Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1901-07-20
PRESIDENT FOR A DAY.
Views Of z. r. Thomas of Goth
ans Seventh National Bank.
CONSIDERS COLLEGE LORE USELESS

Common school Education and
Home study Sufficient For Bust
ness Career.
Edward r. Thomas, president of the
Seventh National bank Of New York,
which closed its doors "a hours after he
assumed it's presidency, is only % years
Of age.
President Thomas is a giant in
strength, being over six feet tall and
broad shouldered. His hair is black
and curls at the ends. His features
are dark. They are not unlike those of
President Schwab of the billion dollar
steel trust Moreover. he has the same
peaceful brown eyes and a similar dis
position. He is always unruffled, even
in the most exciting moments.
While a New York Journal reporter
was talking to him in his Offices in the
Empire building clerks rushed up 10
get his decisions on matters represent
ing thousands of dollars. In most cases
he answered them with word. seldom
more than two. and then he would go
on talking.
AS to the matter of college educa-
ton, he agrees with President Schwab
that for a business man it is a waste
of time. This young man, who has
been president of railroads and the
leader In gigantic trusts, said coldly
and calmly that he could have been
much farther on if he had not wasted
four years at college. He believes that
common schools are so efficient today
that no one who desires to enter busi-
ness career needs any more than they
give, especially as they lead the way to
studies along special lines after school
days are over.
Mr. Thomas is the youngest bank
president in the history of New York,
and he gave the reporter the following
history of his life:
II was born at Columbus, o., on Dec.
80, 1873. My father is General Samuel
Thomas. When l was 0 years old, we
moved to New York, and | have lived
here ever since AS boy | attended
Berkeley school and prepared there for
college. Then | went to Yale and was
graduated there in. 1894. AT college |
did not go In for athletics. I made the
fatal mistake of studying faithfully
and stood ninth in a class Of over 400.
"Then / went into my fathers office
In New York to study the railroad bust
ness and the ways of the street. | was
the greenest person in the office.
could do all sorts of figuring in calculus
and repeat all kinds of Greek and Lat
in, but | did not know how TO go into
the street and sell stocks that would
bring me In $500 commission.
"But | overcame the college handi-
cap and studied railroading. Soon aft
er was chosen president OF the ono
Southern. After that | became presi-
dent of the Detroit and Lima Northern.
My next railroad venture was as vice
president of the Chicago. indianapolis
and Louisville, which had line $50
miles long. Ny father was president
of the road We sold it later to Nor
gan, and both of us resigned.
81 always had fancy for banking
and have made a study of it. In pur-
suance of that | formed partnership
three years ago with Edwin Nj. Post
under the Stock Exchange name of
Thomas & Post. Last spring we took
! in O. +. Thomas, who Is of the same
name, but not n relative. Our firm
makes speciality of dealing in bank
stocks, and no one can deny that we
! have been prosperous. At present am
in entire charge of my fathers bust
ness. He was director in the Seventh
National bank. That is how | came to
| be interested there. had no other
interest in the institution.
| "As to my financial interests" said
the young financier. Il am president OF
the Seventh National bank, director in
the United States Cast Iron Pipe .om-
pany-the pipe trust-president of the
International Silver company, presi-
dent of the Cuban Manganese company
and interested in the Metropolitan
| Dredging company. which has the
dredgeboats Thomas and ID. o. Mills
at work in New York harbor now.
| These are all the corporations | care to
tell of my connection with at present"
do not all these vast business inter-
ests make you feel older than your
years?" he was asked, but his reply
was: "Not In the least. love the
| street. 1t is a cleaner business than
dealing in railroads. The only trouble
is that the hours are too short. You
cant. get enough done in one day
With the short business hours too much
time Is wasted in Wall street.
THE only regret of my life is the
four years | spent In college. If had
not wasted them, might have been
/ further along-at least | would have
been better off. | might have put them
| in on a ranch in the west or in travel.
1t would have given me physique that
would withstand anything. When |
left college and started in to learn the
realities of life, was greener than any
boy who ever left the pillow. The plow-
boy would realize his ignorance and
! hn nnllAra