Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1882-12-07
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DAILY POST IHfELLlGBHCER.
sraIycKsCY Ar MeSrREAL
A.o,,asnondent of the Toronto Gtobe
a.,;naa4es interviews he had with bank
~. and business men in that city re-
.ns.tina the drop in stocks that took
ui.ss thsrs ON November 1b. Montreal
1, The financial center of the Dominion,
- q Rev York a ths United States, and
ths furry caused much excitement In
ths Anansial and bosinsss circles snsfs,
The fast u that the stock spsculators OF
Montreal feel a. II they wers sfandme
ON Z s!umbsrina volcano, that mien'
burst forth and ssnd them up on 'sne
upoautain'' back Of the town at any mo-
msut. b>csuss they know thst they na's
sueoul.tsd in "sscuritiss," so-oalied, In
ordinatsly. However rich the ne"
Northwest may be in natural resources
and great possibilities, they are not
enooah developed TO venture speculation
upon 70 such an extent - has bsen
lately witnessed.
Manitoba and the other provin-
oes Of the Northwest Territories
are nov in Q like condition with Illinois
and Iowa, when tho collapse Of Amer
can finances came in 1857; that is, there
vas the beginning Of rural settlement
and ON the strength Of that, there was
great pushing out of railroads into the
wilderness, q wonderful building OF
cities and towns on paper plats, ana an
insane speculation in corner lots. ina'
would have been all right II this push
inc ont had been based on actual capital
and solid improvement. as 10 nov tue
case in the Northwestern States. But 1t
was based mainly on wild, onimprovsd
lands, and a. Wild visions Of the future
A prospect 10 a good thing, but there
should be . good. solid, present basis
also, We beIieve that the Canadian
Northwest will develop into all that the
most sanguine Montreal member OF a
syndicate anticipates, but it viii take
time and industry.
An investment Of real capital in Mani
toba 70 promote the opening OF new
lands and the upbuildina Of industries
10 Ill right, but too much speculation on
what has not been done in these direc-
tions, and the launching forth OF hcti-
tious values, based ON what has not been
accomplished. is sure to bring somebody
70 grief. That is just what the Aontre-
a syndicate and stock companies are
doing. Speculation in town property
that has only bean plated has run ram
pant, and In towns that have attained a
considerable growth property is a. lofty
In valus - II the towns had . population
Of 10000 or more, instead Of being en-
bryonie villages The stocks that have
been sst aAoat in the Dominion, based
on Northwestern pRospscts, would b.
justified only By 10 years of marvellous
growth from this year onward. The
fast II that, considering all the. noise,
the population Of the Canadian
Northwset has not increased % exceed
inaly fast this year.
Thsrs i. however. one feature Of the
furry In Montreal that 10 encouraging.
Tho solid, Legitimate mercantile men
did not seem 70 fssl alarmed about II,
saying that tzAds WARM . healthy con-
dition. and that IL the spectators we're
crazy about the decline Of stocks, they
could 40 right on With the insane music:
- for the merchants. they were doing
veil, and cav nothing TO b alarmed
about. Tho bankers are supporting the
latter olass, prsfsrrinR their loans TO in.
vsstmeut in corporate securities. Yet
there u enough significance In what the
newspapers Of Montreal called q "panic"
70 sst cautious men on both sides Of the
line to thinking.