The Peoples Voice (Norman, Okla.), Vol. 11, No. 36, Ed. 1 Friday, March 27, 1903 Page: 1 of 8
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VOLUME 11.
NORMAN OKLAHOMA, FRIDAY, MARCH, 27, 1903.
NUMBER 3G
A STRAINED SITUATION
Punctured Soon—Inflation
of Credit too
GREAT TO STAND THE
Test when the trial comes.
Built on sand
AND WILL FALL WHEN
Rain Descends and Floods
Come. Storm Clouds
Gathering now.
By L. Arthur Stanton.
Ever since July, 1902, there has
been a feeling of distrust, even of
alarm, in conservative financial
circles in this country. The rapid
explosion of credit and the conse-
quent hardening of money rates are
looked upon as symptoms of a dan-
gerously strained situation. \ arious
quae It remedies have been applied,
in the last few months, with the in-
tention of ameliorating conditions,
but, judging by current indications,
they have only had the effect of still
further intensifying the strain which
is now exerting such a telling in-
fluence in speculative markets.
Undoubtedly, it is speculative ex-
cess, stock jobbing incident to con-
solidation, which must be held re-
sponsible for the dangerous turn
which American financial affairs
have taken. For several years, there
has been an almost unprecedented
mania to speculate in securities real
estate and commodities. Allured by
specious promises, carried off their
feet by the quick amassing of gigan-
tic fortunes on the part of various
men now playing a prominent part
in Wall street affairs, and generally
deluded by irresponsible talk of
prosperity having become a national
fixture, many thousands of people
have speculated on a most reckless
scale, and invested their idle funds
in stocks and bonds the value of
which is still to be determined.
The consolidation craze in the in-
facts which are admitted to exist by
everybody who is in the least con-
versant with recent development. |
Even such a natural optimist as Mr.
James J. Hill, the leading railroad!
magnate in the Northwest, was rc- |
cently compelled to admit that :
things tiu«' icial do not have a reas-J
suring aspect, that there has been
too much inflation, and that the
time has come when it behooves us
to go slow and to look for squalls.
Considerations of this kind may
not go well with the current sanguine
talk of prosperity, yet they are ob-
truding themselves upon our minds
more insistently every day. That
they have already had their effect
may be inferred from decline which
has tecentiy occurred in the prices
of leading railroad stocks listed on
the New York stock exchange. At
the present writing, the average
price level of twenty representative
issues is 111.38 which compares with
121.28 in the early part of January,
and with 129.35 the highest level in
1902. Since the tightening of money
rates, the tendency in speculation
has been distinctly downward, and
keen observers are a unit in declar-
ing that it will remain downward
for sometime to come. The occa-
sional rallies from depression, which
may be expected to occur from time
to time, will unquestionably be
eagerly utilized by those who are
holding more stocks than is good for
them.
The real estate boom which has
been so much of a feature of specu-
lation in the last two years is not
liked by experienced financiers. It
is regarded as the beginning of the
end. '1 hus, one of the leading New
York bank presidents expressed him-
self as follows, recently, in regard to
this land boom: "We haye sold so
much land this year, and at such
prices, that it has sometimes almost
taken our breath away. We are
hoping that the fellow who bought
from us will be able to make at least
two payments. If he does not, we
are afraid we shall lose him. For
many reasons, we are not altogether
pleased to see this "boom" in rea#
estate. In times past, real estate
prices have been the last to go up
before the final crash. We do not
fear troub e this year but we cannot
look ahead without wondering what
is to come to the men who are put-
ting all they have into land and
borrowing to buy more. I knew a
man in 1892 who was worth $250,000
in cash. In 1893 he had all his land
and owed $75,000. If 1 have my way
I will not owe a dollar when the
Presidential year comes in, and my
railroad will not owe a dollar, ex-
cept what it is bounded for." Other
men of pr^mience in financial circles
speculative debauch as the one we
I have witnessed in this country since
: 1K92 never ends in good. It invari-
ably winds up with a disaster, the
I extent and effects of which are de-
I termined by the degree in which the
| country's capital has been tied up in
I inflated securities and properties
j It is a strange as well as significant
fact that there is a rapidly growing
j demand for money in all the leading
I countries of the world. This is plain-
ly indicted by the persistent refusal
of the directors of the Bank of En-
gland to reduce their official rate of
discount, which lias been at 4 per
cent ever since last October. This
appreciation in the value of money
does not augur well for a mainten-
ance of American securities upon
their present high level. There is
no inducement to buy stocks or bonds
that pay 3 per cent per annum, and
even less, when the Bank of England
is willing to pay 4 per cent and un-
willing to lend at less than this rate
HAS IT FOR
LESS.
