2 RNMn I. — - Ell 0111111 I 11 I - - I- - -,, --- N + + + + M AIu + + + + M + + + + N M + + + + Ny A,,j 1 JA VA~o + + + + M N + +t + + N + + + + M N + + + + M + + + + N M + + + + N + + + + M NA + + + + A CENTURY OF BANKING IN NEJF YORK II I I I Prom a hitherto unpuotzshed painting by J. W. HtOt, 1030, reproduced by courtesy of 1. NV. -Whelps Stokes A NEW YORK BANK ON HAMMOND STREET, 1822 One of the private houses in Greenwich Village in which a bank took refuge during the fever epidemic 1822,-1922 By HENRY WYSHAM LANIER The Farmers' Loan and Trust Company Edition w Carl. EFE I b'701 M r" Arl- - A - 1,.- - - - ___ fLA Jr a 47____ _____ _____ THE GILLISS PRESS NEJI7 YORK CITY - 1922 Undergradtute Libray alto *N7 L. 2 87 -t- \ l —, 1,L Copyright, 1922, by Henry W. Lanier New York Undergradal Library Dedicated to The Ferocious City which devour and forgets its own history 404986 I- - - - CONTENTS PART I CHAPTER PAGE I. The Year the Banks iligrated......... 3 II The Old Order Begins to Change........ 25 III Individual Notes as Currency......... 41 IV The Banker of 1820.............. 54 V Who Was Who in Finance........... 75 VI Expansion and Panic............ 185 VII The Coming of the Clearing House....... 207 VIII Civil War and the National Banking System... 219 IX A Mlarvellous Quarter-Century................ 240 X The Era of the Trust Companies............. 251 XI The Federal Reserve and the New Era........... 258 XII Then and Now................ 271 PART II XIII An Intimate Record....................... 275 XIV History of a Downtown Plot.......... 319 - LIST OF ILL US TRA TIONS PAGE A New York Bank on Hammond Street...... Frontispiece Broadway and City Hall in 1819............ 3 "Removal Notices" from the Evening Post........ 6 Where the Bowery Joined Broadway.......... 7 Attack upon the Quarantin Station........... 7 Dutch Cottage in Beaver Street, 1679.......... 22 When ilen Sawed Wood on Wall Street......... 23 Old Dutch Deed to New York Property........... 38 Federal Hall.................... 39 Bowling Green (West Side), 1826........... 54 Specimens of Notes.................. 55 Early Banks in Wall Street, 1797........... 70 The Government House................. 71 Tontine Coffee House, Wall Street............ 86 Union Square in 1820................. 87 New York Notables at the Play, 1822.......... 102 Wall Street in 1789................ 103 Wall Street in 1825........... 118 Bowling Green (East Side), 1830........... 119 The First Merchants Exchange............ 134 The Merchants Room........................ 134 ix x A CENTURY OF BANKING IN NEW YORK PAGE Ruins oJ the Merchants Exchange.......... 135 "Wealthy Citizens of New York City".......... 150 First Advertisement of the Farmers Loan Co....... 187 The Great Fire of 1835................. 198 The New Merchants Exchange............. 199 Wall Street in the Forties................ 214 Wall Street in the Fifties..................215 The "Counterfeit Detector"................. 225 First Published Price-list of Stocks........... 230 Graph of Commodity Prices................. 245 Curbstone Brokers in 1864............. 246 Broad Street during the Panic of 1873......... 247 Modern atll Street.................. 294 Exchange Place in 1830............... 295 Broad Street in 1853.................. 295 A Deed of 1719................... 310 Where William Street Meets Beaver.......... 311 Plan of Wall Street in 1822 and 1922........ 337 PART I I i From a painting by Baron Axel Klinckowstrim, 1824 Engraved by Akrell BROADWAY AND THE CITY HALL IN 1819 When pigs roamed Broadway. The third building from the corner of Vesey Street (on the left) was then the residence of John Jacob Astor When pigs roamed Broactway. The third building from the corner of Vesey Street (on the left) was then the residence of John Jacob Astor kiln CHAPTER I THE YEAR THE BANKS MIIGRATED The Great Plagueof 1822 - The "Boom Town" of GreenwichA Stranger's Impressions —When Pigs Roamed AVall Street- Pumps on Broadway —Conditions that Faced the 1822 Banker-How Downtown Looked- The Banks a Century Ago- The Banks' Public in Old New York ONE day in the early summer of 1822 a smart packet-boat was standing up New York harbor. The sight of the clustering houses, filling the whole width of the lower island and stretching away northward, was welcome enough to the weary passengers, who had been cooped up on board for weeks. Among these was an English gentleman, William Newnham Blanc, who was of that breed of Islanders who love to travel far and near"For to admire and for to see, For to be'old this world so wide." He was using his keen eyes and mind now to their fullest capacity as his vessel approached the lusty young giant-city of the West. "The entrance to the bay of New York," he presently noted in his journal, "is one of the most beautiful sights in the world. On each side of the Narrows, where the steep and almost perpendicular cliffs of Staten Island are only two miles distant from the shore of Long Island, the forts and fortifications that defend this celebrated harbor" (it was but seven years after the War of 1812!) "seem to frown upon the vessels that enter. We passed close to the formidable batteries of Fort La Fayette, which advances into the water with four tiers of guns, one of which tiers is occupied by a large kind of carronade, called Columbians" (he meant Columbiads), "each throwing a hundred-pound shot. "After passing the Narrows, we entered the Bay which, expanding immediately, is about nine miles in width in the broadest part. On each side the shore, though wooded down to the 3 4 A CENTURY OF BANKING IN NEW YORK water's edge, is thickly studded with farms, villages and countryseats. At the upper end are seen the spires of the city; and in the distance the bold, precipitous banks of the Hudson. The day was beautiful, the sky without a cloud, and the vast sheet of water was covered with inward and outward bound vessels, the white sails of which were illuminated by the sunbeams. "We anchored just below the Battery, at the point of the island on which New York is built, and getting into a boat rowed to Greenwich, which, though once a separate town, now forms part of the city.* Looking up the streets that run down to the water, I perceived they were all barricaded at the upper ends, and strewed with lime. The houses, of course, were all shut up and deserted; and out of a population of 120,000t inhabitants not more than 7,000 or 8,000 remained in the city; and those only in the higher and more healthy parts." (In point of fact, there was nobody left but some negroes, nurses, doctors and undertakers, and the poor folk who could not manage to get away, from illness or lack of funds.) "I do not know a more sombre spectacle than a large deserted city. We are so accustomed to associate the idea of a town with that of an active and noisy multitude, that to see a number of houses quite deserted and hushed in perfect silence impresses the mind with the deepest melancholy. "Nothing endued with life was to be seen in any of the streets or neighboring quays, except here and there a cat; for these animals, in the hurry and confusion of moving from the town, had been left behind in considerable numbers, and formed at that time the only inhabitants of a great part of the city." And what was it that had caused over 125,000 out of the 135,000 citizens of the greatest American city to forsake their homes and business and flee, leaving New York to homeless cats? In May of that year, in spite of the rigid quarantine established at Staten Island the preceding summer, the community had been thrown into consternation by the news of an outbreak of yellow fever in Rector Street. This section of the city had been considered immune: every previous epidemic had started in the lower quarter east of Broadway, and very few cases had been chronicled from the Rector Street neighborhood, even when the scourge was at its height. This happening produced a general panic. Manhattan knew only too well what yellow fever was: it had ravaged the city a * It was really quite outside of the city-which was the reason why the fugitives went there. t There were actually from 130,000 to 135,000 in that year. THE GREAT PLAGUE OF 1822 5 score of times. Every grown resident still recalled the frightful visitation of 1798, when 2,086 persons (a tenth of the population) had been slain by this invisible enemy,* who heeded the columbiads of Fort La Fayette as little as the Columbiad of Joel Barlow or the vociferous admissions of newspapers, orators and "Strangers' Guides" that we had the healthiest, most progressive, most marvellous city of the civilized world. Now, it happened that there was at the city's very door a safe refuge. From the time of the "epidemical distemper or plague" reported by Mayor John Cruger in 1742, New Yorkers had discovered they could escape the infection by fleeing to the village of Greenwich, only two or three miles away. This haven was considered almost proof even against smallpox, for LieutenantGovernor Clarke writes to the Duke of Newcastle, in 1739, begging leave "to inform your Grace that the Smallpox being in town, and one-third part of the Assembly not having had it, I gave them leave to sit at Greenwich."t Certainly, odd as it seems, there is no record that yellow fever ever "crossed the swamp and the meadows between the town and the village." (Though it's hard to guess why not, since the stegomyia mosquito, whom we now know to be the assassin that spreads yellow fever, could hardly fail to have been blown that far when the winds were right.) Anyhow, Greenwich became as important to New York as a "Sanctuary" to a medieval law-breaker; the farmers brought their produce thither instead of to the town during the scares, and many people remained as permanent residents after the danger had passed, since it was often impossible for long afterwards to get fresh food in the city markets. To this City of Refuge, then, did terrified New Yorkers begin to repair early in June, 1822, when the reports of the fever's rapid spread revived memories of the terrible scenes of twenty years before-all except those fortunate magnates who had estates and manors in the adjacent real country. James Hardie, another English visitor in that year, saw some unforgettable sights when this hegira was at its height: "On the same day, the 24th August, our city presented the appearance of a town besieged. From daybreak till night, one line of carts, 'containing boxes, merchandise and effects, were seen moving towards Greenwich Village and the upper part of * "Felix Oldboy" relates that one of the earliest victims happened to be a bookkeeper in the Bank of New York. % t And William Hamilton, shipmaster, left his home at 14 Broadway, in 1812, and moved thither to escape the British shells which people feared would presently destroy the lower part of the town. 6 A CENTURY OF BANKING IN NEW YORK the city. Carriages and hacks, wagons and horsemen were scouring the streets and filling the roads; persons with anxiety strongly marked on their countenances and with hurried gait were bustling through the streets. Temporary stores and offices were erecting, and even on the ensuing day (Sunday) carts were in motion and the saw and hammer busily at work. Within a few days thereafter, the Custom House, the Post Office" (even the Port Warden), "the Banks, the Insurance Offices and the printers of Newspapers located themselves in the village or in the upper part of Broadway, where they were free from the impending danger, and these places almost instantaneously became the seat of the immense business usually carried on in the great metropolis." The poison of its great neighbor was necessarily meat to Greenwich Village. "The fever of 1822 built up many streets with numerous wooden buildings for the use of the merchants, banks (from which Bank Street took its name), offices, etc., and the celerity of putting up these buildings is better told by the Rev. Mr. Marcellus, who informed me that he saw corn growing on the present corner of Hammond and Fourth Streets on a Saturday morning and on the following Monday 'Sykes and Niblo' had a house erected capable of holding three hundred boarders. Even the Brooklyn ferryboats ran up there daily."* From a "quiet, dreamy village where the magnates of the city loved to come for rural retirement and repose," old Greenwich was thus overnight transformed into something resembling a Western "boom town" on just-opened Government land. Banks, insurance companies, lotteries, merchants, auction-rooms, stores, warehouses, grog-shops, barber-shops-all the busy activities of the proud metropolis-were housed in anything that could be picked up, some hundreds of businesses occupying a mushroom growth of small wooden booths "exactly resembling those at an English fair." The markets were moved to Chatham Square and Hudson Street, near St. John's Park-but even here they were little patronized, the country folk naturally preferring the air of Greenwich Village, where all their customers were. Some bankers and others had been more foresighted. As noted, one of the first deaths in the scourge of 1798 was a bookkeeper in the Bank of New York. "Fearing another visitation of the pestilence, the bank made arrangements with the branch Bank of the United States to purchase two plots of eight city lots each, in Greenwich Village, far away from the city proper, to which they could remove in case of being placed in danger of * Devoe: "Market Book." b, sw35ttt do Ukh" tole hk 8oroti saee*O. sre Na* uot ootllrdod ShU. * itPoo. errb eytoto I'mDed Aoo'to* M~a oo~e'Iek 4t obrouit BJjo4 Arorkte %SoBoaodway~a~bs noassiben. OC Awola & Cawl A WolkMotsollwoooos S t Rrw.Gosivc * A.i*a 11otoe oo 54 t Opeas twurors, o', 592 do avf,'eth I'*-too.w Co. ~'411y. '605 Booe"P.vdooo Fnoee'esr Io.-: 1-"n Co to' 1tortt'k New York lauroarv..o-aow Lo~Or 'o-raw eo., Uoootu Firo agoet rife Ioo". v"1 o'-.r029tr irrotey Gtobe kosCo" Broa dway Anienvant tWtle dootety, N. Y'. tititution AbelloS&%I MItChabttr-o'rt Dotoper A & so., cotoor Bnnerooff A juuCo Coo. e tj ohvv SIClonb~ r rc liowoo I ' Co Amo0 si...t tBlood 13rris F~rtutobi itot, Blerry $0 Setoo Boadwaty nta, V sttlld Bedosoto Cotier & Co 502 1 r~odoty Illatchioobn tR M]$ do Watoblsord $0 Chaby 593 do ftrt 4. Kt*ob~oo tHammond et (Greosrto _4.21 Ab o wr'llt us~teu ooSuliano Bartials & M tldotbtryeror tlol'o & Dcbm4'beBlookelookJames II Waker treet Borrowt SDoe. S tbD Vr'oadwoy Sotoo.kCrW -62 do lIort*., & Wtt 84" do Luc Gtob oedo 5911 do Brown R, kCo.1113 do Baker Jo~. Itoaodery nerNIoaohot.&tBank Datrk.5 osu Ibeoobe'y Blke A,*wooNewoork Boydl~iooeo.&kCo Greenwich Doruok L St Lor" Lost-e Beeb'- J 9 t~rimuss 'treet libby SI 63,Muoroy street Nilseto kmn Nery Toe] Brooklyn 1.1Wm Sadtes au Midllo "d.. 2"Dr4t Warres slreet Dr$U 7W do heboJ W 1 OLoomord strtet loJdotn ilooooae eutrt DarSayII k G storick sorer Beasb street Blarreto F 436 Greeoso oihitroet BallonSodtoooi StorthSosb Bo~toce Doers Cyrooius Chboorrh cor. LeonWsoet ler1homplon &(oL YrankhnwdLoGretrtowic los6olok~odb452 Browtlecoy Chostozal "oem'] & 00"an' Magazine, 3C4 -lo C rory P iSJGtlABro4iooy Cm, u l514 do 50 do Cooper Dr 5' is Parkt Ptoote Ciatk5S'eblltrooo k& Up-on tO Roar sttoert Opladt street yorry coortofJy trait Cot Heny oe Wie ttrtfeet sa Colt Levi PoO Whis te mret Cseooor'o OEM. Corneliaotreot lCANtoklk J~o o waoil cornoer Cbtord Cohoa&Cootoong 3; Broad way Qkp& V ho ooor Greeowood C" i~ Mto-ml 44Srooiwoy Cum Heary 5 I'mklinoeoret Clbtohi o. Co Wtor to' 0prono &Chtarlton Ai Car lcryt& Co. 6'Choootscr toot Coo&ollnst:'t, )Whit, Aeetr CII&saaoWonC-rmne AGreosoeeo COadatimoT &Co ilkGoroeenwieh. Critpoe Wooooob rtwrrthalioooond Huloho Cboaft oWin k dooSII a.oul~tjretGreoenwih KooooC Si 6f71 Brtoattesyteoooeso emble WaW.1 Cttnbr s Ti lAlIsY, P. tot KintooA, Mrot tl5rooskeitlet reeod..t ir ino rear of Trrankliwo; ok too'ttontMiotoUMeoudooouooos #*a.!?9 1* ~t~ry Itereong;et (Sesroteh o,~-Wltoon70l9 1,Booadayoot. sa.t o tAOOnaedJohnO 528 Elm, 't his_ ___ ___ __to___ __ IAoto Hughb& Coreor flooseawlt & Wbolo61 OCOK LawrroeneA H kCo, 1SPeok rloeotr ooeq0 r U00, ~lit Ptr1k OotOt03 t~wrews e&Witlrd* sool leweo k 'Too, 94aaceo -e BrosAway, ROWio..boo mawos0 Ikle lAhto~ F'red. A 4itChapel viroeChamber st to I210 Besodevar. ef'o LawtsomW & Co 2 Ree~stroet tooeokosto. 0 05 Lawto & to For (teric' Loeotoo 82. It. f l50 VAN R5' 55.-S AER.tt lts, toetto Legget. 1-sttotwkI. So 0CGrreot tEVent, rsttered footo Couettaootst.e t Littlejowithoo S ('O sl.r,"S'I boo trtoo foo ore o host, May boe lefts at. S. to no.1. & I5I5109 Acohoos LotealleltZ) o Iw* 1,0. 3thol & G oGIfamt n n, -k rtI1 coo rrso i fI l. I IA ot~to~tY ertsoe Ito stora,. L.'o,.tt Ler, lintnoooool' Ir A0001 otteortt lthefoweey<oboethot, OppoSO Ir, V.ro l.se Co We'o 00 so toe tRes. )r. Xuypenr. t26 t* Matoste. S4lnce 0. Co 31.;. Gtotwoy iC.'.TiNtI t'eooeth 1Mtotluet &G &C.t'tt, rtt iseto7o. EN1 tlltA1rord-seee eSO.Nlrder &- KlotoOCreeo's-. t )ti'. 5'tf etIs'ho'rooett Noo~iItro;dMtClitjoosk. Hawsthorn.O (',. 5.7 tiooooA's-1odos tos toootonIto oOS Mosoerr Jsol A ttoeherroo. soa Coretroe hoint oide. in the eaoe otter wilt ttto Amermat losu' 1MtaontC'sot&c oderotl (teeoolirtt rosroCoooloty. aofl N.ojor tleory do P 58. oo took A, lltt omel~, if Nlinurn& C~wv 39 roanay ttk', Broadwa'y Iloor htlooltonoCt 127 tdo oo 50 Ott JA. 'FA XCI,. PseetO'ev NItetI ~31t0t flowttro t~ool 0Co Merseer toooor Caootoltreet IIEtt(NX BANII-Tht l'toeooo I'ook to re NlevereB M Grerowi.o ttr fltto troeyet P movel to Grertwoth.oat tlororrevof Asv. NlyeroeThr,Aorc 3 Gremwitrortor~oeo loot toot Aooo-otrefeto, etwcorotho Post t~off 'tetooll Alo Grteonwich ootl Custoom Ilsoose.. 26 1* Meter C.,-per Storl et MI'CK; Zir lNIbON BtANK tote romoMwiotte o n G&tCo.ot1viSprist; odnt ir re tntIMr ttoo'toi N'tvtorao 053 trooat Pt"ctI ~ ~ P~:u..t~ 010 seotdt II Cr rool CKeeiteoottovotete Oli''oo6hkeoren ooothoorelt IT 1111odS.tiddoor froot Iterosriot. %N~iotner Ricoloofrd oetr Chorloe aol tIIsdtonot 75,tt NAlT IO.tN.IL 1XYSCLdSXCE COX?' NStrrr.t 72 2 S-on crnser litaoooo, lot tPIsyioo I AI orroodt 5 toscy Nl~Ioll A I'tI oamooodlatGreenwich - I to Moo~ 3 o. Ii 01 M 11. Nbooto.leooSVsao RA i ( OWANc It o rtt.No% hob' J &- C 1-fttwotd tcjtrtC r'orroob T1.romoooel to No~ 596 IBroatdwary, stxt toTheo Neilon cDr. C'OolbeI. nemo t~wtooo tt. j ooproergdtttcrtker st. a 27 N itble WtM. 'ttoootd Aveoueoor I~iTAz.X ~RiC~N 1SS I Ioo io alGooto looseTh*.N. tosootn 6tea oatoo Cinte Waehington Hallt AL removooed b~r ostlor, to No. 15.1 llrooleay, Nobtsrottttoecttlrsy toroolotooo.ttros thiebt roe N.. CardIanawr"-1 8ermlo0 )TiletbomooCathtoic Catootdrot. 0827.%toobt-,J lCo. lgBr firorn aor'trh croug Hv efoot.Cesotror rtoe NOao'oDan. Art t.Gwesoeist ofHowa PT rlft o itsreovel hr Itheo poreftn toLoo. Otberdook Dr. 2t White street I Srooswty, oete IBond t. it the kiooto osroupieo 03kolc Jof'si 2tH sroootit bydAshor Moeo.esq. a 27.2W O'BrenosWm ot53 $rndceay I JHE officeof this Compoopits removed tori Ogden Day& CoLaorons 1jtrtn; st T the present froo5i~3'tal streortlo 1Poarkf Oak("y R & C if nlso ear tMtetetesoo 'lr Appliratiome througho thte mooloosof Otto Otis lo. kAss,2 IVtote otrrot root Ottice or otherwiso, or Zrooocoooo foe! OshoenJs Io98~ Broadweay Teobo,. will rerriore promept Mtlootooo. toll Pell W F&Co 403 Btroadwaesy SIRId~t~CC Peckt Stephee 28 Riv~inpltsools Ift tE 701)THRIVEH NUANEV PratllIGreenwich T L PA NYtshaeottemotveoo ltoeirotfos to No. tootWoo~o',Ooo 4~t~oaolwy 20 l2 BroaSteas, betwee. Rtood otl Doototo Parihlrt tJl denhtitNoewark streets. ROBTi. AlSN!AE, soory. rhlp. Thtolo 4t Co 476 Neonwso, tot 26, Pr~e'tertattoret-Co cr gn Areoh&Cerwioo"'c tTt277h~ AshFR[ Palbr sA it is Pooh Plore li2 tE too. of the Compycny is reoveod to tho Prime- WanIt LSootos 43 Frauklir treot T oppee part of Droooo-toy, tnrarly op~loote P'Heitoto P k' CodS9 do The arbttl ohoo3. inothoe building oo;topiet by Pennoy Sat.&,Soi '141 Petarl streot thetUnite Stateo Bath. tog T6 toW I'hilij kt P tig y re (eronwich qv51 ImohfS5NEttfl5 tedetr~es Dr] JI M13tHowoxltteleot X mtoved to No. 592 Strottlwoy, rorste oft rtoobrer $0 Ilososton I02 IbtSmadwy Ilrro'terOidgt SW i 'otultiog N atht 61I Walkerostreot trosior 91 NStlhers 492 Broadwasy [I N ~ ltA Proslor Tmoo, do do T T soorotet o4s Wall S`ly C &'Co Greenwicha stroeto raaythboofte. Juooe k ttooWood ltiWatrttrrenotet Lee.) ang26 t Po Dr Wr gt5'edlBrocwty 3OPE IN-tWoANLE VWolFACY-Oft Oj'tik E k t$oatta lanood U. ooosolooSblBeooo. e, R'ogere tlncid, Soc 3f C reooworh sfteot lJO'56.14oC16 4 liooers Dr.] JK 46 W5alkoer trseet TN'htave roosoveoto too Slaoile Stotitegs, toadr to Do Peyvste 38 do Oroodwat. a!. 111eefllWmtW 40 Franklin %treet 6&-Of tbw 'Veiv otlsmooj26 tReosoo P At Co S"ttstrwar ~ ps oaoooot os o~wy Rittrt tpto Mdttawedte. u too2 of Baoera& Gonnie llwaootwoy ReictsosoF 47 FranklinSot Roslan C N 875. Hooloafte T.HE 01firofDheonotstuodlDeposit at 0*s Rttotd tdoorl Packtsot toot a Hammonsood St:8BodoN;Qr~'oitotl Statroks reotoodo to the WHEN THE BANKS FLED FROM WALL STREET A corner of an entire page of "Removal Notices" of downtown business concerns during the 1822 epidemic. From the New York Evpeningq Post of August 28, 1822 Drawn by C. Burton Engraved by H. Fossette, 1831 WHERE THE BOWERY JOINED BROADWAY The lone building, which stood near what is now Broadway and 17th Street, was occupied temporarily by the Manhattan Bank during the fever epidemic of 1822 From a woodcut in Harper's Weekly THE ATTACK UPON THE QUARANTINE STATION on Staten Island, September 1, 1858, to which institution the citizens attributed the numerous yellow fever epidemics in New York THE GREAT PLAGUE OF 1822 7 quarantine. Here two houses were erected in the spring of 1799, and here the banks were removed in September of that year, giving their name, Bank Street, to the little village lane that had been nameless before. The last removal was made in 1822, when the yellow fever raged with unusual virulence, and the plot which had been purchased for $500 was sold in 1843 for $30,000." So much was it worth while to be a health resort before Walter Reed and his devoted band of doctor experimenters taught the world the true cause of yellow fever and how to stamp it out! As for poor deserted New York, an eyewitness records the fact of having seen green beans picked by the watchmen from vines growing in Liberty Street, and muskmelons two or three inches in diameter, which grew on the pavement of Greenwich Streetfrom seeds dropped there by chance and flourishing unharmed in this depopulated region. Says that delightful gossip and man-about-town, Felix Oldboy: "It would be scarcely possible to exaggerate the terror which pervaded the city during the prevalence of the yellow fever. Colonel Tappan, whose home was then in Orchard Street, tells me that an iron chain was stretched across the streets at the Brick Church, which marked the boundaries of the quarantine, and he has a vivid recollection of the sudden and appalling inroads of the pestilence upon the ranks of his stalwart young contemporaries. An old New Yorker, who was born in Greenwich Village in the first year of the century, and who, as I write, in the same spot is passing peacefully down to the grave, remembers that during one fever summer a hotel of rough boards, capable of holding 500 guests, had gone up between Saturday and Monday in a field where the ripe wheat was waving on Saturday." * In this jostling hurly-burly, where Finance found itself with a horde of singular bedfellows, the business activities of the American capital accommodated themselves to the emergency with that adaptability and adequacy to the unexpected, which is our most striking characteristic, for a period of several months. Meanwhile the city proper was entirely deserted: the rattle of hearses through the empty streets, and the quick passage of some nurse or doctor, or those charged with burial of the dead, was the only sign of life. The newspapers of August and Sep* The magnifying effect of a half-century's retrospect is clearly similar to that of whatever emotion it was which multiplied beloved Falstaff's "men in buckram." I more than suspect this ripe field of wheat of being that same field of corn, this 500-room hotel of being Sykes & Niblo's rough shelter "capable of holding three hundred boarders" just described from Devoe's accurate record. And at that: "What do you mean-'holding'? " 8 A CENTURY OF BANKING IN NEW YORK tember show what a "stirring of dry bones" there was, and where some of the businesses went which did not migrate so far as Greenwich, but simply clear of the quarantined district below the Park,-from which those citizens who were unwilling to quit their homes had been forcibly removed by the Board of Health: THE PHENIX BANK is removed to the west wing of the Car Factory, at Greenwich, corner of Asylum and Ames street, and will be open for business during the usual hours. J. DELAFIELD, Cashier. THE UNION BANK is removed to the three-story Marble House, 621 Broadway, opposite Bond Street. DANIEL EBBETS, JR., Cashier. THE AMERICAN INSURANCE COMPANY have removed to No. 554 Broadway, the second house above Prince Street, in the rear of the Roman Catholic Cathedral, and have likewise an office in the house of W. L. Underwood, Esq., Hammond Street, Greenwich. THE NORTH RIVER INSURANCE COMPANY have removed their office to 29934 between Reade and Duane Streets. N.B.-For the convenience of persons residing at Greenwich and its vicinity, a box for the reception of applications for insurance has been placed at the office of Charles Graham, Esq., in Perry, between Herring and Asylum Streets. THE NEW YORK INSURANCE COMPANY have removed their office to No. 594 Broadway. They will also attend at the Country House of J. W. Schmidt & Co. corner of Hammond and Hudson Streets, Greenwich, to receive orders and effect insurance. FULTON FIRE INSURANCE COMPANY, corner of Hammond and Greenwich, and also No. 508 Broadway, corner of Spring Street. FARMERS' FIRE INSURANCE AND LOAN COMPANY. The office of this company is removed to 618 Broadway, two doors above the Branch Bank. Applications through the post office, or otherwise, for Insurance or for Trusts will receive prompt attention. The Farmers' (later the Farmers' Loan and Trust) was a new concern, chartered in the preceding February; naturally enough, under the circumstances, its business activities were slight till November; fire hazards seemed a slight thing to New Yorkers during those months. Half a dozen other fire insurance concerns-the Hope, Fulton, Mutual, Pacific, New York and Merchants-announced temporary removals to the same district. (There was also a Merchants Life Insurance and Coal Company established this year, THE "'BOOM TOWN" OF GREENWICH 9 the first life insurance concern in the city.) There are similar establishments of barbers, tailors, stock and exchange brokers; counting rooms: Prime, Ward & Sands; Samuel Marsh, dealer in "British drygoods;" the Evening Pout itself; and "The Retreat," formerly William Nelson's-"at the corner of Art Street and Broadway, having been located for the Exchange, the subscriber informs the merchants and others that he will do all in his power to make it accommodating to the public;" Richard Colrow, "Merchant Tailors, at 10 Wall Street have removed to the corner of Hammond and Herring Streets, Greenwich. They have also a house in More, Wood's-lane, opposite the Manhattan Bank, fork of the road, Broadway and Bowery, where all letters or directions left, shall be immediately attended to." We get a somewhat exaggerated reflection of New York's state of mind during this panicky year in the effect of the city upon a famous English actor, who happened to come here for the first time in September of 1822. Dr. John W. Francis tells in his delightful memoirs how he received one day an urgent call from Simpson, manager of the Park Theatre, begging him to hurry off to the ship lying out in the harbor where Charles Mathews, the great English comedian, was self-quarantined because he could not bring himself to face the risks of landing. He found Mathews in a state of extreme mental perturbation over the news that a hundred and forty people had died of the pestilence that day in New York. Though the vessel lay at least three miles from the Battery, the visitor insisted he could breathe the plague in the very atmosphere: "Every cloud came to him surcharged with mortality; every wave imparted from the deep exhalations of destruction." The demoralized comedian paced the deck, tottering and exhibiting a case of "blue funk" which, though natural enough, would have enhanced his reputation as a producer of mirth if exhibited on the stage. Being finally persuaded to go ashore at some remote and isolated spot, he was conducted to Hoboken and lodged in a gardener's cottage two miles on the road to Hackensack-where he passed the night striding up and down the little room and meditating upon the imminence of his probable decease. * In point of fact the gentleman was lucky if he had only known it; the authorities in New York had recently quarantined all vessels from Baltimore until the 1st of November, so that if he * That he survived the perils may be seen in the interesting view of the interior of the Park Theatre reproduced elsewhere where he is shown appearing, on November 7, 1822, in one of his famous parts, "Afonieur Tondon," before an audience of well-known New Yorkers. 10 A CENTURY OF BANKING IN NEW YORK had happened to come from that port, he could not have landed at all. The whole thing strikes a reader of to-day (protected by knowledge of what yellow fever is and by energetic Health Board activities), as prehistoric. That it really occurred in 1822 is a striking indication of the rapidity of our development during this incredible century. Our alert English friend, Mr. Blanc, had some experiences which throw light upon the surprising "holding" capacity of that Saturday-to-Monday, Aladdin's-lamp Greenwich lodginghouse: "My first care on arriving at this town was to look out for some place where I could sleep-an almost hopeless task. At last, however, I found a lodging-house, in which I could be admitted. After settling the terms with my landlady, she said to me, 'I suppose, Sir, you have no objection to having another gentleman in the same room with you?' I replied that I had a very great objection: but that, in the present state of things, I supposed I must endure it. I then asked her to let me have the bed that was there, and to move in another for my companion; but, answered she, 'Oh! You are both to occupy the same bed!' I could at first hardly believe my ears; but upon repeating the question, whether she really meant we were both to sleep in one bed, and being answered in the affirmative, I made a precipitate retreat downstairs. I did not then know that, in many parts of the United States, this practice of sleeping double is very common. "This chance of having to sleep with some person, who, besides other amiable peculiarities, might perhaps be infected with the yellow fever, hindered me from looking any more for lodgings; and I was glad to accept the invitation of the captain of the vessel I came over in, who politely offered to let me sleep on board his ship until I left New York." After "losing all patience" at the delay in getting his baggage through the Custom House, our traveller departed, journeying about through the South and West, and reached New York again during the following summer: "Very different indeed was the appearance of this great commercial city from that which it presented when I arrived there from Europe. Instead of a spectacle of desolation, all the houses were re-occupied, and the streets swarmed with an active and numerous population. "What moreover occasioned the city's being unusually full was the arrival of about 20,000 people, chiefly Virginians and Southerners, who had come to see a great horse-race which was to be decided in the neighborhood of the town... A STRANGER'S IMPRESSIONS 11 "The city of New York is the great commercial capital of the United States. It is situated at the head of one of the most noble bays, and probably of the very finest harbour in the world; and vessels of the largest size can run alongside and discharge the cargoes on the spacious quays surrounding two sides of the city. From hence that magnificent river the Hudson is navigable for large sloops and other vessels, as high up as Albany, a distance of 150 miles.. "New York contains some fine buildings. Among these the City Hall is conspicuous, and is really a noble edifice. There is a very good Museum filled with objects extremely valuable to the zoologist, which are in fine preservation, and are kept very neat and clean. "The chief promenade in New York is a very spacious and long street called Broadway that runs through the middle of the town. One end of this terminates at the point of the island on which the city is built near a spot called 'The Battery,' from an old fort built there, and which is at present entirely useless. From hence to Fort Clinton, another useless old castle built in defiance of all the rules of fortification, is a very pretty little public walk, through an acre or two of ground containing some large trees. It is very agreeable during the hot months, because, from its running along the water's edge, it receives the sea-breeze of the evening. "But what must particularly be remarked with regard to New York is, that it contains one of the largest naval depots in the United States... As indicated by this later picture, Yellow Jack's banner no longer flew over Manhattan. The November frosts had checked the microscopic bacterial growth of the insidious disease, as it checked the melons and pumpkins in the Greenwich gardens. The papers now bristle with announcements of "Returns:" The Bank for Savings (one of the earliest American savings banks,* established in 1819 and taking deposits as low as one dollar) returns to its Chambers Street house; George C. Morgan's Lottery and Exchange office opens at its "former residence;" Schieffelin's drug store is once more at 193 Pearl, and L. Tiffany * The first was at Philadelphia, and another was started almost simultaneously in Boston. Thomas Eddy, a merchant philanthropist of New York, finally succeeded, after great difficulty, in getting a group of his associates (including such men as John Pintard, Peter A. Jay, Cadwallader D. Colden, Josiah H. Coggeshall, and Richard Varick) in 1816 to agree to start the New York Bank for Savings. It began operations in 1819, secured a charter in 1821 and, as the Bank for Savings, is successfully operating to-day. The present managers still treasure the little calfskin trunk in which the treasurer used to lock up the money each night and take it home for safe-keeping. 12 A CENTURY OF BANKING IN NEW YORK and Co. at 147; the Coroner's office is again at 64 Vesey, and John Vanderbilt, Jr., offers himself once more as a candidate for this office, on his record; Rev. Samuel Nott's "Select School" receives young ladies at 74 Chambers, and Mrs. Disbaye on Hudson Street, and Burland Forrest on Warren also reopen the doors of learning; the Port Warden and the Customs House, the banks (declaring dividends), insurance companies, professional men, merchants, restaurants-not to mention the unchecked swarm of lotteries-all are back for business at the old stands. And one William Hammond injects color into these bald announcements by stating that his "noted establishment at 574 Pearl Street" is again running: With extreme pleasure he announces to the Ladies of this fashionable city, that during his absence, he has made every exertion in preparing a handsome assorting of Ornamental Hair Work, requisite for the Toilet. A variety of large Curls for the neck, double-sized bunches for the face, Frizettes, English fronts, fashionable Wigs, Toupies, Hair Bands (as a substitute for long hair). Hair cut, as usual, in a superior style. Razors set to suit the feelings of the face, and at the shortest notice. And besides all these beautifying activities the gentleman conducted the "World's End Intelligence Office." Let us look a little more closely at this city of our greatgrandfathers, which could be completely thrown out of gear by yellow fever or smallpox. In 1819 a distinguished Swedish traveller, Baron Axell Klinckowstrom, came to the United States, and made an extensive tour of the country. His account of New York City (which had just outstripped Philadelphia in size and importance, and was bragging of having become the Metropolis of the West) was, in the main, most complimentary. (Indeed, it is quite surprising to see how flattering most cultured European visitors were in print at this period; such satirical lashings as those of Dickens and Mrs. Trollope are quite exceptional. Why was it? For we really were a.bit raw in those days, you know. And they didn't owe us billions of dollars then. And it would be hard to find anything more arrogantly superior, or scurrilously denunciatory, than the British Reviews of the same time when they condescended to recognize the existence of a United States.) But the Baron notes what never fails to impress any foreign guest-except those from Ireland, where they evidently like to have their bacon-on-the-hoof handy, and the pig is literally domesticated, a "P.G." sharing bed and board: A STRANGER'S IMPRESSIONS 13 "Another circumstance," he observes in his Letters, "no less dangerous to health is the fact that pigs are allowed to run loose in the streets. These pigs have on several occasions been the cause of remarkable scenes, jumping about here and there and bowling over richly dressed ladies," This feature of the proud American metropolis stuck in the Scandinavian artist-nobleman's mind. For when he returned and issued five years later his " ztlar til Friherre Klinckowtlrom, Brej om de Forente Staterne" he commented on it in one of the most beautiful pictures we have of New York at this period. His charming aquatint, of "Broadway-street and the City Hall," shows shawled and furbelowed ladies bearing parasols, and dandies with top hats, long cutaway tailed coats and small-clothes or top boots,-strolling along Broadway by the fluted columns and urn-capped gate-posts of old St. Paul's church, or stopping to gossip. A pompous side-whiskered banker drives his Madam (in sunbonnet with gay bows as large as her pretty little curved and fringed French carriage-sunshade) down the street behind a spanking gray cob in a two-wheeled tilbury. A pair of grand ladies are taking the air along Chatham Street (now Park Row) in front of the City Hall's imposing elegance,* in a barouche set on arched springs, with caped coachman and footman perched in lofty grandeur on a seat two feet above the occupant's headswhile a panting spaniel gambols in front of the pair of horses he knows so well, striving to win from them the recognition so readily bestowed in the home stable. A closed hackney coach with the "fare's" valet standing on the trunk-rack behind rattles uptown.t A coatless liveried porter-looking as if he had stepped out of the pages of "Pickwick Papers"-wheels some small luggage over the cobbles on a barrow with curved handles but without any rear standards to rest it on. The background is the aristocratic residence section of the city; number 219, at the northwest corner of Vesey Street (later part of the Astor House), is the residence of Walter Rutherford, Esq., a former British officer who found American feminine charms as irresistible as * An iron railing had, in 1821, replaced the former wooden picket fence around City Hall Park. t James Gallatin in his Diary, "A Great Peace Maker," says: "JULY 4, 1823, NEW YORK. A horrible day here; the noise of the July 4 celebration intolerable... the difference in everything" (from Paris); "only about three private coaches in New York-no means of getting about. The streets absolutely filthy and the heat horrible. I have been nearly ever night for a long walk. No roads-no paths. I never realized the absolutely unfinished state of American cities till I returned. The horrible chewing of tobacco-the spitting; all too awful. We have had a charming and hospitable reception, but all is so crude." 14 A CENTURY OF BANKING IN NEW YORK Burgoyne found the Green Mountain Boys charging behind frenzied Benedict Arnold, or Ebenezer Stevens's and Alexander Hamilton's vomiting artillery at Saratoga; on up, facing the tenacre Park and ending in an avenue of beautiful trees, are the homes (recently constructed in the formerly vacant "Fields") of Rufus King, Richard Harrison and Abijah Hammond, the former house of Vice-President Aaron Burr (vanished into the unsettled southwest), the residence of John Jacob Astor, already wealthiest of New Yorkers (occupied a few years earlier by Mayor Edward Livingston), and so on. And on the sidewalk of the streets in this fashionable "diamond-back" section, corresponding to our Fifth Avenue from Sixtieth Street north,-a hog, in front of the crossing flags, rubs his itching back against the iron standard of a street oil-lamp, while a sow looks contemplatively on. And a third piglet, with curled tail twitching, trots across the street before the porter's barrow! Indeed, it was asserted by indignant reformers, ten years later than this, that at least twenty-thousand porcine scavengers were roaming wild about the city streets; and progress had then been so great as to cause some finicky persons actually to object to the great pig-sty which graced the northwest corner of Broadway and Canal Street. It was stoutly asserted by sturdy upholders of tradition that this roving flock of unlicensed scavengers were really of great service in "cleaning the streets of bones, etc." "Could no other plan be devised to effect this?" asks honest John Duncan, earnestly. Now, looking back upon this early Victorian epoch from our own pinnacle of progress (when the municipal ordinances permit the presence of only the human species of porcines who crowd and jostle in our street cars and subways)-it is clear that the Manhattan of those Arcadian days was even more different from our five-boroughed, six-millioned Greater New York in kind than in size. And since banks, banking, and bankers are, after all, a direct expression of the social community whose monetary needs they serve, we shall get a much clearer understanding of the financial beginnings of this miraculous century-which has transformed New York from insignificance to the financial centre of the world, even London having been supplanted in this position since the World War-if we visualize the conditions under which our grandfathers lived and moved and loaned their money. Manhattan, then, was really in 1822 an overgrown country village of about 135,000 men, women and children (over 10,000 WHEN PIGS ROAMED WALL STREET 15 of them free blacks, 5,000 foreigners and 518 slaves)-having swelled dropsically from a population of only 8,000 in 1730 to 25,000 at the outbreak of the Revolution, 60,489 in 1800, and 96,373 in 1810. This chief city of the United States, twice as large as Portland or Sacramento is to-day, and ranking with, say, Springfield, Hartford, Paterson, Youngstown, Des Moines, Memphis, Salt Lake City, San Antonio and Spokane:(1) Disposed of its garbage and ashes by the nonchalant method of providing that each householder should, twice a week, from April to December, shovel and sweep the refuse, garbage and ashes (coal was just beginning, since 1820, to come into household use) to the middle of the street-where it fattened the pigs until it pleased the city officials to remove it. (This was the first "menace to health" which caught the eye-and nose, doubtless-of the Swedish baron.) Besides the hogs, cows still roamed some sections by day, milk being delivered from cans hung over the shoulders of the carriers-who were often women. There were no sewers, but each house had a pit "the very opening of which is enough to breed the plague itself. Moreover, their contents, instead of being carried to some distance from the town, are conveyed to the nearest slip or quay, and thrown into the water." (2) It had practically no water supply, drinking water coming from "numerous wells with pumps in all parts of the city." One of these pumps stood right opposite St. Paul's; it tapped a well sunk in 1754, as recorded in the Minutes of the Common Council of January 15:* "Ordered that Mr. Mayor Issue his Warrant to the Treasurer of this City to pay to Alderman De Peyster or his Order the sum of Eight pounds in Order to Defray the Expence of Sinking a well opposite to Spring Gardent in the West Ward of this City." Not till 1808 were all the pumps removed from the middle of Broadway, and others established at the sidewalks. Oddly enough, an "able report" by Mr. Weston, as early as 1799, noted that the drinking water was "deteriorating in goodness" all over the lower part of the city (the twenty thousand hogs would * "The Iconography of Manhattan Island," by I. N. Phelps Stokes-which reproduces a very rare print of St. Paul's and the pump opposite. t Spring Garden covered the space bounded by Broadway, Fulton, Nassau and ade ovrd hAs o an TInn Streets. Hampden Hall, a famous resort, stood on the site of the Herald till the latter moved to 34th Street; in 1776 it was the headquarters of the Sons of Liberty. 16 A CENTURY OF BANKING IN NEW YORK have known this without any expert's report); and the wealthier citizens had by this time formed the habit of having pure drinking water brought down from the uninhabited upper portion of the island in casks-the stout old merchants doubtless inveighing the while against the over-congestion, and bewailing the good old days when a man could drink plain water (if he had such a strange whim, without making it sanitary by infusing some beneficent Hollands), drawn from the very edge of his own stable yard. Blunt in his "Stranger's Guide" notes that it cost these magnates and the ships in the harbor $325,000 in 1817 to secure fresh drinking water in this way. To be sure, the "Manhattan Water Company" was chartered in 1790, the year after a severe yellow fever epidemic (ascribed to impure water), "the principal object of this corporation being to obtain a pure and wholesome water supply for the city of New York;" and on May 6th its water committee was authorized to "contract for as many fine logs as they may think necessary for pipes and also for boring the same." 'The company did sink wells and build tanks and "an extensive reservoir in 13th Street near Broadway"-a well 112 feet deep and 16 in diameter-and by 1836 it distributed (quite muddy and uninviting) water over twenty-five miles of mains to 2,000 homes. But in 1822 its contribution amounted to very little in the general water supply-there wasn't much "watered stock" in those days of pristine innocence; and the Bank of the Manhattan Company would probably be the first to admit that, whatever was foremost in Aaron Burr's mind when he applied to the Legislature for his ambitious $2,000,000 charter, that inconspicuous by-product clause permitting the Company "to employ its surplus funds in banking" soon furnished the main reason for the Company's existence and activities. As for washing water, that fell like manna from heaven. "The drippings from the roofs," says a solemn "New Yorker"whose volume of 1837 recounts "the Rise and Progress of the Metropolitan City of America"-"carefully preserved in cisterns, and husbanded with proper frugality, served to preserve and promote that cleanliness of persons and apparel and habitations, which was the just and honest pride of our grandmothers before the name of Croton was heard among the denizens of the ancient Dutch metropolis." What happened to the cleanliness of persons, and apparel and habitations during a prolonged drought may be easily surmised by any one who has lived in those communities where roofwater, collected in cisterns, is still the main reliance. PUMPS ON BROADWAY 17 (3) It had no gas. The New York Gas Light Company was organized the next year, and in 1825 No. 7 Cherry Street, occupied by the president of the company, had the distinction of being the first New York house to display gaslight. It was regarded as a hazardous experiment. There were no street gas lamps till 1828, Broadway being then thus lighted from the Battery to Grand Street. (4) There were some two thousand buildings south of Spring Street, half of them dwellings, but "there were no lodgings or apartments," and the eight small hotels (two on Wall Street, one on Nassau, one on Pine and one on Pearl) provided quite inadequate accommodations. James Stuart, a very intelligent Scotchman, paid us a visit in 1828. He found the fare quite luxurious for a dollar-and-ahalf-a-day board and lodging: "Turtle soup twice without extra charge: beef good, poultry excellent: beef, fish, melons, tea and coffee for dinner: fish, steak, chicken and eggs in large quantities for breakfast;" but "beds without curtains; not a bit of carpet in the bedrooms; and water not as plentiful as requisite, most of all in a warm climate; neither hot nor cold baths in this, one of the two greatest in New York-nor proper accommodations of a different but still more necessary description. The waiter shrugged his shoulders in pointing out a court behind one of the piazzas at the back of the house, where I found a row of temples alternately for males and females." Such was the scarcity of dwellings three years later (in spite of the three thousand new buildings) that people were moving into half-finished residenrces, and a throng of homeless folk, cluttering the Park after May first Moving Day, were lodged in the gaol until houses they had rented could be gotten ready. And meetings of indignant tenants, in 1822, were "Resolving" that there should be some reductions in rents. Potters-field, which was next year to be levelled and become the Parade Ground (afterwards Washington Square), was still a rough burial ground for paupers-and an old New Yorker tells how his father, when going from his home in Warren Street "across lots" to Greenwich Village, to visit his fiancee, used to stumble over the graves in the darkness. Broadway ended at 10th Street, where it ran into the Bloomingdale Road. The whole city was four miles long nominally, extending to about 31st Street-but above Union Square it resembled one of the "developments" in the interior scrub-oak flats of Long Island. It consisted of street-names and nothing else. The Maverick lithograph of Wall Street shows: a church, 18 A CENTURY OF BANKING IN NEW YORK hotels, two dandies riding blooded horses, four horses prancing along through the snow before a double sleigh, and a man sawing up fire-wood on the sidewalk at the corner of Wall and Broadway. (5) There were no police in the ill-lighted streets, but a few ununiformed watchmen, each carrying a lantern on a pole and crying out the hours of the night. (6) The few fire-engines were clumsy, primitive affairs dragged by hand. (7) There were at least 2,500 grog-shops, hundreds of them dirty little holes where rum was dispensed as a side line. (8) The New York Hospital and Lunatic Asylum* stood at Broadway and Duane Street; the first Almshouse and Penitentiary, the Bible Society, Bloomingdale Asylum, and the first organized effort for the prevention of pauperism all dated from a few years previous, 1816; while the New York Institute for the Deaf and Blind was founded in 1813. (9) The tide of immigration was already swelling: from 1816 to 1820 the city added some twenty-three thousand inhabitants -but of these, nearly all must have been immigrants, since 18,930 of these arrived between January, 1818, and November, 1820. (10) Three years previous the Savannah had been the first vessel to cross the ocean using auxiliary steam-power. The usual means of ocean transport was by the packet lines, established just after the Revolution: the British boats usually took from five to six weeks for the passage, while the American packets, of about 500 tons, averaged twenty-five days for the easterly trip (occasionally making it in eighteen or less), and charged thirty guineas' fare. (11) There were no street-cars or railroads. The first locomotive, the "Stourbridge Lion," arrived here from England in 1829, the first horse-car in 1832; the earliest steam-cars in 1834. In May, 1822, there is announced as a sensational curiosity: STEAM COACH. An elegant carriage, which carries two persons and is propelled by steam, is now exhibiting, and will continue for a few days at the Park Hall, No. 253 Broadway, opposite the City Hall. Price of admittance, 25 cents. The coach line to Albany started at four in the morning; another took twenty hours for the trip to Newburgh, where it connected with the line for Ithaca. There were a few steamboat * Another monument to the benevolence of that fine old Philadelphia-New York Quaker, Thomas Eddy. He was also a leader in helping the miserable remnants of the Six Nations Indians, in pushing through the Erie Canal, in founding the Bible Society, and n all sorts of efforts for making the world a better place to live in for his fel ow men. BANKING CONDITIONS OF 1822 19 ferries,* tri-weekly service to Albany (the Chancellor Livingston, the Chancellor Richmond and the Fire Fly); the Connecticut and Fulton ran to Providence; and a new service, "The Citizen's Pilot," took passengers by the steamer Bristol to Elizabethtownport, thence by coach (via New Brunswick, Princeton, Trenton and Bristol) to Philadelphia in one day at a cost of four dollars. When in January the Citizens' Post Coach made the trip from Philadelphia in eleven and a half hours, the Commercial advertiser chronicled the fact under the heading, "Rapid travelling." Yet it is well to realize that they looked backward with complacency, even as we do; it is recorded in 1823 that a traveller had just made the journey from New York to Boston, by steamboats and stages, 270 miles in 25W hours and without fatigue, "being able to take a whole night's sleep in a comfortable bed, on the wayl If any one, thirty years ago, had said that such a thing was possible, he would have been thought of as nearly insane." The Erie Canal was being built under the energetic sponsorship of De Witt Clinton, but it was not completed till 1825, when there was a tremendous celebration in honor of its opening. (12) Telephone and telegraph were, of course, undreamed of; and the mail from Pittsburgh east was "lost or stolen" four times in less than two months. (13) Lotteries were universal; the "lottery deed" given when one of the Bayards sold land on Broadway by this method is still in the city archives; and good moral citizens fifteen years later were pointing out the train of evils which followed from this gambling craze. To mention one instance among scores; in 1828 the old conservative Hartford Bank (chartered in 1791) discovered that its cashier had during thirteen years stolen over thirty thousand dollars, most of which he confessed had been spent on lottery tickets. And yet, bad as conditions seem at this time, the Grand Jury reported in 1833: "In the year 1824 there were but eight or ten dealers in lottery tickets in the city, while at this time there are one hundred and forty-seven, and some of our principal streets are literally disfigured by their advertisements." A familiar name to modern sporting New Yorkers was over the door of 139 Broadway, where tickets to the Literature Lottery were sold, P. Canfield. Another name, not unfamiliar, was N. * Fulton and Chancellor Livingston had received in 1803 and 1808 a 30 -year monopoly of the right to operate steamboats in New York waters-a grant bitterly attacked by New Jersey ferry owners in 1815. 20 A CENTURY OF BANKING IN NEW YORK Judah, at 157; and Allen's "Truly Luck Office" did business at 122. Mr. Canfield's prize list of February 20th gives prizes of $500, $100 and $50, while the report notes: "Gain of the wheel, $25,000." (14) Insolvent debtors were still imprisoned, and for some decades thereafter reformers found a fertile source for outcry in the hardships these unfortunates were compelled to undergo. In the fall of 1921 a descendant of Gouverneur Morris, who had previously gone into voluntary bankruptcy, appealed to the court for release from the "jail limits" of Westchester County, testifying that he had nothing and his wife paid even his club dues-this restriction to such ample "jail limits" being the only vestige left of the former universal custom of close imprisonment for debt. (15) The level of the amusements is hinted at by these advertisements in the New York Evening Podt: CAUTION. To prevent mistakes, as there are two elephants in this city, the proprietor of the large and learned Elephant would inform the citizens of New York and its vicinity, that this sagacious animal is to be seen at No. 11 Chatham Street, nearly opposite the City Hall, from 8 o'clock a.m. until 10 p.m. at the reduced price of 123 cents only. N.B. Good accommodations for the Ladies. [May 6, 1822] AT THE CIRCUs-Broadway, a Grand Equestrian Melo Drama of "Timour the Tartar" is performed every night except Saturday. The performance commences at 7, tickets during the day may be purchased at the "Circus Retreat, opposite the Circus." [August 6, 1822] (16) There was no such thing as free education. The Free School Society was named the Public School Society in 1826, and then began a campaign to provide for the many poorer children who were not receiving any education. (17) The complete upset of business life by the yellow fever has already been described. This was but one of the plagues which were then considered unpreventable "acts of God." A few years later the Asiatic cholera descended upon the city via Quebec, and for three months thousands of people were in its deadly grip. Again most of the inhabitants fled to Greenwich and the country-often to find conditions only worse than at home. When the plague ceased, some 3,500 people had died of it. (18) The papers regularly carried advertisements of slaves for sale, and runaway slaves whose apprehension was demanded. (19) One thing, however, seems not to have altered, in the face of all the adages as to its essentially mutable and uncertain BANKING CONDITIONS OF 1822 21 nature. "Broadway," says an English visitor, "the chosen resort of the young and gay, in these cold bright mornings, seems one moving crowd of painted butterflies. I sometimes tremble for the pretty creatures (and very pretty they are) as they flutter along through the biting air in dress more suited to an Italian winter than to one which approaches nearer to that of Norway." At this precise time, too, John M. Duncan was setting down in Glasgow his impressions of New York during his tour of the United States three years before: "The streets in the lower and older portion of the city are very narrow and crooked, and what is more immediately inexcusable, kept in very bad order. Garbage and litter of almost every kind are thrown out upon the pavement, where a multitude of hogs of all ages riot in abundance. The foot walks are encumbered with projecting steps and cellar doors, lamp posts, pump wells, and occasionally poplar trees; and where any open space occurs, barrels, packing-boxes, and wheelbarrows are not infrequently piled up. The city is throughout very indifferently lighted, and in many places the feeble glimmerings of a solitary oil lamp must struggle past two stately trees, which stand like sentinels to defend it. "Broadway, the Irongate of New York, passes longitudinally through the centre of the city, and occupies in general the highest part of the ground; it is wide and straight, and pretty compactly built for nearly two miles. It contains a great many well built houses of brick, but there is still a considerable intermixture of paltry wooden ones; a few scattered poplars skirt each side.... "In a summer evening the Battery is a deservedly favourite promenade, and the prospect which it affords is very rarely to be equalled." He goes on to various matters which arouse his interest: "During the time of public worship, it is quite common in the more narrow streets of New York to find a chain extended completely across, from one post to another, to prevent the passage of carriages. This we should think with us a very glaring infringement on the liberty of the subject.... "The sleigh is an open carriage on two runners, shod with iron, exactly like a pair of large skates. They skim along so smoothly that a horse will manage eight or nine miles an hour with great ease. As there is no rattling of wheels, to warn pedestrians of their approach, the horse carries, by law, a row of bells round his neck.. "The boarding-house system, which prevails here universally, is in many respects not agreeable. I pay eight dollars a-week, 22 A CENTURY OF BANKING IN NEW YORK 36s. sterling, for board and lodging. My bed-room contains a small bed, a fragment of carpet, two chairs, a table, looking glass and wash-hand basin, but the apartment, although larger than many that are to be met with, has little more than space for the enumerated articles.... Should I dine out the whole week, there is no abatement of the charge; should I wish a friend or two to dine with me, they must take their places at the public table, and I pay an extra dollar for each.... Liquors of every kind the boarder provides for himself. Should I wish a fire in my bed-room, I lay in my own wood, which is three times as expensive as coals are in Glasgow.. "Housekeeping is very expensive, particularly in the item of rent. A comfortable lodging of six or eight apartments cannot be had, except in the outskirts of the city, for less than 800 to 1,000 dollars a year, including the city taxes, or ~180 to ~225 sterling. A boarding-house has recently been opened in Broadway, the landlady of which pays the enormous rent of 3,000 dollars, ~675. It is to be sure a large building and a favorable situation, but it is more than three times the rent which such a house would bring in Glasgow or Edinburgh. The wages of domestics are also very high, and good servants are not easily to be got.... "In most other particulars household expenses are moderate, butcher meat 3d. or 4d. sterling a pound, fowls about eighteen pence a pair; bread, vegetables and butter in proportion. French wines are cheap, so is brandy; Madeira is rather dearer but is very generally used; very good Port and rum are scarcely to be had.. ".. Tammany Hall is one of the public hotels, and noted for the public meetings of the democratic party or Bucktails* as they are called. Like the other hotels it is the residence of a good many permanent boarders; some of them merchants of considerable wealth, who sit down every day at the public table. The inn is with us proverbially the traveller's home, but here it is the home of a great many besides travellers. This feature in the American system I cannot admire; nor can I imagine what comfort there can be amidst the bustle and noise of a public tavern, or in smoking segars and drinking spirits and water in the bar-room. * In 1791 the chief of the Creek Indians of Florida and Georgia (named, oddly enough, Alexander McGilvery) was brought to New York by Col. Marnnus Willett in an effort to impress these troublesome southern neighbors. The Tammany Society met the delegation of Indian braves in full regalia, adding to the back of their feathered head-dress, as an extemporized symbol of the visiting tribe, a buck's tail; the DeWitt Clinton faction derisively termed these bitter political enemies "Bucktails"-and the name stuck for a generation, being adopted by the Tammanyites and celebrated by the "Bucktail Bards." ",,, *.: ' P -, c-: c " From a painting in possession of the N. Y. Historical Society A type of the old Dutch residences that were erected during the 17th Century over what is now the financial district of lower New York A' - From a lithograph by Hugh Reinagle (?), 1834 WHEN MEN SAWED WOOD ON WALL STREET A view down the financial center of New York from Trinity Church. No. 1 Wall Street (the building on the right) was then occupied by a famous lottery office HOW DOWNTOWN LOOKED 23 "The dinner hour' at Tammany Hall is three o'clock, and covers are every day set for from thirty to eighty. The resident boarders are generally found at the upper end of the table, and the travellers further down. They take their seats at the sound of the dinner bell, and in little more than a quarter of an hour most of them are ready to leave the table. During dinner rum and water is the usual beverage; few take wine unless they are entertaining a friend... "The New York newspapers are like our own filled with lottery puffs, and 'Lucky Office' stares you in the face in every street. The prevalence of this licensed gambling in the United States is an evil token of the state of the public mind... Here are lotteries for almost every purpose-for making roads, for building bridges, for erecting public buildings, for endowing universities, and would you believe it? for building churches! "They have what they call a 'Literature Lottery' in New York, going on regularly from year to year, and the price of tickets, and divisions of tickets, is so small as to be within the reach of almost the poorest classes.. "Another and a greater abomination, in the newspapers, are the advertisements of Slaves for Sale... "Most of the churches here have sermons on New Year's day morning. "It is the rule here that on New Year's day you visit every family of your acquaintance, even though the acquaintance should be very slight.... The ladies stay at home to receive visitors, the gentlemen go about. Clergymen, however, are in virtue of their office, entitled to the same attention as the ladies, and a call at their levee is never on any account omitted. As all these visits must be over before dinner, they are necessarily very short.. "We have had a considerable fall of snow for a few days, and yesterday afternoon I enjoyed for the first time a ride in a sleigh. Sleighs are in general open above, and have cross seats like those of a stage waggon, capable of accommodating eight or ten persons. The driver stands in front protected by a curved board which rises up to keep out the snow. "In a bleak December day, if there is a slight glimpse of sunshine, you may see the ladies walking Broadway in gossamer dresses of silks and gauze, with their throats perfectly bare. In strong contrast with these fair daughters of the spring, the city sparks lounge along enveloped in thick box coats, with eight or ten capes, and roll after roll of cravats and silk handkerchiefs swathed under their chins. 