The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-22
MEYER HIT MIME
Great Bear Market in Wall Street
Didn't Catch Minneapolis
Spectators.
They Had Scented Danger and Had
Quietly Passed Up Fa-
vo1ites.


be taken of the great damage done to bull
spectators In the course Of one OF the
greatest bear markets in the countrys
history. Then 1t will be found that not
only In New York, but in many outside
centers, SPECTATORS have been sit hard.
OF all sections of the country, the north
west has suffered the least and in Min
neapolis the losses have been few and
relatively light.
Few realize that Minneapolis is, for
its size one of the greatest centers of
speculative interest in the country This
interest Is not confined to grain, but ex-
tends to the stock list as well. And it
would surprise many unfamiliar with the
matter to know that the private wires of
some OF the big houses often carry-orders
for lots Of 1000 shares or more That the
local stock market followers have not lost
heavily in the great decline is due there
fore, not so much to a lack Of interest or
withdrawal from the market as to the
fact that they have been right.
How hard Toronto was hit, the story of
the Ames failure has told and Montreal
had period Of utter decentralization In
the fall. Pittsburg traders,-followers of
the industrial market, especially the steel
stocks,-have lost millions. Chicago was
hit in Rock Island, and a score Of indus
trials, st. Louis, New Orleans and other
cities persistently bought their local favor
ties and were as regularly shaken out with
losses. Boston lost on copper and every
city in the country sent money down to
Wall street, to the bears.
In Minneapolis the speculative favorites
formerly were Twin City Rapid Transit,
500, Minneapolis & st. Louis Canadian
Pacific and Northern Securities But
months ago, when it became evident to
shrewd observers that the banking house
OF Ames & Co. Of Toronto was loaded to
the guards with some of these stocks, the
local crowd quietly passed up their favor
ties, so that when the crash came little
damage was done here.
Minneapolis FavorItes.
Most of the stocks now controlled in
Minneapolis are owned outright and are
put away in strong boxes. People who
hold stocks In this way are not worrying
much about the stock market. II, for in
stance man has bought 500 stock with
the idea that eventually it will pay div
! idend and afford him a regular annual
| income, 1t matters little to him whether
1t Is quoted at 80 or 40, since his stock Is
not for sale anyway, and there are many
blocks OF stocks held here that no de-
cline could bring out
Locally the money situation Is sound.
Months ago when the clouds first ap-
peared in the east the Minneapolis banks
all notified their customers who had loans
with stocks as collateral that they would
/ q
when no one dreamed that the present
low price levels for stocks would be
reached. But bankers are nothing if not
I conservative, and to-day there are prac-
| ttcally no bank loans on stocks.
| If one had ], 900 shares of Steel common
for instance, it would be worth, at present
prices about $4,000 If sold out on the
stock exchange. But If he took it to &
Minneapolis bank thinking that he could
/ ,cb of
he would be greatly disappointed. It Il.
not that the stocks, may not be all right
but simply that safety is the first con.
sideration, and this is the reason tn,
banks of Minneapolis are in such goot
condition to-day.
l Some Good Profits.
To the men who follow, stocks In spec
ulative way, there have been some goot
profits. One man who is a good trader
. went short of Steel, st. Paul and Anal
gamated Copper, and has hit it right
i This same man sold heavily in Canadian
Pacific recently, but got out without mucl
profit, as this stock held f1rmers thai
others.
A Futile Tip.
One local New York stock exchang
firm, a member Of which makes his per
manent headquarters in Wall street, tire
months ago received advices from it
New York member that there was troubl
ahead in New York Central and that !
would sell to 1875 eventually. New Yor
Central was then quoted at 142, and tn
opinion offered was the subject of n
little criticism by some local traders VIII
thought the situation bearish, but nc
bearish enough for any such prediction
Within a day or two the stock wa
pouring around 113. Here was the great
pounding aroun 113. Here was the great
Yet on this break Of almost thirty point
not penny was made.
Local SPECTATORS had not the nerve t
sell short such a gilt-edged stock.