The Washington herald., 1917-11-16
THAYER'S MOVE
TO GOTHAM ENDS
MERCER RUM0RS
Holland Believes Boston S
Deferred Bank Con-
soidation Will Fail.

Some time in the summer or early
: fall II was taken for granted that
speedy consolidation Of the Merchants
National Bank. of Boston, with one
of the larger banks Of that city was
about to be made. The announce
ment was one of the topics in bank
ing circles not only in Boston but
in Washington, New York and other
large financial centers. The contem-
plated consolidation might have made
the unified institution the largest Of
New England banks.
Some weeks later publication was
made of the fact that the purposed
consolidation had been. at least tenn
porarily. postponed. Many thought
that had the word permanently been
substituted for the word temporarily
there might have been better state
ment OF the abandonment of the plan.
shortly after this announcement
was made the president of the Mer-
chants National Bank at Boston. Eu-
gene V. Thayer, was elected presi-
dent OF the Chase National Bank of
New York. and accepted the offer
of the directors of this bank.
Noted Bank Builder.
1t was inevitable that a surrnise
should have been raised to the effect
that had the two Boston banks been
consolidated Mr.. Thayer could not
have been tempted to leave Boston
even though offered the presidency
Of one OF the largest of American
national banks. the Chase National.
Mr.. Thayer comes to New York at
a time when intense interest in the
personality and ability of the leaders
of our banking life is displayed, not
only by stockholders and men Of
finance, but also by the public. He
built up the Merchants National
Bank. OF Boston, from a condition
something like dry rot to one which
was regarded in Boston as being one
Of the great successes of modern
banking life of that city.
He will have no opportunity Of that
kind as president Of the Chase Ma
tionaL That institution has already
been built up. chiefly through the
brilliant work Of A. Barton Hepburn.
Mr.. Thayer's responsibility undOubt-
edly will be that of maintaining the
prestige now gained by the Chase
National and Of gradually increasing
its influence and strength.
InherIts Banking Tradition.
MIR. Thayer is a graduate Of Har-
ward University and in his career
with the Merchants National Bank
he demonstrated the truth that is in
a statement often made that the
broadly and well educated man fire.
quently makes a greater banker than
the one who began at the bottom
and worked his way up to the top.
For the banker who attains to the
presidency after beginning as office
OF messenger boy is likely to be gov
erned by precedcnts and his action
; or Judgment Is usually limited by
technical rules. He may become a
master of the technique of banking,
hut very likely not a very great
banker,
When Mr.. Thayer, still a young
man not long out of Harvard. was
elected president of the Merchants
National Bank of Boston he found
himself confronted with the necessity
Of quickening one of the oldest of
the Boston banks, but one which
had permitted the modern procession
to pass by. He adopted modern
methods. always carrying into his
banking life the fine traditions in
ASAAltu AiOiil MS grandfather,
For the house of John E. Thayer
ana Brothers was for many years re-
Sarded as the leading private bank
ing house Of Boston. One Of the
brothers was the grandfather Of the
newly elected president Of the Chase
National Bank The name John +.
Thayer and Brothers was a SYNONYM
not only for energy and scrupulous
lrfnnffnn fn hrrsfna-gs I,,F -.
tegrity and for the demonstration
that il is possible to conduct a bank
ing house successfully while at the
same time observing the dictates OF
conscience and the rules of business
tntegrity.
Left Vast Estate.
This house afterwards became the
great banking house of Kidder-Pea-
body and Company. now esteemed
among the foremost of the interna-
tional banking houses of the United
states. Both Mr.. Kidder and Mr.. Pea
body were jnuiOr partners in the
house of John Z. Thayer and Broth
cTs.
The grandfather of Eugene V.
Thayer at his death left so large an
estate, much of it represented by
railroad securities, that it devolyed
upon his two sons to occupy them
selves exclusively with the man
agement of this estate. In doing
this they maintained the reputation
Tor integrity and honorable conduct
which the house of John L. Thayer
and Brothers had established. one
Of those who managed the estate
was the father Of Eugene V. Thay-
er. Undoubtedly the new head of
the Chase National Bank inherited
from his father and his grandfath-
er that fine sense Of business and
banking honor which characterized
him when serving as president of
the Merchants National Bank al
though he was also engaged
earnestly in an effort to bring this
bank to prominent position among
4 the banks Of New England.
Boston banking methods in some
respects differ from those which
are characteristic OF New York
bankers and 1t may be that Mr..