future, According 10 the best ad.
vices, farmers throughout the West
Northwest and Southwest and indeed
the entire Mississippi Valley are in
state Of intense activity. The out
look is for the largest crop area ever
known and If conditions are good
through the summer months record
breaking yields should follow. Farm.
ers have now enjoyed FIVE successive
years Of great crops. There was a
partial failure Of the corn crop in 1901
but there was such an abundance of
other products that the loss was not
felt except in the localities directly
affected. and there not to the extent
anticipated.
Railroad officials report that In ey-
cry part of the West farmers are
crowding deliveries Of grain. The sea.
son opens auspioiously for them, and
as they have plenty and look for an
other good year they seem universally
impressed to realize on a part OF the
goods in stock. This impulse is selz-
ing upon them at the same time and
in consequence railroads are complain.
ing Of inability TO supply the requisite
equipment to move the stun that is
being forced upon them at every sta.
tion and at every point
This prodigious activity has resulted