Glass Book_^ H Cj / i J . A. BARTON HEPBURN '5-/rv C^ CHASE A MONTHLY MAGAZINE (Published iti the interest of the employees of 'Uhe CHASE NATIONAL BANK of the CITY of NEW YORK 1 II =;===;==;;J Volume IV FEBRL'ARV. 1922 Number II A. BARTON HEPBURN A BARTON linPBL RN was born at Colton, N. '>■., on Jul>- 24, 1S46. 1 le was the son of a farmer and one of a family of eight, who, as • Mr. Hepburn himself used to say, were all called upon to be assets in the famil>- economy. His education was secured at the St. Lawrence Academy, in Potsdam, N. \.; Folley Seminary, Fulton. N. Y., and finally jMiddlebur.N- College, from which institution he was graduated in the class of 1871. A few years spent in teaching squared Mr. Hepburn with the world in enabling him to pa\- back the funds with which he had financed his college education. At the same time he had been reading law: his early practice in this profession in Canton, N. \.. gave him a knowledge of the lumbering in- dustry, the main business of the communitx at that time. .-\n opportunity to carry through a large undertaking in thi^ line j-iresented itself, and Mr. Hepburn accepted it. The result ga\c him hi^ lir^l capital. During this period in Canton he was flecled School Commissioner of the District, and in 1875 was sent to the New York State Legislature as a mem- ber of the Assembly, where he continued for five successive terms. In 1S70, as chairman of a legislative committee to inquire into railway rate discrimi- nation, his fearless conduct of the proceedings resulted in unquestioned proof of discrimination and other abuses, and in the drafting of corrective legislation now on the statute books and know 11 as the Hepburn laws. Certain work done in banking legislation during this period led to his appointment in 1880 as Superintendent of the Banking Department of the State of New York. In this cajiacitv he instituted the practice, which later took form in law, of regular bank examinations. .\s United States Bank Examiner for the Port of New ^■ork (1888-92), an opportunity was af- forded him to get behind the scenes in America's greatest banks to study banking in the broadest and most efi'ective wa\-. In 1S02 his financial ex- 344 C^ CHASE [February perience was continued as Comptroller of the Currency under President Harrison. Cle\eland being elected soon after this appointment, Mr. Hep- burn resigned to return to New York as President of the Third National Bank, which position he occupied until 1807. liiis was followed bv two vears as \'ice-Presi<.lcnl of the National Cit\' Bank Lipon the consolidation of the Third with that bank. In iSoo he accepted the vice-presidency of the Chase National Bank, becoming President in 1004, Chairman of the Board of Directors in loi 1 an^l of the .\d\isory Board in 1918. During his financial career in New \'ork .Mr. Hepburn engaged in \'ari- ous outside activities. He v\as President of the Clearing House and of the (diamber of Commerce. .As (diairman of the Committee on Internal Trade and Improvement of the Cdiamber. .Mr. Hepburn made a \ery thor- ough stud\- of the canal question, which he later amplified in his book Artificial Watcruuivs of tin- W'urUl. one of the few volumes ever published on this subject. He was the main e\ecuti\'e of the National Sound .Money League, formed to educate the public against the fallacies of the Free SiU'er doctrine, and his \er\ authoritative and thorough History of the Currency ill the United SfcUei s|irang from this work. In 1907. and again in 1013. .Mr. Hepburn was called upon to make use of his banking knowledge as chairman of the committee to resise banking laws in New \'ork State. In 1918 he acted as a chairman of a committee appointed by the Governor of New York to recommend legislation for the protection of the public in securit\- transactions. In 1919 and lojo he represented the Second bederal Reser\e District on the Federal Advisory Council. .Mr. Flepburn was director of numerous corporations. He was a trustee of the Rockefeller Foundation, of Columbia University, and iMiddlebury College, and Go\'ernor of the Woman's Hospital. It is popularl)' said that .Mr. Hepburn was second onl\- to Theodore Roosevelt in his prowess as a big-game hunter. From his earlv bovhood Mr. Hepburn's main recreation was taken in the open, hunting and fishing. He hunted in every State in the Union and in .\laska. in ever\- province of Canada, in England, Scotland, and Ireland. He also made a big-game hunt in .Africa. ,Man\' trophies resulted, not a few of which went to his alma mater. In 1 92 1 he visited Japan and China. His interest in Japan and in the promotion of mutual understanding between that kingdom and the United States had been lifelong. This interest found material expression some years ago in the endowment b\- .Mr. Hepburn of a chair of American Constitution, History and Diplomac\' in the Imperial LIniversity of Tokyo. Mr. Hepburn's death occurred on Januar\- 2s. 1022. as a result of injuries sustained in a motor bus accident on Fifth ,\venue. -a^B CHASE 345 M THE TRIBUTE OF FRIENDS ^■ acquaintance with .Mr. Hepburn dates back to i8pS: my close association with him be^an in IU114. Since then our desks iiave al\\a\s been side h\ side;our cit\ anti our cnuntr\- iiomes have been close to.t;ether. The prixile.^e of this close rehition brings, b\- its ending. a loss which is irreparable. .Mr. Hepburn was a ver\- rare man. He had the strongest of char- acters; he was afraid of milhing in the world; \et his nature was gentle, svmpathelic. and kindl\, and his personality most attractive. On the intellectual side Mr. Ilepbm-n was a man iif great resource. Not onlv was he a shrewd business man. with a mathematical miuLJ which brought him an international reputation as a linancier, but he was also a man of letters. His writings, while showing him It) be a thorough master of his subject, were alwavs expressed in such a clear and simple manner as to be readilv understood and appreciated bv readers imfamiliar with the sub|ecl. .Mr. Hepburn was an economist of repute, and his studies, and the conclusions which he has given to the world, have proved of rare value. I-siuviallv has this work been appreciated since the World \\ ar. His public spirit and the devntmn he has shown m work for both state and nali(}n cover the whole span of his manhood. ,\s a voung man he served in the .\sscmblv of New York State; later he became State Super- intendent of Ikmking. letleral Ikink l:\aminer. and linallv (;omptroller of the C.urrencv. His work tor sound monev , and Liter his part in helping form the lederal Reserve .\ct, have made the nation his debtor. ■JO these varied attributes and attainments .Mr. Hepburn added the love of oiitdocjr lile and the proliciencv of ;i noted sportsman. Not onlv in this p.irt of the world did he win a distinguished reputation as hunter and lishi-rman. but he hunted big game with notable success in the Cana- dian Northwest and in At lie. i. With all his interests .md v.iried activities .Mr. Hepburn had time to make friends ihat are legion. His persiiu.il charm, delightful interest, and svnipathv with all his friends m.ike his death 1 severe loss to them all. While he had not been active m the alTairs of the Bank in the last few vears. in his capacitv of (diairman of the .\lIv isorv Tioarcl his serv ices were alwavs available, aiul his good connscl was never sought in vain, llecause of his rare abilities and patriotic work his death is a loss not onlv to his communitv but to the nation; .ind bec.iuse of the services he rendered in world alfairs and international Imance his death is a loss to our sister countries, bngland, Irance, aiiil Japan. — ,\lBERT I I. WlGGtN. 