Background
George Simmons Coe, the son of Adam Simmons, a cabinetmaker, and Ann (Pease) Coe, was a descendant in the sixth generation from John and Priscilla Alden. He was born on March 27, 1817, at Newport, Rhode Island, United States.
(This is a reproduction of a book published before 1923. T...)
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George Simmons Coe, the son of Adam Simmons, a cabinetmaker, and Ann (Pease) Coe, was a descendant in the sixth generation from John and Priscilla Alden. He was born on March 27, 1817, at Newport, Rhode Island, United States.
George received a common schoool education. Throughout early years, however, the boy maintained the habit of study and was able to educate himself much beyond the point at which he had been obliged to leave school.
At fourteen Coe began working in a general country store; in 1835 he transferred to a local bank and there became a “general clerk, ” whose duties involved sweeping out the establishment and acting as messenger as well as keeping books. Throughout these early years, however, the boy maintained the habit of study and was able to educate himself much beyond the point at which he had been obliged to leave school.
In 1838 he was offered a place in the private banking house of Prime, Ward & King in New York City. There he remained until 1846, at which time his firm sent him to Cincinnati as their representative in the development of new business. Returning to the East after a comparatively short stay, he became cashier of the Ohio Life Insurance & Trust Company in New York City, an enterprise with which he had been acquainted during his residence in Ohio. This connection, however, did not continue long, for he found himself less interested in general finance than he was in actual banking.
After a venture as partner in the private banking house of Gilbert, Coe & Johnson which failed in 1854, in 1856 Coe was elected cashier of the American Exchange Bank, at last finding himself in a connection which enlisted his full interest and enthusiasm. Within a few months he became vice-president, and in 1860 was elected president, continuing to hold that office for thirty-four years.
During the years after Coe’s return to New York from Cincinnati, he was greatly interested in the project then under discussion for the organization of a clearing house in New York. It is often stated that the idea originated with Coe, but the various plans for organization of a clearing house which have been carefully collected by the New York Clearing House Association do not include any by him. This fact probably indicates that he acted in company with others to develop and round out a notion which was, in a certain sense, common property. He served the organization in various important phases of committee work and eventually became president of it, and encouraged the steady expansion of its service. Besides this major interest and an active membership for thirty-seven years in the Chamber of Commerce, he was a trustee or a director of a number of New York corporations.
(This is a reproduction of a book published before 1923. T...)
Coe was a member of the Presbyterian Board of Foreign Missions.
Coe was a president of the American Bankers Association in 1881.
On June 15, 1843, Coe was married to Almira Stanley of New Britain, Connecticut, who died in 1880; his second wife was Mary E. Bigelow of Englewood, New Jersey.