The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-12
James N. WALLACE,
FINANCIER, DEAD
Head of Central Union Trust
Had Large Charitable and
Public Interests.
LEFT s2o,OOO,OOO ESTATE
Gave Away q Dollar for Every
One Earned, 1t Was Said
of Him.

Central Union Truht Cornphhy anu oho
a, the most powerful and commanding
sv,,res in the financial world, died sud
a.nlv lust after midnight Friday night
a. bis country home at Palisades. New
work.. HIS death was due to heart dis
sase. So suddenly did II come, since
Mr. wallace, I'D to the day of his death.
haa been apparently in robust health.
chs, the Wall Street district was pro-
foundiy shocked by the announcement.
News Of the passing OF great imam
c,er has not for years caused such ex-
nresslons of regret and sympathy from
banking and financial circles, for James
Noves Wallace--"Jim" wallace as he
,oved to be called--was more than
banker He was a mani Beneath a
buff and grun cloak, which he was
ohlIrsd to wear while at business. there
haat tina heart Of q man who had given
.wav in aid of others less fortunate
ana dollar for every dollar he ever
sarned. who was never too busy to give
ia To any one who needed It, and who
was generally loved and revered by the
snapcial district, which under ordinary
circumstances has little time for such
emotions.
Mr. wallace was at his desk at the
Central Union Trust Thursday as usuai
and decided to take Friday and Satur-
Say as play days" He was In New
YORK Friday, but did not go to his Of
Are telephoning his right hand man,
George w. Davlscn, vice president or
,he bank, that he was going to stay out
and play. Friday night he telephoned
friend. Dr. Leitner, with whom he
frequently played chess. and who was
his personal physician. challenging the
doctor to a game of chess. They were
engrossed in the game in the library
NJ Mr.. Wallace's beautiful country home
AT Palisades when Mr.. Wallace suddenly
fell forward across the chess board.
muttered, ~ am dying" and passed out
A seIf-Made Man.
Az man who had literally pulled
himself up by his own bootstraps to
commanding place in the world OF
finance and business the career OF
James n. Wallace has stood out in the
wall Street district for dozen years
as q bright and shining light. One Of
the first things new conner to Wall
Street heard on coming to the financial
district was that "Jim Wallace is on the
SQUARE" 1t could well be chiselled as
this Characteristic, as we'll as his fine
manliness and open handednsss. that
made him most beloved of those who
met him from day to day. There was
probably less put on abou' Mr.. Wal
lace than any ether big banAer of the
district He was u democrat-with the
bark on.
From a financial standpoint his career
was a most successful one Although q
dozen estimates were made of his wealth
yesterday, IL was stated most frequently
among men who knew him intimately
tina. his personal fortune would amount
to $4,000, 900. He probably has given
that much away to friends. AS presi-
dent Of the Central Union Trust Com
pany, an institution whose deposits aver
age about $500, o00,0 900. his was a place
Of vantage and opportunity for piling up
vast wealth had he been SO disposed.
But his was a different philosophy
-oh. what's the use." he frequently re-
marked to intimate friends. I'm tired
Of money gruboing. I've got enough of II
anyway. It's the fun Of the thing that
keeps me going" ...
He travelled every rung OF the ladder.
from Office boy to Wall Street financier,
and because OF this probably he had
LII lhc itbS LOT
tunate than has the average man of
wealth. He was born at wallingf,rd.
Conn, on January 8, 1864. and was
therefore SIS years old. at the time of his
death On his fathers side he was of
scotch ancestry. while his mother was of
English descent, her family being among
mis- eountry's earliest settlers.
Starts ms OEice Boy.
When 10 years old was engaged as
IN ONCE boy by Phelps, Stokes a Co.
VI New York. He vas such a good
onlce boy that he attracted TIN atten-
non OF Frederick Olcott, an eminent
i,haneier. who was then a member of
inc nrm. In later wears Mr.. Wallace
attributed much of his success to the
sart given him by Mr.. Olcott and to
me TACT that he was permitted to follow
The elder bankers footsteps. When
Mr. Olcott went to the Central Trust
company as vice-president he took
Young Wallace with him. not as an
Tuice boy, but as a clerk. This was In
January 1889, when the young man
was Is years old. After serving nine
zen years. most of the time as conf
uenuai clerk to Mr. OIcott. he was
e'eC'ed assistant secretary In 1901, and
we year later he was chosen fourth
nee-president of the institution. In
isOs he succeeded Mr.. Olcott, whose
nsath had commenced to fail, in the in
s'ituton's presidency.
During these early years of business
uiuHphs and disappointments Mr. WAL
ace and Mr.. Olcott worked hand in
Snu Both Of them established repu-
4uons as business revvers," or what
.oulu probably now be called financial
.iicency experts. Their powers were
ereeted toward restoring the credit OF
soa' corporations by reorganizing them
ahie IN state of practical bankruptcy
a.. pacing them upon stable founda-
son, Among the corporations whose
financial credit Mr.. Wallace and his
associates OF those days restored by re-
examination or other heroic treatment
@ 70 be mentioned the Philadelphia
na Reading Railroad, the Houston and
eAas Railroad. the Denver City Cable
Uau' the Brooklyn Elevated, the Third
Tasehue Railroad. Brooklyn Wharf and
conouse Company. Pennsylvania Coal
ccVhpany. Toledo. st. Louis and Kansas
slly Railroad. Cincinnati Northern. De-
rc Toledo and Milwaukee and the
roads.
Rebuilt Organizations.
me special forte Of Mr.. Wallace ap,
80 ieu 70 be In restoring organize tons
ms IN This work he built his great for.
H.. ana established his enviable reputa.
rsu. IN more recent years his activities
~" reached the ears OF the public
M .he nights he carried on to prevent
organization OF the Rock Island
TONI and still later. the Interna.
sa,,,. mercantile Marine. both of which
on,as,. ne won. leading the forces of the