Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-08-11
F INANCIER OR
ADVENTURER
WHICH,
Waii Street Unable To Form
Correct Estimate OF John VI.
Gates.
New YORK Times.

IL figure that the STOCK exchange
knows; buying railroads now
where only three or four birthdays ago
his transportation limit was a commuta-
ton tiS -et; moving from evenings of pen
ny ante into the practice Of pocketing a
corn crop-Rentlemen who but little
back wouldn't offer to lend him light
for his cigar, watch and applaud now as
the pudgy form Of him goes toddling down
Wall street to roll In happy partnership
fashion through the doors Of the office
Of J. p. Morgan.
Frfends, earnest ana sincere ones, has
John W. Gates abundantly. Enemies, too
| q plenty.
The most talked about man just now
on the Wall street roll, the story tellers
have substituted him for Russell Sage
blessed few Of the Sage characteristics
has he. He has become almost as well
known as Henry Clews.
The friends have rhythmic recitations
OF achievements daily mounting higher
and higher, making him richer and richer,
more and more powerful, showing him IN
all things a giant. The unkind contingent
their gooseberries always green-dismiss
all the eulogtes as false and funny. one
ooterie ladies out wings and aureoles,
while the opposite crew-turning them
selves into pinwheels of cynicism-seno
sputtering round their fussy sparks o.
sarcasm.
So wall street stays uncertain. Leader
or adventurer-what is the status Of John
W. Gatesf Wall street uncertain-buL
nightly interested.
Mr.. Gates himself does little to relieve
the puzzlers. They can work out their
own answers and enjoy them themselves.
He doesn't care-he says he doesn't.
That's the way he acts. too.
IT don't see why the papers keep pitch
| ing into you" attempted one soothing
broker. 'T really don't see why"
That's easy" was the response. They
see. / see."
"Why7"
They do It for my own good"
SIR"
"can I tell you conhdentially? Yes7
Well, they're trying to keep me from being
proud-they think I'm too pretty"
Yet people who harbor the idea that
Mr.. Gates is always aippant are not the
closest watchers Of the man. Plenty have
been the occasions since he tripped into
Wall street when something less than Sc
renity has been his lot. Half a dozen
times he has felt the pinching experience
/ that big traders are forever challenging.
In the Northern Pacific smash Of four
teen months ago the entire Gates contin-
gent danced to Quickstep music. They
were caught loaded and honest recital
will not permit the statement that there
was anywhere discernible much sympa-
thy for any Of the outfit.
They had been playing for high stakes
in high-handed ways. They had taken
| longshot chances and forfeits were re-
| Quired. Yet-from the plane on which
Wall street judgments are rendered-they
deported themselves well. Obligations
were met. Heavy odds that had been
stal1ed were paid. There was no display
ed disposition to dodge.
II, indeed, brave fronts had not been
| shown the entire Gates battalion must
have been extinguished, but their very
| fortitude was their salvation, for in the
last ditch they waged battle as aggres-
sively as IL they still had surplus galore,
| as II they were on the winning instead
OF the losing tack, as If instead Of them
| selves surrendering they were expectant
every moment of the other fellows sur
render. And in the end-with better basis
they finally emerged from the conflict IN
condition like to that apostrophized by
| Weaver Lopez in days of Cordage Trust
collapse, 'artistically SCARED but still In
| the ring"
Mr. Gates went to Europe on vacation
/ right after, and a score Of his allies
would have gone along hadn't unfeeling
steamships been keeping passage rates SO
high.
49,
| AS an ODJeCL Oh lIAcEESL MI. IdNGS HAS
/ expanded largely by reason Of the way
in which he has recently been disporting
upon the Chicago Broad of Trade. Al
| the beginning Of the month, he an
nounced with suave positiveness that he
had cornered the July option, that he
and his pool had in fact bought twice
over the quantity OF corn available for
July delivery.
From around 65 cents he sent the price
| UP by sensational bounds to 90 cents. He
was willing to confide to the sounding
boards that he would never let the un-
| happy shorts cover under $1.25. Among
those shorts were the Armours, Stand
1 ard OIL folks, and much of the profes-
| sional speculative talent of Chicago and
| St. Louis. Then the price slipped back
| There was talk Of private settlements
| With dreary thuds the quotation tum-
| bled down and down, until, when last
| week opened, the market figures was as
| low as where Is ranged before the brass
| band pool took hold Mr.. Gates has ever
since been mysteriously oracuIar. His
friends estimate profits for him ranging
anywhere from one TO half a dozen mill
| lions. They are all sure he lost nothing
| that he was merely lenient and let mil
lionaire shorts of because their pleas for
mercy were pathetic. and his heart IL
always merciful around the middle OF
| July. Yet biographers Of Mr.. Gates hunt
ing for his greatest glory will probably
not much elaborate his 1902 corn-corner-
| ing campaign.
Far and away Mr.. Gates most notable
! accomplishment was the purchase OF
| Louisville and Nashville control-just az
most OF the wise folks OF Wall street
| were beginning to be sympathetic over
| the deplorable plight that all agreed had
| overtaken him as the buyer of minority
| interest that would have to be sacrificed
| In an unsupported market. From the
| Spectators point of view this Gates in.
cident marks an achievement worthy tc
rank with such as in old times were made
| historic through coups of Commodore
| Vanderbilt, Jacob Little and Jay Gould
From defeat developed victory rich tire
mendously in cash profit.
| What moreover, the Louisville success
did for Mr.. Gates appears in the undis.
! guised fact that he now commands free
and easy entree to banking circles not
\ hitherto distributing unctuous welcome
]. p. Morgan takes account Of him now
George ]. Gould makes him corporation
| partner. Mr.. Gates Is '1n."
Within the past day or two publication
has been made Of a statement by Mr.
Gates wherein he discloses what he re-
garded as a sensational situation follow
ing HIS requirement Of Louisville anC
| Nashville stock. He caught important
| financial interests short he says, and the
foremost bankers OF wall street stayed
up all night worrying over the apprehen
sion that he might precipitate panic by
insisting upon the execution Of contracts