346 2v^ CHASE [February My intimate acquaintance and friendship with Mr. Hepburn began more than l\\ent\'-five _\ear.s a.uo. It was at my personal solicitation that he became \'ice-President of the Chase National Bank. 1 had watched his progress with interest and had warmly favored his appointment as bank examiner for New ^'ork Cit\- and also as Comptroller of the Currency. When Mr. Hepburn became \ice-President of the Chase, it was in about the same relatively strong position in respect to business and de- posits, so far as the Clearing House banks were concerned, as now. This situation ga\e him opportunity for the use of his talents as a banker — talents with which he was generously endowed. Owing to failing health I was anxious to ha\e a sound, competent banker to take my place, and felt that .Mr. Hepburn was the man for the job. He comparati\el\- soon became head of the Bank, and the most agreeable and satisfactory- rela- tions alwa\s existed during his connection with the Chase. His leadership of the Bank added greatl\' to his fame and prestige. Personalis', during more than a t^uarter of a century we ha\e been intimate friends, without a break of an\' kind. 1 liaxe alwa\ s a(.lmired his knowledge, and appreciated his generosity in educational matters and his devotion to public betterment. .Mr. Hepburn will be greatl\ missed in all walks of life, and particu- larly by h'\^ warm friends connected with our Bank. — H. \V. Cannon. My acquaintance with .Mr. Hephuin extended o\er a period of about twenty-fi\e \ears. He was a man of many and \aried attainments and of unusual versatility. He was successful as a practical banker and was a profound student of history, economics, and finance, being recognized as an authority on those subjects. .\s an author he made valuable contribu- tions to the financial history of the countr\-. He was a great lo\er of natLue and was a hunter of big game on three continents. .As a philan- thropist he was liberal yet unostentatious in his benefactions, and he dem- onstrated his interest in the cause of education by princely endowments during his lifetime to institutions of learning. He was a man of large vision, in intimate touch with great affairs, and enjoyed an international prestige. Withal, he was a man of modest demeanor, was readily approach- able, and always found time to advise his friends and banking clients throughout the country on the smaller matters which concerned them. He was a worthy and dignified exponent of .\merican banking, upon which he has left his impress and which has sustained a severe loss in his passing awav. — W. P. G. Harding. 1922) C;?; CHASE 347 Mr. Hepburn's habitual gentleness of manner often concealed from those who did not know him well the strength of his character and the vigor of his mind. Mr. Hepburn obtained his commanding position amon.ii men of affairs because he had a strong character and a tine mind, and schooled himself to use them both constructively and sagaciouslw lie was a pro- found student of banking and of public finance, l-ew men m this (ir an\' (Jther land knew those subjects more thoroughl\- than did .Mr. Hepburn. He was a rare combination of practical experience and skill, with theo- retical and historical knowledge of the subjects of his life inteiesl. He was a prophet in that he looked upon the man of alTairs as the member of a profession which >huuld be a learned one. He believed in training for business, in the stud\- of history, of economics, of geography, of international relations, and of those modern languages which are the necessar\- key to unlock the treasure-houses of peoples other than our own. His generosity was as magnificent as it was inconspicuous. Strong ties of sentiment and affection bound him to the region where he was born and to the small college where he laid the foundation for his future career. Til hnth these he gave in unstinted measure, and that region and that college will iu\er forget the rich and fine personalit\- that went out from among them and that ever bore their interests in mind. In later life the Chamber of Commerce and Columbia L ni\ersit\- were the interests to which, outside of the range of his immediate affairs. Mr. I lepburn chiefly devoted himself. To the oversight of these two great metropolitan institutions he gave unremitting attention. With princely munificence he aided them in their work, and b\- his influence he increased the regard in which the\' are held b\' the cil\' of New ^'ork and b\- the nation. In the passing of .Mr. Hepburn there ,!4<)es out from among us a notable leader in our world of affairs. We can pay his memory no liner tribute than to urge those who are at the beginning of their careers to fol- low as far and as last as ma\ be in the footsteps that were his. — NicHoi AS .Murray Butli£R. Prcitdent. Columbia L nivcntty. Ht;p[!L KN 1 1 \i L at .Middlebur\- College is located at the highest point of the campus, and from its windows one looks out west upon the Adirondack Mountains and east upon the Green. This building is but a syrnbol of the way .Mr. Hepburn's character dominated the college and his influence blessed it, and the \iews to the distant hills from the windows of Hepburn Hall t\pif\- the broad outlook upon life that our great friend had. \\ hen we are upon the athletic field his influence is felt, for he es- tablished a fund lor the promotion of sports. The students of French are benefited b\' his keen interest in that nation which honored him. The 348 C;5e CHASE I February Students housed in our finest dormitory and living at Hepburn Commons have reason to be tiiankful for hinv The hrcatlth of his intt-rcst in life is testified to by tlie trophies of sport w hich came from all parts of the world and which adorn the walls of llephLirn llall. The death of Mr. iiepburn is a .i^reat blow to the collu,<;e. It is not onh' a blow, it is one of those things most hard to realize. We at iMiddlelnny feel as the cottager at the base of a mountain might feel if he awdke one moining to linil that the mountain which had sheltered him from storms and i;i\en birth to the stix-anis which watered his meadows had, silenllx', during the ni.nht, disappeared. \'et iMr. Iiepburn built so well that his inlluence will alwaxs be felt and his memory loved and honored. Mis gifts were great. No other benefactor ever ga\'e so generously to Middlebury, But .Mr. Hepburn's best gift was hiinself. \\ hen he was approached for ad\ice and counsel, no judgment was better, no understanding clearer, no stui.l\' of problems and needs more patient and painstaking. It was this whole-hearted giving of himself which most impressed .Middleluuw the uiisi-llish. unstinted de- votion of his mind and time, as well as his gifts of nnjiiex' and the great weight of his name. His was one of the great figures of this .neiieration, and he illustrates by his modest\' the words of Martineau, that "power is ne\er felt as power except by those who abuse it," Like l.incolii, he never knew himself how great and good he was. But we know, and we know that we have lost our best friend, —Pall D, .Moodv, Prcsidi'iil. Miihllebiiry College. Mr, Hepburn's death is a grave loss not onl\- to the financial community of New York, but to the entire United Stales, I le was not onl\- one of our ablest financiers whose sane views were a soiuce of strength to all who sought his advice, but the influence of his personality extended far beyond the city limits and bexdnd the scope of banking. He was always to be found in the ranks of those w ho tried to promote the interests of the United States. Indeei.1, I do not know that he e\er failed to respond to an appeal for aid or coiiperalion in an\' mo\e i.iirected to further the progress of mankind, or to lend a helping hand to those in distress. His memory will live amongst his friends as that of one who possessed the rare combination of a strong mind and a big heart, which is the characteristic of trul\' great men, P.\LL .M. \\'.\KBURG. 1922 1 -a£& CHASE 349 .Mr. Ihi'BLRN was a rare personage. He helped others by helping; them to help themselves. Though compelled in business tn utter man\' nega- tives, 1 doubt if he e\er lost a Inend nr made m\ enem\'. Nn man could talk to him about his troubles without coming a\sa\- either wiser or com- forted, lie had a ,^enlle humor, mild and pleasing to the mind as the firelh's lamp is to the e\e. 1 le loved nature, art, and letters, wrote clearly and well, lived without ostentation, gave where he could do the most good, was loval to the memories of his \outh, and though long of the citw kept the countr\- ever in his heart. So it was that he never became old, and 1 shall al\\a\'s think of him as one of the immortals who , , Kifw nut .yra\' within ihc \,ilk-\' f.iir r)f hdllow I aceJitnion, but witu hrnu,ght To KhaJ.im.inthus uf iht- khIcIlmi hair Be\..iul the wklf workls end. — Don C, Seitz. I i-iKsr came to know .\lr. I lejiburn some ten or twehe \ears a,i;o. lla\ing served six months as loreman of a Special Cirand Jurv appointed to inves- tigate the while sla\e trallic in New ^■ork Citw 1 was subsci|uentlv asked •by Masor Gasnor to siru^est how the lmdin,i;s of the (uand .|ur\- could be made etTecti\e. It was in ihis conneclion ihat 1 called personallx' upon perhaps a hundred men and women in New ^■ork CitN who were leaders in various phases of the cil\'s Hie, anionj; ihem .Mr. Hepburn. 