The evening world. Newspaper, April 4, 1903, Page 8

‘Bull Operator Has Cornered the May Op- tion and the Shorts Are Absolutely at His Mercy. PRICES TAKE A BIG JUMP. ‘He Says There Is No Telling How High the Price May Co Before “+ He Is Satis‘ied to Relieve the { Struggling Cperators. From the indications as they present- fet themacives in the mad whirl of the otton pit to-day, Danlel 3. Sully, the Tull Teader, has the May option cor- fnered and the-bears at his entire mercy. ‘The May option, followed by all the others, rose furlously to-day and the Bhorts were pinched in a terrifying manner. In the opinion of traders the short In- ‘terest in the May option alone amounts ‘fe more than 400,000 bales. These con- ‘tacts are held by the Sully clque. They “ean shove the price up as-they please. did 90 to-day and they Intend to ‘Keep on doing so if the words of the leader are to be believed. it Will Go Away Up. As he was leaving the Cotton Ex- @hange after a most successful morning | ‘Be was asked by an Evening World; reporter about the situation. . I cannot say how high May will go,” E answered, “but it will advance sov- "eral tundred points before the time DAN SULLY, THE BULL, yHO HAS CORNERED COTTON. Heavy Cut in Reserves and Cash in the Clearing-House State- ment, and Wall Street Disap- pointed. ALL LOOKED FOR BETTER. Only Small Decrease In Lona, While Larger Was Expected—Stocks Which Were Sluggieh ere Further eakened. Much disappointment was fett in Wall Street to-day over the poor showing made in the bank statement. Fairly favorable figures were looked for, but the opposite was decidedly the case. ‘There was a heavy loss in the reserves, ‘a. ‘big decrease in cash and only a small cut in loans, Stocks which had been at a low abb were further weakened by the ClearingHouse report. ‘The statement was: Reserves on all deposit ‘Reserves on all a jepoaite United States (decrease) reese). . (decroase).....84,150,076 other than The sunplus was arison with $6, 92,640,6% a year ago. aptea at $2,180,825, in 280,000 last week and LONDON STOCKS IMPROVE. An all around improvement in home securities was maintained in the stock market to-day, but hesitancy was shown in the American department. Internationals were firm, while South Africans were unchanged. The monetary outlook ts improving dally. for final deliverjes."” ‘This means, in the opinion of many, i ome of the shorts will be forced wall. Certainiy their losses will tremendous. th paper prott o€ $26, bale. Thus a r a bale. This early @ rhillion dollars’ loss to the and the ri: fas only 17 t should go up several, hune ts, as Sully predicts, the losses ‘be sO tremendous that the bears tand up under them. thet in may, and augue hold con- is the availabl SaaS phot e jable supply. The shorts to buy from Roaralin teres te ton to make thelr deliveries, and’ ‘are practically at y's mercy, e's of the pit are read aright che mY started right in with th oUt the marwet to cuake things City. jba-~ move-|WAS ANNA GOULD’S FIANCE. heavy buyin ‘reacted to 10.1 but, Bully ‘aad i} cotton and active. It advanced of the banking firm of Harriman & Co. H. Harriman, ments. ead of the bears, said to- thad not been doing much a t lately. |,” he added, “I think cotton is too I don't know whether Sully is in the market or not, but I pre: e he is. To-day’ ig’ in Stay due to the panicky efforts of some the enorts to cover, and I guess the crowd squeezed them a little.” YNDICTMENTS AGAINST SILK MEN. Bai! Fixed at $30,000 Each for Two ‘of Men Accused of Making False Invoices. y 8. Rosenthal, Martin L. “Cohen and Charles C. Brown appeared ~ ia the Criminal Branch of the United ‘Btates Circuit Court to-day to plead 0 new indictments charging them with ‘maicing faise invoices in the importation |, of silk. One indictment is against pthal and Cohen, another against ‘three men charging them with con- piracy and others seainst each of the iefiend indi 4nd Rosenthi each but they were per- to go at large until Monday un- bonds which ‘they had previously own’s ‘bail was fixed at, $7,500 and was furnished by John G. Manning Charles & confirmed invalid, years of age. He was forty-nin he went to Manhelm, treatment. only slightly Germany, improved. to Palm Beach, Fla. mate somewhat restored him, by a@ strange coincidence, his form: flancee, the Countess de Castellane, at friends, Mr. and Mrs. Orson Hoyt. When the engagement of the