| Show I L NEW NEWS OF YESTERDAY THE ERROR OF OP HEART THAT MADE A GREAT BANKER BANKERD By D J E Edwards This dally daily series aeries of anecdotes and I that throw threw new Interesting slid End frequently dramatic light on fern fam ou ous ens j events cents and personalities o of tho the past have haV been collected by Edwards during G nearly forty fort years of moro more or less Inti Intimate Intimate mate acquaintance with many man of oC the leaders since the Civil War Will Each anecdote or Incident I Ic fresh from Mr E notebook and either In whole or In part It constitutes New Now News No of at Yesterday garnered from tho time men who made madl tho the news the history or from rem lom equally eq ual authoritative sources As Im Ira Important Important contributions of ot the Human Interest Int crest sort sert to American history articles have havo a distinctive value all their the Ir own This Is tho the story of an error of heart that made a bank cashier of yesterday yester yesterday day a nationally famous fanmous banker of to today toda today day da The anecdote was told to mo me by I Charles harles D who was for many years one of o the leading men In Inthe Inthe Inthe I the insurance business In tho the United States BUttes You know ho he said bald that the Cite First National Bank of New York YOlk City was wa not only on the thc first bank In that city to take out a national charter but It was the tho th first to do so 50 in tho the United States SLates It was organized by John Thompson whose name namo has passed pass 1 Ino Into history as the originator of the national banking system After Mr 1 lr Thompson on became somewhat Incapacitated by b age c the th kb presidency of or this institution passed p to t his son At that time It was vas ono one of the tho more Important of oC the fiscal agents of or the tho United States Dont you remember that when John Sherman was as secretary Of or tho thio treasury they used to call ute ine bank banle building Fort Foit Sherman Yell Well ell the treasury department at Washington was accustomed through the First National to secure se sterling exchange upon London with which to topa pay pa Instalments of oC Interest on gov government government bonds held in iii London Some Sometimes Sometime Sometimes times time these purchases were as a high bIght hl h has as At the lie time I hace lUice in mind tho the government had sent sont over tho the needed funds with which to pur pox purchase chase some somo four thousand of sterling exchange and Henry Hen Fahnestock tho Chic assistant cashier cushier I think was on lila Ills way wa to w tho New Now York of or the tIme firm fIrm from whom sterling exchange usually purchased when whon ho he happened to meet on Wall street a n a friend of or his who was ans ono one of ot the higher dorks clerics In tho banking house of ot Jay Ja Cooke Cooko Co Whore Where are aro you ou going asked tho the clerk To to buy sterling ex cx exchange change was tho ho answer I Now No why dont you let lel our house have souse some part in Iii this business pro protested protested protested tested tho the friend Give Olve up a chance chanco And thus appealed to Mr Fahnestock consented to buy bu the needed exchange of ot Jay Cooke Company A few days later ater came camo the tho sensa sensational sensational and disastrous failure of 01 Jay Cooke which precipitated one of ot the tho worst panics the lie United States has ever had Of or course this panic affected tho exchange bought by tho time First National for the lie government and of oC course cour both Mr Fahnestock and Mr George F Ii Baker the tho banks cashier who had hod ap approved approved proved of his assistants purchase of or c exchange from rom rota Jay Ja Cooke Cooko Company Iro greatly concerned cont not only be because cause causa of the money mone Involved but bitt also on account of the severe criticism antI and probable dismissal that would como come to them from Mr Thompson Finally ono one of or the tIme two young men asked time the other How much money can you Jou raise A sum was t named I can ralso malse as much was tho the reply The aggregate was a 1 fow Co on thousand dollars dollar Now said Mr Ir Baker Baler let us go bO to lo jrr arr 1 Thompson and offer offe to buy lila ills stock paying all the cash canh down that we wo can and amid asking him to carry tho stock tock toj 0 us tie for on six months when wo we will pay pa in full lie he to remain president for lie tho six III x months Time Tho proposition was ras made Insole continued con continued continued Mr B rn an with a confidence confidence dence deuce that was wits superb under the cir clr circumstances circumstances Mr Ir Thompson was pretty angry an but DUt I rather guess that he was getting gettin ready to lo retire from bank b nl man management management anyway At all events ho lie ac ne accepted accepted the proposition even Cen promising to remain president for six months mouths and then hen when tho the stock wits all paid lar larto or ar oro arto to o retire I l am nun Inclined to think that Mr Ir Baker BaIter and Mr did some currying around In Iii that Clint six months to raise the money moncy needed to take tko the stock Block off olt at Mr 11 Thompsons hands but bitt they hey did It Then following Mr II Thompsons retirement Mr lr Baker B or be bc became became came camo president or of tho the First Firt National and Mr Ir Fahnestock ono one of oC tho the executive live tive officers Jt Jl Is only ottly necessary for mo me to add to Mr 11 recital the statement that today Mr 11 George F Baker Bakel a as aJI the nominating influence in tho the national bank Is one of Americas great financial powers antI and a multi multimillionaire multimillionaire millionaire in his hi own right |
