The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-19

York to lend as much as s15, 600, 600. more
If necessary, was almost instantaneously
felt. The markets steadied. Men who
I were IN distress were treasured Their
| securities were available to tide them
| over at moment when nothing but
money would maintain credit in the ex-
changes.
On Friday morning the effect of this
| assistance rendered by the banks was
strikingly apparent, fer the rates for
money had fallen to 10 per cent and there
was little demand for it. How complete
ly this decentralization was confined to the
stock exchange and to brokers and spec
| ulators was a discount for commercial
paper and who found that he could east y
obtain discounts at the rate of per cent.
TAPPEN AS A PROTECTOR.
Whatever tribute may be rendered TO
Pierpont Morgan as constructive
genius. to Mr.. Hartman. Mr.. Wander
bilt, Mr. Hill or Mr. Gould as railway
managers and developers of the highest
order. in all probability the finest of all
tributes is that which has come to Mr.
TaDpen today from every side. 1t is a
recognition of qualities that are due to
sternest integrity, the strictest justice,
and in addition to that the ability to see
far ahead. to apply correct remedies and
to do all of these things from the most
SIiiSu pcLSpIid1 ttlOIlNtS. III Tie pdSI
twenty-five years opportunities have
been within Mr.. Tappens grasp for
araassing a fortune that would match
with that of any Of the Observation-Disclosures,
if he were willing to shade his sense Of
personal integrity q little, to follow
strictly the Roman notion that the buyer
must look out for himself, and adapted
every opportunity and circumstance to
the ACKNOWLEDGEMENT of his own influence
and wealth; but although he recognizes
that business is measured by reasonable
profits and that nobody is engaged in
business for his health nevertheless, his
conduct has always been that of a man
who believes that there are higher
standards of success than the mere abil-
ity to make money or the mere pos.
session of personal power. His own per-
sonal power is very great. The fact that
he was able within twenty minutes to
raise $15.C00G00, all Of which was intrust-
ed to him to lend, shows that he pos
sessed a personal power quite as great as
that of men who are able to command
the resources for the carrying of gigantic
combinations.
TAPPEN'S EARLIER EXPLOITS.
In 1873 at tho time of the failure of
Jay Cooke, when there was the first of
the Northern Pacific panicS Mr.. Tap
pen, as one of the leading members of
the Clearing House association. not only
advised the issuing of clearing house GER
tificates to stay panic and utter ruin
throughout the nation, burt he was Chief
among those who was in charge OF this
transaction from the day the certificates
were issued until the panic was stayed
by reason of that act.
In 1884, at the time of the Grant ana
Ward failure and the collapse of two or
three of our banks it was to Mr.. Tappen
that frightened men torneed for advice
and for executive action, and he then
directed the means by which the clear
ing house again came to the rescue and
prevented the collapse of other banks
that were tottering. but only needed a
friendly hand to bring tncm out of the
quicksand. =
But 1t was perhaps in 1893 that the