thei Miss then dissolved by mutual consent 1 said to have been most pleasant. back to this clty for treatment, i Mr. Harriman was wes partners were EB. H. ver Harriman, jr, death Nicholas isn was a 8] ner. Mr. Harriman was the sec of the Rey. Edward Harrim LONG ILL, DES, Wall Street Financier Succumbs to Heart Disease and Compli- cation of Ailments in This William M. Harriman, senior member No. 120 Broadway, and brother of E. the railroad magnate, died early to-day at the Plaza Hotel from heart disease and complication of all- For two years Mr. Harriman ‘iad been Last summer his heart affection, from which he had suffered for several years, became so acute that tor He returned late in the fall In November he suffered a severe stroke of heart disease at his residence, No. 60 West Fitty-elghth street, and when he was sufficiently recovered to travel he went’ The Southern cli- and he Was up and about in February when rived there with her children and her Anna Gould was announced and 1891 the two parted the best of friends, and the meeting between the invalid banker and the Countess de Castellane i Bo- ‘ore the end of Kebruary he suffered another severe stroke, ais condition be- coming go serious that he was brought the Stock Hx- change member of Harriman & Co. His Harriman and Oll- Up to the time of his FIGHT CIANT CAS PLANTS WILL C0 Consolidated Company An nounces that in Four Years It Will Supply City from New One Out of Town. WHITNEY MUCH NV METROPOLITAN His Holdings Heaviest in the Se- curities Company, Which Is the Holding Concern for the Railway. /HE IS STILL DOMINANT.|TO BE BUILT AT ASTORIA, L. I. The Wall street report that W. C.| Fought persistenely by the public un- BANK FIGURES. PLATT AN ODELL ARE | SHOW LOSSES.) IN A FIGHT TO A FINIGH,| A DULL MARKET.) PUTS AND CALLS der the leadership of The Byening World, threatened by the probability of a city Ighting plant and harassed on Whitney has sold out his entire holdings of Metropolitan Street Railway stock and the dental of the story by De Lancey Wicoll fs attracting no end of attention|™any sides for its unfair and illegal to-day tm the financial district, Mr. |Practices, the Consokdated Gas Com- Nicoll volunteers the additional state-|Pany, commonty and appropriately known as the Gas Trust, turns and cur- ries popular favor by announcing that in four years it will have removed every one of its elght giant gas plants trom Manhattan and will supply the island from a great plant to be built at Law- rence Point. That the announcement’ should be made at this time fs belleved to be In- cidental to the fight which has been waged against the trust, and that through the announcement the trust hopes to quiet the opposition which has developed against It, According to the statement made pub- Nc by President Harrison EB. Gawtry, of the Consolidated, the company has secured 900 acres of land on Lawrence Point, in the Astoria district, the land being washed by the Hell Gate tides. ‘The company will commence at once the erection there of a modern plant, which will be in complete operation in four years. As the plant approaches completion the eight plants on Manhattan Island Will be abandoned, one at a time. The company does not mention the millions which will accrue to it through this removal, The property occupied by these city plants {s now worth many millions, and when freed from the nulsance of smoke, soot and odors will be worth ment that, while both Mr. Witney and Thomas F. Ryan still own stock in the Metropolitan, their holdings are vury much larger !n Metropolitan Securities | Company than in the street railway company. The Securities Company is a holding concern which took over the street car system and guaranteed 7 per cent. on the stock. It is capitalized at $0,000,000 and the street car company at $52,000,000. By the device of a holding company controlling interests are enabled to re- tain the management of the property on a much smaller investment, It is only necessary to own a majority of the $30,- 000,000 stock In the Securities Company to control tho cntire system with Its bond and share obitgations of more than 100,000,000 and {ts monopoly of the sur- face transportation system of Manhat- tan and the Bronx, ‘The discussion serves to direct atten- tion to the fact that the market value of Metropolitan shares has declined nearly $74,000,000 less than four years, At the top