New-York tribune., 1901-05-10
GATES SEES LIGHT AHEAD.
SQUEEZED FOR A TIME, But THINKS
HE WILL BREAK EVEN"

The Waldorf-Astoria was lively hotel last
night The excitement and tension of wall
Street were shifted to the floor of the Waldorf
last night and the corridors were packeu'
Stocks were talked about and nothing else
There were spectators in evening clothes' WHO
buy and sell shares by the thousands ana there
were others In business suits, who hung around
eagerly to hear what the big fellows had 10
say. The centre of attraction was round taole
in the cafe. at which were seated John w
Gates John Drake, a. A. Housman' Johh n
Davis. Melville E. Ingalls, and other big oper
ators. Gates was well groomed. smiling ana
joviaI, and smoking cigar as long aS aii "a
binary sized candle.
.t4eIIo John," said a friend. There are
lot OF fellows going around here saying you
had YOUR head kicked off to-day"
Gates smiled, shifted his cigar. and said:
We'll, I will tell you Once out in Youngs-
town there was yellow dog. He was a homely
cur. and every one that came along gave him
kick in the rear The dog became cockeyed from
watching for these kicks from behind, and also
got in the habit Of walking sideways Wei
they had me cockeyed and walking sideways
for a while. but I managed to straighteh OUT
in the stretch. and was coming strong at the
finish"
Mr.. Gates was asked about his experience OF
the last two days. and he made grimace say
ing: well. it has been a case Of rough house
for a time. When they jammed steel down TO
o. began to get heartsick. but 1 jumped in
and took all I could carry, and guess when II
comes to settling it will be an even break
How about Northern PacIfic?" was asked.
"Oh! that's all right" said Mr. Gates airiiy.
That IS all settled"
It was said by Mr.. Gates's friends yes
terday that he had been squeezed In North
ern Pacific 10 a bad extent. but had settled
at n fair figure This loss, II Is said, he made
up yesterday by jumping in and buying enor-
nous blocks Of stock when the biggest declines
had been recorded.
Mr. Gates said az TO the outlook:
well. tomorrow may be blue day. but the
worst is over. and by Monday things will be
straightened out. I think will all be better
off for this reaction"
John ]. Mitchell. president Of the Illinois Trust
Company was at the Waldorf-Astoria last night
with his attorney, James c. Hutchins. 1t was
said that he had come down here to help pull
Mr.. Gates out Of the difficulty he Is reported 10
have tumbled into. Gates denied this. but
wouldn't talk about Mr.. Mitchelrs visit. Mr.
Mitchell also declined 10 talk. 1t said on
good authority. however that Mr.. Gates and
his associates by the sudden turn in the market
had found il necessary to raise abnormal
amount Of money TO meet obligations and carry
out plans for reCouping losses. and that Mr.
Mitchell here to finance these operations.
James r. Keene was at the Waldorf-Astoria
IN the evening upstairs with a party of friends
He didn't seem at all affected by the exciting
times of the last few days, and wasn't communi-
catve. He told his friends that the fireworks
weren't over yet, but he would not make pre-
dctions or talk about his part in the spectacular
movements in Wall Street within the last few
days.
The corridors. cafes. private dining rooms and
lobbies OF the uptown hotels last night rang with
stories of winnings and losses in the market in
the last two days. Every one seems to have
had some stock. and to have been affected by
the Of the market. The winners were
dining and drinking champagne. The losers
looked glum and disheartened. Some were also
drinking champagne, but II seemed to be for
solace more than anything else.