The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1903-01-11
ouR WALL STREET. LETTER.
(Bv w. q. NicholasJ

I
ance whatever t. the lnanciai stua-
tion. The orerati H., .s a w1c!e may
0c described as alcyely transfer m
credits. The checks thai wete sent to
out.of.town people are hnding their
way back and being credited to the
accounts of the interior ban ing insti-
tutions remltting them. II Is a sim
pie process and although seemingly
formidable and alarming to the uniniti.
ated. is attended with the slightest
possible Inconvenience and disturb
ance.
Underwriting is in the distinct dis
favor at this writing There was a
time when everybody in the financial
district exceedingly grateful to b" in
lcluded In the distribution OF under writ
ing and those who were thus distin-
guished went about with the happy
consciousness that they were really
In the fellowship with the big ones
Such a thing as declining allotments
was not thought or Assessments on
subscriptions were paid cheerfully and
with alacrity. Profits were paid al
most in the twinkling OF an eye. and
II was looked on as sure and easy
money to engage in this species OF
guaranteeing. The great success at
tending the notation OF a majority OF
the earlier industrials infiamed the i'm
agination OF people with money to put
IL in the speculative ventures Then
came along the Morgan steel trust
with its billion dollar capitalization.
and its S2O0.0Oo.0OO underwriting on
which only 1914 per cent was called
and that paid back in four or five
months. with s4o,OOO.0OO profits added
subsequently,. For a time thereafter q
wild underwriting orgie intoxicated
the Street" The inevitable awaken
ing and headache followed The or
ganization OF the International ship
ping Trust may be called the last
stage OF the Jag The underwriting
syndicate was Tor S50.00OO0O and 81
Is understood The list OF th efayo-ed
ones in that combination was about
the some as in United States steel.
A few foxy cacs declined 70 partlcl-
pate
The entire subscription %, S50.000.-
oo0 was called for. simultaneously.
or nearly so, assessments were made ON
several other underwriting combina-
uons They all came along during
the period Of excessive monetary strin.
gency and the Street" is full of
stories OF subscribers who laid down
on their contracts. sticking the origin.
trust companies. for vast aggregate
amounts at most inconyenient mo-
ment. Those more honorable or
stronger entrenched financially made
good their subscriptions although at
at a great sacrifice and often to the
entire emptying out Of the contents OF
supposedly sacred boxes.
II is now as much as a n.1a'. lie
is worth down in Wall street 10 sug-
gest new underwriting disrribu'iir
Many bitter ones would not under
write $50 gold pieces at $40. All he
profits made during two years OF sue.
cessful iotation were swallowed up be-
tween the frst of September and the
end OF December-either lost entirely
or tied up indefinitely New enter
prises are turned down on every hand
and propositions have TO be more
than gilt-edged to secure hearing.
The element of speculation is re-
duced TO the smallest possible extent
and any new proposition may be on
the basis OF certainty. do not mean
that the spirit OF speculation has dis
appeared, but the people are not TAX.
ing the chances they were. and they
will not for a good while to come.
All OF this is better for established
properties. It diverts attention from
NN-ANAAANo ~ hdAt AuNENAUltnA
channels and to going properties
'hout which the public has definite in.
lrmation or can secure H.
| violate no confidence in saying
that the living members OF the origin
al Standard OIL group do not take
kindly 10 the publication OF the serial
by Mss Tarbell. which is running in
one OF the magazines Miss Tarben
has undertaken to tell the origin and
development Ct the Standard Oil com.
pany. and many OF IA" facts which
she presents. while familiar to old and
middle-aged men. are revelation 10
the younger generation. The organiz.
.ers OF this most successful OF all com.
hlnafipne ava