The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1901-05-11

hands Of half dozen men, has undoubted-
ly surprised the fnanciers on both sides
Of the water. Even Wall street, which Is
supposed to discount everything, has been
caught mapping by this unexpected rise
in values. The conversion of a man like
James r. Keene, who was, for years. the
great bear Of the country. Is a case in
point. Up to within a month or two OF
the recent election he was a decided anti
bull, predicting all sorts Of dire disasters
provided the upward and onward move
ment Of prices was not checked. So pro-
nounced q bear did he become, that he
was even credited with being an anti
administration man, and it is said that
he made wagers at long odds, and that he
even put up considerable money to help
the cause Of Bryan. To-day he appears
as the king Of the bull market
The only great operator who has been
on the bear side of the market in senti-
ment at least, Is Russell Sage, and he is
regarded as being practically out Of busi-
ness to-day. His great wealth is unques-
toned, but his influence in almost ell of
the important stocks is believed to have
passed never to return. OF course his
great age has something to do with that.
He is regarded as being too old to learn
new things-as belonging to the old age
of the competitive past rather than to the
times Of the combination present. OF
course, with his hundred millions in
money, he could make his power felt in
any stock that he cares to touch but he
seems TO prefer to make money by loaning
on a cent-per-cent basis rather than
plunging on any stock, or taking any
great chances in speculative sea where
everything appears unfamiliar TO him.
The New Americans.
Now that'tbe last connecting link" be-
tween the old world and the new has been
welded by these new Americans" Of the
type of Morgan, Rockefeller, Vanderbilt
and Gould, it seems reasonable to suppose
that the trans continental railroads would
have a decided boom. OF course it was not
to BE- expected that Northern Pacific would
jump hundreds of points in two days, but
with the trade developing with the Orient
and the Philippine islands; with the form
alton OF combinations with new ideas of
production and new IDEAS Of economics IN
things like oil, coal, iron and steel, ready
to invade the whole world, it is no wonder
the great trunk lines like Northern Pa
cifc, Central Pacific, Union Pacific, South
ern Pacific, Great Northern and Atchison,
in the west, and Pennsylvania, New York
Central, Erie and other properties, in the
east, experience a decided rise. The won
der would be if no rise in value had oc
CURED. OF course, questions such as
corners and struggles for control com
plicate the situation, but it is evident
that if the railroads Of America; the steel
mills of the United States; the coal mines
of the country; the oil wells of the land
are to work together in gigantic COM
munity of interest basis" that the ocean
steamship carrying companies which do
not get into the reported Leyland Line
Atlantic Transport-Red Star group will be
badly handicapped. For if coal and iron
and steel and eventually wheat and cotton
are shipped via certain through trunk
lines, placed on certain wharves and load
ed on certain steamboats, and transports,
it is evident to all that stocks in these
shipping and railroad lines must be of
the nature of a good thing" Upon no
other basis. upon no other theory, say the
conservatives, can the doubling of the
value OF railroad stocks since election,
and, in some cases since the first of the
year be explained.