1 or about twenl\ minules .Mr. Hepburn allowed me to talk miinterruplediv to him in his ollice on ihe sub|ecl which was the occasion of m\- \isit, listening quiellv, but apparentl\ wilhoul an\ inleresi in what I was saxing. 1 lelt that 1 was talking to no pinpose, ,md mi.i;hl as well ha\'e saved .Mr. Hep- burn's lime and m\ ow n b\ noi h.ix m.n come. So much the greater was my surprise when. ha\in,i; hnislud m\ presentation of the subject, .Mr. Hep- burn asked inosi pertmenl. se.irchin,i;. and thoiiuhlful questions, and evinced the keenest inleresi m the matter. There was no one with whom 1 dis- cussetl this problem who was more helpful with constructive suggestions and atKice than .Mr. Hepburn. He was one of the hrst persons 1 asked to come onto the commiltee which was subset|Uenll\' formed to deal with the problem, Iroin thai lime m\ friendship for .Mr. Hepburn grew steadilv stronger wiih the passint^ xcars. as well as mv appreciation of his splendid powers of mind and heatl, his well-balanced judgment, and his broad and construcli\e outlook on life. It was m\ pleasure later to suggest his elec- 350 C^Te CHASE February tion as a Trustee of the Rockefeller Foundation, in which position he served conscientiously and helpfully until tlie time of his death. Mr. Hepburn alwavs impressed me as one of the relativeh' few bus\' men in New \'ork who took lime for quiet studw thought, and reflection, anil it is undoubtedl\' to that habit of his that the soundness of his judg- ment and the wisdom of his ad\ ice nia\- be attribtited. This cit\' and land can ill afford to lose such a citi/en as .Mr. 1 lepburn. lie leaves a place both in the hearts of his friends and in this workaday world which no one can fill. 1 count it a pri\ ilege to pa\- this tribute of respect to one for whom 1 have- king cherished sentiments of deep admiration and affection- ate regard. — j. D. RoCKEFELt TlR, Jr. MR. HEPBURN'S PUBLIC BENEFACTIONS A LIST of the larger public benef.ictions of .Mr. Hepburn Lkuang his lifetime, which appeared Nhortl\ before his death \n the /oitnici! ■ of the Ai)icnCiUi Bankers Assocuitiou. shows something of the scope of his interest and generosity. The gift to the University of Tokyo was for the foundation of a chair of .American History, Mr. Hepburn's idea being to increase, through eilucation. the international understanding between japan and the L nited States. This list includes: .\. B.utiiii llephuin I Inspit.il. OsJenslnnn. N. ^ J^dOO.DOO Imperial L'niversilx oi ToRxo. lokyu, J.ipaii ( 12t.0II(I \en I ' (idjKIO Libraries at Canton. Colton, Lisbon. .Mailrid. W'addinKton, Hermon. Edwards, and Norfolk, St. Lawrence Co.. N. N tOO.ikni Tuskegee Institute. .Alabama t.OOU Princeton University Princeton, .\. j 15o!o00 .Middlebury College. .Middlehurv, \'t (iiOioOO \Vellesle.\' College, Wellesley, Mass 1 30X1(10 Williams College. Williamstown. Mass 1.30^000 New Vork LIniversitv, School of Commerce, New ^■ork Cit\- 5o!(JOO St. Lawrence University Canton, N. V 75.000 Chamber of Commerce of the State of New \ork, New ^'ork City 225!000 Columbia Universitx- School of Business. New ^■ork City 35o!o00 ^^e CHASE 351 HON. A. BARTON HEPBURN AN APPRECIATION By RICHARD E. SYKES , ?t La THE news of the death of Hon. A. Barton llLphurn brought sorrow to the North Country in which he was born and where he spent the \ears of his early life. Tiie people on the farms, in the villages and hamlets of St. Lawrence County, feel that they have lost a kind-hearted personal friend, a wise counselor, and a generous benetactor. Though he rose to fame in the world of banking and finance and was regarded as an authority in our own and foreign countries. \et he always retained an affection for the people among whom he was bcirn and who ga\ e him his first start in life. The farm on which 1 was born and the ilislrict school in which ms' edu- catidP began were within twelve miles of the farm on which .Mr. Hepburn first saw the light. My earliest recollection of him goes back to the time when, as school commissioner, he \ isited the school in which 1 was a pupil. In his ollicial visits he was modest, ciuiet. dignified, and s\mpathelic. both with the teacher and pupils. He had a keen sense of humor and at once gained the confidence of all. There was something about him which gave the impression that he hail great reserve power. While he had a certain charm that drew young people to him, yet even in those first years ot his public life no one ever thought of taking liberties with him. His char- acter and sense of lo\ alt\ to what he believed to be right were above sus- picion. Beneath a quiet exterior there was a discriminating, well-trained mind and a resolute will. Whatever he undertook he mastered, was never sensational, but always thorough and efficient, demanding these same high standards of those with whom he associated in private or public afTairs. These impressions of m\- earl>- life were conlirmed by the acquaintance of subsequent \ears. While he became eminentlv successful in his chosen field of endeavor, and also amassed wealth, \et in his tastes and feelings he led the simple life, cherishing and promoting the high moral and edu- cational ideals which governed him in the morning of his career. About two months ago 1 spent an afternoon with Mr. Hepburn in his New York home. .\ few weeks presious I had gi\en an address at the dedication of a beautiful librarw his gift to the \illage of Edwards, St. Lawrence County. It was the seventh library which he had erected and endowed in the smaller villages of the county. On that occasion I asked him to tell me the stor\- of the building of the libraries. In substance he 352 C^ CHASE [February ixpHllI that in his boyhood and subsequently when he taught and became school commissioner, few books were available even to those eagerly seek- in.L^, tlicm. 1 le himself had been unable to get books of reference to aid him in his wcirk. It was the knowledge of that need persisting in a lesser degree e\en lo the p^resent time which mo\ed him to pro\ide for the rising gen- eration and their successors those educational pri\ileges which formerls' he cra\ed in \ain. To-day, largel\' thriainh Mr. llcphiiiii's \\i^e benefactions, the \'outh residing in the section in which he formerly serxed as school commissioner have available the best in literature. lie w^as the largest single benefactor of St. Lawrence Lnisersitw near which he was born and uneler whose shadow he now sleeps. In the neigh- boring cit\- of Ogdenshurg he erected, etiuippei.i. and munificently endowed a hospital to which hundreds from all sections of the North Countrv are taken e\er\' \ear for relief. We who dwell in that \ast region of the Empire State lying between Lake (')ntaii(i and Lake (Ihamplain, hon.lerei.1 on the south bv the .-Xdirondacks and on the north b\- the majestic St. Lawrence Ri\er, will never cease to be thankful for what .\. Barton Hepburn has done for us and our descend- ants. His memory among us will e\er awaken thoughts of kindness and gratilutle and his example be an inspiration to noble endeavor. Estimated by the contribution which he made to enrich human life and the spirit in which he made it, Mr. Hepburn's name should be written among the highest on the roll of honor. 1 le was a good man and a patri- otic citizen, aggressively' interested in promoting whatever in his judgment ad\'anced the highest life of the people. He was conservali\e but not a reactionary. Like a good sportsman he was careful but ne\er timid, a counselor on whom one couLl rel\' to sa\ w hat in his opinion was wise and best, even though it might not be in accord with one's wishes. He was an idealist, a dreamer who. when he awoke, made his dreams come true. It was these qtialities that caused men to believe in him and trust him. Everv institution with which he was identified was matle stronger bv his endorse- ment. Human institutions are like a river. The water is ever changing, but the river remains. Individuals come and go. but the institutions which thev have founded or fostered continue. .Mr. Hepburn, though no longer among us in visible form, is still living here in the financial, educational, and philanthropic enterprises which he so wiselv and generouslv promoted. 