THE COUNTY ASSESSOES1
This is the Question that Puzzles
Everybody.
The world's money markets have
been more or less in a flurried state
ever since the latter part of 1899,
when the outbreak of the war in
South Africa compelled the closing
of gold mines, which were then pro-
ducing at a rate of about $90,000,000
per year, which are now. a year
after the conclusion of peace, pro-
ducing at a rate of less than half
that amount.
One of the moct sinister symptoms
of the times is the extremely low
level of bank reserves in the New
York Association Banks. They are,
with only one exception, lower than
they have been, at this date, for any
year since 1880. At the same time,
the loans are enormously distended,
in fact, out of all proportion to the
legitimate resources of the banks
Taken all in all, the present finan-
cial situation is one that calls for
the utmost of caution and for a
gradual contraction of loans. It is
only by a judicious exercise of the
right to curtail loans and by a re-
fusal to lend further countenance to
efforts to hoist stock value, that the
inevitable reaction in prices and
recurrence of lean business ean be
prevented from assuming calamitious
proportions—Valley Magazine.
A Contest filed,
Last Monday afternoon notice was
served on Sheriff L. P Barker in-
1 forming him that George Smith had
Legislated out of a Job. Who will do : filed a col,test a^inst llis e'^Uon.
the Assessing of the The Petition of Smith set forth that
! he had been duly elected as sheriff
of Cleveland county at the last
November election and that the cer-
PE0PERTY IN THE TERMT0BIE8 ? j ™
Barker be ousted and Smith given
the office. The attorneys names who
appear on Smith's petition are A. W
Fisher. S. H. Harris of Perry, and
Williams & Williams of this city.
The election returns as canvased by
a democratic Board of county com-
missioners showed that Barker had
received 09 votes more than Smith
and on these returns they ordered
certificate of election issued to L P.
Barker and on the first of January
Mr. Barker qualified and entered
open his duties as sheriff of this
county and the notice he received
last Monday is the first official notice
that his right to the office was going
to be contested. Soon after his elec-
tion their were rumors that Smith
would file a contest but no contest
was filed The question naturally
When Governor Ferguson signed
the Assessors' bill passed by the late
legislative assembly fie doubtless did
not realize what a muddle it would
make or he would have let the bill
die or would have smote it with his
veto. The bill as intended to be
passed by legislative assembly was
all O. K. but in the enrolling or en-
grossing room through carelessness a
section of bill was left out and bill
passed legislature and went to the
governor and was signed without |
anyone detecting defect. After it [
- , ~ , I arises now, why was this contest not
was too late the discovery was made; J
, . | hied sooner:1 Has the action of Sheriff
that the county assessors were legis- . .
, , t Marker in putting the slot machines
lated out of a job and the duty of as- > , , .
, A, outof business and closing up the
sessing county was thrown upon the
„ , , , . , , gambling hells and informing the
Township trustees: but .vho were also — h h .
, ... , , . , saloon keepers that they must stnet-
unab e to comply with the provisions 1 •'
, , c iy obey the law or take the conse-
of the new law by reason of the new J
„ . , , ,i t!l quences, anv connection with the hl-
law fixing that they should meet in ( } ' \
J* , .. . .. ing of contest f It should be remein-
January2and it is now very question-! . ,
/' , • . . i bered that it was on last Friday
able if township trustees can makq
an assessment that will stand the
test of the courts.
In fact it looks very much as
though the governor would be forced
to :all the legislature together r.gain
to straighten this matter out and the
sheriff Barker closed up the >lot|
machines and on the following Mi
day notice of contest la served on bin
by county Coroner Nail. For what!
purpose is contest filed? If filed 1 IB
the purpose of intimidaiing She i : IT I
express similar views. ^Even the J
Treasury authorities at Washington
are diligently trying to put a stop to
the land boom and to bring purblind
people to their normal senses.
In Europe, American financial af-
fairs are closely watched, and for
very good reasons. For a bad crash
and renewed business depression
could not but haye adverse effects on
Europe's economic situation, which
has not been a very strong one ever
since the outbreak of the Boer war.
I M. Leroy Beaulieu, one of the
dustrial and railroad world has nec-1 shrewdest financial authorities in
Sated the borrowing of almostj France, takes the following view of
four hundred million dollars of money ' the present situation in America.
In England, Germany and France,! "There are some symptoms which
L" e capita W* ■..£1.
and being too much lied up in other
directions, to cover constantly grow-
ing requirements At the present
time, this borrowing process is still
in evidence, and for very good rea-
sons. There is not a particle of
doubt but that we are actually de-
pendent upon European money lend
ers, and that a sudden refusal on
their part further to renew or to ex-
tend loans to us would have a dis-
asterous effect on the entire finan-
cial and industrial structure of the
United States.
