The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-27

of the wags of the stock exchange epito-
mixed the situation thus: ss
You couldn't even lose that stock in
Wall street." a<'s /!
And in that bitter jest lies the gist Of
the whole matter. Interna tional Mer-
| camille Marine the second greatest crea-
ton Of Wall streets greatest man.. is a
| discredited corporation. It's hundred dol
lar stocks are selling on the market at
IS per share, with no bidders. Some Of
it's ships are rusting at their mornings
1t will hardly pay its interest on this
years operation-or as Wall street puts
1t, in its sceptical way, on the water that
Mr.. Morgan pumped into the securities
1t is firmly believed that the English
| owners of the English ships, who have
| forgotten more about ships that Mr.. Nor
! gan ever knew, deliberately gold bricked
| the great financier, selling their stock to
him at prices that were fabulous. 1t Is
! no wonder these securities are undigested.
Wall street, not particular in the days
of International Power, Bay State Gas,
! United States Steel. Diamond Match, has
turned up it's nose at this mess Of watery,
indigestible, and totally unwholesome
| provender. $3.50. &c. 80. i
Why Morgan Is Safe.
| No one dares to say. or even to think
| that Mr. Morgan or his firm is in the
| slightest jeopardy. Mr.. Morgan is re-
garded as the man who made mighty COM
| missions out Of mighty promotions. He
gathered his millions by making securities
for other people to buy, not by buying
securities himself. Securities he has by
the millions but he got most of them for
his labor in their manufacture. The
house stands upon the firmest founda
tons. Behind it there are millions upon
millions of solid gold dollars, in the banks
and secure in the vaults that center round
| the house ITSELF 1t is safe to say that
not a tremor Of the commissions that have
shaken Wall street has reached the inner
office where Mr.. Morgan holds his coun-
Gil. He has been disturbed, but it has
been in an impersonal way. His securities
have shrunk in value, but that matters
nothing unless he Is compelled to realize
upon them, and Mr.. Morgan is not selling
stock. III. ~. 4 80. iii. t. II
Confidence is Shaken. s~-.,.s
This is the greatest Of all causes in
Wall street to-day. The confidence of
| Wall street looked so firmly set upon this
! house that the shaking Of that confidence
has shaken the entire fabric of the world
| Of Wall street The collapse Of Schwab,
| the utter failure of Mercantile Marine,
the tremendous uneasiness over United
States Steel the failure of the Rock Is
public following, the strong stand of the
Cunard Line against the Morgan fleet the
crash of United States Shipbuilding under
MIR. Schwab, the absolute Inability Of Nor
gan, Hill, Perkins, and their host of help
ers to rally or even support their stocks
against the onslaught Of their enemies
all these are incidents In the passing
away Of Wall streets confidence In it's
chief. ~ -. -. -.
| A. Specimen Loser
| Next after this comes the fact. thai
thousands Of smaller men have been com
pletely wiped out during the long cam
| palgn. One Instance will serve to illus
trate this fact. A railroad official of some
twenty years service had saved up about
Soo'nOo: half of which was invested in
good dividend paying stocks for income.
The other half was carried as a specula-
tive account In a brokerage office. The
man was long Of stock last September to
| the extent of about one thousand shares.
Some OF this he let go in the break Of tina
| month IN order to put more margin behind
the rest. During the rally Of the early
| spring ne was assured the bottom had
oeen reached and that to avoid loss he
/ he sold about half his outright holdings,
| ana doubled his margined accounts, in the
Deue1 that the stocks would rally at lea ST
[ half their decline and he would then he
| out OF the market without loss Since
that time he has been twice called upon
Tor margins At the first call he put I'm
as collateral the remainder of his long
| STOCKS. The second call came last Mem
Gay ana he was unable to respond to it.
HIS stocks were sold In the break of tina +
Gay. FROM his broker he received, as the
remainder OF his margins $611-all that is
LETT OF the earnings of twenty years. He
mas lost the income on his investments.
ana mas lost all his capital The strain OF
| the last six months has broken him down
IN health, and left him but a shadow of
the man he was. -.
Ihere are thousands like him in and
about the street. Some of them are pre-
pared to plunge desperately on their la st
few hundred dollars. They are plungine
| Every gay ana every afternoon more OF
these men are leaving the street penni-
less No one hears of them unless Il he
their personal friends. Their epitaph
is not written on the tickers. They. are
simply the small fry-but there are ten
OF them In Wall street to one millionaire,
1t Is no wonder that Wall street is fever
ISM restless and Ill at ease. The great
eulk OF its population Is indeed distressed
sick at heart and reckless. =. =
The Shadow Over Newport,
Newport reflects the bad days of Wal
street. A year ago its cafes, salons and
CUBS were full of happy stories Of how
Mr. So and So made $4,000, 600; how
Broad cleaned up $4,000. 600; how Smith
Made $1,000000 in week-and Smith
and Brown and al 1.-The rest who were
there to spend their easy earned cash
and to help along the gaiety OF New.
port. To-day it is quite different. Al
the stories are of men who have los