1922 1 S^^ CHASE 353 MY FRIEND By IRVING BACHELLER 11 1. WE begun to believe that there is onl_\- one thing in the world which iN of great importance, and that is friendship. The accessories and products of commerce are beautiful and impressive — the statels- ships, the iron way and its swift messengers, the bridges and the sisv-scrapers — but the best fruit of all the world's barter is a friendly understanding be- tween races remote from each other, expressed in one code of honor and one system of credit. We must not forget that long before the splendors of com- merce appeared it was a fairi\- happy and capable world with its Shake- speares. and Newtons, and Goethes, and Humbokits, and Galileos, and Dantes. It is better off because commerce has shortened its wa\s and left no hilling-place for the pirate, and convinced the great powers that friend- ship is better than war. .\n 1 look back upon m\- life 1 cannot help thinking how barren it would ha\e been without its friendships! The richest one I have known is that which was interrupted in the passing of .-X. Barton Hepburn. I ha\ e dared to Hatter m\self with the notion that we were pretty much alike. We loved the sacred light of beaut\- in nature and literature. Sitting by the camp-fire of an evening, after a da\'s hunt. 1 have heard him repeat Scott's Lad\- of the Lake, his \oice and face blowing with the splendor of its diction. 1 have seen tears flowing down his cheeks as he listened to some touch of sentiment which reminded him of his youth, ^'et in Wall Street one mav hear it said that he was a cold man. lie had a unique and \i\id gift of expression. It was as pla\ful as Lewis Carroirs, and \el he, like Carroll, was essentiallv a mathematician. I have never known a man w hose spirit was so much like that of Lincoln's. He saw straight to the heart of e\er\' man and of every proposition. His opinions were apt to be highl\- spiced with humor, lie had the rugged honestx- of Lincoln: his lo\e of the lla\iir of the soil and his hatred of un- cleanness. Hepburn's leading trait was lo\alt\ to his principles and friends. On one of our trips he told me that he had been offered the Secretary- ship of ihe Treasurs-. ".Mv business engagements are such that I cannot accept it." he said. "It is good for a man to think of his own interests, but he must first be true to his friends." Often 1 have thought that it was unfortunate for himself and the coun- tr\- that he had to decline such an honor. 354 CXe CHASE I remember a summer da\' when we went back to the small village of OilKin together. We liad ilinner at the little house of his brother, so de- li.uhiriill\' like the old cla\s, half a ceiitur\- back, in its food, atmosphere, and furni^hin.i;s. We dro\e up to the old I lepburn farm and walked to the lillle cemetery on a lonely sand-hill. and. coming back to the village at last, went to see Hd Potter. Ed had been the fiddler for that country-side e\er ^ince Bart was a hov, when he IkkI been the leader of the famous string-band. The old musician had a cheerful Si. Bernard i.log whose coat had been roughly and imperfectl\ clipped. said Ed. aid Bart. Mis lingers were as "I ha\e just been mowin' him with hnrse-clipper ".An' what \'e couldn't mow \e tramped down." Ed got out the fidiile and began to pla\' for u nimble as ever, his bow as spr\'. as "The 13e\irs Dream" and "The Opera Reel" and "The bisher's Hornpipe" flew otf the strings. "That's like old times," said Bart, as we rose to go. "'^'es, but where are the purty girls?" Ed asked. "r\e been calling on 'em to-day," said Bart. "The\'re mostl\' up there on the hill." How characteristic w as that letter he sent me from Boca Grande a \ear ago! He had written of the number nf his friends who had been dropping otf, and then he added: Do >ou know 1 think tlial telle i\v is aiminj; his darts at me. He is hitting all around me. and I e.xpect he will pot nie prett\' soon. Take care of yourself. It is good judgment. Bart. 356 ^X^ CHASE [February TRIBUTE TO MR. HEPBURN By BOARD OF DIRECTORS, CHASE NATIONAL BANK ALONZO BARTON IIHPBL RN died in the fullness of years, in the I-\ midst of activities wiiicii he i(in,u knew and lo\'ed. surrounded by ■'■ *• those who knew aiul io\ed hmi: renowned as an economist, a banker, a sportsman, and in all these threat spheres of acti\it\' he was a master. it is interestins; to note that each of these activities reinforced and complemented the other until there stood foursquare to the workl a unique and unusually qualified personality. He knew life from man\ sides, llis own had the facets of a well cut crystal, each facet rellectini; the H.^hts and colors of a well ordered and well balanced mind. Barton Hepburn's life-story is a chart for the guidance of man. The record begins with the simplicity of earl\' da\s. narrates the struggles, the vicissitudes, the gradual overcoming by energv and force of character the obstacles that lav in his path, until after distinguisheil sers ice to his State he was charged with Federal responsibility in connection with the national banks of this cit\. llis struggles had left no bitterness, his disappoint- ments no sting, lie lookeil out on life preserving a serenit\-. a confidence, and. o\er all. a fine simplicity, never losing hold of basic principles and ideals. These are the true attributes of greatness, for they are qtialities of heart, brain, sympathy, courage, and hope. .Almost a quarter of a centurv ago .Mr. Ilepbuin began his connection with the Chase Bank, e.icli \ear to become more vvidel\' known to city, state, and nation as a successful financier and economist, until in the fullness of his power he was accorded the rank of an international aiK iser on things economic. llis tastes were catholic but ever scholarlw The intellectual life made strong appeals to him. as witness his wide-spread generosity to libraries, schools, colleges, and imi\ersities. As an author he wrote what he knew, llis histor\- on the currency reads as easily as a slor\ . I lis brochure on big-game hunting in .\frica is a classic in simplicit\- and directness. We who served with him are proud of his achie\ements: our grief is at the loss of a s\nipathelic friend. We salute the memor\- of Alonzo Barton Hepburn and record in resolutitm the expression of our profound loss. We direct that this minute be spread upon our records, and a copy thereof sent to his familv; 19-1 C;fe CHASE 357 RESOLUTIONS OF THE CHASE BANK CLUB Wlir-REAS the dt-ath of Alun/o Barlun Hepburn. Chairman of ihe Ad\iM.)r\- Board of the Cha^e National Bank and Senior Hon- (irarv Member of the Cdiase Bank Club, has left a void that can- not be tilled: Bk It Rlsolved that the Cha>e Bank Club herebv render tribute to him. lie was a great leader in national and internaticmal banking. He knew the historv and principles of mone\- and banking as few men have kndwn them, and he combined with this knowledge a courage and poise in the practical handling of great affairs which made him the trusted leader in tunes of crisis and emergencw In the midst of confusion his \ision was clear; in the midst of danger his courage was unshaken. Creat as a banker, he was greater as a citizen. Statesmen consulted him regarding vital national and mlernalidnal matters. He was a power in a multitude of organizations, financial, uulustrial. educational, philanthropic, and civic. We of the Chase Bank Club, part of the institution which knew him best and felt most directl\- his personal inlluence. would pa\- our special tribute to the friend that we have lost. He was loxable. he was upright, he was svmpathetic. as few men are. He brought into e\er\ relation of life a kiiulK anil genial humor which softened the asperities of life with- oul Kssening its dignit\ or lis realilx. We rejoice e\ceedingl\- thai .\lonzo Ikirlon llepbmn lived, and ihis is the measiue of our sorrow at his death. We olfer our deepest svmpalhv lo those who loved him best. TRIBUTE FROM MIDDLEBURY ALUMNI A the annual meeting of ihe .Middleburv College .