carried him through that crisis, became the sure foundation-stone on which his great fortune was laid. He took the front rank among successful financiers, and his honorable course in that crisis established his fame as an honest man, in whom it would be safe to confide. Years of earnest and active business life have not changed that character, nor allowed a blot or stain to cloud that reputation."1
Some years later, Mr. Stout became a merchant. He established a wholesale boot and shoe store, and engaged actively in that business. He brought to his new calling the energy, prudence, and integrity which had distinguished him all through his life, and was successful from the first. He worked hard. His business hours were from seven in the morning until six in the evening. During his busy season, four months in the year, he worked until ten, and often until twelve, paying his employés extra wages for labor performed after the regular business hours. Sometimes he worked until four in the morning, but that did not deter him from being in the store at the usual hour for opening. He was always the last to go home, never leaving the store until the business of the day was over and the house was closed. He extended his operations into dry goods, meeting with equal success in this department. As his business expanded, he was compelled to form various partnerships, but in all these arrangements he reserved to himself, like Stewart, the exclusive management of the finances.
About eighteen years ago, the shoe and leather merchants of the city decided to organize a bank, in which their interests should be the principal consideration. Mr. Stout engaged in the effort with great enthusiasm, and the Shoe and Leather Bank of New York was at length organized under the most auspicious circumstances. Mr. Stout was the largest stockholder in the new bank, and was elected one of its directors. His influence was potent in directing its first operations, and the next year he was elected vice-president, in which position he really had the control of the enterprise left to him. A year later he was elected president