24 A CENTURY OF BANKING IN NEW YORK "Another custom prevails among the ladies no less pernicious. On Sabbath they may be seen picking their steps to church through drifting snow, in silk or cotton stockings, and shoes scarcely thicker than a cobweb; so far as I can observe a worsted stocking is to American ladies an unknown comfort. Behind them comes a little black girl carrying a small tin box, pierced with holes, containing a little pan of live charcoal or the glowing embers of hickory wood. The box is used as a footstool during service. "The number of banking companies in America surprises a stranger. In the city of New York there are ten or a dozen, all issuing their own notes, besides a multitude of others in the immediate neighborhood. A list of the banks in the United States has been recently published, containing between three and four hundred; although there is every reason to believe that it is not complete. Some of the memoranda in this catalogue are not a little inexplicable to a stranger. Under the name of one of the banks you will find; 'The notes of this bank signed with red ink, at a discount of 25 per cent, those signed with black 5 per cent discount;' after the name of another; 'Not in good credit.' The paper of one town is not received by the banks of another, unless when specially payable there, and the consequence is that it requires not a little circumspection, in a stranger who is travelling about, to avoid losing by the discount upon notes, which increases regularly as he recedes from the place where they are issued. This in the paper of private companies is less remarkable, but the United States' Bank, which has eight or ten branches scattered over the country, issues notes dated at each of these places, none of which will be received by any of the other branches except for government duties and taxes; so that a merchant with his pocket full of the notes of the United States' Bank at Philadelphia, cannot pay his bill in the office of the same bank at New York, till he has gone to a broker and paid him a premium for exchanging them. This discount upon bank notes has given rise to a regular trade of buying and selling them.... The brokers, or Shavers, as they are familiarly designated, are numerous in all the towns. "The legal rate of interest in the State of New York is seven per cent, but bills at 60 days are discounted by the banks at six. The banks make a dividend on their stock once in six months, which at present varies in amount from eight to twelve per cent per annum. Each company must be incorporated by an act of the State legislature, and it is illegal to commence banking without such an act." , Wlq-NMEOM CHAPTER II THE OLD ORDER BEGINS TO CHANGE Backgrounds of Our Forefathers' Financial ActivitiesBeginnings of American Commercial EnterpriseThe JIestward Trend of Businejss- - orld Unrest of a Century Ago-Its Effect on American Finance-Growth of American Trade Abroad-Rise of American IndustriesNew York, AuctionSale Period A FEW more details in a bird's-eye view of this period may help in reconstructing the background of our forefathers' financial activities. Nominally New York extended from the Battery to what is now 31st Street, most of the island having been laid out ten years previously into streets on a regular and uniform system. In point of fact there was very little still above the City Hall, and almost nothing except isolated farms and country houses above Union Place (Square)-which Engineer John Randel had been instructed by the Commissioners ten years previously to lay out as a public square-because the junction of the Bowery and Bloomingdale Roads at 16th Street formed so acute an angle that there was not sufficient ground left for building purposes. The whole of Long Island outside of Brooklyn had but twelve or fifteen small villages, with a single road running through Bedford, Jamaica, Jericho, Dix Hills and Smithtown to serve the several hundred square miles from that backbone to the south shore. From the Harlem River to the Connecticut line a map shows settlements at West Farms, Eastchester, Kingsbridge, Yonkers, New Rochelle, Phillipsburg and White Plains-in place of what is already approaching a solidly built-up city along the Sound and the Hudson. The rest of the Commonwealth was as undeveloped as one might expect; Maine just transformed from a 25 26 A CENTURY OF BANKING IN NEW YORK District to a State, had perhaps a quarter of a million people in its whole area, less than ten to a square mile; practically all the vast interior section was a howling wilderness of sixteen million acres, of which a quarter belonged to private individuals, the rest to the State of Massachusetts; and there were perhaps fifteen hundred pioneer families scattered about over this huge tract. The capital city of Washington was building at the prodigious rate of 88 private buildings in a year-"much progress made in the City Hall, a very large edifice; a new bridge erected over the Tyber; a fountain of water opened that yields sixty gallons a minute, with a head of at least fifty feet above the Pennsylvania avenue," and other details of rapid growth flattering to national pride. The original thirteen States had grown to twenty-four, six (Indiana, Mississippi, Illinois, Alabama, Maine and Missouri) having been admitted in as many consecutive years. Texas and California were to be Mexican for another quarter of a century; Alaska was not only still an outlying Russian province, but Czar Alexander had just issued a ukase excluding ships from Bering Sea and Russia's Pacific coast; three years before, on Washington's birthday, Florida had been ceded to the United States by Spain, and was kept in the public mind chiefly as the seat of our endless and humiliating war with the Seminoles.* The slowness of communication made what we now call the Middle West like a foreign wilderness land, and the Pacific Coast was many times twice as far away as Europe. A weekly of the time reports the departure of a company of 180 adventurers from St. Charles, Missouri, for an expedition to the Rocky Mountains: "they are reported to be of vigorous and masculine appearance, well armed and prepared for a three years' tour through this savage and almost unknown country." Even on the Atlantic seaboard it cost six cents to send a letter thirty miles and twenty-five cents to send it 400 miles-with double and triple rates for those overweight; a package weighing half a pound cost $1.92 for the shortest distance; the freight on a ton of goods from Albany to Buffalo was $100. As a sample of the * Careful and shrewd James Stuart, an English visitor in 1830, declares the reason why the United States wished to own Florida was because of its abundance of live oaks "fit for building ships of war," and that the government had made extensive plantations for this purpose. "I have heard," he says, "of the formation of plantations of trees upon a great scale nowhere in North America but in Florida; but this need not occasion surprise, for there is no object which the people of the United States are so anxious to attain as the possession of a powerful navy." AMERICAN COMMERCIAL ENTERPRISE 27 ease of travelling-the trip of ninety-six miles from Utica to Montezuma was performed in a scow drawn by two horses and generally required nearly two days, though the fare was only four dollars; the voyage up the Mississippi, from New Orleans to Cincinnati, no longer took ninety to one hundred days, as when the "arks" had to be warped up the current by ropes fastened to trees on the bank: but the average steamboat speed was hardly more than that of a good walker, and boilers blew up and boats hit snags and sank with a frequency quite disconcerting to strangers; newspapers and magazines naturally circulated only close to their place of publication-though New York State had ninety, eight being dailies, the rest weeklies or semi-weeklies. So, without railroad, telegraph or telephone, there was very slight commercial intercourse, and nothing to spread quickly the news and ideas, the simultaneous discussion of which is the cement of a modern nation. In spite of the four decades during which we had been evolving as the United States of America, there was strikingly little national feeling observable, except when something like the War of 1812 pulled the country together. States' rights, and state, as opposed to national, feeling had focussed already on the hotly debated subject of slavery; and two years before this the Missouri Compromise had been placed as a plaster on a sore which was later to fester till it required that bloody capital operation of the Civil War to ease the body politic. * Far up on the Pacific Coast, the Northwest Company (which had taken over the unsuccessful colonization enterprise of John Jacob Astor) had, the year before, passed on the venture in its turn to the Hudson's Bay Company; and the American Board of Foreign Missions was receiving reports of the condition of the natives there which resulted a few years later in the sending of missionaries-from the Sandwich Islands (1), to care for the bodies and souls of these Indians. Indeed, it is very hard for a modern traveller speeding in a sleeping car from coast to coast in five days, or whizzing by plane to Chicago in six or eight hours, to realize how vague was the sense of ownership in the whole region west of the Alleghenies. Indiana, for instance, was a state, but its four counties had * A good deal of stir was caused this very year by the execution in Charleston of thirty-five slaves, convicted of conspiracy against their masters chiefly on the testimony of fellow slaves, not under oath. This, and some barbarous misuses of power observed by travellers, contributed ammunition for the abolitionists. 28 A CENTURY OF BANKING IN NEW YORK less than 30,000 inhabitants. Chicago did not exist * and Illinois, t larger than England, was still a frontier territory just beginning to develop towards a commonwealth. Detroit had, including the garrison of the fort, perhaps a thousand people; St. Louis was a headquarters for trading, exploring and fur hunting parties with a few hundred houses. Nor was there always real unity even within a given state or city. That indefatigable and reverend geographer, Jedidiah Morse, remarks in one of his descriptions of New York in 1818: "The English language is generally spoken throughout the state, but is much corrupted by the Dutch dialect, which is still spoken in some counties, particularly King's, Ulster, and Albany. Dutch schools are now discontinued, and the language will probably soon cease to be used." And Stuart in 1830 noticed in New Orleans that "the American and French populations do not even yet amalgamate well together;" while in Chambersburg he was surprised, "on going out in the evening, to find a watchman, a German, calling the hours, who could not speak a word of English." Charles Fenno Hoffman, thirteen years after this, made a tour of the United States from New York, embodying his experiences in two volumes called "A Winter in the West. By a New Yorker." Through the Pennsylvania mountains he passed frequent emigrants: "A covered one-horse wagon generally contains the whole worldly substance of a family consisting not infrequently of a dozen members. The tolls are so high along this western turnpike, and horses are comparatively so cheap in the region whither the emigrant is bound, that he rarely provides more than one miserable Rosinante to transport his whole family to the far west." That there was a considerable tide setting westward, however, Spoffard testified as early as 1825: there were 1,000 strangers setting the little village of Buffalot agog, and a stream of 500 people was passing westward each day. Pittsburgh was the third most important town in the Mississippi valley, supplying the whole region for 2,000 miles to New Orleans with hardware, machinery and cutlery, mining * In 1835 C. F. Hoffman was invited to a public ball in "one of the few frame buildings yet to be found in Chicago; which although one of the most ancient French trading posts on the Lakes, can only date its growth as a village since the Indian war, eighteen months since." t The Supreme Court of Illinois was first organized in 1819. $ It had been entirely destroyed by the British in 1813, but after the close of the war became the metropolis of the rapidly settling, four-million-acre "Holland Purchase," which took in the whole end of New York State west of the Genesee River. THE WESTWARD TREND OF BUSINESS 29 soft coal, handling five million feet of lumber a year, sending her glass everywhere from Arkansas to Baltimore; taking bloom iron at St. Louis and returning it as rolled iron at $38 a ton. At Chicago the garrison officers drove up to the door of Hoffman's lodging with a train of "carioles" and took him off to see a pacing match on the ice; seeing a wolf travelling along the prairie above the river, within range, a horseback hunt was arranged for the next day-and probably within what is now the city's limits, the hunters killed a gray wolf and two prairie wolves. Near Ottawa (Illinois) he saw the oaks within gunshot of the porch of his stopping place "so loaded with grouse (prairie hens) that they showed more like a flock of pigeons than a covey of game birds;" and in all this region men's minds were still full of the Indian outbreak of 1832, when the Sacs and Foxes butchered every member of two families except a pair of girls. After leaving Prairie du Chien, he crossed the Ouisconsin River on poles and loose timber thrown out upon the frail ice, sliding the baggage over the open current on a smooth board. At Galena he found Colonel H., an aristocratic New York acquaintance with West Point education, who, clad in "leather shirt and drawers" drove hogs to market or teamed a load of lead into town with an ox-cart. St. Louis still showed its history in its houses; "in one section you will find it built up entirely with the broad steep-roofed stone edifices of the French, and the Spaniards' tall stuccoed dwelling raising its tiers of open corridors above them, like a once showy but half-defaced galleon in a fleet of battered frigates; while another will present you only with the clipper-built brick houses of the American residentslight as a Baltimore schooner, and pert-looking as a Connecticut smack." And men in the bar-room of the hotels told personal stories of scalping Indians and leaving them to die. Cincinnati offered the traveller "literary soirees" and slaughter-houses where 120,000 hogs were turned into pork products annually-a promise, at least, of future greatness; doubtless, she also justified her claim to be "the Athens of the drama beyond the Blue Ridge" by theatrical offerings ranging from "The Forty Thieves" to "Hamlet," and continuing the interesting theatrical tradition since 1805, in the line of which came Sol Smith with his famous feat (in "Pizarro") of representing, all unaided: "High Priest! Volverde! I I! 1 Almagro!! Guard!!!!!! Blind Man! 1 1 The Whole of the Spanish Sentinel! I! Army l 1 1!1 1" 30 A CENTURY OF BANKING IN NEW YORK In Kentucky he found elk and buffalo on a great country estate which he visited; he stopped at White Sulphur Springs, Virginia, "one of the most celebrated watering places in the Union; second alone to Saratoga in the concourse of strangers it brings together every season, and even rivalled by the Lebanon Springs of New York in beauty of situation;" but the guests were housed in cabins of logs or boards, and there seemed a "slovenliness and want of refined economy in many of the details." Let us take a little wider sweep for a moment. During March of this very year one of the chief subjects of discussion in Congress was the suppression of piracy in the West Indies and on the Barbary coast. It was an everyday occurrence for merchant vessels to be captured, the crews murdered, and the cargoes sold openly in Cuban ports; and it was reported that the famous Lafitte was among the captains operating in these waters without let or hindrance. A weekly of that period summarizes an investigation by the committee on Naval Affairs: "The Report states, that the system of plunder in the West India seas is truly alarming, and imperiously calls for the prompt interposition of government; that every mail brings such accounts of massacre and plunder, by the vicious and depraved of all nations, that, if not winked at by the authorities of Cuba, they are not restrained; that the danger of smuggling is thereby considerably increased on our coast; an ample force is, therefore, recommended to suppress it; that the force actually employed by our Government is, the Franklin, of 74 guns, in the Pacific, for the protection of our commerce in that quarter; that the Constellation frigate, of 36 guns, is in the same ocean, but ordered to return home upon the arrival of the Franklin; that the schooner Dolphin, of 12 guns, accompanies the Franklin, as absolutely necessary upon so long a voyage. "In relation to the instructions for this service, the committee think it would be inconsistent with public law and general usage to give any authority to destroy pirates and piratical vessels found at sea, or in uninhabited places. "The Committee are of opinion that it would be dangerous and productive of great evil, to vest in the commanders of our public vessels an authority to treat as pirates, and punish without trial, even such persons as those above described. It is not necessary for the accomplishment of the object in view that such an authority should be given, and it is essentially due to the rights of all, and the principles of 'public law, and the general usages,' that the consequences and punishment of piracy should follow only a legal adjudication of the fact. WORLD UNREST A CENTURY AGO.31 "That the frigate Conwtitution, of 44 guns, sloop of war Ontario, of 18 guns, and schooner Nonoruch, of 10 guns, are cruising in the Mediterranean, to keep the Barbary powers in awe and protect our commerce in that sea; and it is believed that a less force would be inadequate for these objects. "That the sloop of war Hornet, of 18 guns, the brigs Enterprisre and Spark, of 12 guns each, and the schooners Porpoife, Grampus, Shark and Alligator, of 12 guns each, are cruising in the West India seas and Gulf of Mexico, for the protection of trade, the suppression of piracy, etc.; and that the gun boats Nos. 158 and 168, are cruising along the coasts of Georgia and Florida, for the same purpose. "That the frigate iMlacedonian is now equipping at Boston, and will soon sail on a cruise for the same object; and that it will be necessary to keep at least one vessel of war, either a corvette or schooner, on the coast of Africa, as the most efficient means for the suppression of the slave trade. "The committee are of opinion that no part of the foregoing enumerated force could be withdrawn from the service in which it is employed, without detriment to the public interest, and that the forces in the West India seas and Gulf of Mexico are inadequate for the objects specified in the resolution referred to." New York had its mail bandits, requiring the aid of the United States marines, in 1921; and newspaper observers found a whole fleet of motor-launch law breakers at the edge of the three-mile limit in the Bahamas, busily engaged in conveying bottled and barrelled cheer to the metropolis in defiance of the 18th Amendment. But the notion of open piracy in the nineteenth century, requiring Congressional investigations, would certainly make one of our naval officers smile. A few months later the United States and Great Britain were receiving from the Czar of all the Russias his Imperial Decision in the dispute between them as to the true construction of the first article of that Treaty of peace and amity concluded at Ghent on Christmas Eve of 1814. Our claim was for indemnification for private property, especially slaves, carried away by the British forces when they evacuated American territories; and His Imperial Majesty did us the honor to constitute and appoint as arbitrators to settle this little financial disagreement"Charles Robert Count Nesselrode, His Imperial Majesty's Privy Counsellor, Member of the Council of State, Secretary of State directing the Imperial Department of Foreign Affairs, Chamberlain, Knight of the Order of Saint Alexander Nevsky, Grand Cross of the Order of Saint Vladimir of the first class, 32 A CENTURY OF BANKING IN NEW YORK Knight of that of the White Eagle of Poland, Grand Cross of the Order of St. Stephen of Hungary, of the Black and of the Red Eagle of Prussia, of the Legion of Honour of France, of Charles III of Spain, of St. Ferdinand and of Merit of Naples, of the Annunciation of Sardinia, of the Polar Star of Sweden, of the Elephant of Denmark, of the Golden Eagle of Wirtemburg of Fidelity of Baden, of St. Constantine of Parma, and of Guelph of Hanover; "John Count Capodistrias, His Imperial Majesty's Privy Counsellor, and Secretary of State, Knight of the Order of St. Alexander Nevsky, Grand Cross of the order of St. Vladmir of the first class, Knight of that of the White Eagle of Poland, Grand Cross of the Order of St. Stephen of Hungary, of the Black and of the Red Eagle of Prussia, of the Legion of Honour of France, of Charles III of Spain, of St. Ferdinand and of Merit of Naples, of St. Maurice and of St. Lazarus of Sardinia, of the Elephant of Denmark, of Fidelity and of the Lion of Zahringen of Baden, Burgher of the Canton of Vaud, and also of the Canton and of the Republic of Geneva"who decided, sensibly enough, that we should be paid for any slaves or other property transferred to British vessels from territories which the Treaty allotted to us, but not for those from other regions, and proceeded to determine the exact amount of our bill. In England, the Prince Regent had come to the throne as George IV, and had given the scandalmongers of the world a feast by putting unfortunate Queen Caroline on trial for divorce. Castlereagh had just killed himself, and Canning had become Foreign Secretary-his task being somewhat lightened by the death of Napoleon at St. Helena and the consequent removal of the bogy still present in the minds of many who considered him the monster that had upset the orderly world they knew. As if to celebrate this return of sanity, the Bank of England was proposing to resume specie payments, to the vast relief of the business men and financiers of that country and our own, since violent panics in 1816 and 1819 had resulted from the demoralized banking situation. The step was postponed because of a great depression in business in 1822, but was finally taken three years later. In England, as on the Continent, the most superficial view of this decade betrays the ferment of liberal ideas. William Cobbett had been loudly urging his followers to demand sweeping parliamentary reforms and agricultural riots had led, in 1816, to the suspension of the Habeas Corpus; in August 1819 troops ITS EFFECT ON AMERICAN FINANCE 33 had to charge the rioters in Manchester and let out a good deal of hot blood upon St. Peter's Fields. There were mutterings in France: the assassination of the Duc de Berri betrayed the deep-seated hostility to the restored Bourbons; nor did it improve matters when a French army, under the Duke of Angouleme, went to Spain to carry out the dictates of the reactionary Congress at Verona and put down the revolutionary movement which threatened King Ferdinand's absolute rule. Italy, too, was a source of deep anxiety to the upholders of the established order. The mutinies and revolutions of 1820 had been crushed by Austria, assisted by the fleets of Great Britain and France; with the mere change from a King Ferdinand to a King Charles Felix, absolute monarchy was restored for a while; but the Great Powers, met together at Laybach to take firm measures against the rabble, heartily approved of such measures as Metternich had forced through the German Confederation's Congress of Carlsbad for a strict censorship of the press which was helping to inflame these lawless radicals. Though less vocal, Mahmud II, Sultan of Turkey, doubtless felt much the same sense of outrage when the Greek revolution began. The year we are considering saw the proclamation by the National Assembly of the independence of Greece-after a subjection to Turkey which had begun nearly half a century before America was discovered. In the following year the whole civilized world was thrilled by the exploit of that Markos Bozzaris with whom every schoolboy of the past generation became familiar; and Lord Byron's romantic expedition, and death at Missolonghi, aroused a popular fervor everywhere which was a material factor in producing the alliance of England, France and Russia that destroyed Turkish domination of Greece a few years later. Everywhere one turns there are visible some beginnings of this awakening national consciousness. Belgium was agitating for that independence from the Netherlands which it finally secured in 1830; the very rigors of the repressive actions in Germany reflect what was going on underneath and what was to culminate in the unsuccessful revolutions of 1848. In Norway the Storthing (though forced a few years previously at the point of Swedish bayonets to accept the decree of the Congress of Vienna giving Norway to Sweden) abolished all titles of nobility. Little Serbia was in the midst of her long struggle against the Turks, begun in 1804 by Kara George, and closed in 1830 when the Sultan recognized it as an autonomous Province with Milos Obrenovic as Prince of Serbia. 34 A CENTURY OF BANKING IN NEW YORK Portugal had a full fledged revolution at Oporto in 1820, Dom John, the Prince Regent, having run away with all his court to Rio de Janeiro in 1808 when Napoleon's armies invaded the land. King John hurried back and pacified the Junta with some modifications of the Constitution, leaving his son Dom Pedro as Regent in Brazil. Whereupon, in September 1822, he received the unwelcome news that Brazil had constituted itself an independent Empire with this same Dom Pedro as its ruler. It was undoubtedly Hobson's choice for the young Prince; this was a bad year for the old monarchies in South America. The patriot army in the Argentine gained a decisive victory over their Spanish masters in 1821 and proclaimed a republic; Paraguay had succeeded in throwing off the yoke ten years before, but Peru announced her independence in July of the same year. Bolivia began the final struggle, successful four years later, and Chile was working out the details of the fact proclaimed by its patriots in 1818, though not formally recognized by Spain for quarter of a century. Simon Bolivar had just combined New Granada and Venezuela into the Republic of Colombia and overthrown the Spanish Viceroyalty; Ecuador came into this union during this exact year. The revolt in Central America too was in full swing and culminated in the formal confederation of these countries only two years later; Cuba alone refused to join in this general insurrectionary movement, remaining as almost the last memento of Spain's vast empire in the New World. All these political changes were of course but the outward manifestation of profound changes going on in men's mindsand threatening the old order of things on every side. We shall see some special manifestations of the same inner movement in the United States which had a very direct and radical effect on the banking situation. This internal revolution in men's ideas, in their attitude towards the most fundamental matters of precedent and of government, seems to have so closely accompanied the industrial and mechanical revolution that one is tempted to perceive one as springing from the other. The Eighteenth Century was the flowering of aristocracy. It was a period of wits and beaux and beauties, of grace, of finish, of refinement, of gay trifling, of connoisseurship of art, music, and literature-among the rich, titled, leisure class. If you would see the other side, read Defoe or any of the realists of the period; consider the horrors of the French Revolution, and reflect what must have been the deeds of the people's natural GROWTH OF AMERICAN TRADE ABROAD 35 leaders to produce such feelings towards them in the people's hearts. In England we have Pope and Sir Joshua and Charles James Fox, helping his two brothers to roll up ~140,000 of debts for his father, Lord Holland, to pay: down below, for a single instance, innocent prisoners detained through long years for non-payment of gaolers' fees, and all the horrible abuses, nakedness, underground dungeons, filth and disease of English gaols which caused John Howard to devote his life to bettering prison conditions.* Across the Channel, put beside that world-thatsmiles of Watteau, Boucher, Fragonard, and Eisen, that contemporary buried world-that-weeps of Hugo's "Les Miserables" or Sue's "Mysteries of Paris." Into this world of smiling face and blood-stained feet came: first, the French Revolution, presently Steam, harnessed to the Machine,-which had lately begun to substitute the factory for the individual craftsmen, a change that was to make the very word manufacturef a misnomer, and to produce profoundly unsettling effects upon commerce, finance, politics and society. The first was a fiery, volcanic eruption lighting up for all the world the malebolgic depths beneath this pleasant luxury and gaiety. The second made millions its slaves, but it taught them something of their wrongs and of their power. For it will be found, by the most cursory study of the past, that absolutism and a self-centred court aristocracy are plants which do not flourish beside the expanding industrial life that follows men's harnessing of nature's forces to make cheap clothing, food, and all of material civilization's needs. The downfall of a degenerated oppressive upper class has always come from the rise of a prosperous middle class-manufacturers, merchants and the like. Apparently only the man primitive enough to spend his whole life in laborious hard drudgery, applied to all the necessary everyday matters of life, can be permanently held in the inferior position which his fathers before him were content to accept as their divinely ordained lot. Put power into his hands, and he begins to think. Then comes a bad time for those whose too-comfortable existence is due to the exertions of some ancestor instead of to their own. Wells, in his "Outline of History," emphasizes as the result of this Industrial Revolution the hardening into opposing classes Qf employer and employed-insisting that the new engines and * By an odd coincidence, it was in the very year-i 774-that Lord Holland was told of the little joke his sons had played on him, to the tune of ~ 140,000 squandered in gambling and dissipation, that Howard appeared before the House of Commons to disclose the unspeakable horrors he had discovered as High Sheriff of Bedford the year before. 36 A CENTURY OF BANKING IN NEW YORK machines made a factory too vast and costly for the average artisan to have any hope of setting up for himself. Certainly this was not true in America; in those early days practically anybody capable of running his own business could start that business as one employing at least some of the modern improvements which were to make it more profitable. And that this means of manufacturing necessities and luxuries more largely and more cheaply quickened the building up of a wealthy middle class is beyond question. Anyhow, it is a striking fact (and one quite intimately connected with the special subject of this volume), that the first quarter of the Nineteenth Century saw both a liberal awakening and a perfect outbreak of mechanical power-appliances in basic industries. Though forty years' growth had still left a vast body of the United States a pioneer region, the alert enterprise of Americans had been quick to lay hold of this new power of steam and machines. Before the Revolution Christopher Colles set up an experimental stationary engine in Philadelphia, and within twenty years "steam power came into rather general use in the largest establishments along the seaboard." It was used in dredging the Delaware and Schuylkill rivers, and, even in these early days, as soon as a Western community began to think of manufactures, some up-to-date man introduced the new idea. Lexington, Kentucky, had six of these primitive engines by 1815, there were a score in Cincinnati and half as many more in Pittsburgh by the time we are considering. In 1812 Niles was writing: "The progress of manufactures is astonishing. The world has no parallel for the population of the United States nor can it furnish any for the increase of our fabrications.... Let the present double duties on dry goods be continued three years, and there will be a dreary wilderness between the great body of our citizens and the Egypt we fear. Its passes will be guarded by interest, and all will watch for spies from the enemy's camp, to seize and expose and render abortive all his designs of reducing us again to bondage, compelling us to make bricks without straw -as we have been compelled to purchase British goods while denied that commerce that best enabled us to pay for them." A couple of years later the same authority was figuring that we imported about one-seventh of the clothing used here, and that there were almost 200,000 spindles at work on cotton in the United States, producing perhaps $8,000,000 worth of cloth. He noted also that we were making all our own leather fabrics, RISE OF AMERICAN INDUSTRIES 37 an astonishing list of brass and iron goods, glass, paints, druggists' supplies and so on. Albert Gallatin, too, ten years earlier, had reported to Congress, among the industries then "carried on to an extent that may be considered adequate to the consumption of the United States;" manufactures of wood and leather, soap, tallow candles, vermacetti oil and candles, flax seed oil, refined sugar, coarse earthenware, snuff, chocolate, hair powder and mustard. While, among those furnishing a large proportion at least of the home supply were products of iron, cotton, woolen, flax, printing types, paper, books, playing cards, spirituous and malt liquors, hemp, gunpowder, window glass, jewellery, clocks, lead products, straw bonnets and hats and wax candles. The average family outside of the large cities still produced and manufactured its own clothing; over ten million yards of woollen, linen and cotton cloth were made by hand in the families of New York State alone in 1820, and carpets were entirely woven by hand until 1840 in Philadelphia-always the centre of that industry. Yet it is quite clear that under the stimulus of the protecting tariffs, our infant industries were waxing at a rate quite sufficient to prevent any alarm as to their future. The report for this same year credited New York, for instance, with 184 cotton and woollen-mills, 991 fulling machines, 1233 carding machines, and so on. A trying time had come with the Peace of 1815 so eagerly awaited by the country: "Pent-up English manufactures were delivered in our markets in such large quantities as to threaten the life of many new enterprises. Many British merchants were no doubt eager to glut the American market so as to 'stifle in the cradle those rising manufactures in the United States which the war had forced into existence contrary to the natural course of things.' Imports into this country, which had been relatively small from 1808 to 1813, mounted to $77,000,000 in 1812, dropped to $22,000,000 in 1813 and to $12,000,000 in 1814, and then rose suddenly to $113,000,000 in 1815, and to $147,000,000 in 1816, the largest quantities hitherto imported in a single year. Manufacturers in all parts of the country became alarmed and petitioned Congress for protection and were able to secure the passage of the Tariff Act of 1816." Yet in spite of these temporary set-backs, the manufacturing current steadily broadened and deepened over each five-year period, a host of eager minds laying hold of inventions and improvements, native or foreign, testing them out, using those that 38 A CENTURY OF BANKING IN NEW YORK worked, changing one section after another from an agricultural to an industrial region. For example, Francis C. Lowell and Patrick S. Jackson of Boston worked out in 1813, from Lowell's recollection of what he had. seen in English cotton mills, a little experimental plant in Waltham-claimed to have been the first cotton factory in the world performing all the operations from lint to cloth under the same roof. In 1822 their success led them to buy a larger site elsewhere, and to inaugurate the vast congeries of manufacturing enterprises which make Lowell to-day a centre of the industry. The first paper-making machines were brought over from France in 1820. Mackintosh in' Glasgow succeeded in using rubber for waterproofing in 1823; Jonas Chickering produced his first piano the same year. The first Macquard silk loom was brought here in 1824. One need only consider these few instances, in a country of only seven million people, to realize what a vital matter the tariff seemed to manufacturers, merchants, bankers, and solid business men generally. It should be remembered, however, that in New York, as in some of the other larger cities, an extraordinary proportion of the business still originated from cargoes of foreign goods sold at auction and purchased for re-sale by the merchants. The magnitude of these auctions in New York is indicated by a report showing that in 1818 the 43 auctioneers sold $15,578,831.09 worth of goods-on which the tax paid to the United States was $305,383.32. It is an interesting fact that some or all of the money thus raised went into the Canal fund which financed the building of the Erie Canal. * What this system meant to a young merchant just starting out is strikingly illustrated in the reminiscences of Thomas Eddy, for several decades one of the foremost business men and philan* The success of this fund made it unnecessary for the State for instance to accept such an offer as that chronicled in the New York Columbian in April, 1819: "A Company of Gentlemen, of known capital, have offered to do the whole of this great work for the lease of the Salt Springs, etc. belonging to the State for 50 years, when they shall revert back to the present owners; and never to sell the salt at the works above the present price, which is only 37fr cents per bushel." Since the cost of the Canal, then the longest in the world, was $7,143.789.86 one gets an idea of the importance of this salt supply at the time. "Hibernicus" writing in 1820 of his trip to Salina, describes the Salt Springs in the marshes there, and says that the United States then consumed five million bushels, of which three million were imported and quarter of the rest manufactured at Salina, pointing out, too, that this salt, including a duty of 123 cents, could be delivered at Albany via the Canal for about 25 cents a bushel (it cost in New York 40 to 50, the duty on the imported article being 20 cents)-and declared that he considers "the salt manufacture of Salina the most important establishment in the United States." AN OLD DUTCH DEED TO NEW YORK PROPERTY Dated May 19, 1690, and conveying a panel of land located at what is now William Street (once called "Smith Street"), near Beaver Street (once called "Slote Lane") ri a iA I! -Y ia i; 'TP;,:;. FJ$ *^ L LL C 'Z:.sAG gSa~-i-. O" - 10,11111;. 1.. M Artist, Peter Lacour Engraved by Amos Doolittle, I790 (From an original engraving, one of three known, in possession of Kennedy & Co.) The only known contemporary picture of Washington's inauguration. The building, which encroached upon Wall and Nassau Streets. was built as a City Hall in 1699 and remodelled for the Federal Government in 1788 NEW YORK'S AUCTION-SALE PERIOD 39 thropists of Manhattan. His people were members of the Society of Friends in Philadelphia. Upon the evacuation of that city by the British, young Thomas came to New York. He arrived here in 1779 with $96 in his pocket, very imperfectly educated, and quite ignorant of any kind of business. Here's the way he got his start: "I took board with William Backhouse, in the house now occupied by Daniel McCormick in Wall Street, at the rate of eight dollars per week, besides having to pay one dollar weekly for washing; Samuel Elain, late of Newport, deceased, John I. Glover, and two or three other respectable merchants, boarded at the same house; becoming acquainted with them was highly useful to me, as it was the first opportunity I ever had of acquiring a knowledge of commerce, and the course of mercantile dealing. I knew that it was out of my power to support myself with what I then possessed, and that I must soon come to want, unless I could succeed in business. The first thing to which my attention was turned, was daily to attend auctions at the Coffee House, and being sensible of my own ignorance, I endeavoured by every means in my power to acquire information, carefully inquiring of others the names of articles exposed for public sale, as it often happened that I was not even acquainted with the names of many of them. I then inquired their value, and advised with some persons previous to purchasing; sometimes, on noticing an article intended to be sold by auction, I would procure a sample, and call on some dealer in the article, and get them to offer me a fixed price on my furnishing it; in this way, by first ascertaining where I could dispose of the goods, I would purchase, provided the price would afford me a profit. On this plan I have found a purchaser for goods, bought and delivered them, and received the money, which enabled me to pay the auctioneer the cost of them, without my advancing one shilling. I was obliged to live by my wits, and this necessity was of great use to me afterwards. Some months after my arrival in New York, my brother Charles arrived from Ireland, and brought with him, on account of merchants there, provisions, linens, &c. shipped from Dublin, Cork, Belfast and other ports. He returned to Europe in 1780, previous to which we formed a copartnership with Benjamin Sykes, under the firm of Eddy, Sykes, Co." We get another side-light on the magnitude of the auction business from reading the list of City Ordinances regarding these sales, which the Strangers' Guide for 1817 lists among "Nuisances" 1 40 A CENTURY OF BANKING IN NEW YORK "SALES BY AUCTION. —N goods to be sold on the streets except between 9 o'clock a. m. and 2 p. m.; penalty 10 dollars. "Goods not to be sold in the streets without the permission of the occupant of the house, store, or let, before which the goods are laid; not to be placed on the side walk, nor occupy more than a third part in width of the cart way, or lane; penalty 10 dollars. "Salted beef or pork, dried or pickled fish, blubber, hides, or cotton wool, not to be exposed for sale between 1st June and 1st November; penalty 50 dollars. "Household furniture to be sold only at Peck-slip, between Pearl and Water Street; at Fullon-street, between Water and Front-streets; at Burling-slip, between Pearl and Front-Streets; at Old-slip, between Water and Front Streets; in Broad-street, between Front and South-streets; and in Vesey-sreet, between Greenwich and Washington-streets; penalty 10 dollars. "Carriages and animals to be exposed to sale in Elm-slreet, between Whitestreet and Canal-street; penalty 10 dollars. "Every article exposed to sale at auction, in the public streets, to be removed by 5 o'clock P. M. of the day of selling; penalty 10 dollars. "No bellman, cryer, drum, or fife, instrument of music, or any other show, signal, or flag, to be used at any place of sale by auction; penalty 10 dollars. "All dry goods, hardware, wooden or tin ware, exposed to sale by auction, in the streets, except articles of household furniture, to be sold wholesale, and not in small parcels or pieces; penalty 10 dollars." WOMMUM-ll~~l~11, CHAPTER III INDIVIDUAL NOTES AS C URRENC Y Fluctuations in Currency Values-Depreciation of Continental Currency — buses of Our Financial Systemthe Injustice J7orked by Depreciated NotesHow Unstable Values' Hurt BusinessJhen Banknotes Sold at Cut Rates-Paying Bills Wtith Mioney Below Par p ERHAPS the most striking condition in business and finance affecting the banks of this period was the chaotic state of our currency. It should be remembered that banking in America always implied a right and practice highly at variance with that of the great foreign banks-the right to issue paper money as a substitute for specie currency.* Gallatin pointed out a little later that these bank notes had become "the local and sole currency" in the various places where they were made payable, for nominally at least they were always payable on demand in coin.t The States, of course, had set the example in this. In 1652 the Massachusetts General Court worked out a crude sort of clearing house of bills, balanced up by the constables of individual towns, "for the prevention of the charge and trouble of transportation of the rates to be levyed, to the treasurer of the county" —taxes being balanced by bills for wages, horses, provisions, and so on. Again in 1790, the Colony raised ~ 7,000 to pay its clamorous soldiers, returned from the unsuccessful expedition against Canada, by paper promises to pay. Carolina was driven to the same. expedient a decade later; next came * Bank notes were current in China as early as 800 A.D. The first adaptation to European uses was when Palmstruck issued them from his governmental Riksbank in Sweden in 1658. t There were issues called Post-notes sold and purchased which were not payable on demand, varied in value, and were not considered a part of the currency proper. 41 42 A CENTURY OF BANKING IN NEW YORK Connecticut; and in 1709 New York adopted the same means for the same purpose. The money situation was complicated enough even before the introduction of these doubtful pieces of paper; there were in use coins of Holland, France, Germany, Spain, England and the old Massachusetts coinage, each with the valuation of its respective country and in many cases each differing in different Colonies. For example pieces of eight, stamped six S. were worth 6s. 8 in New York, 7s. 8 in New Jersey, 4s. 6 in Maryland and 5s. in Virginia and Carolina. ~ With the introduction of this new form of currency, each colony putting out denominations and conditions after its own sweet will, the daily problem of purchasing and selling became more and more difficult. These first issues were, to be sure, protected with much care. It was a felony without benefit of clergy to counterfeit the bills of Massachusetts.* Anyone who refused to accept New York's bills of 1714 as legal tender in the payment of debts on a par with gold or silver forfeited the debt and was perpetually barred from its recovery. Moreover, a tax on plate and spirits was laid to retire themwith the result that New York's bills were 25 per cent. better in New England than the ones issued there. As people became more and more habituated to the issue of such bills, matters grew steadily worse, though New York was generally far ahead of her neighbors in proper financial provisions and consequent credit for her issues. The violent fluctuation of values is indicated by these comparative rates of exchange on ~100 sterling during this middle period: _1740 1748 New England ~ 525 ~1,100 New York 160 190 New Jersey 160 180 and 190 Pennsylvania 170 180 Maryland 200 200 North Carolina 1,400 1,000 South Carolina 800 750 Virginia -..... 120 and 125 * The New York record was: In 1704, such "evil disposed Persons" as counterfeited, clipped, forged, filed or otherwise lessened or debased the coin of the realm were liable to imprisonment for a year and a day, and the loss of all goods and chattels. When the evil grew worse it was provided in 1745 that such counterfeiters should suffer death without the benefit of clergy, as in cases of felony. The same penalty was in 1766 extended to imitating the bills of credit of any colony. In 1788 the privilege of benefit of clergy was abolished in all cases of felony, and the death penalty for forgery and counterfeiting was re-affirmed. A law of 1808 modified this to imprisonment for life; and a year later this was still further softened to a seven-year term. DEPRECIATION OF CURRENCY 43 Then came the final war against the French in Canada, requiring ~416,000 in paper money for payments, and the Revolution with the flood of notes by the Continental Congress and by each of the Confederated Colonies. Here, again, New York was conspicuous by the moderation and sanity of its financing, but through the country at large there was a ruinous depreciation thoroughly unsettling to business large and small. The following advertisement was probably the product of Tory spleen, but later on it was much too near the truth for comfort: 1776. Oct. 28. Wanted, by a gentleman fond of curiosities, who is shortly going to England, a parcel of congress notes, with which he intends to paper some rooms. Those who wish to make something of their stock in that commodity, shall if they are clean and fit for the purpose, receive at the rate of one guinea per thousand for all they can bring before the expiration of the present month. Inquire of the printer. N.B. It is expected that they will be much lower. New York Gazette. As if the situation were not already bad enough, Sir Henry Clinton allowed himself to be persuaded to adopt some of the modern methods of warfare and permitted Continental money to be counterfeited and sold in New York. Tom Paine has an outburst of righteous indignation about this in the Crisis. Indeed the poetry and prose of Revolutionary times is full of references to this everyday phenomenon of money which would not purchase anything, and the wits found in it a never failing subject of humor. The fourth canto of Trumbull's "McFingall" contains a full-length portrait of a ghastly spectre "the ghost of Continental Money" bearing upon its tattered robes the device "the faith of all th' United States." Then, as now, it was easier for poets and wits to see the humorous side of business hardships than for the sober merchant or banker, with obligations to meet. One cannot fail to feel sympathy with honest, old John Blakey, whose pair of letters that follow take one right back into the personal worries of a reputable merchant struggling with the situation: "Concord, April 18, 1777 "My Esteemed Friend, &c: "I am almost sick of this world, and the plane coats that are in it (and wish I had a good title to a better), some of those stif rumps pretend to be in the world, and not off it, high in profession, whose practice gives them the lie; they are some of the keenest fellows we have amongst us, and to a discerning eye it is evident that gain is their God. If they have anything to sell, 44 A CENTURY OF BANKING IN NEW YORK they are sure to ask a Continental price for it, and then make many evasions now to take ye money. Notwithstanding what I have said, I love and revere an honest man, let his profession in religion be what it will. I have taken about a thousand pounds of Continental and resolve money, first and last, three hundred of which I have passed since I have been in Concord. I believe I have not taken twenty shillings in any other money but continental and resolve this twelve months or more. Yesterday, Jacob Keyser, of Germantown, paid me ~200 in continental money; he gave the widow Warner 380 for the place he mortgaged to me, and is now about selling it for 800. I have a mind to buy a place myself, but the money is so depreciated, that one must give as much again as a place is worth, and it's but few that will take it at any rate. They are less afraid of old Nick. "I shall endeavour to make myself as easy under my present circumstances as I possibly can. I well remember the time when I was not worth 20s. in the world; if I should live to see that time again, I desire to bless God that I have not been a beggar all my life time. If the money I have should die in my hands, I must go to work again, and if I can't do much, I must do little. I gratefully remain for the many kindnesses I received from you and your loving consort, during a series of years in your servis. May God's choicest blessing be your reward. My best respect to Mrs Paschall, love to Polly, and the rest of the family. I remain with the utmost respect, sir, "Your very humble servant, JOHN BLAKEY "N.B. I should come to town to discharge two mortgages in the office, but John works almost every day 4 of his horses, the 5th is lame and like to be so, the 6th and last is a coalt of a year old, not fit for the saddle." ""Concord, November 29th 1778 "My dear Sir: "We live in an age, and revolution of the world, when too many of its inhabitants have neither faith, honour nor conscience, or the feeling of humanity or common honesty. The other day when my cousin John was at your house, he told me the widow Jones was there inquiring after me, in order I suppose to settle with me in a continental way, that is, to give me for a hundred pounds what is not worth twenty. The money has ABUSES OF OUR FINANCIAL SYSTEM 45 been on interest six years and almost seven months and but one year's interest paid. The principal of a hundred pounds in continental money at five to one is........ ~500, 00 00 the interest for 5 years and 7 months is.... 167, 10 00. ~667, 10 00 "I am not fond of it at any rate, as it is of such a depreciating nature. If she has a mind to pay me in hard money, it comes to ~133, 10. I don't intend to take any pay that is not equivalent to it; please to tell her so the first opportunity, and I shall take it as a great favour. * * * The conditions in her husbands bonds says I shall be paid without fraud; that is all I desire. "Sometime ago when I had the honour and happiness to live in your family, Mrs. Jones came to me and acquainted me she had buried her husband, had lost a young negro wench, was left with six children and bursted into tears, prop'd I would not be hard with her, and I should be - Honestly Paid. I told her she must not cry, nor break her heart, I had never sued any body, that I was not going to begin then, if she could not pay me then, I should endeavour to do without it. If I had less feeling for other people, and more for myself, it would perhaps been better for me this day. Had I gone to Philadelphia last summer when the English was there, and sold her house for hard money, and paid myself out of it, I doubt not but she whould have said, I was a gungry fellow that had us'd her badly, but if I know my own heart, I should rather lose all the money than do an ill thing to save it. My dear friend, I wish you the recovery of your just debts, to your sattisfaction, but least, I should tire your patience and my pen, I shall conclude with subscribing myself your and Mrs. Paschall's unalterable friend, and humble servant, JOHN BLAKEY. "N.B. Love to my little Polly and all inquiring friends. — When a mortgage is paid off, it is required of the mortgagee to give a receit in the margin of the recorded deed in the office, and say receiv'd full satisfaction without fraud, defalcation, or abatement. How can I do this, when I am not paid its valuation or sum total? "Yours, &c." Even after the Continental currency was retired and some of the grotesque features of its depreciation disappeared, business and finance in the United States was confronted with the same 46 A CENTURY OF BANKING IN NEW YORK problem-due to the fact already mentioned, that our banking system was based on that of England and differed from those of all the Continental countries in giving this right of issuing bills supposed to pass currently for money. How this was abused in the outlying communities is indicated in a report of January 1822 covering the New England banks: Seven banks in Bostonwithcapitalof $6,500,000 had outstanding.............. $1,231,381- 18Y4% 15 near Boston with capital of $2,400,000, had outstanding... $1,033,860- 43% 7 distant banks with capital of only $950,000, had outstanding........................ $1,246,214-131% No wonder that wise old Albert Gallatin remarked shortly afterwards in one of his sane summaries of the financial situation: "The present situation of the banking system has proved but too conclusively the general inclination to increase immoderately the banking capital and the number of banks; and also the general tendency of all the banks to extend their loans and discounts beyond what prudence and their primary duty would dictate; and it is believed that this defect is inherent to all Joint Stock Banking Companies." Of course, when one considers the complete ignorance of finance in this country,* and the fact that we were building up new and unsettled regions with incredible rapidity, these errors are little to be wondered at. Moreover, our superior English cousins had really shown us the way towards this confusion. The British Government, in 1797, had broken a precedent covering a century which saw many terrific wars, and had suspended specie payments-for more than twenty years. "The effect in America has been to familiarize the idea that a continued suspension might become the ordinary state of things, and that banks might fail without becoming bankrupts." But what our people failed to realize was the stabilizing effect of the Bank of England's control over the whole system in Great Britain. We saw only that even this mighty institution's notes were steadily declining from their parity with gold and silver, until they were worth twenty percent. less than their nominal value. But these notes alone were legal tender; all other banks of issue, including the English private bankers and the Scotch joint stock companies, were still obliged upon demand to redeem their own issues in Bank of England notes (or, what amounted to the same thing, drafts on London). "Whatever * And we were not at all alone in this: it was in Ireland that a mob made a bonfire of aygreat pile of notes issued by an unpopular banker, crying out "The bank wi surely break now"! DEPRECIATION WORKED INJUSTICE 47 the depreciation might be, whatever evils might be caused by its fluctuation, still that depreciation was, at the same time the same throughout every district of Great Britain and of Ireland: it affected in a direct manner all foreign exchanges and transactions: it had no immediate and direct effect on domestic exchanges." Here, on the contrary, we had a score of independent legislatures authorizing all sorts of ill-secured issues-producing depreciated notes whose values were different "at the same time in the different States, in different districts of the same State, and occasionally in the different banks of the same district." A banker, or even a merchant, had to consult a daily changing schedule of values as complicated as a modern tariff list. At this very time it took $180 in notes of the Kentucky Bank to purchase $100 of specie. "The effect on the moral feeling of the community," observes the old banker, "has been most lamentable." "When banks suspend specie payments, their debtors have a right to discharge the debt in the depreciated paper of those institutions. But, because the banks offer to pay their own debts with the same paper, it is not perceived whence the right accrues to individuals to pursue the same course towards each other. They have not the legal right, since, in case of a suit, the debt can only be discharged in the legal coin of the country: nothing but gold or silver is by the constitution a legal tender. Morally, every debtor is still bound to pay his creditors, the suspended banks only excepted, in coin, or at least in the depreciated currency at its market price in gold or silver. It happens, however, that the great mass of merchants, who reside in the same place, being at the same time debtors and creditors, find it more convenient still to pay each other by the transfer of bank deposits, or to take and pay the bank paper at its nominal value. This, whilst confined to those who have a common interest in pursuing that course, may not be improper, and is convenient. But it is utterly unjust toward those who are creditors at home and debtors abroad, towards all those who have only debts to collect and none to pay, or who, if they have payments to make as consumers, are obliged to purchase at enhanced prices. The loss falls, heavily and most unjustly, on those who live on wages, which do not advance with the enhanced prices of articles of consumption, but which, on the contrary, generally fall during a period of universal derangement. "The injustice is still greater between those different cities and States where the depreciation is not the same. When the 48 A CENTURY OF BANKING IN NEW YORK parties have failed or are unable at once to meet their engagements, amicable arrangements must take place, and the creditors, in such. cases, are satisfied to receive what the debtor can pay. But those debtors, residing in States or places where the local currency is most depreciated, who can pay, now begin to think that, because they pay and are paid at home with that currency, they are absolved from the obligation to pay in any other way their creditors who reside in other places or States. It amounts to this; you must receive this depreciated paper at par, or you may institute a suit, and the creditor, who knows the expenses and delays of the law, and who must realize his active debts in order to meet his own engagements, is compelled to submit. In process of time, the people generally acquiesce; the banks seem to forget altogether in what consists their primary duty, and, under pretence of alleviating the distress, consult only their own convenience. The same feeling at last penetrates into the legislative halls; and the State legislatures, which at first had appeared disposed to enforce a prompt return of the banks to their duty, yield and authorize, sometimes even encourage, an almost indefinite continuance of the suspension. "It would be painful to pursue the subject any farther, and to advert to the recklessness, gross neglect, inconceivable mismanagement, amounting to a breach of trust, to the disgraceful and heretofore unheard-of frauds, which have occasionally occurred, or to that which is perhaps still worse, the apathy or lenity with which those enormities are viewed. "It may with truth be affirmed, that the present situation of the currency of the United States is worse than that of any other country. The value even of the irredeemable paper money of Russia has, during the last forty years, been more uniform, and in its fluctuations, the tendency has been to improve and not to deteriorate that value. No hesitation is felt in saying that, whatever may be the presumed advantages of a moderate use of a paper currency., convertible into specie on demand, to have no issue of paiper would be far preferable to the present state of things." just to increase the joyous and haphazard casualness of financial transactions, our coinage., too, demanded a mathematical calculation to determine its true value. England's standard of value was based on gold, ours on silver; hence one had to know the market price of silver per ounce in the actual currency of England in order to pay a bill there. The legal proportion was: in England., one ounce of gold to 15 9/124ths of silver; in France, 1 to 15W/ ounces; in this country, 1 to 15. Nominally, our dollar HOW UNSTABLE VALUES HURT BUSINESS 49 was equivalent to 4s. 6d. sterling so that $444.44 should have been equivalent in pure silver to ~100 standard. But the American dollar, which the Mint regulation declared to be 17d. 8 grs., was of a metal so much less pure than that used abroad that it actually had 832 grains less of real silver, losing here 2y4d. Then the actual weight of the dollars in general circulation was 2 grains short of the theoretical; so, when the market value of silver was equal to its legal parity with gold, there was a 5 per-cent. premium on exchange here besides the cost of remittance. In addition, since comparatively little silver was coined (it was legal tender only for sums not exceeding 40s.) there was a regular market for it as bullion, and the price fluctuated in accordance with its fineness and by the supply and demand at the time. In the period we are considering, therefore, the premium on exchange probably averaged as high as 10 per cent. and was often much more. Such a state of affairs would be a severe handicap, even in a community where business men had been trained for generations in the principles and practice of financial matters, but Eleazar Lord (at this time President of the Manhattan Insurance Company and later head of the Erie Railroad) stated the case quite mildly in his very intelligent treatise on "Credit, Currency and Banking" when he dryly remarked: "At present, the proportion, even of merchants and bankers, who knew anything of our laws respecting our own and foreign coins, or of the degrees of alloy in those coins, or who could determine the true power of exchange between this and any other country, is, probably, not very great." Imagine a pioneer "'banker," growing up with the newly settled community in a backwoods region, struggling with these recondite matters-amid people whose main idea was that there had to be plenty of money in order that each of them might have plenty of it, and that banks were to be suspected because they were concentrations and issuers of money-and some high lights of the true picture of those times will begin to appear. Not only did we have the same inevitable phenomenon of rising prices which disconcerted England during the latter years of the Napoleonic wars, but the utter instability of values was a clog on business between different sections, and often worked the severest hardships. Much of the ammunition of the supporters of a National Bank was drawn from this source. A Congressional report thus 50 A CENTURY OF BANKING IN NEW YORK summarized the situation some years after the date we are considering: "The price current appended to this report will exhibit a scale of depreciation in the local currency, ranging, through various degrees, to twenty, and even twenty-five percent. Among the principal eastern cities, Washington and Baltimore were the points at which the depreciation was the greatest. The paper of the banks in these places was from twenty to twentytwo percent. below par." At Philadelphia, the depreciation was considerably less, though, even there it was from seventeen to eighteen percent. In New York and Charleston, it was from seven to ten percent. But in the interior of the country, where banks were established, the depreciation was even greater than in Washington and Baltimore. In the western part of Pennsylvania, and particularly at Pittsburgh, it was twenty-five percent. These statements, however, of the relative depreciation of bank paper, at various places, as compared with specie, give a very inadequate idea of the enormous evil inflicted upon the community by the excessive issues of bank paper. "A very serious evil already hinted at, which grew out of the relative depreciation of bank paper, at the different points of importation, was its inevitable tendency to draw all the importations of foreign merchandise to the cities where the depreciation was the greatest, and divert them from those where the currency was comparatively sound. If the Bank of the United States had not been established, and the Government had been left without any alternative but to receive the depreciated local currency, it is difficult to imagine the extent to which the evasion of the revenue laws would have been carried. Every State would have had an interest to encourage the excessive issues of its banks, and increase the degradation of its currency, with a view to attract foreign commerce. "Even in the condition which the currency had reached in 1816, Boston, New York and Charleston, would have found it advantageous to derive the supplies of foreign merchandise through Baltimore; and commerce would, undoubtedly, have taken that direction, had not the currency been corrected. To avoid this injurious diversion of foreign imports, Massachusetts, New York and South Carolina, would have been driven, by all motives of self-defence and self-interest, to degrade their respective currencies at least to a par with the currency of Baltimore; thus a rivalry in the career of depreciation would have sprung up, to which no limit can be assigned. As the tendency WHEN BANKNOTES SOLD AT CUT RATES 51 of this state of things would have been to cause the largest portion of the revenue to be collected at a few places, and in the most depreciated of the local currency, it would have followed that a very small part of the revenue would have been disbursed at the points where it was collected. The Government, consequently, would have been compelled to sustain a heavy loss upon the transfer of its funds to the points of expenditure. The annual loss which would have resulted from these causes alone cannot be estimated at a less sum than two millions of dollars. "But the principal loss which resulted from the relative depreciation of bank paper at different places, and its want of general credit, was that sustained by the community in the great operations of commercial exchange. The extent of these operations, annually, may be safely estimated at sixty millions of dollars. Upon this sum the los sustained by the merchants, and planters, and Jarmers, and manufacturers, was not, probably, less than an average of ten percent., being the excess of the rate of ex, change between its natural rate, in a sound state of the currency, and beyond the rate to which it has been actually reduced by the operations of the Bank of the United States. "It will be thus perceived, that an annual tax of six millions of dollars was levied from the industrious and productive classes by the large moneyed capitalists in our commercial cities, who were engaged in the business of brokerage." Announcements like the following were fairly common in the newspapers at this time: "Uncurrent bank notes. Notes of the banks in this State and the other States in the Union purchased at the lowest rates at Allen's Lottery and Exchange Office, 122 Broadway, opposite the City Hotel." Another shortly after indicates the movement of specie and bullion out of the country which reduced the amount in the United States by nearly $9,000,000 in 1821-1829: "October 25, 1822. Doubloons wanted. Apply to Levi Coit, 621 Broadway, marble houses." The report goes on: "It is impossible to form anything like an accurate estimate of the injuries and losses sustained by the community, in various ways, by the disorders and fluctuations of the currency, in the period which intervened between the expiration of the old bank charter, and the establishment of the present bank. But some tolerable notion may be formed of the losses sustained by the Government in its fiscal operation during the war. "The Committee have given this part of the subject an attentive and careful examination; and they cannot estimate the 52 A CENTURY OF BANKING IN NEW YORK pecuniary losses of the Government, sustained exclusively for the want of a sound currency and an efficient system of finance, at a sum less than Jorty-six millionx of dollarr. If they shall make this apparent, the House will have something like a standard for estimating the individual losses of the community." During the suspension of specie payments by the banks from 1814 to 1817, the Corporation of New York attempted to meet the scarcity of specie in small change by putting out $100,000 worth of 634-, 12W-, 25-and 50-cent bills. These were accepted everywhere in the city, but they proved to be insufficient to meet the public needs, so that it was a common practice with many tradesmen to issue their own bills. Even these informal promises to pay had a far better standing than the notes of the country banks, some of them little more than names, which came into New York in great quantities just about this time. One gets an illuminating glimpse of some of the financial practices of those days in DeVoe's record that some of these institutions "were every few weeks or months stopping specie payments or closing for a period; then, with their agents, buying up their bills for 25 or 50 cents on a dollar, while others stopped entirely, defrauding thousands of poor mechanics and others." These practices reached such a pitch that in June of 1819 a mass meeting of butchers was held in the old Fly Market, which, after animated discussion and retailing individual experiences, resolved: "That after the 30th instant, they will receive no country bank notes that are below par in New York." Elsewhere the conditions were far worse, especially before the Second United States Bank helped somewhat to stabilize matters. A writer who had held the office of tax-collector up the State declared that frequently a person receiving a dollar bill in the morning would do his best to get rid of it before noon. "For the purposes of small change individuals issued their own bills from 2 to 87W cents-the possession of a piece of coin, say a 6-, 25- or 50-cent piece, was almost a curiosity; and such was the want of confidence in what paxxedjor money that a person could scarcely travel from one town to another with the same bills." This official had orders from the Secretary of the Treasury to accept no bills for tax payments, save those which were current and would be received in deposit at the New York banks; "I have frequently known a poor man, who kept a small grocery or tavern for the support of himself and family on paying from $15 to $25 for a licence, to be obliged to pay a discount of 5 to 15 percent. on what he had received as money at par in order to furnish me with such money as I could receive." PAYING BILLS WITH MONEY BELOW PAR 53 The banks themselves set the example in this general distrust of the common circulating medium. The twenty different branches of the Banli of the United States itself were not required by law to redeem each other's bills, and certainly during one period there were bills of Branch Banks which were not accepted at par by other branches. The situation in Boston was very clearly set forth in a pamphlet by an editor of one of the newspapers there in 1826. Though the paper of out-of-town banks was accepted as perfectly good in every other kind of transaction, the Boston banks had consistently refused to accept it. One merchant who had a large country trade testified that it had cost him in a single year $1800 for mere exchange of current money, received at par in the course of his business, into Boston money which his local banks would accept. This naturally kept in circulation a highly disproportionate amount of these out-of-town bills, and established a vicious circle. The three Boston banks in 1809, with a capital of $3,800,000, had outstanding $646,221 of bills; five other banks in the State, with a combined capital of $700,000 had $797,863 out. Again in 1819, when the ratio of circulation to capital among the Boston institutions was approximately one to seven, eight main banks had shovelled out fifty percent. more than their capital in notes. It is not at all surprising to note that several of these banks exhibited as security for heavy loans pledges of their own stock, and that all the five banks first mentioned and several of the latter group presently failed. Interestingly enough, when an attempt was made to reform one main cause of this system, and eight banks agreed to give these out-of-town bills the same credit granted to each other, calling themselves the Allied Banks, there was a tremendous outcry against this unholy "Holy Alliance" of moneyed interestsl ___% (a CHAPTER IV THE BANKER OF 1820 How the 1822 Magnate Lived —Bank Scandal a Century AgoRecreations of the Old-time Banker —His A.sociation Wi th the Arts- The Banker's Social ObligationsThe Old Aerchant-Bankers —Letters of John Crosby Brown- American Finance During the Jfarof 1812- The Banker's Civic Duties in Old New York —Salaries and Rent —Banking Hours in 1822 IFTHE working conditions and habit of thought of the financier of those days would seem archaic enough to the men who now spend their lives in our maelstrom of colossal financial enterprises. The "big men" nowadays come daily to Manhattan on a "Bankers' Special" from Southampton, or a club car from Southern Connecticut, or motor in, in comfortable limousines, from anywhere within a circuit of forty miles; they even swing down from their homes up the Hudson, or the Long Island or New Jersey shore, in big private yachts at railroad speed. In those days a large number of the magnates strolled from their homes to their offices-naturally enough, when Wall Street itself had private houses, boarding houses and hotels (not to mention a church!), and when the usual residential section of the city would hardly extend above Warren Street. In fact, conditions were not infrequently more primitive still: Nathaniel Prime, the first real private banker in New York (and founder of the later very famous Wall Street banking house of Prime, Ward and Sands) had his counting-house in his residence, the historic No. 1, Broadway.* Even down into the '40s and '50s "everybody walked to and from business," as Felix Oldboy declared, "except those who lived in the outskirts of Greenwich * In Philadelphia "distinguished and well-to-do merchants" had their large and handsome homes, full of imported furniture, on Water Street, with counting-house or store beneath, and living apartments above. 54 Z7)S b5 Uta ogtTavor' VV0 &kC1FTh J. 17;V&TL;& AJJUc0 10j4 uy V7&T ry J. Yl Ggr&Ty BOWLING GREEN WHEN IT WAS NEW YORK'S FASHIONABLE RESIDENTIAL DISTRICT, 1826 No. 1 Broadway-the house on the left-was erected in 1756 and was occupied by George Washington during the Revolution mu.I I / - I "= 2' V A. - / - t \rx7-,-. H,. f.. ts t U./ ^t J *.. From the collection of Charles F. Graff, N. Y. SPECIMENS OF NOTES Issued by the banks during the early part of the 19th century. Engraved by William Rollinson HOW THE 1822 MAGNATE LIVED 55 Village and Chelsea, who came by stages, or a few invalids and octogenarians. It told against a man to pamper himself with sixpenny rides in an omnibus." In fact, this daily promenade was for a generation a social function where all the distinguished figures of the city could be seen joining the tide that stepped briskly, yet with dignity, down to work in the morning, and which at rather an early hour sauntered back up Broadway to club house, home or political headquarters. If the important men did not walk, they drove down in a highwheeled gig behind a fast-stepping horse-for there was a prodigious amount of interest in fine horses and trotting races. In the Maverick view of Wall Street in 1834 a very prominent feature is no less than seven riders mounted either on sturdy cobs or mettlesome thoroughbreds; the same view displays two four-horse sleighs careering across and down the street which now is solidly filled with pedestrian humanity for a large part of each working day.* As a final touch, too, one sled is backing up against the sidewalk to deliver a load of cordwood for heating purposes, and a man at the corner of Wall and Broadway is sawing up four-foot lengths into firewood; while another feature not shown was the horde of begrimed chimney sweeps, in leather breeches, who went about seeking soot to remove. If we can trust the eyes of the artists then, these gentlemen had a dignity of carriage and an atmosphere of leisure entirely corresponding to what they have expressed in diaries and lettersand completely expressive of the essential difference between those times and our own somewhat tense and hectic business attitude. Yet they seem naive enough at times to our own selfconscious generation. It was quite the thing for a rich man to have a country place where he raised cattle, poultry, flowers and other agricultural products which he sent in to the shows of the New York County Agricultural Society and part of which was sold; and there was at times the most intense rivalry among them, especially, it seems, in the matter of prize cattle for "Fat Beef." In March, 1821, a Mr. Philip Fink, of Orange County, discovering that the sale of his exhibits to the butchers of Washington Market was materially affected through his thirty-two steers having taken only the second premium, whereas the first premium steers of Mr. Ebenezer Stevens had aroused great excite* In 1800 there were said to be only seventeen persons in New York who kept private carriages; but there had been a great extension of wealth and luxuries even in these first two decades. 56 ACENTURYOFBANKINGIN NEWYORK ment in the Fly Market, publishes a card in the local paper announcing that he is going to expose for sale these thirty-two head of cattle and requests his friends to view them "from 2 to 6 o'clock p. m. at Slaughter Houses 166, 172 and 174 Mott Street, where he will be ready to attend them." He continues by issuing a defiance to his successful competitor: "P. Fink hereby offers Mr. Ebenezer Stevens, of Dutchess County, a bet of 1,000 dollars, on the production of 20 head of the largest and best cattle at the next March fair in New York. The cattle to be raised and fatted in the State of New York, and to be kept at least eight months on our respective farms." Two days after: "Mr. Ebenezer Stevens begs leave to inform Mr. P. Fink, that he is no gambler, but does not apprehend any difficulty in beating him at any future time, as he has done in his twenty premium cattle; besides, he does not believe that the New York County Agricultural Society was established for the encouragement of that art, and he further begs leave to say, that if Mr. P. Fink thinks that his rage will influence any wise man in his favor and by that means insure him a market for his opposition cattle, he may perhaps find himself mistaken. Another thing Mr. Stevens thinks, that if he had acted towards Mr. Fink as Mr. Fink has done towards him, he would have expected to have been excluded by the Society from offering cattle again for any premium. "E. Stevens." Presently there was a procession of sixty carts "accompanied with music and flags and streamers" which conveyed these fat cattle through the streets to the market-"the finest and largest display of the kind that ever took place in this city"; and it was duly chronicled that Mr. Fink's cattle had weighed 1853/ lbs. "rough fat" each, while those of Mr. Stevens were 182K lbs. each. So there was a great celebration among the Fink-ites, the various stalls and meat being "beautifully dressed" and "the market for it satisfactory;" finally, to close the affair, the prisoners in the debtors' prison came out with an acknowledgment of "a donation of excellent steaks from P. Fink, Esquire, of Washington Market. They also offer sincere thanks to Jonas Humbert, Esquire (Baker), for repeated supplies of bread; he that giveth to the poor lendeth to the Lord." From that time on there were frequent exhibitions and parades of fat cattle with appropriate display of the star spangled banner and premiums of silver pitchers, some of them, as Mr. DeVoe narrates, "got up in the most imposing as well as the most expensive manner." (Ebenezer Stevens was, of course, a well-known army officer, a prominent merchant, and a member of society). BANK SCANDALS A CENTURY AGO 57 That the magnate's "lady" used her time similarly is shown by the list of premiums for the best butter brought to Fulton Market this very year,-when Mrs. Morris, of Morrisania, was awarded the first prize, a silver pitcher, valued at $15. In addition, the wealthy women were prominent in the Lydia Society, the Dorcas, the New York Auxiliary Female Bible Society, the Society for the Promotion of Industry among the Poor, the Female Cent Societies (each Presbyterian member contributing a cent a day towards the education of a divinity student), the Association for the Relief of Respectable Aged Indigent Females -and other similar highly superior charities with resounding titles. For, with all the fine qualities which make us love the folk of this generation even while we smile superiorly at some of their manifestations, it should be clearly understood that the upper class accepted without the least protest the decree of Providence which had constituted them upper; a modern soapbox orator would have been looked upon and treated much as an Indian brave on the warpath. And there was a comfortable basic assurance that since America was the land of equal opportunity, and even the vast forests were full of that opportunitywhy, it was a man's own fault if he were unsuccessful, and those who had amassed wealth were well entitled to all the respectful admiration their fortunes and influence could command. Anything else would have been like a quaking of social foundations to these solid business men (sometimes, I fear, smugthough there were plenty of magnificently human figures among them). To be sure, there had been, within the memory of all, a thing called the French Revolution; but that was an excitable Gallic nation revolting against effete kings and a vicious aristocracy; it might become right to revolt-they themselves had proved it was by doing it; but they had performed the operation decently and with Anglo-Saxon restraint. Our banker ancestor was probably reading James Fenimore Cooper's novels, "Precaution" and "The Spy," if he read novels at all; and almost certainly Washington Irving's "Sketch Book" and the just-issued "Bracebridge Hall, or the Humourists." Without any doubt he would have shortly Governor Clinton's Message to the Legislature, and would have also very strong views as to the Governor's recommendations regarding franchise and taxes, canals, and the attempt to bring canal tolls into the coasting trade controlled by the United States. The delight taken in gossipy and lampoony humor would probably too have made him familiar with Gulian C. Verplanck's onslaught on 58 ACENTURYOFBANKINGIN NEWYORK Clinton in his rhymed account of "The State Triumvirate: A Political Tale and The Epistles of Brevet-Major Pindar Puff," which set the town laughing in 1819.* With particular glee or rage, according to his party, our banker would note the anonymous writer's barbed references to the Bank of America scandal, where the anti-Clintonians charged that bank shares were sold at very large premiums without the advance of a single instalment payment by the lucky insiders. Personal journalism was still personal enough: it was only a few years before that the editor and proprietor of the New York Morning Post and Morning Star laid before the world the inside facts about a certain supper at Dyde's Hotel which had set politics by the ears: he did not only intimate, but charged and produced "evidence," that the Burr party had come to Clinton's support because of a little arrangement by which the Manhattan Bank lent a distinguished Burr-ite $18,000 on his notes, as well as that the Governor had taken most violent liberties with the truth. Again, in January of this year we are considering, Jacob Barker who was interested in the newly-chartered North River Bank, was tried for challenging David Rogers, one of the directors, to fight a duel; and Mr. Rogers's testimony was not only to the effect that his opponent's anger was due to his unsuccessful effort to start an opposition movement, but more than hinted that Mr. Barker was a thief anyway! He would have read with pride, too, the sketch of the resources of New York published by young John A. Dix, presently to start his political career of Secretary of State, United States Senator, War Governor, and so on-showing that the 14 State banks, the U. S. Bank, the 11 Marine Insurance Companies, the 33 concerns doing fire insurance, the new Savings Bank and "several other incorporations" footed up a total amount of stocks exceeding $24,000,000, or four times as much as in 1800, while the whole United States, even with the outburst of new banks of fictitious exaggerated capitalization, had only $150,000,000; that the business done on the Erie Canal was nearly seven times as great in 1826 as in 1823; or the latest valuation report showing that property in the city and county had swelled * "Major Puff" particularly paid his respects to the Governor for the passage in the latter s discourse in which he "elegantly and perspicuously" described the New York Historical Society as having a 'rare, invaluable and extensive collection of books, pamphlets, newspapers, and so forth worth at least $10,000;" and dismissed the learned societies with the encomium: "They are institutions which want nothing but more encouragement from the public, and more attention from the members, to become useful." RECREATIONS OF THE OLD-TIME BANKER 59 to the prodigious total of $71,285,141; and many other pleasant statistics proving that his city of New York, "having its origin in commercial interests" had swept steadily on to opulence and greatness; though he, being a conservative person, probably took as spread-eagleism Mr. Dix's peroration that "there is no instance on record, ancient or modern, of so rapid a growth as this city has had since its liberation from the embarrassments of Colonial servitude; and it is confidently believed that its growth will continue undiminished until it transcends the bounds of every commercial city in Europe." Not much of the flapdoodle of that braggart period would be so well justified at the end of a hundred years as that particular prophecy. He went to church regularly on Sunday (in fact, it is declared, three times), this banker of ours, walking as he did to business; in the afternoon, as well as on holidays and summer evenings, he was apt to drive back into the country to Cato's, Burnham's, Rogers', Rose Hill Tavern or some favorite resort on the Hudson or the Sound, Mount Vernon being not at all out of the range. * Apparently a large part of the pleasure in these excursions consisted in having a speedy trotter, and one of the irresistible entertainments (to all except the strictest sectarians and the Friends) was a horse race-as witness the surprising statement of the English traveller who found twenty thousand visitors, largely Virginians, crowding up to New York for a race between two celebrated horses. Some indication has already been given of what seems to us a rather childish quality in the formal amusements of the time. It was not at all beneath the dignity of these distinguished gentlemen to walk down to Catharine Market and watch "Ned," Martin Ryerson's little negro slave, and "Bobolink Bob," and "Jack," and other noted negro dancers, who would flock over from Long Island with leave for holidays, especially on "Pinkster day" (Easter). These cheerful blacks would come in skiffs loaded with yellowleg snipe, ducks, fish, clams, oysters, berries and herbs, selling them for what they would bring; then, * "I made, on horseback," says "an English Farmer" in 1820, "the tour of New York Island, about ten miles in length and two in breadth, on one side is the noble Hudson, or great North River, and on the other the East River and Hell-gate, and the beautiful villages of Manhattan, Haarlem and Greenwich. All the road from the city to the extremity of, and beyond the isle is adorned on both sides with the country seats and pleasure-grounds of rich citizens, who, like those of London every morning and evening drive to and fro in great numbers.... The houses on the roads, thus leading through the isle to the city, have each from five to ten acres of green pasture, park or pleasure-gardens.' 60 A CENTURY OF BANKING IN NEW YORK with three days' leave, they would hire out to some enterprising butcher to dance jigs, breakdowns, and otherwise keep the customers in good humor-not failing to pass around the hat. If there wasn't any money, they would dance for a mess of eels. These fellows, of course, could make their own music, "patting Juba," and had the natural birthright of dance and song which gave such color to plantation life in the South. Even the staidest city magnates delighted in these first public exhibitions of negro dancing, and in the jokes and comical dialect of the grinning darkies. He probably shared with his contemporaries that fondness for childish practical jokes which impresses a modern reader in looking over the vaunted humor of the eighteenth and early nineteenth centuries. Just at this time, for example, everybody was smiling over a most elaborate hoax gotten out by an old carpenter, "Lozier," and his uncle John, who spread the news among the butchers and hangers-on at Mulberry and Spring Streets that Manhattan Island was getting too heavy on the Battery end, and that therefore it was to be sawed off and the lower section turned down. Daily the country visitors heard the practical details of this plan discussed; whether Long Island must be moved; if the Bay and Harbor were large enough to turn around Manhattan in, and so on. After some months, "Loaier" was actually engaging mechanics and laborers to build barracks and construct sweeps 250 feet in length; an enterprising blacksmith, despite the incredulity of his wife, was pulling wires to get the job of making the ironwork for this apparatus. The whole thing culminated when "Lozier," no longer able to stave off pressing applicants by talk, appointed a rendezvous for one section of the working army at the "Forks of the Broadway and the Bowery;" and the other at No. 1, Bowery, corner of Spring Street, where they were to drive up an equal army of live hogs and other provisions. Of course, there was almost a riot when everybody appeared except "Lozier" and the hogs. The same lofty superiority of the Manhattanite attitude towards the surrounding regions, which is said to be observable to-day, was so titillated, that the whole town discussed the credulity of these gullible country folk during the weeks that the practical joker had to remain concealed. While even the dignitaries did not consider it beneath them to see such prodigies as the "learned elephants" and other prodigies announced through the newspapers, the better-class stage attractions would make our own amusement columns HIS ASSOCIATION WITH THE ARTS 61 seem cheap enough. It was still necessary, apparently, for a manager to assure the fashionable public of his "attraction" in this case Mrs. Meline-that "the respectability of this Lady both in deportment and talents, will, no doubt, give general satisfaction;" but even Italian opera, with its dangerous foreign songstresses, was on the way. It came, presently, through the efforts of Dominick Lynch (whose son represented his interests as director of the North River Insurance Co. and of the Branch Bank of the United States), "the acknowledged head of the fashionable festive board, a gentleman of the Ion, and a melodist of great powers and of exquisite taste." He induced Stephen Price, manager of the Park, to make the venture, and on October 29, 1825, Rossini's "Barber of Seville" was sung, the great Garcia and his daughter Maria (afterwards the famous Mme. Malibran) and the basso Angrisoni taking the leading r6les, while Lorenza da Ponte, librettist of "Don Giovanni" and "The Marriage of Figaro," acted as master of ceremonies. "The indomitable energy of Garcia," says rapt Dr. Francis, "aided by his melodious strains and his exhaustless powers, the bewitching talents of his daughter, the Signorina Garcia, with her artistic faculties as an actress, and her flights of inspirations, the novelty of her conception, and her captivating person, proved that a galaxy of genius in a novel vocation unknown to the New World, demanded now its patronage." It got it from that time on. In 1833 the Italian Opera House was built, at the northwest corner of Church and Leonard streets, six "proprietors" subscribing each $6,000 and each owning a private box and half a dozen free seats in the second tier. Our wealthy fashionables had discovered the public entertainment which they were to stamp as peculiarly their own, and which was to develop through the years until it blossomed into the be-jewelled splendor of the golden horseshoe at the Metropolitan. Edmund Kean was just terminating his first American engagement in the summer of 1821, after thrilling New York audiences with the prodigious range of his genius in his favorite parts, from Richard, Lear and Othello to Sir Giles Overreach. George Frederic Cooke had displayed the plenitude of his ripe powers before unprecedented audiences in the Park Theatre from 1810 to 1812-and his funeral in September of the latter year was an imposing public spectacle, "the reverend clergy, the physicians, the members of the Bar, officers of the army and navy, the literati and men of science, members of the dramatic corps and a large concourse of citizens" moving in the procession. 62 A CENTURY OF BANKING IN NEW YORK Our lucky friend was later to see Macready, perhaps to witness the quarrel between him and Edwin Forrest which produced the memorable riot. We have already witnessed the famous comedian Charles Mathews arriving here, and being debarked with much the same difficulty attending the landing of a nervous horse. One of our illustrations shows the kind of audience which turned out to witness his triumph at the Park in Moncrieffe's farce of "Monsieur Tonson." This painting of John Searle's represents a scene on the opening night of November 7, when cold weather had permitted New York to return to its business, homes and amusements; Mathews is on the stage as "Monsieur Morbleau," and Miss Johnston as "Madame Bellgarde." * Through an inspiration of Thomas W. C. Moore, forty-five years later (who prepared a key to the painting then owned by Mrs. William Bayard), we know the names of some eighty odd of the representative New Yorkers whom the artist portrayed as witnessing this important appearance. They are all here, Bayards, and Coldens and de Peysters and Livingstons, Crugers, Van Wycks, Clintons, Beekmans, Lenoxes, Brevoorts and the rest; not to mention the prodigious Doctor Mitchell, Doctor Hosack, Doctor Francis, James K. Paulding, Mrs. Daniel Webster and many another of the outstanding figures in the financial and social life of the period. He was also witnessing no less a person than Junius Brutus Booth, who had made his appearance in New York October 5, 1821, in the just-rebuilt Park Theatre, and in Baltimore on November 2, creating a sensation as Richard III (and drawing a house of $383). To be sure, Booth had already produced a great impression at Covent Garden in London, though the overshadowing reputation of Kean in "Lear" at Drury Lane made the joint effort of Booth, Kemble and Macready a failure-and the former used to relate, with humor, that the benefit which was part of his remuneration had brought him a deficit of ~80 which he had to pay. There were, too, youthful prodigies of the stage in those days: like the juvenile Master George Frederick Smith, who tore passion to tatters at the age of ten as the "Young Norval" and * "Mr. Mathews. We last night paid our dollar to witness this gentleman's far-famed exhibitions, and confess that we do not regret the time or the money spent on the occasion... Mr. M. played Goldfinch, in the 'Road to Ruin,' a character, we believe, that has no existence in this country, but, as we are informed, very common in the fashionable part of London called the west end of the town.... The farce of 'Monsieur Tonson' was performed for the first time, in which Mr. Mathews supported the principal character with great eclat." Commercial Advertirer. THE BANKER'S SOCIAL OBLIGATIONS 63 "Octavian" and was exploited as the American Roscius. A more enduring prodigy who came along just then was sixteenyear-old Edwin Forrest, not turned from his notable career by his initial failure in his native city of Philadelphia. Patriotically he would have patronized some of the native attempts to furnish American drama: M. M. Noah's "She Would be a Soldier," perhaps, "Wall Street; or Ten Minutes before Three O'clock," or John Burk's "Bunker Hill," or one of William Dunlap's many dramas and comedies. Chatham Garden, a pleasant refreat on the north side of Chatham Street, between Duane and Pearl, and running through to Augustus Street, was to this period what Niblo's was to a later. It was run by a French gentlemen, Henry Barriere, and the city's beauty and fashion flocked here to concerts and light dramatic entertainments by Mrs. Meline, Mrs. Dorion, Mrs. Garner and Alexander Simpson-an irresistible favorite in a comic song. Our banker also probably belonged to the Athenaeum Society, the Literary and Philosophical Society, and the few other learned associations, listening occasionally on winter evenings to such a discourse as that on "The Application of Chemistry to Agriculture" delivered by a distinguished professor, who, after discoursing with pleasing frankness upon "the talent, the information and refined taste to be found in this highly gifted city," went on to inform his audience that "unceasing compositions and decompositions vivify the surface of the globe;" who dipped into literature, broke into poetical similes, drew illustrations from the classics, referred to those luckless young men of fortune who had lost the wise guidance of their parents and consequently were not prepared to use the dangerous blessing of wealth wisely and virtuously, worked up to a culminating suggestion that the opulent country gentleman should have beside him in his rural retreat an expert in the physical sciences (modestly not named) -but in the course of a half-hour's talk did not present one single practical fact of the vast subject of his lecture. At the annual fairs of the American Institute he helped to award premiums for the best native manufactures silks, cottons, woollens, ironmongery, oil cloths, pottery, glass, plated and silver ware, hats, boots, pianos and cabinet work, even paintings and sculpture; Browere was thus honored one year for a "full length Plaister Casting of a boy kneeling," Gad Ely for plain and Ornamental Penmanship, Miss Louise. Hewlett for Silk Cocoons and Sewing Silk, Mrs. Joshua Stow for several pounds of fine Linen Thread spun by her in her 69th year, Mrs. Stevens, 64 A CENTURY OF BANKING IN NEW YORK corner of Broadway and Pearl-street, for a White Quilt, and so on. Just at this time, also, the men of means here were devoting a good deal of their leisure to starting the first organized philanthropic societies. Our first Savings Bank was inaugurated as a definite effort to lessen the alarming tide of pauperism; for the almshouse cost our citizens about a dollar apiece a year, and the report from Philadelphia showed even more per capita spent there; and our progenitor surely read with approval (if he did not write himself) the report of the Society for the Prevention of Pauperism, showing that this expenditure had doubled in ten years, that the public buildings for the poor had cost a million dollars, that in winter nearly a tenth of the whole number of citizens received help, and that the whole system of offering support, even to voluntary idlers, was perfectly calculated to produce a more and more rapid increase of the load. Altogether this composite predecessor was, despite his naivete in certain particulars, an exceedingly shrewd, capable, hardworking citizen-as may be easily seen from a few magnificent specimens who have long outlived the biblical span-like Mr. John A. Stewart, still coming in three times a week, at the age of ninety-nine, to the Trust Company he founded. He still did his business personally, so that his individual character impressed a definite stamp on all his financial transactions and relations. In discussing these early days with men who remember conditions as they were in the forties and fifties, there seem to be few changes so radical as the lessening of this personal relation between the banker and his clients. Some of these gentlemen of the old school do not hesitate to comment upon what they term the "department store" features which have crept into banking, the change from a semi-profession to a straight business, the substitution of a huge corporation for an individual. He will mention such incidents as the tale of John Mason, president of the Chemical in the '30's, who one day met a journalist whose work he admired going out of the bank. "I hope the world goes well with you," said the old bankermerchant. "What brings you to the bank?" "I have just been an unsuccessful applicant for a discount," said the other. "That should not be. Times are hard, to be sure, but they ought to try to accommodate you. Is the amount you require a large one, and do you wish to employ it in your business?" "I do, sir." THE OLD MERCHANT-BANKERS 65 "Then you shall have it. If the Bank cannot accommodate you, I will do it out of my own private funds. Walk in, sir." The journalist got his money. The late John Crosby Brown, too, was an admirable representative of this fine type of the old merchant banker; a volume which he issued some time back on the history of his firm for a hundred years (correcting the last proof on the very day of his death at the age of seventy-one) has a number of letters which, though written during the Second War with England, give a most illuminating picture of the matters which engaged a banker's attention during this pre-railroad period. Here, for instance, are some business communications from American members of the business to their partner relatives abroad.* "Baltimore, 24 Mar., 1812. "Mr. Geo. Brown. "Dear George: I am in receipt of your favours up to No. 6 dated 10 Jan'y, and think it's as well you did not invest more money in goods. The opening of the Intercourse seems as doubtful as ever. The majority of the people say unless the orders in Council are off, we must have War. For my part, I think it impossible our Government can be so mad as to declare War until they are prepared to make it. It's impossible to give you any decided opinion what is likely to be the result of the present order of things. You would be surprised to find the ship Armala arriving in Lpool our property. She must be a very cheap Ship if we have peace. If the orders in Council should be off, so that a good f. [freight] is got back to this country, she will cost us very little. If she should even return in ballast her outward f. will reduce her price to about $21,000. John left letters in N York to be forwarded, directing her, if the orders in Council were not off, to return with all possible dispatch to Hampton Roads, and to send up to Norfolk to Wood & Hastings where we would have orders waiting for her where to proceed. Since then immense shipments of flour and corn have gone from this port to Spain and Portugal which has scarcely left a ship in port for charter. I think the chances of getting a good f. from this port immediately on arrival so good that you had better direct Captain Leeds if the wind answers to proceed up here without stopping. Should the wind not answer then there would be no great loss of time. He may stop and send up to Norfolk. I hope, however, unless there is a prospect of a return f. that she * From "A Hundred Years of Merchant Banking," by John Crosby Brown, New York, 1909. 66 A CENTURY OF BANKING IN NEW YORK will have sailed before you receive this. With respect to your remaining in Europe until we see what's to be done, can form a better judgment some time hence. In the meantime, if you can be conveniently spared fm. Lpool, I think it would be well to go over about June to see your friends in Ireland and to return to Liverpool in July or in August to be ready to embrace any view of business that may offer, either by opening the Intercourse or otherwise. William will probably leave this for England in May or June so that you will meet him on your return to Lpool. * * * * * * * * * * * "Alex. Brown & Sons." "Baltimore, 7 April, 1812. "Dear George:" "William has wrote you by this conveyance that an Embargo has been laid for 90 days. Some think it will be followed by War. Many, however, are of the opinion that the Non-importation law will be repealed to give the Americans an opportunity of getting home their funds. I cannot help having considerable hopes this will be the course that will be taken previous to hostilities, even if they should be determined on. I still think it impossible our Executive can have any serious intention of going to War with England, in the unprepared state of this country, and particularly so, as we are equally ill treated by France as respects capturing and burning American ships. If the Nonimportation act is removed, the orders for coarse goods suitable for this fall trade will be immense and they will get up rapidly in England. I should think it a safe and good speculation for you on rec. of this to have Three or Four Thousand Pounds invested in those articles. If the intercourse should be opened when that news reaches England, it will be impossible to procure the goods, so many will be wanted.. "Your aff. Father, "A. Brown. "P. S. There is to be a meeting this evening to petition Congress to take off the Non importation law." "Baltimore, 18th April, 1812. "Mr. William Brown (Mr William A. Brown, of Liverpool). "Dear Sir: I do not find there is any difficulty in getting little things ashore here, alto there appears to be in New York. M. LETTERS OF JOHN CROSBY BROWN 67 Bings therefore wishes you to send him. per Rising Sun —One End of ps s.p. fine London cloth, black —One do Best Quality Pantaloon Stuff, Ten Dozen Ale, Ten Dozen Porter, Three Cheeses, Three Kegs Herrings, One Crate Blue and White Staffordshire Ware, Dishes, Plates, Basons, Chambers, &c.-for M. Bings' own use of the best, and one of common Ware for Ship's use. If anything opens the Intercourse, send double quantity of all but the two first mentioned articles but don't run the risk of getting the Ship seized. George might send Mr Smith's gold scales, and my Mother's table cloths, and she wants also 2k doz. of napkins to match them. Am sorry you forgot to send Mr Appleton's seeds. Enclosed you have ~150 Stg. which place to the cr of Brown D. Hollins. The News from Washington to the most knowing Federal and Democratic characters yesterday and to-day is, that the Executive are pledged to France to go to War with England, and that the measure if fully' determined on and is shortly to be brought forward. The most sanguine in their expectations of the removal of the Non importation act have now lost all hope, and it is even doubtful whether it is brought forward again. Monday, the 20th was the day fixed. Probably the packet may not go until after that and may have later news upon the subject. George had better not make any purchases in expectation of the renewal of the Intercourse, but remain in Lpool until my arrival. We shall then know better what new projects of business it will be advisable to pursue. "Don't by any means touch Exchequer Bills of any kind of Government security. A War with this country would depreciate anything of that kind prodigiously. If you cannot get as much private paper from E. R. & Co. with which there cannot be any risk, you must leave it with our Bankers. I cannot conceive for a moment there can be the smallest risk with them, and the object whether we get 4 or 5% until I arrive is of no importance. The primary object is safety. If you have loaned a part of Her (?) Montgomery & Co. it is well, as it divides the risk jf any. Should War take place, it's probable we shall have instructions to place by some means a large amount of the funds in our hands in a neutral country if such is to be found, that the owners may get it here, but nothing specifick can be said upon this subject until we see further. "Yours, "Wm. Brown." 68 A CENTURY OF BANKING IN NEW YORK "Baltimore, 29 Dec. 1812. "Mr George Brown. "Dear George: Yours and Wms. Letters with the several enclosures per George Washington came safe to hand and am truly sorry to find Wm. A. has acted in such a manner as to induce Wm. to dissolve the partnership, but I do not see how he could do otherwise. It would be such a weight on his mind to have a partner in whom he had not full confidence. Your Uncle John's letters surprise me and are very unwarranted and very unbecoming. Still it will give me a great pleasure if the dissolution can be accomplished without making a family quarrel, which of all quarrels is the most distressing. I have written to Wm. by a cartel on the point of sailing from New York and a copy goes by this conveyance, which I would have enclosed you open, had I been certain of your being in Lisbon, but I think it's possible you may be on your way home as it would be useless Jno. and you both staying. I think it was very well your going by Lisbon and procuring all the information you can as to the mode of managing a neutral trade. We can give very little information on the subject here. What occurred to me has been written to John directed to the care of Mr James Creighton at I. Bulkely & Sons. I shall direct this letter as you desire to Gold Brothers & Co. I have also written John directed to Creighton. If John should not be in Lisbon, get his letters and open them. A law has at length passed Congress relieving the merchants from their bond for all goods bought in England before the official declaration of War was known there, provided they were shipped between the 23 June and 15th Sept. last, bona fide American property. This will we think embrace all the goods we had out. I am fully convinced this Government are greatly disappointed in the success of their War measures. It is now certain there will be a majority in next Congress for Peace (if not of Federalists). This circumstance will make them very. anxious to meet the views of the British as soon as possible in making an honorable adjustment, provided the British still continue willing to meet them. Congress are afraid to lay the direct Taxes, and I do not think they can borrow money unless they give more than 6 pct. which would be unpopular. Thus circumstanced, many well informed people think a peace in the course of the spring extremely probable. This should make any circuitous voyage be undertaken with great caution. Indeed I am clearly of opinion before any thing material is done, you ought after getting all the information you can get, to come home and if the War continues consult and arrange C-1e d69 matters with your friends here, as, (if) settlement is Lisbon should be thought advisable, you will be able to carry out with you the views and arrangements that may be necessary, much better than by letter. If the /rmata gets safe to Lisbon and home again, not being insured, we cannot make less than 60 or 70 Thousand Dollars by this year's trade. Circumstanced as we now are, it would be wrong for us to run the risk of commencing any establishment or trade that could not be carried on without hazard. "Believe me, dear George, "Your affectionate father, "Alex. Brown." "Baltimore, 2 April, 1813. "Mr Wm. Brown. "Dear Wm.: * * * * * * * * * * * "A report is in circulation that Gallatin is going as a negotiator to Russia to treat with Great Britain for Peace. If so, we may still hope that desirable event may be at no great distance, which induced us to make a speculation in Exchange in conjunction with P. E. Thomas & George in the enclosed bill George Tyson on Cropper Benson & Co. ~10,000, Six Thousand of which place to our credit and Four to their credit. 