\lunini .Association )f the Citv of New ^ ork. held at the f niveisitv Club on the evening of lebruarv 17. n)22. the following memorial was presented by Professor Charles B. W right of .Middleburv College: "We have met to-night in the shadow of a great loss, and I count it a peculiar privilege that I have been asked to otTer. on behalf of this .Asso- ciation, a word of atTectionate remembrance, that our records mav show, through the coming vears. our love for the man whose dealh we mourn, 358 C^^ CHASE 1 February and the honor in which we held him. It is a service gladly rendered, how- e\xT impt-rfecth', for 1 think of the friendship he ga\c me as among the liappiest features of my Middlehur\ life. But oin' llious;ht to-night is rather of his relations to the college, anil it is U) those tiiat I would confine it. What a debtor Middlebury is to his ne\er-\\earied devotion! She owes him much for material gifts, but b\ aii\ true test of a college's worth she owes him more for the noble life th.it adds luster to her name. For col- leges, like wisdom, are justified of their children, and wlm. of all her dis- tinguished sons, has exemplified better, in his career, the pmpose and goal of her training — a goal and purpose expressed so well in 'Scientia et Virtus,' the legend of her seal? It is life like his that exalts a college, even as righteousness exalts a nation. .'Xnd now we shall honor his memory most if we turn our faces forward. 'The worker tlies. the work lives.' said W'eslev; and for us. too, the work remains — the unlinishetl work that he who is gone had so constantly at heart. "I offer, then, for yoiu' adoption, this brief memorial: "The New York AJiimni of MidJlebiirv College, gathered in (umiiti! session, would place upon record their profound sense of the loss sustained in the death of Dr. Hepburn. The i/ utilities of mind and heart that en- deared him to them all. and that made his name upon their rolls an increas- ing cause for pride, nuike it indeed no coininon loss. They recall the large- ness of his amis and Z'/v achie'cenienl : I he scope and icisdom of his bene- factions: his unszccri'ing loyalty to the college, and his far-seeing plans for its betterment. Even more they recall. <;< they miss his presence for the first time, the ijitiet friendliness that enriched their meetings and the sym- pathy that made available aheays. for even the youngest alumnus, the careful counsel that so many came to pri'C. That grucimis friendship, so helpful, so stiinuhiiing. is theirs to eiijiiy no longer, but the memorv of it. and ol what he icas, is their permanent possession: it is a nicmorv to be cherished — the memory of unassuming worth and of splendid powers gen- eroiislv devoted to all <;ood ends." ^ ^/fe CHASE 359 RESOLUTIONS OF ASSOCIATIONS AND CORPORATIONS ONE of the organizers of the Columbia 'I rust Compan\-. a member of its Board of Directors and Chairman of its Fixecutive Com- mittee from the beginning, and e\er acti\e in its atTairs. Mr. A. Barton Hepburn brought to it the great sagacity, the trained mind, and the high character that mari siirewd knowledge of men. his gentleness in criticizing honest mistakes, and his outspoken denunciation of an\thing dishonest or unfair ga\e his advice unusual value. He was thus a constant inspiration to his fellow directors and to the exec- utive officers of the Oimpanx . Tow ard its growth he contributed more than an>' other person, and his name brought its prestige to the Company. In his passing a\\a\' we are conscious of a very real loss, both to the Compan\- which he helpetl to guide and to us to whom he so endeared himself. — l-rom the MiiiiiU-i adopted by the H.xi'ciitiz'i- Cuiiiiiutttt' of the Columbia Trust (^oiiipdiiy. .\i w\is a friend of progress, .Mr. Hepburn held ver\' close to his heart the soLiiiil education of \oung men seeking a commercial or banking career. I le w as anxious that such men should have an opportunity to acquire a sound eilucational foundation, and in furtherance of this desire he pre- sented to the Chamber, some \ears ago, high-class securities yielding a return of o\er S8000 a war. the income to be used to train and examine \-oung men and women tlesiring to secure the credentials of the Chamber. His interest in this work was continuous and unfailing. In his death we lia\e lost mil onlv a member who ga\e lime, strength, and inone\ tn the (Ihaniher. hut we have also lost a great and simple fellow- citizen. His quiet, sustaining courage in times of ditlicullv, his high slandarils of commercial morality, his trained intellect, his s\ nipathy and tenderness in dealing with the human relation^hips of lile, all endeared him to an unusual degree to thcisc w hn sfi\cd with him in the conduct of the alfairs of the Chamber. — T'roiii Resolutions adopted by tl?e (Chamber oj C.ommeree. State of Keie York. 360 C?e CHASE [February What I have to say about Mr. Hepburn has to do with his personality. He hail certain strongly marked characteristics. lie had a most inquiring mind that led him into many fields. Hacii one he co\ered tlioroughlv. The man v\ho earns his \\'a\' through college by teaching school, and then, college ended. after teaching school all da\' reads law at night. is destined to succeed. .Mr. Hepburn never forgot his own struggle for an education. He re- membered it in the most practical manner. With fine generosit\' and fore- sight he endowed schools and colleges in northern New ^'ork State and \'ermont, and thus gave unexampled opportunit\' to the same kind of sturdy youth growing to maturity' in that beatitiful north countrs'. With this inquiring mind of his. with this excellent education which he earned for himself, .Mr. Hepburn uniteii great sagacit\-. Part of that quality came by inheritance, much by ctintacts tliat he established with man\' men and many niintls. Next he hat! a fine capacitv for making frientls. He was ne\er so hail a fellow, well met. as to impair his natural dignitw but he had a ready and delightful sense of humor. In his judgments he was keen and sometimes se\ere. but thorough and just. .Mr. Hepburn's mind IkilI man\' international aspects. He was one of the first among us to recogni/e the \alue of a better understanding with our nearest neighbor across the Pacific. Japan. The splendid professorship that he established at Tokyo Universitv was designed to the \'ery end of closer study of our international relations, and so of more sympathetic understanding. But over and abo\'e .Mr, I lepburn's abilitw his wisdom, and his success, abo\'e even the conspicuous service that he rendered to the communit\-. it was as a friend that we lo\e best to recall him. .Man\- of us who to-day mourn his passing were in the earl\- thirties when the Bankers Trust Corn- pan) w.is f(nmded, and the relation that we then formed with Barton Hep- burn was close ami tielightful. He was the helpful friend of us all: to us he was kiiulliness, he w.is thoughtfulness, he was generosits'. We are proLid of his mind, of his achievements. But lor Us. his friends, the attributes of his heart outweighed even those of his mind. Is it too much to repeat of him those luies dedicated long years ago to the great schoolmaster at Rugby? O strong soul, hy what shore tarriest thou now? For that force surely has nut heen feft \ain! Somewhere, surely, afar. In the sounding labour-house vast Of being is practised that strength. Zealous, beneficent, firm ' — Remarks by Mr. Tbouuis IT. Lamont at the Chamber of Commerce Meeting. February 2. 1022. 1922 ^/fa CHASE 361 .Mr III 1 HI K\ lxv\imc pKimincnt m the affairs of the Association when elected a member of the Clearing House Committee in iSov i If served as a member of that Committee during the years 1896 and 1807 and again during the years iqoS and 1909, after rendering valuable and conspicuous service to the membership of the Association during the trying times of 1907 as a member of the Loan Committee. lie was elected President of the Associatiim in iqkj and was reelected the following \ear. In all his relations with the Association Mr. Hepburn was conspicuous for the clearness and decision of his opinions, his ability- in handling dif- ficult situations, his courtesy to his associates, and the warmth of his per- sonal character, lie was e\er read\- to gi\c his time and talents to the interest of the financial institutions of the cnuntrw and these were always given promptly and without hesitation, and with a thoushtfulness and courtesy which endeared him to his friends and co-laborers. .•\s a friend, as a wise and conser\ati\e adviser, and as a skilful and honored banker, his death is a distinct loss, not onlv to the business com- munit\- of this citw but to the entire banking fraternit\- of which he was such a brilliant and honored member. His character and actions furnish a striking example of citizenship, business wisdom, and patriotic si-rx ice. — /■;•()/); the minutci oj the ('Iciiriu;^ Home Conuiiittce of the' \tij ) ork (^Iciirnv^ House Associdtiou. 