The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-11
Heavy Losses Of Thursday Were
Largely Regained in Advances
Shown Yesterday.
Contending Interests in Northern Pa.
cific Have Apparently Reached
a Basis of Agreement.

NEW YORK, May -(special)-De-
spite the skepticlsm with which reports
Of restored harmony had been received
on Wall street throughout uhe day dis
ment about half an hour before the close.
This was to the effect that Union Pacific
has been let In ON the Burlington deai
and would join Northern Pacific and
Great Northern in indorslng 312 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 It and acted upon Its
information. The Waldorf-As ora crowd
was much disturbed tonight, and also
vastly agitated by a report that II.
Hartman had fallen into disgrace with
w. K. Vanderbilt. The two have been
working together for 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 play
for grabbing control of Northern Pacific.
But for the panic on Wednesday AMI
Thursday Mr. Harrimans enterprise in
trying to drive Messrs. Morgan and Hin
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.
The evl results following Harrimans
efforts to have control of the Northe
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 TO
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. II 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-
day, and held prices steady until the
nervous and frightened outsiders could
unload their stocks. That done, the sup
porting powers gave values 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 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 fright
ened attempt on the part of the en-
trapped bears to extrcate themselves. In
doing this they ran up Union Pacific on
themselves to 112 and Missouri Pacific to
los, 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
$50, ,000,O 600. Additional relief in the SUM
of $1,000, 900 from outside points was
promised. OF that sum Chicago con-
tributed &c O00,GO, Philadelphia 100000,
Boston $2,G00000, Hartford $2000,O00, 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 all the leading cities in
the country were received and read in the
financial district with eager interest. Tt
was a humiliation and at the same time
pleasure for hardened and toughened
Wall street to be told by a thousand
tor CUES that the country at large looked
or the panic Of Wednesday and Thursday
as the collapse of a gamblers boom, and
as III 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 70
know that bright sunshine srill ilumlued
the outside world, although it touched
their vanities TO he reminded there is a
vorld 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-
tion of confidence. The issuance of a
conditional restraining order by a mem
Der of the supreme court OF the state,
hinging on the reaching of an agreement
between the warring factions, was nov
city. but it served the purpose. 1t fur
nished the leaders of the wrangling ele-
ments an excuse they were very glad
to have to get together and patch up a
truce. The agreement took the form OF
an announcement by Kuhn Loeb & Co.
and ]. Pierpont Morgan g. 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