The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-02-26
A WALL STREET METEOR.
The Career of One of New YorR's Spec
ulative Stars.


thew NAV be termed fixed stars, and 1t also
has meteors which illuminate the financial
heavens with brief glare and then dlsap-
pear. One of these speculative shooting
stars is man Of about the medium height,
with full. round features, hair cut with
military closeue,s, and keen, restless gray
ewes. He dresses well, talks well and Is
good natured cynic. 1t is Henry A.
1elser. Ii requires an exceedingly equable
ternperameut to pass through such expert
enccs as have haried him in
lis stormy career and remain com
paratvJy untouched by ms
anthrOpy He Nas born IN New ork city
81 wears ago, and began life at II as clerk
in the wholesale grocery house Of Whitlgci,
Nichoh & Co.. which had large Southern
trade and failed at the outbreak OF the war
through inability to make collections in the
South. In 1885, however, young heiser,
tnen only u years old had established the
firm of Henry A. Helsers Son as nego-
tiator Of commercial paper. He was the
eldest of ten children and had capital IN
his new business Of "a. lie built up lucra-
tive business, however, and on the outbreak
OF the war was appointed one of tue
government agents for the sale of bonds
He sold millions of dollars worth of lthe
seven-forties and five-twenties. Then he
became member of the Stock Exchange
and dealt in stocks, bonds and commercial
paper on large scale. Just before the
panic Of 1913 he was worth about $JOO,OOO,
which was a considerable fortune 70 have
aInassed simply as a broker who mad started
with nothing. He was now rs years of age
and at the zenith of his prosperity. lie
owned at Fordham, n. y, large historic
mansion. dating back to colonial
times, and not far from the
cottage visited by so many
literary pilgrims, once occupied by that
Iaven-feathered and sombre song bird,
Edgar Allan Poe. There the broker who
had couchod a lance to such good purpose
in he Wall street joust, lived in the luxury
natural 10 a man of taste, Ills place CON
tanned twentv-one acres, and he had twenty
horses in his stable. He was a member of
the Union League Club. The boy who
started with 81 had offices at Wall and
Broad streets for which he paid $500
year, Every sign seemed propitlous.
What was to prevent the restless, ener-
eetic broker from doubling his fortune
in few years. But he thought
he heard the mutterings of a coming
financial storm; he thought he stood on the
brink of a commercial Niagara In July,
1913, he attended splendid reception to
President Grant at the West End Hotel at
Long Branch. Fashion never looked more
alurinr than on that notable occasion, with
its display of beautiful women and gallant
men. threading the sensuous dance III an at
mosphere loaded with the perfume Of ex-
otlcs and freightcd with rich music. But
the pessimistic broker observed to a banker
seated on the grand stairway
This scene reminds Inc of Nero fiddling
while Rome was burning. These people are
actually standing on a powder magazine
end no one can tell how soon it may ex-
plOde."
The government at that time was selling
gold and buying bonds. Its object was the
reduction of the national debt. The gold
4 l. ii
the only circulating medium was the green
backs. which were withdrawn from circu-
lation in large amounts to pay for the gold,
and thus there was steady contraction OF
the currency. Gold was so valuable that for
the purposes of circulation it was of no
more practical use than pewter. Meantime
the Treasury, actuated as 1t unqneStion-
ably was by the best of motives,
through a weird perversion of its
powers was really like a
huge constructor Tightening its deadly coils
about the business interests of the country
which seemed likely to be ground into a
shapeless pulp. Filled with forebodngs,
Henry A. Heiser, on Sept. II, 1873, hurried
10 Washington and urgently presented to
the treasury authorities the need of imme-
diate relief in view of a threatened panic.
While he was in conversation with the Sec
rotary OF the Treasury, Gov. Henry g.
Cooke of the District of Columbia, entered
and announced the failure of his brother
jaw Cooke who had been carried down
by the Northern Pacific railroad The
storm had burst, Jay Cookies losses were
the first big rain drops. Mr.. Heiser at
once started for New York, but stopped at
Baltimore He was condemned to the finan-
cial guillOtine and was determined to enjoy
a few moments Of pleasure before the knife
fell He went to GUYS Hotel and ordered
a double portion of tcrrapin and a bottle of
champagne. II might be years before he
could similarly solace him elf. He then
went 10 New York The storm had risen TO
a hurricane; the strongest houses were tot
tering under its irresistible inset. Mr..
Heiser was the confidential broker for jay
Gould and was carrying for him about
Sll,000. 900 of gold, when was at premium
of Is per cent. He was forced to suspend.
After the panic had in measure subsidized
be called upon Mr.. Gould TO make good his
losses. Mr. Gould, with characteristic
probitV refused to do So. Mr.. Helser insti-
tuted suit, and after three years of litiga-
tion obtained from the referee in the case
Judgment against Mr.. Gould for $462, 600
Mr. Gould wished TO appeal from this judg-
ment on the ground of newly discovered
evidence, but the motion for new trial was
denied, the Judge however, permitting the
alleged new evidence to be taken back TO the
referee, with the provision that the teSti-
lnony previously taken should stand. Sin
glIlar under the circumstances as it may APP
vious judgment and rendered one in favor
of Mr. Gould as against Mr. Heser for more
than S42, coo. If variety is the spice of
jurisprudence, a difference between two
Judgments in one case, rendered by the
hame referee, of more than half million
dollars, would seem TO supply that quality
in adequate measure. Mr.. Gould'S cold
blooded observations on this legal feat
would be edifying ii they could be repeated.
While riding down town next day Mr..
Heiser saw the Judgment in a morning
newspaper. He hurried to Mr.. Gould and
handing him the newspaper, pointed to the
paragraph about the judgment said;
''Here YOU seen ths!'
Yes returned Mr.. Gould, ''you see,
Heiser, what law is. y
Eyes, | see,n said the frenzied broker,
shut | cannot and will not live twenty -four
hours and allow you to hold that judgment
over my head"
Mr. Gould laughed. "What do you wish
ine 10 DOR
You know that do not owe you dol
lar" hotly replied the desperate man before
him. 81 want YOU 10 sit down at once and
write a letter to your lawyers nstructing
them to have the Judgment against me dis
charged to-day"