'l'iiKor(,ii his character and personalitv. his knowledge and experience, he was called to assume banking and financial positions of the highest responsibilit\- and leadership, both public and private. The officers and directors of the I'ederal Reserve Bank of New York often sought his counsel, and during the \ears lou) and \i)2ik in which he served as a member of the l-ederal .\i.l\ isor\ Council from this district, they were brought into close touch with him through his frequent attend- ance at the directors' meetings. '1 he\ enjoved the association with him; the\' beneliied from his sound views and ad\ice: and they felt the greatest satisfaction that in the deliberations of the betleral .\dvisory Council this district was so wisel\' and abl\' represented. 1 he tlirectors of the Federal Reserve Bank of New ^■ork extend to the famiU of .Mr. Hepburn and to his associates in the Chase National Bank their tieepest s\mpath\'. — l-'roiii the Reuilutioiis of Board of Direetors. Federal fxeserie Bank of Seie York. 362 CXe CHASE ( February MR. HEPBURN -THE ECONOMIC STATESMAN By BENJAMIN M. ANDERSON, Jr. M ^' acquaintance with Mr. Ilfphurn began willi a letter which he wrote me in the summer of luij. 1 he letter dealt with subtle problems in the theory of monev, and revealed a mind of extraor- dinary claritN' and power. I had long respected his work as an historian in the field of money, banking, and finance, and had long admired him as a great leader in practical finance, but I had not before known that he had also gone deeply into the more technical theor\- of the matter. \\'hen 1 came to know him, however, it became clear that the very center of his activities was his theoretical thinking. The theory was not, as is too often the case even with professional economists, an isolated body of thought primaril\' ornamental in character, but rather entered into ever\thing that he did. His activities were shot through with theor\'. and his theory was constantly checked up and revised in the light of practice. I met Mr. Hepburn shortly after this letter, and we at once found our- selves congenial friends. The friendship ripened quickly. We were like two voung men together. It was never necessary to hold back novelties, or to make allowances for the conservatism of an older generation, in talking with Mr. Hepburn. He was interested, not in established tradition, but in sound ideas. If a new idea, imperfectly worked out. could be presented to him, he v\elcomed it on that basis, took pleasure in pla\ing with it, criti- cizing it, developing it, and articulating it with established doctrine. If sound new ideas made it necessary to discard old ones, he was entirely readv to gi\e up the okl. He was himself fertile in new ideas. On the other hani.1. .Mr. Hepburn's critical powers were so keen, and his knowledge of the historv of thought, especially in the field of money and banking, was so vast ani.1 accurate, that he could not he imposed upon by pseudo-novelties or by plausible heresies. He knew what the essentials of sound money and banking are. and he regarded it as one of his highest public duties to stand as a vigilant defender of the faith. If in the life of a man so many-sided one can pick out a single aspect as giving the key-note to the life, and if among public services so great and varied one can pick out one as greatest, 1 think that we shall find Mr. Hepburn's here: he stood for the soundest, the most honest, the most pro- gressive, and the most scientific policies and practices in money, banking, and finance. 1922 1 CA'e CHASE 363 In hl^ cJii'. c.inii ,1s r.jiik Superintendent of the State of New York, he forced the adoption of the practice of regular examinations, and was ruthless in his punishment of wrong-doing. As Comptroller of the Cur- rency he pursued a similar course with National hanks, unearthing abuses, prosecuting wrong-doers, and raising standards. .Always, however, he was an educator — punishing crime, but enlightening ignorance. 1 le regarded a good banker as a great community asset. He believed that a banker who loses his depositors' mone\' through over-generous lending to unsound ventures strikes at the \er>' \itals of our economic life. The wrong, he used to say, goes far bevond the loss of the depositors' money. It strikes at that general confidence in the financial fabric which generations have been required to build, and without which modern economic life would be impossible. .Moreover, it is a wrong to those sound businesses which might ha\'e been built up if the funds had been turned to them instead. .\ bad loan leads to wasted labor and wasted resources, while a souiul loan directs labor and supplies to fruitful use. P)LU he had onl\' scorn for the timid banker wlio would not lend to new and progressi\e business and would not cast his lot with forward-looking men in the business world. 1 le made the high demand of the banker that he should be both safe and progressive, and he emphasized the point that this means that the banker should be far-seeing, a student of economics, a forecaster of cx'ents, informed regarding man\' businesses, a man of na- tional and international vision. Onl\' a big man can salel\' be a progressive banker. The hanker who lacks \i^i()n must limit himself to short-term discounts of "best names" if he is to "pla\- sale." .Mr. llepburn laid spe- cial stress also on the banker's judgment of the character and the aptitudes of his customers. If his econf)mic judgment told him that a given new enterprise was in harmon> with the trend of the times, and if his rare judg- ment of men convinced him that the management of the new enterprise was of high moral and business caliber, he felt that it was better banking to "go along" with the progressive new enterprise than to limit himself to estab- lished "best names." Me almost never erred in his judgment in these matters. It was in crises that .Mr. llepburn rosu to his greatest stature as a banker. Prudent in boom times. qLiick to sense the first signals of approach- ing financi.il troubles, he had his house in order when crises came. 1 hen men turned to him as to a tower of strength for aii.1, for counsel, and for leadership, lie knew what to do. lie knew that courageous lending is called for. He knew that reser\es are accumulated in quiet times in order that the>' ma\- be used in emergencies. He knew that lo\alty to good cus- tomers is a paramount duty. 1 le knew that cooperation of bankers is called for, ami he knew all the expedients that could be used to make cooperation 364 S^e CHASE [February helpful, even though inadequate, in the da\'s before the Federal Reserve System, I le also realizci.1. early in the nineties, how inadequate our banking s\stem w as to meet emergencies, and he labored, lirst as a pioneer, and later as the leader of the .\meiican Bankers Association, to hrint; about a scien- tific s\'stem in\(il\ iii.i; a central bank of issue and rei-liscount. lie opposed and criticized the bederal Reser\'e .Vet until he succeeded in ha\ing it emb(.)i.ly its most essential provision — that requiring one Federal Reserve Bank t(i rediscount for another — after which he ga\e it his etTecti\e sup- port. This provision, he held, ga\e us in essentials a central hank. With- out this provision we should not have weathered the crisis of 1920, One of his most conspicuous services was in opposing the Free Silver movement, fie fought financial heresies as vigorously as he fought for financial progress. To the verv end of his life he remained vigilant against unsound doctrines and proposals, and as Chairman of the Currencv Com- mission of the .American Bankers Association, and as member of commit- tees of that Association, he drafted various notevvorthv reports favoring sound projects and condemning unsound projects, lie was particularly effective in the Federal Advisorv Council (of the Federal Reserve System) during the trying days of iqio. 1020, and 1021. in combating dangerous policies and in formulating and defending soliiuI ones. \'ery much of Mr. iiepburn's public service is a matter of public record. Even greater, however, are the services performed qiuetlv . awav from the public eye, in the council chamber, in informal advice given in his ollice. in unpublished correspomlence. The ablest men in public life came and w rote constantlv to him for advice, not only on matters of finance. HlU also on gen- eral economic and international matters, llis influence was felt powerfully (though not as a matter of reconl ) in the international conference which began in Washington on November 12 hist. It was mv privilege to know a good deal of his relations with men m public life durini; the past four or five vears. 