2d of both those bills will go by the Frances Freeling Cartels. We have already advised that all letters coming and going by Cartels are opened. D. A. Smith is going to Phila. We shall give him some bills if he can get a good Exchange to take advantage of it. We have received your letter of 23 Jan'y by way of Lisbon accompanied by a postscript from John of 27 February. We hope the next account will bring us an account of everything we are concerned in being sold at the then prices. We cannot think this War will continue long. Mr. E. Riggs is now in town and will be extremely glad to hear of the sale of all his Tobacco in your hands at the prices you mention in your last to him dated early in Jan'y. He requests us to say that he would be well pleased to hear of sale at even less. We are all well and your little daughter enjoys uninterrupted good health and spirits. "Believe us, dear William, "Yours affectionately, "Alex. Brown & Sons." 70 A CENTURY OF BANKING IN NEW YORK "Baltimore, 8th September, 1813. "Mr John Brown. "Dear Brother: I am in receipt of your esteemed favor of the 24th of May and rejoice most sincerely that my letter had in some measure the effect of opening a door to a reconciliation between you and William. I hope and trust it may be a source of happy end, for of all disputes those between relations are generally carried on with the greatest acrimony and interest the public no further than to amuse them. On the subject of exchange, it fluctuates according to the public expectations of peace. On Admiral Warren's mission to this country in November last Exchange got up to 10 to 11 per cent. discount. On the failure of that negotiation it declined again to about the price you mention. Immediately, however, on its being known that our Government had accepted the Russian Mediation and were about sending Commissioners there to negotiate, it got up again early in April. We sold ~12,000 to the Government at 13 percent. discount, and they have lately been buying largely at 14 which is now considered the current price. Peace we think would advance it considerably and the continuance of the war and our present prohibitory system of British goods would have a contrary effect. Am I to understand from your letter that you wish the ~1,000 loaned to Brother Stewart to be repaid and remitted? If so he will no doubt comply, although you may readily suppose he cannot yet have made so much as will enable him to repay these loans and continue to carry on his business as it requires a considerable capital to do it to advantage. I loaned him ~3,000 sterling exclusive of the loan from you. In a little time I hope he will be able to begin reducing it by degrees without impairing his means of carrying on the business. Referring you to the Thomas letters of 19th of June and 10th of August which have been inclosed to Liverpool for reasons which will explain themselves, believe me, &c., "(Signed) A. Brown." Our friend probably belonged to one of the Ancient and Honorable Masonic Societies, either the Royal Arch or the Free and Accepted Masons or Knight Templars: a little unpublished diary in a pocket almanac of the period belonging to a member of the financial fraternity tells of his swing around the circle of Lodges on Long Island; he being a Worshipful Grand Master or Grand Deacon or something grand, spent a week in journeying down to Smithtown, through Suffolk County to Riverhead I Wig From a painting by A. Robertson in the collection of the N. Y. Historical Society EARLY BANKS IN WALL STREET The northeast corner of Wall and William Streets about 1797. The corner was occupied then (as it is now), by the Bank of New York; adjoining it is the building of the New York Insurance Co. The third building was occupied by the City Bank l'Ctr-ulur Uy W. Jvl, uurnG, a 17Y7 THE GOVERNMENT HOUSE AT THE FOOT OF BROADWAY Erected in 1790, it was occupied by Governors George Clinton and John Jay, and from 1799 to 1815 (when it was torn down), it was used as the Custom House FINANCE IN WAR OF 1812 71 and Sag Harbor and working his way back through Hempstead to bring the country brethren in touch with the Central Order. It was also the thing to be enrolled in a Militia Regiment, the Horse Artillery being quite as much a social club as some squadrons have been in our day. If a fire broke out, it was not only the younger generation who rushed to the excitement; dignity and leisure disappeared before the necessity of taking one's place in one's particular company of the volunteer fire organization-the forty companies of which, with their hand-drawn hose and hook-and-ladder outfits were our only protection until the whole volunteer service was abolished and the Metropolitan Fire Department created in 1865. The clumsy hand-pump engines and their excitable, half-organized workers were not extremely effective in putting out fires-as was only too evident a few years later. But over a period of half a century it was at first a social and then a political distinction to belong to certain companies: the rivalry over liberty poles, water throwing contests, speed of getting out apparatus (and even fist fights between respective champions) were so intense that when a chief engineer of the department was removed in the '30's, apparently for political reasons, the whole force quit work in the midst of fighting a fire, and could only be induced to start again when their hero himself appeared and assured them the rumor was an error. Though he frowned on extravagances for himself, this old financier devoted what seems to us rather a formidable amount of attention to good eating and good -and plentiful-drinking. He was apt to know exactly where to go in the particular market he preferred to get the choicest game and shell fish and country produce. When the crop of soft clams reached perfection, his sea-food dealer would send him word and he would sally down on the first opportunity to partake of a delectable mess of steamed clams at one of the little market restaurants where alone, as the real epicure knew, such delicacies were to be had in their proper freshness and succulence.* And as for drinking-look over the list of duties paid at any of the ports on the Atlantic seaboard during this half century and you will come to the conclusion that the main activity of importers in those days was due to a feverish anxiety lest the country should perish of thirst. The number of puncheons of * Up to twenty years ago there was such a sea-food eating place at Fulton Market, where a few old-time New Yorkers of this school made regular pilgrimages upon being notified that the hour had arrived, as some of them had done for over half a century. 72 A CENTURY OF BANKING IN NEW YORK rum from the West Indies and pipes of gin from Holland and barrels and cases of brandy and wines from Bordeaux, divided into the number of inhabitants, would seem to indicate that every man, woman and child in the United States did his duty in this respect. Gossippy Walter Barrett gives an entertaining list of the various liquid appeals to the palate which were considered necessary about this time: "Wines:-Madeira, Sherry, Tenneriffe, Lisbon, Malaga, Fayal, Port, Claret. No Champagne was ever advertised. 'Brandy —Cognac, Spanish, Cette, Peach, Country. "Cordials —York Rum, All Fours, Stoughton Bitters, Metheglin, Cherry Bounce, Cherry Brandy, Raspberry, Liquor d'Or, Creme de Caffe, Anizette, Pennyroyal, Baum, Wintergreen, Mint, Aqua Mirables, Noyeau, Rosa Solis, Mount Pelieur, Rattifia, Citron, Cinnamon, Ladies Comfort, Usquebaugh, Orange, Life of Man double distilled, Life of Man single distilled, Peppermint double and single distilled. "Spirits: —Jamaica, Antigua, St. Croix, W. I. Island, N. England. "Gin:-Holland, York Anchor, Country, Old Irish Whiskev, Old Shrub, Cider Spirits, Alcohol, Highwines, Spirits of Wine. "And iron liquor for leather dressers' use." Nor were they content with variety and quantity alone; even such a truly devout old Scotch Presbyterian merchant as John Johnston left in his attic, after his demise, "huge demijohns and magnums of Madeira and other wines which had been sent on the long sea voyage to India and back, some of them twice, to improve their flavor, each container being carefully labelled with these details." Nearly all of these essential supplies were imported, and their sale was a most important factor in the fortunes which the merchants of those days were building up, though at least two wellknown New Yorkers, Stephen Jumel and John Juvel, had established themselves here as dealers in the wines and spirits of their native France. There was, however, a local distillery of cordials, which was quite successful, though the product was considered inferior to the foreign article by connoisseurs.* It would be a great mistake to conclude from these facts that the substantial men of the time were in any way given to drunkenness. The testimony of James Stuart, who spent a couple of years travelling all over the United States in the early '30's is * Oddly enough this patriotic venture was established by an ex-tailor who married the sister of the richest man in the United States-and acquiring from her the secrets of the business left by her first husband, a German distiller, opened a similar business and flourished exceedingly. BANKER'S CIVIC DUTIES 73 very striking; in commenting on some ardent temperance outbursts which began about then, he notes that in three months' travelling about the only intoxicated person he had seen was an Oneida Indian, and that in three years of meeting all sorts and conditions of people here he had not seen a dozen people "the worse for liquor." There is plenty of evidence, of course, that the young blades were apt to become over-patriotic around July 4th, to the vast detriment of sober citizens' windows, and, as would naturally be the case, such a gentleman traveller probably saw little of the places where the harm was really done-the same sort of places, by the way, which finally brought prohibition a hundred years later. New York had a couple of thousand grog shops, many of them dives of the worst description, where enough vile liquor could be obtained for three or four cents to get drunk, since the standard price for this grade of stuff was a quarter cent a glass. The earliest reports of the Society for the Prevention of Pauperism recommended, as an essential feature of the campaign, the closing of all "tippling shops." Since, however, these worthy, and entirely sincere, gentlemen would have been completely outraged at the mere suggestion of setting an example by suppressing their own well-stocked cellars, this recommendation was not particularly effective. Our banker had probably an office on Wall Street-perhaps a former residence-for which he would pay from one to two thousand dollars a year rent. His own salary, if he was President or Cashier, would not have been over three or four thousand dollars a year, though naturally this did not tell the whole story as to his income. In fact, these recorded salaries would have been entirely inadequate in view of the rents often paid for residence in the housing shortage. An unfurnished house in Greenwich Street, "not at all a large one," cost John Johnston $125 a month, and he wrote his father in 1827: "We have now four children of our own alive and one adopted, which fills our parlour very well." When a young relative spent the night he slept with his boy cousin "in a little trundle bed drawn out from under Aunt Johnston's bed, which was in the second story front room." In his hours of work, he had not yet forgotten certain natural divisions of the day. Most merchants were in their places of business by eight in the morning, and the initial announcement of the Farmer's Fire Insurance and Loan Company (the earliest recorded announcement, by the way, of a company offering to 74 A CENTURY OF BANKING IN NEW YORK execute the trusts formerly assigned to individuals) states that the new concern is open for business at 34 Wall Street "from 9 o'clock a. m. to sunset." The dinner hour must have been early enough, since the City Theatre advertises its comic opera "Rosina" ("Box 50 cents, Pit 37W and Gallery 25") "Doors open at half past 5 and performance to commence at half past 6 o'clock precisely." At three o'clock, Wall Street would be for a few minutes crowded with solid brokers and merchants; young sparks eager to escape from bonds, ledgers and bills of lading and exchange to the fashionable rout in the Broadway promenade; a whole tribe of shady "bill-shavers" and other kites existing on the offal discarded by their betters; and an occasional country or foreign sight-seer. The "accommodations" or private equipages, or their own feet would soon carry them off-and presently the financial centre would become "as gloomy and deserted as though it had recently been visited by the yellow fever." During the migration to Greenwich because of the yellow fever, the regular banking hours seem to have been changed, since the announcements specify from ten o'clock to one, and from three o'clock to five. Where the morning working hours were from eight or nine till twelve, it was customary for the merchant and his clerks to shut up the shop and go off home to dinner-rarely over half a mile away. The responsible financier might vary his labors, as versatile Philip Hone did, by riding out on horseback to Bloomingdale Asylum to inspect conditions and accounts; returning to spend the afternoon at a meeting of the philanthropic Bank for Savings; thence to a meeting of the Trinity Vestry or the Mercantile Library Association-with a possible bank directors' meeting at home, at seven in the evening (to discuss perhaps what premium their bank should offer on the State loan of a million dollars in six percents.) or a fancy ball at the Brugieres or Schermerhorns, or to see Wallack in "Julius Caesar"-relating, between acts, how he had passed on Broadway the celebrated Indian Chief, Red Jacket, and the equally famous ancient Harvey Birch, the original of Cooper's "Spy." -:. rn VA^ CHAPTER V WHO IVAS ff1HO IN FINANCE The Predecesorsr of New York's Millionaires- The Jlealthy Men of the Dutch Period-The Capitalit 'of the Engtlish Period-The Rich Mien of 1822-"Biography of AJ7ealthy Citizens" of 1837-50 IN the year 1840 a number of leading New York merchants "in the course of calculations connected with business," made a joint list of the available capital employed by the men they knew. This was probably to some extent the outcome of the disastrous experiences of 1837. New businesses and banks had been springing up in many sections that had lately been pioneer settlements; it took weeks to communicate with some of these distant towns, and a business man, in times of stress, might be accepting the paper of a merchant who had actually failed. It was believed that the extreme severity of the collapse in 1837 was caused by the difficulty of securing accurate and prompt information as to credits, assignments and failures; and the first mercantile agency in New York, four years later, grew directly from the discussion of this need. Undoubtedly the same conditions and the talk concerning them led to the pooling of the information on which this unique memorandum was based. As the list was added to, it grew to such size and was referred to so frequently that its authors decided to print enough copies for the original contributions, and it was placed for this purpose in charge of Moses Y. Beach, Editor of the Sun. A small edition was struck off-a little pamphlet of seven or eight pages, giving merely names and amounts. It was, however, the first thing of the sort to be put into type, and the only available authority on perhaps the most interesting subject in the world to business men, for it answered questions about which everybody speculated or whispered, and its appeal was personal and social as well as commercial. Every copy was at once snapped up by the originators and their friends, and everybody else wanted one. So urgent did the demand become that the publisher, after making some corrections 75 76 A CENTURY OF BANKING IN NEW YORK and additions, put the forms to press a second time. It was reprinted twice more in the next couple of years, not a copy of any edition remaining unsold. Then in December, 1844, a fifth edition was put out, greatly enlarged, under the title, "Wealth and Biography of the Wealthy Citizens of New York City; Comprising an Alphabetical Arrangement of Persons Estimated to be Worth $100,000 and Upwards, with the Sums Appended to Each Name; Being Useful to Banks, Merchants and Others." It now had ten times the matter in the original pamphlet, with the new feature of brief genealogical and historical or biographical returns of some of the more remarkable men and families in this community into whose hands "wealth has concentrated." The editor proclaimed his endeavor "to do equal and exact justice to the parties, and have deemed that we have been rendering an especial service to those, more particularly, who by honest and laborious industry have raised themselves from the obscure and humble walks of life, to great wealth and consideration." This absorbing publication was an instant success. It contained everybody who had money, from a retired Jew tobacconist and "a respectable Irish gent," to John Jacob Astor with his twenty-five millions and Peter P. Stuyvesant, with a tenth as much but the social position of the grandson of the redoubtable Dutch Governor-General. And it narrated just how the dollars were piled up in a manner intimate, racy, and sometimes verging on the impudent. It had to be reprinted in a month. Before the end of the next year it had reached the tenth edition; the issue of 1855, when it had grown to 80 pages, was the thirteenth. By this time, however, the mercantile agency founded by Lewis Tappan, editor of the Journal oJ Commerce, in 1841, and Bradstreet's system of commercial reporting and financial credit rating (inaugurated in 1849), had begun to manifest their value; and the day of the entertaining "Wealth and Biography" pamphlets passed. Its success had, however, caused the idea to be copied in other cities. A member of the Philadelphia bar in 1845 applied the scheme to that city, lowering the admission price to $50,000. Ela in Boston got out the following year; "Our First Men: A Calendar of Wealth, Fashion and Gentility," with the original $100,000 requisite for admission. And Brooklyn, not to be outdone, contributed in 1847, "The Wealthy Men and Women of Brooklyn and Williamsburgh, Embracing a Complete List of All Whose Estimated Possessions (in Real and Personal Property) Amount to the Sum of Ten Thousand Dollars and Upwards." NEW YORK'S RICH MEN 77 There may have been others; these, with some hundreds of pages of tax lists and lists of bankrupts, were bound up into a fat, blue cloth volume, titled (in gold, naturally) "The Blue Book of our Monied Aristocracyt"; and a reading of these annotated lists seemed to illuminate so brightly the bygone personalities and conditions which made our banking history, that the pamphlet of 1845 is given here in facsimile, and it is supplemented as far as possible with some lists of the men whose possessions made banks possible at various periods. THE DUTCH PERIOD On October 11, 1654, Governor Stuyvesant and his Council at Fort Amsterdam called for a voluntary subscription to pay the cost of repairing the defences and of the necessary expenses of government. The consequent "summoning by the Court Messenger" brought forward the first definite grouping of Manhattan's rich men. It should be remembered that there were at this time just twenty holders of the Great Burgher Right for all its six classes; members of the Government, burgomasters and schepens, ministers of the Gospel, commissioned officers, all who applied and paid 50 florins, all descendants in the male line of the foregoing; even the small Burgher Right had been granted to but 204. Quite a number of these twenty Great Citizens did not appear among the contributors listed: THE HONBLE LORD PETRUS CORNELIS VAN RUYVEN, SecreSTUYVESANT offers for his share tary, 30 fl. 50 above the most, being fl. 150 LIEUT. PIETER WOLFERTS VAN (aflorin amounted to 40 cts.) COUWENHOVEN, voluntary, 100 HERR CORNELIS VAN TIEN- LIEUT. DANIEL LITSCHOE, 50 HOVEN offers, 100 ENSIGN JOHN PR VERBRUGGE ALLARD ANTHONY, 100 offers with others; requests to OLOFF STEVENSON, (this was Van be assessed; taxed at, 100 Cortlandt), 50 CORNELIS STEENWYCK, Item, 100 JOH. NEVINS, (not wealthy), 50 JOOST VAN BEECK, taxed at, 50 JOH. D'PEYSTER, 50 SKIPPER JAN J. BESTEVAER AND JACOB STRYCKER, 30 BROTHER, voluntary, 150 JAN VERIGE, 30 GOVERT LOOKERMANS, 100 JACOB KIP, Secretary, 20 PIETER CORNS. VAN VEEN 60 CAPT. MARTIN KRYGIER taxed PIETER JACOBS, Burg., 80 at, 50 JACOBUS BACKER, 100 CAPT. PAUL LEENDERTS VAN RYMER RYCKEN, 60 DIE GRIFT, 60 ABRAM NICHELS, 70 DOM MEGAPOLENSIS, voluntary, 50 *are willing; request to be assessed. SAMUEL DRISIUS, Item, 50 Therefore are taxed each at t The author's copy of the absorbing work is stamped on the title page; "Property of Jas. G. Bennett, Herald Building." 78 A CENTURY OF BANKING IN NEW YORK Of the others taxed, on Oct. 12, the following are the heaviest: HEND'K JANSEN VANVIN taxed at 60 JACOB MOERMAN, Item, 60 CORNELIS SCHUT, voluntary, 50 taxed at 100 Three skippers, PTR EMILIUS of the Speckled Cow, PTRD'WATERHOUT of the one N. Amsterdam, and UNNAMED SKIPPER of the While Horse were each taxed 150 ABRAM LA CUIA is voluntarily taxed at JOSEPH DE COSTER, Item, DAVID FRERIE, Item, SALVADER DANDRADO, Item, JACOB CAWYN, Item, MR. THOMAS WILLETT, voluntary, JACOB VAN COUWENHOVEN, voluntary, 100 100 100 100 100 60 100 Many of these were well-known figures in our early annals: ANTHONY, Allard* Was one of the leading men in New Amsterdam; a lawyer who at various times served the city as Burgomaster, City Treasurer and Schont. When the voluntary tax of 1654 was levied for city defences, Anthony subscribed 100 fl. He left New Amsterdam and identified himself with the Massachusetts Colony at Plymouth. In 1656 he married Henrica Wessels of Utrecht. BAYARD, Nicholas Came from Holland to New Netherland with Stuyvesant, his Uncle. In 1666 he married Judith Verlett who had suffered imprisonment as a witch in Hartford, Conn. He was a brewer; by 1676 he had acquired a small fortune of ~1500. Under the Dutch regime he held several public offices; in politics Bayard was a bitter opponent of Leisler. He was tried for treason under Gov. Bellomont, and sentenced to death, but the sentence was reversed by the English courts. He died in 1711. His residence was in Stone Street, near Hanover Square. BAYARD, Balthazer Taxed ~3. 2. 6. in 1676 on ~500. Married Marretza Lockermans. He was a brewer and a man of as fine character as his brother. BAYARD, Peter Brother of Balthazar and Nicholas. Married Blandina Kierstede. Bayard was a Ship Captain. BICKERS, Aaltje Died before 1664. The curators of his estate lent the city 1500 fl. in 1664. BOON, Francis In 1664 he loaned the city 400 fl. COUSSEAU, Jacques Cousseau was a Huguenot merchant who came to New Amsterdam in 1658. He was evidently a man of means, for he soon became associated with Cornelis Steenwyck, one of the wealthiest men of the times, in trading to the West Indies and France. In 1664 he loaned the city 1000 fl. for repairing defences. He died some time before 1682. BOUT, Jan Eberzen In 1664 he loaned the city 300 fl. In 1674 he was not listed as a wealthy man. CREGIER, Martin Was a captain. In 1654 he was taxed 50,fl., and in 1664 loaned the city 100 fl. DE FOREST, Isaack A brewer, and for some time a magistrate. The De Forest family does not seem to have been very rich in the early days; no member is listed in 1674 among the wealthiest families. In 1664, however, Isaac loaned the city 250 fl. DE MARSCHALCK, William Loaned the city 800 fl. in 1664. Not listed in 1674. DE HAERT, Matthys The De Haerts were among the wealthy citizens of New Amsterdam; Balthazar De Haert was one of the leading citizens who aided the city by lending money for repairing defences in 1664.. He gave 250 fl. Matthys was included among the "best and most affluent inhabitants" in 1674 hisproperty being valued at 12,000 fl., while * For further data on Allard Anthony, see preceding page. WEALTHY MEN OF DUTCH PERIOD 79 Balthazar De Haert's house was deemed to be worth 2,000 fl. The "Widdow Matthias Dehart" in 1676 was worth ~1200, while a Daniel De Haert was taxed ~3. 15s. on property assessed at ~600. DE MEYER, Nicolaes In the earliest records De Meyer is called "Nicolaes Van Holsteyn." He came about 1655 from Hamburg, in Schleswig Holstein, and was a baker by trade. In the city of New Amsterdam he served as Schepen, and under English rule in New York as Alderman and Mayor. He possessed considerable real estate. His name does not occur in the list of citizens who aided the city in 1664 by lending money to repair the fortifications, yet De Meyer must have been wealthy at the time, for ten years later he was worth 50,000 fl., only one man in the city (Frederick Philipsen) being rated as wealthier than he. In 1655 he married Lydia Van Dyck; after her death he married Sarah, widow of John Wicksteen. He died in 1690. DE PEYSTER, Johannes The founder of the De Peyster family. For the city's defences he was taxed 50 fl. in 1654. He loaned no money to the city in 1664 for repairing defences, but he was worth 15,000 fl. in 1674. Under the Dutch, De Peyster served as Burgomaster and Schepen, and when the city fell to the English, he officiated as Alderman and Deputy Mayor. EBBINGH, Jeronimus He married Johanna De Laet in 1659. When the city borrowed money in 1664, to repair its defences, Ebbingh loaned 200 fl. lie is listed in 1674, with a fortune of 30,000 fl. ($12,000); two years later, his property was valued at ~1,000. EXTON, Thomas One of the British officers engaged in the conquest of New Amsterdam; died in 1668. His will gave seven beavers to buy wine for the officers and gentlemen accompanying his corpse to the grave; gave his shirt to Matthias Nichols (a lawyer); some silver to Mrs. Nichols, and a good seal ring to Richard Nichols; to Richard Haymer his two goats in the fort, and to Richard Charlton (for writing his will), four pieces of eight. HALL, Thomas An Englishman who was taken prisoner by the Dutch, and who, on his release, took up his permanent residence in New York. He was the proprietor of a farm near the present Beekman Street, which was afterwards purchased by William Beekman. He filled various public offices. He died in 1670. HEIJI, Jacob (Haey) A prosperous Dutchman in the city of New Amsterdam as early as 1658. He had a plantation on Long Island, and in New Amsterdam he owned several pieces of real estate. He had been a trader in Curacao and Santa Cruz, but was in New Amsterdam before 1648. Not listed in 1674. HERRMAN, Augustine Came to America as agent for firm of Peter Gabry & Sons, Amsterdam, in 1633. He was largest and most propserous merchant of New Amsterdam in 1650; he had a warehouse on the Strand (Pearl Street) and dealt in furs, tobacco, wines, and slaves; he was also a banker and lawyer. For making a survey of the colonies of Maryland and Virginia he was rewarded by Lord Baltimore by a grant of from 24,000 to 40,000 acres in Maryland, where he established a manor. KIERSTEDE, Doctor Hans The chief physician of his time; one of the early settlers. He built the first habitation on the present corner of Pearl and Whitehall Streets, where he lived until his death in 1666. KIP, Hendrick Hendricksen Kip was founder of the family in America, coming to New Netherland before 1643. He was a tailor by trade. In 1664 Kip loaned the city for repairing defences, 100 fl. He was one of the most prosperous citizens of his period. KIP, Jacobus Came to America before 1643. 80 A CENTURY OF BANKING IN NEW YORK Was first clerk of City of New Amsterdam, later he became receiver and book-keeper of city's revenues. He married Maria, daughter of Johannes de la Montagne. Owned property on present 36, 38, 40 and 42 Broad Street, which remained in the family until 1794; he also owned other real estate. When the voluntary tax for the city defences was made in 1654, Jacobus Kip gave 20 fl.; in 1664 he loaned the city 100 fl. for repairing its defences. In 1674 he was credited with a fortune of 4,000 fl. LEVY, Asser One of the first Jews who settled in New Amsterdam. He was a butcher by trade, but was also a general dealer, and he loaned money. Levy came forward with a loan of 100 fl. to the city in 1664 for repairing its defences. In 1674 he was estimated to be worth 2,500 fl.; two years later he was obliged to pay an assessment of ~2. 10s. on property valued at ~400. LOOCKERMANS, Govert The first regular packet captain on the North River, a man of great wealth and distinction. Taxed 100 fl. in 1654; in 1664 he loaned the city 500 fl. PHILIPSE, Frederick An emigrant from Holland, coming to New Netherland as a young man. He married, first, Margaretta Hardenbrook, widow of Peter Rudolphus, a rich fur merchant, and by this marriage he laid the foundation of the largest fortune acquired by any man at that time. He married, second, Catharena Van Cortlandt, widow of John Dervall, a rich English merchant, and the pair became possessors of almost unbounded wealth. Mr. Philipse became patentee of a manor on the Hudson, embracing a large portion of the present Westchester County. He erected a manor house where he and his wife spent the rest of their days in the felicity which wealth and social position can give. In 1674 his fortune was estimated at 80,000 fl. In 1676 his assessment was ~81. 18. 9. on property valued at ~13,000. ROMBOUTS, Francois Came to New Netherland in 1654 as supercargo of a merchant vessel, and meeting with misfortunes that prevented his return, settled in America. He became successful in business and was a magistrate for some years. He was Mayor in 1679. He resided on the west side of Broadway, below Rector Street, on property formerly occupied by Paulus Peendersen Vandiegrist, embracing a large house and garden. He died in 1691. RYCKEN, Rymer Taxed 60 fl. in 1654; in 1664 he loaned the city 200 fl. Not mentioned in 1674. SCHUT, Cornelis A wealthy Amsterdam merchant who lived in New Amsterdam but a short time. He returned to Holland before July 1656. Subscribed 50 fl., but this was deemed insufficient for one of his means and the authorities raised the tax to 100 fl. STEIN, Hans In 1664 he loaned the city 300 fl. In 1674 he was not listed among the wealthy citizens. STRYCKER, In 1654 his assessment was 30 fl. In 1664 he loaned the city 150 fl. In 1674 he was not listed among the wealthy citizens. STUYVESANT, Peter Governor Stuyvesant subscribed 150 fl. voluntary tax, in 1654, being "fl. 50 above most," and for repairing the defences in 1664 he loaned 1000 fl. The Stuyvesants are not listed in 1674 among the wealthy citizens, probably because they lived outside the city, on the Bowery VAN BORSUM, Eghbert In 1664 he loaned the city 100 fl. for defences. In 1674 Cornelis Van Borsum's fortune amounted to 8,000 fl. In 1676 he was taxed ~5. on property assessed at ~800. VAN BRUGH, Johannes Van Brugh began his career as a merchant under Dutch rule; under the English he served as a member of the Common Council. A "Carl Van Brugge" loaned the city 100 fl. in 1664; in 1654 "Ensign John Pr. Verbrugge" was taxed 100 fl. for the same purpose. He was WEALTHY MEN OF DUTCH PERIOD 81 listed in 1674, at 14,000 fl.; in English money this amounted, in 1676, to ~900, upon which he was taxed ~5.12.6. In 1658 Van Brugh married Catherine Roelofs. VAN CORTLANDT, Oloff Stevenson Van Cortlandt came to New Netherland in 1638. In 1642 he married Anneken Loockermans. Under the Dutch he held many offices, including that of City Treasurer. He soon acquired extensive property, including a brewery. In the voluntary tax he gave 50 fl. His fortune in 1674 was estimated at 45,000 fl., and in 1676 he was taxed ~18.15s. on property assessed at ~3,000. He died in 1683. VANDERDONCK, Adrian The most distinguished man of letters in the Province. He was the author of a description of New Netherland as it was in 1650. Died in 1655. VANDER GRIFT, Paulus Leenderzen Was one of the leading men in New Amsterdam; as a burgomaster he was in high favor with the authorities. In the "Representation of New Netherland,' written in 1649, the following caustic comment was made regarding him: "Though Paulus L. Lenaertssen has small wages, he has built a better dwelling-house here than anybody else. How this has happened is mysterious to us." For the voluntary assessment to repair defences in 1654, Vander Grift subscribed 60 fl., and in 1664 he loaned the city 2000 fl. for the same purpose. In 1670, after the English occupation, Vander Grift returned to IHolland. VANDESPEAGLE, Lawrence (Vanderspeigle) Was a baker. In 1664 he loaned the city 100 fl. In 1676 his fortune amounted to ~800, and his name is listed in 1674 among the best and wealthiest citizens. A daughter of Vandespeigle married Rip Van Dam, one of the most prominent men of the city. VANDER VIN, Hendrick Jansen Vander Vin came to New Netherland in 1651; he was a talented man and was an accountant in the * See page 77. service of the West India Co. In 1657 and 1659 he was a Schepen of the city, and was church warden in 1658. In 1662 he purchased property at Harlem, where later he was made Secretary of the village. He was taxed 60 fl., in 1654 for city defences. VAN RUYVEN, Cornelis He was sent to America by the West India Co. as provincial secretary in 1653; he remained as such until the surrender to the English in 1664. He married the daughter of Dominie Megapolensis. He built a fine house on Broadway. In 1674 returned to Holland. Was a prominent citizen for twenty years. His voluntary tax for defences was 30 fl. VAN STEENWYCK, Cornelis Steenwyck appears to have settled in New Amsterdam about 1651, and in spite of disagreements with Governor Stuyvesant (which are duly recorded in the early records of the city), he succeeded in accumulating one of the largest fortunes possessed by any of the early Dutchmen. In the voluntary tax, Steenwyck gave 100 fl.; in 1663 he loaned Stuyvesant 12,000 guilders (about $4,800) in wampum upon a'draft of the West India Co. At this time he was one of the leading merchants, handling slaves, salt and other commodities. When New Amsterdam fell into the hands of the English, Steenwyck became a member of the Colonial Council; and was Mayor of the city from 1661 to 1670. He lived as luxuriously as any man in the province. His estate in 1674 was valued at 50,000 fl. ($20,000). A portrait of Steenwyck hangs in the New York Historical Society. An inventory of his estate in 1686 gives value as ~15,841. VAN TIENHOVEN, Cornelis* Secretary of the Province; writers give a very disagreeable account of his character. He owned some valuable real estate, including a farm between the present Maiden Lane and Ann Street. Van Tienhoven disappeared very suddenly in I656. In the voluntary assessment gave 100 fl. 82 A CENTURY OF BANKING IN NEW YORK VAN TRIGHT, Gerrit He loaned the city, in 1664, 800 fl. His name is not mentioned in 1674 among the wealthy citizens. VERPLANCK, Guleyn A gay figure. He was a merchant in New Amsterdam, having been formerly a clerk of Allard Anthony's. He married Hendrickje Wessels in 1668. Verplanck served the city as Schepen in 1673, and later, under English government, was an Alderman. In 1674 "Gelyn Verplanck" was listed among the wealthy men of the city with a fortune of 5000 fl. He was taxed ~3.2.6. on ~500 in 1676. WALDRON, Resolved Was in New Amsterdam before 1655. Served as Under Schont, Constable, and Overseer; died in Harlem, leaving a good estate of lands, slaves and farm stock. If not one of the richest, he was at least one of the best known of the early settlers in New York. VAN COUWENHOVEN, JacobWolfertsen One of the very first settlers and a man of great distinction; died in 1670. He was a son of Wolfert Gerritsen, also one of the first settlers, and carried on a brewing establishment on the corner of Pearl and Broad Streets. Again, ten years later, we get a banking list, at the time when New Amsterdam borrowed money from its burghers "to strengthen the place with a stone wall on the land side and palisadoes along the river front." The men who subscribed to this first bond issue were: Florins JACQUES COUSSEAU, 1,000 REINOUT REINOUTSEN, 200 JACOB KIP, 100 GERRIT VAN TREGHT, 400 WILLEM DE MARSCHALCK, 800 JERONIMUS EBBINCK, 200 FRANCOIS BOON, 400 BALTHAZAR DE HAART, 250 REINIER RYCKEN, 200 HENDRICK WILLEMZEN, baker, 250 JACOB TEIENIZEN KAY, 250 FRERYCK FLIPZEN, (Phillipsen), 200 JACOB LEISLER, 250 COENRAAT TEN WYCK, 200 ROELOEF ROELOFZEN, 100 HANS STEIN, 300 HENDRICK OBE, 300 MATTHEWS DE VOS, 200 REINER WILLEMZEN, baker, 100 BARTHOLDUS MAAN, 100 LAUWERENS, VAN DER SPYGEL, 100 CLAAS LOCK, 200 C. I. VERBRAACK 100 DERCK VAN DER CLYF, as agent of Sieur ARENT JANSEN MOESMAN, 300 CAREL VAN BRUGGE, 100 MIGHIEL TADENS, 100 TOMAS LAMBERZEN, 200 TOMAS LAUWERENS, 100 JAN EBERZEN BOUT, 300 JAN SCHRYVER, 200 STOFFEL VAN LAAR 200 FRERYCK GYSBERZEN VAN DEN BERGH, 250 CLAAS GANGELOFZEN VISSER, 250 Florins PAULUS LEENDERZEN VAN DER GRIFT, 2000 DIRCK JANZEN, 100 ANTONY DE MILT, 100 HENDRICK KIP, the elder, 100 ALBERT COUNEIRCK, 100 JAN JANZEN VAN BRESTEE, 150 EVERT DUYCKENGLE, 100 TOMAS FRANCEN, 100 JAN HENDRICKZEN VAN BOMMEL, 100 JACOB STRYCKER, 150 CORNELIS AARZEN, 100 GERRIT FULLEWEVER, 100 HENDRICK VAN DER WATER, 100 GULIAM D'HONNEUR, 200 ASSER LEVY, 100 ISAACK DE FORREST, 250 AEGIDIUS LUYCK, 200 JOANNES DIRCKZEN MEYER, 200 PAULUS RICHARD, one Cargo, 500 AMBROSIUS DE WEERHEM, 100 CLAAS BORDINGH, 100 JONAS BARTELTZEN, 100 ARIEN VAN LAAR, 150 FRANZ JANZEN VAN HOOGHTEN, 100 ABEL HARDENBROECK, 100 DANIEL VERVEELEN, 200 ALEXANDER STERTAER, 100 WILLEM ABRAHAM VAN DER BORDEN, 100 DENYS ISAACKZEN VAN HARTWELT, 100 JURRIEN BLANCK, 100 PIETER JACOBZEN MARIUS, 100 EGHBERT MEMDERZEN, 100 WEALTHY MEN OF DUTCH PERIOD 83 Florins ANDRIES REES, JAN JOOSTEN, LUCAS ANDRIEZEN, CLAAS JANZEN, baker, SYBRANT JANZEN GALMA, JAN GERRIZEN VAN BUYTENHUYZEN, EGHBERT VAN BURSUM, HUGE BARENZEN CLEIN, PIETER JANZEN SCHELL, HERMAN WESSELS, SYMON JANZEN ROMAIN, SYMON FELLE, 100 100 100 150 100 100 100 100 100 100 200 100 Florins EVERT PIETERZEN, schoolmaster, 100 T as curators of COENRAET TEN EYCK, the estate of BOELTE ROSELOFZEN, AALTJE BICKERS, - - 1500 The Rt. Honble Director Genl. P. STUYVESANT, 1,000 DR JOHANNES MEGAPOLENSIS, 500 DR SAMUEL DRISIUS, 500 NICOLAES VERLETT, 400 GOVERT LOOCKERMANS, 500 MARTEN CREGIER, 100 And in March, 1674, an actual valuation of the "best and most affluent inhabitants" was filed at the City Hall: Florins (Holland currency worth about 40 cents) ADOLPH PIETERSE, 1,000 ANDREW JOCHEMS, 300 ALBERT BOSCH, 500 ABRAHAM CARMAR, 300 ALLARD ANTHONY, 1,000 ABRAHAM JANSEN, 600 ANTHONY JANSEN VAN SALE, 1,000 ADRIAN VINCENT, 1,000 ABEL HARDENBROECK, 1,000 ABRAHAM VERPLANCK, 300 ASHER LEVY, 2,500 ABRAM LUBBERTSEN, 300 ANTHONY DE, 1,000 ANNA VAN BORSSUM, 2,000 BARENT COERSEN, 3,500 BALTHAZAR BAYARD, 1,500 BOELE ROELOFSEN, 600 BARNADUS HASFALT, 300 BAY ROSEVELT, 1,000 BALTHASER DE HAERT'S house, 2,000 CLAES LOCK, 600 CARSTEN LEURSEN, 5,000 CORNELIUS STEENWYCK, 50,000 CORNELIUS VAN RUYVEN, 18,000 CORNELIUS JANSE VAN HOOREN, 500 CLAES BORDINGH, 1,500 CONRAD TEN EYCK, 5,000 CHRISTOPHER HOOGLAND, 5,000 CORNELIUS CHOPPER, 5,000 CHARLES VAN BRUGGE'S houses,1,000 CORNELIUS VAN BORSSUM, 8,000 DAVID WESSELS, 800 CORNELIUS DIRCKSEN VAN WESTVEEN, 1,200 CORNELIUS BARENTSE VAN DER CUYL, 400 DIRCK SMET, 2,000 DAVID JOCHEMS, 1,000 DANIEL HINDECONTRE, 5,000 Florins (Holland cur-.rency worth about 40 cents) DANIEL HENDRICKS, 500 DIRCK VAN CLEEF, 1,500 DIRCK WIGGERSE, 800 DIRCK CLAESSEN, 400 DIRCK SIECKEN, 2,000 EGIDIUS LUYCK, 5,000 EGBERT WOUTERSE, 300 EVERT PIETERSE, 2,000 EVERT WESSELSE KUYPER, 300 EVERT DUYCKINGH, 1,600 EPHRAIM HARMANS, 1,000 ELIZABETH DRISIUS, 2,000 ELIZABETH BEDLOO, 1,000 FRANCOIS ROMBOUTS, 5,000 FFREDRICK PHILIPSE, 80,000 FREDERICK ARENTSE, 400 FREDERICK GISBERTS, 400 GELYN VERPLANCK, 5,000 GILLIAM DE HONIOUD, 400 GABRIEL MINVIELLE, 10,000 GARRET GULLEVEVER, 500 MARY LOOCKERMANS, 2,000 HARMANUS BURGER & Co., 400 HENRY KIP, SR., 300 HENRY BOSCH, 400 HENDRICK WESSELSE SMIT, 1,200 HENRY GILLESSE, 300 HENDRICK WILLEMSE BACKER, 2,000 HERMAN VAN BORSUM, 600 HANS KIERSTEDE, 2,000 HENRY VAN DYKE, 300 HARTMAN WESSELS, 300 HARMEN SMEEMAN, 300 HENRY BRESIER, 300 ISAAC VAN VLECQ, 1,500 ISAACK DE FOREST, 1,500 JOHANNES VAN BREUGH, 1,400 JOHANNES D'PEYSTER, 15,000 JERONIMUS EBBINGH, 30,000 84 A CENTURY OF BANKING IN NEW YORK Florins (Holland currency worth about 40 cents) JACOB KIP, 4,000 OHN MELEYNDERSE KARMAN, 300 UNAN BLANCK, 1,600 JACOB D'HAERT, 6,000 JACOB DE NAERS, 5,000 JOHN HENRY VAN BOMMEL, 1,500 JACOB LEUMEN, 300 JEREMIAH JANSEN HAGANAER, 400 JACOB VAN DE WATER, 2,500 JOHN DIRCKSE MEYER, 600 ISAAC VAN TRICHT, 2,500 JACOB ABRAHAMSE, 2,000 JOHN VAN BREESTEDE, 500 ONAH BARTELS, 3,000 OHN HERBERDINGH, 2,000 ACOB THEENESSE KAY, 8,000 JOHN SPIEGELAER, 500 JOHN JANSEN, 300 JAN LAWRENCE, 40,000 JAMES MATHEUS, 1,000 JOHN REAY, 300 JOHN COELY SMET, 1,200 JOHN SCHAKERLEY, 1,400 JOHN JOOSTEN, banker, 2,500 JACOB LEYSLAER, (Leisler), 15,000 JOHN VIGNE, 1,000 JACOB VARREVANGER, 8,000 LAWRENCE JANSEN SMET, 300 LUKE ANDRIES, banker, 1,500 LAWRENS VAN DER SPEIGEL, 6,000 Florins (Holland cur-* rency. worth about 40 cents) LAMBERT HUYBERTSE MOLL, 300 LAWRENCE HOLST, 300 LUKE TIENHOVEN, 600 MARTIN KREGIER, SR,, 2,000 MARTIN JANSEN MEYER, 500 MATTHEW DE HAERT, 12,000 NICOLAES DE MEYER, 50,000 NICOLAES BAYARD,. 1,000 NICHOLAS Du PUY, 600 NICHOLAS JANSEN BACKER, 700 OLOF STEVENSE VAN CORTLANDT, 45,000 PETER JACOBS MARIUS, 5,000 PETER NYS, 500 PAUL RICHARD, 5,000 PETER DE RIEMER, 800 PAUL TURCQ, 300 PETER VAN DE WATER, 400 PETER JANSEN MESIER, 300 PHILIP JOHNS, 600 REYNIER WILLEMSE BACKER, 5,000 STEPHANUS VAN CORTLANDT, 5,000 SIMON JAUTZ ROMEYN, 1,200 SIBOUT CLAES, 500 SOUWERT OLPHERTSEN, 600 THOMAS LEURS, 6,000 THOMAS LAUWERSS BACKER, 1,000 WILLIAM BEECKMAN, 3,000 WANDER WESSELS, 600 WILLIAM VAN DER SCHUEVEN, 300 FINANCIAL FIGURES OF THE ENGLISH COLONY ALTHOUGH the new English Governor, Sir Edmund Andros, on his arrival off Staten Island, on October 22, 1674, received most graciously the discomfited Dutch deputation on his vessel, treating them "to ye best of victuals and drink," and although he issued, before he landed, a proclamation confirming "all former grants, privileges or concessions heretofore granted, and also all legal and judicial proceedings, during the late Dutch Government," the change naturally banished a number of the Dutch magnates and soon ruined others. We find some of the old names still in the various lists of wealthy citizens-scanty enough in any details during the century between this and the Revolution. The following is the merest sketchy suggestion of some of the men who controlled the business and finance of the city during those years: ALEXANDER, James A Scotchman; an officer of engineers in the service of the Pretender. He removed to New York in 1715 for political motives, and soon afterward he received an appoint ment in the office of the Secretary of the Province and was appointed Surveyor-General of New York and New Jersey. In 1720 he was called to the Council under Gov. Burnet's administration; while CAPITALISTS OF ENGLISH PERIOD 85 there he studied law, in which profession he is said to have attained great eminence. In 1726 he married the widow of David Provoost, a wealthy Dutch merchant and exMayor of New York. He died in 1756. His children were William (afterwards Lord Stirling); Mary, married to Peter Van Burgh Livingston; Elizabeth, married to John Stevens; Catherine, married to Walter Rutherford, and Sussannah, married to John Reed. His wife, who outlived him, left to her eldest son John Provoost ~5,000, and large sums of money and furniture and jewels, to her other children. Her son William Alexander, Lord Stirling, was one of the bravest generals of the Revolution. BANYAR, Goldsborow Born in London in 1724, he came to the U. S. about 1737. He was appointed Auditor-General in 1746, and served as Deputy Clerk of the Council for some years. In 1752 he was appointed Register of the Court of Chancery and in the following year Judge of Probate; he remained in office until the termination of British rule, and subsequently continued his residence at Albany, N. Y., where he died in 1815 at the age of ninetyone, leaving a large estate to his family. He married, in 1767, Elizabeth Mortimer, daughter of the British Paymaster-General; she died in 1809. BEEKMAN, William The ancestor of the Beekman family. He married Catharine De Boagh, daughter of a skipper on the North River; she was said to have been a beautiful woman. Beekman was for some time ViceDirector or Deputy Governor of the Dutch colony on the Delaware River. In 1670 he purchased the farm in the present vicinity of Beekman Street, a property that covered several blocks. The old mansion house stood on an eminence above the East River. He died in 1707. BLOCK, Martin A cooper who resided on the northwest corner of Pearl Street and Hanover Square. He accumulated money and retired from business, bought a farm in the country and went into politics. BOELEN, Jacob A merchant who lived on the west side of Broadway, above Liberty Street. CHAMBERS, John A native of New York, and a successful member of the legal profession. He married Anna Van Cortland in 1737. He held several municipal offices and was also a member of the Provincial Council for several years. He was appointed in 1751, Second Judge of the Supreme Court, but resigned that position before his death. He was described as "a gentleman of unexceptional character, opulent fortune, and perfectly skilled in the Constitution of this Province, having been a noted practitioner of the law for many years." His wife, who outlived him, died in 1774; in her will she makes beuests to many members of her family, including a house and double lot to "my nephew, Peter Jay, Jr. and Maricka Jay, the two blind children of my sister, Mary Jay." She left a very large estate. CLARKE, George Born in England, he arrived in the U. S. in 1703, with a commission as Secretary of the Province. He was appointed a member of the Council in 1715, and became Lieut.Governor in 1736; he administered the government until 1743, when he was superceded by Mr. Clinton and returned to England in 1745, having accumulated a fortune estimated at ~100,000. He married Ann Hyde, a distant relative of Lord-Chancellor Clarendon; she died in New York. He succeeded William Cosby as Governor of the Province. The Abstract of Wills states that "through the advantages of his position he amassed a large fortune." He died in Chelsea, England about 1759. CLARKE, George, Jr. Son of George Clarke, (q.v.). On the recommendation of his father he was appointed a member of the Council in 1739. He went to England about two years after and stayed there twenty years. He procured, by purchase, the office 86 A CENTURY OF BANKING IN NEW YORK of Provincial Secretary of New York, that was formerly held by his father; he also held several other offices which were said to have been in his hands or those of his father for over seventy years, and the emoluments from which were considered as lucrative as those of the Governor. CLINTON, Admiral George Second son of Francis, 6th Earl of Lincoln, by his second wife Susan Penniston of Oxfordshire, England. He became captain in the Navy, 1716; in 1732 he was Governor of New Foundland and Commodore of the squadron there; in 1737, Commodore of the Mediterranean fleet, and was commissioned as Governor of New York in 1741. He held that office until 1753, when he retired, it is reported, with ~80,000 sterling, accumulated in that office. On his return to England he became Governor of Greenwich Hospital and a member of Parliament. He died in 1761. COLDEN, Dr. Cadwalader Appointed Surveyor of Lands in the Province in 1720; in this office he learned much on the subject of Indian trade. He became Speaker of the Council and Lieutenant Governor, and administered the affairs of the Province as Acting Governor at several periods; he occupied that position at the time of the events which immediately preceded the Revolutionary War. He died at Flushing in 1776. He was a gentleman of fine scientific and political attainments, and had great influence during many years of the Colonial history. COLSART, John A merchant of New York. He died about the close of the 17th century, leaving a considerable estate. CORBETT, Abraham He kept the "Royal Oak" tavern on Broadway, below Exchange Place, and represented that ward in the Common Council. DERSSALL,William (Probably Darvall) Was taxed ~18, 15s. on property valued at ~3000 in 1676; only two men in the city were taxed higher at this time. William Darvall married the daughter of Capt. Thomas Delavall. DELANCEY, James Son of Stephen DeLancey (q.v.) Born at New York in 1702, the eldest of seven children. He attended New York schools, and then went to Cambridge University. Returning to New York in 1725, he was admitted to the bar and soon rose to eminence. In 1728 he became a member of the Provincial Council. He married Anne Heathcote, daughter of the Hon. Caleb Heathcote. Already rich, this marriage made him a very wealthy man, for his wife inherited half of her father's estate, the latter alone amounting to upwards of ~10,000 sterling and the former being one of the largest landed estates in the Province. He was presented with the freedom of the city in 1730. Was one of the chief leaders of the Conservative party. Became a Judge in 1731. Became Lieutenant Governor in 1747, and upon the death of Sir Danvers Osborne, he acted as Governor. He was concerned in most of the important affairs of the State, and died in 1760. He was the fourth, and last native of New York to administer the affairs of the Colony. DELANCEY, Stephen Born in Normandy, he came to New York during the time of the British possession. He married, 1700, Anna Van Cortlandt. His place of business was that formerly occupied by Stephen Van Cortlandt, on the corner of Broad and Pearl Streets. He was distinguished for wealth and social position and held several political positions. One of his daughters married Sir Peter Warren, at that time in command of the naval station. In 1700 Colonel Van Courtlandt gave them the lot at the corner of Broad and Pearl Streets, on which the famous Fraunce's Tavern stands. He died in 1741, more than eighty years old, "worth at least ~100,000 gained by his own honest industry, with credit, honor and reputation." Besides this he also possessed large tracts of land on New York island, Westchester and in Ulster County. DELAVALL, Thomas Came to New Netherland in 1664 I ' I, < t, I i f From a lithograph by G. Hayward THE TONTINE COFFEE HOUSE IN NEW YORK, 1797 Erected in 1792 on the northwest corner of Wall and Water Streets, it was for two generations intimately identified with the business history of the city Union Square as it Looked about 1820 CAPITALISTS OF ENGLISH PERIOD 87 with the English expedition which captured the city, and was one of the Commissioners for receiving the surrender of the city when the British took it from the Dutch. He settled in New York as a merchant, and also acted as agent for the Duke of York. Was an Alderman several times and Mayor in 1666, 1671 and 1678; he also held prominent official positions in the province. In 1676 his fortune was estimated at ~3,000. He died in 1682. DE PEYSTER, Abraham The son of one of the leading merchants of New Amsterdam, born 1657. He married, in Holland, Catharine De Peyster, 1684. He was alderman in 1685, Mayor of New York from 1691 to 1695, and was called to the Provincial Council in 1698 under Bellomont. He was one of the judges of the Supreme Court, and in the absence of the Lieutenant Governor, he administered the Goverment. He was suspended from the Council by Lord Cornbury; in 1706 he was appointed Treasurer of the Province, and he held that office until 1721, when he was succeeded by his son. He died in 1728, aged seventy-one years. DE PEYSTER, Abraham, Jr. Son of Abraham De Peyster, he succeeded to the office of his father in 1721 and became Treasurer, which office he held until his death in 1767. His estate was inventoried at ~20,000-a very large sum at that time. DUANE, James Born in New York, 1732. His father came from Galway and his mother was a daughter of Abraham Kettletas, an important merchant and Alderman of New York. He became a lawyer and was admitted attorney of the Supreme Court, 1754; in 1759 he married a daughter of Colonel Robert Livingston, then proprietor of Livingston's Manor. He took part in most of the celebrated lawsuits of the day. In 1764, when it was decided that Vermont was part of New York State, he bought about 64,000 acres there, costing $8,000 and subsequently large sums for fees and expenses. He attended the Phila delphia Conference as delegate from New York and after the conference had discussed the matter he recommended that some means be found to safeguard Colonies though retaining allegiance to the King. In 1775 he was elected a member of the Provincial Council. He continued in Congress until 1777, and became Mayor of New York in 1784. He died in 1797. EMOT, James A lawyer who resided on Broadway, just above Wall Street. He was engaged in several State trials. GORDON, Rev. Patrick For many years chaplain of the Fort in New York; his library was very extensive for those times, being valued at about ~200. He died about 1704. GRAHAM, James Of Scotch descent, and a relative of the Earl of Montrose. He established himself in New York soon after the British accession. Well versed in law, he held several offices in New York and Boston; he was for nine years Speaker of the Assembly, was called to the Council in 1699; at the same time acted as Attorney General. He died in Morrissania in 1701, leaving all of his property to his six children. He resided on the Morris property, with a household consisting, besides his family, of one overseer, two white servants and thirty-three slaves. GRIFFITH, Edward In 1676 he was assessed ~12.13.09 on property valued at ~2030:00:03. HARPENDING, John A leather dealer who lived on State Street, east of Broad Street; he owned, with five others, the Shoemakers' Pasture, but he deeded his part to the Dutch Church; the Evening Post building stands on a part of this property. HEATHCOTE, Caleb Born in England in 1665, of a wealthy father. His uncle, George Heathcote, was in New York in 1676 when he was listed as among the wealthiest citizens, with a fortune of ~2036. Caleb Heathcote, upon his arrival, in 1690, became actively engaged in the public service; he was appointed by Governor Fletcher in 1693 to 88 A CENTURY OF BANKING IN NEW YORK a seat in the Provincial Council, he became also a resident of Westchester Co. and commanded the Militia there. He purchased the Scarsdale Manor House, which was destroyed by fire in the Revolutionary War, and married Patty, a daughter of Chief Justice William Smith of New York. He was active in trying to get the Government to build ships and foster trade. He was Mayor of the city from 1711 to 1714 and held other high offices; his fortune at the time of his death in 1771 was large, his legacies including ~10,000, besides valuable real estate. Only two of his daughters survived him, Anne, who married James De Lancey, and Martha, who married Louis Livingston of Perth Amboy. HOWE, General Sir William Born in 1729, the son of Viscount Scrope. He served in many military positions; in 1775 he arrived in Boston as Commander-in-Chief of the British army in America, and commanded at Bunker Hill. He arrived in Staten Island in 1776 and participated in the battles near New York, his headquarters being in the city. Was made Lieutenant-General in 1777, and superseded as Commander in America by Sir Henry Clinton. On his return to England he received the sinecure appointment of Governor of Berwick; in 1808 he became Governor of Plymouth. He died in 1814 without issue. JAY, Augustus Born in France; married the daughter of Balthazar Bayard (q.v.) and was the grandfather of John Jay. A merchant who attained great wealth, he was succeeded in the, business by his son, Peter. JAY, John, LL.D. Eighth child of Peter Jay and Mary Van Cortlandt; born in 1745 and graduated at King's College, N. Y., in 1764. He studied law, was admitted to the bar in 1768, and served as a member of Congress in 1774, 1775 and 1776. Appointed Minister to Spain 1779, signed the Treaty of Peace at Paris in 1783; appointed Secretary of State of the United States in 1784; Chief Justice in 1789. In 1794 he was appointed Minister to England. Elected Governor of the State of New York, 1795 to 1801. Died at Bedford, Westchester Co., 1829, in his eighty-fourth year. KIDD, Captain William* A Scotchman by birth, he went into seafaring as a profession. In 1694 he was residing in New York City, a man of family; he was one of the original proprietors of the lots into which the Damen farm was divided, and owned the property on which he resided in what is now Liberty Street. His family then consisted of his wife (formerly the widow of William Cox, a merchant), and a daughter. He was captain of the brigantine Antegia, a regular packet sailing between London and New York, and was regarded as a courageous, efficient and honest officer who had the confidence of the traders between London and New York. He had received a reward from the New York Council in 1691 for his services to the Colonies. In 1696 he was placed in command of the Adventure, of thirty guns, to destroy piracy, but being unsuccessful in the primary object of his appointment he sought to retrieve his fortune by capturing merchantmen and became one of the most noted of pirates. In 1699 he returned to New York, was arrested and sent to England, where he was tried for piracy but convicted of the murder of William Moore, one of his seamen, and hanged. LAWRENCE, John An Englishman who was one of the earliest established merchants during the Dutch rule. He was highly respected among the Dutch and held several positions. After the capture of New York by the British he was Alderman for several years, and was Mayor in 1673 and 1691; also a member of the Provincial Council and one of the Judges of the Supreme Court. He died in 1699, over eighty years of age. His wife and several children survived him. In 1676 he was assessed ~5. on property valued at ~800. CAPITALISTS OF ENGLISH PERIOD 89 LEAKE, John George Son of Robert Leake (q.v.). Born in England in 1676 and came to the U. S. in 1782. He inherited money from his father and stepmother. Practised law. He died suddenly in 1827 at an advanced age. He never married, and was described as a quiet, pious man. His personal estate amounted to $300,000 and his real estate about the same amount; part of it was sold for $89,693.46. LEAKE, Robert Born in 1700 in Lanarkshire, Scotland. He fought with honor in the war, terminating with the Battle of Colloden and in 1746, as reward for his services, he was appointed Commissary-General in the army of North America and went to Cape Breton. He returned to Scotland the next year, but came again to America in 1754 as Commissary-General of the forces under General Braddock. He died in New York in 1773. His will states that he had houses, store houses, offices and stables in the city, a farm at Belvue, two farms in New Jersey, an estate at Bidlington, England, lands at Pittstown, Albany, a farm at Claverack, lands on the south side of the Mohawk River, part of a tract granted to William Bayard in the county of Tyron, a right to lands in East Florida, money in the funds in England, besides furniture, carriages, horses, cattle and sheep. It was stated of him that "he behaved so well and became so great that he mounted to the highest rank next most to the king. He was sae muckle respected and became sae rich." LEISLER, Jacob Came to New Amsterdam from Holland in 1660; after the Colony became English he was a trader and in 1672 subscribed 50 guilders "in goods" for the repair of Fort James. In 1674 he was one of the Commissioners for the forced loan levied by Colve when his property was valued at 15,000 guilders, on which the assessment was 1,969 guilders. In 1675 he went to Europe and was taken prisoner by Turks. Paid ransom of 2,050 pieces of eight 5s. In 1683 was appointed a Commissioner of the Court of Admiralty and in 1689 purchased for the Huguenots the tract called New Rochelle. Married Elsje Loockermans. He was executed for treason. LIVINGSTON, Philip The fourth son of Philip, second proprietor of the manor of Livingston, born in Albany in 1716, and graduated from Yale College in 1737. He became a merchant in New York, was Alderman of the East Ward in that city from 1754 to 1762, and represented New York in the Assembly from 1749 to 1769, where he was Speaker in the latter year. Member of the First Congress which sat in Philadelphia in 1774-5 and one of the signers of the Declaration of Independence. He continued in Congress until his death in 1778. LOYDE, James In 1676 he was taxed ~13:03:10X on property valued at ~1112:4:10. MINVIELLE, Gabriel In 1674 "Gabriell Munueile" was taxed ~6. 5s. on a small fortune of ~1000, which, however small this may seem to-day, entitled him to the distinction of being regarded as among the wealthiest men of his time. In 1674 his fortune was 10,000 fl. Minvielle was an Alderman of New York in 1675, and Mayor in 1685. He was well connected by marriage in New York, first with Judith Van Beeck in 1674, and after her death with Susanna, daughter of John Lawrence. As his name indicates, Minvielle was of French descent. MORRIS, Lewis Born in Monmouthshire, England. He was captain of a troop of horse in the Parliament army against Charles I. He retired to Barbados, where he purchased a large estate and was commissioned by Cromwell as Colonel, serving in Jamaica. Having joined the Quakers, he suffered from fines, and after the death of his brother Richard in New York he removed there in 1673 and resided on his manorial estate in Morrisania until his death in 1691. He was a member of the Council from 1683 to 1686. In 1676 he was taxed ~6. 5. 