The New York herald., 1922-08-27
J. A. STEWART, 100,
HAS ACTIVEBIRTHDAY
Pioneer Banker and Ad-
wiser of Lincoln Receives
His Friends at Home.
TELEGRAMS POUR In
Congratulations Come to
Morristown From All
i Over Country.
WAS BORN IN FULTON ST.
Grew to Watch Wall Street
Develop From Lane Of
Green Meadows.
WAS BORN IN FULTON ST.

John A. Stewart. pioneer American
banker and close adviser Of Lincoln
In the darkest days of the civil war
celebrated his hundredth birthday an
niversary yesterday at his home in
Morristown. N. j. He is chairman of
the board Of trustees of the United
y States Trust Company of New York.
Aside from a slight impairment of
hearing Mr.. Stewart is in good phys
ical condition and he proved it yes
terday by putting in a day OF activity
on his birthday anniversary that would
have tired many men OF half his years.
The day was spent In receiving flowers,
presents and coneratulatofy telegrams
which poured in from all parts of the
country, from banking and business
friends of the patriarch Of the trust
company fraternity. In the afternoon
several neighbors called at his home to
congratulate him.
Besides his service TO the country as
ar adviser to Lincoln Mr. Stewart went
to the rescue of Grover Cleveland in
1894, when the Gevernment's gold re-
serve was dangerously depleted. For
two years following the election OF
woodrow Wilson to the Governorship of
New Jersey the aged banker was presi-
dent pro tempore of Princeton Uni
versity.
Son of Scot.
Mr. Stewart was born on August 26
1922 in Fulton street, New York city
when the present Wall Street was dotted
With green meadows. His father. John
Stewart was born on the Island Of
Lewis, one of the Hebrides group on
tie northwest coast of Scotland, while
his mother, Mary Aikman, was born In
New York city.
After attending public schools in New
York city he took the literary and
scientific course at Columbia, being that
institutions oldest living student. After
few years at civil engineering Mr.
Stewart was appointed clerk of the
Board OF Education in New York city.
and in 1850 became actuary OF the
United States Life Insurance Company.
When the United States Trust Company
OF New York was organized in 1853, as
the first American trust company char
tered exclusively to render fiduciary
service Mr.. Stewart became secretary Of
the company. When Joseph Lawrence.
first president OF the United States
Trust Company. resigned in 1855 be-
cause OF Ill health Mr.. Stewart was
elected president. then being only 43
years of age.
Mr. Stewart continued to perform the
active duties Of president of the COM
pany for nearly forty yeap, being an
Intimate OF the elder j. P. Morgan. An
drew Carnegie. William Rockefeller
James ]. Hill, the empire builder. Coils
r, Huntington. John Jacob Astor and
the other flnanciers.
Recalls Great Fire.
In recalling yesterday some of his
earliest memories Mr. Stewart said that
the first President of the United States
he saw was Andrew Jackson, who de-
livered an address at the City Hall when
he was boy. He recalled vividly the
great fire which almost destroyed New
York in 1885. He watched the flames
consume the better part Of the city
from knoll near what is now Twenty
seventh street and Third avenue.
There has been a distinct moral Inn
provement in politics since the middle of
the last century" he declared "A re-
currence OF a scandal like the Tweed
ring dominance in New York city would
now be impossible"
In touching on banking developments
during the last sixty or seventy years
Mr.. Stewart paid a powerful tribute to
the Federal Reserve Board saying that
Il had stabilized and strengthened bank
ing conditions throughout the country.
The first financial panic occurred In
1897, two years after the great fire.
vas then still a boy. The next panic oc.
Cured In 1857 when l was an officer OF
the United States Trust Company. The
president OF one OF the largest banks r
New York on that occasion went out on
his front steps and addressed a crowd
Of depositors who we're eager TO with.
draw their money. He assured them
that his institution would be able to
continue specie payments Indefinitely
and told them that everything would be
all right. The next morning his bank
as we'll as numerous others, suspended
payments and closed its doors. Such
panics as that. and those OF 1873, 1893
and 1907 are impossible now. These were
virtually national disasters. The state
and national banking acts have helped
to reduce these old evils. but the estab
lishment OF the Federal Reserve Board
was the most potent factor.
Knew Greeley and Dana.
Mr. Stewart then spoke Of the news.
papers. which in his lifetime he ha,
seen grow from bare two page shee'
20 thirty and forty pages Of to-day
welding tremendous power and inhu.
the country
I'm the earlier days In New York, "
he observed editors such as Greeley
Dana and Bryant, and other pioneers
OF modern Journalism. all OF whom |
knew personally. had large individual
followinrs. They we're all strong. vifie
men and the circulation Of their vari.
GUS papers. TO large degree, wss
founded on their forceful personalities
To-day the individualities OF the editors
are more submerged and the large cir.
culations. lit seems 10 me. are due to
the presentation Of wider variety o.
news-fnancial. political and feature
matter. Tho telegraph and the cables
and other recent avenues Of conlmunl
cation have all helped to make IN,
: scope Of the newspapers OF to-day world
/. wide"
when the Wall Street explosion oc.
curred. on September 16. 1920, Mr.
Stewart was seated at his desk on ths
ground floor Of IS Wall street. about
hundred feet from tho explosion
While flying glass landed on his desk
and all around him. he was uhhurt. and
bis first solcitude was for his fellow
Officers and the employees Of the trust