The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-07-28

BY furnishing his share of the required
amount Of gold.
Mr.. Tappen comes OF excellent stock.
His father died in April. 1898, but two
years less than 100 years old. He had
been Identified with the growth Of New
York ever since the days OF President
jefferson, had held many places of trust,
and was active and well until very shortly
before his death.
Mr.. J. Edward Simmons. president OF the
Fourth National Bank. IS one OF the best
known bankers in all New York. He is a
little younger than the two above men
TONED. and was born in Troy in 1871. lie
started IN life as an Albany lawyer, but
came to New York in 1866, joining the
stock exchange in 1872. In 1854. at the time
OF the financial crash which carried A. s.
Hatch OF his feet, Mr.. Simmons was made
president of the exchange by the largest
vote that had ever been given to sue
cessful candidate. Upon the expiration Of
MS term he was unanimously reelected.
The presidency Of the stock exchange is
the very highest honor that can be bestow-
ed upon broker, and IL is only conferred
because Of implicit confidence in the integ-
rity and judgment of the man. 1t carries
no salary. but the distinction is so great
that the office is much sought after.
Unlike many of the bankers of New
York, Mr.. Simmons devoted much atten-
ton TO politics. He was a great friend of
Mr.. Tilden. In 1886. he was prominently
mentioned in connection with the Tam
many nomination for mayor, but declined
in favor Of Mr.. Hewitt From 1881 to 1887
he was member of the board of educa>
ton, and during a large portion of that
time was its president. He was made
president of the Fourth National Bank in
1855, in recognition Of his extraordinary
ability as a fnancier, although at that
time he was not acquainted with any of
its directors, and owned not a dollars
worth of stock. But in spite of his lack
of national banking experience, his sue,
cess in his new place began Immediately
upon his assumption thereof, for he was
born to be a banker His acquaintance with
the members of the stock exchange
brought to his bank a large share of their
patronage, and the Fourth National is
still known as the brokers' bank. Its pres
ent business is very large, and among
Mr.. Simmons chief intimates and associ-
ates are Cornelius y. Bliss, r. T. Wilson.
Charles s. Smith and other of New York 5
best known business men. Quite as i'm
portant to Mr.. Simmons as his business ac>
quaintance has been the fact
that President Cleveland reposes
in him the utmost confidence
and has made it a point almost invariably
to confer with him whenever knOtty finan-
cial matters have to be resolved. After the
proposition TO the president was made by
Morgan and Belmont for the last bond deal
Mr.. Cleveland wrote to Mr.. Simmons, sug-
costing a conference with him, and, al
though the public know nothing of it, it
was the advice of Mr.. Simmons in favor
of the proposition that decided Mr. Cleve-
| land to accept it. 1t is believed on Wall
street that during this conference Mr.
| Cleveland told Mr.. Simmons that he would
| personally take charge of the proposed
| bond issue on behalf of the government.
| This clinched the deal, so to speak and
hnt
Personally the president of the Fourth
| National Bank is jolly, tells an excellent
story, is widely known In the clubs and is
notable for his unvarying courtesy to all
with whom ne comes in contact.
Mr.. Henry w. Cannon. president of the
! Chase National Bank, has exemplified in
| his career the possibilities that lie before
a young man of energy, enterprise and in
| tegrity, who knows an opportunity when
| he sees 1t He was a country boy. born in
| 1850, so that he is now but 40 years old. He
| had the advantage of good instruction in
his youth, but he did not go to college. In
| stead he entered the First National bank
| of Delhi, n. Y, his birthplace, as a clerk.
| From Delhi, in 1870, he went to St. Paul,
| Mimi, as an officer of the Second National
| Bank, but soon left that institution to help
| organize the Saltwater Lumberman's Ma
| tional bank. There he served as cashier,
| and the active management of the insti-
| tuition fell almost entirely to him. So we'll
| did he perform his duties that the bank
| withstood successfully the panic of 1873,
| although many an older and stronger in
| stitution succumbed. More than that, his
| ability attracted outside attention, and
! when John Jay Knox, who had virtually
! been controller of the United States cur
| rency from the establishment of that Of
| flee. was ready TO resign, President Arthur
| chose the young Saltwater banker as the
| nj
| was a great forward step for so young a
\ man, but Mr.. Cannon showed himself
! quite adequate to the exacting duties of
| the place, developing a rare degree of ex-
| ecutive ability and adding greatly to his
| already excellent reputation as a finan-
| cier. In 1885, however. feeling that his sal
ary as controller only 5000, was hardly
commensurate with his abilities, ne resign
| ed to become president of the Chase Ma
tional bank, founded by John Thompson,
! who originated the present national bank
| ing system.
Since Mr.. Cannon has been president of
! this bank it has come to be one of the
most important meeting places for lead
! ing politicians, who are also men of af-
fairs. Republicans like Gen. Sam Thomas
and democrats like Senator Calvin S.
| Brice are often to be found hobnobbing
! over business in the parlors of this bank
| and Mr.. Cannon's acquaintance and as
ISOLATION with men of this sort has been
! of great advantage to him in business.
When President Harrison was called
upon to appoint commissioners to the
| last international monetary conference,
| Mr.. Cannon was among those chosen
/ Although then but little over 40 he ac-
quilted himself most creditably at this
| conference, and thereby added greatly to
| his prestige. When the clearing house de-
cided to issue certificates Mr.. Cannon
supported Mr.. Happen Loyalty and when
ever the latter was obliged to be away
from the Office of the clearing house, Mr.
Cannon took his place. His bank has al
ways come forward promptly to the as
| sistance of the government when loans
! have been floated, and he was a member
of the gold syndicate to the extent of
100000. Like Mr. Tappen and Mr. Sim
mons, Mr.. Cannon is eminently a club
able man; very active in social affairs,
fond of the good things of life and an ex-
| cellent relator of good stories.
Neither Mr.. Morgan, Mr.. Belmont nor
any of their four lieutenants, briefly
sketched above, may be spoken of as
men of great stature though most of
them have developed that degree of en-
] hOnpofnt which is associated with 1ood