0. on property valued at ~1,000 in New 90 A CENTURY OF BANKING IN NEW YORK York City, so he must have had some sort of residence there as well as in Morrisania. MORRIS, Lewis Son of Lewis Morris. Born at Morrisania in 1671; married Isabella, daughter of James Graham, and removed to New Jersey, where he had large landed interests, and became a leading public character of that Province. After some years he returned to Morrisania and became a member of the Assembly of Westchester in 1710. In 1715 was commissioned Chief Justice of the Province of New York, and held this office until 1732 when he was displaced by Governor Cosby for political causes; at that time Judge Morris was the leading man in the liberal party. He went to England on a political mission in 1735 and returned the following year; he was subsequently Governor of New Jersey. He died in 1746. NICOLL, Matthias The son of an Episcopal clergyman of Northampton, England; educated as a lawyer. After the capture of New York he took prominent part in public affairs and became the first Secretary of the Province under the British and was the presiding Judge at the Sessions in the various Ridings. In 1672 he was made Mayor of New York; in 1683 he was appointed one of the Justices of the Supreme Court, which office he held until his death in 1687 at Cowneck, L. I., (now Plandome), where he held a large landed estate. OLPHERTS, Stuert A mason and builder who acquired great wealth and built a fine residence on Broadway, south of Exchange Place. PHILIPSE, Adolphus (or Flypse) Son of Frederick, was born at New York in 1665 and educated as a merchant, which pursuit he followed in connection with his large landed estate in Westchester Co. He held several prominent offices, and was a member of the Provincial Council under Lord Cornbury until 1721; he was subsequently a member of this Assembly and Speaker from 1727 to 1737 and from 1739 to 1745. He died in 1751 in his eighty-fifth year. He never married. He was left a great deal of real estate by his father, which he in turn left to his nephew, Frederick Phillipse. PROVOOST, William A merchant of New York, who was thought of as so eminent as to be well fitted for an appointment in the Common Council in 1722, to which he was soon after elevated. He removed, about ten years afterwards, to New Jersey, where his estate and fortune lay. RICHARD, Paulus Richard was a wealthy merchant in New Amsterdam before the city was taken by the English. He was one of the men who agreed, in 1664, to lend the city money to repair its fortifications, his contribution being "one Cargo" amounting to 500 fl. He was taxed ~5. on property valued at ~800, in 1676. In 1664 Richard married Geletje Jans. Under English rule he served as Alderman and Commissioner of Customs. ROBINSON, John In 1676 he was assessed ~15: 12s: 7d, on roperty valued at ~2530: 13s: 11d. ROBINSON, William A dealer in flour who inherited wealth from his father, who had become rich through the possession of a mill during the bolting privilege. He lived in Pearl Street, north of Wall. ROBSON, John In 1676 he was assessed ~14: 17s.: 10y d.on property valued at ~2389; This was high for his day. SHACKERLY, John One of the first tobacco merchants established in New York after the surrender by the Dutch; he came to New York from Delaware, where he had a large plantation. He died in New York in 1679. SMITH, William Born in Northamptonshire, England, in 1655. In 1675 he was appointed Governor of Tangier and married, in the same year, Martha Tunstal of Putney, Surrey. On the abandonment of Tangier, he returned to England, and in 1686 removed to New York, where he established himself as a merchant. CAPITALISTS OF ENGLISH PERIOD 91 He made large purchases of land on Long Island and in 1693 erected the Manor of St. George, which became his permanent residence. He held several important political offices and died in 1705 at the age of fifty-one. His estate was inventoried at ~2,589; among the stock on his plantation were fifteen slaves. He left six children; his daughters married Caleb Heathcote, John Johnston, and Chief Justice Delancey. STUYVESANT, Nicholas William Born in New Amsterdam in 1648. He married, first, Maria Beekman and later Elizabeth Slechtenhorst, of Albany. He resided on the "Bowery and represented the Out Ward as Alderman for several years. He followed mercantile pursuits in the city, in connection with the management of his extensive landed property. He died about 1698. TELLER, William Was of New Netherland Dutch ancestry. He married Maria Verleth in New York in 1664, and conducted business as a merchant for many succeeding years. He died about 1700, possessed of a considerable estate. VAN DAM, Rip Born at Albany. He married Sara Vanderspeigle, daughter of a rich baker, in 1684. In early life he was a merchant and commanded his own ship engaged in the West India trade; in 1690, as one of the principal merchants, he petitionedWilliam and Mary for relief from the arbitrary measures adopted by Leisler. Established a shipyard in the rear of Trinity Churchyard with James Mills. Lord Cornbury appointed him a member of the Council; in 1731, on the death of Governor Montgomerie, he became President of the Council. In 1733 Van Dam presented charges against Governor Cosby to the home government and thenceforward he became the recognized head of the popular party. He died in 1749. Of his property little is known except that he was one of the "considerable merchants" of his day and that he was one of the proprietors of the "Nine Partners" in Dutchess Co. VAN HORNE, Abraham Descended from a New Netherland family, he established himself as a merchant in New York, where he married Maria Provoost in 1700. His business activities were of an extensive character and he acquired a large estate. His daughter married Governor Burnet about 1721. Mr. Van Home was appointed a member of Burnet's Council in 1723, which position he held until his death in 1741. His will left a lot and house to his son David, which is now the east part of the Custom House, and includes Hanover Street, south of Wall Street. WILSON, Mr. Ebenezer "Mr." Wilson was taxed ~9 7s; 6d; in 1676, on a fortune of ~2500. Mr. Wilson was undoubtedly Ebenezer Wilson, a merchant, who served the city of New York in various official capacities, including the office of Mayor in 1707-9. ZENGER, John Peter Born in Germany in 1697; came to New York in 1710 and was bound as an apprentice to William Bradford, the printer, for eight years. After he had served his apprenticeship he married, in 1722, Anna Catharina Malin, and soon after set up in business on his own account. In 1733 he began the publication of Zenger's New York Weekly Journal, a newspaper started in opposition to Bradford's New York Gazette, which favored the Court Party. The imprisonment of Zenger, founded upon the political articles appearing in his paper, his trial and the exciting events growing out of it are matters of history. Zenger continued the publication of his paper until his death in 1755. 92 ACENTURYOFBANKINGIN NEWYORK THE RICH MEN OF 1822 BY the time we are considering, the list had swollen to more than a financial "Four Hundred." The Tariff act of 1816 and the increased duties two years later stimulated many new industries; the Second United States Bank, under its reorganized management of 1819, was helping to perform its proper function of stabilizing finance, and the Suffolk Bank System (collecting notes of country banks and returning them for redemption in specie), was aiding in curbing some of the reckless "wildcatting" that had cut the value of a paper dollar in Kentucky to fifty cents. There were some difficult times in 1819. Even the absurdities of our reckless currency system and the frenzy of speculation and note-shaving, could not check the rising tide of accumulations from expanding commerce, the development of natural resources and the rapid increase of manufacturing enterprises. Niles's record shows a distinct decade of "good times" beginning just at this point. These, then, were the men who were doing the banking and business, the prodigious growth of which we are to indicate. Many of the most important have few biographical details here, because they are treated fully in the succeeding section of 1845. It is perhaps safer not to express any opinion as to the gossipy story that some names appearing in this list of magnates come from a group of young men who had banded themselves together under a solemn vow to marry each a rich heiress! This informal society was clearly of the opinion of a fine old Irish porter who, in the old days, used to bring money from his bank to an associated one. One of the officers asked him how it came about that so and so had been chosen as cashier of the uptown bank. "Well, sir," said Michael, with finality, "it don't make so much difference these days who a man's father was. But it sometimes makes a h- of a difference who his father-in-law is." ABEEL, Garrit B. grate. Arrived in 1794 and came to Taxed on $30,000 personal prop- ew York the following year, erty in 1815; the tax list of 1823 bringing with him letters to Clengives his address as 19 Park Place, dening & McLaren, the Irish imwith $10,000 real and $20,000 per- porting house. Was with them as sonal. Merchant; Director of the clerk and later became partner. Washington Insurance Co., 1822. He married Miss Anna Glover. The ADAMS, ohn partnership with Clendening was Taxed on personal property, of dissolved m 1812, and Adams re$20,000 in 1815 and $20,000 in moved to 213 Pearl Street and 1820. Born at Londonderry, Ire- stayed there until 1819; when he land, in 1773 and received a good retired he lived at 71 Chambers education. Having connections in Street. In 1819 he was elected one Philadelphia, he decided to emi- of the Governors of the New York WEALTHY CITIZENS' BIOGRAPHY 93 Hospital and served until 1843; was a Trustee of the Public School Society and Director of the City Bank. Became President of the Fulton Bank in 1827, when its affairs had fallen into confusion, and he restored its finances with such good result that its credit was soon re-established. He died in 1854, leaving seven children. ADEE, David Auctioneer. Taxed on $20,000 personal property in 1815 and $25,000 in 1820; tax list of 1823 gives him at 8 Cliff Street; real, $3,600, and personal, $15,000. ADEE, William Taxed on personal property, 1815, of $14,000 and in 1820 of $12,000; tax list, 1823, gives, 97 Beekman Street; real, $5,000 and personal, $5,000. ALIN, Moses Taxed on $10,000 personal property in 1820. ALLEN, M. Tax list of 1822, gives his address as 122 Broadway; house, $6,500 and personal property, $25,000. ALLEN, Stephen A sailmaker by trade. Elected Assistant Alderman of the Tenth Ward in 1817 and 1818; this was followed by many other offices. He acquired a large fortune in commercial pursuits to which he devoted himself for man years after giving up his trade. Was concerned with banking and insurance companies. He kept a large "duck store" on Liberty Street, valued at $5,000. Paid taxes on $15,000 personal property in 1820; was a Director of the Mechanics Bank and was Mayor of New York in 1822. He was drowned on the Hudson River in 1852. ALLEY, Saul Merchant; member of the Friendly Sons of St. Patrick. Taxed on $10,000 personal property in 1820; taxed in 1825 on 32 Beekman Street; real, $11,000 and personal, $13,000. ANDERSON, Alexander The father of American wood engraving. Born at New York in 1775 and died in Jersey City in 1870 almost ninety-five years old. He was the first engraver of note in New York and the first in America who, engraved on wooden blocks. He kept voluminous diaries. ANDERSON, Elbert Bought 6 Bowling Green for $10,000 in 1815 and 4 Bowling Green for $11,000. Was a leading sailmaker in New York in 1798. He had two places of business, one at 3 Courtland Street and the other at 7 Barclay Street. He took his son into the business with him in 1800. Was taxed on $20,000 personal property in 1820. A Director of the Manhattan Fire Insurance Co. 1822. ANTHEN, John Taxed on $8,000 personal property in 1815 and $10,000 in 1820; tax list of 1823 gives 95 Beekman Street, real, $8,500 and personal, $10,000. ARCULARIUS, George Taxed on $8,000 personal property in 1815 and $25,000 in 1820; tax list of 1823 gives 30 Courtland Street, real $10,000, and personal, $10,000. He was a tanner and currier; built 11 Frankfort Street about 1794. A Trustee of the Bank for Savings, 1819-23. ARDEN, James Taxed on $10,000 personal property in 1815. Susan Arden was taxed for $10,000 in 1820. ASPINWALL, Gilbert Of the firm of Gilbert & John Aspinwall, wholesale jobbers and large shippers, which began in 1793 at 207 Pearl Street. He was one of the first Directors of the U. S. Branch Bank, 1816. He died in 1819. ASTOR, Henry Owner of an old tavern and cattle market called the Bull's Head, which stood on the site of the Bowery Theatre, built in 1826. Mr. Astor was also a Director of the Mechanics Insurance Co., in 1822. ASTOR, John Jacob (See later list of 1845 for full particulars). Was one of the first Directors of the Branch Bank of the United States, 1816 and was also President of it. Director of the Hope Insurance Co., 1822. Tax list of 1823 gives following taxes paid b him: Theatre, Park; real, $80,000; 221 Broadway, real, $11,400; 223 Broadway, real, $6,000; rear store, $4,000; 223 Broadway (J. J. Astor & Son), real, $25,000; 94 A CENTURY OF BANKING IN NEW YORK personal, $300,000; 8 Vesey Street, real $6,000. He was also taxed on $150,000 personal property in 1815 and on $400,000 in 1820. ASTOR, William B. Tax list of 1822 values his house at 17 State Street at $18,000; personal tax, $60,000. AVERY, John S. Was taxed on $10,000 personal property in 1815 and $12,000 in 1820. AYMAR, Benjamin (See later edition). Director of the Hope Insurance Co., 1822. BACKUS, W. G. Was taxed on $10,000 personal property in 1820. BAILEY, Benjamin Was taxed on $37,000 personal property in 1815 and $25,000 in 1820; tax list of 1823 gives 79 Chambers Street; real, $6,500 and personal, $1,500. Took $10,000 of the U. S. Government loan 1813 -14. Was one of the first Directors of the Farmers' Fire Insurance and Loan Co., and was Director of the Merchants' Fire Insurance Co., 1822. BALDWIN, Charles Was taxed on $10,000 personal property in 1815 and $10,000 in 1820. BARCLAY, Henry Was one of the three Barclay brothers, sons of Thomas Barclay, British Consul General to the Eastern States, appointed after the War of 1812. The firm of Henry and George Barclay began business soon after the War; in 1824 Schuyler Livingston was taken in as a partner. The firm were the agents of Lloyds. BARKER, Jacob Owned 84 South Street in 1823. Assessed for taxation at $15,500. He was a large broker and had seventeen clerks in his office. He had no equal as a broker; he was an indefatigable worker, and did not even go home to dinner; his wife sent food to his office and he ate it there. His clerks did not like him because he drove them so hard. He was a good pilot and frequently took his ships out to sea to save the pilotage and also because he believed he could do it better than a professional. He married Miss Hazard. He owned the New York Stock Exchange Bank. His notes were as current as any in Wall Street, but finally he stopped payment. BARKER, James Was taxed on $12,000 personal property in 1820. BATES, Frederick Was taxed on $50,000 personal property in 1820. BAYARD, Robert Tax list of 1822 values his house at 18 State Street at $18,000; personal tax, $60,000. Was taxed on $30,000 personal property in 1820. He was a son of William Bayard and a partner in the house of LeRoy, Bayard & Co. BAYARD, William Of the great firm of LeRoy, Bayard, later LeRoy, Bayard & Co., in 1824. The partners of this firm were great merchants and ranked high socially. Bayard was chairman of the "Greek Committee" and in that capacity the house took charge of the building of ships for the Greek Government-there being later some severe criticism of their action in this capacity. Of the "seventeen persons in New York" who kept carriages, Mr. Bayard was one. His son William Bayard, Jr., was a partner in LeRoy, Bayard & Co. The tax list of 1822 values Mr. Bayard's house at 6 State Street at $17,000 and his personal estate at $60,000. He was taxed onr $100,000 personal property in 1815 and only $70,000 in 1820. After Alexander Hamilton was shot, his body was taken to the house of William Bayard. BAYARD, Willlam, Jr. Prominent merchant and member of the firm of LeRoy, Bayard & Co. He was a Director of the Bank of America, and President of the Savings Bank at its beginning from 1819 to 1826. He was President of the Chamber of Commerce, Governor of the New York Hospital, Trustee of the Sailors Snug Harbor, one of the owners of the Tontine Coffee House. Lived at 43 Wall Street in 1826. Taxed on $10,000 personal property in 1820. BEEKMAN, Henry (See later edition). Was taxed on $25,000 personal property in 1815 WEALTHY CITIZENS' BIOGRAPHY 95 and $18,000 in 1820; was taxed in 1822 on 60 Greenwich Street: house, $9,000 and personal $10,000. BEEKMAN, James Was taxed on $10,000 personal property, 1820. He married a daughter of John Watkins. BEEKMAN, S. L. Was taxed on $30,000 personal property in 1815 and $25,000 in 1820. The tax list of 1823 gives taxes on 11 Courtland Street; real, $6,500, and personal $22,000. BEERS, J. D. Taxed on $10,000 personal property, 1820. He was the son of Andrew Beers, the famous maker of De Beers Almanack. He was born at Newtown, Conn., 1780. He married Mary Chapman, a sister of the Hon. Asa Chapman of Newtown. They had one daughter, Eliza, who married Lewis Curtiss of the firm of L. & B. Curtiss, heavy French importers. Beers came to New York in 1815 and lived at 22 White Street. He was a broker. He brought up many young men. Clever and popular, he was described as "quick as a steel trap and as affable as a prince." He was married three times, his second marriage taking place when he was seventy-five and his third when he was seventy-eight years old. BELL, James L. Was taxed on $10,000 personal property in 1820. BENEDICT, James Was taxed on $7,000 personal property in 1815 and $10,000 in 1820. In 1823, taxed on 37 Maiden Lane; real, $9,000; personal, $10,000. BENSON, Robert Taxed on $15,000 personal property in 1815 and $12,000 in 1820. He was one of the first members of the Masonic Society of New York, and a member of the Merchants Exchange. BENSON, ampson Taxed on $15,000 personal property in 1815 and $17,000 in 1820. BETHUNE, Divie Philanthropist. Born at Dingwall, Scotland in 1771, he came to United States in 1792 and became a merchant in New York. He was taxed on $30,000 personal property in 1820. He died in 1824. Before the Tract Society was formed Mr. Bethune printed 10,000 tracts at his own expense and himself distributed many of them. BININGER, Abraham Was taxed on $10,000 personal property in 1815 and 1820. Married Miss Embury, who, discovering that it was hard to keep going on the wages of her husband, then a day laborer, took in washing and sold cakes, cookies, and afterwards vegetables. This was the beginning of the great grocery house of which he was the head. After some years in Maiden Lane, he bought the property on the west side of Broadway on a lot next to the corner of Liberty Street for $11,000. Everybody said it was crazy to pay such a price. He was taxed in 1823 on 164 William Street; real, $4,000 and personal, $10,000. He died in 1836. BININGER, Isaac Was a brother of Abraham. He lived with his father in Camden Valley and opened a store, which was the most extensive one between Albany and Montreal and was the wonder of the whole countryside. His brother joined him there for a short time, leaving his wife to take charge of his store in New York, and they arranged an exchange of commodities between the two places. They dissolved partnership after a time. BLACKWELL, Joseph Was taxed on $40,000 personal property in 1815 and $20,000 in 1820. Bought 11 State Street in 1815 for $8,300. He was the son of Joseph Blackwell, and married Miss Justina Bayard. William Bayard gave his son-in-law $20,000; in after years, becoming financially embarrassed, he asked Mr. Blackwell to indorse for him. This he refused to do but he returned the $20,000. The firm was Blackwell & McFarlane. He died in 1827. The tax list of 1822 valued his house in State Street at $18,000 and his personal estate at $20,000. BLEECKER, James W. (See later edition). A broker; address, 53 Wall Street. BLEECKER, L. He took $30,000 of the U. S. Loan, 1813-14, and was one of the subscribers for a fund to assist the 96 A CENTURY OF BANKING IN NEW YORK families of men imprisoned for debt. "Families of prisoners confined for debt, may be supplied with tickets for soup by applying to the Secretary, Mr. John Nitchie, Jr., at 38 Broad Street, where contributions will also be thankfully received and faithfully applied by the subscribers." He was one of the 28 original members of the Stock Exchange. BLOOMER, Elisha A hatter. He bought No. 13 and 14 Broadway in 1833 for $15,600. He built two houses just alike called the "Colonnade Houses," and sold one of them to Smith Ely for $30,000; later there came a depression in real estate and the two houses were sold under foreclosure in 1841 for $28,000. BOARDMAN, Daniel The tax list, 1823, gives, on 241 Broadway: real, $12,500 and personal, $11,000. A rich man. His two twin daughters were considered the most beautiful girls in New York; one married John H. Coster, son of John G. Coster. BOGART, James Taxed on personal property in 1815 on $20,000, and on $40,000 in 1820. Tax list of 1823 gives, 171 Broadway; real, $15,000 and personal, $55,000, and on 74 Warren Street: real, $5,200 and personal, $13,000. A well known biscuit maker, and "the model of a respectable burgomaster." His biscuit and tea, made with the water from the "tea water pump" (a natural spring in Wall Street), were in great request. BOGGS, James Taxed on $8,000 personal property in 1815 and $20,000 in 1820. The tax list, 1823, gives his address as 102 Chambers Street, and real estate, valued $5,800 and personal property at $25,000. He came from Philadelphia, although a Nova Scotian by birth. He founded the firm of Boggs & Livingston in 1808; this firm changed in 1830 to Boggs, Sampson & Thompson. Elected President of the New York Manufacturing Co. Bank in 1815 and remained in office until 1830. He died in 1835 at 113 Chambers Street. BOLTON, Curtis Taxed on $55,000 personal property in 1820. BOLTON, John A director of the Farmers' Fire Insurance and Loan Co., 1822. He was taxed on $15,000 personal property in 1820. The tax list of 1822 gives his address as 58 Broadway; house, $13,000; personal, $50,000. BOLTON, Thomas Born on Broadway in 1773, he was admitted to the practice of law in 1806. A partner with Gabriel Winter. He lived at his father's house in Broadway until 1836, and then moved to 39 Broadway. BOORAEM, Henry The tax list of 1823 gives his address as 24 Warren Street; real, $5,300; personal, $10,000. He was described as a man of "elegant manners." When he died, his wife put $60,000 into his silk business, which was carried on for some years. He left sons and daughters. BOORMAN & JOHNSON (See later edition). This firm took $10,000 of the U. S. Government Loan, 1813-14. BOORMAN, I. Taxed on $5,000 personal property in 1815 and $20,000 in 1820. The tax list of 1823 gives his address as 84 Chambers Street; real, $6,500; personal, $20,000. He came from Scotland to the United States in early manhood, as an agent for a Scotch house. He went into partnership with another Scotchman, John Johnson, and established a large iron business and also sold Scotch goods. He became rich and continued his business until his death. BOWNE, Walter (See later edition). He was descended from the old Quaker family of that name who settled in Flushing in the 19th Century. Born there in 1770, came to New York after the Revolution and learned the hardware trade, which he carried on for a number of years at the corner of Burling Slip and Water Street, with Richard T. Hallett. After retirement from business, he became interested in politics. He represented New York in the State Senate for three years, was appointed Mayor in 1827 and held the office for four years. He was one of the Commissioners who su WEALTHY CITIZENS' BIOGRAPHY 97 pervised the erection of the Custom House, and accumulated a large estate. Died in 1846. He paid taxes in 1815 and 1820 on $10,000 personal property. He was New York Director of the Bank of the United States in Philadelphia, 1817, and a Director of the Branch Bank of the United States, 1822. BOUCHARD, I. (or J.) The tax list of 1823 gives his address as 119 Fulton Street; real, $8,500; personal, $10,000. He was clerk to Joseph Thebaud; when Thebaud died he confided his widow, and children to Mr. Bouchard's care. Mr. Bouchard administered the estate, married the widow and continued the business. He came to America about 1805 from France. BOYD, James, Jr. (See later edition). He was a Director of the Merchants Fire Insurance Co., 1822. BOYLE, Michael Was a runner for the Bank of New York, through which most of the notes issued were collected. Boyle gave notice to the drawers three days before the notes were due; when they fell due, Michael called with a canvas bag, collected the money, in half dollars, shillings and sixpences, and then returned to the bank. He was an honest and faithful servant, obliging to the merchant, of a happy disposition and had sufficient strength of body to carry the coins entrusted to his care. BRADHURST & FIELD (See later edition). These wholesale druggists took $5,000 of the U. S. Government Loan of 1813-14. One of the firm was John M. Bradhurst, who died rich. BRASHER, Philip He took $50,600 of the U. S. Government Loan of 1813-14. He sold two lots in 1823, bounded on the east by Orange Street and on the south by Prince Street, for $2159, one lot to Samuel L. Gouverneur. BREVOORT, Henry Taxed on $10,000 personal property in 1820. The tax list of 1822, gives his address as 15 Broadway: house, $18,000; personal, $15,000. BRONSON, Isaac (See later edition). A Director of the Merchants Bank, 1803. BRINCKERHOFF, Abraham Was taxed on $50,000 personal property in 1815 and $60,000 in 1820. The tax list of 1822 gives his address as 34 Broadway; house, $20,000; personal, $60,000. BRINCKERHOFF, Abraham, Jr. Taxed on $25,000 personal property in 1815 and $17,000 in 1820. The tax list of 1822 gives his address as 78 Broad Street; house, $11,000; personal, $17,000. BROCKS, Thomas The tax list of 1823 refers to his property at 60 and 58 Vesey Street; real, $10,000. BRONSON, Isaac He was taxed in 1815 and 1820 on $50,000 personal property. The tax list of 1823 gives 12 Park Place; real, $8,500; personal, $100,000. BROWN, Robert Taxed on personal property, 1815 and 1820, $20,000. BRUEN, Herman He was the son of Matthias Bruen and a partner of his brother, George. They became bondsmen for Thomas H. Smith, who with Mr. Astor, had made large sums of money in the tea business. Smith failed, and his failure carried down his son-in-law of the firm of G. W. & H. Bruen. This failure upset the tea business for five years and ruined nearly every person engaged in it. M. Bruen was taxed in 1815 for $20,000. M. Bruen & Son owned 88 Maiden Lane, taxed at $10,000. BRYAN, James Taxed on personal property of $10,000 in 1815 and 1820. BRYAN, William Taxed on $15,000 personal property in 1815, and $10,000 in 1820. BUCHANAN, George Taxed on $10,000 personal property in 1815, and $20,000 in 1820. He was the son of Thomas Buchanan, and in partnership with his father from 1809. The firm was located at 44 Wall Street until 1816, and then moved its counting house to 4 Slote Row. George lived with his parents. After his father died, he continued the business until 1824, when he left commercial life. BUCK, Gerdon He owned 62 South Street, taxed 98 A CENTURY OF BANKING IN NEW YORK at $7,500, 1822. He was also taxed on $30,000 personal property in 1815, and $20,000 in 1820. BUCKLEY,' H. W. The tax list of 1823 gives his address, 48 Cliff Street: real, $7,000; personal, $20,000. He was of the firm of Clendening & Buckley, the partnership of which was formed in 1819, dissolved in 1826. He married Miss Margaret Clendening. BULORD, Robert The tax list of 1823 gives 189 Broadway; real, $12,000; personal, $10,000. He was taxed on personal property of $10,000 in 1815, and $15,000 in 1820. BUNKER, William The tax list of 1822 gives 39 Broadway; house, $30,000. (This was the Bunker House where Washington Irving lived.) BURK, G. The tax list of 1823, gives 101 Liberty Street; real, $7,500; personal, $10,000. BURK, James The tax list of 1822 gives 22 Wall Street; real, $12,000. BURR, Aaron Born at Newark, 1756. He graduated at Princeton in 1772, and joined the army at the outbreak of the Revolution. After the war he studied law, became a member of the Legislature and Attorney General of the State. He was concerned in the Manhattan Water project and bank, and is said to have made tremendous profits on getting the charter. He overdrew his account there $42,305. He became an aspirant for the Presidency, and with Jefferson, received 73 electoral votes, each. But the House of Representatives, to whom the decision was left, finally chose Jefferson for.first place and Burr for second, and Burr was accordingly Vice-President. He killed Alexander Hamilton in a duel, 1804. On his retirement from the VicePresidency, Burr engaged in mysterious and wide-reaching schemes, the purport of which were apparently the formation of an independent State in the Southwest. In 1806 he was tried for treason but acquitted. He wandered in Europe, but returned to America and died in obscurity and poverty. He married in 1833 the celebrated Mrs. Jumel, widow of Stephen Jumel, but the marriage was not happy. BUTLER, Benjamin The tax list of 1822 gives 55 Wall Street; house, $14,000. He was one of the first twenty-eight members of the Stock Exchange. BURTSELL, Peter The tax list of 1822 gives his store at the corner of Wall Street, $10,000. BYERS, James He bought 3 Bowling Green in 1815 for $9,750. He was taxed on personal property in 1820 of $20,000; the taxlist of 1822 values his house at 3 Bowling Green at $18,000; personal tax, $30,000. A Director of the Merchants Fire Insurance Co., 1822. BYERS, John He owned 53 South Street, and was taxed on $8,000 in 1822. He was taxed on $10,000 personal property in 1815. BYRNES, Thomas S. A Director of the Merchants Fire Insurance Co. in 1822. One of the partners of Byrnes, Trimble & Co., flour and grain merchants. He died about 1828. The tax list of 1823 gives 49 Cliff St.; real, $9,000; personal, $30,000. He was taxed on $15,000 personal property in 1815 and $30,000 in 1820. CALDER, William The tax list of 1822 shows that he lived at 110 Greenwich Street, in a house owned by William Mackie; personal tax, $12,000. CALLENDER, Thomas A Director of the Branch Bank of United States, 1822. The tax list of 1822 gives 65 Greenwich Street: house, $9,500; personal, $15,000. He was taxed on $10,000 personal property, 1815 and 1820. CAIRNS, William Was taxed on $50,000 personal property in 1815 and $30,000 in 1820. CAMBRELING, C. C. He was born in North Carolina. He married the daughter of John B. Glover, but had no children. He was a member of the important firm of Cambreling & Pearson, but it was dissolved in 1823 and Mr. WEALTHY CITIZENS' BIOGRAPHY 99 Cambreling moved to 18 Wall Street. He was a favorite, well thought of, and had splendid prospects. He was one of the first Directors of the Farmers' Fire Insurance & Loan Co. While walking with a friend, named Goodwin, on Broadway one day, they met a friend, James Stoughton, son of the old Spanish Consul; a quarrel ensued and Goodwin killed Stoughton. Mr. Cambreling caught Goodwin, who had also fallen, and afterwards helped him to escape. He was for many years a Democratic member of Congress from New York. He died at West Neck, L. I., in 1862, aged seventy-six. He paid taxes on $5,000 personal property in 1820 and the tax list of 1823 gives him as living at 11 Park Place, (Varick's house) with personal property, $1,000. CAMPBELL, Duncan P. Born 1780. He lived at 51 Broadway from 1810 to 1850. He married a daughter of William Bayard, and was a member of the firm of LeRoy Bayard & Co. He was a Trustee of the Bank for Savings, 1819-23, and a Director of the Globe Insurance Co., 1822. The father of Campbell was an officer in the British army sent out in the the Revolution. He belonged to a Highland regiment, and being billetted with Thomas Pearsall, a Quaker, fell in love with his daughter. They eloped because (says John Barrett) Old Thomas would have as soon consented to the marriage of his daughter with a Calmuck Tartar as with a Highlander or a British officer." Neither of his parents lived long after the birth of Duncan Campbell. The tax list of 1823 gives him at 205 Pearl Street, taxed on real estate, $10,000, and personal, $10,000. CAPP, Joseph The tax fist of 1823 gives 207 Pearl Street; real, $10,500. CARGILL, David Director Fulton Fire Insurance Co., 1822. He was taxed on $10,000 personal property, 1815 and 1820. CAROW, Isaac The tax list of 1823 gives 29 Courtlandt Street; real, $12,000; personal, $18,000. He was one of the fifteen members of the Committee of arrangements for the Erie Canal celebration. He was taxed on $35,000 personal property in 1815, and $20,000 in 1820. CARY, Henry The tax list of 1823 gives 69 Chambers Street; real, $6,500; personal, $8,000. He was taxed on $5,000 personal property in 1815, and $10,000 in 1820. CASTREE, John Born in 1811 at Fintona, Ireland, he came to America in 1814. His father was a Colonel in the British Army. He went to the public schools, but left while young to enter the store of his uncle, James Beatty, a prosperous grocer. He went into business for himself, and in 1836 moved to 121 Hudson Street. Married, first, Miss Clarissa Baldwin, and later Miss Louisa Lynch in 1855. He had four children. Was much interested in finance and became President of the Irving Bank. Died in 1889. CATLIN, Lynde (See later edition). The first cashier of the Merchants Bank. He was born in 1768 at Litchfield, Conn., was educated as a lawyer, and graduated at Yale in 1786. He was of English ancestry. He married Helen Margaret Kip of Albany, October 19, 1793; they had eight children, of whom four died in infancy. While Mr. Catlin -was cashier of the Merchants Bank he attracted the attention of John Jacob Astor, who induced him to bcome cashier of the branch of the U. S. Bank in New York, of which Mr. Astor himself took the residency; in 1820, at the dissolution of the U. S. Bank, he returned to the Merchants Bank as its President. He died October 18, 1833, and was buried in St. Mark's churchyard. He was taxed on $36,000 personal property in 1815 and on $10,000 in 1820. A notice in the Evening Post, when Catlin offered his house at Broadway and Art Street for sale, says: "The garden is well supplied with fruit trees and shrubbery. There are on the premises, a good stable and two coach houses, a cistern and a well of excellent water. The distance from town just sufficient for a 100 A CENTURY OF BANKING IN NEW YORK pleasant walk, Broadway being paved to the door." CHAMPLIN, John T. A member of the firm of Minturn & Champlin, one of the largest shipping concerns of the early part of ast century. The firm seem to have bought and sold cargoes of every sort. It dissolved in 1815. His daughter Ann Champlin, married Gabriel Lewis, a famous merchant. John Champlin was the first President of the Farmers' Fire Insurance and Loan Company, 1822, and Lewis was one of the first Directors. CHASE, Borden Was taxed on $10,000 personal property, in 1815 and 1820. CHAUNCEY, Commodore Was taxed on $30,000 personal property, 1820. He was a Captain in the United States Navy. He was concerned with LeRoy Bayard in the famous Greek war vessel case; and was asserted to have gotten about $14,000 out of the transaction, although at that time he was in the service of the United States. CHESEBROUGH, Robert (See later edition). He took $10,000 U. S. Government Loan of 1813 -14. Director of the Merchants Fire Insurance Co., 1822. CHESTER, William Was taxed on $10,000 personal property, 1820. CHEW, Robert The tax list of 1823 gives Mechanic Hall, Broadway; real, $20,000; personal, $2,000. CLAPP, John Was taxed on $25,000 personal property in 1815 and $16,000 in 1820. CLARK, Benjamin (See later edition). A Trustee of the Bank for Savings, 1820-39. CLARK, John, Jr. A Director of the Washington Insurance Co., 1822. CLARK, John The tax list of 1823 gives 54 Barclay Street; real, $8,300; personal, $15,000. He was taxed on $20,000 personal property, 1815, and $25,600 in 1820. CLARKSON, Matthew Born in 1758 in New York. His family came from Yorkshire, England. At the age of seventeen he entered the army during the War of Independence and served successfully on the staff of Arnold and on that of Lincoln, with the rank of major; at the close of the war he retired to civil life. A Federalist, and associated with Hamilton, Jay and others, he exercised his personal influence in the support of men and measures who in his view were identified with the happiness and prosperity of the country. He was for a time in business with John Vanderbilt and later with his brother. He was offered several positions of honor at different times, and died in 1825. He was a Director of the Bank of New York, 1803-25, President of the the Bank of New York, 1822, and a Trustee of the Bank for Savings, 1819-25. He was taxed on $30,000 personal property in 1815 and $15,000 in 1820. The gossipy Old Merchants says the Clarksons were a "nice family. They always seemed to be in mourning. It was a sight to see them go to Trinity Church as they moved slowly and dignifiedly up Broadway." CLARKSON, Sylvanus Was taxed on $12,000 personal property 1815, and 1820. CLARKSON, Thomas The tax list of 1822 gives 33 Broadway; house, $9,000; personal, $20,000. He was taxed on $25,000 personal property 1815, and $20,000 in 1820. CLASON, Isaac He kept the "Flour and Grocery" store at 14 Albany Street as early as 1789. He lived in William Street. On one occasion, when he wished to get a large loan (of $200,000) in specie from the Manhattan Bank without an endorser to send out in the ship Frances Henrietta which he was fitting out to go to China, he swore that he was worth $750,000. He lost $800,000 by the fall in teas, and worry brought him to a premature grave. He gave a grand dinner to the Hon. Rufus King at Leavitt's Hotel on July 16th, 1803, when the Ambassador returned from England; Aaron Burr presided at that dinner, the year after he shot Hamilton. Clason invested $500,000 in the U. S. Government loan of 1813-14. WEALTHY CITIZENS' BIOGRAPHY 101 CLENDINING, John First Director of U. S. Branch Bank, 1816. A member of the firm of Clendining & McLaren, which started a few years after the close of the war. Irish house at 4 Burling Slip. Clendining lived over the store. Later went into partnership with John Adams. This partnership dissolved in 1812. Old John Clendining retired from business in 1811 and died very rich in 1836. He took $20,000 of U. S. Loan, 1813-14. He was taxed on $120,000 personal property in 1815 and $100,000 in 1820. COCK, Dr. Thomas Taxed on $10,000 personal property, 1820. CODDINGTON, John J. Taxed on $20,000 personal property in 1815 and $15,000 in 1820. COIT, Henry He owned 63 South Street; he was taxed on $7,500 in 1822. COIT, Levi The tax list of 1822 gives 50 Wall Street, real, $8,000. COLDEN, Cadwalader D. The grandson of Lieut. Governor Colden, born at Flushing, L. I. His father and grandfather were Royalists. Colden practised law in New York and about 1796 was appointed district attorney. In the war of 1812 he served as a colonel of volunteers; later was elected a member of Congress. He married Maria, daughter of. Bishop Prevoost. He was Mayor of New York one year; he was also one of the Committee of fifteen appointed to take care of the celebrations in connection with the completion of the Great Western Canal in 1825. Was a Trustee under Captain Randall's will to build the Sailors Snug Harbor on Staten Island; he was also Trustee of the Bank for Savings, 1819-32 and Director of the North River Insurance Co., 1822. The tax list of 1822 shows that he was taxed on his house at 1 William Street; house, $10,000; personal, $15,000. He died in 1834. COLES, Benjamin V. (See later edition). A Director of Globe Insurance Co., 1822. He was taxed on $20,000 personal property in 1815 and 1820. COLES, John B. A Trustee of the Bank for Savings, 1819-23; clerk to Thomas Buchanlan Co.; Alderman from 1797 to 1801 and from 1815 to 1818. He had several sons who succeeded to his business as a flour merchant. He was in business for 46 years. A Director of the Bank of New York from 1806 to 1820. He lived at 1 State Street and had his business at 1 South Street, from both of which he had a splendid view of the ships. He died in 1826. He owned a house at 2 State Street, on which he was taxed $16,000 and $6,000 personal. COLES, Benjamin His address is given as 2 State Street. He was taxed on $16,000, personal. COLES, William F. Same address. Taxed on $4,000, personal CORLIES, Jacob The tax list of 1823, gives 283 Pearl Street; real, $8,500; personal, $10,500. A member of the firm of Carlies, Haydock & Co., auctioneers. He was a Quaker. COLLETT, Joseph The tax list of 1822 gives 119 Pearl Street; house, $20,000; personal, $1,000. COLVILL, John A Director of the Hope Insurance Co., 1822. Colvill & Son took $20,000 of the U. S. Government Loan in 1813-14. He was taxed on $100,000 personal property, 1815, and $25,000, 1820. COOPER, Francis (See later edition). He was taxed on $15,000 personal property in 1815 and 1820. A Director of the Mechanics Bank, 1822, and a Trustee of the Bank for Savings, 1819-47. CORLIES, Benjamin The tax list of 1823 gives 285 Pearl Street; real, $8,750; personal, $15,000. Of the firm of Corlies, Haydock & Co., auctioneers. He was a Quaker. He was taxed on $14,000 personal property in 1815 and on $15,000 in 1820. CORNELL, Robert C. The tax list of 1823 gives 26 Cliff Street; real, $7,000; personal, $10,000. Taxed on $20,000 personal property in 1815 and $7,500 in 1820. 102 A CENTURY OF BANKING IN NEW YORK KEY TO THE PAINTING OPPOSITE 1 Nicholas G. Rutgers 2 William H. Robinson 3 Charles G. Smedburg 4 Robert G. L. De Peyster 5 Alexander Hosack 6 Dr. John Neilson 7 Dr. John W. Francis 8 Castle Rotto 9 Thomas Bibby 10 John I. Boyd 11 Joseph Fowler 12 Francis Barretto 13 Gouverneur S. Bibby 14 Thomas W. C. Moore 15 James Allport 16 Walter Livingston 17 Dr. John Watts 18 James Farquhar 19 James Mackey 20 Henry N. Cruger 21 John Lang 22 William Bell 23 Mordecai M. Noah 24 Hugh Maxwell 25 William H. Maxwell 26 James Seaton 27 Thomas F. Livingston 28 Andrew Drew 29 William Wilkes 30 Charles Farquhar 31 Pierre C. Van Wyck 32 John Searle 33 John Berry 34 Robert Gillespie 35 Edmund Wilkes 36 Hamilton Wilkes 37 Captain Hill 38 Robert Watts 39 George Gillingham 40 Charles Mathews 41 Miss Ellen A. Johnson 42 Mrs. Gelston, nie Jones 43 Maltby Gelston 44 Mrs. De Witt Clinton, noe Jones 45 Mrs. Newbold, nMe LeRoy 46 William Bayard, Jr. 47 Miss Ogden 48 Duncan P. Campbell 49 Jacob H. LeRoy 50 Mrs. Daniel Webster 51 William Bayard 52 Dr. Samuel L. Mitchell 53 Mrs. S. L. Mitchell 54 Mrs. James Fairlie 55 Dr. David Hosack 56 James Watson 57 Dr. Hugh McLean 58 John Charnaud 59 Miss Wilkes 60 Mrs. C. D. Golden, nee Wilkes 61 Mrs. Robert Lenox 62 David S. Kennedy 63 John K. Beekman 64 Robert Lenox 65 Cadwallader D. Colden 66 Swift Livingston 67 Henry Brevoort 68 James W. Gerard 69 James K. Paulding 70 Henry Carey 71 Edward Price 72 Stephen Price 73 Capt. John B. Nicholson 74 Thomas Parsons 75 Herman Le Roy, Jr. 76 William Le Roy 77 Herman Le Roy 78 Mrs. Eliza Talbot 79 Alexander C. Hosack 80 Robert Dyson 81 Mrs. Samuel Jones 82 Judge Samuel Jones 83 Dr. James Pendleton 84 Mrs. Pendleton, nee Jones In the collection of the N. Y. Historical Society Prom a waler-colo Searle NEW YORK NOTABLES AT THE PLAY Attending a performance of "Monsieur Tonson" at the Park Theatre (which stood opposite the City Hall until 1848 when it was burned down), on the evening of November 7, 1822 4 ~,.- ~ o ~rc~~rv iS c.I*or..P i^ t^ w., AM,,& ' ': god' '.,tt I, 111 Drawn by Diedrich Knickerbocker Engraved by Hatch &b Smillie WALL STREET IN 1789 The large building is the old City Hall, and the tree in the foreground is (in all probability), the famous buttonwood tree under which the early brokers used to congregate WEALTHY CITIZENS' BIOGRAPHY 103 CORSE, Israel Taxed on $35,000 personal property in 1815 and $18,000 in 1820. Israel Corse & Co. was an old Quaker house of tanners and leather dealers. Israel was one of the Directors of the Franklin Bank when it first started in 1818. He was born in Chestertown, Md., in 1769; not liking his stepfather, he ran away and apprenticed himself in a tannery in Camden, Del. There he served his time; when he finished he was worth 75 cents. Nothing daunted, he began business. He married Lydia Troth, who brought him about $5,000; she is described as "a most amiable, prudent and industrious wife." They had several children. He stayed in Camden until he had $10,000, in 1803; then came to New York. He died in 1842. COSTER, Henry A. and John G. (See later edition and also below). These brothers took $100,000 of the U. S. Government Loan, 1813-14. John G. Coster was director of the Hope Insurance Co., 1822. Henry came to the United States as agent of an Amsterdam house. His brother came later. They dealt in all kinds of Holland gods at their store at 26 William Street. COSTER, Mrs. Henry (Estate of Henry Coster.) The tax list of 1823 gives 85 Chambers Street; real, $17,500; personal, $100,000. Taxed on personal propertv, 1815, of $200,000; in 1820, $560,000. COSTER, John G. (See above). Born at Haarlem, Holland, he was educated as a physician. He came to New York after the Revolution and went into partnership with his brother Henry (who died in 1821) as "Henry A. & John G. Coster." They were a splendid pair of old merchants. Their house was at 26 William Street, where John Coster kept store until 1825. They dealt m Holland goods and imported oilcloth. They were model merchants. Each wore a queue. Both were Masons and belonged to the lodge of which John Jacob Astor was master. John left several children; he died about 1846. One of the wealthiest men in New York of his time. He was taxed on personal property, 1815, of $180,000 and in 1820 of $300,000. The tax list of 1822, gives real estate; 26 William Street, $7,000; 177 Broadway, $9,000; 227 Broadway, $20,000, and a personal estate of $200,000. COSTER, Washington Was a member of the firm of Christmas, Livingston, Prime & Coster. He married a daughter of Francis Depau, and both were very wealthy. Was known as an epicure. He died on a sofa at Blanchard's Globe Hotel; he had had no sleep for several days and a celebrated Irish adventurer gave him a dose of morphine to make him doze off; it was so successful that the patient never awakened. He was a nephew of John G. Coster and son of Henry Coster. COUCH, William The tax list of 1823 gives 58 Beekman Street; real, $6,750; personal, $15,000. He was taxed in 1820 on $10,000 personal property. COWMAN, John He owned the land on Fifth Avenue between 16th and 17th Streets. Fifth Avenue opened through this tract in 1836. Cowman's were lots 1 to 7. Three were sold to Gardiner S. Howland for $24,800. CRARY, Peter Took $10,000 of the U. S. Government Loan, 1813-14. He was a member of the great drygoods house of P. & I. S. Crary & Co. in Pearl Street. CRARY, Peter, Jr. Director of the North River Insurance Co., 1822 and of the Globe Insurance Co., 1822. His firm was largely in the drygoods trade, and dealt extensively in silks imported from China. The firm speculated. Both partners were much esteemed. He died in 1843. He was taxed on $20,000 personal property, 1815, and $15,000 in 1820. DASH, Daniel B. A Director of the North River Insurance Co., 1822. The son of John B. Dash, who kept a hardware store on the southwest corner of Liberty Street and Broadway before 1801. It was John B. Dash & Son up to 1824 when the old gentleman died. The family became 104 A CENTURY OF BANKING IN NEW YORK wealthy by the rise of real estate that originally belonged to the elder Mr. Dash. The tax list of 1822 gives 147 Broadway; house, $12,000; personal, $15,000. He was taxed on $5,000 personal property in 1820. DASH, John B. (See above). Was taxed on $30,000 personal property in 1815 and $25,000 in 1820. He was a member of the German Society. Lived above his hardware store for many years. He belonged to the Moravian Church in Fulton Street, where he was buried in 1824. When the church was moved, his bones were put in a box, carried up Houston Street and placed under the steps of the new edifice. Mrs. Dash, although a strict Moravian, refused ever after to go to the Houston Street church, as she said she "would not walk over her husband's bones." DAVIS, Matthew L. Secretary and actuary of the Mechanics Life Insurance and Coal Co., 1822. He was one of the last friends that Aaron Burr had. He made" theonlybetwith John Robins that that worthy ever made," and that was for a hat. He was taxed on $30,000 personal property in 1815, but paid none in 1820. DAVIS, William H. A Director of the Mechanics Life Insurance and Coal Co., 1822. Was taxed on $5,000 personal property in 1815, but paid no tax in 1820. DE FOREST, Benjamin The tax list of 1823 gives 20 Beekman Street; real, $8,500; personal, $10,000. He came to New York from Connecticut in 1803. He had learned the shoemaker's trade, but not content to make shoes all his life, he opened a store at 31 Peck Slip. He married Miss Mary Burlock, 1804, but as they had no children for many years, he took his nephew into partnership. One of his two daughters married a Mr. DeForest of another branch. He became very rich and died in 1855, worth about $1,500,000. He was taxed on $40,000 personal property, 1815, and $20,000 in 1820. DE GROOT, Henry The tax list of 1823 gives 226 Pearl Street; real, $10,000; personal, $2,500. Was taxed on $5,000 personal property in 1820. DELAFIELD, John Born at New York in 1786, and died on his farm at Oaklands near Geneva, Seneca County, New York, Oct. 22, 1853. He graduated from Columbia College in 1802 and secured a position with the firm of LeRoy Bayard & McEvers, representing them abroad. Returning to New York in 1820, he was appointed in August, 1821, Cashier of the Phenix Bank; in 1838 he was elected President, but resigned the same year to become President of New York Banking Co. During these years he had a small farm on the East River, at Hell Gate. He was much interested in agriculture and made his farm, Oaklands, which he purchased 1842, the model farm of the State. The tax list of 1822 shows Mr. Delafield at the Phenix Bank, 24 Wall Street. His personal taxes were $4,000. DELAFIELD, Rufus King Son of John and Ann Delafield, born at his father's residence 16 Wall Street, Nov. 18, 1802; died at his son-in-law's, John T. Hall, 253 Fifth Avenue, Feb. 6, 1874. He was an officer of the Phenix Bank, 1823 to 1835, and Actuary and Secretary of the Farmers' Loan and Trust Co. June 1835 to July 1852. Afterwards he occupied himself in the manufacture of hydraulic cement, and was for many years President of the Delafield & Baxter Cement Co. As soon as business permitted, he moved to New Brighton, Staten Island, where he had a fine country seat. He married Nov. 8, 1836 Eliza Bard. DELAPLAINE, John F. (See later edition). Owned 71 South Street, and was taxed on $7,500 in 1822. The tax list of 1822 gives 78 Broadway; house, $14,000; personal, $10,000. Taxed on $15,000 personal property in 1815 and 6,000 in 1820. He took $10,000 of U. S. Government Loan, 1813-14. His son Isaac, who succeeded him, became very rich and was a member of Congress from New York City. DEPAU, Francis Ran a regular line of Havre packets WEALTHY CITIZENS' BIOGRAPHY 105 in 1822. He was a prompt and exact merchant. Two of his clerks, Fox and Livingstone, married his daughters. During the most prosperous time of the French packet ships, old Francis Depau named one of the best after his friend H. C. De Rham. She was commanded by Captain De Peyster, the superintendent of the Sailors Snug Harbor. He was a Director of the U. S. Branch Bank, 1816 and aDirector of the Farmers' Fire Insurance and Loan Co., 1822. DE PEYSTER, Fred. He took $25,000 of the U. S. Government Loan, 1813-14. Secretary of the Tontine Association, 1794, and a Director of the Merchants' Fire Insurance Co., 1822. The tax list of 1822 gives 24 Broad Street, house, $14,000; personal, $6,000. Taxed on $40,000 personal property in 1815 and $6,000 in 1820. DEPEYSTER, Gerard Alderman of the city of New York 1822. DE RHAM, H. C. (See later edition). The Tax list of 1823 gives 66 Chambers Street; real, $5,800; personal, $30,000. Born in Switzerland. He had one of the largest importing houses, principally in French goods. He started business at 79 Washington Street about 1808. He was described as "a very handsome man." Married Maria Teresa Moore. He acted as Swiss Consul for some years. He was taxed on $50,000 personal property in 1820. He subscribed $32,300 towards U. S. Government Loan of 1813-14. A Director of the Mechanics Bank, 1822 and a Director of the Farmers' Fire Insurance and Loan Co., 1822. DESOBRY, Benjamin Director of the Hope Insurance Co., 1822. Was a French emigre. He kept a dry goods store from 1800 till the fall of Napoleon at 261 William Street. His wife, Madame Desobry, was called the most beautiful woman in New York. "The very first sight of her. set many men crazy. DEWOLF, James A Director of the Farmers' Fire Insurance and Loan Co., 1822. James DeWolf, Jr. owned 54 South Street and was taxed on $7,500,1822; he lived in 1822 at 19 State Street, in a house valued on the tax list at $18,000; personal tax, $50,000. The tax list of 1823 gives 231 Pearl Street. Taxed on $15,000 personal property in 1820. DEY, Anthony The tax list of 1822 gives 17 Nassau Street; house, $14,000. Was taxed on $24,000 personal property in 1815; nothing paid in 1820. DICKEY, Robert Taxed on $20,000 personal property in 1815 and $10,000 in 1820. DICKINSON, Charles Was taxed on $30,000 personal property in 1815 and $10,000 in 1820. DOBBINS, James A Director of the Washington Insurance'Co., 1822. Taxed on $6,500 personal property in 1815. DOUGLAS, Mrs. The tax list of 1822 gives 55 Broadway: house, $19,000; personal, $160,000. Taxed on personal property of $60,000 in 1815 and $100,000 in 1820. DOUGLAS, Alanson He took $50,000 of the U. S. Government Loan, 1813-14. DOYLE, Dennis. A Director of the Mechanics Insurance Co., 1822. Taxed on $6,000 personal property in 1815. DRAKE, Jacob (See later edition). Taxed on $20,000 personal property in 1815 and $10,000 in 1820. John and Jacob Drake took $10,000 of the U.S. Government Loan of 1813-14. Jacob was a Director of the Fulton Fire Insurance Co., 1822. DUBOIS, Cornelius He bought 16 Bridge Street in 1815 for $5,700, was taxed on $30,000 personal property in 1815 and $25,000 in 1820. The tax list of 1822 gives house, $12,000, and personal, 25,000. A Director of the Fulton Fire Insurance Co., 1822. DUNHAM, David Subscribed to $10,000 of the U. S. Government Loan, 1813-14. He was an auctioneer, of Moore Street. The firm name was Dunham & Davis. The tax list of 1822 gives 45 Broadway: house, $18,000; personal, $40,000. Was taxed on $45,-.000 personal property in 1815 and $50,000 in 1820. 106 A CENTURY OF BANKING IN NEW YORK DUNN, Richard Secretary of the Globe Insurance Co., 1822. The tax list of 1822 gives 27 Wall Street; real, $12,000. DUYCKINCK, Evert Was taxed on $14,000 personal property in 1815 and $15,000 in 1820. DYCKMAN, William N. The tax list of 1822 gives 1 Wall Street: house, $6,000; personal, $500, EASTBURN, James Director of the Bank for Savings, 1819-29. The tax list of 1822 gives 108 Broadway: house, $17,000. ECKFORD, Henry A shipbuilder and naval architect. His yard was in Water Street near Clinton Street in 1810. 