Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-09


| ington whom the average American boy
knows and reveres can't possibly be the
real Washington" since he is not man.
but an idea of abstract perfection. To a
lesser degree this holds good of peoples
conception of great contemporaries In gem
eral and in particular of the great financial
magnates of the day. In the latter instance
various reasons suggest themselves. the
most obvious of which Is the popular no.
ton Of what such men are and what they
embody and represent To be greatly sue
cessful In business, 1t is generally assumed
requires the possession of certain gifts In
high state of development, the most i'm
portant of which is perhaps what Is usually
called common sense. Everything that is
incompatible with a sublimated common
sense IS promptly eliminated by the aver
age man from the imaginary portraits of
captains of finance and industry like. let
us say, Mr.. f. II. Hartman, Mr.. ]. j.
Hill and dozen others. The result is that
the highest living opponents of what
chronic bear first called the hog finance
of the day became but the incarnation OF
a popular idea-unsentimental, unvisionary,
unimpulsive money-making machines thinly
disguised as human beings. 1t Is recog-
nized that the wisest of men can make mis-
takes of judgment, and that at times the
quickest-witted of them can fail to seize
golden opportunities or that the bravest
may fail to see the road to victory owing
to the white feather that may suddenly
wave before their eyes. But that any one
of Wall streets big men," who has achiev
ed great things. whose vision is marvelously
keen and vivid, whose mind is declared by
his closest friends to be exceptionally broad,
whose habitual attitude should be one of
imperturbabiity and his self-command In
alterable, can and does often make an ass
of himself Is apt to tax credulity, especially
among those whose analysis of these men is
from the perusal of newspaper specials
and self-styled character sketches" 1t Is
perfectly plain that the fortunately unique
position occupied by Mr.. Russell Sage in the
American public's estimation arises from
the fact that the man whose exceptional
mental faculties have enabled him to accu-
mulate q fortune of hundred millions, but
who counts his every penny, is a sort of DIR.
Jekyll and Mr.. Hyde that no Stevenson
could make consistent or credible In fiction.
Similarly in the dsgraceful Equitable Life
squabble the first thing that occurs to the
average man, quite some minutes before he
considers the ethical or indeed the financial
Importance of the matter is the amazing
stupidity of both the Hyde and the Alexan-
der factions. Whatever may have prompted
the Alexander crowd so suddenly to be-
think itself of the moral rights and finan-
cial welfare of the poor policyholders after
years of accomplishing inaction. and how
ever inadequate some may find the excuse
on the ground of youth of Mr.. Hyde's occa-
mains that the worst, the real damage was
done to both after discretion, which Is
form of common sense was thrown to the
winds and this happened when both sides
allowed themselves to entertain feelings of
personal animoSity. The damage, deserved
or not, to prestige, to reputation for in
tegrity and intelligence, is distinctly meas
urable in dollars and cents. And such dam
age is something that no man in any coun-
try and perhaps least of all in this. is rich
enough to risk. Indeed, the richer the
man the less common-sensblet the risk of 1t
is. The indulgence in personal preJudlces
beyond a certain stage is a luxury reserved
for poor and obscure people and men who
occupy positions of prominence in finance.
as in politics, cannot afford 1t, precisely
because they are too rich or too important.
Business is business; and this is only a way
of saying that personal friendliness or per-
sonal enmity should never be allowed TO In
terfere with financial transaction AND
yet in Wall street, the last place you would
suspect It, this curious form of stupidity,
that of indulging In personal dslikes. Is
allowed oftener than most people would be
lieve to interfere with transactions involv-
ing vast sums of money.
Effect Of Anger.
Anger has an intoxicating effect on the
mind Like wine, 1t makes great financiers
tell the truth; and moreover, tell IL TO the
newspapers And truth-telling In Wall
street is not always wise, one may know
from its infrequency. for after all the street
is ruled by tolerably wise men. Petty
jealouses are ugly even among little peo-
pie, but among great bankers they are
worse than criminal; they are stupid. They
are not always. nor indeed especially often
allowed to interfere with business. Yet
recall an instance not very long ago when
talk arose of serious differences of opinion
between two great bank presidents In a deal
of considerable magnitude. No motive was
apparent for such difference and 1t began
to look as though 1t was merely an idle
rumor when a fellow-director of the two
men admitted confidentally that 1t was I'M
fortunately true. Was 1t hitch as to
terms? No; he said the hitch was as to
which name should figure the most promi-
nently in the advertisement. 1t was dell
cately suggested that this was height of
nonsense to which the average rumor-man-
ufacturer. not being genius, could never
hope to soar Yes? Well. each thinks he
is MacGregor and that where he sits there
is the head of the table. My young friend,
Won should have seen the change in Blanks
face after he had been speaking graciously
to the rest of us, when Dash came into the
room You'd believe anything possible. re-
torted the fellow-director. But Blank rose
superior to envy and jealousy. The dollar
won.
The Dollar Wins.
AS matter of fact the dollar wins often
enough to preserve from harm some great
regulations. Once there was a rich mans
panic. A very TlcH d HiSidlS u Tic
first water-no Wall street pun intended
could have helped matters by coming to the
stock markets aid in his official capacity,
that is, by supporting his own stocks in
such a way as to inspire confidence in
their value. But another very rich man.
a great plunger and personal enemy, was
In trouble; he had been over-speculating
Matters looked bad. The panic was spread
ing If the plunger failed there was no
telling how many would follow and many
guiltless people would certainly suffer. The
magnate was asked to help. He refused
point blank. Let the plunger. - him!
get out of his trouble-if he could. No
appeal for clemency could move him. 1t
was only when his own credit and re-
sources began to be suspected and his own
stocks commenced to tumble under the
pressure of sales by fear-crazed holders,
like his enemy's stocks had been doing
that the magnate displayed magnanimity.
He supported his own stocks. Then ne
enabled his enemy to support his 1t helped
both. A million dollars to ruin roe, yes.
THAT was only the price of yacht, rev
months income. But ten millions. whicn
Wight he the cost If the panic was not
checked. was not common sense The dol
One of the greatest manipulators OF
stocks that ever lived-he is still living
Combines such remarkably inconsistent
III Is difficult to