The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-11

This was to the effect that Union Pacific
has been let in on the Burlington dea;
and would join Northern Paciac and
Great Northern in indorsing 3la per cent
bonds in payment Of Burlington stock 1t
was this report which hurried the buying
by the shorts to fill the contracts. This
statement, while accepted, is not official
Nevertheless, it has about it the evidence
which carries conviction None of the
big men of the street would discuss it,
but they accepted 1t and acted upon Its
information. The Waldorf-As ora crowd
was much disturbed tonight, and also
vastly agitated by a report that E r.
Hartman had fallen into disgrace with
w. K. Vanderbilt. The two have been
working together for a long time, but it
would appear that Mr.. Hartman went
entirely too far in promoting mutual IN
terests, and that Mr. Vanderbilt mas
openly disapprOved Of the Harr man pay
for grabbing control OF Northern Pacific.
But for the panic on Wednesday AMI
NAi"A'oN''J -Ni iiciL IMAM > enterprise IN
trying to drive Messrs. Morgan and Hill
to the wall might have been excused as
mere excessive zeal. But to have this
performance the direct cause of violent
panic. and, worse than all for It to call
public attention to a very ugly row in
the harmony camp, was too much.
VANDERBILT SORE.
MI
efforts to have control of the Northe n
Pacific by pussy footed methods is de-
clared by Mr. Vanderbilt to be evidence
of bad generalship and indiscretlon re-
quiring discipline. The trouble came 10
a head while Mr.. Vanderbilt was on the
ocean and at a time when it was impos-
sible for him to stop the bad play Of his
representative and lieutenant. If Mr..
Vanderbilt had been on the scene or
within cable connection Mr. Hartman
never would have attempted to get the
best Of Mr. Morgan or Mr.. Hill in a
rubber-shoe campaign or by any means
not sportsmanlike, according to the most
approved rules defining that word. The
syndicate got under the stock market to-
nervous and frightened outsiders could
unload their stocks. That done, the sup
porting powers gave values a lift put
ting quotations up and giving the mar
ket a hurrah closing. This exhibition Of
power and purpose gave the bears
shock 1t was a formal notice that the
panic was over. 1t started miscellaneous
buying, and, incidentally, disclosed the
fact that several stocks had been over
sold, notably Union Pacific, Missouri Pa
cific, Rock Island and Alton. Follow
ing this discovery there ensued a fright
ened attempt on the part of the en-
trapped bears to extricate themselves In
doing this they ran up Union Pacific on
themselves to 112 and Missouri Pacific to
10S an advance in the former Of $22 a
share from the closing quotations Of
Thurday and an advance Of about $l9 a
share in the latter.
BANKS TO THE RESCUE.
The bank presidents of the city helped
materially to relieve the situation by
offering funds to their regular customers
at per cent New loans were made
by them and old loans extended for fully
S25, 100000. Additional relief in the SUM
of $4,000 0o0 from outside points was
promised. OF that sum Chicago con-
trIbuted &c 0000O Philadelphia $3,O00,O0O,
Boston 50, 100000, Hartford 100000, and
smaller cities the remainder This new
money may not appear in time to figure
in the hank statement, but it will be here
nevertheless and ready for circulation
before the close Of banking hours.
Advices from al the leading cities IN
the country were received and read in the
financial district with eager interest Tt
was humiliation and al the same time
A pleasure for hardened and toughened
Wall street to be told by a thousand
tor CUES that the country at large looked
or the pauic Of Wednesday and Thursday
as the collapse of a gamblers boom, and
as 1T no manner likely to embarrass or
affect general business In the gloom of
their troubles and dependency the
brokers and spectators of Wall street
had thought that all cats were black
cats. IT was q satisfaction to them TO
know that bright sunshine still illumlued
the outside world, although it touched
their vanities TO he reminded there IS
world beyond the narrow limits Of the
financial district Of New York.
GOVERNMENT BY INJUNCTION.
The Intrusion of the strong arm of the
law contributed nightly to the restora-
ton of confidence. The issuance of a
conditional restraining order by mem
Der of the supreme court OF the state.
Ringing on the reaching OF an agreement
between the warning factions. was a nov
city but it served the purpose. 1t fur
nished the leaders of the wranglng ele-
ments an excuse they were very glad
to have to get together and patch up a
truce. The agreement took the form or
an announcement by Kuhn Loeb & Co.
and ]. Pierpont Morgan & Co. to settle
outstanding Northern Pacific contracts
on basis of $50. That was about the
outside figure at which legitimate trading
was done prior to the development Of
the corner in that issue The terms were
considered satisfactory, and resulted In
the withdrawal OF the petition upon