The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1902-04-11
Mr.. TAPPANS
WISE ADVICE
Pays High Tribute to Leading
Insurance Co. of the World.

Deceased Presd't Long Recognized as
Leading Banker of the Country
Stipulates That the Funds of His
Estate Shall be Invested Only in
Securities Named in List of Invest
ments of Mutual Life of New York.
The many policy holders of the
Mutual Life Insurance Co., of New
York, in this section, will be gratified
to learn of the high compliment paid
to their company by the late Freder-
ick D. Tappan, late president of the
Gallatin National Bank of New York.
Such tribute is not surprising in
view of the fact that the Board of
Trustees contains such able financiers
as. Richard A. McCurdy, James @.
Holden, George f. Baker, Frederick
Cromwell Justice Rufus W. Peckham,
Robert A. Grannis, Theodore Nor
ford. George G. Haven and Hamilton
Mex. Twombly, who are all we'll
known and held in high regard in this
vicinity. Among the officers the fol-
lowing are personally we'll known in
our county: Richard A. McCurdy,
president; Robert A. Granniss, vice
president; Emory McClintock, actu-
ary; Frederick Cromwell. treasurer
Tnhn A Honda cieAo NJ D.,
John Tatlock, Jr., associate actuary !;
William P. Sands, cashier; Edward
P. Holden, assistant cashier George
B. Raymond, general manager for
New JERSEY.
After directing his executors to in
vest his estate in stocks and other Sc
curities, as in their or his Judgment
may constitute judicious investments
of such trust fund or funds, giving
preference, in their or his discretion,
to non taxable securities, he adds this
clause provided further that at the
| time of making each investment, such
security shall be included in the list
of investments made by the Mutual
Life InsuranceCompany of New York"
Mr.. Tappen's distinction among the
financiers of the United States gives
extraordinary value to his endorse
ment of the Mutual Life's invest
ments.
He was president of the Gallatin
National Bank of New York from 1868
to the time of his death, February s.,
1902. Mr.. Tappen had been a leading
figure in the banking world for half
century, and had an international
reputation for his knowledge of the
values of securities and for his con-
servatism in investing the many hun
dreds of millions of dollars that came
under his direction. He was twice
president of the New York Clearing
House Association, and many times
chairman of it's clearing house COM
mittee.. In every panic that has oc-
Cured since the memorable Black
Friday of 1869 he had been conspicu-
GUS IN all the trying times that have
shaken the financial community. At
meeting of the New York Clearing
House Association, held in memory
of Mr.. Tappen, the Hon. J. Edward
! Simmons, president of the Fourth
National Bank, said: ''In times of fl :
nancial peril he was always regarded
as wise and conservative counselor,
and on each occasion when loan GER
tificates were issued-1S73, 1884, 1890
and 1S93-he, as chairman of the loan
committee, piloted many tottering
institution through troubled waters.
Who of us can every forget the great
financial battle of 1898 and the glor-
ious victory achieved by the assooiat-
ed banks of New York under the bril-
liant generalship of Mr.. Tappen?'"