The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1903-02-01
coup p'Etat Of Gates.

1.-THE history OF John w. Gates trans
formation from the man who cut the price
Of wire products and shut down the mills
OF the American Steel aud Wire company,
and Knocked the bottom out OF stocks 70 a
bull IS not so clear, but the beginning Is
traceable TO the formation Of the steel trust
Morgan was mad az the wire mill Incident
which took place IN the spring. for he had
lust plauned a rise 10 stocks aud tho imam
oial world was thrown into confusion, With
large profits on the bear side 70 people
who we're very close TO Gates. Gates dld
not refrain from gathering up MS snare oi
the profits But Morgan swallowed MS
wrath and bcthought himself OF a honeyeo
way OF removing Gates as dangerous TACT
or The organization Of the steel trust tur'
nished Just the opportunity he wanted he
fopaled that p!ungcr Ia the same fashion
he treated Keene Gates was 10 come INTO
the underwriting syndicate, but he was not
to sell his stock according 60 the terms Of
a carefully prepared agreement, untn tho
word was given This was the nrst cord
that bound him to the bull side. Then Mr..
Morgan went step further and unrolled
some OF the plans for bull market IN
which Gates could participate just as large
~ as he wished. surely, Morgan was most
/ cordial. thought Gates. The experience OF
! Gates and the other steel magnates W ing
great rise Of 1901, rolieu vi, sutA AVAtau t5
/ for them that their heads became turnea
( fYodeT Tho agreement they sin held their
steel stocks long after che rise Of TWO years
's:Relylng on his success in that bull cain-
/ natgn Gutcs saw that more was 70 DC
gained by continuing whliS longer o IPg',,ed
lions on that SIDE. De would nave ssopPJju5
! 1nuch before be did had - not been Tor ms
/ phenomenal success IA capturing tAe LOU - =
! Eiiis ana Nashville railroad, the money tor
..H. Cav fanIa "a
men. Morgan skillful!y arranged me pay.
mgnt FOR that road 50 that Hates couN Lol
5N'~Tsr,1fee thag the Western operator
would rot spoil harvest rise w stocAs "
ole were desired 10 cap TIC eilu4sA ~, ~ ~ ~,
himself ending he was lltL as Inuca ttsu "
* ne hull SIDE az keene vas started Q
rise IN October largely ~ ms 9WR ae w "
uD with stocks when the powers thsL Ie
hi the money market improved iEe "gpVyt
~ ~ I ON ayg ~ sfhcks alto
eeebeg aad tie up the cal money market a.
tight as drum = noe s SoiS VIVA ding in
stocks were caught 10 the trap ana nlilioni
on millions OF paper prohts were ~lpe % 0 ~.
while some Of the operators (wnose nAIne'
bave been conndentlally passed around th'
street. have been compelled 10 carry 70
III hish priced stocks eyer since or ace NOR
n'S SFryon a. All appearances the two big bea
GENERATORS are now living ia glass houses AM
I ~ NOT GIOrN TO throw eNbbfA NN--s
Sssnf 70 failure themselves as much as o.
more than others i has bsen s sa tseS
,',rn besfs again. The fact that they hay'
not done 50 6 pretty good evidence o. ~ 10
wisdom OF staying where tney are az,
plains where the principal bears are ~,
same principle applies more or less Z
others than those mentioned. Ihey f9uSh
ne fise Tor long time until they conclude
Ia turn ard now most II them have beei
landed AZ high prices Until tne pears rs
iease themselves tho bankers have 20 fear
II attack on the market. The Pubic na
foen slow 10 sell stocks, for business con
tinucs good aud no very nnfaTorable new
Mas occurred since the Northern Paeln
| manic The so-called bear operations II tnes
DAVIS represent nothing more thaA a rev
traders combining 70, seu rev thopsan'
! ehares Rut most ~ them are AFRAID .
/ fheir shadows and pool support y teri
mar easily drives them 70 cover their cor
tracts. Al aggressive, sSaf M ss s .,de
over. whea 3 piece & Bag news S s.S &c