1 know how hi.i;h-minded and disinterested was the advice which he save them. 1 know how strongly he felt it to be his elutv to let no purpose narrower than the good of the countrv as a whole animate him when he gave them ai.lv ice. lie was a statesman and a patriot lirst. the officer of a great bank second, and onlv third a man free to consider his private personal interests, llis vision of the country's interests, moreover, was trulv countrv-witle. 1 recall vividlv his concern in November of 1920 when credit demoralization in the cattle ran,i;e country in .Montana, Te.xas, and other places was leading to the breaking up of the herds, and the vvav in which he exerted his powerful influence, both in banking and in Federal Reserve circles, to have additional credits brought to the rescue. A volume would be needed to present adequatelv the wdrk of .Mr. Hep- burn as a scholar and as a practical leader in the field of money, banking, C^ft! CHASE 365 and linancc. Nu \\iji\N ^jii picNcnt .in adequate picture nl' the man. I think lie was the greatest man I e\ er knew, and surel)' he was one of tiie most lovable and most upright. It was m\- pri\ilege to know him inti- matel\' and to enjoy his confidence. 1 lo\ed him. He was a rare compan- ion. His mind could pla_\- as well as wurk. The pla\- of his whimsical humor, breaking for a moment even into the most serious discussion, was delightfull\' refreshing. 1 shall alwavs treasure the memor\- of a luncheon which he and 1 had alone toguiher on the da\- before his fatal accident (/ccurred. I le was fueling the physical burden of age, but his mind had all of its line edge and graceful plaw The conversation ranged from a new proposition in banking theor\- to the comic aspects of the feminist m(jvement. There were interesting reminiscences of important episodes in which .Mr. Hepburn had had part, not so much for their own sake as because the\- threw light on contempo- rar\- matters. There was a discussion of .Mr. Hepburn's own literars' work — work to which he planned to give a greater proportion of his energies in the future. It is pleasant to remember him as he was on that da\ . He had a range of human s\mpath\- that fe\\- men ha\e. He under- stood men — their weakness as well as their strength— and knowing, had svmpathv and affection for them. He would not judge men bv absolute standards, if a man had defects which unlitted him for one thing hut ex- cellences which made him well suited for another, it was .Mr. Hepburn's concern to "use him for what he is good for, instead of making a stupid tragedy." Toward the dishonest he was remorselessly antagonistic, on the hopelessl\' inellicient he wasted no effort, but both as an executive and as a man he set himself the task of developing and "cashing in" the good quali- ties of human beings. l')e\(ind counting is the number of the lives that are bigger and belter because the\' have felt his personal influence. 366 C^Q CHASE February e CHASE 'Published Monthly in the interest of the employees of (Uhc CHASE NATIONAL BANK OF THE CITY OF NEW YORK Editor: Dorothy Thorn e Assistant Editor: Dorothy Ho mans MR. HEPBURN IN tliis issue of The Chase we lia\e laid aside our ieL!,ular in- terests of the month in order that we might devote oursei\es to the thought of the great ieai.ier who has been taken from us, and pa\- such tribute as we ma\' of respect, of ap- preciation, and of lo\e to his mem- ory. It is not given to man\ in the narrow course of life which is the lot of most of us to come in close contact with the great ones of the earth, yet most of the clerks who were here when .Mr. 1 lepburn was the acti\e head of the Bank ha\e had that contact in intimate dail\- association: few of us there are who have not seen him coming and going about the Bank, up to within a week of his death, and felt the gentleness and the power which he seemed to radiate, even in passing. it is impossible to imprison in a few printed pages any adequate rep- resentation of the man Mr. Hepburn was. As a financier, educator, scholar, as citizen, philanthropist, friend, and sportsman, he was an outstanding figure. In each of these spheres and in others he achiexed what few men attain in any one. Although we cannot here compass either the circumference or the depth of his influence, or present more fully than by suggestion the quality of his character, \-et the words of his friends in various fields of his interest give us some hint of his greatness, and the tributes of many organizations in which he was active give some measure of his ser\ice to mankind. It has been im- possible to include here more than a fraction of the testimonials of in- <.li\ ii.luals and organizations which were received at the time of his ac- cident and tleath. IdaKSon a num- ber of the great hanks and trust companies were tlown at half mast, as were the flags of several uni- versities and libraries. Tributes received in personal letters and telegrams, numbering hii;h in the hundreds, were rich in beautiful expressions of what his life had meant to those with whom he had been associated, or whose lives he had touched in his own full life. \\ ere it possible to give the names of the writers of these messages, the personal nature of which forbids, many of the names would be well known to every reader, as leaders in statesmanship, economics, finance, and world affairs, "^et it is not in the greatness of his position, the power of his material success, nor even in the sagacitv of his mind, so widely recognized and valued, that his strength seems to have been felt most universallv, but in those staunch qualities of character which are the Lillim.ite measure of greatness. ^A'e CHASE 367 QUOTATIONS FROM LETTERS AND TELEGRAMS From the hundreds of letters, tele- grams, and cablegrams of sympathy received at the time of Mr. Hep- burn's accident and death came the overwhelming evidence of 'U'hat a many-sided man he leas. Only in slight degree can Ihe variety of his interests and the many fields of hn poieer for i^ood in the leorld, the dis- tinct angles of his strong influence on people and evoils. be shov:n. But sentences, vords. and phrases, culled from the spontaneous tribute of his friends, both the :,ireatest in the world's affairs and the humblest, re- veal the depth of feelniii he inspired and suggest soinetl'ing of the stature of the man: I II was one of tlic best Irieiids 1 ewr had, being alwass considerate and helpful, and al\\a\s re idv to impart ai.i\ ice which few wiTe so ctjmpetent as he to ,!J,i\e. lie combined theor\' and practice to an extent \er\ iin- usii.il in o!ir linancial world, and was thus able to appreciate situations and to see farther than most can do. One of the keenest linancial leaders that this countr\ had. and in adili- tion a m m who li\ed far be\ond his responsibilities as a citizen, and who dill all that he could to advance the interests of this countr\' and its people. Ills record personifies to the \ery highest degree the very best tradi- tions of finance. Diking those years [loio and 1920, when he ser\ed on the leileral Ad- visory Council] we discussed many banking and economic questions with him, arid while we, of course, profited greatly bv his ad\ice, we also admired greatl\' his simple, un- tlogmatic attitude, wholl\- free from the pride of opinion and assertive- ness which his age and authoritative position might well ha\e justified. lit has been a guide through panics aiul emergencies b\' his wise ad\ice and counsel, and in his passing the Nation suffers a great loss, ,Mr. IIhpblrn was a deep s\mpa- thizer with the cause of Japan, and his efforts and activit\' to mould the frien(.lship of the two nations and create a belter understanding be- tween them bring addeil sorrow in his death. — From a fapa)iese l-iiiaucier, .\ FiNEf^' poisetl, charming, and al- wa\'s human gentleman. The countrv has lost a leading au- thorit>' on linancial matters at a time when it greatly needs the in- fluence and counsel of men of cool judgment and clear heads. 368 Dfe CHASE February He was a very great man — a great thinker, a ,<;reat economist, a states- man who has left a permanent im- press on the life of his country, a jianker wiio has pia\ ed a .