It sold for Its market price now is 1M, a decline of 12 points, or more than 60 per cent. An inspection of the directorate of the Securities Company seemingly lodges {ts control with Kuhn, Loeb & Co, and the Mutual and Equitable Life Insurance Companies, The orig! ney, Ryan, Dikins, are‘belleved by many tual domination, in a t Hi, 4 men pleaded not guilty. _ CURB STOCKS WEAK, @rading Quict with Northern : curities Leading. Sy fPrading on the curb was quiet and i to-day. Northern Securities sold 085-8. Stoel fives were quoted at ‘3 ‘bid and asked price Ph ‘oulside securities to- Harrison E. Gawtry, President of 6-8 and Greene Copper at 23 8-4 4 Island, scattered along the East River SHIPPING NEWS, PORT OF NEW YORK. ARRIVED. W. H. Donovan wai Stee! Company. Socretaty. Sir Thomas Shaughnessy, rived in this city after a trip abroad. ENCOMING STERAMSHIRs. pleasure and also for the purpose of # DUE TO-DAY, Canadian Pacltlo of fourteen of the Unibria, Liverpool, Gywric, Liverpool Ballils, Givrakar. Kentucky, Christianta Jacksonviita, Juan. ‘The Postal Telegraph Company ha Francisco. Charles U. Colting, a well-known to-day of heart fatlure, Lewis Nixon has been clected a Chemical Company. Aon from « rial to the Coste Tice FINANCIAL TOPICS AND NOTES OF WALL STREET MEN that hia plana have been completed by which all the gas plants on Manhattan Hundred and Fourteenth street and along the North River from Pighteenth street behd to Forty-fourth street, will be removed within the next two years to Lawrence a Point, on the Long Island shore of Hell Gate, about opposite One Hundred and 3 , $5) | Sixteenth street. James A. Burden, $r.; Charles G. Wetmore, Willlam G. Park, George W, Young, ‘Archibald White and George R. Sheldon have been elected directors of the Easton President of the Canadian Pacific Railway, hks ar- service between Canada and the British Isles will begin April 15, Railroad which arose over the construction work along the right of way to San —— A. W. Preston, President of the United Trust Company, has returned to Bos- company, much more. 0 will the property in the immediate vicinity of the plants in- crease in value when the plants are re- moved. The existence of the gas plants has caused the value of property to de- terlorate because of the nuisance they create, The Consolidated bas had a hard time seucring the Astoria property and made many feclures before it purchased the Astoria company, and then the way was easy. The gas will be forced into Man- hattan through the tunnel owned by the Bast River Ges Company, which is controlled by the Consolidated, The present capacity of the elght plants is 46,000,000 cublo feet a day, and the ca- pacity of the new plant will be 200,000,000 cuble feet a day, ‘The elght plants now in operation on Manhattan Island are: Kast River, at Fourteenth street, at Twenty-first street, at Fortleth street, at Ninety-ninth street and at One Hundred and Fo) 3 Futean Ber at Eighteenth at Forty-secon Aik 4 Are, street and at ——— The W Market, Wheat opened barely stoady and corn dull and @ shade under last night's final figures, Cables were easier from Eny- land and Paria, while the crop news the Consolidated Gas Company, announces water-front from Fourteenth street to One » chosen President and W. J. V. Bassett Ho says his voyage was made partly for ‘gning the contract for the purchase by the Hlder-Dempater line steamships, The new 8 wettled the trouble with the Union Pacific Orders have been received in Omaha, Nob, fram New York to con-|@enerallly remained favorable, Unload- ‘Unue operations and a large force of men will resume Monday, ing affected corn more #o than poor cables, ‘The weather is cold and "bear investor In real estate securities, died early |!" the Southwest. New York's opening prices were: Whoat—May, 78; July, 7% 1-2 bid; Girector of the International Powder anal {ever Wa, “orm Muay, od) Sy, owned by, che [#0 many inexplicable things that any ee —— The Prize Is the State Leadership, Which, Recent Events at Albany Indicate, Threatens to Pass from the Senator to the Governor if Former Doesn’t Block It. The fight between Gov. Odell and Senator Platt for the mastery of the Republican State machine is raging furiously, and grows flercer day by day. By those who can read aright the significance of the clash between the Republican forces at Albany can readily be seen which way the advan- tage of