The times., 1901-05-16
Tbe Rritisb Ynnkeephobia.

It seems rather hard that, while the
Administration is doing its best to as
sist England in reviving the Clayton
Eulwer Treaty, and in confirming the
British Government in its possession Of
the Alaskan territory stolen from US by
force and arms. the most important
financial element in the Kingdom, the
stock exchange people, should act in the
sour and sulky manner toward this
country that they have since the hap
penings on Blue Thursday of last week
in New York. 1t is very rude of them.
We may add that we can stand it if
they can.
For a space of time. in which the
memory of man runneth not to the
contrary, the stock kpeculators. jobbers.
and market riggers of Capel Court have
taken a contemptuous view of Wall
Street operations. Whenever the Street
has been bullish the Britishers have
gone short of the market. never for
moment believing that there could exist
in America the conditions, capital, or
ganization. and brains to make them
trouble They played the old game once
too often. and at last have awakened to
the conviction that what the great
American masters of finance did 10 the
shorts in Wall Street a week ago, they
could as easily do to them on occasion.
AS a matter of fact. but for the consid-
Grafton which the Morgan and Harri-
man interests have shown for Capel
Court. there would be an actual and
frightful panic on the London Stock
Exchange today.
When Northern Pacific began to soar
sky high a fortnight ago, London
laughed and sold until it had no more
shares to dispose of. There would have
been a merry profit if the play had
stopped at that point, but it did not.
London started in and sold short with
energy and persistence. Now it trans
pires that London is up the stump for
many thousand shares of 'Nipper,"
which il cannot deliver for the simple
reason that they are not in existence.
Mr.. Morgan and his late rival, the New
York banking house of Kuhn, Loeb &
Co. have come to the rescue and Of
fered to lend stock even" to the Eng
be in default But the governing com
mittee Of the London Stock Exchange.
no doubt in order TO be true to their
porcine traditions. have met this gener-
osity by fixing a settling price for
Northern Pacific, thirty-five points be
low the market price of the stock. II
would pay them out well if the Morgan
and Hartman concessions were with
drawn. Then they would learn some
thing about the pleasure Of being
caught in a genuine Wall Street
squeeze. and a good many of the pill
lars Of Capel Court would be pulled
down.
our British friends are what they
would cali conservative, and what al
most everybody else would term stupid.
For several years they have had ample
notice that America, with its unbound
ed wealth, superior skill, cheaper raw
materials, and organizing ability, would
soon be prepared to challenge the pri-
macy Of England in the world Of finance
and commerce. They have resolutely
shut their eyes 10 the fact, and sneered
at the suggestion of its possibly being
one. Now they have their reward.
What Napoleon with his mighty army
could not accomplish the American
trade militia have. They have CON
quered England, and made London
branch exchange for the convenience
of New York. Sulking and grumbllng
may be a comfort to our transatlantic
cousins. If so let them enjoy the SEN
sation. But thereby they viii not alter
the situation. Uncle Sam and not John
Bull is the arbiter of the worlds loans,
developments, and markets.