The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1903-01-25
oua WALL STREET LETTER.


asked for a hearing before the inter
state commerce commission in order
that be might reply to the testimony
given By Messrs Morgan. Perkins and
Belmont concerning the famous lou
lisviile and Nashville deal last sum
mer. Il asked; Has he the nerve 10
70 through With the play" WAN
street has no liking for Mt Gates for
the reason that he broke into the game
and got away with a great deal OF mon
ley I; laughed consumahly over the
statements made BY the witnesses
named and took special satisfaction
In the Characterization q Mr. Gates
as a dangerous man. one who could
not Be endured as the controlling pow.
er IN a great railroad system Ike the
Louisville and Nashville II is small
wonder that the 81 natured remarks
made BY Messrs. Morgan and PERKINS
on the witness stand aroused the ire
% the Western plunger and filled him
with q desire 10 Jaw bach and give
his side Of the deal. Again the query.
Has he nerve7~
NJ Gates IS one Of the glIbbest
takers ever on the Witaess stand. He
Is an exceedingly bright man with sub
lime sef-conhdence and a remarkable
gift for vivid description. The two
best Witnesses before the Industrial
commission during the four years IL
pat in inouiring into the operation of
trusts and manufacturing conditions
generally. were John W Gates and
Henry o HAveneyer With a singu-
lar facility for clear expression and a
thorough Acquaintance With the sub
iects they were called upon TO discuss
they gave q vast amount o. useful in-
formation and talked most entertain
ingiy
Mr. Gates feels that he vas tricked
in the Louisville and Nashville deal.
although he and his associates cleared
more than s5.oo0.oo0 in the iransac-
ton. The acquisition Of the oontro;
q the property by himself and Hav-
icy vas something Of an accident The
discovery that they held a majority q
the stock came simultaneously with
the other discovery that they had the
market eOrnered and that Il was in
their power TO run the stock up 10.
5000 a share II so disposed. A cor
ner" conducted al that particular time
would have caused = panic in Wall
street and spread ruin all over ine
financial district The impalse 10
70 make play was strong with both
Mr.. Oates and Mr. Haviey and hey
were only dissuaded from doing so at
the earnest solicitation OF representa-.
tives Of the banking interests. The
argument that finally won Mr.. Gates
over was a pledge that acQuiescence Oh
bis part would result in his being ia.
ken into full fellowship OF the coa.
servative interests. It was a position
be had been trying for through a Sc
ries Of years He saw his opportunity
and seized H. ~ one step he could
move into the upper circles OF high
finance and be made one Of the cleo
80 be thought
Only few months afterRard he
Nas Awakened from his dream BY dis
covering that the bankers who had
agreed 10 think so well Of him and
who had embraced him with every
show OF fraiernsl affection we're call
ing him remorselessly for great sums
OF money loaned him on call. The
81. 600 .0oo he extracted from the
street" on the Louisville and Nash
vile deal ranked in their banking
heart In their haste 10 get the money
back they went after him first Of all.
compelling him TO liQuidate immense
speculative holdings.
This took place soon after the be
ginning OF the liquidation and enabled
Mr.. Gates to obtain very much better
/ prices tor his stocks than he could
have sold them for later on. The ac-
ton saved Mr Gates millions Of dol
lars AS il was he lost a tidy sum. es
iimated from $500. 900 10 s2.500 900.
Wall street got a good sized chunk ont
Of his hide but be escaped in fairly
good trim. less sore. however. al the
loss OF the cash than over the discoy.
cry that he had been deceived by
cheap "ionying Then to have Il told
on the witness stand by no less person
than J. PierPont Morgan and also by
q. W Perkins, the Morgan partner.
that he was a dangerous man and that
they had put him out OF control OF
the railroad property because they
they thought him a menace. dis.
Ifurhfug claimant a-H q R,fa "a -.--n.