“Although Mr. Ross had strong likes and dislikes he never hesitated to proclaim openly ability he saw in the make-up of a business opponent. A conversation during the progress of the Steel and Coal litigation brought out this characteristic to a marked degree. During that memorable conflict Mr. J. H. Plummer and Sir William Van Horne were perhaps more prominently in the firing line on the Steel side than any one else, while Mr. Ross for the Coal Company was the inner and outer defenses and commander-in-chief combined. He was asked one day while discussing the possibilities of Canadian Pacific Railway stock what would take place supposing anything happened to Sir Thomas Shaughnessy, whereupon Mr. Ross said: ‘This statement will surprise you, but Van Horne would have to go back,’ thus paying a high compliment to his chief adversary in the Steel-Coal conflict. The manner in which Mr. Ross came to the rescue of a very important brokerage firm, the head of which is now dead, the day following President Cleveland’s message on the Venezuelan situation was another indication, not only of his good heart, but general interest in the financial community. The market was in a bad way generally when the message to congress accentuated to such an extent the unrest and lack of confidence, that gilt-edged securities were without buyers, even at ruinous prices. The financier in question was desperately in need of funds and although his securities were of the best, the then general manager of the Bank of Montreal, who has also passed away, did not consider himself justified in making the advance. When James Ross heard of the affair he came forward and said: ‘We cannot afford to allow this man to go to the wall, for if he goes half of St. François Xavier Street will tumble with him. Give him a million, take his securities and charge the amount to my account.’ Another public-spirited director assumed half the responsibility and a very grave financial smash was averted. “Mr. Ross was first president of the Mexican Light, Heat and Power Company and during his several visits to the Mexican capital was brought in contact with the then ruling spirits of the republic. He at once formed a very high opinion of the then president with whom Mr. Ross had several interesting interviews, touching the trade relations of Canada and Mexico, and with that never erring foresight he also stated to a friend on his return from the Mexican capital that if ever Diaz was forced to relinquish the helm of state, trouble would follow in the southern republic as it did not appear to the Montreal financier that there were enough of trained men around the then president to carry on successfully the affairs of that country, and the words of the former appear to have been prophetic.