Southack and James H. Post, who was a director in the National City Bank, presented the scheme to Mr. Stillman, who kept it under advisement for several weeks, but finally declined because he had been advised that some of our operations might be too speculative. In the meantime, Southack and Ball had, in addition to Mr. Post, interested Henry O. Havemeyer, John D. Crimmins, and several others. They then presented the matter to Mr. F. P. Olcott, president of the Central Trust Company, who was a trustee of the estate of Southack’s father. Olcott listened to the outlining of the plans of such a company, and when they proposed me as president and told him of the great profits I had made in real estate, he said that when it came to any proposition involving real estate, he was entirely guided by Hugh J. Grant, whose office adjoined his. Grant had, while Mayor of New York, appointed Olcott to the first Rapid Transit Commission, and when he was appointed receiver of the St. Nicholas Bank, Grant called on Olcott and availed himself of an offer theretofore made him by Olcott to be of service to him. He told Olcott that he was very anxious to make a record as receiver, and asked an immediate loan of as much as the assets of the bank justified to enable him to declare promptly a substantial dividend to the depositors. Olcott not only did this, but was so pleased with the manner in which Grant handled the receivership, that he urged him to abandon his railway advertising business. He did so, and took offices next to Olcott and above those of Brady, and became the third member of that famous combination--Brady, the creator of the schemes; Olcott, the financier; and Grant, the expert in political and municipal affairs. He called Grant into the office. Grant listened most attentively to the proposition, and then said: “Morgenthau has been too successful to be willing to work for a salary and accept the presidency of a company.” As Southack and Ball insisted that he was mistaken, Grant, with his usual directness, came right over to see me. That visit was a very memorable one for me. We carefully canvassed the entire proposition and concluded then and there that not only was I to take the presidency, but that Grant should take the vice-presidency, and become a visible figure in finance and cease being known as an unattached associate of Olcott and Brady.