'He built several ships for the South American Governments. He was mixed up in the panic times of 1826 when so many banks, including the Franklin Bank, Hudson Bank of New Jersey, Jefferson Insurance Co. and others went to the wall, He was taxed on $30,000 personal property in 1815 and $50,000 in 1820. He was a Director of the U. S. Branch Bank, 1816, Government Director of the U. S. Bank, Philadelphia, 1823-24, a Trustee of the Bank for Savings, 1819-24, and President of the Mechanics Life Insurance & Coal Co., 1822. His portrait was painted in 1809 by Robert Fulton. EDGAR, William N. Taxed on $20,000 personal property in 1815 and $30,000 in 1820. EDDY, Thomas Born 1758; died 1827. An Irishman and a Quaker. Began as an insurance broker about 1790, the first broker of that kind known. He made money rapidly. In 1791, when the public debt of the United States was funded, he speculated heavily and lost money; he then lived at 277 Pearl Street. He was a member of many companies, one of the Governors of the New York Hospital, and was for eleven years secretary to the Board of Governors. Was also a Trustee of the Bank for Savings from 1819-1827. He was taxed at $8,000 personal property in 1820. EDGAR, William Began business at 7 Wall Street in 1786 and continued there for some years. For twenty years, commencing at 1800, he lived at 39 Broadway. His daughter married Gardner G. Howland. Director of the Bank of New Yorlk; Member of the St. Patrick's Society. Was taxed on $200,000 personal property in 1815 and $140,000 in 1820; the tax list of 1822 values his house at 7 Greenwich Street at $16,000; personal tax, $80,000. ELLISON, Thomas Was taxed on $30,000 personal property in 1820. ELY, Richard Tax list of 1823 gives him at 200 Front Street; real, $12,500. Was employed in the counting house of Scoville & Britton. Afterwards distinguished himself in various ways. EMBREE, Effingham "Gentleman;" born September 24, 1759, died December 3, 1817. In 1817 he purchased a large tract of land in what is now the heart of the city; this was then a part of the old Bayard farm and extended from "Meadow Street" (Grand) to below "Sugar Loaf" Street, now Franklin, and from Broadway to the land of Trinity Church. He became one of the largest landowners in the city by this purchase, which cost him but a few thousand pounds. His country place was at Flushing, L. I., which was still standing in 1907. He was one of the Trustees of the American Museum, founded by the Tammany Society in 1791; its collection was housed in a room in the City Hall. EMMETT, T. A. Tax list gives 1 Nassau Street: house, $10,000; personal, $5,000. Taxed on $5,000 personal property in 1815 and $10,000 in 1820. ENGLIS, John Taxed on $10,000 personal property in 1820. EVARTS, Fred'k Tax list of 1823 gives him at 309 Pearl Street: real, $7,500; personal, $2,500. EVERINGHAM, Gilbert Taxed on $10,000 personal property in 1815 and 1820. FERRIS, Benjamin Director, Washington Insurance Co, 1822. Taxed on $6,000 personal property in 1815. WEALTHY CITIZENS' BIOGRAPHY 107 FEW, Wm. Trustee of the Bank for Savings, 1819-28; Director Manhattan Fire Insurance Co, 1822. Tax list, 1823 gives 10 Park Place: real, $8,200; personal, $14,000. FARMER, Thomas Tax list of 1822 gives 6 Greenwich Street: house, $8,500; personal, $12,000. He was one of the Port Wardens with Elias Nexsen and Samuel Gelston; also one of the original twenty-three members of the Masonic Society of the City of New York. Taxed on $25,000 worth of personal property in 1815 and $12,000 in 1820. FISH, Hamilton Son of Colonel Nicholas Fish; born in New York, 1808. He was educated at Columbia and studied and practised law. Became a great politician, and took part in many elections; was active in international disputes. President of the New York Historical Society. FISH, Nicholas, Colonel Born in New York City, 1758 and died there in 1833. Entered the College of New Jersey at sixteen but soon left and began to study law. In 1776 he entered the army of the Revolution, served through the war in various capacities and after the war was appointed Adjutant General of the State of New York, an office he held from 1786 to 1793. Taxed on $7,500 personal property 1815 and 1820. FISH, Whitehead Cashier of the celebrated Franklin Bank. He took $250,000 of the U. S. Government Loan, 1813-14, (possibly, however, for some one else). Taxed on $6,000 personal property in 1815. FLACK, James C. Took $10,000 of the U. S. Government Loan, 1813-14. FLACK, John Tax list of 1822 gives; personal $40,000. He lived at 21 Broadway, in a house owned by Mrs. E. Woods, which was assessed at $20,000. Taxed on $20,000 personal property in 1820. FLEWELLING, Samuel Took $257,800 of the U. S. Government Loan, 1813-4. Succeeded Whitehead Fish (see above) as Cashier of the Franklin Bank. FLOYD, Samuel Taxed on $10,000 personal property in 1820. FOSTER, Andrew His house at 3 State Street was taxed at $12,000 in 1822; personal property, $20,000. Taxed on $30,000 personal property in 1815 and $20,000 in 1820. FOULKE, Joseph (See later edition). Tax list of 1823 gives 81 Chambers Street; real, $6,500; personal, $20,000. Bought "Gracie s Point," near Hellgate, from Mr. Charles King for $17,000 about 1815. Taxed on $15,000 personal property in 1820. Director of the Hope Insurance Co., 1822. FOWLER, Theodocius (See later edition). Took $150,000 of the U. S. Government Loan, 1813-14. Fox, Daniel Taxed on $12,000 personal property in 1820. Fox, William W. (See later edition). Director of the Merchants' Fire Insurance Co., 1822. Tax list of 1823 gives 308 Pearl Street; real, $8,000; personal, $10,000. Son-in-law of Thomas Leggett. The firm started as Leggett, Fox & Co. in 1809. Was President of the New York Gas Light Co. He was taxed on $30,000 personal property in 1815. FULTON, Robert (Estate of) Ground, wharf and store on Washington Street; real, $27,000. The man to whom the world is indebted for steamboats. FURMAN, Gabriel (See later edition). Director of the Mechanics' Bank, 1822; Trustee of the Bank for Savings, 1821-38; President of the Mutual Insurance Co., 1822. FURMAN, Garrit Bgught two lots in 1827 on Madison Street, on one of which he built an elegant house; on the other he built stables and gardens for his winter residence; his country seat was at Maspeth, L. I. He was born at "White Pot," near Newtown, in 1782, and was engaged in business in New York for many years. He married Mary Eaton of Rocky Point, L. I. He was a collector and owned one of the finest mineralogical collections in the State. He was 108 A CENTURY OF BANKING IN NEW YORK a writer. He died at Maspeth in 1848. GALLAGHER, George Tax list of 1823 gives him at 6 Warren Street; real, $7,000; personal, $15,000. In partnership with J. B. Murray at 72 South Street,-a large concern, and in existence from 1820 to 1837. In 1834 George Gallagher died. Taxed on $10,000 personal property in 1815. GALLATIN, Albert (See later edition). Refused the office of President of the Bank of the United States in 1822, wishing to stay longer in Paris; John Jacob Astor did much to make him change his mind, but without effect. GANTLEY, Daniel Taxed on $20,000 personal property in 1815 and $25,000 in 1820. Partner with Henry Laverty at 149 Pearl Street, drygoods dealers. GARNER, Frederick Tax list of 1823 gives 305 Pearl Street; real, $9,000; personal, $12,000. Taxed on $10,000 personal property in 1815. GASSNER, John Taxed on $10,000 personal property in 1815 and $16,000 in 1820. GEBHARD, F. Tax of 1822 gives his house as 91 Greenwich Street, valued at $7,500; personal, $25,000. Came from Amsterdam, Holland in 1800. Was at first an agent for a Dutch concern, but later he began business on his own account, living and maintaining his office at the above house. He was the first importer of the celebrated Swan gin; was in partnership with his brother in Amsterdam. He died in 1835. Taxed on $30,000 personal property, 1815 and 1820. GELSTON, David (See later edition). Tax list of 1822 gives 26-Broad Street; house, $12,000; personal, $40,000. Taxed on $40,000 personal property in 1815 and 1820. One of the first Directors of the U. S. Branch Bank, 1816. GELSTON, Maltby Taxed on $10,000 personal property in 1815 and $15,000 in 1820. President of the Manhattan Bank until 1840. GILBERT, William W. Tax list of 1823 gives 155 and 157 Broadway; real, $14,400. GILFORD, Samuel Tax list of 1823 gives 126 William Street; real, $7,200; personal, $15,000. ESTATE OF S. GILFORD, Dec'd 124 William Street; real, $7,000; personal, $15,000. Gilford married Eliza Buchanan. Was taxed on $20,000 personal property in 18!5 and $15,000 in 1820. GIRAUD, Jacob P. Lived at 3 State Street; was taxed on $20,000 worth of personal property in 1822; on $30,000 worth in 1815, and $20,000 in 1820. GOELET, Peter P. (See later edition). Tax list of 1822 gives 53 Broadway; house, $19,000; personal, $60,000. Son of Peter Goelet, an ironmonger during the War of the Revolution. Began the same business about 1790 at 6 Great Dock Street. He lived at 53 Broadway and did business up to 1826 at 63 Water Street. Married Miss Buchanan, daughter of Thomas Buchanan, and left two sons; one married a daughter of Jonathan Ogden. Died a very old man. Taxed on $50,000 personal property in 1815 and $60,000 in 1820. Director, 1812-26, of the Bank of New York. GONNELLY, John Tax list of 1823 gives 284 Pearl Street; real, $10,300; personal, $10,000. GOODHUE, Jonathan (See later edition). Founder of the firm of Goodhue & Co. in 1809. He was a Salem boy, and was originally employed in a Salem counting house. His employer sent him to New York, and he established himself there in business. The growth of his house was slow but sure. He had correspondents in all parts of the world and acted as agent for commercial firms everywhere. Goodhue married a Miss Cushing. Director of the American Insurance Company, 1816; Director of the Globe Insurance Co., 1822. He died in 1848. He was an uncompromising Republican. Taxed on $10,000 personal property in 1815 and $15,000 in 1820. GORHAM, Stephen Tax list of 1823 gives him at 279 Pearl Street; real, $9,750. WEALTHY CITIZENS' BIOGRAPHY 109 GOUVERNEUR, Samuel Member of an ancient and distinguished family; he married Maria, daughter of President Monroe, who appointed him Postmaster of New York. Bought two lots in Orange and Prince Street in 1823 from Philip Brasher for $2159 each and built two houses on them; these houses were sold in 1829 and 1832 for $8,000 and $10,700. GRACIE, Archibald Came from Scotland as supercargo of a small vessel soon after the Revolutionary War. He became one of the greatest merchants of New York; in his prime, he was doing business all over the world. He is said to have taken more pains in educating his clerks than Columbia College took with its students. "When they were set to copying letters" (says Old Mlerchants) "it (the letter) was read to the first blot or error and then destroyed, and the unhappy clerk was set at his task again and made to copy it correctly. This achieved, the clerk was promoted to making 'duplicates and even' 'triplicates' of letters, and had the honor of knowing that his 'fist' went to ports in the uttermost parts of the earth." He married, first, a daughter of Oliver Wolcott, who died on the wedding day of a ruptured blood vessel; later he married Esther Rogers, by whom he had several children. Died in 1829 and was buried in the graveyard of St. Thomas's Church in Broadway. A Director of the U. S. Bank, Philadelphia, 1811, and of the Globe Insurance Co. 1822. He paid taxes on $60,000 personal property in 1815 and on only $20,000 in 1820. The tax lists of 1822 value his house at 15 State Street at $18,000, with personal tax $20,000, and his store at 22 Whitehall Street at $9,000. GRAHAM, Chas. Director of the North River Insurance Co., 1822. GRAHAM, John Director of the Washington Insurance Co., 1822. In 1798 was a Captain of the New York Militia. Tax list of 1822 gives 58 Greenwich Street; house, $9,000; personal, $5,000. Taxed on $50,000 personal property in 1815 and only $20,000 in 1820. GRAVES, John B. Tax list of 1823 gives 59 Beekman St.; real, $9,500; personal, $10,000. Of Dutch descent. A member of the firm of Boonen, Graves & Co., chiefly engaged in trade with Holland. He lived over his store at first, but in 1817 he moved his business to 65 Ann Street and his residence to 59 Beekman. Active member of the Western Inland Lock Navigation Co. Died about 1831. His sons were identified with his business for a while. Taxed on $20,000 personal property in 1815 and $10,000 in 1820. GRIFFITH, Nathaniel Taxed on $20,000 personal property in 1815 and $10,000 in 1820. GRISWOLD, George (See later edition). Son of George Griswold, 3d of the name; born at Giant's Neck, Lyme, New-London Co., Conn., 1777. Removed to New York City in 1796, having been previously clerk in a store in Hartford. His brother, Nathaniel Lynde Griswold, came to New York in 1795, and entered the shipping business under the firm name of Hayden & Griswold, which was dissolved in February, 1796. The two brothers then formed a partnership under the firm name of Nathaniel L. & George Griswold, which continued until the death of Nathaniel in 1846; it was carried on under the same name by George and his descendants until it was dissolved January 1, 1876. "George Griswold early rose to the very front rank of merchants for intelligence, comprehensiveness of view and signal ability. He maintained this position during the whole of his life." "He served as Director in various corporations, insurance companies, banks and other associations connected with commerce, He made the law of marine insurance a subject of special study, and his opinion on difficult cases is believed to have possessed for many years a weight not surpassed by any contemporary, lay or professional." "During the prevalence of yellow fever and the cholera, he remained in the City and administered of his 110 A CENTURY OF BANKING IN NEW YORK substance to the suffering. He was amongst the first to relieve those suffering from fire or other calamities, in other cities as well as his own." "He died, after a short illness, at New Brighton, Staten Island, on September 5th, 1859, in the 83d year of his age, and was buried in Greenwood Cemetery." A marble bust of Griswold, executed 1844 by J. Battin, is now in the Chamber of Commerce. Tax list of 1822 gives him at 13 Wall Street; real, $16,000; personal, $22,000. In 1823, N. L. & G. Griswold, are recorded at 86 South Street; real, $7,500. Taxed on $40,000 personal property in 1815 and $22,000 in 1820. One of the first Directors of the Farmers' Fire Insurance and Loan Co. GRISWOLD, N. L. (See George Griswold). Tax list of 1823 gives 78 Chambers Street; real, $5,800; personal, $12,000. Of the firm of N. L. & G. Griswold, a house that traded mostly in Chinese goods. Their regular ship was the Panama.' He moved to 79 Chambers Street in 1819 and died there in 1847. Taxed on $60,000 personal property in 1815 and $10,000 in 1820. HADDEN, David Married a granddaughter of Captain John Aspinwall. He was an eminent merchant and one of the most respected men in New York; was President of the St. Andrews Society for many years and a great favorite with the Scotch people in town. "A prudent, careful man." Was taxed on $10,000 personal property in 1815 and $20,000 in 1820. HAGGERTY, John (See later edition). Taxed on $40,000 personal property in 1815 and $25,000 in 1820. Director of the Branch Bank of the U. S., 1822. HAIGHT, Benjamin, Jr. Tax list of 1823 gives 4 Park Place; real, $4,300. Formed a partnership with his cousin, Halsted E. Haight, at 207 Broadway in 1807; Halsted died in 1831, after which Benjamin continued the business alone. He married Miss Catherine Holly, 1806. The firm were wholesale dealers in bed ticking, sheets and cham brays. He died in 1848, "a fine old man," and an upright citizen. He and his cousin Halsted were taxed together on $40,000 worth of personal property in 1815, and on $20,000 worth in 1820. HAIGHT, David L. (See later edition). Director, Manhattan Fire Insurance Co., 1822. HAIGHT, Halstead E. Director of the Manhattan Fire Insurance Co., 1822. In 1807 he formed a partnership with Benjamin Haight, Jr. (the son of Alderman Benjamin Haight), his cousin under the firm of B. & H. Haight at 207 Broadway. Died at his residence, 213 Fulton Street, in 1831. The tax list of 1823 gives him at 207 Broadway; B. & H. Haight, real, $6,500; personal. $15,000. (See Benjamin Haight). HALL, James Alderman of the City of New York, 1822. Taxed on $10,000 personal property in 1815. HAMMERSLEY, L. C. The tax list of 1823 gives 55 Murray Street; real, $9,000; personal, $10,000. L. C. & T. Hammersley did business at 109 Pearl Street, as ironmongers and dry goods merchants; went into business in 1801. The sons of L. C., Sr. "Do not do any business," says Walter Barrett. "They have plenty of money and are considered at the top of the local aristocracy, have a coat of arms on their carriage, &c." Taxed on $15,000 personal property in 1815 and 1820. HAMMERSLEY, Thomas Taxed on $15,000 personal property in 1815 and 1820. Tax list of 1822 values his house at 53 Greenwich Street at $8,000; personal tax, $10,000. Brother of L. C. (See above). HALSTEAD, C. O. Tax list of 1823 gives 26 Cliff Street; real, $7,000; personal, $10,000. HARDENBROOK, I. W. Tax list of 1823 gives him at 293 Pearl Street; real, $4,750; personal, $10,000. Taxed on $12,000 personal property in 1815 and $10,000 in 1820. HARDENBROOK, William J. (See later edition). Director of the Mechanics Insurance Co., 1822. WEALTHY CITIZENS' BIOGRAPHY 111 HARMONY, Peter (See later edition). Tax list of 1822 records a personal tax on $80,000. He lived at Mrs. Saidler's House at 36 Broadway, the assessed value of which was $20,000. Peter Harmony & Co. was a large foreign house, and its founder was a great merchant in his day. Taxed on $30,000 personal property in 1815 and $55,000 in 1820. Director of the Branch Bank of the U. S., 1822. HARRIMAN, Orlando Tax list of 1822 gives him at 19 Lumber Street; house (or store), $3,500; personal, $1,000. HARRISON, Richard A Director of the Branch Bank of the U. S., 1792-3. A prominent lawyer; he lived at the corner of Broadway and Robinson Street, (now Park Place). He was Secretary of the Regents of the University of the State of New York in 1784, and first United States Attorney for New York in 1789. He was appointed by Washington first Auditor of the United States Treasury in 1791, and served in that position through the successive administrations to 1836. His death occurred July 10, 1841 at the age of ninety-one. He was by trade a trunk and harness maker at 130 Fulton Street; he paid taxes on $30,000 personal property in 1815 and 1820, and was the first Chairman of the Farmers' Fire Insurance and Loan Co. 1822. HARPER, Samuel Baker Bought 28 Cliff Street in 1823 for $5,120. He married Christina Arcularius, daughter of Philip J. Arcularius, a well known leather merchant of his day. They had five children. HART, Eli (See later edition). One of the Erie Canal Commissioners. HART, Peter G. Tax list of 1823 gives him at 22 Beekman Street; real, $8,500; personal, $30,000. A clerk in the frm of Thos. H. Smith; leaving there in 1806, he started for himself in the wholesale grocery business. His store was at 196 Front Street, but he resided at 22Beekman Street. He left a wife and several charming daughters when he died in 1827. He was a rich man; he was taxed on $20,000 personal property in 1815 and $30,000 in 1820. HARTMAN, Lewis Director Mechanics Insurance Co. 1822. Taxed on $8,000 personal property in 1815. HAVENS, Gabriel Took $10,000 of U. S. Government loan of 1813-14. Taxed on $5,000 personal property in 1820. HAVENS, Rensaeler Took $20,000 of the U. S. Government Loan, 1813-14. Taxed on $5,000 personal property in 1820. HAZARD, Thomas Tax list of 1823 gives 29 Beekman Street; real, $11,750; personal, $20,000. HEARD, James (See later edition). Director of the Merchants Bank, 1820-36. HEEVEY, Cornelius Taxed on $20,000 personal property in 1820. Was one of the leading Irishmen in New York at that time. HENDRICKS, Harman (See later edition). Tax list of 1822 values house at 61 Greenwich Street at $12,000; personal property, $80,000. Taxed on $60,000 personal property in 1815 and $80,000 in 1820. He took $42,000 of the U. S. Government Loan of 1813-14, and made a large profit. He died leaving a large fortune. Director of the Manhattan Fire Insurance Co., 1822. HEYER, Cornelius Born in 1773, he entered the service of the Bank of New York at the age of eighteen. After acting as teller he resigned and went into business; later, at the invitation of the officers of the bank, he returned. Appointed Cashier in 1825, and succeeded Mr. Wilkes as President in 1832. He was highly esteemed. For many years President of the Board of Corporation of the General Synod of the Reformed Dutch Church and prominent in its councils. He was for fifty-two years in the service of the Bank of New York. IEYER, Isaac Taxed on $25,000 personal property in 1815 and $20,000 in 1820. Of the firm of Suydam & Heyer. He married Jane Suydam, sister of his partner. They began business 112 A CENTURY OF BANKING IN NEW YORK in 1794 at 67 Front Street; the firm lasted until Samuel Suydam died in 1797. Isaac Heyer continted the business for many years and was one of the most respected of merchants. They dealt in teas, wines and groceries. He was brother-in-law of Stephen Whitney, and brother of Cornelius and Walter Heyer. HICKS, O. H. A very eminent and extensive merchant who did a large commission business and sold more pipes of imported Holland gin than any other importer of his day. lie went into business in 1800; his counting house was at 83 South Street and he lived at 87 Maiden Lane. He continued to do a large business up to 1819; in that year the Fulton Fire Insurance Co. was incorporated with a capital of $500,000 and he became the Secretary, where he remained until 1828. In 1831 he was elected President of the Farmers' Fire Insurance and Loan Company and continued to be its President until 1832 when he died of the cholera. He was a man universally respected. The tax list, 1822, gives him at 30 Wall Street; real, $15,000. HICKS, Samuel (See later edition). Tax list of 1823 gives 245 Broadway; real, $12,500; personal, $75,000. A brother of Isaac and Valentine Hicks. He became a member of the firm of Samuel Hicks & Son; in 1806 Isaac retired from business with a large fortune and gave his business to his brothers. Samuel moved to 245 Broadway in 1814 and there he lived many years; he died in 1837. He was much respected. His sons carried on his business after his death. They did an extensive commission business. Taxed on $70,000 personal property in 1815 and $50,000 in 1820. Director of the Globe Insurance Co., 1822. HICKS, Silas Tax list of 1823 gives him at 46 Cliff Street; real, $9,000; personal, $15,000. Taxed on $8,000 personal property in 1815 and $10,00 in 1820. HODKINSON, Thomas Tax list of 1823 gives him at 53 Nassau Street; real, $10,500. Taxed on $5,000 personal property on 1815. HOFFMAN, Jonas Ogden Director of the Mechanics Life Insurance and Coal Co., 1822. HOFFMAN, Martin Of the firm of Hoffman Son & Pell, a great auction house in Coffee House Slip, 65 Wall Street, in 1823. He brought up many clerks who made good merchants afterwards. HOLDEN, H. Taxed on $10,000 personal property in 1820. HOLT, Stephen Came to New York from Salem in 1808 and opened a small victualing house, managed by his wife; in 1814 he had a boarding house for the accommodation of officers of the army, and shortly after took larger premises in Front Street. He was burned out there, but obtained on credit another house in Fulton Street, which was highly successful. His idea was to make his prices moderate and get his profits from the numbers served. Holt's later hotel was, in its day, one of the wonders of the town. It was the largest and most magnificent hotel that had been erected up to that time, and its price of $1.50 a day was considered exorbitant. Baggage was carried upstairs by steam power,-probably the first steam engine used in a hotel to facilitate the labor. HONE, Isaac S. Son of John Hone; the family was considered one of the best in New York society. He was at one time a member of the firm of Hone & Fleming. After John Hone's death the firm continued, but when the law was passed that stated that no individual's name should appear in a mercantile firm name unless such a person was actually in the firm, the designation was changed to "John Hone's Sons" which included Isaac. He later was member of the firm of Tredwell & Hone, which did much business during the War of 1812, but the firm failed and John Hone had to pay $130,000 of their debts; he was obliged to sell his U. S. stock to keep the name of Hone from dishonor. Tax list of 1823 gives 68 Chambers Street; real, $6,200; personal, $25,000. A WEALTHY CITIZENS' BIOGRAPHY 113 Director of the North River Insurance Co., 1822. HONE, John, Jr. Taxed on $10,000 personal property in 1820. In 1822, on Warren Street property, $8,500, and personal, $10,000. 40 Warren Street. HONE, John (See later edition; also see Isaac Hone and Philip Hone). Taxed on $160,000 personal property in 1816 and only $60,000 in 1820; taxed in 1822 on the house at 1 Bowling Green, $19,000; personal tax, $60,000. Brother of Philip Hone. He helped to establish the Savings Bank; the Clinton Hall Association and Mercantile Library are indebted to him as their founder and benefactor. One of the ablest Mayors of New York and a brilliantly educated man. As a member of the great firm of Hone & Sons, auctioneers, he made a large fortune. The firm dissolved in 1826. Hone died, 1851, in his seventy-first year. One of the first Directors of the U. S. Branch Bank, 1816; a Director of the Merchants Bank, 1803 -30; and of the Globe Insurance Co., 1822. HONE, Philip "Gentleman" Mavor of New York in 1826. He lived at 716 Broadway and paid a rent of $1,600 a year. The house was sold in 1836 for $30,000 The ta* list of 1822 gives the I. & P. Hone store at 61 Wall Street, $15,000; in 1823 at 235 Broadway; real, $21,000; personal, $45,000; lot and stable on Washington Street; real, $4,500; 32 Warren Street; real, $6,000. Taxed on personal property in 1815 and 1820 on $60,000. lHe kept a diary, which is now famous. HOOKER, William The tax list of 1823 gives him at 202 Water Street; real, $12,500. HORTON, Caleb Tax list of 1823 gives 208 Front Street; real, $10,000; 49 Cliff Street; real, $9,000; personal, $15,000. Taxed on $20,000 personal property in 1815, and $10,000 in 1820. HOSACK, Dr. Tax list of 1823 gives him at 14 Vesey Street; real, $14,500. A celebrated physician; student of the eminent Dr. Bard. HOWARD, William Tax list of 1823 gives 18 Dey Street; real, $6,000; personal, $24,000. Taxed on $15,000 personal property in 1815, and $55,000 in 1820. HOWLAND, Gardner G. He married a daughter of William Edgar; from her he received capital and credit sufficient to establish the firm of G. G. & S. S. Howland. He called his first vessel the Edgar. Mr. Howland was a son of Joseph Howland of New London, Conn.; his brother and partner was Samuel Shaw Howland. When they came to New York, Gardner was a clerk in Leroy, Bayard & McEvers; he rose to be head clerk, and then went into business for himself. The firm weathered the cotton panic of 1826, and after this Howland went to England, travelled through Europe, and procured an enormous business there. Taxed on personal property, $12,000 in 1815 and $20,000 in 1820. Taxed, 1822, $9,000 on the house at Greenwich Street, and $20,000 personal. HOWLAND, John H. (See later edition). Taxed on $15,000 personal property in 1815 and $25,000 in 1820. He took $50,000 of the U. S. Government Loan of 1813-14. HOWLAND, Samuel Shaw Son of Joseph Howland of New London, Conn. and brother of Gardner G. Howland. He founded the firm of G. G. & S. S. Howland. Was taxed on $5,000 personal property in 1820. HOYT, Goold (See later edition). Tax list of 1822 gives 30 Broadway; house, $10,000; personal, $20,000. Director of the Globe Insurance Co., 1822. HUBBARD, David G. Taxed on $50,000 personal property in 1815 and $20,000 in 1820. HUBBARD, N. T. Born at Mattituck, L. I., in 1785, he moved to New York in 1798. He was brought up by his aunt and was employed byhis uncle, Daniel Hubbard, during his youth, in the provision business. At the age of twenty-one he was in the office of James Roosevelt, sugar broker, where he received a salary of $400 a year. He founded the firm of Fanning & Hubbard, but this did 114 A CENTURY OF BANKING IN NEW YORK not last more than a year; then he entered the produce brokerage business and remained in that until he became wealthy. In 1811 he married Susan Logan, who died in 1867; they had five sons and two daughters. He was one of the first members of the Produce Exchange, and was identified with many musical activities in New York; a man universally respected. He lived to be over ninety years old. HUNTER, Robert R. Director of the Merchants Fire Insurance Co., 1822. One of the firm of George Hunter & Co., auctioneers, 153 Pearl Street. Taxed on $10,000 personal property in 1815, and only $5,000 in 1820. HUNTINGTON, Benjamin Took $10,000 of U. S. Government Loan of 1813-14. Was one of the twenty-eight members of the New York Exchange Board, as recorded in its first list made in 1817. HURD, James (See later edition). A Director of the Globe Insurance Co., 1822. HUSTACE (or HUSTAN), Benjamin Taxed on $10,000 personal property in 1815 and $13,000 in 1820. He became a partner in the firm of Underhill & Hustace in 1797, ironmongers and hardware merchants; when the partnership dissolved in 1802, Hustace started for himself, next door to his old partner. HYDE, John E. Trustee of the Bank of Savings, 1819-42. Taxed on $5,000 personal property in 1815 and 1820. HYER, Garret Director of the Hope Insurance Co., 1822. Taxed on $50,C00 personal property in 1815. ICARD, Joseph Took $20,000 of the U. S. Government Loan, 1813-14. An important French merchant. He started in business at 85 Greenwich, corner of Rector, in 1798; afterwards he moved to 14 Rector Street, and lived at 308 Broadway. Following the downfall of the Emperor Napoleon he went back to Paris and became a celebrated man. He took a contract for cleaning the streets of Paris and was said to have made a million francs out of it. IRELAND, George (See later edition). A Director of the Mechanics' Bank, 1822. IRELAND, W. H. (See later edition). Took $2,000 on U. S. Government loan of 1813-14. A rich and prosperous man, and Director of the Fulton Fire Insurance Co., 1822. IRVING, Eben The tax list of 1822 gives his house at 3 Bridge Street, valued at $12,000. Of the firm of Paulding & Irving, engaged in the wine business. From 1801 the firm did business at 162 Front Street; it dissolved in 1811. Eben then went into partnership with his brother Peter at 135 Pearl Street; this business also dissolved in 1820. He lived at 3 Bridge Street. He was burned out in the great fire of 1835, but did business up to 1841, when he died. Taxed on $25,000 personal property in 1815. Took $20,000 U. S. Government Loan, 1813-14, for the firm of F. & E. Irving. IRVING & SMITH Took $50,000 of U. S. Government Loan, 1813-14. The Ifirm was founded in 1803 in Pearl Street; it continued until 1816 when the partners separated their auction and Commission businesses, keeping the former firm at 142 Pearl Street until 1818 when it became Irving, Smith & Hyslop. All closed up previous to 1825. Mr. Irving was a brother of Washington Irving. ISELIN, Isaac Director of U. S. Branch Bank, 1816. After the war, Dr. H. C. DeRham formed a partnership with Mr. I. Iselin, who had been a partner in the house of LeRoy Bayard & Co. Mr. Iselin was " a fine man" and an old school merchant. When DeRham & Iselin were at 44 Broad Street, Mr. Iselin lived at 36 Laight Street. He was drowned in a lake near Geneva, Switzerland, about the time of the great panic of 1837. He had several sons, all well known figures. JACKSON, Amasa President of the Globe Insurance Co., 1822. Taxed on $20,000 personal property in 1815 and $10,000 in 1820. JACKSON, Nathan Tax list of 1823 gives 203 Water WEALTHY CITIZENS' BIOGRAPHY 115 Street: real, $10,000; personal, $1,000. JAMES, Samuel Director of the Mechanics Insurance Co., 1822. One of first Directors of the Franklin Bank, 1818. JARVIS, James Tax list of 1823, gives 6 Maiden Lane: real, $8,200; personal, $8,000. JAUNCEY, William Tax list of 1822, gives him at 24 Broadway: house, $28,000; personal, $120,000. JAY, Peter Augustus (See later edition). Director of the North River Bank; Trustee of the Bank for Savings, 1819-38. JENNINGS, Chester Tax list of 1822 gives City Hotel, 111 Broadway; house, $75,000; personal, $2,000. JOHNSON, John Taxed on $14,000 personal property in 1815, and $10,000 in 1820. JOHNSTON, John (See later edition). A Scotchman who came to America in 1804 with his cousin, George Johnston. They became clerks in the counting house of James Lenox & William Maitland; the members of the firm were from Galloway-Lenox being the brother of Robert Lenox, whose son James presented the Lenox Library to New York City. He went into partnership later with James Boorman, another Scotch boy, and sold Scotch goods; developed a large iron business and received cargoes from England and Sweden. In 1828, Adam Boorman came from Scotland and joined the firm, adding so much to its business that part of it had to be given up. He married Margaret Taylor Howard, widow of Resha Howard. Resigned from the firm of Boorman & Johnson in 1844 because of illhealth. He died wealthy. Taxed on $10,000 personal property in 1815. One of the first Directors of the Farmers' Fire Insurance & Loan Co. JONES, Edward R. (See later edition). Tax list of 1822 gives 72 Broadway; house, $12,000; personal, $20,000. Taxed on $10,000 personal, property in 1815 and 1820. Director of the Globe Insurance Co., 1822. JONES, Isaac (See later edition). Taxed on $25,000 personal property in 1815 and $20,000 in 1820. Director of the North River Insurance Co., 1822. He took $4,000 of the U. S. Government loan, 1813-14. JONES, John (See later edition). Director of the Merchants' Fire Insurance Co., 1822. JONES, Joshua Taxed on $50,000 personal property in 1815 and $60,000 in 1820. JONES, Samuel Tax list of 1822 gives 5 Pine Street; house, $11,500; personal, $2,000. A counsellor-at-law; shareholder in the Tontine Association. Taxed on $10,000 personal property in 1815, and $5,000 in 1820. JUDD, Samuel Tax list of 1823, gives 57 Fulton Street; real, $9,000; personal, $5,000. A peddler. At first he kept no shop but peddled his oil, pure and good, which he mixed to suit himself, about town. After a while he prospered and took a store near the old Fly Market. He finally became very rich. His daughters married merchants. President of the Merchants' Exchange Company. JUMEL, Stephen A wealthy French importer of brandy and wine; his only rival in that business was another Frenchman, John Juhel. He married but had no children. He bought the famous Morris Mansion in 1810 from Leonard Parkinson for $10,000; the house was so luxurious that "lordly as a Jumel banquet" became a proverb. He died May 22, 1832, from a fall; his widow married Aaron Burr, but they separated after a stormy married life. KEMP, John Director of the Washington Insurance Co., 1822. Taxed on $20,000 personal property in 1815, and $16,000 in 1820. KELLEY, Robert Tax list of 1823 gives 13 Cliff Street; real, $9,000; personal, $10,000. KENNEDY, David Taxed on $10,000 personal property in 1820. 116 A CENTURY OF BANKING IN NEW YORK KENNEDY, Duncan Taxed on $10,000 personal property in 1820. KING, Elisha W. Tax list of 1823 gives 42 Beekman Street; real, $11,000; personal, $5,000. A renowned lawyer, who came from Westchester County. KING, James G. Son of the famous Charles King, and a member of the firm of Prime, Ward & King. Formerly a merchant in England. Was noted as a financier. "A very domestic man, fond of his children and would make any sacrifice for them." He married a daughter of Archibald Gracie. At one time Mr. King was so powerful that he was called "the Almighty of Wall Street." A member of Congress from New Jersey, and a Trustee of the Sailors' Snug Harbor. KING, John Alsop Educated in England and France; admitted to the bar in New York. Served in the War of 1812, becoming a lieutenant of cavalry. In 1819 he was elected to the Assembly; in 1823 he became a State Senator, and in 1825 Secretary of the American Legation in London. In 1856 he was elected Governor of New York. KING, Rufus Lived at 223 Broadway in 1795, when he was U. S. Senator; he built the house a few years before he became Ambassador to the Court of St. James'. Mr. Astor bought the house in 1803. His son Charles King, born 1781, was president of Columbia College. Tax list of 1823 gives 26 Park Place; real, $15,000. KIP, Isaac L. Taxed on $10,000 personalproperty in 1820 and 1815. The Kip family was of the old Dutch regime of New York. A lawyer, son of Leonard Kip who lost his property in the Revolution. Was.for many years the partner of Judge Brockholst Livingston, who appointed him his executor. He left three sons. KIP, Leonard Finding his family almost ruined by the Revolution, he went into business as an importing merchant, but he was not well fitted for it and retired, building a country seat near Hartford, where he died in 1846. He left a large fortune. He married a daughter of Duncan Ingraham. From 1817 to 1821 he was a member of the Common Council of New York; President of the North River Bank, 1821, and a Director of the Washington Insurance Co. 1822. He was taxed in 1823 on 182-4 Greenwich Street, on real estate $11,500; and on 167 Fulton Street, $7,500. KNEELAND, Henry Director of the Merchants' Fire Insurance Co., 1822. Of the firm of Bogart & Kneeland, one of the oldest and most respected commercial houses in New' York, which started in business at 71 South Street in 1804. A native of New York. Taxed on $40,000 personal property in 1815. KNOX, Thomas Married in 1793 a daughter of Mr. Lawrence Cortright, and lived at 45 Pearl Street. An eminent merchant whose business was at 17 Broad Street up to 1828. He died in 1834. His only daughter married Alexander Hamilton, son of the celebrated Alexander. He was one of the first Directors of the U. S. Branch Bank, 1816 and 1822, a director of the U. S. Bank, Philadelphia, 1824. Taxed on $7,500 personal property in 1815; on $16,000 in 1820; and in 1822, $9,000 on his house, in addition to the $10,000 personal. KUSE, J. D. Tax list of 1823 gives 42 Dey Street; real, $4,300; personal, $15,000. LAIGHT, Edward W. Tax list of 1823 gives 38 Warren Street; real, $8,500; personal, $8,000. LAMBERT, David R. Of the firm of Rogers & Lambert, founded in 1799 at 232 Pearl Street where it was twenty-eight years later. He was killed near the Sailors' Snug Harbor (near Tenth Street) by a gang of rowdies while on his way home from a party. Taxed on $30,000 personal property in 1815, and $20,000 in 1820. Tax list of 1822 gives 1 Bridge Street; house $20,000; personal, $15,000. In 1823, 115 Fly Market Place; real, $25,000. A Director WEALTHY CITIZENS' BIOGRAPHY 117 of the Merchants' Fire Insurance Co., 1822. LANG, John A Director of the Fulton Fire Insurance Co., 1822. Old Merchants says he was one of the "Old Battery walkers," or "Peep o'day boys,' that up to 1837 used to go down to the lonely Battery at daybreak and walk about there until breakfast and then go to their stores. LANGHAM, William Bought, in 1818, a large lot on which he built nine houses, which he sold in 1819 for $10,500. LARUE, Louis Took $25,000 of the U. S. Government Loan, 1813-14. One of the Directors of the famous French "Economical School." Taxed on $40,000 personal property in 1815, and $25,000 in 1820. LAVERTY, Henry Tax list of 1823 gives 247 Brdadway; real, $14,000; personal, $20,000. Of the firm of Laverty & Gantley, of 173 Pearl Street. John Robins was one of his clerks. Henry Laverty became rich as a wholesale and retail drygoods merchant; was taxed on $50,000 personal property in 1815, but only $20,000 in 1820. LAWRENCE, Augustus H. Was in business in 1795 at 40 Wall Street under the firm of Augustus H. Lawrence and Co.; he kept his office there until 1801. In that year he took residence at 23 Robinson Street and there he lived for many years. He died in 1828 and his widow moved to 40 Hudson Street. The firm were members of the first organization of the "Brokers of the N. Y. Exchange Board" which started about 1818. He was one of the most distinguished hosts of the time. He was a Director of the Farmers' Fire Insurance & Loan Co., Director of the Globe Insurance Co., and other institutions. Taxed on $60,000 personal property in 1815, and on $30,000 in 1820. Taxed in 1823 on $12,500 real estate at 23 Park Place as well as on $17,300 personal. His son Augustus was also a broker in Wall Street. He married the daughter of Champlin of the firm of Minturn & Champlin. LAWRENCE, A. M. Tax list of 1823 gives 15 Park Place; real, $8,800; personal,$1,000. LAWRENCE, Isaac Was educated at Princeton with the intent to be a lawyer, but his health was poor so he went into his brother's business in 1795. They were owners of vessels, shippers of goods abroad and importers; they did a big West Indian business. He became President of the United States Bank in 1817 (succeeding J. Astor), and a Director of the ank of the United States, Philadelphia, 1817-19. LAWRENCE, John B. Entered the wholesale drug business at 195 Pearl Street about 1794, and was well known and distinguished for his affable manners and amiable disposition. He accumulated a large property and died about 1845. He was a Quaker. Taxed on $30,000 personal property in 1815 and $f5,000 in 1820. Director of the Washington Insurance Co., 1822. He bought 199 Pearl Street in 1809 for $15,600,a fancy price for those days, and considered extravagant, although it was sold in 1836 to Amos Palmer for $100,000. LAWRENCE, Richard R. (Estate) Tax list of 1823 gives 251 Pearl Street; personal, $25,000. An auctioneer. LAWRENCE, Thomas A Director of the Merchants' Fire Insurance Co., 1822 Of the firm of Thomas & John F. Lawrence. Taxed on $30,000 personal property in 1815 and $15,000 in 1820. One of the first Directors of the U. S. Branch Bank, 1816. LAWRENCE, William Beach Director of the Merchants' Fire Insurance Co., 1822. The son of Isaac Lawrence. Well educated, he was appointed Secretary of Legation at London shortly after John Quincy Adams became President in 1825, and became very popular in London. He returned and resided in Rhode Island, and was elected Lieut. Governor of the State. Tax list of 1822 gives 35 Broadway; house, $20,000; personal, $50,000. LEAKE, I. G. Taxed on $40,000 personal prop 118 A CENTURY OF BANKING IN NEW YORK erty, 1815, and $50,000, 1820. Tax list of 1823 gives 33 Park Street; real, $12,000; personal, $50,000. LEE, Gideon Taxed on $20,000 personal property in 1815 and $10,000 in 1820. A leather merchant; an Alderman and later Mayor of New York. He lived in what was called "The Swamp," the famous tannery part of New York. This district was bounded by Jacob and Skinner Streets, and on the other side by Gold, Frankfort, Ferry and Pearl. He was "a stern man.' When he ran for Alderman, Peter Cooper was elected assistant Alderman. He was the last Mayor elected by the Council (1833); in 1834 the system was changed and the choice was submitted to the people. In 1836 he was elected to Congress. In 1838 he left New York and went to reside at Geneva, where he had purchased a large property; he died there in August 184, aged sixtyfour, leaving sons and daughters, and a large fortune. LEGGETT, Samuel (See later edition). Taxed on $50,000 personal property in 1815 and 1820. Secretary of the Mechanics Life Insurance Co., 1822; Director of the Mechanics' Insurance Co., 1822; President of the Franklin Bank, 1818. Old Mierchants says of Samuel Leggett: "He walked through this world treading as softly as any Quaker merchant, yet in his earlier years he trod heavily in the commercial and financial walks. He was President for many years of the famed Franklin Bank, that he got an injunction upon, and stopped it at twenty minutes past ten o'clock on the morning of the 29th May, 1828." LENOX, Robert (See later edition). One of the five richest men in New York about 1830. J. J. Astor was the wealthiest and the others were Lenox, J. G. Coster, Stephen Whitney and Nathaniel Prime. Lenox was a Scotchman. He lived in Greenwich Street, and was president of the St. Andrews' Society, 1799. He bought 10 State Street in 1815 for $8,250, was taxed on $200,000 personal property in 1815, and $160,000 in 1820; the list of 1822 gives him at 59 Broadway on a $20,000 basis, and his personal estate at $160,000. Director of the U. S. Bank, Philadelphia, 1821. A conservative merchant of the first standing, and a trusted Director of both the First and Second banks of the United States. Was adviser to Nicholas Biddle in the management of the Second Bank of the United States during the latter's Presidency. LEGGETT, Thomas H. $30,000 personal property in 1815 and only $6,000 in 1820. List of 1823 gives 230 Pearl Street; real, $12,000. "A good business man," but he met with overwhelming financial misfortunes. His brother left him $60,000. LEROY, Herman Taxed on $6,000 personal property in 1815 and $60,000 in 1820. Founder of the house of LeRoy, Bayard & Co., dry goods dealers, shipowners, and so on, one of the most famous New York houses, which started in 1790. At the beginning, Herman lived over the store at 3 Hanover Square. Many prominent men were taken into the firm and it changed addresses several times. The Bayards, McEvers, Howlands and others were all concerned in many of the large operations of the times. Mr. LeRoy was one of the wealthiest of the old New York merchants. He had a large family; one of his daughters married Daniel Webster; another married William Edgar. In 1799 he became President of the Bank of New York, and continued in that office until 1804. He died at 7 Greenwich Street, March 31, 1841. LEROY, Robert Taxed on $40,000 personal property in 1815 and 1820. One of the members of the firm of LeRoy, Bayard. LEVY, Jacob, Jr. (See later edition). Taxed on $30,000 personal property in 1815 and $20,000 in 1820. Tax list of 1822 gives 74 Broad Street; house, $10,000; personal $20,000. Director, 1820-23, of the Bank of New York. LEWIS, F. Tax list of 1823 gives 77 Chambers I I L: fI. '-f 1~ From a lithograph oy Mc~peaon ao b.aRer, I55 WALL STREET IN 1825 The residence on the right was occupied by the Bank of America, which is still on the same site; the third building from it was used by the Merchants Bank, and adjoining it was the Manhattan Bank, which is there today Prom ine arawing oy,. Iurton lngravea oy winm.. amtin BOWLING GREEN, LOOKING NORTH As the east side looked about 1830, when it was the site of small shops and homes of merchants WEALTHY CITIZENS' BIOGRAPHY 119 Street; real, $5,800; personal, $6,000. LEWIS, Gabriel L. Son of Francis Lewis; he married Ann Champlin, a daughter of John Champlin of the house of Minturn & Champlin. He was a merchant who lived at 12 Leonard Street; he had a store on 52 South Street on which he was taxed $7,500 in 1822. He was at one time clerk to the Board of Brokers, and was one of the first Directors of the Farmers' Fire Insurance & Loan Co. LEWIS, Zachariah Trustee of the Bank for Savings, 1819-40. LITTLE, Jonathan Jonathan Little & Co. was a large silk importing house; its head was also President of the Marine Society of New York in 1817, and a Sachem of St. Tammany's Society; also a Director of the Manhattan Fire Insurance Co., 1822. He was taxed on $30,000 personal property in 1815 and on $25,000 in 1820. His store at 15 John Street was taxed in 1823 on the basis of $7,500. LIVINGSTON, Brockholst Son of William Livingston, once Governor of New Jersey; born in New York, November, 1757. He graduated from Princeton in 1774, served in the Revolutionary War, went to Spain with his brother-inlaw, John Jay, as private secretary; was captured on his return and thrown into prison in New York. He was liberated on the arrival of General Carleton and began to study law; was admitted to the bar in 1783. In 1802 he became Judge of the New York Supreme Court and in 1807 a Judge of the U. S. Supreme Court. Died March, 1823. Director of the Bank of the United States, Philadelphia, 1816; Trustee of the Bank for Savings, 1819-23. Taxed on $30,000 personal property in 1815 and 1820. LIVINGSTON, John R. Tax list of 1822 gives 2 Greenwich Street; house, $16,500. Taxed on $50,000 personal property in 1815. LIVINGSTON, Robert L. Taxed on $5,000 personal property in 1815 and $30,000 in 1820. When John B. Church, an Englishman, sold out, Mr. Livingston bought all of his silver. Church was said to have been the most expensive liver in New York and gave dinner parties on silver plates nearly every day of the week. Livingston was a brother of Mortimer Livingston of the Havre packet agents. LOOMIs, Luther (See later edition). Took $5,000 of the U. S. Government Loan, 1813-14. LORD, Eleazar President, Manhattan Fire Insurance Co., 1822; President of the Erie Railroad at one time. Author of a very sane treatise on Banking and Currency. LORD, Rufus Taxed on $25,000 personal property in 1815 and $10,000 in 1820. One of the partners of Lord & Olmstead, with Ralph Olmstead, dry goods merchants of 172 Pearl. The firm started in 1817 and was dissolved in 1822; Mr. Lord then took in B. F. Lee, under the firm name of Lord & Lee. A bachelor. He owned a good share of Exchange Place. LORD, Silas Taxed on $12,000 personal property in 1815, and $13,000 in 1820. LORILLARD, Jacob (See later edition). Director of the Merchanics Bank, 1822. LOVELL, Thomas Tax list of 1823 gives 213 Pearl Street; real, $11,250; personal, $500. Taxed on $10,000 personal property in 1815. LOVETT, George (See later edition). Director, Mechanics' Insurance Co., 1822. LOVETT, James (See later edition). Took $5,000 U. S. Government loan, 1813-14. Director of the Merchants' Fire Insurance Co., 1822. Low, Nicholas Taxed on $40,000 personal property in 1815 and $20,000 in 1820. A Director of the Bank of New York. He did business in Water Street as Low & Wallace, merchants. His daughter married Mr. Charles King (q. v.). LUDLOW, G. Taxed on $20,000 personal property in 1815 and 1820. Tax list of 1822 gives 15 Whitehall Street; 120 A CENTURY OF BANKING IN NEW YORK house, $10,000; personal, $25,000. Of English descent. The Ludlows were a celebrated family. LUTSON, Arthur Taxed on $20,000 personal property in 1820. LYDIG, David Born 1764; died May 16, 1840. He was described as a man of good education, carefully brought up, handsome in person, of good sense and judgment, refined and courteous in manner. He was a leading member of "the Club" of about thirty prominent citizens, and a Director of the Merchants Bank, incorporated 1805. He first resided at 21 Peck Slip, over his store; he then moved to 55 Beekman Street, later to 225 Broadway, which was two doors from Barclay. He paid $25,250 for this property to Jonathan Fisk, and sold it to John Jacob Astor in 1831 for $32,500. He was in every prominent bank and insurance company for nearly half a century. The tax list of 1823 gives his real estate at 225 Broadway as $13,000 and his personal property at $1,000. LYNCH, Dominlck Tax list of 1822 values his house at 1 Greenwich Street at $12,000; personal tax, $5,000. A man of family and wealth and a social leader; it was his effort which brought the first Italian opera to New York. When peace was declared with Great Britain in 1815, a great banquet was given to celebrate the occasion at Washington Hall, at which Dominick Lynch presided-as he had at dozens of similar social functions. LYNCH, Dominick, Jr. Director of the North River Insurance Co., and of the Branch Bank of U. S., 1822. McADAM, Mrs. Ann Tax list of 1822 gives 57 Broadway; house, $14,000; personal, $20,000. McBRIDE, James (See later edition). "Few merchants of this city have been of more note than James McBride He was from Armagh, in Ireland, and commenced business in New York in 1795." In 1796 there was a large firm of McBride & Watson, soap and tallow chandlers, 98 Beekman Street; the firm consisted of James McBride and William Watson. The house dissolved, and in 1803 McBride started in business for himself at 101 William Street. He was later better known as an importer of Irish linens. In 1805 he owned vessels, had a steamboat wharf at foot of Cortland Street; he lived at 4 Dey Street and had a counting house at 2 Dey Street. He accumulated a large fortune. He was one of the incorporators of the Friendly Sons of St. Patrick, organized in 1784 but not incorporated until February 1827; was a Director in banks, and insurance companies, and was one of the first Directors of the Farmers' Fire Insurance and Loan Co. in 1822. He subscribed $10,000 to the Government Loan of 1813. Was taxed on $30,000 personal property in 1815 and on $20,000 in 1820; in 1822 his house was valued at $9,000 and his personal estate at $15,000. He died at 70 Fifth Avenue in 1858. MCCALL, James Tax list of 1823 gives 233 Broadway; real, $8,500; personal, $500. President of the Metropolitan Bank. MCCOMB, John Taxed on $10,000 personal property in 1815 and $8,000 in 1820. Director of the Mechanics Bank, 1822, and of the Fulton Fire Insurance Co. MCCORMICK, Daniel Taxed on $40,000 personal estate in 1815 and $25,000 in 1820. Tax list of 1822 gives 57 Wall Street; house, $10,000; personal, $35,000. A fine old Irish merchant; one of the first Directors of the Bank of New York. A bachelor, he intended to make his nephew his heir, but the two did not agree and the nephew returned to Ireland and became a great man there. He died in 1834; he wore short breeches, white stockings and buckles to the last. He was very hospitable, fond of his friends, and was very rich McCowN, Samuel Director of the Globe Insurance Co., 1822. Taxed on $6,000 personal property in 1820. MCCRA, Robert Tax list of 1823 gives 65 Fulton WEALTHY CITIZENS' BIOGRAPHY 121 Street; real, $10000; personal $10,000. McEvERS, Charles Taxed on $9,000 personal property in 1815 and 1820. Tax list of 1822 gives 36 Wall Street; real, $18,000. In 1823, 18 Park Place; real, $7,300; personal, $3,000. Of the house of LeRoy, Bayard & McEvers, whose counting house was for many years at 66 Broadway. G. G. Howland (q. v.) was with this house and rose to be chief clerk. McEvers lived at 36 Wall Street, a famous mansion, next door to the Bank of New York. McEvERS, John Director, 1816-40, of the Bank of New York. MCFARLAN, Henry (See later edition). Tax list of 1823 gives 12 Vesey Street; real, $7,500; personal, $20,000. Taxed on $30,000 personal property in 1815 and 1820. Director of the Fulton Fire Insurance Co., 1822. MACGREGOR, John, Jr. Tax list of 1822 values his house at 49 Greenwich Street at $12,000; personal tax, $15,000. MCINTYRE, Archibald Appointed Secretary of the Farmers' Fire Insurance and Loan Co., 1822. Owned ten shares of stock in the Second Branch Bank of the United States. M'QUEEN, Robert Director of the Mechanics' Life Insurance and Coal Co., 1822. Alderman of the city of New York, 1822. MCVICAR, Archibald Director of the U. S. Branch Bank, 1816. Second son of John McVicar; a lawyer; he married a daughter of Judge Brockholst Livingston (q. v.). After he graduated at Columbia went to England and finished his education at Cambridge. MCVICKAR, John A large Irish shipowner and merchant; John and Phili Hone were among his clerks. He came to New York soon after the war. Tax list of 1823 gives 231 Broadway; real, $13,000. MACKIE, William Tax list of 1822 gives 110 Greenwich Street; house, $8,000; personal, $12,000. MACTIER, Henry Lived at 141 Chambers Street. He was one of the first Directors of the Farmers' Fire Insurance & Loan Co. Went into business in 1818 with William Stevens, son of Ebenezer Stevens, under the name of Stevens & Mactier; they continued till 1823. "I think at that time Mr. Mactier died. He married one of the beautiful daughters of Augustus H. Lawrence, by whom he had three children.' MAGEE, James (See later edition). James McGee & Co., Grocers, 72 South Street, was taxed on $7,500 in 1822. The head of the house was one of the first Directors of the Farmers' Fire Insurance and Loan Co. MAJESTRE & TARDY Took $10,000 of the U. S. Government loan, 1813-14. Partnership was formed in 1812. Tardy had vessels running the blockade to Bordeaux and other European ports in 1812. Mr. Majestre was from Marseilles and was in the United States only a short time; he died in 1831. MANN, Asa Director of the Fulton Fire Insurance Co., 1822. Taxed on $7,000 personal property in 1815 and 1820. Alderman of the city of New York, 1822. MARK, Jacob Of the German house of Jacob and Philip Mark, largely in the Holland trade. The firm dissolved in 1793; in 1793 Mr. Mark took John Speyer into partnership. The firm failed in 1799 and out of this failure grew a lawsuit for $300,000 which was not settled till 1820. Jacob Mark, it is supposed, returned to Germany after he received the money from the lawsuit. Taxed on $15,000 personal property in 1815, and $5,000 in 1820. A shareholder in the Tontine Coffee House. MARSHALL, Benjamin (See later edition). Came with his brother Joseph from England with considerable capital. A Director of the City Bank about 1825. Interested in cotton. He established himself in Oneida County and prospered. Taxed on $20,000 personal property in 1815, and on $5,000 in 1820. One of the first 122 A CENTURY OF BANKING IN NEW YORK Directors of the Farmers' Fire Insurance & Loan Co. MARTIN, Henry Director of the Farmers' Fire Insurance and Loan Co., 1822. MASON, John (See later edition). Began life as a workman, but became one of the "Old New York merchantprinces," and subscribed $5,000 to the first Government Loan of 1813. He lived on Broadway between Anthony and Leonard Streets, and paid taxes on $60,000 personal property in 1815. He was a Director of the Bank of New York, 1814-41; a Trustee of the Bank for Savings, 1819-33, and virtually controlled the destiny of the Chemical Bank from 1831 until his death in 1839, first as Director and later as President. His estate was estimated at $800,000, equalling in importance that of A. T. Stewart. MASTERS, Thurman Owned 118 Liberty Street, valued at $5,000, in 1822. Tax shows in addition personal property of $1,000. MCGEE, James Taxed on $20,000 personal property in 1815 and $15,000 in 1820. One of the old Irish merchants of New York. MEAD, A. B. Director of the North River Bank, 1821. Taxed on $7,000 personal property in 1820. MEAD, Benjamin A partner with S. Tooker around 1806. The house went into the privateer business in 1812, as did many other houses of the time. Benjamin Mead died in 1860. The Meads were all from Greenwich, Conn. MEAD, Henry Alderman of the city of New York, 1822. MEAD, S. The tax list of 1823 gives 274 Pearl Street; real, $10,000. MELICK, Balthazar P. A prosperous wholesale grocer of Greenwich Village, he was a man of influence; a Director in the Equitable Fire Insurance Co., the Greenwich Fire Insurance Co. and the Union Marine and Life Insurance Co. His name first appears in the city directory for 1795, where, as "Baltus P. Melick," he is described as grocer of 183 Washington Street. He became the first President of the Chemical Bank in 1824, and in his leisure hours was Secretary of the Black Friars Society, a musical and social club. MERRITT, Benjamin Tax list of 1823 gives 277 Pearl Street; real, $10,250; personal, $5,000. MESIER, Peter A. Tax list of 1822 gives 28 Wall Street; real, $8,000. A bookseller. At the celebration of the opening of the Erie Canal, Mr. Mesier was assistant standard bearer. MILLER, John B. Tax list of 1822 gives his house at 109 Greenwich Street as worth $9,000; personal, $10,000. MILLER, Thomas Director of the North River Insurance Co., 1822. Taxed on $5,000 personal property in 1815. MILNER, Joseph K. Tax list of 1822 gives 6 Pearl Street; house, $12,000; personal $15,000. Taxed on $30,000 personal property in 1815 and $15,000 in 1820. MINTURN, A. G. Tax list of 1823 gives his house at 78 Murray Street; personal, $5,000. MINTURN, Jonas One of three commissioners appointed to receive stock subscriptions of the Mechanics' Life Insurance and Coal Co., 1822; also a Director of that company and a Director of the Mechanics' Insurance Co., 1822. One of the three Minturns in the firm of Champlin & Minturn which failed in 1815. Later Jonas went into the auction business under the name of Franklin & Minturn. "The Minturns are a good-looking lot of men, six feet tall, rosy cheeks, and black curly hair." MOLLAR & RANKIN This firm took $20,000 of the U. S. Government Loan of 1813-14. MONTGOMERY, John B. Owned 78 and 80 Maiden Lane in 1822, valued at $5,000; personal estate, $5,000. MOORE, B. (Estate of) Tax list of 1823 gives 2 John Street; personal, $35,000. The Moores oasted direct descent from Thonm WEALTHY CITIZENS' BIOGRAPHY 123 as DeMoore, a Norman, who came with William the Conqueror into England in 1066. B. Moore was clerk to H. C. De Rham. Taxed on $50,000 personal property in 1820. MOORE, Clement C. Taxed on $17,000 personal estate in 1820. He was the son of Bishop Moore, and author of "The Visit of St. Nicholas," 1822. Born, 1781; in 1818 he presented to the Episcopal Theological Seminary the block on which the Seminary buildings were erected. MORRIS, Andrew Director of the Mechanics Bank, 1822, and Trustee of the Bank for Savings, 1819-23. Taxed on $60,000 personal property in 1815. MORRISON, John C. Director of the North River Bank, 1821. Druggist; lived at 188 Greenwich Street. Taxed on $10,000 personal property in 1820. MORSE, John (See later edition). Director, Fulton Fire Insurance Co., 1822. MORSE, Oliver Tax list of 1823 gives 31 Park; real, $13,000; personal, $500. MORTON, Jacob Counsellor-at-law, and Clerk of the Common Council until 1835. MORTON, Thomas C. Tax list of 1823 gives 92 William Street; real, $9,250; personal, $7,000. MORTON, Walter Took $10,000 of the U. S. Government Loan, 1813-14. MOTT, Henry Tax list of 1823 gives 259 Pearl Street; real, $11,000; personal $10,000. MOTT, Doctor A celebrated physician of 25 Park Row; real, $16,000. MOTT, William F. (See lateredition). Taxed on $12,500 personal property in 1820. One of the first Directors of the Manhattan Fire Insurance Co., 1822. MOWATT, John (Estate of) Tax list of 1823 gives 217 Pearl Street; real, $15,000; personal, $40,000. Taxed on $60,000 personal property in 1815 and $40,000 in 1820. MUIR, Alexander M. Director of the North River Bank, 1821; and North River Insurance Company, 1822. MUMFORD, Gurdon S. Took $20,000 of the U. S. Government Loan, 1813-14. One of the first members mentioned in the "Brokers of the New York Stock Exchange." In 1817 there were only 28 members. When the New England Society for friendship, charity and mutual assistance was formed in 1805, four Mumfords joined it. He was elected to the 9th Congress for the City of New York in 1805; re-elected to the 10th and 11th Congress, and held his seat until 1811. Came as a broker to Wall Street in 1816, and was one of the founders of the Stock Board. He died in 1830; his funeral was one of the largest ever held in New York. MUNSON, Reuben Director, Fulton Fire Insurance Co., 1822 MULFORD, Hervey Owned 61 South Street, taxed at $7,000, 1822. MURRAY, George W. Took $10,000 of the U. S. Government Loan of 1813-14. MURRAY, James B. Tax list of 1823 gives 54 Warren Street: real, $6,300; personal, $3,000. MURRAY, John Treasurer of the Bank for Savings, 1819-23. Partner of Richard Cunningham and Hugh McCormick, who owned a tannery and manufactory near the old powder house and sun-fish pond at the foot of Murray Hill. Was treasurer of the New York Hospital, and in 1792 a Director of the Bank of New York. Murray Hill was named after him; he once owned it all. MURRAY, John B. Taxed on $25,000 personal property in 1815; on 45 Barclay Street, 1823, $7,500, and $15,000 personal. MURRAY, Lindley The well-known grammarian. Old Mlerchants says that he used often to leap across Burling Slip, twentyone feet, with a pair of fowls in his hand, as he came from market; his lameness was afterwards imputed to this cause. It was his mother who entertained the British 124 A CENTURY OF BANKING IN NEW YORK officers so charmingly for two hours, at her house on Murray Hill, while General Putnam, with a large detachment of the Continental army, retreating in haste before a superior force, successfully reached the main body at Harlem Heights. He earned an immense sum by his various works, but the profit was invariably devoted to charity. When he died, he left by will several bequests to charities in England. The residence, after his wife's death, was to be transferred to New York for a permanent fund to be used to help liberate the slaves. MURRAY, R. I. Tax list of 1823 gives 47 Cliff Street: real, $8,500; personal, $5,000. NEILSON, William A merchant who owned ships trading between New York andNewry in Ireland. He married twice, the second time Lady Catherine Duer, 1801. After the war he resumed business at Great Dock Street. In 1797, he took his son into the firm. His house at 1 State Street was taxed at $16,000, 1822. NEVINS, P. I. (See later edition). Director, Hope Insurance Co., 1822. NEVINS, R. L. Tax list of 1822 gives 42 Wall Street: personal, $1,000. NEVINS & TOWNSEND 40 Wall Street: real, $14,000. A highly respected Wall Street brokerage firm. NEWBOLD, George Taxed on $15,000 personal property in 1815 and $10,000 in 1820. One of the Directors of the Bank of America. NEWTON, Joseph Director of the North River Insurance Co., 1822. NIBLO, William Tax list of 1822 gives 47 Pine Street; house, $2,400; 45 Pine Street; house, $10,000; personal, $5,000. He kept the Bank Coffee House. The following poster is interesting: "Niblo's Garden. The greatest curiosity in the world, and the most interesting, particularly to Americans, is now exhibiting at the Saloon fronting on Broadway, in the building recently erected for the dioramic view, Joice Heth, nurse to General George Washington, (the father of our country), who has arrived at the astonishing age of 161, as authentic documents will prove and is in full possession ofher faculties. She is cheerful and healthy, although she weighs but 49 pounds. She relates many anecdotes of her young master; she speaks also of the redcoats during the Revolutionary War, but does not appear to hold them in high estimation. She has been visited by crowds of ladies and gentlemen, among whom were many clergymen and physicians, who have pronounced her the most ancient specimen of mortality the oldest of them has ever seen or heard of, and consider her a very great curiosity. She has been a member of the Baptist Church for upwards of one hundred years, and seems to take great satisfaction in the conversation of ministers who visit her. She frequently sings and repeats parts of hymns and psalms.' NICOLL, Edward H. Director, Globe Insurance Co., 1822, and of the Branch Bank of U. S. He married Mary Townsend, daughter of Capt. Solomon Townsend. Was of the firm of Smith & Nicoll. A stepson of Hon. John Smith, of the U. S. Senate. Tax list of 1822 gives 8 Greenwich Street; house, $7,500; personal, $40 000. NICOLL, Francis H. Director, Merchants Fire Insurance Co., 1822. Taxed on $25,000 property in 1815, and $10,000 in 1820. NILES, P. F. Tax list of 1823 gives 221 Pearl Street; real, $15,000. NIXON, Thomas Taxed on $20,000 personal property in 1815, and $25,000 in 1820. NOBLE, John The tax list of 1822 values his house at 29 Greenwich Street at $7,500; personal tax, $6,000. OAKEY, Charles Taxed on $5,000 personal property in 1820. Bought, in 1819, twenty lots in Cornelia Street for $8,000. OAKLEY, James Owned 114 Liberty Street in 1822. WEALTHY CITIZENS' BIOGRAPHY 125 Tax reports show his estate $5,000 in real and $2,500 personal. OGDEN, Abraham Tax list of 1822 gives 52 Greenwich Street; house, $10,000. Taxed on $10,000 personal property in 1815. OGDEN, Isaac G. Tax list of 1822 gives 48 Wall Street; real, $8,000; tax list in 1823, 73 Warren Street; real, $7,000; personal, $2,000. One of the first twenty-eight members of the Stock Exchange. OGDEN, Jonathan Began his business career in 1793 and ended it in 1833, when he died. He founded the house of Ogden, Ferguson and Co. Married, 1804, Miss Charlotte Walton. An Englishman by birth, he was one of the first members of the St. George's Society. Barrett says "he was small in size, thick-set, and was one of those pleasant, jolly-countenanced English gentlemen of great moral worth and integrity." In 1811 he moved to 4 State Street and lived in handsome style. He did a great business, owned ships and was a great shipper on his own account. He had a house in Liverpool to which he sent cargoes of cotton, flour and other goods. He was a Director of the Merchants Bank from 1814 to 1832.. He paid taxes on $85,000 personal property in 1815 and in 1822 was taxed on 4 State Street $16,000, with $20,000 personal. OGDEN, Thomas L. Director, Globe Insurance Co., 1822. Tax list of 1822 gives 17 Nassau Street; house, $14,000; personal, $2,000. OLMSTED, Ralph Owned 86 Liberty Street in 1822. His estate was valued at $7,000, and his personal property at $3,000. A rich dry goods merchant. OOTHOUT, John (See later edition). Director of the Bank of New York, 1819-58. OOTWOUT, Mrs. Tax list of 1823 gives 32 Courtlandt Street; real, $6,600; personal, $22,000. OOTWOUT, Miss Personal, $25,000. OSBORN, William Tax list of 1823 gives 20 Cliff Street; real, $8,000; personal, $10,000. A celebrated merchant; when he failed in 1830, his collapse created a small panic. OVERING, Henry Taxed on $70,000 personal property in 1820. PAINTER, Henry H. Tax list of 1823 gives 28 Warren Street; real, $6,000. PALMER, John J. He owned 96 Liberty Street, in 1822. His real estate was valued at $6,000 and his personal property at $8,000. Taxed on $20,000 personal property in 1815, and $8,000 in 1820. PALMER, William Tax list of 1822 gives 8 Wall Street; house, $6,000; personal, $2,000. PARISH, Henry Taxed on $5,000 personal property in 1815 and 1820. The tax list of 1822 gives his personal property as $15,000. Of the firm of Henry & Daniel Parish, drygoods merchants. He was born in 1788, and came to New York about 1809. He lived at 115 Pearl Street in 1822, and retired from business in 1825. He went to work again in 1827 with another partner and built 49 and 51 Barclay Street (one for himself and the other for his brother), which were regarded as palaces in those days. He married Miss Susan Maria Delafield in 1829. He went to Europe for his health in 1842 and made a will at that time, leaving his wife $331,000, and left other property valued at about $2,000,000. After his return from Europe his mind gave way and he died shortly after. PATTEN, Richard Tax list of 1823 gives 180 Water Street; real, $8,500; personal, $7,500. PATTON, James Owned a stable valued at $6,000 on Liberty Street, 1822. PAULDING, William Born at Tarrytown, N. Y. and came to New York City in 1795 to practise law. He married a daughter of Philip Rhinelander. In the War of 1812 he rose to the rank of Brigadier General of militia. Elected to Congress, 1811. 