The Washington herald., 1915-03-08
HISTORY BUILDERS.
How a Banker Became an Art Dealer.
Written Expressly for The Washington HeraIdJ
by DIR. T.. j. EDWARDS.

One of the strangest experiences
that l ever met with during my long
membership of the New York Clear
| ing house Association occurred in
1854" said the late Frederick d. Tap
pan to me, in 1899, while he was on
the way to the clearinghouse to
weigh and test deposit of $4,000, 900
of gold which had come from Europe
TO New York.
| had asked Mr. Tappan if he did
not find his daily occupation after
Ioclock-which was exclusively count
ing and weighing gold which had
come from Europe, never less than a
million day, the aggregate being
about one hundred million-very in
teresting and somewhat exciting
NO" he replied, that is purely per
functory work. All that | have to do
is 10 see that the count of the gold is
correct and that there have been 10
losses from abrasion. that is to say,
that the gold is worth exactly as il
was represented TO be worth
Il have had. however, some very
exciting incidents and some that were
very interesting, while serving as one
of these officers of the CleariuG-hOuse
Association. Take IL all in all, | think
that the one TO which ] just referred
was the most Interesting and from
one point OF view the most exciting
you remember what was called the
Grant and Ward panic. in 1884 1t
came on of sudden and some of the
banks were caught between wind and
water. The Clearing house Association
undertook to aid the weak banks. but
there was one which could not be
saved Its president was George l.
Seney, who was widely known for his
GIT 10 colleges aud for his establish
ment OF a great hospital in BROOKLYN
Mr.. Seney was a very conscientious
man. He was a good banker, but he
had the misfortune to be caught in
the panic of 1854.
II suppose that he at that time was
very well to do lie offered to turn
over to a committee Of the clearing
house which had undertaken to HG5Ii-
date the bank. so as to realize as
much as possible on the assets, every
thIng that he had including his very
fine collection of paintings He was
one or the best judges in the United
states of the merit OF painting. and
his collection cost him in the neigh
borhood of 100000. lie offered to turn
over that collection TO the clearing
house committee OF which | was chair
man.
We accepted the collection and then
to decide was whether we should of
Ter the whole collection IT forced sale
or whether We should carefully nurse
IL, coax collectors to come and look
Al the pictures and make separate and
rdlFldudl sales where We could get
GOOD prices. | actually became a great
picture dealer. | got Il great deal of
instruction and some amusement out ,
or this work. for | decided that We !
had better sell the pictures one by !
one rather than by forced sale. The !
result was that after considerable de- /
lay we received enough from these |
separate sales to realize Il very hand /!
some sum. which aided materially in /
he satisfaction and liquidatIon of the |
bank. However. | do not again. even |
IS member Of the clearing house and |
N Its service. want to undertake the !
business OF picture dealer"
CoTvrlELf. 1915. Ey = Eiaard,. All rlgH,. ~
seTyr.iN
Tomorrow DR.. Edwards will tell Of !
The Folly of IndiscrimInate Giving"