The Minneapolis journal., 1901-10-05

in the truth. Being a polite person,
President Roosevelt thanked them for
their kind intentions. They returned,
Governor Odell to mediate upon the career
of Jacob, who successfully supported an
ambition during a seven years wait:
Mr.. Platt to consider what he should get
in return for his kind offer. Mr.. Platt
holds that one good turn deserves an
other-and as soon as possible. Very
shortly he discovered where President
Roosevelt could be of use to him. It was
in the case Of Mr. Platt's stanch sup
porter, George R. Bidwell, collector of the
port of New York, who has been the OBJ
ject Of much persistent criticism from
MANY sources. Quite recently a
formidable document consisting of
reasons why Mr.. Bidwell should not be
reappointed went to the president. Sena-
tor PIatt called the presidents attention
to the fact that the signers of the docu-
ment were kickers, soreheads, outsiders,
/ trouble-makers and mugwumps. 1t would
be particular favor to him II President
Roosevelt would cast the plans and specia-
cations into the fire. The exact terms OF
the reply to this refrigerated proposition
are not Of record. But whatever Presl-
dent Roosevelt said, it is believed was
enunciated plainly, not to say emphat1cal-
ly. At any rate, Mr.. Platt developed
what State Senator Tim Sullivan Woulo
call a wrinkle in his map. Since then,
whenever the name of Roosevelt IS men
toned. there passes over Mr.. Platt's face
that expression of grieved appreciation 70
be observed in the case of the absorbed
thinker, who sits down on what he sup
poses to be a restful chair only to find,
too late. that it is in reality bent pin.
All of which means that the senior sena-
tor from New York and the new president
have had their first tiff.
Is 1t High Tide Now!
Wall street has been considering the
question: Has the tide turned; have we
reached the height of prosperity? The tape
reflects the seriousness of the question,
but we have not yet given an answer.
Stocks were heavy; they still are heavy.
They have gone down and they have gone
up in the past fortnight; but the deelen-
sion has been slow sag, the ascent a
sharp Jerk This means that the selling
was gradual, cautious, concerted, and the
buying was the urgent covering of shorts
who are not sure that their bearish an
swer to the question is right. During
Dull movement Jne rise is Srduudl anu Cne
decline sudden and smart, due of course,
to steady, confident buying by investors
and the big operators, and the rush for
profits by the light spectators. So the
movements of prices, while they show
what men are asking, are making no plain
reply. Here is the bear view: The coun-
try has had five years of prosperity; it
seldom has more. Two hard blows have
fallen; the assassination of President Nc
Kinley and the failure of the corn crop.
That sentiment which regarded the late
president as the symbol of prosperity is a
financial factor to be reckoned with. The
corn failure Is not final; but it is shock;
the first Of series, say the bears.
There are obvious answers to all this.
First, a bull movement, like a bear move
ment, always goes, not only farther than
it is expected to 60, but farther than it
ought to go. The present one, because of
the two checks, has not risen far beyond
point where the standard stocks <ay 31s
to per cent. That is an investment level.
The excesses of bull campaign, the ram
pant, imbecile, sometimes almost criminal
boosts Of stocks have not yet begun. In
the great reorganizations and Industrial
combinations immense amounts Of stocks