The Denison review. [volume] (Denison, Iowa) 1867-current, 1908-09-16
SHAW GOES TO
PHILADELPHIA
PRESIDENT FIRST MORTGAGE GUARANTEE
AND TRUST co.
WILL MAKE HIS HOME THERE
Former Secretary Again at the Head Of Great
Million Dollar Trust Company.

Philadelphia Public Ledger -
Leslie NJ. Shaw, formerly secretary
of the treasury, twice governor of
Iowa and successful and distinguish
ed financier. has accepted the presid-
ent of the First Mortgage Guarantee
and Trust company of this city. 1t is
understood that Mr.. Shaw consented
to accept the place largely because of
his liking for the city and desire to
live here.
Although it had been rumored in
financial circles during the day that
Mr.. Shaw was to become the next
head Of the company. whose Offices
are at 927-929 Chestnut street, the
official announcement was not made
until late in the afternoon by William
=. Chapman, director. through
whose efforts and those of Howard C.
johnson and State Senator McIlhenny.
Mr.. Shaw was induced to accept the
position.
Mr.. Shaw made a condition that
the entire capital of 81. 900, 600 and the
surplus of $500. 600 be underwritten.
1t is reported that Mr.. Shaw has
taken large block of the stock.
Mr.. Chapman said that he has as
sumed very substantial interest in
the company's affairs. At an early
date the entire directorate of the
company will be reorganized. While
many of the former officers and
directors will retain their places there
are several men prominent in banking
circles who will come here from New
York to take part in the management
OF the company. No date has been
fixed for the election of new officers.
and Mr.. Shaw himself, it is said, will
not come here until November at the
earliest.
Mr. Chapman said that Joseph
Savidge. the present head of the
corporation. was heartily in accord
with the move.
We have been negotiating this
matter for many months, - he said.
'but only today was it possible for
US to come forward with any positive
statement regarding Mr.. Shaw's con-
nectlon with the company. On the
day that Mr.. Shaw resigned from
the presidency of the Carnegie Trust
company last March both myself and
Senator McIlhenny were in com
munication with him upon the tele-
phone. On that occasion he absolute
ly refused to consider the proposal.
The next day he addressed banquet
OF credit men at the Houel Walton.
and again we urged that he accept
the presidency of our company. AS
result he seemed rather undecided
IN the matter, and following several
consultations at the Hotel Belmont,
in New York. and elsewhere formed
his decision to come to this city and
to make it his home. where he could
be in touch with his business here
and at the same time be close to his
affairs in Washington.
Upon one occasion he showed me
letters addressed 10 him from 500
business houses in different parts of
the country making the same proposal
that we were. Mr.. Shaw prefers to
work, not for six men or sixty men
but for the stockholders.
With one of the best known
figures in the United States at It's
head the First Mortgage Guarantee
and Trust compan will undoubtedly
have strong banking department,
and since Mr.. Shaw. by reason of his
long connection with the treasury, is
a familiar figure throughout the entire
country it is not unlikely that the
company will do mail business in
this city.