Henry P. Davison: The Record of a Useful Life

HENRY P. DAVISON CHAIRMAN OF THE AMERICAN RED CROSS WAR COUNCIL- THE RECORD OF A USEFUL LIFE by HIS FRIEND AND PARTNER THOMAS W. LAMONT.Originally published by 1933. Contents include: FOREWORD xv L His LIFE IN BRIEF I Three significant periods in Davison’s career His early work in banking organization and important banking consolidations Outbreak of the Great War Damson and the preservation of New York City’s credit His effective plan for bringing into order the chaotic Allied purchasing arrangements in America The Red Cross under his direction helping to win the War. IL BOYHOOD IN TROY 15 Harry s childhood days Death of his mother He makes a new home for himself Fam ily and religious life in Merrick Pomeroy’s house The young school teacher Board ing-school times in New England Depar ture from Troy for the world of affairs. III. SCHOOL DAYS AT GREYLOCK 30 Three years at New England boarding school A stimulating atmosphere for both study and pranks A leader among the students Life-long friendships formed at school. IV. BANKING AT BRIDGEPORT 36 Finding himself in a real job at last Whist parties with P. T. Barnum The meeting with Kate Trubee and their engagement Fishing and shooting in the Maine woods. V. EARLY YEARS IN NEW YORK 43 At the Astor Place Bank in 1891 Rapid promotion at the Liberty National Final transference to vice-presidency of the First CONTENTS National Bank Some characteristics of this institution George F. Baker’s career and his influence on Damson’s work. VI. THE BANKERS TRUST COMPANY 51 Genesis o/ Davison’s idea Building a bank for bankers Personality ofE. C. Converse and other associates The institution’s early years Benjamin Strong joins the official staff His aims and achievements Per manent record of Lavison’s work for the Company. VII. START OF ASTOR TRUST COMPANY 65 A move to develop uptown business Link ing of the Astor National Bank with the Bankers Trust Company group Davison’s unique methods in choosing officials for the new institution. VIH/ THE MONEY PANIC OF 1907 72 Warning signs of trouble Outbreak of runs by depositors Failure of Knicker bocker Trust Company Efforts to save in stitutions under fire The vivid story as told by Benjamin Strong Tennessee Coal and Iron Company crisis The final all night session at the Morgan Library Sav ing of the situation. IX. WORK FOR BANKING REFORM 88 Adviser to the United States Monetary Commission Important hearings in Eu rope under Senator Aldrich’s leadership Jekyl Island Conference The drafting of the Aldrich reform bill Paul Warburg’s narrative Final organization of the Fed eral Reserve System Some of its develop mentsGlaring defects in the country’s present banking system Halting progress towards banking stability. CONTENTS ix X. NOTABLE BANKING MERGERS 116 The need for larger banking units Ad vantages of consolidations The negotia tions and flans through which the Guaranty Trust Company of New York became the largest trust institution in the country Open covenants openly arrived at.’ 3 XL RESCUING Two NEW YORK BANKS 122 Banking troubles of ign The Carnegie Trust Company failure The Twelfth and Nineteenth Ward Banks in serious diffi culties The appeal to the Morgan firm The late Mr. Morgan’s generous and de termined attitude Davison’s work in sav ing the institutions under fire. XIL THE MONEY TRUST INQUIRY 134 The unwarranted attacks upon the late Mr. Morgan Unfounded theory of the control and abuse of credit The financier s ap pearance before the Pujo Congressional Committee His convincing testimony Davison’s work in preparing for the hear ing His own clarifying statements. XIII. THE CHINESE CONSORTIUM 153 Davis on* s active share in the formation of the American Group of bankers for the as sistance of China History of the old and new Consortiums