Young President

The younger brothers of Cinderella are so frequently found and fitted with a slipper of gold instead of glass, that the tale has lost its edge. Yet, last week, Wall Street men perused with interest the news that 36 year-old Robert Livingston Clarkson had been elected president of the second largest U. S. national bank, the Chase National,* in Manhattan. He had, they learned with no surprise, begun his financial career by functioning as a runner for $4 weekly. Furnished by newssheets only with this familiar detail, some wondered what filled in the enormous gap; a gap that for many of them had been a canyon never to be crossed.

At 36, Robert Livingston Clarkson looks rather like the young men who play football in college, sell bonds, put on weight as soon as they leave, and who appear at the halfway post, vigorous, talkative, ingratiating, and purring (some hours after the market has closed), with pleasure over ice & soda. It is an outward resemblance only, because Robert Clarkson possesses the importance which these popinjays pretend. He did not go to college at all but left a good school for his first inconspicuous position. When the U. S. entered the late War, he was already a partner in a newly organized brokerage house; when he came out of the navy, where he had been an ensign, he was aware of certain defects in his financial education that might forbid the eminence which he desired. Instead of rejoining his firm, he joined the Chase Securities Corporation, then spent a year in the credit department of the bank. So doing, he attracted the favorable attention of the president of the Chase Bank, Albert Henry Wiggin.

Indubitably the friendship which grew up between the two men had much to do with the rapid rise of Robert Clarkson. In 1921 he was made a vice-president, in 1925 a director, vice-chairman of the executive committee, an assistant to the president. With these pebbles in his pocket, it surprised few astute financial observers to learn, last week, that he had picked up one more.

Undeniably industrious, able, ambitious, well-born,* clever, Robert Clarkson has attracted his quota of envy. He is often seen edging, a few minutes late, into his box at polo, at the horseshow, at the theatre, at prizefights. Recognizing him at these events, casual acquaintances wonder when he finds time to do his work. They would probably fail to identify his round gay face of a somewhat sophisticated cherub with the intent, solemn, face which, late at night has been seen bending over Robert Clarkson's desk.

It was well for Robert Clarkson that his able efforts in the Chase Bank came to the notice of a discerning eye. In almost every efficient organization, however chaotic its workings may seem, there is one man, who may be the assistant cashier but who is more likely to be the president, whose function is to handle the controls. Albert Henry Wiggin occupied this position at the Chase National Bank, from 1911 to 1918, and again from 1921 to 1926* under the title of President. He occupies it now, astute observers suspect, in his title of Chairman of the Board. Spruce and quick-witted, whenever he waves his malacca wand he waves it with invariable accuracy at whichever younger brother to Cinderella best deserves the good luck of recognition.

* Its assets are $1,001,292,727.31. The largest U. S. National is the National City Bank of which Charles Edwin Mitchell, then 43 years old, became president in 1921.

* His ancestor General William Floyd, a New York delegate, signed the declaration of U. S. independence; other more recent ancestors have been distinguished.

* He was succeeded by John McHugh who, last week, was made head of the executive committee.