Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-10-09
Times When the Souls Of Business
Men Are Tried.
WHEN DELAY MEANS CERTAIN FAILURE
Occasions Where Only Quick Wit
Saved the Day.
FINANCIERs' EXPERIENCES
Written for The Evening Star.


BAD half hours belong to that type of
genius known as the ''fnancier.''
man can be truly called financier only
after he has faced and downed at least
one situation which meant his utter failure
and undoing. If he wins once, the next
hour in which he looks at the end is made
more hopeful from the consciousness of one
victory. But If he is to be great he must
have the bad half hours and, indeed,
they are the one test of his greatness.
Some years ago a man attempted to cor
FER September wheat on the Chicago board
of trade. He worked full year with the
utmost care. There must be no mistake.
At last came the hour of his dreams. The
shorts" Chose who sell what they have
Tot got, depending upon buying in time
for delivery began to look for September
wheat. Slowly but surely it dawned upon
them that some one had or as attempt
ing corner. The name of the genius
who helH 1t was unknown ard the belief
that the whole supply was in one mans
hands was but vague. AS the hours pass
ed, however, the awful certainty that there
was a corner began to have it's effect. Men
fought and shrieked like panic-stricken
women, knowing ruin was certain could
they not buy.
Corner in Wheat.
while the price went up in quivering jumps.
But the price seemed to have no effect.
There appeared to be no wheat in the mar
ket. Suddenly some one rushed to the
genius and rudely shouted: "You are hold
ing September"
Yes but I don't like the price,
Instantly the floor was frantic. Men
prayed to him. and then, as he sat silent,
cursed him. The price of wheat went up
in bounds. Suddenly 1t stopped. Some one
was selling
Then came the bad half hour The genius
thought he held it all. Could it be that he
had overlooked few hundred thousand
buShels-enough to cause him to unload?
II so, 1t meant failure, ruination, oblivion.
Wheat must be forced to a certain price to
let him out even. to say nothing of win
ring He had bought regardless of price.
and every day he had held it the carrying
charges, storage, insurance, etc, had in
creased its price to him. But some one
was selling, and buy he must. In mo-
ment the most obscure broker he knew was
in the pit for him-buying as If his life
depended upon it. But in spite of his eff
forts the price dropped point. Then an
other.
The genius looked about him at the wild,
fighting crowd His mind went over the
possibility of his failure, and then his sue
cess. He painted either in proper colors.
His commissioners lowered about nervous
ly. at a distance, waiting for the word to
sell. But the continual selling by others
brought the price down another point He
began to feel that he had made some mis-
take. He began to calculate hurriedly
whether or not he could save himself If he
unloaded at once. Could 1t be that they
were selling short to brighten him? He did
not know. He saw that he had A possible
chance to save himself If he sold at once
But II he waited and the price dropped
another point 1t was over-he was ruined
He sat silent and still. He believed he
had cornered September wheat. He had
"a fYoa rlrol fa;t II
locked souarely at the chances against
him. He believed he had anticipated them
all He was certain of it on the morning of
that day. He knew they would sell short
to force the market 1t was not a new
trick to him. Why should he have less
faith because the very thing he had antici-
pated was happening. He would not sell
until he could name the price
Ten minutes later the price steadied. and
then advanced a point, then two then
three The pit was a surging bowling,
shr1ek1ng mass, but the genius sat like a
stone. He sold at his price and made mil
way.
Deal In Matches.
A certain company which manufact ured
matches by machinery, the patents of
which were claimed by them to be their
pre- perty, opened negotiations with the
government of France to sell to them the
exclusive right to use their machinery for
the manufacture of matches in France
me zeal progressed favoraby until it
match stock saw millions before them could
me news OF the deal be kept secret from
the street until its contamination The NOV
ing spirit of the deal-the genius-had been
ouylng steadily, until every dollar he pos
sessed " as III the stock. Suddenly the news
OF the prospective deal 'Ieaked," and 1he
price OF stock went up like a rocket. But
the the, GENUS was safe. and. although he
could sell and make money, he could make
millions more when the deal was consum
mated. vas eoi'o
The French government investigated the
pc tents: ihey had been given a word of
ADVICE from somewhere. TRe Investigation
was not a sham, as most of them are hnt
a thorough search into the inward mean
ing or the outward seeming" The genius
noon ITS sa o nI In cipher one after
Sas SUI strong, and the price of stock
rising. He could win anyway by unloadina
carefully ca Suddenly he remembered The
r 1eaR mat had given the news of the
through the same mysterious cbapnaI
should come the news of the failure NJ tha
deal; Who would buy? What would the
s' Tx oe eve worth? He had nothing but stock
unload before the news leaked to tho
street as the others had. When wonI5
that be? The clock showed him that ba
naa one hour. II he attempted to dump the
weaken. He must use diplomacy strategy
ana cleverness. He had them all and use5l
them. The price was the same when his
load was In other hands. The next morn.
irg the news had leaked and the evening
p; pers heralded the collapse of the com.
pany.
A company which by the genius Of one
man had been raised from nothing to one
OF the greatest in this country-in fact. in
the world-was caught with notes instead
or money In one Of the late bad half
hours" this country has SEEN More than
that, they lad bought on time and were
expecting to buy on time A financier was
at the helm. and financiers are not cash
customers. Any one can do business with
ready cash. Financiers do business with
out It, Hard times came. Notes were but
bits of paper and New York drafts were
questioned. Money had run to cover Tho
genius" saw the situation and knew its
meaning. He must have ready money.
Every stakeholder in the company had
money except him self-he was a financier.
They must protect the company
He sat down and figured them out-one
by one. This one must be told this and
not that except as last resort. This man
must be bluffed. This one must be coaxed.
The other one. who was something of a
financier. must be let ION the inside" The
first call for their individual Endorsements