New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-08-02
A SKETCH OF HIS CAREER.

Mr. rnelps was born in windsor. Conn., on Febr1l-
airy -, 1901 being the of welLto-do farmer lie
received a common school education and az tho age
OF sixteen went suiIeld Conn, enter a general
country store clerk There he became so thor
ouchly familiar with all the details of business and
devoted himself so assiduously to his employers
interest that before he had reached his majority
share In the business offered TO him. This Mr.
Phelps declined, hts ambitious energy had inspired
him with plan brave the battle OF life In wider
field. lie remained In the store until he was twenty
two years old, when he came 10 NewYork lie had
gained considerable information about hardware
which was the principal merchandise OF the suteld
establishments and he formed a copartnership here
with a man named Pickering to deal In hardware
The firm dissolved in short time, NJ. Pickering
retiring and william Sheldon taking his place. Subse
quently Mr.. Phelps carried his business indepeDd
emily for several years. In this enterprise he was
highly successful and 1853 enabled to retire
rich
He then gave his attention speculation, and acted
with the late John j. Phelps, the father Of William
Walter Phelps in the purchase OF real estate IN the
business parts OF the city. The firm also opened an
Office at No. a. Wallst. for dscountng commercial
notes At one time the firm did heavy business In
real estate. Among their purchases were the prop
erty OF the old Park Theatre, the old Sugar House,
in Duancst., and large tracts Of land in the Boule
vard near Central Park About the same time John
bought the property in Madisonave, between Thirty
sixth and Thrty-sevcnth sts., where they erected
three houses for themselves. The one built by John
J. Phelps Is now occupied by J. Pierpont Morgan
while the other su in the possession OF Tie
Dodge and Phelps families respectively.
In 1888 John j. Phelps retired from the partner
ship and Isaac " Phelps continued alone IN the bus
ness until 1879 when the little office for the dis
counting Of commercial bills had grown into a gem
cra home and foreign banking house In that year
he associated with himself the late James Stokes and
Arson Phelps Stokes his son-in-aw, both having pre-
viousy been in the firm OK Phelps, Dodge q Co. The
success OF MI Phelps was July maintained up TO the
time OF the dissolution Of the firm. This occurred
about six years ago, IN consequence Of the falling
health of Mr. Phelps and the death Of James stokes
and the firm went Into liquidation Since that time
Mr. Phelps has paid attention 10 his personal in
tcrest, only with the assistance Of Arson Phelps
stokes their Office being recently removed TO No. 81
Wallst.
Mr. Phelps was not noted for HIS connections with
popular or great enterprises. He made the reputa
ton simply Of successful business man. and this
not by any bold or brilliant strokes Of financial
genius but by persistent application. treess energy
excellent Judgment and careful economy. As Judge
OF mercantile credits, lie held to be without a
peer In WalLst., and he carried this dlscnml-
mating faculty with him In hs inves tm"nts In stocks
and bonds. He the largest stakeholder IN the
United states Trust Company. He was tho founder
Of the Mercantile and second National banks and at
various times less directly engaged ID
the actual management OF other financial Institutions
Al tho time of his death he was director In the
Central Trust Company, the United states Trust Oo
pany the Metropolitan Trust Company, the Green
witch Savings Bank, the United States Lie Insurance
Company the Mercantile Fire Insurance Company,
the Second National Bank, the Mercantile National
Bank the Hamilton Bank and the Fifth Avenue safe
In odd "a
csts in railroads and manufacture. At one time he
was a director OF the Erie Railway, and during the
Garfield Presidential campaign he was treasurer OF
the Republican National campaign fund. Ills po-
ltcal preferences strongly Republican, and for
a score Of years he enthusiastic member Of
the Union League Club.
He had strong convictions and firm decision, but
he was aGablc and fond OF the society OF small
circle Of intimate friends Among the latter were
such men as President Olcott. Of the Central Trust
Company and President stewart, OF the United states
Trust Company, with whom Mr. Phelps was fond Oh
discussing "reminiscences Of the carly days OF the
city. when they used 10 cross the East River on
nat-boat propelled by a horse on a trcaduIH Mr.
Phelps had a remarkable memory, and recalled
with pleasure his early struggles in the Connecticut
village. The details OF the great fire In this city, when
the PHELPS hardware store burned out, also often
formed the topic Of one OF his most interesting mar
ratycs. His valuable judgment IN commercial matters
was always at the disposal Of his friends, who r.
qucnty sought his arcsde for his freely granted
advice. The financial success OF many was due 10 his
lberalty In this respect lie regular In his habits
avoided no;oriety OF any mind. liberal I'm his
charities and In his churchconnection gave largely to
the support OF home and foreign missions. He was or
long time member OF the Brick Presbyterian
Church, at Thirty II. and FilA-avc.
Mr.. Phc.s was married twice. 4 daughter OF
Sylvester Iusk OF Winfield Conn. his fist Uife,
and the mother Of his TWO daughters. ono Of TIE
latter married the OF Rufus II. King Of Albany,
but Is dead. The other IS stu living and IS the
wife Of Arson Phelps Stokes. Mr. Phelps's second
wife, whom he married in 1874, and who survives him.
was the widow OF the late Mr. MaIll!n large man
ufacturcr OF furnishing goods in Troy She has an only
child, Frederic Maullin, a OF her first husband.
II Is estimated that Mr. Phelps left Torture OF over
100000 mostly In real estate, and In nVes tmsnts
In banking and manufacturing enterprises. ADOut
four years ago. when Mr.. Phelps extremely III az
the Irquot House New london. and was not expected
live IL was said that Mrs Arson Phelps stokes, his
daughter would inherit the greater part this fortune
EDWARD J. O'REILLY.