New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-24

public estimation the bank stood second 10 none lor
financial ability and strength For many years ho
was the largest holder of its stock. In every CUM
mercial disaster the bank has stood unshaken' III
the disastrous panic of 1857, when MI Ivy
had been only two years its president, u coina"u
ed pubc confidence although some OF l's ne
| totterod and fell. His indomitable resolution
| shown at this time in his own business anu III INC
affairs of the bank carried him safely through ,ne
ordeal His own obligations were somewhat eX-
| tended mainly on account of his foreign
| corresnondents. but he met them promptly. Az
| tho same time he was not unmndful of his weaker
| friends and his generous aid saved some OF them
from min In the panic of 1873 his conduct was TO
| less admirable and he was n tower OF strength IA
business circles 1t is said, however, that nc 81,
verey scoded the officers of some banks when had
Mr. Taylors ideas of finance were simple sensible
and Just Quick TO detect the falseness of hnancai
| pretence. he was ready 10 promote worthy enter
| prises based on sound foundations, Inc same
ability, energy, perseverance and integrity " WEI
made him of the first merchants OF N1w-lorSS
| made him also one Of its most useful ana honore9
| bankers In the Clearing House Association anu
| in smaller meetings of bank officers ms Keen 81
| gacity and sound judgment were relied upon az
most implicitly. Holding broad views, ne was al a.,
ways prominent in advancing measures TOT tne
common interest. 1t has been remarked OF mn I'M
that his deductions were always sound ana Ills
| judgments always inst" -
One of the most Interesting features of his career
was his whole-souled support of the Governmeht
| during the civil war At the beginning OF tie
| conflict he chairman of the Loan Committee OF
| the Clearing House Association, formed In April,
| 1861 His associates on the committee were James
| Punnett, Charles p. Leverch. r. w. Howes and A.
s. Fraser, presidents of leading banks. In that po-
sition Mr.. Taylor proved his devotion TO the Union
by all his words and acts In political faith Dem,
ocrat and in financial ideas hard money man, ne had
unbounded faith in the resources OF the country
| and IN the stability of the Union. FROM tne De
ginning to the end of the conflict he was an earnest
| advocate of every wise measure 10 strengthen me
| Government. He favored public loans by the
banks of the city, and with great earnesness gave
his time and attention to the. details OF
arranging them. BY the assistance of the banks
| in 1861 the country was relieved from the
| gravest embarrassment and peril. and TO no one
man the success of that measure due more than
! TO Mr. Taylor. The President, Secretaries Chase
and Stanton and the Finance Committees OF Con-
gress, all relied upon his counsel IN all matters re-
! lating to the Government finances. lie maze Ire
quent visits to Washington at their solicitation.
1t was a common remark of his that If the Govern
ment paper not good his own property was
worthless. 1t was said by his friends that he was
offered the position of Secretary of the Treasury
| when MIR. Chase resigned In 1854.
HIS RAILROAD AND OTHER INVESTMENTS.
1t was one of the most prominent traits in Mr.
Taylors character that he never gave assistance or
support to an enterprise until he had investigated
it with great care and thoroughness. If the result
of his examination unfavorable nothing would
induce him to give the scheme the desired aid; if 1t
was satisfactory he pledged his money and his
name to its success. All the enterprises
in which he engaged were intended
| to be permanent investments; they were not
speculations from which he might snatch a hasty
profit. Mr.. Taylor, indeed, never specialized in
stocks but VIII at he ought he paid for and kept.
He seldom abandoned anything that once had en-
listed his support. The corporations therefore, III
| which he was most prominent, and i'll which he VIII
be most sadly missed, are those in which
he was first concerned many years ago.
t1,n no1o
Lackawanna and Western Railroad and the Lacka-
wanna Iron and Coal Companies. Mt. Taylor was
one of the foremost in aiding the development of
the northern coal region of Pennsylvania.
His attention had been called to the great
mineral wealth of the Wyoming and
| Lackawanna valleys when they had hardly
been disturbed and to the importance OF connecting
the region with New-York by railroad. He was one
of the few men who helped push the road to COM
pletion He was not the originator of either the
railroad the iron company, but, confident
of the value of both enterprises, he gave them
his aid and support. His real interest In
the railroad not large, however, until after the
pa nc OF 1857 when the company became embar-
raised The price of the stock fell to about 50 a
share and then Mr. Taylor bought a very large
amount, that practically he was the owner OF the
road From this purchase he made an I'M
mense profit for within seven years the
same stock virtually sold at $240 share Samuel
| Sloan became
and five years afterward, yielding TO Mr.. TayloPs
solicitations he became the president. In this and
in other companies Mr.. Sloan has been ever since
one of Mr.. Taylor's associates and representatives
, | Within two years after the opening OF the road
, from Scranton to Great Bend, where II connects
with the Erie the Lackawanna Iron and Coal Com
pany was formed. Mr.. Taylor became director of
the company in 1853. and on the death OF Joseph
| ii. Scranton, 1872, he was elected president: The
company since its difficulties IN the panic OF 1907
: has been of the largest and most
I prosperous of the companies of It's class
Mr. Taylor one of the live persons who formed
the first company to lay an Atlantic cable. Belcy-
ing in the final accomplishment of the project, he
stood manuly by Itdurng twelve long ears,and TO
him as much as to any of the original promoters
perhaps was due It's triumph He was treasurer OF
the company from its beginning III 1874 To 1873.
when II became part of the Anglo-Amerlcan Cable
| Company. ~
one of the first and most profitable investment
outsde of his regular business which Mr. Taylor
made was the purchase OF large amount OF tne
stock of the Manhattan Gas Light Company OF tIl'
city. Previous bad management had caused the
price of the stock to fall to point far below its IN
tIinsc worth and at prices somewhere between 81
and 40 MIR. Taylor bought enough to give
him the control of the company. Under ms WISE
direction the company has brought him a large for
time from the investment He realized extensive
profits also from his purchases OF the STOCK OF tn'
Central Railroad of Georgia and from some OF hl'
Q railroad enterprises in Texas. Not all OF these
however were successes. and the lnternationa
Railroad was forced to default its interest while
he was Gontrolllhe sprlt III lts hilaeeeI. ni
; Taylor felt the Illumination or the failure very
keenly Al one time he director III the Phlla
I dolphia and Reading Railroad, but he be,
came dissatisfied with the management and retired
: from the Board. 1t is a singular fact that
he never owned any stock III the Vanderbilt rail
, roads CommO iore Vanderbilt kept for years an
account at the City Bank, and being intimate with
the President, frequently urged him 10 JOIN III III,
: schemes. But Mr.. Taylor never bought share ol
his stocks although he loaned Commodore Wander
blt large sums without other security than hi
. name. 1t is said, however, that Mr.. Taylor aDso
lntey refused to aid the Commodore III some OF hli
operations simply because he did not approve them
In one case least this refusal was defeat To Sr
Vapderbilts purpose. A bank president familiar
with both men SAID recently that they were too
much alike i'll some respects 10 make such coOpera
tiOn possible that both wished 10 he absolute mas