The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1903-02-01


know anything about Wall street and
probably can not understand what the
brokers are talking about when they
speak OF spreads" and privileges"
and papers but Is quite sure that
Mr.. Sage does not want to be bothered
and to the dismay Of the brokers he
carries his point
The old Western speculative contin.
gent. specifically the Gates crowd.
now is gravitating towards Palm
Beach. Florida. The firm of Harris,
Gates g. Co. in whose Wall street
Offices the Gates party makes its head
quarters when here. has built a special
wire to Palm Beach for the exclusive
use of its speculative clientele. Hith-
erto the stock market business arising
at Palm Beach had to be transmitted
by public telegraph wires, and expert
conducted in that way. This same
firm put a special wire In to Saratoga
last season for a similar purpose. and
it II related that this wire paid for
itself in one day. Il may be guessed
that Harris, Gates & Co. have not CON
structed a special wire to Palm Beach
as a wild business speculation. They
certainly expect that enough business
will materialize to make It pay. The
impression in Wall street is that Palm
Beach will bear very close watching
this coming season The Gates party
has been standing out of the market
since last October and II signs count
for anything. It is planning to re-enter
the game. The mere presence at Palm
Beach of this Western stock market
contingent will be enough to attract
miscellaneous Wall street crowd to
the resort. Several large traders are
already making plans to spend the
latter part Of February and the month
OF March at Palm Beach.
One of the most significant signs
of this period of finance is the higher
value that people are setting upon
their money. Money was considered
last year TO be worth four per cent.
Investments sold readily on a basis
of four per cent return and stocks were
considered relatively cheap on a four
per cent basis-that is, a stock was
not open to criticism of selling too
high when it netted the investor four
per cent on his money. Money is now
considered to be worth from four and
a half to five per cent. The present
activity in time money at four and
three-fourths per cent bid and FIVE per
cent asked is causing considerable
comment. It is the opinion of the
best money market experts in Wall
street that funds will continue to com.
mand five per cent in time loans for
an indefinite time. SO long as a man
with capital can get five per cent for
his money in the open market he Is |
not irresistibly attracted by strictly
investment stocks and bonds netting
him between three and a half and four
per cent, and It is true that invest |
ments are selling in the average on a
return basis of four per cent or less.
If, as now seems probable. money
This year shall be worth FIVE per cent,
Il would only seem reasonable to as.
sumo that the high priced stocks that
have been selling on a four per cent
basis will hardly keep pace with the
cheaper securities on the up-hrn. |
Stock market critics who understand
hat good investment bonds are not
IN demand on a four per cent basis, |
are wondering how stocks are going
10 be bulled from four per cent ba.
sis. Institutions of various kinds that
we're heavy buyers last year of four
per cent investments are reported to
be quite out of the market for that
class of securities now. finding more
profitable employment for their money
IN the open Wall street market, in
real estate mortgages and loans of
other descriptions netting at least five
per cent.
Shrewd judges of the speculative sit
uation are strongly OF the opinion
that trading will run more and more
to low priced stocks having specula-
tive possibilities In the way of devel.
opment. In the bullish periods that
have occurred in the market since
the first of the year the low priced
issues have had the lions share Of
attention, witness the extraordinary
activity of such stocks as the Erie and