Evening journal., 1912-07-05
NEW NEW NEWS NEWS OF YESTERDAY YESTERDAY
A Rich Man That the People
Believed in
By Holland

When Moses Taylor died in 1881
he was spoken of. not only in New
York city, but by bankers all over
this country and in Europe, as prob
ably the greatest individual banking
intellect Of his time
Mr.. Taylor owed that great reputa.
tion to the hrmness with which'he
acted in 1857 when the banks of the
United States suspended specie pay
ment on account of the business and
banking panic of that year. Mr.. Tay-
lor pointed the way by which specie
payments could be resumed through
the accumulation of specie by buy
ing it abroad and importing it,. Mr..
Taylor was virtually the creator Of
the New York Clearing House Asso-
citation lat least so far as the perfec-
tion of its organization and the dis
clplinary power which 1t possesses
for good over every bank which is
a member, are concerned.
Mr. Taylor had the reputation of
being a somewhat austere, firm-will-
ed and even imperious man, but he
]
never tainted, of being man who
was able to show the business men
Of his day that was possible TO gain
riches without doing injustice to any
man.
In the great commercial and bank
ing panic of 1857, when business men
throughout the United States were
failing by thousands, and banks we're
closing their doors and all banks in
the United States suspended specie
payment. Mr. Taylor was constantly
appealed to by acquaintances and
strangers alike. that his judgment re-
specting railroads and business pro-
perties which were affected by the
panic might be obtained.
In 1857 there was a prosperous liv-
cry stable keeper of New York city
a man who had made money honestly
as the proprietor Of stage line
who had the utmost confidence In
Moses Taylors word and judgment
Solely because Moses Taylor was
greatly interested in the construction
and development of the Delaware
Lackawana and Western Railroad
this livery stable keeper invested all
of his savings, a considerable for
tune, in the stock of that railroad al
par.
During the panic of that year the
stock of this railroad fell fifty cents
on the dollar and the livery stable
keeper was grievously distressed
since, apparently, half Of his little
fortune had been lost.
One day it occurred TO him tha
/ l. ~ ~ rrl
,, Moses Taylor When he was admit
ted to Mr. Taylor's Office he said
'Nr Taylor. whatever you say Il
I me I shall have perfect confidence in
I bought stock of the Lackawann
railroad at par and put into that in
vestment almost all of my savings.
is now down to fifty Shall 7 sell o
shall keep. know you will tel
me the truth or you will say nothing.
D Mr.. Taylor seemed to be compli
e raented by this expression OF conf
e deuce, He looked steadily at the liz
y cry stable keeper for few moment
r and at last said:
MY friend, am. not going to Civ
: YOU any counsel But 7 will DO thi
much. 7 will tell you exactly what
am doing? I have not sold singl
share Of my Lackawanna stock.
} have been buying that stock TIL
last 7 bought cost me ffty-three do
lars a share There is nothing tn
= matter with the Lackawanna. for
r there was ] should not now be bu'
a ing its stock. There is nothing reall
I the mater with the country, so
seems to me. If I felt otherwise
ID should retire from business. II is b'
h. cause 7 SEE a great future for II
SCI country that 7 have not sold, but II
s. stead am byins. Laekawanna stoc
n, Now. my friend. IL you want TO Sc
'E your stock, bring II to me and | wi
ny buy all you have got.
er "Mr Taylor" replied the man,
lg would stake every penny I have
the world upon the honesty al
soundness of your Judgment If "
can afford to buy Lackawanna sto'
IN now. ] can afford to keep mine
20 He did keep his stock long enoul
20 to see it advance so many poin
n above par as greatly TO increase
he fortune And he used to say, IF 2
,v business men had the reputation
re Moses Taylor. then we should new
no hear any just complaints about Il
r. manner in which business is done "
IS Copyright. 1912. by r. J. Edward
u All rights reserved)
Tomorrow Mr.. Edwards will Il
Mt Of "A Glimpse Ot Cyrus W. Field
W. Work."