battle is going. The Easy Boss, for twenty years the undisputed master of the Repub- lican machine in this State, has of late been sneered at as dead politically, and a new boss, in the person of the younger, more vigorous Governor, has been acclaimed. But is the “old man” dead? Is the young man at the helm, and, if so, can ue stay there, sure of his power, able to repel the Platt boarders who may try to drive him off? This week's developments raise cause for doubt, and for three special reasons. Who passed the new Liquor Tax law? Odell. Who defeated the Mortgege Tax law? Platt. Who put the joker in Gen, Greene’s Police bill and beat it by favoring the three-platoon idea, dear to the heart of every one of New York's 7,000 policemen? Platt. And these developmegts mean much. The first means that every Mquor dealer in the State of New York—not in this city alone—is to-day the enemy of Gov. Odell. The political history of this State and others is crowded with the wrecks of men who sought preferment in politics and aroused the opposition of the Mquor interests, Th® saloon is a factor in this State that must be reckoned with on lection Day. ODELIL OUTGENERALLED PLATT. Gov, Odell has ranged those voters solidly against him. When he called those sixteen Assemblymen to him and raised the cry of bribery he sounded the death knell of the opposition to the bill, He made himself personally responsible for it, but at the same time he put Platt in the position of having been willing to stop the passage of the bill if he had been able. The Governor no doubt knew what he was doing. Hoe is too wise not to know thevforce he arrayed against him when he threatened those sixteen men, but there were reasons why he should risk that step which it is hot possible to make entirely plain. For him it was a choice of evils. It may be enough to say that the man who handles the money of the machine is the man who controls it. The man to whom the applicant for political favors goes {s the man who dominates every situation. The liquor dealers barked up the wrong tree. So Platt had but to sit back and let Odell go as far as he liked in this liquor tax matter. The “qld man” made friends while his younger rival made enemies, AND AGAIN PLATT SCORED. On the issue of the mortgage tax Platt openly took up the gage of battle. He rushed to the assistance of his moneyed friends. The corporations were attacked. Platt has been backing them and profiting thereby in campaign years through generously filled war chests. Gov. Odell, mad on the subject of taxation—eager to devise ways and means to lift direct taxes from the backs of the up-State farmers—was bent on jamming through the Dill. Platt said not on his political life. He rallied his strength and he beat the measure. He could do it, for there was no fear of the cry of bribery in this matter, The Governor had: no whip of terror to lash over the backs of recalcitrant Assemblymen, and he lost the day. So, while the banks and the moneyed interests now look on him as their arch-enemy, their friend and defender stfll plays his old-time role, and when the time comes to cash up, to give value received, the Hasy Boss will be the one who will handle the campaign money. POLICEMEN ARE FOR THE “OLD MAN.” And how do the 7,000 policemen who want to work eight hours a day for the city and then be free to have their own time feel about the wrestle over the Police bill? Ode was back of Gen. Greene’s bill. Tammasy Hall was opposed to it. The Senate had practically accepted it, but at the behest ‘ of the Basy Boss the three-platoon amendment was tacked on and the |]. 80,000 votes which these policemen are said to control in this city are now in the ranks of Platt as against Odell. This may make a big difference on primary day, even {f you admit that a majority of these men on Blection | mor N. Day vote the Tammany Hall ticket. ‘This {s what has happened at Albany 'in the last week: The liquor men are set dead against Odell and for Platt. The banking and moneyed interests are set dead against Odell and for Eorx Platt, The police influence is set dead against Odell and for Platt. For a week's work that’s pretty good politics, and it argues loud enough to be heard from the tip end of Long Island to the Canadian border that Senator Thomas C. Platt is not yet a “dead one” in Republican party politics. Ho PLATT QUITS TOWN When Senator Platt left