The Savannah morning news., 1904-02-14

stocks were at their very lowest ebb
after reorganization. Having the mer-
camille trait strongly developed, it is
safe to say that he let go Of q goodly
portion of these securities when the
market was humping on the top, a year
and half and two years ago.
Mr.. Mills, by the way, is one of the
very rich men Of America. He wiz
''cut up close to $1O0. zoo, 900, it is este
mated, by those in position to form
judgment of the wealth of the multi~
millionaires.
Gates and Standard OIL.
There is more than a suspicion THAI
John w. Gates. the Western plungerS
was acting for the Standard Oil in~
terests in the recent bull manipulation
and that his principals succeeded in un.
loading an immense quantity of secure
ties at good average range of prices,
level considerably above that now
prevailing. In q recent letter 1 mem
toned that Mr. Gates and the Rookie.
fellers had established a community OF
interest, and the street is just begln-
ming to hear and believe the quiet goss
sip. Mr.. Gates succeeded in working
UP considerable Juror in the stock
market, and his following for a time
had the game all their own way. Then
something hit the boom amidshfps and
there came a wholesale collapse. The
Gates orators on the exchange and in
not few of the offices were as vocif-
erously bearish after the break, as they
were bullish around the top. The news
papers were full of outcry over the
bad Judgment Of the Western plunger.
and alive with warnings to the public
to hereafter fight shy of his leadership.
1t is not improbable, however, that the
willy operator made a successful coup
for Standard Oil principals. BY the
way, the ex-government official who
has posed as the mouthpiece of the
Standard Oil crowd, said a few days
ago that his people would probably not
turn bulls on the market for a. year or
more.
High Finance and High Politics.
The we'll known fact that there is an
intimate connection between high f-
nance and high politics is my excuse
for the introduction in this letter Of a
paragraph on national politics. I am
in position to say with positivanes5
that behind the hippodroming of vari-
Gus presidential possibilities the New
York Democratic leaders are carefully
nurturing movement in favor of May
or Mcclellan.
If their plans do not miscarry the
Mayor OF New York will be presented
to the national convention backed by
the united delegation from the Empire
State. The new Tammany chieftains
Charles II. Murphy, makes no conceal-
ment in conversation with intimate
friends that he is not for Judge Par
ker, and will, at the proper time, OPEN
ly antagonize him. Parker is the cam
didate of the David Bennett Hill fao-
ton, and for that reason, If for no oth>
err, he will he opposed in the end by the
new Tammany control which holds him
in as i'll regard as Croker ever did. The
Tammany support would be cheerfully
given Mr.. Cleveland, but very few
people look on the nomination of tina
ex-President as a serious possibility.
The reserve or background candl-
date of the real leaders OF New York
and the one upon whom they are likely
to finally unite. under the operation Of
the unit rule, is Mayor Mcclellan. Col.
Mcclellan has thus far been q very
creditable executive of the city of New
York. 1t seems to be assumed by wise
iting statesmen, and by the local DEM
ocratic leaders that the South will be
very much disposed to cast its conven-
ton vote for the candidate upon whom
the New York delegation can agree
stands the best chance of carrying the
state against Mr.. Roosevelt.
Story of Judge GrosscuD.
A former Chicagoan now member
of the Stock Exchange and living In
New York, tells a story of how Judge
Grosscup made his first start towards
a competency. when Judge Grosscup
began practicing law in Chicago" said
the broker, "he had very little money
and a very small practice. He was
taken sick one time and as l knew him
very well / got into the habit OF call.
4no m a
cheer him up. On one of these visits
he told me that he had q couple Of
hundred dollars saved up, and in or
der to give his mind occupation he
would like me to take 500 of it and
buy him fifty shares of stock on a
two-point margin. Being in stock
brokerage establishment could watch
a trade of that kind, and agreed to
take the speculation for him. We
picked out Chicago Gas, then known
as the Chicago Gas Trust
"The stock moved up day after day,
and the judge, with the spirit of q
true gambler, kept increasing his line
as fast as the broker would permit.
One day he bought a cali on 500 adj
ditional shares at some points above
the market The price got there and
beyond. Judge Grosscup was sick for
four months, and on his first trip
down town he called at our office ana
received his profits in the form of a
check for $1e,500 The next thing he
did was to get into some real estate,
which quadrupled in value inside Of
two years. From then on IL was easy
sailing for him. and when he assembled
the federal bench he was worth easily
$4,000 When / read of his decision
in the Peoples Gas litigation in Chs
cago the other day I recalled his first
and possibly his only speculative ven-
ture and thought to myself, Well,
old fellow, you are certainly repaying
that good turn Chicago Gas once gave
you hear, by the way, that Judge
Grosscup Is nursing q well-developed
presidential bee in his bonnet"
snlathers Out of Baxters.
It is of current gossip that Smaths
ere the horseman. entirely separated