Chapter VI
The next year was one of the most momentous in Templeton Blaine's life. It was also a momentous year for many other people in the world at large. At Beaumont, Texas, an oil gusher had blown in with such terrific force it was several months before it could be got under control. Immediately a stampede started to the new El Dorado of liquid black gold that rivaled the gold rush of '49. Also the United States Steel Corporation was formed under the guidance of J. P. Morgan and capitalized for nearly a billion and a half. It eclipsed the Carnegie Steel Company formed the year before at Trenton, N. J., with an authorized capital of a hundred sixty million.
Events of world-wide importance occurred during that year, but its most important event insofar as it affected the affairs of Templeton Blaine was the Northern Pacific panic on the floor of the New York Stock Exchange.
Templeton Blaine always had his finger on the pulse of the railroads. He was sensitive to any change, any shifting of power. His intuition was uncanny. He watched the historical negotiations of Hill and Harriman with keen interest. He realized that this was to be a battle of the giants. He decided to stay on the sidelines.
"When giants battle," he reflected, "there is no place for dwarfs."
Night after night Templeton sat opposite his wife in the library of their hotel rooms and pondered over the problem. He was studying the market carefully. He was sure hell was about to break loose. Then abruptly it dawned upon him what Harriman would do. He had simply arrived at the denouement by putting himself in the fiery little railroad man's place. What would he do in such a predicament? There was only one logical thing. With a veritable war-whoop he jumped to his feet and rushed from the room, hatless and in his shirt sleeves. His wife
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