the Fifth FOR A WEEK'S REST. Genator Platt i» at Atlantic City, a guest at Haddon Hell, He intends spending a week of complete rest, hav- ing left word with his private secretary to forward no letters or telegrams to him. DENIAL BUREAUS IN WALL STREET, Financiers Find Them Necessary in Putting Down the Wild Stor- ies Set Afloat Almést Daily. tom, tell ‘the his destination. that the had tak ‘art leaf out of Richard Croker’s note book, e Tammany ler had a habit of suddenly disappearing at times when he and loaders. Senator Pett oul Toe an +. to the city next Friday. ie! terests was gunning for the seourities of another eet and that a determined ef- fort was belng made to dislodge large ines of stocks believed to be vulner~ able, One, house in particular has been an open object of assault, The Street has been full of whispered talk affecting its credit, and banks have freely called loans or make extraordinary demands for fresh collateral, ‘This house 1s known to be backed by a speculator who at the present mo- ment is conducting the fight of his life are as full of fight ingly as resourceful. time, however, ‘gunned’ for, Wall Street has had a eurfelt of irre- sponsible gossip of @ character disturbs ing to values. and ti Is heartily sick of that ort of thing, To such an extent ha sthis campaign ‘of fabrication been carried on that sev- eral of the Jeading financiers and masters of the market have been obliged to estab: ish and maintain regular denial burequs, Nothing has been too wild and woolly to receive attention. There have been as aggressive as ever, does not seem to ming them. = one-half of his profits fn that time, The brokerage house which hae kind of explanation offered to account for them had @ hearing, ‘Throughout the last ¢en days of violent Avenue Hotel he did not, as ts his ous- % against @ variety of strong people, who he is and seom- It 1s not the first that he has been In the past he has come out of every conflict but one alive and Each time he adds to his equipment of soars, but he At the beginning of the present cam- paign he was stronger financially than ever before in hie fife, It is understood that during the last five years he has made over to his wife and other de- pendent upon im more than $16,000,000, whioh represents very much less than STOCKS OFF IN (SAGE DROPS ALL f 5 Bearish Reports Stil Circulated|Veteran Finanoler Abandons His’ in Wall Street and a Poor| Speoialty in Stock Trading Bank Statement Adds to De-} and “Privilege” Business Ie pressing Conditions. at a Standstill. \ BUT NO PRESSURE SHOWN.|'LLNESS HAS STOPPED HIM. —EE During Forty Years He Was King of That Branch of the Market and Made Milllone—Wall Street Misses Him. Money Rates a Bull Factor, but Not Sufficient to Help Trading — Keene-Harriman Fight Continues a Leading Topic. Russel! Sage, the father of “pute” and “calls,” has retired from the “privilege” ‘business, Wall Street learned to-day. ‘The announcement created a fury of gossip in the epeculative quarter. “Puts and ‘calls and the double ‘back-action combinaton thereof, known in the Street as a “spread,” have been his individual apecialty eince he entered Wall Street. For forty years he has been the king of the “iprivilere”’ as James R. Keene ds king in the stodir market, Dan Sully in the cotton market or J. P. Morgan among the underwrit- ers of great capitalistic combinations. First to Develop System. was the first to develop the selling of “privileges” into an important branch of his business, and Wall Street credits the statement that up to the time of his recent /liness his income from this eoupes $1,000 a day. In the Years he thas been in the Street he has made millions by this feature of fpeculation, though there were times when'he suffered immense losses. ‘The secret of his success lay in the fact that he always sold privileges against stocks stored away in his strong . box, which, in many instances, notably | that of Missuri Pacific, he had bought for a few dollars a share. Hie bought Missouri Pacific at $19. He solid “‘privi- leges” against it when it was quoted at $124. How could he lose? Every millionaire has his fads. Some run to dogs, others to yachts or horses, Hbraries or universities, Mr, Sage could ot take the ordinary manifestations o6 frivolity seriously. He amused by backing his judgment on the varia~ tlons of the ticker, And he got quickest action through the sale