The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1903-01-11

come to be feared above all other fac
tors in the stock market and exact in.
formation Of It's market attitude is of
mare value than inside tips as to what
Keene. Hartman. Gould OF Morgan. or
all combined. are doing or intend to
do. II Is rather a jar therefore to
the sensibilities OF these powerful cap
italists to find on the pages Of one OF
these popular magazines the inside
story Of how they got IT,"
To hear many people down in Wall
street talk the conclusion might easily
be reached that the business of max.
ing and vending stocks and bonds was
a new one. that It had never been con
Quoted before in this center The peo-
pie who talk this way are filled with
nervousness less the manufacturers
and merchants with stocks OF unsold
.securieties on hand might not be able
to find a market for their goods and
they dismally voice notes OF alarm
over the situation The manufacture
Of securities in Wall street Is as old
as the street itself and not year goes
by that there is not more or less over
production are that insiders are not
stuck" with unsold "chromos This
experience Is common in wall street.
fs Oh 4.
and scores OF times In the past the
stock on hand has been OF greater mag.
nitude than Il is now There are few
things which the public turns resolute-
ly against and which underwriters an-
vendors may have a hard time dis
tributing That huge stock Of tobac-
co trust bonds ground out a year and
a half ago is stlll undigested and
mass of steel trust stock is still float
ing about seeking permanent habita-
tion. The securities OF Morgan's lat
est scheme. the International Mercan-
tile Marine (shipPing trusD finds
slight favor in any quarter. except
where special influence can be exerted
to apply investment capital. The
Realty company. a building corpora
tion for the erection OF sky-scrapers.
got o black eye al the outset and has
not yet recovered. These compose the
bulk of the securities to which the
public refuses to give its cordial en-.
dorsement. although the temper to.
ward them may change in a day al.
most.
A striking Illustration of the rapid
ity with which investment and specu-
lauve changes in Wall street is af.
forded by Rock Island The new own
ers OF that great system sprung a new
financial on the Street" and asked
popular favor without taking the trou-
bic to secure The friendly influence OF.
the banking combinations by letting
them into the deal The plan hit upon
was nothing more nor less than an i'm.
proyement on the holding company
idea which Morgan. Hill and a dozen
others had put into effect. It lodged
the property control in a majority of
the preferred stock of a new corpora
tion, and forthwith the banking clique
set up a howl Of disapproval. Atten.
ton was called to the fact that the
Rock Island people were doing with
their own money what Morgan and
others were doing in Southern railway
Reading and Erie without investing
cent People began TO stop and
think, whereupon' a reversal Of opin-
ion was voted almost without a dis
sent. Today the Rock Island securi-
ties are prime favorites in the specu-
latiye and investment community and
the senior or preferred issues. are re
ceiying the glad endorsement OF some
of the strongest and most conserya~
tive bonding houses in the street.
1t may be, therefore. that the securi.
ties | mentioned above as being in dis.
favor. may be grabbed at before spring
at higher prices There's no telling.
Applying the language OF the late
Col. Robt. G. lngersoll 10 the Wall
street situation. it may be correctly
said that the recent past rises before
Wall street like dream. and bad
dream al that The more the facts
leak out about the story OF the sixty
days preceding the holiday season.
the worse and more sensational they
appear. Now that the danger is en-.
tirely pas,, it is confidently admitted
in many quarters that some very large
sized people were close to the rocks
and that Il liquidation had proceeded
much further serious trouble would
have resulted. II took heroic meas
uras TO avert diSastar aud n Eghtnsns,