126 A CENTURY OF BANKING IN NEW YORK He lived.in one of the finest blocks of the city, called Paulding's Row, in Jay Street at the corner of Greenwich. He was taxed on $28,000 personal property in 1815. Died in 1854. PEARSON, Isaac G. Taxed on $15,000 personal property in 1815. He was a builder, and purchased in 1827 all the lots on both sides of Bleecker Street, between Mercer and Greene, for about $400 to $600 a lot. PHELPS, Anson G. (See later edition). Tax list of 1823, gives 32 Cliff Street; real, $8,500; personal, $15,000. A New Englander. Founded the firm of Phelps & Peck. He was a tinman and was apprenticed to that trade; then he became a peddler and sold wooden clocks as well as tin ware, and this business was the foundation of his fortune. He started in New York in 1814; Mr. Peck became a partner in 1818. Their prosperity increased so that they were able to purchase 32 Cliff Street and erect a large store,which fell down the following year, killing several people. Mr. Peck left a princely fortune when he died. Director of the Hope Insurance Co., 1822. PHELPS, Thaddeus Located at 109 Liberty Street; real, $7,500; personal, $5,000. Took $10,000 of the U. S. Government loan, 1813-14. He lived in Park Place many years. "He was a great merchant but awfully profane," says Old Merchants. Was a great Democrat in Jackson's time. His daughter married Governor Mason of Michigan. PHELPS & Co., Thaddeus Owned 72 South Street, taxed on $9,000 in 1822. PHELPS & PECIK Tax list of 1823 gives 181 Front Street; real, $10,000. PFISTER, Alex. V. Tax list of 1822 gives 13 Broadway; house, $20,000. PHYFE, Duncan (See later edition). Director of the North River Bank, 1821. PIERSON, Isaac (See later edition). Tax list of 1822 gives 9 Whitehall Street; house, $15,000; personal, $20,000. Director of the Manhattan Fire Insurance Co., 1822. PIKE, Benjamin Tax list of 1822 gives 12 Wall Street; house, $5,000; personal, $500. PINTARD, John Born in 1759. Brought up by his uncle after his parents' death and educated at the famous grammar school at Hempstead, L. I., where he was considered the best Latin scholar. Joined the army during the war and was deputed to procure articles for the prisoners and relieve their necessities. After the war he married Eliza Brashear, daughter of Colonel Brashear. He was engaged in many different businesses, both in the South and New York. In 1805 was appointed clerk to the Corporation of New York and City Inspector, and made many wise laws for the firemen of the city. In 1812 there was a scarcity of small coinage, and the Corporation appointed Pintard to sign all the paper notes of a small denomination issued then; he was eminent in all financial matters. He left the Corporation in 1809, when he was appointed Secretary of the Mutual Insurance Co.; he continued to be a Director after he ceased to be capable of performing the duties of Secretary. He was seventy when he resigned in 1829, but he had a desk in the office as ong as he lived, though he was both blind and deaf in his later years. He was Secretary of the American Museum, founded in 1791 by the Tammany Society. The Museum was housed in a room in the City Hall and articles were sent to Mr. Pintard for exhibition; it was open every Tuesday and Friday afternoons. Mr. Pintard was also a Trustee of the Bank for Savings 1819-41. The tax list of 1822, shows that he was taxed on real estate $12,000 and personal $1,000, at 57 King Street. He died in 1844. POST, Allison (See later edition). Tax list of 1823 indicates that he lived at 15 Courtlandt Street, and owned personal property valued at $18,000. WEALTHY CITIZENS' BIOGRAPHY 127 POST, Gerardus Taxed on $40,000 personal property in 1815 and $20,000 in 1820. POST, Henry, Jr. Director of the Mechanics' Insurance Co., 1822. Member of the firm of Post & Russell, in the cotton business. He had been in business since 1798. He married, in 1805, Miss Mary Minturn, daughter of William Minturn of the firm of Minturn & Champlin. He did a heavy business for some years; in 1812 the house became Post & Minturn, which was dissolved in 1817. Became one of the founders of the Board of Brokers. He was cashier of the Franklin Bank from 1818 to 1826, when he became President, but the bank failed at about that time. POST, William Taxed on $40,000 personal property in 1815 and $25,000 in 1820. The tax list of 1823 gives 177 Water Street; real, $6,000; personal, $10,000. He was a paint dealer in Water Street. He was called a miser, and died rich. POST, Wright The tax list of 1822 values his house at 4 Bowling Green at $20,000; personal tax, $20,000. POWER, L. Tax list of 1822 values his real estate at $10,000. PRALL, Ichabod Director of the Manhattan Fire Insurance Co., 1822. He took $10,000 of the U. S. Government Loan, 1813-14. Lived at 168 Water Street, where the water came up to the door. "A fine man, but unfortunate in business." General Jackson gave him a place in the Custom House. Taxed on $6,000 personal property in 1820. PRICE, Ichabod Tax list of 1823 gives 190 Broadway; real, $12,750. PRICE, Thompson (See later edition). Director of the Mechanics' Insurance Co., 1822. PRIME, Nathaniel (See later edition). Lived at the famous No. 1 Broadway. Head of the firm of Prime, Ward & King, of 5 State Street. He is said to have once been in the service of a rich man of Boston, who loaned him money to commence a brokerage business in a small wOy. One of the wealthiest men of New York of his time, but not considered to be worth a million. In 1832 he retired, but was forever possessed by a fear that he would die in poverty. His children married into the first families of New York society. He was the first genuine private banker in New York, and a shrewd, far-seeing man of business. Taxed on $75,000 personal property in 1820; the tax list of 1822 gives taxes on 3 Broadway at $20,000 in addition. New York Director of the U. S. Bank, Philadelphia, 1818, and Director of the Globe Insurance Co., 1818. PRINCE, William A. Tax list of 1823 gives 178 Broadway; real, $11,000; personal, $5,000. RANDALL, Thomas Mariner. A member of the Tontine, 1794. He left an estate to found the Sailors' Snug Harbor. RANDOLPH, Jeremiah F. Took $10,000 of the U. S. Government Loan, 1813-14. Taxed on $20,000 personal property in 1815 and $10,000 in 1820. List of 1822 gives 11 Bridge Street; house, $13,000; personal, $6,000. RANKIN, Henry (See later edition). Taxed on $30,000 personal property in 1815 and $25,000 in 1820; tax list of 1822 gives 3 Carlile Street; house, $4,500; personal, $25,000. Went into partnership with Isaac Heyer in 1815 as hardware merchants; this was dissolved about 1824. Was one of the first Directors of the U. S. Branch Bank, 1815; Director of the Merchants Bank, 1820-30; Director of the North River Insurance Co., 1822. RAPELYE, George Born at Newtown, February 15, 1793 and became a prominent New York merchant. Carried on for many years a wholesale grocery business on Catharine Street, where he accumulated a fortune. He owned a fine residence on Madison Street, which was then a fashionable part of the city. Taxed on $15,000 personal property in 1815, and $10,000 in 1820. ( 128 A CENTURY OF BANKING IN NEW YORK RATHBONE, I. (See later edition). Taxed on $50,000 personal property in 1815 and $15,000 in 1820; the tax list of 1823 gives 46 Cliff Street; real, $9,000; personal, $5,000. Of the firm of John Rathbone & Co. He died in 1843, aged ninety-two. He was a Connecticut boy, and came to New York soon after the dose of the Revolutionary War. He was a clerk for some time, but went into business for himself about 1795. He has two sons and one daughter; his son John was a member of the State Legislature in 1823 and made a reputation for himself in politics. John Rathbone & Son subscribed $10,000 to the U. S. Government Loan of 1813-14. RAY, Cornelius (See later edition). Director of Branch Bank of U. S., 1822. One of the early trustees of the Sailors' Snug Harbor, given by Captain Randall. One of the four members of the Committee appointed to settle all the accounts of the purchase and building ofthe Tontine CoffeeHouse. Taxed on $80,000 personal property in 1815 and $60,000 in 1820. List of 1822 gives 56 Broadway; house, $28,000; personal, $60,000. RAY, Robert Born July 14, 1797; died March 11, 1879. He married, November 25, 1819, Cornelia, daughter of Nathaniel and Cornelia Prime. On their marriage Mr. Prime (q.v.) presented his daughter with a three-story house at No. 3 Marketfield Street, which was in later years the site of the Washington Building. In 1829 he purchased from Dr. Alexander H. Stevens the house at No. 17-19 Broadway for $19,500; in earlier days this had been the home and office of John Chambers, a noted lawyer and Judge of the Supreme Court. Upon these lots Mr. Ray erected a mansion which still existed in 1907, when it had been converted into offices of the Anchor Steamship Line. For a description of his home, at 2 University Place, on January 23, 1834, see Philip Hone's Diary. He was one of the most noted men of the day and his home one of the most beautiful. He paid taxes on 3 Marketfield Street, $9,000, in 1822. REED, Stephen Tax list of 1822 gives 37 Wall Street; real, $10,000. Taxed on $30,000 personal property in 1815. READE, Robert L. (See later edition). Director, Merchants' Fire Insurance Co., 1822. REMSEN, Daniel Taxed on $6,000 personal property in 1815 and $20,000 in 1820. Married a sister of Henry F. Rogers. Was of the house of Peter Remsen. REMSEN, Peter (See later edition). Taxed on $50,000 personal property in 1815 and 1820; tax list of 1822 gives 2 Broadway; house, $14,000; personal, $50,000. Bought 2 Bowling Green in 1815 for $9,500. He had a grocery store in Coenties Slip, where he did business for over forty years, commencing about 1796. Died about 1836. He did an immense trade, and had many partners who all made fortunes. He was an extraordinary man, and served as director of many important corporations, including the Merchants Bank, the Globe Insurance Co., and the Farmers' Fire Insurance & Loan Co. RHINELANDER, William (See later edition). Tax list of 1823 gives 243 Broadway; real, $12,500; also 5 lots on Washington Street; real, $6,600. Taxed on $30,000 personal property in 1815, and $40,000 in 1820. Director of the North River Insurance Co., 1822. RHODES, Chris Tax list of 1823 gives 209 Pearl Street; real, $12,500. RICH, Thomas L. Tax list of 1822 gives 9 Wall Street; house, $6,000; ' personal, $2,000. RICHARDS, Nathaniel Director, Washington Insurance Co., 1822. Taxed on $25,000 personal property in 1815. List of 1823 gives 133 Chambers Street; real, $6,500; personal, $10,000. RICHARDS, Abraham Director, Hope Insurance Co., 1822. RICHARDS, Stephen Taxed on $10,000 personal property in 1815., WEALTHY CITIZENS' BIOGRAPHY 129 RIKER, Richard Recorder for New York City, 1822. Taxed on $10,000 personal property in 1820. ROBERTS, William Assistant to the President, Hope Insurance Co., 1822. Bookkeeper in Thos. N. Small Co. when they failed. Carried on business under his own name at the store of Wm. H. Smith & Son, 166 South Street, and was there up to 1829; he then established himself at 1 Wall Street. He kept fine brandies and wines. He resided, from 1831, at 2 Vesey Street, which he had rented from John Jacob Astor. He adopted a young lady as his daughter who became the wife of Dr. Alexander F. Vache. ROBINS, John Born in 1779. He had an adventurous youth travelling between New York and Philadelphia. Went as supercargo twice on his brother's boat. He started a dry goods business in Pearl Street. He was a bachelor and his mother, "a clever woman and a good cook" kept house for him; she lived to be ninety-five and died in 1833. He became exceedingly wealthy and in 1861 paid a larger personal tax than John Jacob Astor. "He has washed his hands and face daily in the same shilling tin basin for sixty and odd years, and in the open yard. He has done his own marketing all the time.... He has never fooled away his money on beggars." He never carried an umbrella, and never had.a fire in his sleeping apartment. Director of the Merchants' Fire Insurance Co., 1822. ROBINSON, Morris In 1820, he became Cashier, Branch Bank of the U. S. One of the best financiers of his day. He had several sons. Tax list of 1822 gives 65 Broadway; house, $30,000; personal, $3,000. ROBINSON, William H. Tax list of 1822 gives 44 Wall Street; real, $13,000. ROE, William Director, North River Bank, 1821, and North River Insurance Co., 1822. Taxed on $10,000 personal property in 1815. ROGERS, B. W. Born 1775, the son of Moses Rogers, a famous merchant. Began business as a hardware merchant in 1804, and lived at 5 State Street in 1826. Was a vestryman of Trinity Church from 1821 to 1826. Married first a daughter of William Bayard, and second a Miss Elwyn. Each of his daughters married W. P. Van Rensselaer. He had three sons. He died in 1859 in New York. Tax list of 1822 values his house at 5 State Street at $16,000; personal tax, $25,000. In 1823 his house is given as 235 Pearl Street; B. W. Rogers & Co., real, $13,000. Director of the U. S. Bank at Philadelphia, and of the Globe Insurance Co., 1822. ROGERS, DavidDirector, Manhattan Fire Insurance Co., and North River Insurance Co., 1822. Of the firm of David Rogers & Co., large sugar merchants. In his earlier days he commanded the Chase, a vessel belonging to Meli-k & Burger in the St. Croix trade. ROGERS, John (See later edition). Director of the North River Insurance Co., 1822. ROGERS, Moses Tax list of 1822 places tax on his house at 7 State Street of $19,000; personal tax, $60,000; $80,000 personal property in 1815, and $60,000 in 1820. ROGERS, Nehemiah Came to New York from New Brunswick in 1792 and founded the house of Rogers & Aspinwall at 45 Queen Street. In 1796 the firm dissolved and Mr. Rogers founded the house of N. Rogers & Co., with David R. Lambert as a partner; the firm changed to Rogers & Lambert in 1799. Before he came to New York he was the first Mayor of St. John, N. B., and entertained the Duke of Kent, father of Queen Victoria. He married.a daughter of James Bell of Frederickton, N. B. about 1786. He was born in 1754 and died in 1849, aged ninety-five,-almost the last of the old merchants in active business during the 18th century. His wife outlived him, dying at ninety-four. He paid taxes on 130 A CENTURY OF BANKING IN NEW YORK $30,000 personal property in 1815 and $20,000 in 1820; the tax list of 1822 gave him as at 4 Greenwich Street, house, $16,000, and personal, $20,000. He was a Director of the New York Bank, 1807 to 1827. ROULET, Jonas S. He was of the firm of Rossier & Roulet, 21 Broadway, who were among the largest merchants; the house began business in 1800. Subscribed to $10,000 of U. S. Government Loan of 1813-14. ROOSEVELT, James Taxed on $50,000 personal property in 1815 and $20,000 in 1820; in 1823 was taxed on 201 Pearl Street, $15,000, and personal, $15 -000. ROOSEVELT, James C. Taxed on $50,000 personal property in 1815, and $ 0,000 in 1820. ROOSEVELT, James J. Taxed on $50,000 personal property in 1815 and $10,000 in 1820; in 1822 was taxed on 63 Broadway, $15,000, and personal, $10,000. RUSSELL, John W. Owned 73 South Street; was taxed on $7,500. RUSSELL, William W. (See later edition). Was one of the first Directors of the Farmers' Fire Insurance and Loan Co. RUTGERS, Colonel Henry In 1798 he lived three or four blocks above Rutgers Street; the grounds about his house occupied an entire block. He was one of the most prominent men of the day, and possessed an immense landed estate of several thousands of lots in the immediate neighborhood of his private dwelling. He was never married. Was highly respected by all who knew him, a quiet and unostentatious man, very charitable, and distributed his great wealth with a liberal hand. He gave the land on which the Rutgers Street Presbyterian Church was built, and contributed largeto the erection of the church.?e sold two lots to Garrit Furman in 1827 in Madison Street, for $4,300. SALLE, Laurent (or Lawrence) Tax list of 1822 gives 136 Water Street; house, $5,000; personal, $50,000. Was an auctioneer, and bought all the paper that some of the firms took. When he died, he left over $600,000 in business paper, and every dollar of these notes was taken at maturity. Taxed on $50,000 personal property in 1815 and 1820. He was said to have such a huge appetite that one boarding-house proprietor informed him he could not afford to keep him for $4 a week, so he was raised to $6. Even then the man requested him to leave, so he was in turn raised to $8 and then $10. When he again requested Salle to leave, he said "Charge all you want," but the landlord, with tears in his eyes, replied, "It's no use. I will not have you at any price. The more I charge, the more you eat." SALTER, Thomas Tax list of 1823 gives 173 Broadway; real, $16,500. SALTUS, Francis (See later edition). Taxed on $10,000 personal property in 1815 and 1820. Director of the Farmers' Fire Insurance and Loan Co., 1822. SANDS, A. L. Taxed on $15,000 personal property in 1815 and $10,000 in 1820. The tax list of 1823 gives 103 Chambers Street; real, $5,300; personal, $15,000. SANDS, Austen L. Director, Globe Insurance Co., 1822. Taxed on $15,000 personal property in 1815, and $12,000 in 1820. SANFORD, Charles W. Bought several lots in York Street, 1823. SANFORD, Nathan Director of the Mechanics Bank, 1822. U. S. District Attorney about 1806. Tax list of 1822 gives 27 Pine Street; house, $4,000; personal, $40,000; 29 Pine Street, house, $2,500. Taxed on $60,000 personal property in 1815, and $40,000 in 1820. SANDS, Joseph Tax list of 1822 gives 5 Marketfield Street; house, $9,000; personal, $10,000. Son of Comfort Sands; he was a member of the firm of Prime, Ward & Sands in 1816. SCHENCK, David Tax list of 1823 gives his residence I WEALTHY CITIZENS' BIOGRAPHY 131 at 213 Pearl. (Thos. Lovell); personal, $10,000. SCHENCK, Peter H. Built a cotton factory at Mattewan; when New York was blockaded cotton was carted by land from Charleston, S. C. to Fishkill Landing, New York, about 900 miles. He did business as a grocer until 1824 at 49 Front Street. He was taxed on personal property of $10,000 in 1815; the tax list of 1822 values his house at 2 Bowling Green at $18,000. He added greatly to the wealth of New York. Apparently had no descendants. He was one of the first Directors of the U. S. Branch Bank, 1816, and a Director of the Manhattan Fire Insurance Co., 1822. He took $10,000 of the U. S. Government Loan of 1813-14. SCHERMERHORN, Abraham (See later edition). Director of the North River Insurance Co., 1822. SCHERMERHORN, Peter (See later edition). Tax list of 1822 gives 68 Broadway; house, $15,000; personal, $40,000; in 1823, it gives 225 and 227 Front Street; real, $14,000; 224 Water Street; real, $7,250; 241 Water Street; $5,500; 243 Water Street, $5,500; 70 Gold Street, $4,250; 21 Park Place, real $10,000; personal, $12,000. He married Miss White. Was an extensive ship chandler about 1800 in Water Street. Died about 1823, leaving much property for those days. SCHERMERHORN, John S. Tax list of 1822 gives 32 Broadway; house, $10,000; personal, $25,000. SCHMIDT, J. W. Taxed on $12,000 personal property in 1820. SCHOFIELD, I (or J.) Tax list of 1823 gives 6 Park Place; real, $11,000; personal, $3,000. Taxed on $15,000 personal property in 1815. SCHUYLER, Cornelius Director, Mechanics' Insurance Co., 1822. Taxed on $8,000 personal property in 1815. SEAMAN, Edmund Tax list of 1822 gives 29 Broadway; house, $19,000; personal, $45,000. Taxed on $30,000 per sonal property in 1815 and $45,000 in 1820. SEAMAN, Robert Tax list of 1822 shows that he lived at the above address; personal, $40,000. Taxed on $10,000 personal property in 1815. SENCHICH, Nicolo Took $40,000 of the U. S. Government Loan, 1813-14. SCHIEFFELIN, Jacob Was among the wealthiest and most prosperous men in 1822. He died on April 19, 1835, leaving what was then considered a large fortune. He lived at 107 East Broadway and had a country seat at 143rd Street in Harlem. He retired from the drug business in 1811 and the business was carried on by Henry H. Schieffelin and his brothers, Effingham and Jacob H. In 1794, he rented, for $1,000 a year, William Walton's house, built in 1752, at the present 326 Pearl Street. John Pintard, founder of the N. Y. Historical Society, describes it: "A brick edifice, fifty feet in front and three stories high, built with Holland brick, relieved by brown stone water tables and jambs, with walls as substantial as many modern churches and standing along the south side of Pearl Street, lately called Queen Street. The superb staircase in the ample hall, with mahogany hand rails and bannisters, by age as dark as ebony, would not disgrace a nobleman's palace. It is the only relic of the kind that probably at this period remains in the city, the appearance of which affords an air of grandeur not to be seen in the lighter staircases of modern buildings." SHARP, John He bought 17 Bridge Street in 1815 for $5,100; was taxed on $10,000 personal property in 1815 and 1820. SHARPE, Peter (See later edition). Tax list of 1823 gives 43 Nassau Street; real, $9,000; personal, $10,000. Director of the Mechanics Bank, 1822, and Director of the Fulton Fire Insurance Co., 1822. 132 A CENTURY OF BANKING IN NEW YORK SHAW, N. A. Tax list of 1823 gives 174 Broadway; real, $12,500. SHEPHERD, Allen Taxed on $25,000 personal property in 1815 and on $28,000 m 1820. SHERMAN, Jacob Taxed on $40,000 personal property in 1815. SH ERRED, Jacob Taxed on $30,000 personal propperty in 1820. One of the founders of the General Society of Mechanics & Tradesmen, who erected their building on the corner of Park Place in 1805; this Society was one of the unique institutions of the city. It was started after the war, in 1786, but was not chartered by the Legislature until 1792. Sherred was a painter and glazier at 37 Broad Street; he had no children nor near relations, so John Pintard thought he would apply to him for help in establishing the Theological Seminary of the Episcopal Church. Sherred was of the Dutch Reformed Church. Inaddition towriting him a beseeching letter, Pintard convinced Sherreds wife of the value of the proposition, with the result that when Sherred died the Seminary was his "residuary legatee" and benefited some $60,000. SHOTWELL, Joseph Taxed on $10,000 personal property in 1815 and $20,000 in 1820. Of the firm of Shotwell, Fox & Co.; they succeeded Leggett Pearsall & Co., an auction and commission house. SHUTE, John Took $10,000 of the U. S. Government Loan, 1813-14. Taxed on $15,000 personal property in 1815. SMITH, Benjamin Director, Globe Insurance Co., 1822. Taxed on $10,000 personal property in 1815 and $9,000 in 1820. SMITH, David V. Taxed on $12,000 personal property in 1820. SMITH, Edmund (See later edition). Bought 15 Bridge Street in 1815 for $5,200. Taxed on $45,000 personal property in 1815 and $50,000 in 1820; taxed, 1822, on house $12,000, and personal $40,000. Director of the Globe Insurance Co., 1822. SMITH, Floyd Tax list of 1823 gives 182 Broadway; real, $11,000. SMITH, Gamaliel Director, Globe Insurance Co., 1822. Taxed on $20,000 personal property, 1815 and 1820. Tax list of 1822 gives 232 Front Street: real, $6,500; personal, $10,000. SMITH, Gershom Taxed on $20,000 personal property in 1815 and $10,000 in 1820. Was a partner of Benjamin De Forest in the firm of De Forest & Smith, which began business in 1809. SMITH, John N. Tax list of 1823 gives 172 Broadway; real, $13,000. SMITH, Joseph Trustee, Bank for Savings, 1819-32. Taxed on $8,000 personal property in 1815. SMITH, Jotham Taxed on $25,000 personal property in 1820. SMITH, Stephen Director, Mechanics' Life Insurance and Coal Co., 1822. SMITH, Thomas H. Started business before 1800; in 1801 he was at 196 Front Street as a wholesale and retail grocer. He prospered. He took $10,000 of the U. S. Government Loan of 1813-4. Besides being the greatest tea merchant of his day, he was also President of a Club called the "Fire Club," at which the members indulged in a sort of "Follow my leader" game; the fine for refusing to follow the leader was a dozen bottles of champagne, and many adventures befell the members in following this rule. On one occasion a bath in the frozen water of the harbor was in the program; on another occasion a stranger from the South, elected chairman for the evening, took a keg of gunpowder, put a piece of fuse on the table with the other end in the keg and invited the club to await developments. As the cotton began to burn the room gradually cleared, until the stranger was left alone. He then extinguished the cotton and awaited the return of the members. When they came he called for his champagne and read them a severe lecture on cowardice. Smith's WEALTHY CITIZENS' BIOGRAPHY 133 business failed in 1827 and he died owing the Government $3,000,000. SMITH, Thomas R. Director, Fulton Fire Insurance Co., 1822. Taxed on $20,000 personal property in 1815 and $6,000 in 1820. SMITH & NICOLL Tea merchants; took $100,000 of U. S. Government Loan of 1813-14. They failed afterwards but the partners died rich. SMITH, William Taxed on $70,000 personal property in 1815. An alderman of New York at one time. SPIER, Robert Taxed on $15,000 personal property in 1815, and $10,000 in 1820. STEBBINS, David Taxed on $10,000 personal property in 1820. STEBBINS, William One of the first Cashiers of the Chemical Bank. Had been Teller of the North River Bank, where his brother John was Cashier. He resigned this in 1828 to accept the position of Assistant Cashier. STEENBACK, Anthony Director, Mechanics Bank, and of Mechanics' Insurance Co., 1822. Member of the General Society of Mechanics and Tradesmen of New York, 1804; a tax list, 1823, gives four lots beyond 247 Broadway: real, $28,000. STEPHENS, Benjamin (See lateredition). Taxed on $18,000 personal property in 1815 and $15,000 in 1820. Tax list of 1823 gives 51 Dey Street: real, $5,500; personal, $5,000. Director of the North River Insurance Co., 1822. STEVENS, E. & SON The tax list of 1823 gives 221 and 223 Front Street; real, $11,000; 42 Warren Street; real, $8,500; personal, $5,000. Ebenezer Stevens, head of the house, was one of the founders of the Tammany Society in 1789. Had been a soldier in the Revolutionary War, and was a member of the New England Society. In 1786 he went into the lumber business. He lived at 226 Water Street; his store was on "Stevens Wharf." He sold wines and spirits which he imported. Was elected to the Assembly in 1800. He did remarkable business between 1800 and 1820. Died in 1823. Was a very witty man. His house at 59 Beekman Street had a Dutch door, as was the custom then; he often stood looking out from the upper part. It had a large brass knocker, which was always well polished. He had one daughter, and several sons, one of whom was president of the Bank of Commerce for many years. STEWART, John Tax list of 1823 gives 192 Front Street; real, $12,000; personal, $500. STEPHENS, Garet Taxed on $20,000 personal property in 1815, and $10,000 in 1820. STEWART, Alexander L. Taxed on $20,000 personal property in 1815 and $25,000 in 1820. STILWELL, Samuel Took $10,000 of U. S. Government Loan, 1813-14. Lived with his wife in the Bowery for forty years; they had no children, but adopted Eliza Taylor who married Edward Doughty. Samuel Stilwell was the uncle of Silas M. Stilwell, who was said to have spent $60,000 a year at one time. Taxed on $10,000 personal property in 1815. STORM, Garret (See later edition). Taxed on $50,000 personal property in 1815 and $22,000 in 1820; tax list of 1822 gives 13 Wall Street; real, $16,000; personal, $22,000. Son of Thomas Storm, a grocer. He went into partnership with his father in 1796. He and his brother Stephen were largely identified with the growth of the city. He married in 1808 a widow, Susan Murgatroyd, with two children. He had two children; one of them, Louisa, married Robert J. Livingston, the other Samuel V. Hoffman. He retired in 1824. "He was never guilty of the impropriety of paying large wages" says Old AMerchants; if any of them, "like Oliver Twist, in their innocency, asked for more, Garret would have certainly collapsed." Took $10,000 U. S. Government Loan of 1813-14. Director of the Globe Insurance Co., 1822. STORM, Stephen (See later edition). Director of the North River Insurance Co., 1822. 134 A CENTURY OF BANKING IN NEW YORK STORM, Thomas Taxed on $15,000 personal property in 1815 and $10,000 in 1820. Married in 1771 Elizabeth Graham. Was in the grocery business under the name of Storm & Sickles in 1785; the firm dissolved and Mr. Storm kept on alone. In 1796 he took his son Garret into partnership. He went into politics, and was elected a member of the Legislature at Albany. Was a Director of the New York Sugar Refining Co. A prominent and leading merchant of extraordinary energy, he always enjoyed good credit. He retired from business and purchased a farm at Kipp's Bay (near 40th Street and East River), where he built a fine mansion and lived until his death in 1833. ST. JOHN, Sam. (See later edition). Tax list of 1823 gives 65 Maiden Lane; real, $10,000; personal, $10,000. Director of the Manhattan Fire Insurance Co., 1822. STRONG, Benjamin President of the New York Sugar Refining Company about 1804. Taxed on $28,000 personal property, 1815 and 1820. Director of the Merchants Bank, 1817-32, and of the North River Insurance Co., 1822. STRONG, George W. Taxed on $11,000 personal property in 1815 and 1820. STRONG, Joseph Taxed on $20,000 personal property in 1815. Director of the Hope Insurance Co. SUFFERN, Thomas Taxed on $20,000 personal property in 1820. An Irishman who succeeded to his uncle's business as a tobacco merchant in 1810, but changed to the Irish drygoods importing business. A pupil of Joseph Boeuf, the celebrated French teacher, and worked very hard at the language, although at that time (1834) he was about 56 years old. He married a daughter of William Wilson, a wealthy merchant. SUYDAM, John (See later edition). Taxed on $40,000 personal property in 1815 and $15,000 in 1820; the tax list of 1822 gives 4 Broadway; house, $12,000; personal, $15,000. R. & J. Suydam were in business in 1791; in 1794 this was changed to Suydam & Wyckoff, at 11 and 13 Coenties Slip. John Suydam lived over the store at 11. The firm dealt in teas, wines and groceries generally. John Suydam was called "Boss John" He was the son of Hendrick Suydam, and brother of Samuel, who became a partner of Suydam & Heyer. Mr. Heyer married Jane Suydam, the sister of John. Director of the Globe Insurance Co., and the Fulton Fire Insurance Co. SUYDAM, L. & C. Tax list of 1823 gives 212 Pearl Street; real, $13,000. SUYDAM, L. Located at 13 Dey Street; real, $6,500; personal, $5,000. SUYDAM, James Tax list, 1823, records that he lived at Mrs. Todd's, 170 Broadway; personal property, $5,000. SUYDAM, Ferdinand Tax list of 1822 gives 5 Bridge Street; house, $11,000; personal, $4,000. Born in 1786, he started in business in New York at 37 Front Street in 1808; previously he had been a clerk with Suydam & Wyckoff. He lived at 5 Bridge Street with his brother Henry. He married a daughter of Anthony Lispenard Underhill, and left three sons. He paid $5,000 for his house in 1815. SWAN, Benjamin Taxed on $26,000 personal property in 1815 and $30,000 in 1820. SWAN, Joseph Tax list of 1822 gives 68 Greenwich Street; house, $9,000; personal, $40,000. SWIFT, Joseph G. Chairman and Director, Mechanics Life Insurance and Coal Company, 1822. One of the fifteen members of the Committee appointed to celebrate the completion of the Great Western Canal. SWORDS, James (See later edition). Director and President of the Washington Insurance Co., 1822. SWARTWOUT, John Son of Abraham Swartwout. He came to New York after the Revolutionary War and went into business in 1787. He married Miss Smith, a relative of Melancthon Smith. In 1794 he went into part Drawn by C. Burton Engraved by 1H. Fossette THE FIRST MERCHANTS EXCHANGE Erected in 1826 on Wall Street east of William Street, on the present site of the National City Bank; (Below) the Merchants' Room of the Exchange. as it looked in 1831 Drown by A. Dick, 1831 Engraved by J. Archer IA Prom a lithograph by J. H. JBujjord, I835 THE SMOKING RUINS OF THE MERCHANTS' EXCHANGE After the "Great Fire" of December 16th and 17th, 1835, which ruined nearly all of the fire insurance companies of the period WEALTHY CITIZENS' BIOGRAPHY 135 nership with his brother-in-law at 66 Water Street, where they did a large business in paints and dye woods, buying the latter by cargoes. Went into politics and in 1798-99, 1800 and 1801 was elected to the Assembly of the State; he was again elected in 1821. Was a friend of Aaron Burr and this attachment led to a duel between him and DeWitt Clinton in which he was wounded in the thigh. In consequence of some unfavorable comments arising out of this duel, Swartwout challenged Dickey Riker; they fought, and Riker received a wound that made him limp all the rest of his life. He reclaimed 4,200 acres of salt marsh at Hoboken and near Newark. He was a Director of the Merchants Bank, and of the North River Bank, 1821, which was started to aid him in "reclaiming certain meadows lying in New Jersey opposite to the City of New York." Was taxed on $10,000 personal property in 1815, and in that year bought 12 State Street for $20,000. He died in 1822. TARGEE, John (See later edition). Director of the Fulton Fire Insurance Co., 1822. TAYLOR, Edward Taxed on $6,000 personal property in 1815 and $10,000 in 1820; the tax list of 1822 gives personal property, $10,000. He lived at 174 Water Street, in house owned by Hubbs. He was one of twentysix pall bearers, corresponding with number of states in union, at Washington's funeral services in New York. TALCOT, Noah Owned 64 South Street, taxed on $7,500 in 1822; was taxed on $30,000 personal property in 1815. Was one of the principal cotton brokers; others were G. Merle and D. Crassons. N. & D. Talcott, the firm name, survived the War of 1812 with unimpaired credit. TAYLOR, Jacob B. Alderman of the city of New York, 1822. Was one of the pall bearers at the funeral of John Jacob Astor, held April 1, 1848. Was Alderman, 8th Ward, from 1817 to 1826; father of Moses Taylor, and the chief business man for John Jacob Astor. He started in business as a cabinet maker at 94 Broad Street in 1804. TAYLOR, John Prominent merchant; married Miss Waddell, daughter of Captain John Waddell. Tax list of 1822 gives 183-5 Pearl Street; house, $12,000; personal, $40,000. Taxed on $100,0 personal property in 1815 and $35,000 in 1820. A Director of the Merchants Bank, 1804-29. He took $150,000 of the U. S. Government Loan, 1813-14. TAYLOR, Moses The tax list of 1822 gives 27 Broadway; house, $4,000; personal,$2,000. Son of Jacob B. Taylor (q.v.). Was clerk for G. G. & S. S. owland; was backed in business by John Jacob Astor and became very rich. Was a speculator in notes at 2 or 3 percent. a month. Finally became millionaire & President of the City Bank. Was mentioned socially by Philip Hone. TAYLOR, NaJah Was taxed on $50,000 personal property in 1815, but only $5,000 m 1820. Tax list of 1823 gives 10 Courtlanidt Street: real, $11,000; personal, $5,000. Trustee of the Bank for Savings, 1819-60. TETEREL & WILLIAMS Took $20,000 in U. S. Government Loan, 1813-14. THOMAS, Henry Was taxed on $10,000 personal property in 1815 and $15,000 in 1820. Tax list of 1823 gives 18 Cliff Street; real, $8,000; personal, $15,000. Director of the Globe Insurance Co., 1822. THOMPSON, Ab'm G. Taxed on $10,000 personal property in 1820; tax list gives 91 Beekman Street; real, $7,000; personal, $20,000. Was of firm of Boggs, Sampson & Thompson. Abraham G. Thompson paid $5,676.01 duties as vendue merchant in 1830. THOMPSON, Alexander Taxed on $15,000 personal property in 1820. THOMPSON, Fran's Taxed on $100,000 personal property in 1815 and $50,000 in 1820; tax list of 1823 gives 35 Beekman Street; real, $12,500; personal, $50,000. One of the proprietors with Isaac Wright & Son, of a line of Liverpool packets-the famous 136 A CENTURY OF BANKING IN NEW YORK old Black Ball line. Was of Quaker stock. He organized the firm of Francis Thompson & Nephews [Francis, Jr. and Samuel]; it failed about 1829. THOMPSON, G. L. Taxed on $25,000 personal property in 1820. THOMPSON, James (See later edition). Taxed on $160,000 personal property in 1815 and $90,000 in 1820; tax list of 1822 gives 49 Broadway; house, $19,000; personal, $60,000. Subscribed $20,000 to the U. S. Government Loan, 1813. Director of the Globe Insurance Co., 1822. THOMPSON, Jeremiah Taxed on $25,000 personal property in 1815 and $30,000 in 1820. A bachelor, of large, well-proportioned dimensions and withal a true specimen of an English Quaker. Was largest shipper of cotton from this country to Europe, and also the heaviest importer of British clothes. Next to Brown Brothers & Co. and Prime, Ward, & Sands, he was the largest bill drawer in America. Went to pieces in 1827, financially, and lived only a few years afterward. A Trustee of the Bank for Savings, 1819-23. THOMPSON, Jonathan (See later edition). Tax list of 1823 gives 24 Beekman Street; real, $11,000; personal, $1,000. Collector of the Port of New York under John Q. Adams; father of Jeremiah Thompson. Of the firm of Thompson & Adams. Elected, 1840, to succeed Maltby Gelston as President of the Manhattan Bank. Was a power in the land and the intimate acquaintance of five Presidents. THOMPSON & EDGAR Took $10,000 of the U. S. Government Loan; 1813-14. THORN, Stephen, Jr. Director of the Washington Insurance Co., 1822. Taxed on $30,000 personal property in 1815 and $25,000 in 1820. THURSTON, William R. Taxed on $18,000 personal property in 1820 TIBBETTS, Elisha Taxed on $15,000 personal property in 1815 and $10,000 in 1820. TIBBETTS, Mrs. Taxed on $60,000 personal prop. erty in 1820. TIGHE, Richard Born in Ireland, 1806, and came to New York when thirty-two years old; the second son of an Irish baronet. The title reverted to him but he would not accept it. He bought, in 1841, No. 18 Union Square for $14,000. He was for years a Director of the Manhattan Fire Insurance Co. Was a man of learning, having been educated at Trinity College, Dublin. He married Miss Caroline Cheesebrough. Died in 1896. TILLOTSON, Robert Appointed U. S. District Attorney by his relative, President Monroe, in 1820, and held office until 1829. Taxed on $5,000 personal property in 1820. Director of the Mechanics Life Insurance and Coal Co., 1822. TITUS, Walter Taxed on $10,000 personal property in 1815 and $12,000 in 1820. TODD, William W. Director, Hope Insurance Co.,1822. Born, 1781, in Washington County; son of Adam Todd, a shipbuilder. His daughter married John M. Bruce. Entered employ of John Jacob Astor, and went on perilous expeditions for furs at the age of sixteen. He remained with Astor until 1797, when he left to enter the employ of John Dpffie. He obtained a fortune by the judicious purchase of real estate. Taxed on $9,000 personal property in 1815 and $5,000 in 1820. TOM, Thomas Paid taxes on $60,000 personal property in 1815. Was associated in business with Edward Lawrence, on Pearl Street. TOOKER, Samuel Originally a clerk to John Duffie. He started in business in 1798 and did an immense trade. He took as a partner, in 1806, Benjamin Mead, and the house went largely into the privateering business during the war. He came from'Newburg. Had no children, but adopted Ellen Laverty, who married Joseph Hudson. He died about 1823. He was a Universalist, and the head of the church. In 1820 he was Alderman of the First Ward. Taxed WEALTHY CITIZENS' BIOGRAPHY 137 on $20,000 personal property in 1815 and $10,000 in 1820. Director of the Manhattan Fire Insurance Co., 1822; took $20,000 of the U. S. Government Loan, 1813-14. TOWN, Charles Director of the North River Insurance Co., 1822. A partner in business of John Hone, auctioneer. Taxed on $10,000 personal property in 1815 and 1820. TOWNSEND, Thomas S. (See later edition). Taxed on $28,000 personal property in 1815 and $18,000 in 1820. He lived at 92 Beekman Street and was taxed at rate of $7,500. Director of the Merchants' Fire Insurance Co., 1822. He was probably the principal capitalist in the house of Hicks, Lawrence & Co. when it first started. One of the first Directors of the Farmers' Fire Insurance & Loan Co. TRACY, Frederick A. In 1822 he was a broker at 43 Wall Street; home, 74 Leonard Street. His son, Frederick, Jr., was for many years a clerk in the silk house of Nelson Carleton Co. in Pearl Street, about three doors from Wall; this was among the first stores burned on the night of the great fire in December, 1835. Old Frederick Tracy, "though a Wall Street broker, was a pure, devoted, sincere Christian, if ever there lived such a man." Tax list of 1822 values his house at $14,000. TREDWELL, Seabury Taxed on $17,500 personal property in 1815 and 1920. TRUMBULL, Mrs. The tax list of 1823 gives 27 Park Place; real, $14,500. TUCKER, Richard, Jr. Of the ancient firm of Tucker & Lauries-all English, or rather Bermudians. Richard Tucker lived for many years in Bond Street; he was a stately merchant of the old school. Taxed on $10,000 personal property in 1820. A Director of the Merchants Bank, 1815-30, and also of the Fulton Fire Insurance Co., 1822. UNDERHILL, A. L. President Fulton Fire Insurance Co., 1822. He started business as a grocer about 1795. He lived at 44 Dey Street until 1835, when he moved to 28 Courtlandt Street, but kept his office at the Fulton Fire Insurance Co., of which he was President from 1819 to 1835, when the great fire made the company go into liquidation. Moved to Fourth Street in 1837, and then retired. Was vestryman of Trinity Church from 1811 to 1847. Taxed on $25,000 personal property in 1815. UNDERHILL, Isaac He built 28 Cliff Street in 1815, but met with financial reverses and sold it in 1823 for $6,120. VALENTINE, Abraham Taxed on $30,000 personal property in 1815 and $16,000 in 1820; the tax list of 1823 gives 58 John Street: real, $8,000; personal, $16,000. VAN ANTWERP, James Tax list of 1823 gives 38 Maiden Lane; real, $5,400; personal, $10,000. VAN GIESEN, M. Taxed on $60,000 personal property in 1815 and on $15,000 in 1820. VANDEN HUVIL, J. C. Taxed on $30,000 personal property in 1815 and $110,000 in 1820; the tax list of 1823 gives 229 Broadway: real, $23,000; personal, $200,000. Gave his daughter $70,000 when she married Thomas Gibbs, a large sum for those days. VANDERBILT, R. K. The tax list of 1822 gives 218 Front Street; real, $9,000. VANDEVOORT, P. L. Taxed on $20,000 personal property in 1815 and on $12,000 in 1820; tax list of 1822 gives 111 Broadway; house, $17,000; personal, $112,000. Of the firm of Vandervoort & Flanders, celebrated drygoods dealers. He married the daughter of Robert Bruce. VANDEVOORT, William L. The tax list of 1822 gives 21 Nassau Street: house, $14,000; personal, $5,000. He also married a daughter of Robert Bruce. VAN HORNE, Gerrit Taxed on $25,000 personal roperty in 1815 and on $8,000 in 1820; the tax list of 1822 gives 31 Broadway; house, $9,000; personal, $7,000. He was senior member of firm of Van Home & Clarkson, merchants, shippers and importers, 138 A CENTURY OF BANKING IN NEW YORK at 129 Pearl Street; his junior partner was David M. Clarkson. The firm dissolved about 1810. He lived at 31 Broadway, where the firm formerly was; in later ears Clarkson occupied the house. He died about 1826. VAN HORNE, J. P. Taxed on $15,000 personal property, 1815 and 1820; tax list of 1823 gives 99 Liberty Street: real, $7,500; personal, $10,000. VAN NESS, Abraham (See later edition). Bought a house on the block bounded by Bleecker, Perry, Charles and West 4th Streets for $15,000 in 1819, and lived in it many years; the land became very valuable. The house was called the famous "Van Ness" Mansion at Greenwich. Tax list of 1822 gives 13 William Street; house, $6,000; personal, $12,000. Director of the Washington Insurance Co., 1822. VAN NESS, W. P. Took $25,000 of the U. S. Government Loan, 1813-14. VAN SCHAIK, Minard Taxed on $8,000 personal property in 1820; tax list of 1823 gives 34 Courtlandt Street; real, $6,600; personal, $10,000. Was President and Director of the Croton Water project. Held many municipal offices. Member of Arm of John Hone & Sons. He married the daughter of John Hone. He retired with a modest sum, but became rich in real estate. VAN WAGENEN, Hubert Taxed on $22,000 personal property in 1815 and $10,000 in 1820. He was in partnership with his father, as ironmongers in Beekman Slip. The old Hubert lived to be very aged; the younger was a very religious man, and for years attended St. - George's Church in Beekman Street with his "interesting family." Few men were more universally respected than the Van Wagenens. VAN WYCK, S. Taxed on $25,000 personal property in 1815 and 1820; tax list of 1823 gives 30 Beekman Street: real, $12,000; personal, $10,000. VAN ZANDT, Thomas Director, Farmers' Fire Insurance and Loan Co., 1822. VARICK, Colonel Richard Born at Hackensack, N. J., March 25, 1753; a lawyer by profession. Joined the Revolutionary Army in 1775 and was appointed Captain in the First N. Y. Continental Infantry under Colonel MacDougall. On April 10, 1777, when he was military secretary to General Scarlett, Congress conferred upon him the position of Deputy-MusterGeneral of the Northern Department, with the rank of Lieut. Colonel. In 1778 he was InspectorGeneral at West Point on the staff of General Arnold, and after the discovery of Arnold's treason, Varick was Recording Secretary for General Washington. He was tried as being implicated with Arnold but was fully acquitted. He held many other offices. He married the daughter of Isaac Roosevelt, but had no children. Paid taxes on $100,000 personal property in 1815 and $70,000 in 1820; the tax list of 1822 gives taxes on 110 Broadway at $16,000 and personal, $70,000; the list of 1823 gives 11 Park Place, $7,000. VARET, Lewis F. Tax list of 1823 gives 129 Chambers Street: real, $6,100; personal, $25,000. Of the firm of F. Varet & Co., French importers, which did a large business in silks; this house was established in 1798. VERPLANCK, Gulian (See later edition). Born in 1786 at Wall Street. He was brought up by his grandmother when his mother died. Graduated from Columbia at fifteen, studied law and was admitted to the bar at the age of twenty-one. He married in 1811, Miss Mary Fenno of Boston, who died in Paris in 1817. Returning to America, he was elected to the Legislature in 1819 from New York, and in 1815 was elected to Congress. He was for more than fifty years a Trustee of the Society Library, and for fourteen years a Regent of the University of the State of New York; for twenty-six years a member of the vestry of Trinity Church and for twenty-four years President of the Board of Education. He never married again. He was one of the best known literary men of his WEALTHY CITIZENS' BIOGRAPHY 139 time. He died in 1870, but did not leave a very large estate. VROOM, G. B. Tax list of 1822 gives his address in the Merchants Bank, 25 Wall Street; personal, $1,000. Cashier of the Merchants' Bank, 1817-24. He took $500,000 of the U. S. Government Loan, 1813-14,-possibly for somebody else. WADDINGTON, Joshua A native of England. Was elected a Director of the Bank of New York at the first meeting of the subscribers in 1784, and continued to serve until 1843. He died in 1844 in his ninetieth year, universally respected and esteemed. WAITE, George Taxed on $10,000 personal property in 1820. WAITE, Thomas Taxed on $10,000 personal property in 1820. WAKEMAN, Thaddeus B. Taxed on $13,000 personal property in 1815 and on only $5,000 in 1820. Tax list of 1823 gives 279 Pearl Street; personal, $10,000; also Stephen Gorham's house, 129 Fly Market Place (T. B. Wakeman & Co.), real, $15,000. Director of the Manhattan Fire Insurance Co., 1822. WALLIS, John Owned 116 Liberty Street, 1822; his estate for taxation was valued at $6,000. WALTON, Gerard Taxed on $80,000 personal property in 1815 and $60,000 in 1820. He was the son of the first William (called "Boss") Walton. Was governor of the New York Hospital till 1799. All of the family was connected with the Chamber of Commerce. Gerard was six feet, two inches in height. He attended Trinity Church and sat in the family pew. It was believed all the Waltons sided with the English in the war, for, as soon as it was over, they joined the St. George's Society. Died in 1821. Old Iterchants says that the Waltons were a singular, proud race; they had their dignified style of amusement, but the mass of the community knew no more about them than if they had lived in London. WALTON, William H. The tax list of 1823 gives 85 Fulton Street; real, $6,000; personal, $5,000. WARD, Samuel The tax list of 1822 values his house at 5 Bowling Green at $18,000; personal tax, $30,000. Taxed on $15,000 personal property in 1815 and $20,000 in 1820. WARREN, John G. Taxed on $5,000 personal property in 1815 and $10,000 in 1820; tax list of 1822 gives 46 Wall Street; real, $12,000. He was one of the brokers of the New York Exchange Board, 1817. His daughter married Philip Kearny. Firm name: John G. Warren & Son. WATTS, John A rich man-worth perhaps $300,000. His daughter married John W. Kearny. He was one of the incorporators of the Society Library, and helped to raise the money for the Merchants' Exchange. Taxed on $30,000 personal property, 1815 and 1820; the tax list of 1822 gives taxes on 5 Broadway; house, $18,000; personal, $30,000. WEED, Nathanial (See later edition). Director of the Fulton Fire Insurance Co., 1822. WEEKS, Ezra Director, Washington Insurance Co., 1822. He owned the City Hotel, and was a vestryman of Trinity Church. WELLS, Nathaniel Taxed on $10,000 personal property, 1815 and 1820. WENDELL, John G. Tax list of 1823 gives 9 Gold Street; real, $4,250; personal, $8,000. Brother-in-law of John Jacob Astor. He kept a furrier's store. WERCKMISTER, M. Tax list of 1823 gives 150 Broadway; real, $16,500; personal, $5,000. WESTON, Abijah He bought 6 Bowling Green for $11,150 in 1815; 8 and 9 State Street for $16,004, and 13 Bridge Street for $5,000, in 1815. WEYMAN, Abner Tax list of 1823 gives 33 and 35 Maiden Lane; real, $14,000. WHELTEN, John President, Hope Insurance Co., 1822. Taxed on $30,000 personal property in 1815. 140 A CENTURY OF BANKING IN NEW YORK WHITE, Campbell P. Director, Branch Bank of the U. S., 1822. On the Committee appointed to make arrangements for celebrating the completion of the Erie Canal. Son of Doctor White, who came to Baltimore from Ireland after the Revolution. He was a leading politician of Tammany Hall; in 1826 and 1828 he was Alderman of the Third Ward; in 1829 he was elected to Congress from New York. He married Miss LeRoy in 1808 and had a large family. His store was burned in the great fire of 1835, when he moved to 31 Stone Street and continued there. Taxed on $10,000 personal property in 1820. WHITE, Mrs. E. Tax list of 1822 gives 11 Broadway; house, $11,000; personal, $20,000; also 24 Dey Street: real, $5,300; personal, $12,000. WHITE, J. Owned 106 and 108 Liberty Street in 1822, valued at $8,800, with personal property, $1,000. WHITE, Thomas Owned a lot in Wall Street that was sold by his heirs in 1828 to the Fulton Fire Insurance Co.; this lot was again sold in 1836 for $40,100. WHITEHOUSE, James Taxed on $10,000 personal property in 1815, and $15,000 in 1820. WHITNEY, Stephen (See later edition). One of the richest men in New York of his time, through his investments in real estate. Old Mlerchants states that "very few merchants of the past fifty years have stood up and retired with means unless they have invested largely in real estate. Born in Derby, Conn., he married Miss Harriet Suydam in 1803. He began' business in 1805 at 4 Stone Street. Taxed on $130,000 personal property in 1815, and $16,000 in 1820. WHITNEY, Stephen (See later edition). Tax list of 1822 gives 23 Pearl Street; store, $2,000; house at 25 Pearl Street, $10,000; personal, $160,000. Director of the Bank of America. Son of Stephen Whitney. He married the daughter of Isaac Lawrence. WILEY, C. Tax list of 1822 gives 3 Wall Street: house, $6,000; personal, $2,000. WILKES, John Born in London August 30, 1764, and came to the U. S. in 1784 at the suggestion of William Seton. Soon after the organization of the Bank of New York he entered its service, and in 1792, while acting as Teller, he was appointed Cashier of the Branch Bank of the U. S., then just established in New York. He declined the appointment and was afterwards elected Assistant Cashier of the Bank of New York, becoming Cashier in 1794. He carried out his duties with signal ability. In 1802 he received six months' vacation and went to England; in 1822 he was again sent to London to negotiate a loan of ~200,000 through Baring Brothers, which he concluded successfully at 5 percent. for eight years and 170 certificates of indebtedness, varying in amount from ~500 to ~4000. He was elected President in 1825, succeeding General Matthew Clarkson. He died in 1833, leaving six children, the eldest of whom married Francis Jeffrey, afterwards Lord Jeffrey, who visited U. S. in 1813. He was Treasurer of the Historical Society, was taxed on $20,000 personal property in 1820, and lived at 31 Wall Street; he also had a house in Greenwich, where he entertained lavishly; many great men were frequent visitors. He died in Europe, leaving a daughter who married Count Quelkechow, a member of the bodyguard of the Pope. He is described, by a writer of the time, as "an humble unassuming young Englishman, who boarded with Mr. Seton." WILLIAMS, Eliphalet Taxed on $30,000 personal property in 1815 and $10,000 in 1820. WILLIAMS, John Tax list of 1823 gives 212 Broadway; real, $12,000; personal, $5,000. Master of the packet ship Albion; he sailed April 1, 1822, but the ship was lost and the captain perished. WILLIAMS, Richard S. Tax list of 1823 gives 93 South Street; real, $12,500. WEALTHY CITIZENS' BIOGRAPHY 141 WILLIS, John Taxed on $20,000 personal property in 1815 and $15,000 in 1820; tax list of 1823 gives 35 Murray Street: real, $8,500; personal, $8,000. WILSON, Josiah Tax list of 1823 gives 160 Broadway; real, $11,000; personal, $2,000. WILSON, William A Scotchman who came to New York soon after the Revolutionary War. He kept a store in 1790 at 215 Pearl Street; was a heavy importer of British drygoods. His correspondent in Manchester was the firm of Peel, Yates & Co., that Peel being the first Sir Robert Peel, father of the great Prime Minister. When he retired uptown, he gave up housekeeping and went to boarding. He furnished the money to build the Scotch Church in Murray Street, which was finished in 1812,-about the time Mr. Wilson went out of business. Taxed on $40,000 personal property in 1815 and $35,000 in 1820; Trustee of the Bank for Savings, 1819-36. WINTHROP, Francis B. Taxed on $15,000 personal property in 1815 and 1820. He married a daughter of Moses Rogers and became a partner in the firm of Rogers Sons & Co.; this firm became Rogers & Winthrop in 1811, but continued at the old store, 229 Pearl Street. WITHINGTON, John Director, Fulton Fire Insurance Co., 1822. Taxed on $10,000 personal property in 1820. WOLCOTT, Oliver First President of the Merchants Bank, 1803. One of Washington's Secretaries of the Treasury, and son of the first Governor of Connecticut; he was also Governor of Connecticut. Taxed on $15,000 personal property, 1815. WOLFE, C. Tax list of 1823 gives 160 Fulton Street; real, $7,200; personal, $15,000. WOLFE, David Taxed on $25,000 personal property in 1815 and $8,000 in 1820; tax list of 1823 gives 115 Fulton Street: real, $4,400; personal, $8,000. WOLFE, John D. (See later edition). One of the first Directors of the Farmers' Fire Insurance and Loan Co. WOODHULL, Ezra C. Director, Hope Insurance Co., 1822. WOODHULL & DAVID Tax list of 1823 gives 187 Front Street; real, $10,500. WOODRUFF, Aaron B. Director of the Mechanics' Insurance Co., 1822. Taxed on $10,000 personal property in 1815 and $8,000 in 1820. WOODRUFF, Thomas T. (See later edition). Director of the Fulton Fire Insurance Co., 1822. WOODWARD, John The tax list of 1822 gives 21 Wall Street; real, $9,000. Taxed on $5,000 personal property in 1815. WOOLESEY, William W. Tax list of 1822 values his house at 59 Greenwich Street at $12,000; personal tax, $18,000. WRIGHT, Augustus (Estate) Tax list of 1823 gives 99 Beekman Street; personal, $40,000. Taxed on $35,000 personal property in 1815. WRIGHT, Grove Director, Merchants' Fire Insurance Co., 1822, and of the North River Insurance Co., 1822. Married Harriet Ludlow. An eminent merchant who left a large estate. His business was at 185 Pearl Street. WRIGHT Isaac Tax list of 1823 gives Zi Beekman Street; real, $11,750; personal, $25,000. WRIGHT, William Tax list of 1823 gives his address as corner of Beekman Street, near No. 20; real, $12,500; personal, $10,000. WYCKOFF, Henry I. Alderman of New York, 1822. The tax list of 1822 gives 6 Broadway: house, $12,000; personal, $15,000. Taxed on $30,0 personal proerty in 1815, and only $15,000 in 1820. WYNKOOP, Augustus Director, Fulton Fire Insurance Co., 1822. Tax list of 1822 gives 32 Greenwich Street: house, $5,500; personal, $10,000. Taxed on $12,500 personal property in 1815 and $11,000 in 1820. 