^reat part in the .greatest financial exents. [ I'o .Mr. Ilepburn. on iiearing of iiis accident I I hope it is nut \er\- liad. As John Hare would saw there are so few of the right soit left. To an acti\e man in the superb stren,;;th of his full mental powers, enriched and not enfeebled b\' age. such a sudden taking was merciful. distinguished career; but I think his most lo\able and unusual trait was the rare youthfulness of heart w hich was so completel\' a part of him. TiiF country ani-l city lose in him cine of the most useful and public- spirited citizens and the financial communit\' one of its wisest and most trusted leaders. The entire countrx' sustains a very serious hiss, especially' in the South, as he was alwavs considered our friend. The country can ill afTord to lose such men. 1 LE.ARNED to lovc and ix'spect him as one of the great presitlents of the Chamber of Commerce. Mis long \ision into the future and his con- fitlence in the sincerilv of his fellow- men enabled him to pidduce great work and great results. We shall all miss his wise counsel and warm friendship. The great friend and benefactor of the North Countr\-. One of our greatest statesmen refers to .Mr. Hepburn's most notable serv- ice to his countrx' and the esteem and afTection in which lie was held. I feel that his death is an irreparable personal loss. 1 HAVE lost a great friend and the world has lost a great man. Every one admired him for the high quality of the brain and character and courage which commanded his His broad-mindetlness and his fair- ness appealed to me. .\ .MAN of power and kindness. 1 II WE knnwn .Mr. lleplnirn for a gooel many \ears. and from the be- ginning of my acquaintance valued him for his great knowledge and fair-iuindedness and for his public spirit as well as for his constant serv- ice to public interests. .Mr. Hepburn's loss is a serious one to the communitN' in general, espe- ciall\- in these times, for never has the C(.iuntry needed wise, experienced, and courageous men more than now. The entire countrv shares this loss with \ou. .Mr. Hepburn was a motlel citizen, and his influence ex- tended far be\(ind the realm of his immediate acti\it\'. 1 have never known him to fail to respond when appealed to for aid in anv enterprise 1922 C?fe CHASE 369 designed to further the welfare of the United States or. indeed, of man- kind as a wiiole. This great sorrow is shared b\- us a great deal, as one of the \er\' man>' who had the privilege of knowing him as one of our best friends, whose warm friendship and close associa- tion with our people in his life cre- ated a iu-tter understanding between America and Japan, with great suc- cess. Ill Inughr lor the cnmmun interest of the people at large. ... I ha\e alwa\'s thdUght of him as a brave crusader in the ser\ ice (if the people. When 1 have seen him for a moment iluring the latter N'ears he alwa\ s had a kiiidlv. understanding word and seemetl to be mo\ed bv the spirit of service toward me. who had touchei.1 his life onl\ incidentlw . . . Such a life gives meaning and hope to numberless jieople. 1 SHALL cherish the remembrance of our excursions in marsh and field: and the thought of a true sportsman and charming kinsman will be an abiding mernorw 1 w.vNT to let you know how highlv he was esteemed b\' the guild of economists, and that his work as a thinker and writer is not seconil to his achievements in other tields. I II was not only keen, \igorous. and successful, but he joined to the high- est standard of business ethics a most unusual catholicitx' and generosity. .Mv intercourse with him will remain among the reall\' golden da\ s <.)f life. 1 h: was paiticularl\' kind and con- siderate to younger men. 1 am sure that it was to this trait that he largelv owed his own yoLitlifnlness of spirit and his unfailinn freshness of outlook. How much better the world would ,,^ ^^,^^^ ^^ ^.,^^.,^ ,^^,„.^, ,,,.„^ ., ^y^. be if there were more men ol his per- ^.^,^^(-y, banker, student, author, trav- eler, philanthropist, lie raiUy lived. feet integrit\. unusual abilil\'. ran personality. and generous kiiullines It was a great pri\ ilege to know .Mr. Hepburn, lor he did such splendid work for tb.e world, liiuI vc inch i^oii-iuiiis ■iviJipiil hv iiiul it)idcr\tand- iiiii Hi :.■(■// (li inolcrtal hrlp. \. l>\KioN Hhi'blkn. one of the countr\ 's most able aiul honest men. .\niioii,ii I knew him in a general wa\ as a banker and a man of af- fairs, our intercourse has been chiefly on the subject of big-game hunting, we ha\ing covered about the same To him was given a full life which time some interesting game haunts he generously shared with others for and trails in British Columbia and the general good. British East .Africa. I NEVfcR hail a better frieni 370 Cfe CHASE Learning of the death of Joseph Choate, "What a pits." he (Mr. Hepburn) remarked, "that he could not have bequeathed his brain, for it was so much needed." And to paraphrase this statement, what a misfortune Mr. Hepburn could not have left his own. And yet the di- rect results of his labors are all here to attest its worth: his achievements speak for him. On all sides of his natin-e he tcv;s the man of stcnidcirds. Few .Americans have done so stead- ily and nobl\' for the promotion of right understanding and amicable friendship of the two people of the Pacific. . . . The memory will be fondl\- cherished by the whole Japa- nese communit\- with warmest re- gards. Mr. IIepblkn was esteemed very highl\- b\' all of our people in Japan, and the\' feel just as keenl\- over his death as do his many friends in .America. I ,\i\\A^s found him suggestful, helpful, and (.ieeply earnest. His passing is a grievous loss to his friends, his fellow citizens, his coun- try and all countries, and I should fall far short of my dut\' should I fail to tender m\- tribute to his excel- lencies of mind, heart, and character. We of France had a particular rea- son to love him, owing to that great generosity with which he had pre- sented to us the "Maison Frangaise," annexed to Columbia L'ni\ersit\'. Mr. Hepburn's wonderful grasp of the science of economics made him a power in the financial world, while his democratic manner and match- less generosity endeared him to his friends and associates. He left the world better for his bus\' life. 1 1e was a \er\- rare soul, and no sub- ject of human interest faik-d to cap- ture his attention. His unselfish efforts in behalf of the friendly relations of the L'nited States and Japan have alwa\s been a source of gratification, and his loss to this cause is inestimable to my countrymen. Not only prominent people in this metropolis and other world centers, hut also those folk who dwell in the hamlets of St. Lawrence County, held Mr. Hepburn in the highest es- teem and aff'ection as their friend and benefactor. This regard of even the humblest people was, I am sure, most satisfying to him. The Japanese people mourn him deeplw as he had been a most staunch, generous, and unfailing friend of their country for many \ ears past. For manv \ears 1 regarded him not only as a personal friend, but as a guide and counselor from whom I sought light in times of perplexity. We have spent many pleasant hours together in the hunting fields and beside the trout streams. The CHASE BANK CLUB OFFICERS HERMAN G. ARNING Pn-aJent JOHN F. SMITH MiSS HILDA M. TOMAN I ict'-Pri'siJent Sccr^'tar v ALEXANDER T. OLINN Trc'dinrer COMMITTEES EDUCATIONAL Oliver B. Hill, Chairman PailC Holier A. E. Impey Jamis E. Hughes .Miss Isabllle C. Robertson J. Homer Reed Miss Josephine E. Rankin ATHLETIC Lloyd R. McDonald, Chairman Miss .M>,rii)n Rees Howard Hoffman Julian Heaton E. H. Newbery j"HN Reycroft \\alter C. Llnden BOWLING Carl R. Bradley, C.lHurman M. E. Thatcher Miss Dorothy K. Caldwell \\ilii\.\i B. Le\tru:h Ravmcind S. Wilson Robert \'. Wilson Miss Edith H. M\c.\L\han MEMBERSHIP Miss Helen C. .-Xda.ms, Chairman .Miss Josephine Sie.mon Henri Pechin .Miss Celeste H\rris George H. Lown Edwin G. Chandler [red L. Tyler THRIFT HnWARD F. Walsh, Chairman John E. Wirnirsbach Hi nrv Arninc. G. W. .Mitchell Harold \'an Klleck Treasurer Asmtant Treasurer H. H\rc,reaves, Comptroller ENTERTAINMENT W. E. Roberts, Chairman .Miss Florence Bennett S B. Browne Lillian Lindabury Ja.mes Scott L-l<;ene B. Eisiii-r 1v\n S. Pagan HOUSE G Iranklin Cupp, Chairman John if Sk.mi nd .Miss Elizabeth Rosan Oliver E. Stewart .Miss Dorcohv Hlllen Wesley L. Bryde W. J. Loy FINANCE \\ II I I \M L M-i 1 1 s, ('.'rairmaii i-RED Blanciiard WlllIWl .M McConnell ADVISORY COMMITTEE Reeve Schley, I'ue-PresiJent Edwin .X. Lee .\ndrew G. Ca.mpbell \<.!.!.in! \-„;--ry.ublishcd in thciniorest of the employees of V/ie CHASE NATIONAL BANK of the CITY of NEW VORK- 1922 FEBRUARY 1922 ,1 BAd'Z. m'i&0mMM 'rh