The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-01
The GAS GANG GOES BROKE.
GAMBLED HEAVILY IN u. G.. l.
STOCK AND GOT CLEANED OUT.

Was Assured-Nerve SHOWN Dy SOuhcis
Explained-Hish and Low Hit Hard
PHILADELPHIA, May 3l.-Ther, is wall
ing In the high and low places OF politics
The ring is troke--as roke as tin norm
sport after a plunge on selling platter
The machine in April planned Its agree
ment with the U. G. l. 1t is common re-
port, and the committee of seventy asserts
1t knows, that 100000 shares OF U. u. !.
stock were put in the vaults Of trust COM
.pany in New York to be turned over to the
leaders for the reward CT themselves and OF
their faithful when the deal went through
finally.
The city slumbered for few days and
then the offioeholders began to wake up.
The tip had gone out to buy gas at l2o and
hold on to it tight. Don't sell 1t until 1t
touches $780," ran the tip, Then the Coun-
oilmen heard it. They got 1t straight from
sources that had never gone wrong Then
the ward leaders, the Magistrates, every
body connected with the organization who
could WELD influence to keep Councils in
line, heard it. To every ono 1t came straight.
One day in the last week of April U. g. i.
hit l2o after months Of coquetting about
li5. There was q rush to buy. Every
DOuy DOuRuL vi IIihI 8iho "a SOuASSf '~~~~
the tip was straight.
A few days later u g. I. went up around
1913 and 12S. The few who hadn't got In
before fairly few In, and those who were
in borrowed and begged all they could ana
went in some more. So did their SISTERS
and their cousins and their aunts. Pretty
nearly everybody connected with the ma
chine by any kind Of tie got in. The Coun-
cilmen were there with all their might
When everybody had got safely on board
U. G. l. dropped to 1ls. There are some
who in their soreness say the thing had all
been framed up to work out az 1t did; that
men with all the money they had and money
Of others, too, at stake, can be depended
upon to brave the wrath OF their constitu-
ents more than can men who are I'M
trammeled by such considerations. There
are more who say that the tip went out in
perfect good faith: that the leaders bought
heavily with the rank and file, and that they
are suffering to-day with the smallest OF
! their henchmen. ....
For many days U. G. I. lowered around
| lis. There didn't seem to be any reason
why it should not 60 UP. The steps OF the
Betz Building were worn into burrows by
anxious offioeholders, Councilmen, DO,
wanting to know what was what. 1t be-
came impressed upon one and all, some
how that whether U. g. 1. went up again
or not depended upon whether the lease
went through Councils and was repassed
over the Mayors veto. o
The stock kept faithfully around 11s.
never going low enough to endanger any
margins but never going high enough to
let anybody out.
After the Thursday when Councils. in
the face Of the thousands Of protesting
citizens pushed the gas lease through there
was much speculation as to where they got
the nerve to do 1t. There were lot OF
brokers who could have answered the
question.
Then suddenly shadow passed over the
organizations dreams. Ex-Judge James
Cav Gordon, with AZ out for Durham and
John NJ. Mack asphalt man. with ak out
for everybody, gave Mayor Weaver frao-
ton OF their backbones. The unexpected
happened. Out went the ring directors
In went the Mayors.
Nobody thought he would do it. The
machine shivered. Y. G.. I. went down
and the frantic efforts of the biggest men
in the deal couldn't keep it up. 1t touched
the 10 mark and away went the ten point
margins.
Within two days Y. q. l. had gone down
to 1903 and the fifteen point margins melted.
Few of the men could cover. Most OF them
had put all they had in the deal at the first
movement OF the stock
When the gas lease was withdrawn by
the L. G. ]. last Saturday and the organi-
zation surrendered to the Mayor, the stock
touched lOl. The damage was complete.
Almost every man In the machine had been
hit. There were scores who had lost their
all. Defections to the Mayor were caused
In many cases by the fact that the men
had little more to lose.
Even the big leaders have been bent.
There is one Office holder at City Hall, one
OF the best and straightest Of the ring,
who took SIC, 900 OF his own money and his
wife's and afterward mortgaged his house
to cover his account. and who now has not
n penny. There is one machine magistrate
who a month ago was comfortably fixed
He is pennilees. There are men who hardly
know where to turn to get the money fol
their next meal.
Therefore there is gloom in the high
and the low places.
John C. Winston, chairman OF the com
mittee Of seventy, after torrid meeting
. OF the executive committee to-day over thu
question Of municipal ownership, took coca
sion to deny that John M. Mack. the asphal
king, who has personal war on the or
sanization, was pulling the strings of thu
seventy.
, 1t was pointed out that MIR. Auerbaoi
of New York. who is the seventy's lawyer
is also Mack's lawyer. Mr.. Winston wal
:, much perturbed. Finally he said;
:. "If employ a lawyer who has defended
, murderers and thieves it does not meal
: that 7 am a thief and murderer. / neve
! saw Mr.. Mack in my life,
Despite this, however, it is positivel.
stated by members of the seventy tina
, Mack is and has been wholly at their service
LEADERS FLOCK TO WEAVER.
Dave Martin Heads List Of Callers on Mayo
NAT Ior u'aalosx En,plnNpea