Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-05
WALL STREET
No LONGER HAS
BIC GENERALS
Days of Morgan, Hartman, Rog-
erS, Keene and Gates Is Past,
Market Left to Itself.
BY BOERSANIER.

. CHICAGO, oct dissatisfied
with the course Of the market, with
its lack of breadth and continuity,
some critics contend determined lead
crship would rescue" the Bourse.
They-the critics-hoId a natural
market. a market left to itself, is al
most always a drifting, pusillanimons
affair
1t may be readily admitted that mi
tiative at the proper time is always
effective. If not always necessary.
That the crowd must be led is COM
monty accepted in the street. There
comes a time, however when all the
high forces in finance combined can
do nothing beyond the preliminary
stage of effecting a start
II conditions do not warrant a for
ward-Or rward-movement, the
efforts Of market matadoTs are futile.
Yet the history of the stock eX-
change tells that many a boom had
been long delayed-possibly few mad
been unbOrn-but for the beginning
made by Morgan, a Rogers, Keene,
Flower or q Hartman.
Only Potential Leaders.
In recalling these names and in
looking about the street it must BE
conceded that the exchange has no
f lt'iufIS bNtulldl captains tutIt are,
but none is at all likely to become
actual one saliently willing candi-
date is disqualified not by ability or
means, but by personal consdera-
tons. He could command no follow
ing outside of his encourage.
Another, Otto Kahn, of Kuhn, Loeb
& Co, is, like Jack" Morgan, de-
barred by disinClination.
Kahn is immensely wealthy. The
amount of his private fortune is esti-
mated at S50,OOOOOO and the work.
ing capital of his firm is 100000. 900
He has the money and the mentality
for a Wall street chieftain, but he now
loves his ease, loves art and society
more than his business. For that rea l..
son his contract with Kuhn, Loeb &
Co. stipulated only six months Of Of
flee activity yearly.
Jacob Schiff, Kahn's partner is to
old and too conservative for on
! change aggressiveness. II. G. F'rick
came to the street from the Carnegie
works too late in life to be available
/ for leadership. He is not even a cour-
ageous promoter. His holdings dis
close the investor who limits himself
/ to the few properties which he has la
boriously studied. He was one Of the
! first to run from Union Pacific after
/ the death of Hartman. Since then he
! has restricted himself to coal and iron
properties and to the railways which
serve such companies, preferably the
/ Pennsylvania, concerns with which he
I has a long, long familiarity.
Some of the Veterans.
William II. Moore, nearing the sew
entities. has taken all the chances a
] man of his nerve-ra cking experience
! cares to take, Norman b. Ream, Oil
er than Moore, never has taken and
never viii take a chance. Barney"
Baruch, momentarily promising
| star. has subsidized to a conventional
| level Not that his antecedents
| proved handiCaps. One may begin as
a board marker and still attain To
| financial premiership. The trouble
with BaruCh is he retains the board
markers view of finance-the strictly
| daily technicalities the day-to- day
| fluctuations viewpoint
| With d. G. Reid-who already has
| been characterized anonymously-the
| list of possibilities ends.
| The critics are right; there are no
| leaders. In considering the correct
| ness of their postulate. it is found
| that Wall street has never been SO
| completely devoid of generals as it is
o-day. From the Drew Gould Fislle
| period to recently the New York
! financial district was amply supplied
with forceful initiative talent. At one
| time the galaxy was dazzling. Nor
gan, Hartman, Rogers, Keene and
! Gates were ContemporaneOus. They
| were frequently in opposition in mar
| ket movements Cone such hostility
/ cost Rogers over half his fortune and
/ Gates suffered a loss of 10000. 000),
| but the battle OF the giants meant
| Just SO much more activity.
The Good Old Days"
II was a not uncommon formula for
/ those days for Morgan to tell Keene,
/ put Steel to 10" or send General
/ Electric to 1907" not unusual for
/ Morgan to invite Gates to start a
( bull market; the time is right for it
/ Those days may be revived with
/ dramatic persons of similar calibar.
Nothing is impossible. 1t is certain
| that taxation and other legislation
/ will not be inhibitive Once a market
/ is booming, trammels OF all sorts
are overcome with a force like na-
/ lures
But while markets may be some day
I as expansive as of yore they can not
be conducted on the old lines. Some
OF the methods of yesteryear would
/ not be tolerated-by the stock eX-
/ change. The moral suasion-from the
! lay, not the legal world-has had a
.