The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1915-05-04
Presidency of Moses Taylor.


The longest term of service of any one
in the presidency of the bank has been
that of Moses Taylor. whose career as
merchant, banker. and private citizen
was one of the most eminent in the
history of New York. He was a member
of the board of directors for forty-five
years and president for twenty-six years.
being elected to the latter position in 1856.
His administration covered the period Of
our civil war, and he was one OF the
strong men in the patriotic group of New
York bankers who upheld the arms Of the
Secretary of the Treasury in the carly
days of the struggle. and in every criti-
cal hour until the success of the Union
resumed in 1879.
battle of Bull Run. Mr.. Chase. Secre-
tary OF the Treasury, came to New York
and at a called meeting Of the bankers
asked them to take the government
note for $50 O0o.0 900 at once. and 500, 900 900
more in installmcnts of 100000 each.
sixty days apart. After a short confer
ence Mr.. Taylor chairman OF the loan
committee. made reply: Mr.. Secretary.
We have decided to subscribe for the
SO. 900 600 of United States securities You
have offered. and to place that amount
at your disposal. So YOU can begin to
draw against it tomorrow The $780,
coo. COO was also agreed to, and still other
loans followed
When Mr. Chase resigned to accept the
place of chief Justice OF the United
States, Mr.. Taylor was offered. but de-
clned. the position of Secretary OF the
Treasury. his various business cOnnec-
tons making it impracticable for him
to accept.
nd inr'c .
establishment Of the national banking
system, the bank surrendered its State
charter and entered the new system as
the National City Bank of New York.
Although a banker exceedingly con-
sentative and prudent in the manage
ment of funds instructed to his care. Mr..
Taylor was also a large-minded and ELI
terprising man. of exceptional foresight
and sagacity. as was shown by his ca
reer one of the leading merchants Of
New York with ships in all oceans, and
also by the active part he bore with
Cyrus Field in laying the first trans
Atlantic cable He was treasurer OF the
cable company. and but for his conf
dence in the ultimate success of the po-
ject. and his dominant personality. The
enterprise probably would have been
aba ndoned. The many disappointments
discouraged the stockholders, and most
OF tnem wanted 10 aDdnuon the unOeF.
taking. but Mr. Taylor's efforts held the
company together and secured the finan-
cial support to make the cable finally a
success. Peter Cooper was president. and
Edward kavanagh. a native of st. Johns
Newfoundland. was the secretary of the
cable company. and his son. Arthur
Kavanagh. is now vice president Of
the National City Bank.
Later History of the Bank.
Upon the death of Moses Taylor in 1852
Percy r. Pyne succeeded to the Drcsi-
dency and held it until his death in 1891
These were years of growth for the cdy
and country. and the bank more tnan
held its relative position during tho
period.
Mr.. Pynes successor was James : i'll
man, from the board Of directors. C"t-
ton merchant and business man of Droa6
experience. During his administration