This is not alarmist talk It is cold
naked facts which are here stated,
bief among them, the persistent
strain 011 credit. This phenomenon
proves that the market's floating-
capital has been almost wholly con-
verted into fixed, which is a sign
that often precedes and presages a
crash. That 110 such crash, however
often predicted, will occur this year,
the Americans are warranted in be-
lieving, but they will end by meeting
it, for all that, and it will be a rough
; shock, taking the market's inflation
1 of credit as it stands "
! Yes, it will be a rough shock, and,
perhaps, a rougher one than some of
us are prone to Imagine. Such ;i j
Slot Machines Silenced.
Last Friday afternoon Sheriff
Barker telephoned to his deputies
at Noble and Lexington to notify a 1
the parties with slot machines to
close them up atid in case they re-
fuse to obey to "seize the machines.
Mr. Barker and his deputy Mr. Stow
informed the parties in Norman and
strange as it may seem so far as
heard from every slot machine in
the county went out of business with-
out any further action being taken
on the partof the sheriff. The peo-
ple in this county who have tried to
have slot machines closed up should j
see now, hpw little 011 the part of the
officers, was necessary to be done.
The gambling law of this territory |
is such that an officer can, if he so
desires, easily rid his county of
gambling apparatus, and the vagan-
cy act recently passed by the legisla-
ture makes it an easy matter for an
officer to clear out fellows who make
their livelyhood by gambling. It
may not be known by every person
but it is the law that a property
owner is as liable to indictment as
a gambler, if gambling is conducted
in property he has rented, and a
property owner is supposed to know
what business if being conducted in
property he has leased to another.
Sheriff Barker is proceding cau-
tiousiv. but surely to enforce the
'gambling and liquor laws, the en-
forcement of which has been neglect
ed sadly.
to straighten tins matter oui aou 1.11c r, , f ,. , ,,
" . , : Barker in the discharge of bis whole
advisab ty of such a step is now lie- . , .. , , ., , _
J • . duty 111 enforcing the laws of the t> r-
in"-considered by the Governor and , - *
, rnt, a„,i, „ ritory it will fail of its purpose for
Attorney General. The question 1 J . . , .
.. , „ Barker is 110 sycophant, neither is
that seems to be nuzzling the Gover-
, ., „ „ , . . he a coward, as you will understand
nor and Attorney General is, how ' J
, • 1 . ,Y f 1,^.,/ic, when you get to know him.
to get the legislature off of hands, 1 J h
Ninth Annal Sunday School Convention.!
The Cleveland County Sundavl
School Association will hold it's 9it
should it be called together in extra
session, as it might take a notion to
hold on indefinitely or until its suc-
cessors were elected two yeai s hem e. 1 anuaj convention on April the 2!tl]|
in which case it would better thai o-)th 1903 j„ Xorraan it the M e|
territory to lose taxes for this year | churcb 8outb. We would like all SU*
entirely than to be taxed to pay the 1 ^ Schools in the County to be well
extra session of the '
expense of an
legislature. The situation is a knotty
one to say the least, lhe last legis- j
employed entirely j
L i represented in this convention.
M.
M cCOLf.OUGH
ForS.ile-
Co. Secy.
lative assembly
too many clerks. It paid out about , Two 50 foot lots 240 feet deej
$20,000 for clerk hire of one kind and j facing University Boulevard for salt
another and $10,000 would haye paid at a bargain if taken soon Foil
for all the clerk hire necessary. I particulars inquire at this office
f
t
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f
Kendall Waller & Co.,
Having bought the
I. B. ELLEDGE STOCK
at a reduced price.
We are prepared and will j£ive the lowest
Prices of any Grocery Store in ihe Cit>-
<tf *2'If Our aim is to worl<
hard early and late give the people clean
and fresh goods 16 oz. to the pound
Probate Judge Law.
In the Probate Judge law recently1;
passed by the legislature a defect
has shown up and now probate judges
in counties of less than 18,000 popu- I
latlon cannot receive for their ser-
vices to exceed $12 U.OO per annum.
A carefuLperusal of the laws passed >
by the recent legislative assembly j
may yet reveal that it would have j
been better for the territory had it
We Want Your Trade
Come and See Us. . .
Yours truly,
c
KENDALL WALKER & CO.,
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Allan, John S. The Peoples Voice (Norman, Okla.), Vol. 11, No. 36, Ed. 1 Friday, March 27, 1903, newspaper, March 27, 1903; Norman, Oklahoma Territory. (https://gateway.okhistory.org/ark:/67531/metadc117663/m1/1/: accessed April 24, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.