The Plattsburgh Sentinel February 14, 1908
Loyal L. Smith, of New York and Plattsburgh, died at Atlantic City on Tuesday forenoon at 10:35 o'clock. The sad intelligence was conveyed in a dispatch to Dr. R.E. Hyde, who was Mr. Smith's most intimate friend in Plattsburgh. Mr. Smith death was not unexpected here. He was a victim of pernicious anemia. It was known that for several days past his condition was critical. Several days ago his brother, Floyd L. Smith, of Chazy, and his aunt, Miss Cordelia Bassett, were called to Atlantic City, and were with him when the end came.
Deceased was 51 years of age. He was a native of the town of Chazy, and was a son of Levi Smith, a substantial Farmer, who was captain of Co D, 96th N.Y. Vols. After securing a limited education at Lacolle, Quebec, he entered the store of Miner Chamberlain at West Chazy. In the course of a few years he went to Lowell, Mass., where he engaged in business for himself, handling agricultural and dairy products on commission. But the activities of the west attracted him and he went to Chicago,and from there after a few years to Omaha, Neb. In the latter city he engaged in mercantile pursuits. Introducing novel advertising methods, he was successful and was instrumental in giving an impetus to the mercantile business of the city.
Returning to Chicago, he became, in addition to a stock broker, an organizer and promoter, and with John W. Gates and others was instrumental in organizing the Steel and Wire Company. The launching of this enterprise was very profitable to its members. Mr. Smith also became a member of the brokerage firm of Baldwin, Guerney & Co. He was also a successful operator in the grain exchange, where he was recognized as an important factor.
When in 1898, Mr. Smith went to New York to live he was recognized as a millionaire and one of the shrewdest operators on the market. He cultivated valuable and influential friendships. Which, with his reputation as a shrewd and reputable financier, won for him in the metropolis a continuance of the success which marked his career in Chicago. Although largely interested in stocks to the last, he was gradually pulling out of the market and seeking real estate investment instead. The wisdom of this policy was illustrated during the recent panic, when most of his associates who stuck to "The Street" were heavy losers, whereas his real estate constantly advanced in value.
In addition to large holdings in real estate in New York, Mr. Smith was also possessed of much real estate in Chicago.
While in New York Mr. Smith lived at the Waldorf Astoria. His life aside from business was not that of the typical New Yorker. He preferred the quiet of his room to the gaiety of the theatre or club. He indulged in neither tobacco or liquor, but sedentary life and too much thought of business sapped his vitality. He frequently spent Sunday at his beautiful home here, which was about his sole relaxation from the deadly routine and exacting business cares. Mr. Smith was planning to still further embellish and beauty spots of the city.
Deceased was an enthusiastic Mason and member of the Shrine.
Last year Mr. Smith authorized the announcement that he would contribute to the movement to put up a Y.M.C.A. building in Plattsburgh to an extent necessary to make it one of the best buildings of the kind in the country. Since then he has given much thought and attention to the matter, consulting the committee and architect looking over plans, etc. To get ideas, and with a view of having an ideal Y.M.C.A. building, he secured drawings of many of the most modern and attractive Y.M.C.A. buildings in the country. He was intent upon having the best regardless of cost.
The remains of the late Loyal L. Smith arrived here from Atlantic City yesterday morning, accompanied by Floyd L. Smith and Miss Cordelia Bassett, brother and aunt of the deceased, who were with him when he died. The body was taken to the Smith home on Broad Street, where the funeral will be held at eleven o'clock Saturday forenoon. Interment are Riverside Cemetery, this city.
Mr. Smith's love for his adopted home was indicated by his wish that his body be brought here and interred in Riverside Cemetery. But this was not only way in which he showed his affection for Plattsburgh, and the county of his birth. We have the best of authority for saying that he has made generous bequests to local charities and institutions. The Y.M.C.A., the Hospital, the Old Ladies Home, and the Home for the Friendless are generously provided for. A city hall for Plattsburgh, and a church and parsonage for West Chazy are included in his benefactions also. It was was clearly his purpose to thus give charity and the people generally the bulk of the princely fortune which he had labored so assiduously to accumulate.
The Macdonough Club last evening decided to attend the funeral in body. The business men are requested to attend with club, and to close their places of business during the obsequies. They and the citizens generally are invited to meet at the club rooms on Oak Street at 10:15 o'clock Saturday forenoon. Messers, Wheeler, Mooers, Moffitt, Botsford, and Mannix were appointed a committee to make all necessary arrangements.
The city government will be represented by the Mayor and Common Council, and the City Hospital and other institutions by their Boards of Managers.
The Executive Committee of the Y.M.C.A. will meet at the rooms this afternoon to make arrangements for the attendance in a body of the Board of Trustees.
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