New-York tribune., 1896-05-04

Church at Engewood tomorrow afternoon, on the
arrival OF the express train leaving Chambers-st'
at $50 p. m. The Rev. Mr.. Eells will officate.
George Simmons Coe, for more than thirty
years president Of the American Exchange Ma
tional Bank. born in Newport on March 20
1877 He was a descendant Of John Alden. his
mother also came from that branch OF the same
Puritan stock which made a home In the new world
In the valley OF the Connecticut. Mr. Goes oppor-
tunlty for education in early life was limited 10
that furnished by the common schools OF New
England. When he fourteen years old ne De-
came a clerk In a country store There he had
the advantage OF being under the direction OF
man Of ability and precision as an accountant
and he acquired habits OF accuracy In business
which proved Of great assistance In his subsequent
advancement
Four years later he entered bank messenger,
and soon was serving as bookkeeper and teller as
occasion required. In spare hours he did copying
and special work, adding a little to his compensa-
ton.
In 1888 he came to New-York and entered the
service of Prime. Ward & King. where he re-
maincd SIX years. Then he removed TO Cincinnati
to do a banking and commission business on his own
account. He subsequently returned here. becoming
cashier for the Ohio Life Insurance and Trust
Company Of New-York, place which he afterward
resigned to enter into the banking business again
in 1854 he received call to be cashier OF the
American Exchange Bank, OF which institution IN
a few months he became vce-president anu III 4'"
president This office he held continuously ior more
| than thirty years
At the time he entered that office the banks In
this city had only recently established the Clearing
House Association. The panic OF 1851 had proved
| the necessity Of some sort OF cooperation among
| the banks and in the next few years they
we're found struggling hard to preserve their credt
and position by rapidly calling In their loans from
| the business comm unity. and in doing this tney
only drew the scanty aggregate reserve IN the
| whole city from bank to another. day after
| day, and that at the expense OF their suirerins
| debtors.
Mr. Coe conceived the idea OF so combining the
| banks In the Clearing House that they should agree
| each 10 report every day the amount OF its com
reserve and OF Its liabilities, SO that the aggregate
ratio Of Of these TO the other In all the banks
| could be known, and the relation OF reserve 10
| liabilities be daily computed. in order ttat then
| each bank which had excess OF the average
reserve Of coin should surrender that surplus and
| each one falling short OF the average should re-
ceive a sufficient amount OF II 10 make them all
| possess daily the exact ratio, and that thus
| the banks as body could stand or fall together
| upon like conditions. The community was reEeved
| from the alarming pressure temporary medium
| OF payment between banks was created and time
| was given for the financial situation to clear tsel,
| by natural The co-operation OF James
James Gaiiatin. OF the National Bank. did much
| In the advancement OF the plan . -.
| NJ
| Clearing House always directed toward estaD-
| lishing and maintaining among the banks such
cordial fellowship and unity OF purpose and OF ac-
tion as would make them a strong and conservative
| power FOR good to the community ana TO the Ma
| tion
| Mr. Coe devised the system of Issuing Clearing
| House certificates This system has been the means
| OF arresting pancs II was used on a big scale IN
| 1861 when the banks OF this city, Boston and Pha-
delpha formed themselves into Int one orsanizaton to
purchase and sell par 100000 Of Treasury notes
10 supply the necessities OF the Government. 1t was
used in 1873 during the great financial panic. when
| Jaw Cooke & Co. failed. There was probably no
| banker In the United States better read In the
literature and history OF banking and finance than
| Mr. Coe or a more skilled expert OF all financial
| principles His papers on financial questions and
on the system started by him are greatly valued In
| the financial world. . ,,
| He was an intimate friend OF President Lincoln
and Secretary Chase. and during the dark days OF
| the Rebellion was frequently summoned TO consult
| with the officers Of the Administration concerning
financial questions OF Importance
In 1881 he was chosen president OF the National
Bankers Association. He was treasurer OF the
C'hildren's Aid Society and trustee of the Mutual
Life Insurance Company and Of other corporations:
| He was a Presbyterian. and member OF the Board
| OF Foreign Missions OF that Church
| Mr. Coe left widow and two children. His son
| Edward is in the South American commission trade
with Offices in this city. His daughter Alice Is the
| wife OF j. NJ Montgomery OF this city.