of ‘iputs’”’ “calls."" He made a business of leasure. So do the millionaires who for borse racing, Very ltttle business was done in stocks to-day. The tone was that of nervous- ness, tut there was evident uncertainty on both sides and an indisposttion to take new risks in lange amounts. There was @ further decline when the bank statement was issued, showing disap- pointing figures. ba ‘The average of prices was somewhat ower than the close erday. The weakest teock on the lst’ was Southern Pacific, which old dodwn to 5 $4. On the flurry yester@ay afternoon due to a re- report of e@ settlement between the Keene-Harriman factions it bulged to Gi, but sold back before the fintsh to 58. At the depth of the depression yester- day it was down to 65. So far a can bi varned there are no new developments in the Keene-Harri- man controversy and the market was disposed to await the court decision in ‘the injunotion case. That 4s expected the first of the week. Whichever way ‘the decision goes it is taken for granted that the defeated element will have stocks for ale. Although the market had epparently poor support there was a conspicuous absence of a pressure of long stock. ‘There was a continuation of the gossip about this commission house and that brokerage house being in distress, but 0 far as could be ascertained these ro- perts Jacked the essential element of teuth-An large degree. It is inevitable that @ rent many people have been Badly rt on the long decline which has taken place tn securities. The tendonc: fa tad tae hee at Gs se Sights : rower ‘Riis decidedly a bali factor, but has smell influence present. Transit showed some of the money market is He never let go of the personal ele- ment. No one ever bought # wes the idea that the whole traction. altua je idea e whole - ton was likely to develop considerably in the next two or three years. American Realty and de- clined under further liquidation by, per- gons connected with the underwriting. ‘The Closing Quotations, ighemt, lowest and closing prices Sn usta trom Yertertny'a closing prices) & ‘trom last recorded sale are as follows: eE ot with Aeoal. , dn signature attached, once roy Sim ty 10% Wall treet as the autumn. leaves rn Hoe iw 110% Vallombrose, will be seen no more, deh, 80% ——=__. 2, tro am ark St asim a” — Can. 1 im. Chee, & & & & tle. G, Be BY — ae a oe at : ‘veal + Be BM C8 Be fe sy oN us 52% iv” 1 138 It has long been notorious that the 13e 1% |1abel on a whiskey bottle set in front 106% of a customer in bars and cafes even of pretentious rank was no guarantes as to the contents, i 14 Special Agent William F. Strauss, of ote sor” the Wine and Spirit Traders’ Society of Si the United States, accompanied by HL FR Court Officer Evans, of Jefferson Mar- \ 8 ton ket Court, and armed with a search | ae a warrant issued by Magistrate Barlow, ‘ at raided the barroom of the Impertas Hotel, Thirty-second street and Broad- wey. last night and arrested John Palmer, of No. 4 Washington Terrace, 1. SRRRERREE erserEe ¥rtestetee FF; 91K + the head barke: eh - Beyeral dozen Bcotch wh! 3 — %| bearing the label of a. % = fey segues SFFESE, were placed me. he charges, the notied of their or! con= The Cotton Market, fente and illed again with a different ‘The local cotton market opened firm|“Etnuss keot visiting the cage, \~ to-day, with prices 1 to 5 points higher, jg, che bottles, He wave he Da seen, The feature of the market was con-|Hiinne Sharged constitutes. a Violation epouous buying of May and July by/of the label Inw. tea i count strong Interests, May sold at 10.05, ant day by several lawyers. Proprietor after a fow minutes of trading was] Savin” of the Imperial Hotel, also was pushed up to 10.90 on frantic covering. fe 1s oper: by the ‘This movement carried everything up, rad mark On m counsel for the sooli After the initial treding the market be-| "hearing was adjourned until Monday TO Ot re Marenixe. 10.04 to} afternoon. Palmer was paroled” tn ht 1h 5 to; | counsel's cust September, 8.45 wid? December, 8.24 uly cotton was a good second in the exeitemont that attended ‘the opening. 78, and there wae talk seroenibin corner in that opuon. se + Advance, — Deel | filing boxes bearing stand: labels and oustoms stamps w: tle clgars of snferior grade, Qe tun situan dp aktun oatuan dp om ftun eAtan weer ee World, THERE ARE ONLY LOOK 772 LISTEN! sues: World Wants Are Result Producers |