The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-24
"A MILLlONAlRE'S GAME

is like pigmy among giants. He who
takes on for speculation on margin 100
shares Of q stock selling around par,
commits himself to deal representing
$4,000, the carrying thru Of which he
undertakes with ten, fifteen or twenty
per cent Of the principal represented,
according to the state Of the market,
the speculative activity Of the stock
selected, his own ideas Of conserva-
tism and the demands Of his broker.
In such commitment, which ranks one
only with the small dogs" of the
street, q man may lose or profit in an
active market In degree sufficient to
satisfy ordinary craving for excite
ment and put nervous edge upon the
deal when things do not go right mar
ketwise. Indeed, tits not so long since
man who bougth or sold 500 shares
Of stocks was big trader and 1000
share order was extraordinary. Today
the millionaires who make the market
swing 10000 shares in and out, and it
Is not unusual to hear Of speculative
accounts, not alone pool accounts, but
individual long or short placings of
25 900 or even 10000 shares.
For the most part these millionaires
are playing the game one against an
other. They are the men who have
profted immensely thru the late Pc
riod of consolidation; men who owned
a manufacturing plant or business Of
some sort, who sold out to a trust or
combination at profit, took in pay
ment stock increased. or watered -
several times, and in the great pros
perity Of the country have seen the Sc
curities earn and pay dividends and
come to have a place among the high
priced issues Of Che street, or, If a. less
successful fotation,t take rank at least
with the speculative, stocks with oppor-
tunity for quick action in them the
| greater. 8 s4:, -.
These men have mot always found q
market for their stocks after an ad.
/ vance. The public is not interested in
Wall street. There Is public interest
in bonds and the investment stocks
and always there Is some public specu.
lation, but no such interest exists as
would make for a great bull market
Against this lack Of outside buying
the big men have, found it difficult tc
keep the market on a high level, fol
i the country has fad abundant pros
perity, earnings have been large and
always the prospect has been good. But
there has been dissatisfaction over In
ability to intarsst the, people. - GSs =.
In December last it was predicted
! thateby the spring of 1906 there would
be, another great Bull market. It failed
to materialize as other predictions BE
fore and since have failed. The Mo
Kinley market Of 1900-1901 was ths
greatest ever. BARRIERS, walters, ele
vator. boys and ,groeers' clerks were
buy and take profits. The crash came q
last. Stocks went down with q grea
fall and from that p day to this, TIT
there have been many iactive period
In Wall street, no = publicn has beer
in. It is now the hope Of the stree
that later in the year, when the coun
try shows up good crops and big earn
ings for the railroads are again il
sight and the wave of fall buyin,
breaks upon the country commercially
securities will advance and public in
terest be awakened This may come, O.
it may be another false alarm. TIL
cutting down Of the oats crop prospect
by bad weather dulled the edge of hop
little, but there is every chance 70
record breaking wheat crop and
: corn acreage and condition from which
a crop larger than any known Shout,
be gathered, II conditions maintain
Nevertheless, If ali these thing
come out. and the country shows up
, commercial bill Of health representa-,
greater vigor than ever, 1t will no
{ necessarily follow that the public vii
!, speculate in stocks. There is the frs
! rumble of coming presidential cleo
:: ton, with It's uncertainties. The Yves
is building up and expanding. New en-
terprises are heard of every day, an
last, but by no means Of least impor
, tanoe, is the increasing interest on tn
part Of the small investor in rea
|, estate. A feature of late, especially i
: the east, has been the withdrawal o
money from savings banks for the pul
chase Of small parcels of realty. Al
these things would naturally operat
, against a repetition Of the McKinle.
market. At that time there was feel
ing Of relief the country over becaus
Of the passing Of great politica
! scare. Many felt that the country ha
. been on the edge Of financial and com
) mercial disturbance and had bee
t pulled away from it. There was muc
retrenchment and holding down Of i'm
provement and betterment and acct
mutation Of idle money pending tn
outcome. When the strain was owe
the country was ripe for a speculativ
: excess and found the natural outlet 70
z it's pent-up energies in Wall street.
T Today, while there is the usus
general ! interest, the speculativ
!, stock market is largely an Al
|; fair Of big men playing 1t heavil
8 and waiting for great things
9 come, but whether or not they eve
= come for the Wall street Speculation
will have little to do with the actus
prosperity Of the country. Because til
. business outlook is favorable there
i no reason why stocks should be owe
z doomed. When once it is assure
n that crops will be big an effort will n
e doubt be made to advance securitie
i to price levels to- discount the benefit
z It is doubtful, however, If the publ
2 will be SO generally drawn away fro!
attention to it's Legitimate business a
4 fairs as to bring on a repetition of II
{ great boom Of the Mckinley period.
Watson 4 st. Louis corresponds,
n says: The public refuses to enter tt
i mafket, knowing the winter wheat ere
d is large one. With st. Louis pric.
e well under Chicago, there can be not