The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-02-02
DEATH OF HAW[EY
COMES SUDDENLY
Continued from first page.

Continued from first page.
Alton, the Iowa Central. the Minncapo-
lis and 81. Louis. the Tolcuu. st. Louis
and Western: the Kansas City, Fort
scott ana Memphis; the Missouri, Kan
sas ami Texas. and the Hooking VAL
ley. He was also d director in many
companies.
In recent years Mr.. fiawley devoted
most OF his time to the development OF
the railroads with which his name was
connected. But in days gone by he
had taken prominent pat in scnsa :
t!onal stock and cotton market opera
tons. 1t was through his stock mar.
kct opera lions that the Rock Island
crowd succeeded in wrestling control
Of the Chicago and Alton from Harri-
man. That incident marked the re-
,irement Of liawley from the Union
and Southern Pacific and ended his
long and close friendship with Iarri-
man.
John w Gates and AIr. Hawicy acted
Jointly IN getting control OF the Alton
from Hartman. Only few years uc-
fore that, Hawley and Hartman had
carried on a bitter warfare against
Gates In Colorado Fuel and Iron. but
In that contest Gates came out on top
Joins Forces With t;uuids.
After Mr.. Hawicy fell out with HART
man. he Joined forces with the Goulds
In building the Western Facinc through
the heart OF Hartman 5 southern pacI-
tic territory.
Perhaps Mr.. IIawleys best known
speculative venture was in the cotton
market in 1904. That was the time
Daniel J. Sully worked the price Of
cotton UP TO the highcs, point since
the days OF paper money iination. Mr.
liawlcy, together with crank H. Raw
of the American Tobacco Company;
Levi c. Weir, president of tho adams
Express, and Sully worked in joint
pool. According to testimony after
ward given in suit brought by Sully,
Mr.. Hawley and his associates sold
out on Sully, causing the collapse that
brouSh; about Suily's financial down
fall.
According to the testimony. Mr.
Hawley and Sully started downtown
one morning in q cab. During the ride
the TWO men talked OF their operations
in cotton, how the price would con-
tinuc to advance. and how much money
would finally be cleared up by the
pool al Thirty-fourth street Hawley
said he had to stop on An crrand, but
before leaving the cab lie gave Sully
instructions to how much cotton
10 buy right at the opening. Sully
continued on his way downtown
thinking of the orders lie was about
TO execute.
After leaving Sully. lIawley rush
ed to a brokers' office &c the Waldorf
and gave orders to sell enough cotton
at the market TO cover mis- share of the
pool operations.
Sully unsuspectingly bought all the
cotton sold by Hawley individually.
Already the market had began to wav-
er. and the selling by Iidwley for his
own account caused violent decline,
,t.l, inI Io St.. " sn1 In nf q
subsequent collapse.
That morning cotton opened down
ten points, and Sully. who ned gone in
TO the pit i'll person to execute the
Hawley orders, succeeded in bidding
up the price forty points But wave OF
selling soon was upon him. and he saw
that some thing was about to happen.
Selling orders, which had been dis-
tributed by Haw:cy. begun to come in
from every quarter, with directions to
sell at any figure. The tickers were
many minutes behind, and tho bull
manipulation was driven from the pit a
bankrupt before Wall street learned
what had happened.
AT the low prices OF that first hour,
cotton Went down $50 roints from the
high prices OF the previous day.
Drive Against IinwIey.
During the summer of 1910, when,
MS a result of the colllspsc of the
Pearson Faruuha. syndicate. the whole
stocy market was thrown into a
panicky condition. efforts were made
by q powerful bear party to separ-
ate Rawley from his Chesapeake
and Ohio, Alton. Missouri, Kansas and
Texas, and other railway stocks. The
price of Chesapeake and Ohio. for eX
ample was driven from o. down to Go;
but Hawley did not so down with 1t.
While Wall Street was flooded with
rumors that "the bears were about to
get Hawley's scalp" a prominent bank
er's office was visited for the purpose
OF getting a line on tho real Hawley
situation. In answer TO Il direct ques-
tion as to whether Hawley, was being
forced to sell out, the banker smiled
and said: mo He is too old hand
at the game. / have made careful
round of the banks, and no unprn-
tected Hawiey loans We're found. /
have Known. Hawley intimately for
some years, and never knew him to
carry on his stock market speculations
with call money. Ho gets time money,
and even then no never .bcrrows more
than he is sure he can pay OFF when
the ioautfalls dle.rGThat Is the secret