New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-14

shall conhne myself to dealing in securities in
the market, which I have studied through
many gears OF active business.
The purchaser OF Mr.. Whites seat is son
OF Henry D. Babcock. Of the Stock Exchange
house OF HOLSTER & Babcock
No man in the financial district is better
known, both by reputation and by personal ap-
pearance than Stephen Van Cullen White. Short
and sturdy Of build. with a gray heard and
shrewd and kindly eyes he has for many years
been a man pointed out to strangers in the
Street as one OF the notable Of the district
Born in North Carolina in 1881. he has had
remarkable career, and has experienced more
than the ordinary mans share Of the ups and
downs of life After graduating from Knox
College in 1854 he went TO St Louis where he
became a bookkeeper in a wholesale mercantile
house and also studied law, being admitted TO
the bar in 1856. He prsctised his profession in
Des Moines from 1856 until 1865, when he came
to this city, and with Charles B. Marvin estao-
lished the stock brokerage and banking firm
Of Marvin & White. Two years later the firm
retired from business.
Mr.. White. already said, became member
OF the Stock Exchange in 1869, from which year
until 1882 he had no partners. In 1882 the Arm
of S. V. White & Co. formed, Mr.. Whites
partners being Arthur Clahin and Franklin w.
Hopkins The firm did a heavy and extremely
profitable business until September. 1871, when
Mr.. White failed for $1O00,000. The next
year was one Of great distress for him, but his
reputation for integrity and his known skill as
an operator stood him in good stead.
In January. 1892, the governing committee OF
the Stock Exchange granted him permission 10
resume business, under one of the most ex-
traordinary arrangements ever made in Wall
Street-an arrangement which at the same
time a remarkable testimony to the prObity OF
Mr. White. II that his creditors. in the
time of his need, accepted his word in place OF
his bond for an Indebtedness OF more than
81 100000 which stood absolutely unsecured ex-
cept for his bare promise that he would pay
his debts when he could He resumed business
with $4,000 capital. and within about year
had paid off all his debts and acquired again
an independent fortune. In the panic OF 1893
Mr.. White again obliged to suspend
and once more he succeeded in paying off all
his obligations. For the last fen years his
operations have not been extensive as prior
20 1893, but he is credited with the possession
OF a comfortable fortune
But II is not alone a broker that Mr.. White
has been prominent and active. few years
ago he turned aside for a few days from his
Wall Street work 10 argue important cause
before the Supreme Court OF the United States.
He is also astronomer Of distinction, and
was the first president of the American As
Economical Society, serving for five years in
that office. He is accomplished classical and
scientific scholar, and at time active
in politics having been elected to Congress as
a Republican from a Brooklyn district in 1886.
Since 1866 he has been leading member of
Plymouth Church. Brooklyn, of which he has
acted treasurer for many years From his
church associations has come the title of "Dea-
con- White. but Mr. White has never served
a deacon.