142 A CENTURY OF BANKING IN NEW YORK YATES, Dr. The tax list of 1822 gives 19 Wall Street; real, $8,000; personal, $2,000. YATES, Joseph C. He bought 15 LeRoy Place in 1822 for $12,500. YOULE, George Director, Mechanics' Insurance Co., 1822. Plumber and pewterer, of 284 Water Street. Taxed on $10,000 personal property in 1815, and on $35,000 in 1820. ZABRISKIE, Andrew Taxed on $15,000 personal property in 1815 and 1820; the tax list of 1823 gives 187 Broadway; real, $12,000; personal, $5,000. As already noted, even Brooklyn had its separate list of financial magnates by 1847-including in its capitulation all those worth $10,000 and upwards, and significantly listing men "and women." The editor remarks of his "maiden production in this department of literature": "Of one thing we are certain; that the statistical matter will compare to our advantage with that of a similar pamphlet published in New York, which has had an enormous sale and obtained magnificent pecuniary reward. "Strange as it may appear, it is undoubtedly true that the great city of Brooklyn-its wealth, importance, and extent, the opulence of its merchants and traders and the exalted monetary standing of a large body of its inhabitants (of those who tenant its unpretending dwellings, as well as the occupants of its many palaces)-are scarcely known beyond its geographical limits. We hope to obtain for it, by the issue of this book, an acquisition of greater general importance than it has heretofore possessed; and show, to adjacent as well as remote communities, its right and title to be regarded, in all that, constitutes a city, as the sixth in greatness in the United States." The following are the names, in this collection of more than a thousand, of Brooklyn's leading men who were supposed to have more than $30,000: ALLEN, Moses $75,000 ANTHONY, Edward 100,000 APPLETON, William H. 35,000 ARNOLD, Daniel H. 150,000 ATTWATER, G. M. 40,000 AUSTIN, Mrs. S. E. 75,000 AYRES, Daniel 35,000 BACH, Robert, (estate of) 70,000 BAIRD, William 50,000 (This gentleman, a native of Erin Isle, commenced his career in Brooklyn as a humble laborer, and by economy, frugality and untiring industry amassed sufficient means to enable him to commence business as a contractor on public roads. He soon manifested an aptitude and ability for such undertakings as to place him in the first rank of the profession, and has, by a series of fortunate operations, amassed his present large possessions. He is one of the leading Democrats of the county, and has considerable influence as a politician). BAKER, John H. $35,000 (This gentleman is the owner of a large pin factory in Raymond Street, and resides in a magnificent house in Myrtle Avenue. He has contributed largely to the prosperity of the eastern section of the city, is exceedingly popular with all WEALTHY CITIZENS' BIOGRAPHY 143 classes of his fellow citizens, and, if ambitious of political distinction, may hereafter become the representative of this district in the national councils. He is, we believe, one of the most prominent leaders of the Whig party in Kings Co.). BARTOW, E. J. and G. A. $500,000 (Few, if any of our citizens are more distinguished for their munificence and liberality than these enterprising and opulent merchants. Edgar J. has at his own expense, erected the "Church of the Holy Trinity", an edifice far surpassing in architectural grandeur and costliness of materialand workmanship any similar structure in this city. It may appropriately be termed the Cathedral of Brooklyn, and will serve to perpetuate the name and munificence of its founder in ages to come. He is, we believe, in politics, a democrat, and was selected by that party as its chosen candidate for mayor; but he declined the honors offered him, notwithstanding that he would, bevond all reasonable doubt, have been elected. His heart and abundant means are ever open to the appeals of charity, and no one in this community has done more than he has towards relieving the necessities of the poor). BASSETT, Isaac H. $50,000 BECAR, Noel 350,000 BEDELL, Mott 50,000 BENSON, John 50,000 BERGEN, Tunis G. 50,000 BERRY, Richard (Williamsburgh) 120,000 BIDWELL, Rev. Walter H. 140,000 BLACKBURN, Robbins 40,000 BLAKE, Anson, jun..100,000 (The immense and rapid growth of the southern section of the city is chiefly owing to the indomitable enterprise, perseverance and public spirit of the father of this gentleman. The latter became unfortunate in business matters some years ago, arising from the panic which prostrated so many men of property, and the consequent fluctuations in value of real estate. He is now, however, in the full tide of successful experiment, and will soon, we doubt not, reach as high a position in wealth as his fortunate son, whose extensive business in New York has mainly contributed to his success.) BOGERT, James $200,000 BOGERT, Judith 150,000 BOKEE, David A. 40,000 (Few persons in the community have obtained a more widely spread popularity than this gentleman; and his public career, as a member of the Common Council, has obtained for him the high estimation of all classes of society, and the friendly regard of a large majority of his political opponents. Possessed of great ability as a debater, and an uprightness and integrity impregnable to party considerations, he is eminently worthy of the highest station which the people of this district can confer upon him. Though a prominent sectarian in religious matters, he is liberal and tolerant to all others, and has unostentatiously contributed to many charitable institutions, besides being munificent in his donations to the distressed and poor). BOORMAN, James $35,000 BOWNE, Samuel 500,000 (Mr. Bowne is now the sole proprietor of the Main and Catherine treet ferry, from which he derives a large income, which has lately been considerably augmented by the legacy of a deceased brother. Is, like many other rich men of Brooklyn, distinguished for his liberality to the unfortunate and destitute of his fellow creatures, and in any movement tending to advance the interests of this flourishing city, and the welfare of its population, is among the foremost and most generous contributors.) BRICE, John $40,000 (This gentleman, now far advanced in years, commenced his career in this country about fifteen years ago as the proprietor of a small drug store in James Street, opposite the Fulton Market, which has since become one of the most popular retail establishments of the kind in Brooklyn. The business done there is immense, and its founder some time since retired with a large fortune, leaving the profitable concern to his son Israel B. Brice). 144 A CENTURY OF BANKING IN NEW YORK BROADHEAD, Jacob $35,000 BRODIE, J. W. 35,000 BROUWER, John 35,000 BROWNSON, John 100,000 BRUEN, Matthias (estate of) 70,000 BRUSH, Conklin 60,000 BULKLEY, William F. 35,000 BURT, Edwin C. 40,000 CALLAGHAN, Charles 40,000 CARY, William H. 100,000 (One of the most opulent and successful merchants, and by his active enterprise, has added very materially to the prosperity and growth of Brooklyn). CHAPIN, L. W. $35,000 CHAPMAN, W. P. 35,000 CHEW, Thomas J. 50,000 CHURCH, Rodney S. 35,000 (A distinguished attorney and a prominent democratic politician. A judge in the municipal court for three years and has been honored as bearer of despatches from U. S. Government to our Ministers abroad. Married twice, receiving with his present wife a dowry of ~6,000 sterling). CLAFFLIN, Aaron $60,000 CLAFLIN Horace 35,000 CLARK, Aaron 100,000 (Formerly Mayor of New York, and for many years one of the leaders of the Whig party of that City. He is a man of most exemplary character; generous to the poor; and possessed of splendid attainments. Successful lottery speculations, it is said, laid the foundation of his fortune). CLARK, Chester (estate of) $100,000 COCHRANE, Charles P. 50,000 COCHRANE, John W. 40,000 COLEMAN, E. W. 35,000 COLLINS, George 35,000 CONGDON, Samuel 35,000 CONKLIN, Henry N. 40,000 COOK, Moses 35,000 COOK, Thomas 35,000 COOPE, David 45,000 COOPE, Jacob M. 65,000 CORNELL, Peter C. 100,000 CORNELL, Simon (estate of) 100,000 CORNELL, Sarah 50,000 CORNELL, Whitehead J. (estate of) 150,000 CRAWFORD, George N. 100,000 CRoss, John A. 35,000 (Now one of the Aldermen of the Seventh Ward of Brooklyn and one of the "shining lights" of the Whig party. Possessed of brilliant talents and a superior address, he is deservedly popular in the district in which he lives, and wherever else he is known). CUNNINGHAM, George D. $40,000 CUMMINGS, Abijah P. (Williamsburgh) 35,000 DART, Norman 50,000 DAVIS, Ann 50,000 DAvIS, Benjamin W. 85,000 DEBEVOISE, James 75,000 (Is one of the oldest residents of Brooklyn-a plain, unpretending man-once owner of the valuable property upon which Pierrepont and adjacent streets now stand, which he tilled as a farm, and subsequently sold for a considerable sum.) DEGRAW, A. J. S. $30,000 (A commission merchant, doing business in New York, of which city he is a native. Mr. D. commenced his mercantile career with N. H. Jewett, Esq., of New York, then Inspector of Pot and Pearl Ashes for that city; as a remuneration for his services he was allowed to speculate in what is known among the dealers in those articles as "scrapings" and soon became well known for his industry, perseverance, and the punctuality with which he met his engagements. His speculations proved eminently successful, enabling him in the short space of four years to commence, what has since proved to be, a highly prosperous business from his own resources. He is now but twenty-four years of age; and if the future should prove as brilliant as the past and present he will undoubtedly rank with the wealthiest of our city-having made the above sum by his own individual exertions in business). DELAPLAINE, John F. $100,000 DELLICKER, L. M. 50,000 DEMING, Frederick 150,000 DENTON, N. (estate of) 76,000 DODGE, Richard J. 35,000 DUCKWITZ, George F. 40,000 DUFFIELD, Margaret, (estate of) 50,000 DURYEA, Harmanus B. 30,000 (General Duryea will, in all probability, ere many years elapse, be one of the richest men in Brooklyn, having married the only daughter WEALTHY CITIZENS' BIOGRAPHY 145 of Samuel Bowne, Esq., who is also a millionaire. He is eminently deserving of any good fortune he may attain, and possesses qualities both of head and heart which endear him to all who are acquainted with him, and render him exceedingly popular among all classes of the community). DUYCKINCK, Richard $75,000 ELWELL, James W. 100,000 EMBURY, Abraham B. 70,000 EMBURY, Daniel 60,000 EMMANUEL, Michael 150,000 EVERTSON, Bernardus 100,000 FELT, David 100,000 FIELD, Richard ~40,000 FILLY, Edward 50,000 FISH, Edmond 35,000 FISHER, William 40,000 FISKE, George B. 45,000 (President of the L. I. R. R. Co. Through his instrumentality chiefly, the Company has obtained its present flourishing position, and the stock obtained a value which renders an investment in it certain of profitable return). FLEET, Samuel (Is descended from an old English family. The ancestor, Thomas Fleet, a captain in the British Navy, came to this country about the year 1650 and purchased a tract of land on the north side of Long Island, near Huntington; and transmitted it to his posterity, one of whom is now in possession. The subject of this article was brought up a farmer, and made a snug property during the last war with ngland, when grain and produce were very high. He afterwards removed to Brooklyn, where he purchased two farms which have long been valuable as city lots). FORBES, James $45,000 FREELAND, James 35,000 FRERE Thomas 50,000 FROST, Jacob 50,000 GARRETSON, Samuel I. 120,000 GASCOIGNE, Thomas 35,000 GERALD, Thomas J. 30,000 (An enterprising and upright man of business; president of the board of aldermen in this city, and the acknowledged leader of the democratic party in the common council. He is an able debater, and possesses a thorough knowledge of the affairs of the city. He was formerly a schoolmaster and came to this section of the country some years since from his native state (Vermont) in quest of fortune, which, by industry and good management, he has obtained). GODFREY, George $50,000 GOODMAN, Myran S. 50,000 GRAHAM, Augustus 150,000 (This gentleman, and his brother John B. are well known as enterprising merchants, and the liberality of their contributions for benevolent urposes. They were born in Scotland, and have risen, from comparatively humble stations, to their present position). GRAHAM, J. B. $75,000 GREACEN, John 40,000 GRIFFIN, F. 50,000 GRISWOLD, N. L. 100,000 HALE, Josiah L. 40,000 HALL, Valentine G. 250,000 HAMBLIN, Asher P. 40,000 HAMILTON, E. C. 40,000 HANGRAVE, Clifton 40,000 HARPER, Joseph W. 100,000 HARRIS, Captain Isaac 35,000 HARRIS, William M. 35,000 HASLETT, John 50,000 HASTINGS, George 100,000 HATCH, William T. 40,000 HAVILAND, D. G. 50,000 HAVILAND, R. B. 75,000 HAXTON, A. 130,000 HAZARD, W. H. 50,000 HEANEY, Cornelius 200,000 (A native of Ireland. Was connected with Mr. Astor in the fur trade some years since, with whom he realised a large amount of money. His liberality to the poor knows no bounds. He was the greatest donor to the Catholic Orphan Asylum, in Court Street, and presented to the Trustees of Freeman's Hall the ground upon which it stands). HEBARD, Frederick H. $35,000 HEERDT, Clement 35,000 HERRIMAN, William S. 100,000 HICKS, Edwin 40,000 HICKS, George 50,000 HICKS, Jacob M., estate of 75,000 HICKS, John M. 10,000 (Was formerly very wealthy, butlost a large fortune by reverses in business and fluctuations in the value of real estate. He now, however, thanks to the efforts of warm personal friends, many of whom sup 146 A CENTURY OF BANKING IN NEW YORK ported him without reference to political considerations, holds for a second term, the most valuable public'office in the county). HINMAN, William J. $40,000 HICKS, Robert T. 50,000 HOLBROOK, Lowell 35,000 HOPKINS, Lucius 35,000 HORTON, A. B. 100,000 How, Calvin F. 200,000 How, Fisher 200,000 HOWLAND, George S. 200,000 HOYT, Charles estate of 80,000 HUESTED, S. L. 25,000 (A self made and self taught man. At his father's death he was thrown upon the world penniless, with a widowed mother and sister depending upon him for their support. By hard labor he acquired means to embark in business in the fur trade on his own account, and is now the proprietor of a large and flourishing factory; in addition to which, he is the proprietor of the splendid line of stages running to and from Fulton Ferry and East Brooklyn.) HUMPHREYS, James $30,000 (A lawyer of distinguished ability and extensive practice. He represents the First Ward of this city in the Common Council, and at the last state election was the Whig nominee for Senator, but declined being a candidate. His manners are very popular, and he is highly esteemed by all parties). HUNTER, William, jun. $40,000 HURLBUT, E. D. 100,000 HURLBUT, George 50,000 HURLBUT, John D. 55,000 HURLBUT, Samuel 30,000 HURLBUT, William W. 35,000 HUTTLESON, Henry 35,000 ILLIUS, Charles 75,000 ISNARD, Augustus 35,000 IVES, George R. 100,000 IVES, David W. 40,000 JACKSON, Maria 35,000 JACKSON, Richard 35,000 EWETT, John 75,000 JOHNSON, B. K. 35,000 JOHNSON, David 100,000 (One of the Directors of the L. I. Bank; resides at Flatbush; made his money in the grocery business in New York and is a most amiable and exemplary man). JOHNSON, Evan M. $150,000 JOHNSON, Jeremiah 100,000 JOHNSON, John 40,000 JOHNSON, Oscar $50,000 JOHNSON, Parmenus 100,000 JOHNSON, Samuel E. 100,000 JOHNSON, William L. 100,000 JOHNSON, William 35,000 KELLOGG, E. 60,000 KELSEY, Charles 80,000 KELSEY, Charles and Walter 30,000 (These young men commenced business a few years ago with very slender means, and are rapidly, by their industry and economy, acquiring a large fortune.) KETCHAM, Joseph $35,000 KIERSTED, C. N. 35,000 KIMBERLY, David 35,000 KIMBERLY, Henry A. 30,000 KUMBEL, William 40,000 LAIDLAW, John 75,000 (One of the rich proprietors of the great White Lead works of this city). LAMAR, G. B. $300,000 (Brother of the ex-President of Texas; of exalted attainments, unblemished reputation and a heart ever "open to melting charity." One of nature's true noblemen). LAPHAM, Anson $50,000 Lake, Richard (Williamsburgh) 30,000 LAKE, Thomas (Williamsburgh) 30,000 LAKE, William (Williamsburgh) 40,000 LAYTIN, William (Williamsburgh) 30,000 LEAVITT, David 500,000 LEAVITT, Edward 50,000 LEAVITT, Henry S. 100,000 LEAVITT, Sheldon 75,000 LEAVITT, Sheldon C. 75,000 LEAYCRAFT, Richard (Williamsburgh) 200,000 LEFFERTS, Leffert 500,000 LEFFERTS, Remson 150,000 LEFFERTS, Sarah 100,000 LEGGETT, John 40,000 LEWIS, Zachariah 50,000 LOTT, Jeremiah 100,000 LOTT, John A. 750,000 Low, Seth 40,000 LUQUIER, Nicholas 50,000 LYON, Robert A. 100,000 MADDEN, Amos 50,000 MALI, Hypolite 50,000 MANLEY, Robert F. 35,000 MARCH, Thomas 50,000 MARQUAND, Henry 60,000 MARTENSE, Garritt (Flatbush) 100,000 WEALTHY CITIZENS' BIOGRAPHY 147 MARTENSE, Helen $150,000 MARVIN, A. B. 35,000 MAULSY, Robert F. 60,000 MIDDAGH, Martha 50,000 MINTURN, E. & H. (Williamsburgh) 150,000 MOON, John 50,000 MORGAN, Samuel 75,000 MORSE, N. B. 30,000 (For some years past, the prosecuting attorney of Kings County; an able lawyer; an accomplished scholar, and a most worthy man). MORTON, Peter (estate of) $100,00 MURPHY, Henry C. 35,000 (Laid the foundation of his fortune by holding the office of corporation attorney of Brooklyn when it was very lucrative, infinitely more so than at present; and has since held a very prominent position as a politician. Although yet a young man, he has been Mayor of the City, and twice elected to Congress. He possesses very superior abilities, untiring energy and industry, and, from his many amiable and excellent qualities, is deservedly popular with the masses. He is a large stock holder in, and one of the principal Directors of, the Atlantic Bank, and has honorably distinguished himself on numerous occasions by his liberal contributions for charitable purposes). M'BRIDE, James $300,000 M'MURRAY, Joseph 130,000 (The history of this gentleman furnishes a brilliant example to persons of humble means as to what may be accomplished by industry and integrity in business transactions. In 1824 he arrived in New York poor and friendless, but, by the possession of superior abilities, and a diligence in the performance of the subordinate duties of a merchant's office in which he found employment, he obtained the confidence and respect of all who knew him. After laboring many years for others, and being thoroughly acquainted with mercantile operations, he embarked, with slender means, in the emigrant passenger business, and soon, by pursuing a course of fairness and liberality to his countrymen and others on their arrival here from their native land, acquired celebrity and wealth. Emigrants from Europe are sub jected to many impositions and extortions from persons who charter vessels for their passage to this land of promise; but the subject of this sketch stands proudly aloof from the herd of "land pirates" who victimize the poor emigrant. Mr. M'Murray has one of 'the largest shipping establishments in New York, and is the principal agent in this country for the Provincial Bank of Ireland. He has two sons connected with him in business, who, with their father, stand prominent in the commercial world as honorable men). NELSON, Thomas S. $40,000 NESMITH, James 75,000 NEVINS, Thomas 35,000 OAKES, Ann 10,000 (The amiable and much esteemed widow of the late lamented Coroner of this city; universally known for her charitable and humane disposition, and for the possession of virtues which adorn humanity, and give lustre to her sex). O'BRIEN, Francis $25,000 (A gentleman of Herculean proportions, with a heart capacious as his body for the virtues and charities of life. Although for many years a resident of Brooklyn, his sphere of business operations and political movements has been in New York, where he is regarded as one of the most influential men of the Whig party. Few men are to be found who possess so many rare and good qualities as Mr. O'Brien). O'DONNELL, Jeremiah $35,000 (Like Messrs. Baird, Collins and other fortunate Irishmen, has accumulated his wealth by successful operations as a contractor upon public roads). O'HARA, Peter $35,000 PACKER, William S. 300,000 PAINE, John 200,000 PARES, Francis 40,000 PATCHEN, George M. and Henry 200,000 PECK, Curtis 50,000 PECK, John 100,000 PECK, William N. 40,000 PEET, F. J. 50,000 PERKINS, Dennis 100,000 PETIT, Joseph 40,000 PHILLY, Edward 35,000 PIERREPONT, H. B. (estate of) 350,000 148 A CENTURY OF BANKING IN NEW YORK PIERREPONT, H. E. $100,000 PITCHER, Benjamin L. 40,000 POLHAMUS, Theodore 40,000 POLLEY, Grahams (Williamsburgh) 40,000 PORTER, Charles 100,000 POWERS, Mary L. 100,000 PRATT, H. Z. 100,000 PRENTICE, John H. 100,000 PRINCE, Amy 40,000 PRINCE, Anna (estate of) 70,000 PRINCE, Christopher 35,000 PRINCE,,John D. 20,000 (This gentleman is said recently to have become heir to an estate in England, valued at nearly half a million of dollars). PUTNAM, Nathaniel $35,000 RANKIN, John 600,000 RANSOM, Brazilla 40,000 RATHBONE, Captain John 40,000 RAYMOND, Henry S. 50,000 RAYNOR, Phebe (widow of Elijah) 75,000 (Mrs. R. belongs to that much honored class of citizens the "oldest inhabitant," having been born on Long Island and resided for the last forty years in Brooklyn; and is emphatically one of the "old school" holding the antiquated, and almost obsolete doctrine, that honesty and sobriety should be a principle of the heart, and not an outward garment to be put on and off at pleasure; and that female accomplishments should ha 'e a wider range than the salon and drawing room afford; and should be made as familiar with kitchen utensils as with the piano forte, dancing, light reading, and other thousand blandishments esteemed in modern refinement indispensable. Her husband was for many years a merchant in New York and Brooklyn). REED, John, Jr. $100,000 REMSEN, Abraham 60,000 RICHARDS, Benjamin 40,000 RICHARDS, Daniel 100,000 RILLETT, ohn 50,000 RIPLEY, George C. 35,000 ROBINSON, Francis 40,000 ROCKWELL, William 35,000 (Formerly District Attorney of Brooklyn, and twice candidate for Mayor of the City as the nominee of the native American party. As a lawyer, he has few, if any superiors; and in private life is greatly beloved). ROCKWELL, William $35,000 ROWLAND, Henry and James 35,000 RUSSELL, William H. 40,000 SALES, L. (estate of) 50,000 SAMPSON, George L. 50,000 SANDERSON, Sydney 40,000 SANDS, Austin S. 100,000 SANDS, Christian H. 50,000 SANDS, Captain Joshua R. 50,000 SANDS, Joseph 100,000 SANDS, Oliver H. 50,000 SANDS, Wilson H. 40,000 SAUNDERS, George 35,000 (The well known razor strop manufacturer of New York, formerly a hair dresser of considerable celebrity, and a portrait painter and artist of no common ability. He is rapidly adding to his comfortable possessions by an immense business, and is well deserving of his good fortune). SCHENCK, John $100,000 SCHERMERHORN, Abraham (estate of) 500,000 SCHERMERHORN, Peter 600,000 SCOLES, Maris 50,000 (Widow of James Scoles, deceased, an Englishman of very eccentric habits but profuse liberality). SELLECK, William $50,000 SERGEANT, Wilson H. 40,000 SEYMOUR, W. A. 35,000 SHARPE, Alexander W. 40,000 SHELDON, James 100,000 SHELDON, Henry 200,000 SILLIMAN, B. D. 35,000 SKILLMAN, John (Williamsburgh) 35,000 SKINNER, Salmon 35,000 SMART, Mary, Hannah and Elizabeth 45,000 SMITH, Caleb 100,000 SMITH, Cyrus P. 40,000 (Formerly Mayor of Brooklyn; a distinguished politician on the Whig side; a very prominent churchman; and very active in promoting the welfare of the common schools and the cause of education in this city). SMITH, D. W. $50,000 SMITH, Eliza 40,000 SMITH, Ira 150,000 SMITH, Samuel 200,000 SMITH, William C. 40,000 SPARKMAN, James D. (Williamsburgh) 300,000 SPADER, Mrs. 100,000 SPEIR, Henry 75,000 SPEIR, Robert 35,000 WEALTHY CITIZENS' BIOGRAPHY 149 SPENCER, William $50,000 SPIES, Francis 40,000 SPRAGUE, Joseph 45,000 SPRING, Marcus 35,000 SQUIRE, Charles 100,000 STACY, George 40,000 STANFORD, David 75,000 STANTON, Amos P. 200,000 STANTON, Charles 35,000 STARR, Chandler 50,000 (A distinguished merchant and well known leading politician of the Whig school. His prominence as a party man is, however, better known in New York than in Brooklyn, not having as yet taken any conspicuous action in the public affairs of the day). STEELE, Joseph $35,000 STERLING, Woolsey G. 35,000 ST. FELIX, George E. 150,000 ST. FELIX, John R. 75,000 STODDARD, Charles 40,000 STORM, Isaac A. 200,000 STORY, Henry (estate of) 50,000 STRIKER, Gerrett 100,000 STUDWELL, John J. 35,000 SULLIVAN, Mary 35,000 TALBOT, George A. 75,000 TALMAGE, Thomas G. 50,000 TAPPAN, Arthur 40,000 TAPPAN, Lewis 50,000 TATHAM, Benjamin 100,000 (One of the firm of Tatham and Brothers, the largest manufacturers and importers of lead pipes in the U. S). TAYLOR, Charles T. $50,000 TAYLOR, Elisha S. 50,000 TAYLOR, Jeremiah 40,000 TAYLOR, John Allen 75,000 TAYLOR Peter G. 35,000 (One of the Aldermen of the Fourth Ward; an upright merchant; an excellent and charitable man; and much esteemed by all who know him). THOMAS, Luke W. $35,000 THOMPSON, George C. 50,000 THOMPSON, Samuel 150,000 THORNE, Richard 35,000 THORNE, Richard V. W. 50,000 (A distinguished Democrat, and a general favorite with the people). THURSTON, F. G. $50,000 THWING, J. C. 75,000 (A shrewd and successful Wall Street broker. For many years he ploughed the ocean as the master and owner of several vessels. During his early life, he contracted an asthmatic disease which has been a great affliction to him, and has prevented his taking, repose in a recumbent position). TIENCKIN, Henry $35,000 (A native of Holland, from which country he emigrated a few years ago, with slender means, but an indomitable perseverance, and enterprising spirit. He has realized his present fortune by his success in business as a retail grocer). TRAPPAL, Michael $75,000 TRASK, Alanson 35,000 TREADWELL, Adam 100,000 TREADWELL, John 100,000 TROWBRIDGE, Edwin L. 40,000 TRYON, E. G. 100,000 (Formerly a merchant tailor in extensive business in New York, but realized the bulk of his present fortune by a successful "hit" in an entirely accidental lottery speculation). TUCKER, Jonathan $35,000 TUCKER, Thatcher 35,000 TUCKER, Dr. Joseph 40,000 ULFARD, Levi W. (Williamsburg) 40,000 UNDERHILL, A. 50,000 (One of the wealthy owners of the large milk establishment at East Brooklyn). UNDERHILL, Samuel T. $35,000 UNDERWOOD, J. A. 35,000 UNKART, Edward 40,000 UPJOHN, Richard 35,000 VANDERBILT, John 100,000 (First Judge of the County of Kings, an accomplished scholar, and able lawyer. Of remarkable suavity of manners, and amiability of disposition, he is eminently popular with all who know him. His talents and his virtues will adorn any station to which he may be elevated by the people). VANDERVEER, Adrian $100,000 VICTOR, Theodore 35,000 VOORHIS, John 35,000 VOORHIS, William and Peter 40,000 (Manufacturers of, and dealers in, lime, by which business they have made their present capital, having commenced with comparatively nothing. They are yet young, and afford an example of what may be accomplished by untiring industry and bold enterprise). VREELAND, James $40,000 VAN BEUREN, E. K. 40,000 150 A CENTURY OF BANKING IN NEW YORK VAN BRUNT, A. $150,000 VAN CLEEF, Cornelius 40,000 VAN DOREN, Rev. W. H. (Williamsburgh) 40,000 VAN KLEECK, Charles A. 35,000 VAN NOSTRAND, James 100,000 VAN NOSTRAND, John 150,000 VAN NOSTRAND, John S. 50,000 VAN NOSTRAND, Henry 50,000 VAN PELT, Dr. A. 60,000 VAN SINDERIN, Mrs. Adrian 150,000 VAN WAGENEN, Gerrett 100,000 VAN WINCKLE, George W. 40,000 WARDWELL, Ben 40,000 WARING, H. P. 35,000 WARREN, John D. 40,000 WATERBURY, J. (Williamsburgh) 175,000 WATERBURY, L. (Williamsburgh) 40,000 WATERBURY, N. (Williamsburgh) 200,000 (Realized a great portion of his wealth as lessee of the Grand Street ferry). WEBSTER, Hosea $100,000 WEED, H. A. 50,000 (Son of Nathaniel Weed, Esq., President of the North River Bank, New York. Mr. W. is a young lawyer of great eminence; extensive and lucrative practice; and, in all the relations of life, a most worthy man). WEED, Maltbie $40,000 WELLS, Phoebe R. 50,000 WENDELL, John 50,000 WESSON, David 40,000 WETMORE, David W. 150,000 WHEELER, Allen 35,000 WHEELOCK, Clark 40,000 WHITCOMB, Moses $50,000 WHITE, Chandler 50,000 WHITE, George 50,000 WHITE, W. A. and A. M. 250,000 (These gentlemen are extensively engaged in the fur business in New York, and are greatly respected as honorable merchants and estimable citizens. They reside in a splendid mansion in Washington Street). WHITEHOUSE, Edward $100,000 WHITING, W. E. 50,000 WHITTLESY, Elijah 75,000 WILY, George S. 75,000 WILY, John S. 75,000 WILLARD, George L. 40,000 WILLIAMS, George 40,000 WILLINK, John A. 300,000 WILSON, Charles 40,000 WINTRINGHAM, Sidney 50,000 WOOD, George 100,000 (An eminent counsellor and distinguished jurist, formerly of New Jersey, but for a few years past a resident of a splendid mansion in the Third Ward). WOOD, Samuel S. $75,000 WOODRUFF, Albert 50,000 WOODWARD, Charles and Thomas 70,000 WRIGHT, Amasa 75,000 WRIGHT, Daniel 100,000 WRIGLEY, Joseph 40,000 WYCKOFF, Henry S. 75,000 WYCKOFF, J. M. 40,000 WYCKOFF, Richard L. 40,000 YELVERTON, John T. 35,000 YOUNG, Daniel T. 40,000 YOUNG, Henry 500,000 YOUNG, Nathan 40,000 The pages following present a photographic facsimile of the sixth edition of the "Wealth and Biography" pamphlet. A former owner of this particular copy has inscribed it "A curiosityto-be-kept," and he has also corrected minor details and added the omitted name of Dominick Lynch "son of Wm. Lynch, my father's brother." "'" il:!! b WEALTH AND BIOGRAPHY Or TRB WEALTHY CITIZENS t or NEW YORK CITY, COMPxISlNG AN ALPHABETICAL ARRANGEMENT OF PERSONS ESTIMATED TO BE WORTH 9100,000, AND UPWARDS. WITH THE SUMS APFENDED TO EACH NAME; I311i V08,fL TO BANKS, MERCHANTS, AND OTHERS. SIXTH EDITION, ENLARGED TO TEN TIMES THE OBRIINAL MATTER, AND NOW CONTAINING BRIEF BIOGRAPIIICAL AND GENEALOGICAL NOTICES or TH PRINCIPAL PERSONS IN THS1 CATALOGUE. ALSO, A VALUABLE TABLE OF STATISTICS. NEW YORK: COMPILD WIT MUCH CARE AND PUBLISHED AT THE SUN OFFICE. 1846. mauw iEE t.I PREFACE TO THE SIXTH EDITION. To render this publication' more interesting to the general render, we have procured from various authentic sources, briefrgenealogical and historical or biographical notices of some of the vore remarkable men and families in this community, into whose hands wealth has concentrated. We have endeavored to do equal and exact justice to the parties, and have deemned that we have been rendering an especial service to those, more particularly, who by honest and laborions industry have raised themselves from the obscure and humble walks of life, to great wealth and consideration. If there be, by any possibility, any erroneous statements, we pledge ourselves to correct them in our next edition. Our aim has beeti to wound the reelings of no one. but to do strict justice to all, and to tell the whole truth and nothing but the truth. This edition has been carefully revised, and almost every biographical notice entirely recwritten so as to remove whatever errors and objectionable remarks had crept into the former editions. It has been found necessary to exclude several names, while new names to the am'ount of nearly one-third the whole number in the book have been added to this edition. There has been added also a large quantity or interesting biographical and historical matter, as derived from the consultation of books aid living authorities; so that the work may now be regarded as complete and accurate as its nature and scope admits. New York, January, 1845. Entered according to Act of Congress, in the year one thonsand eight hundred and forty-five, BY MOSES Y. BEACH, in the Clerk's Office ofthe District Court of the U S. for the Southern District of New York. WEALTH AND WEALTHY CITIZENS OF NEW YORK. A few years he paid his creditors, and by business tact Abeel John H. - - - 100 integrity, and industry, has amassed his wealth. He retired from business several years since. Mr. Alley In partnership with Garrit A. Dun.cdmb, constitu- is an example of a man of strong mind pushing his ting the firm of John 11. Abeel & Co. iron merchants, way thiough the world without the benefits of educaone of the oldest houses in the city.otion and under many difficiltids. Adams John - - 300,000 Alstyne John -.- 200,000 Of Irish descent, who by industry and integrity as Of the firm of Alstyne & Dykers, rich brokers in a merchant in the dry goods line, has acquired a re- Wall street. sipectable fortune, which he enjoys with the respect of all who know him. He is President of the Fulton Ames Barret - - 100,000 Bank. He married a daughter of John Glover, da Formerly of the firm of Ames & Witherell, ironceased, some twenty years since, by whom he has re- dealers A new England man-made all his money ceived some property. See Mrs. Fisher. and retired from business. iHe was in business at Addison Thomas - 150,000 the South. A distinguished pencil-case maker, a pioneer in Amos - Estate of - 200,000 this, and made his money by industry. The present Anda e B. ever-pointed pencil-case was first made by him, and Adaese Barnet - - - 100,000 owes its form to his ingenuity. An excellent Tailor and a very amiable man. Adee George. 100 000 Anderson Abel T. 200,000 Son of William below, and a partner of the firm of A respectable lawyer, who inherited most of his Adee, Timpson & Co. property from his father, who acquired his fortune in Adee William - - - - 200 000 the manufacture of boots and shoes. An auctioneer, and formerly senior partner in the Anderson Henry J. - 100,000 firm of Adee, Timpson & Co. From Westchester Co. The respected Professor of Mathematics in CoBegan life as a dry goods merchant, and'has now. tc- lumbia College. tired from business. A very worthy,man who has made all his money by active industry, and the most Andrew Henry - - 100,000 honorable and upright course in business. qNative of Scotland, made his fortune in the Carpet trade, was prumin. nt in the Whig ranks, and sent to Aitslie Robert. 100,000 the Assembly of this state some years since; a very Formerly a merchant, and worth this sum by his gootdcitizen. wife, a daughter of Robert Lennox, deceased. Anthon Charles - - - 100,000 A-kerley S. Dr.- 150 000 A brother of John, and profesor of Latin language and literature in Columbia College. Mr. Anthon has Formerly an eminent Physician, who distinguish published many works; the one most widely known ed himself when the yellow everwas raging. Now is Anthon's Classical Dictionary. Mr. Anthon has a retired. popular reputation as a scholar, and is a most learned man. In his Classical Dictionary, and other works, Allen Splien - - - - 000 he has boen charged with having made too free use of the labors of others. A man who without money, without family connexions, and without education, has made his way Anthon John - - - - 300,000 to Independence in fortune, and to high public statlons, lie began life as a poor sailorboy, atterwards. Hlis father was a very respectable andlearned phywas a sail maker, and finally kept one ot the largest..cian of this city, and born of German parents. The ssil-lofts in the city. In h s business he was Indus- on' of Dr. Anthon have distinguished thems lves; trious, scrupulously exact, aud rigid injustice. By John as a lawyer, Henry as a divine, and Charles as his reputatio for integrity, he procured large ac. a scholar, and professor of the Latin language and licessions to h is business. He was made Mayor of terature in Columbia College. They all received the city ia 1821, and re-elected for two successive something from their father, but John by the adopand fterwads a Senator of the Sate ana tion of a more lucrative profession, and especia ly by ytrte Commissaoner of the Croo ater s, is marriage with the daughter of. a rich auctioneer, State Commissioner of the Croton Water Works, in which capacity his powerful i. fluenco did much to- ohn oue, possesses much the largest fortune ward the success of t,,i. great enterprise. Mr. Allen Appleton Daniel - - - 100,000 is an erer.etic aid deciled man, always adopting a o0 the firm of D. Appleton tc Co., book, elers and policy ofh a own, aad carryingit out with gi eat sell- publishers reliance. He is just, butnotgenerou*; andin mind and manners rude and unpolished. At -he time of Appleby Leonard - - 100,00 difficultyinthe New Yook Life Insurance andTrust Arcularius George - - - 300,000 Co., he was made the President. Born of German parents, and, with his brother Alley Saul - - - 250,000 Phillip, obtained hii wealth as a baker, in which business he has been famous for many years, and in The intimate-friend of S. Aler, and the two consult.which he still continues. He is a man much respect each other on every matter of intetest to either. He ed for his numerous good qualities. Gen. Henry A. was born in Providence, R. I.. where he learnt the late Commissary General of the state, is one of his trade of Cabinet maker, and subsequently c irrnel on sans. the businr as at Charleston, F. C., where he tailed through the solefault ofhispartner. Mr. Alley came Arnold Aaron - - - 250,000 to this city and undertook a commission business in An Englishman who brought money with him from cotton anddomestipgoods. Hiscreditors at.uharles. 'England, and has been ini the retail dry gcods busiton having confidetce inhimn *e e his fi st patroni, ness in Canal street, and now in partnership with his and maohg them Mordecai.Uohen, a rich Jew, enti. son in-law.j.onstable, an Englishman also. 2 Arthur Johl - 100,1)00 ti nd to be the commercial emporium of the Northern Pacific, was to be supplied with commodities from Apnanwal WALm. 400,000 New York, and the same vessel was also to convey Of the firm of Howa-nd & Aspinwall, shipping mer- supplies to the Russian trading settlements farther chants. The father of Mr. Aspinwall has long been north, and receive furs in exchange. With the furs known as an intelligent and shrewd broker, and is of from the Russian posts, and from Astoria, she was to an ancient and honorable family. Mr. Aspinwall has proceed to Canton, then the best market for furs, and a beautiful seat on Staten Island, and his residence in return home with teas, silks, and nankeens. In the this city is very valuable. projection of thismagnificent enterpiize, Astor antici*, pated that the settlement would prove a bill of cos* Astor John Jacob - - - 25,000,000 for the first two years, and that no considerable.profits John Jacob Astor is clased, by those who know would be received in less than ten years. At the exhim best, not only among the richest but al amon pration of twenty years he counted on receiving a the truly great men of the world. The talent whic million of dollars annual profits. The Tonquin, the er age, and in another state of -society, was.rt, and the Lark, the third vessel, dispatched for in e ad in another gati, wx storia, were lost, yet notwithstanding, the enterprise gaged in the peaceful occupations of the counting- would n ave failed, had not Astoria been sold to room. War has been a great field for the develope- h North t Fur Company. ent of great talents. But commerce affords scope thoghthe treacheryof oneu f Mr. Astoria had to trg for a greater variety of talent, and is a field on which a Scotchman named McDougal. Astoria hadtostrug u an d th t soang amb le through many difficulti in consequence of being tion may expend themselves i1 unlimited conquests. captured during th e late war; and just as peace was In this department of human action Astor has dis- declared,'ad as it was to be restored, it was wrenchfplayed a crest aind- Lar *ding on our shores as a ed from Mr. Astor's hands ot the treasihery of his partner. From the time of the establishment of the common steerage passenger-a poor uneducated boy parten Fr teim o stalsmeote stranger to the language and the people —he has American Fur Company, Mr. Astor became wlargely by the sole aid of/ his own industry, accumulated a eage ncom erc.H s sigt dwith fortune sarcely second to that of any individual on for France, Engand, Germany and Rusi-and with the globe, and has executed projects that have become peltre, ginseng, and dollars or China, now plouhidentified with the history of his country, and which e every sea, to receive these products of the New will Irpe ate his name to the latest ae. He World and echa them for the valuable commodir 173, in the village of ldor near ties o the Old. r. Astol's instructions to his capbo n in Jy, 1763, in the village of Waldorp, near tan the exceil u H Heidelberg, in the Duchy of Baden, Germany. His iar e father was a very worthy man and held the office ofa a h ous markets in which he traded, as though he had eve of lea.ing his hoe e for foreige n land, reotled been a resident at each resective mart. In the dise of leaving his home or a foreign land, rolve tibuion of his caroes at ome, and in exchanging b hlonest and inadutrious, and simmcr to sanide. In his commodities with Mr. Astor exercise March, 1784, he landed at Baltimore, a steerage pa s com modit ies with the ins natives, Mr Astor exercise enger, having-sailed from London in November, and minute nspection even to the smallest details, and been detained by the Ice three months. On his voy- seemed to possess an almost intuitive knowledge of ae he became acuainted with a fellow dountryman the market, not only in the United States, but also in ohis iafurrier, who induced Mr. Astor to learn this Canada. Yet Mr. Astor did not bestow at his counting The main oron ofMr. Astors roper t this house more than half the time most merchants feel atime consistmpelled to give their concerns. It has been reufactory, at London, which, with a few other articles marked of him, by one of his intimate friends, a mast of merchandize, he sold, and invested the small pro. of 'some eminence, that Mr. Astor, was capable of ceeds in furs, and commenced learning the fur-tra ommning an army of 00,000 men. During a good He was soon after engaged as clerk in the fur e-ta portion of Mr. Astor's active life, he resided in a large lhoude in the lower part of Broadway,nd lived inn blishment of Robert Bowne, the first cousin of Wal- houe in the lower part of Broadway, and lived in a ter's father, (see Walter Bowne,) a good old quaker, style of princely magnifcente, attended by servants who prized Mr. Astor very much for his untiring in' from some of the various nations with which he traddutry and fidelit. Subsequently, by the aid of a few ed, and among them some from the Empire of the thousands from his brother Harry, a rich Bowery Celestials. His house was furnished with the riche.t butcher, he engaged in business for hiiself, associa- plate, and his apartments adorned with works of art, ted with the late Cornelius Heyer. Afterwards he be- Tong whichr was a Cupid by Mignard, which was came associated with Mr. Smith, the father of Gerrit regarded as a work of rare merit, and for which Asto 3mith. At the close of the revolutionary war, Oswe- paid a princely sum. go, Niagara, Detroit, and other p ost eing in p Notwithstanding the magnitude and success of Mr. session of a foreign power, a serious embarrassment Astor's business oierations, yet the greatest source of was thro*n in the way of the fur trade. Soon After his weelth has resulted from the increased value of Mr. Astor entered the business, in 1794-5, by a treaty real estate consequent on the continued growth of these posts were surrendered, when, contemplatire the city. At an early day he foresaw tlie future the grand oprtunity'then offered to hi h gr eatness of this commercial emporium of the Now I win make my fortune in the fur-trade." W tern Continent, and was wont to convert twoHis prediction was verified. Astor, with an industry thlr of his annual gains into real estate, not one and sagacity unparalelled, improved his opportunity, foot of Which he ever mortgaged. It has been his and after the lapse of nsx years, during the firstyar policy to )nvest in mortgages on the best property ofof the present century, he had amassed something fered, and in case of fore-closure, which has often like t0,000 dollars. By the natural course of accu happened, he hag bought the property in at much less mulation, this sum, at the present tijne, would have than itsreal value. In this mode, together with the amounted to 46,000,000-but in Mr. Astor's hands it continually increasing value of real estate, in this has increased to more than four times that amount city, he has multiplied his wealth far beyond the nat-. Nine sears later, at thbe age of forty-five, Mr. Astor ural accumulation bythe ordinary interest, and henct. founded the American Fur Company, for the pu se too the bulk of his property. Mr. Astor has vast tracts of competing with the powerful British ns of land in Missouri, Wisconsin, Iowa, and other part which were in a fair way to monopolize the traffic in of the West, the prospective value of which is very furs throughout the Northern and South Western por- eat. The greater portion of his property is in real tions of our continest. Theoutpostsofthis newcom- estate and mortgages in this city. Could Mr. Astor's pany stretched into new and hitherto untrodden fields property be kept unbroken and under its present ma and secured the richest spoils of beaver, otter, and nagement, it would become the largest individual esbuffalo. It had indeed previously as well *a now tate ever known on the globe. The estimates of the been the policy of Mr. Astor to extend his con uests value of his property given above is moderate; those into new territries. The projection and estalish- knowing his affairs best placing it at /30,000,060; ment of this company did not satisfy his gigantic in- and some as high even as $60,000,000. His income tellect. His grand project of the Astoria settlement on a moderete estimate must be $2,000,000 a year, or wa"s ow formed. It was his design to establish a se- 4166,000 a month, which is about 441,600 a'week; ries of forts along the Pacific Ocean, and on the Co.. 65760 a-day, 4240 an hour, and $4 a minute. Mr. lombiaRiver, in connexion with our government, and Astor has made a donation of 4360,000 for a library thus monopolize the fur trade west of the Rock in this city, the'interest of which is to be expended in Mountains. The first ost, Astoria, was etablished employing agents to purchase books, and in the erecin 1810, by pasty of asy men under the command tion of a building. Mr. Cogswell, late editor of the of Mr. W. P. lHut. This settlement, which was Ndes- N.. Review, is the agent and librarian. Mr. Astor 3 has two scng, Wm. B. and one who has been imbecile from his birth; one of his daughters became the Countess of Rumpf, and lately deceased at Paris another (deceased) was narried to Mr. Bristed, an Englishman, author of a work on the Resources of Americ, and now a clergyman at Bristol, R. I. A grandson Charles Bristed is at Cambridge, England. Astor Wm. B. -. 5,000000 The son of John Jacob, and holding a power of attorney for the transaction of all his father's business, and exercising generally a superlntendence over that immense property of which he undoubtedly expects to be the principal heir. Yet Wm. B. has received much of his property from his deceased uncle, Henry Astor, long celebrated as a butcher in the Bowery, in which business he accumulated his wealth. The amount received from his uncle did not exceed half a million, yet by fortunate investments, chiefly in real estate, and by donations from his father, who has given him the Astor Houe, it has increased to this extraordinary amount. Austen David - 400,000 A distinguished auctioneer, who made money at a time when auctioneers reaped their $60,000 a year profit. By his marriage with a sister of John Ha o gerty, he received, no doubt, an accession to his fortune. At the present time auctioneers, like all others, can reap but slow profits, and that by careful indus try, and close attention to business. Mr. Austen is an excellent business man, and a most estimable citizen. Aymar Benjmin 300 000 This, and the next below, his brother, are English decent, and self-made men, though of humble origin. They are very enterprizing merchants, and bear excellent characters as gentlemen and citizens. They have been principally engaged in West India commerce. Aymar John Q. - - 200,000 The brother mentioned abote. B Bache Robert - - - - 200,000 A rich Distiller, residing in Brooklyn. Baldwin J.. - - - - 200,000 Banks David - -.100,000 A Law Book seller, of the firm of Gould, Banks & Co., ex-alderman of the fifth ward, now President of the Harlem Rail Road Co., and'an influential man in. the Democratic party. Married the daughter of Paul B. Lloyd, and acquired all his money by industry and integrity in his business. Banks David - - - 300 000 A retired West India merchant of an English family, and married a daughter of Robert Lennox;by whom he received a large property. Banyer Mts - -100,000 Sister of Peter A Jay, deceased. Bard William - 100,000 Is a Son of Dr. Samuel Bard, and fully retains the reputation of an honorable sire. Barclay George - - - 150,000 Estimable son of the venerable Colonel Barclay, British Consul, decessed. Barnum Phineas Taylor - - 150,000 The proprietor of the American Museum, and guardian of the celebrated Tom Thumb, was born in Danbury, Ct., where he was at one time engaged as a lottery dealer, and merchant, and afterwards editor and proprietor of an influential newspaper, entitled the Herald of Freedom, which, being free with the failings of orthodox pretenders, and making some rather severe strictures oi Judge Dsggett, then of the Supreme Court. brought down the ire of that venerable sinner, and Barnum was imnrisoned for libel..The day of his liberation was celebrated by a grand gala scene and oration, and the martyr to universalism was nominated by his friends for Governor. Soon af-' terwards' e came to this city, and soon became known as the exhibitor of Joice Heth. Subsequently obtaining possession of the Am-rican Museum, he be. cme the proprietor, and meeting with Tom Thumb, heabs made his fortune mainly by mean of that juwvnile wonder. Mr. Barnum is now in Europe, exhibiting Tom Thumb, by whom he is coining money. Barrow Dr. - - - 100,000 Barsolou Vitor -. 190,000 A Frenchman, and Importer of Wines and Brandies. Barstow H. W... - 00,000 Battelle Joseph. 150,000 Of a Connecticut family, and of the firm of EFgleston & Battelle, iron merchants. MIr. Battelle has made a profitable use of his capital. Beach M. Y..-.. 250,000 Moses Yale Beach wa born inWalllngf. rd, Conn., a conne tion on his mother's side of Elhu Yale, Esq.. founder of % ale College, and for many years Governor of the East Indfa Company. * t an early age he was ppren iced to the Cabinet making business, in Hartford, Connecticut. where, by over work, ard wr rking nights, managed to save, by th- time h' had attained his eighteenth year, 6400, with which he purchased of his employer the remainderefhis time, and commenced tueiness on his own account iA Masmachusetts Soon after he ir arried. and has since then, parsed thrcugh the rough and varied scenes cf a business life. Soon afttr the commencement of the Sun newspaper, be purchased Mr. Wisner's interest, being ne-half, paving for theexperimrnt $6200 As soon as he found ihis to be a safe.and permanent business, he bought out his partner, for which he laid $19,000. Fromhis point, his star, or rather. n, ba been steadily in the ascendant, and now we find him the publisher of t.e most extensively cirt ul ted newspaper uponthe globe, and the principal stockholder in four Banks, a 1 in good standing, and prosperous, besides doing undPo bis owu name a large amount of bankinr. For asistance in his unparalelled business, he has the services of five sons, brought up in active life under his owneye, and who mayyet prove "chips of the old block." Beekman Henry. 200,000 Descendant of ov.. Beekman, about 220 years since Dutch Governor of South Fort, on the Dela ware. If any of the Dutch noblesse of the very earliest colonizations at New Amsterdam (now New York) remain, here is one who, like all the intermediate linis from the Governor down, have nobly upheld the renown and rank of their ancestors. The Beekmans, however, have never been numerous. Two others of the family follow. Governor Beekman was one of those stalwart men, who, as early as 1653, demanded of the Holland government a liberal charter for this city, and it was given. Beekman James W. - - - 100000 Of the same family, and married a daughter of Dr. Phillip Milledoler, ex-President of Brunswick College. Beckman John - 160,000 Beekman S. D. Dr. - - - 150000 Received the greater portion of his fortune by his wife, daughter of Gov. Clinton, formerly Vice President of the U. S. Betts Gco. W. - - - - 100,000 A native of Norwalk. Ct., and one of the pioueers of the Carpet business in this city, in which business he still continues. Mr. Bette is esteemed as one of our most worthy (itizens. Betts Samuel R. (Judge) 100,000 Belmont Augustus - - 100 000 A native of Germany, and agent of the Rothschildp, and a Banker. Bininger Abrm. (Estate o) - 300,000 Binsae Lewis - - - - 150.000 From France, came to this country with 50,000, and married a lady who kept a Boarding' School a' Bloomingdale, and subsequently opened a school in Beach street. Mbblp J. 200000 be conducts his private banking instituton, and in A hardware deler, and maried a daughterof Davd a good some with veh he discourse upon the N. Wolfe currency of the country. Blckburne Henry - - 200,000 Bonnett Peter.... 150,000 Backwel Drayton. 200,000 Boorman Ja - - - - 500.000 Abrother of widow Howell, and son of Mr. Black- Of the firm of Boorman, Johnston & Co., extenWaL who established the irst foundry in the cty, sive iron merchants. He is president of the council which was at the corner of Canal street and Broadway, of the University, and out of his liberality has endowand a store at Coentles SUp, and wadsucceeded by One ed a professorship. An adopted daughter married Joof his sons, who is now deceased. t e made a fortune, bah Wheeler, a lawyer end bought Blackwell's islnad, and hence its name. Drayton studied law under Mayor adcliffe, but has Bouchand Joseph -. 200,000 *er practised. A French resident, who has become rich as an imn latcford R M. 200000 porter of French goods. A lawyer and agent of the Bank of England. He Bowne Walter. -. 150,000 has been distinguished as a politician of the Whig ptty. His father was a clergyman atBridgeport, Ct. Of n ancient and very numerous Quaker family where a brother (now deceased)waa also settld fw of L. 1. John, who was born at Matlock, in Derbyeam in. Mr. BDatchord graduated at Union Col- shire, England, in 1627, with his father, Thomas, and r.a sister, came to Boston in 1649, and in 1661 they setet- ed in Flushing. John married a daughterof Robert Blteckr J.W.. - - 200,000 Field, of Flushing, a sister of the wife of Capt. John Of an ancient New York family. Undeihill, and in 1661 built the house there, which * has been occupied by his descendants until recently, Bloodgood Thomas - - - * 100,000 when it passed into the possession of James Parsons, Of an ancientfamily ofNew Amsteram,who then whose mother was the daughter John Bowne, the spelt their names " Bloetgood " fourth, a lineal descendant of the first John, and is Bordman TDavid ate of 200,00 now occupiedby Mr.Parsons. In this.house,George oarmanDavid Estate of - - 200,000 Fox, in 1672, was entertained by Mr. Bowne, and his Bogardus Robert, -.. 0. wife, who early became quakersr In 1662 JBowne was imprisoned for three months, aid then sent to Holland The Rev. Everardus BogsrdUs Vas a great name for trial, by the notorious Governor Stuyvesant, on in the time of our Jutch anetors. Whether a de- the charge of.' procuring lodgings, for, and frequentscandant from Gen. Robert B., an eminent counsel- -ig the Conventicles of theobstinate sectof Quakers." lor. w e know not-but 'his ative shrewdness and He was acquitted in Holland, and a severe reprimand pemeverance needed no ancestral dignities for his administered to the Governor. Walter is the son of advancement. '6 Gasstock, 'Us said, consummated James, whose father, Samuel, was the grandson of his fortune. John. Walter was elected Mayor of this city in 1828. A which office he held for five successive years. SubseBogart Eugene 60, quently he was a State Senator, and was one if the Descendedfrom a Hugenot. AnteriortotheAmerl- U. S. commissioners for the erection of the Custom can Revolution, Cornelius was alargellandowner and House. Mr. Bowne was, in early life, "4 an out-door merchant, leaving his business to his two son,, Henry under writer," and has been a merchant, in which C. and Nicholas C., who were among thelargestmer- line he has amassed much wealth in addition to his chants of their day; their business with Londonbeing inheritance. His investments in real estate in this eryextensive. N. C. married a daughter of Mvndert city have added much to his fortune. Mr. Bowne ii Schuyler,anemdnentmerchantof ths city, andduaing universally respected for his integrity and virtues, the Revolutionary war moved to Tappan Rockland and has ever been an influential man. Mary FrankCo. ndre was confined in his house, and Washing- lin, the first wife of De Witt Clinton, was a descendton and other officers often visited him. He left two ant of the Bownes. Walter married Elizabeth South; ~ona, Cornelius N. and David S. The former died a gate, by whom he has two children; Nathan, who bachelor, and the latter was graduated at Columbia married Eliza Repelye, and l'ary, the wife of John College in 1790, and settled as a Clergyman at W. Lawrence, of Flushing. We think we might Soutampton, L. I.. from 1798 to 1813, and then at with safety add $100.000 to the present estimate. Hepstead until 1826, when he came to this city, and died in 1s89. One of his sons, Alwyn, is a physician Bowen James - - - 100.000 in this city, and a daughter, Elizabeth, isdistinguished Bon as an authoress. The wife of David S. was a daugh- Bod James 150,000 ter of Jonas Pratt. Her brother Ebenezer, was taken Of the flnp of James Boyd & Co, ship brokers and * prisoner during the Revolutionary war, and carried commission merchants. An'honest and s rupulously to London, where he married a sister of Sir Benjamin exa.:t mercant le man, and unobtrusive gentleman. West's wife, the daughter of Mrs. Wright, celebratedl for her skill in wax modelling. Another brother, Col. Bradford William. - 100,000 Richard, was the officer who received the gallant A descendant of the Puritan Bradford, who came Montgomery in his arms whileexpiring, at the siegeof over in the May-Flower. He was in the Dry Goods Quebec, Dec. 51, 1775. Eugene isthesor of DavidS., business in this city, and commenced poor. Afortu. and early entered into mercantle pursuits, in which nato investment in Delaware and Hudson Canal be has attained his wealth, by the most honorable Stock, enabled him to retire from business. course of dealing. Hemarried a daughter of David Beck, Esq., of this city. Hehasretiredfrombusiness, Bradburst J. M. 200 000 leavin the brothers, Alex. A. and Orlando M., to suc- Mde his money at the drug business, and has been M In the firm of Bgrt & Bro, C msuc" Made his money st the drug business, and has been on hi in h i Brothers, C ommissioner of the alms house. ion Merchants Bogert Henry H. - 100,000 Bradhurst Samnel - 100000 Of an ancient Dutch family, and one of the firm of Has been Alderman of theTwelfth Ward. A son of Bogert & Kneeland, cotton and liquor brokers, and J. M., and mared a daughter of Thomas C. Pearsal, comml on merchants, deceased, by whom he received the greater portion of Bo James, -...... hisproperty. * Of the same family, and residing in Brooklyn. Brandagee Jacob 700,000 BrandJgeecob.. -.. 700,000 t s f Native of Louisiana, and he has been largely engaBogert James Jr. - - - 300,00 ged ip the trade between New Orleans and New York. Bolton Curin -. 2 0,000 He has immense possessions in New Orleans, and owns a lrge property in Lafayette Place. He has Prom Georgia, where he has a plantation, and in resided in this city several years. s city a merchant. o Brandreth Benjamin - 150 000 onefoux Laurent - 100,000 The celebrated manufacturer and vender of BranA lynx-yed, clear-hesded French gentleman-a dreth's pills. He resides mostly at Sing-Sing, where odamimi Prrier, in the ability ith which he has a splendid8seat. Acapitalgoodfellow. 5 Brevoon Hery Jr. *. 1,000,000 house, &c, a vast propert for the Bruens, a New ~ Qf an did New York-family. His pareno owned JeS familyr and orugirWy dry goods mchanmts a small farm of about 11 acres, bounded on the south George W. lived in Italy and was in the Leghorn by Tenth-street, in former days the produce of which line. they old daily in the market. This little fatn, then Bryton David 400,000 of comparative little value, has now risen to he of An honest upright Irishman, one of the tanners and immense value, being situated n the court-part of the currers of the 4 amp," wit theBloodgoods. HU cy, an hence the gret wealth of Henry. He also been Alderman of the futh warld. married a rich southern lady.. Mr. Brevoort is a gen-,, ^ tieman of accomplished eduction, and is now t a ucan Miss - -, - 1soo considerable extent an operator in Wall-street. Daughter of Thomas, (deceased.) Brevoort Henry - - - 300,000 Buckky Henry - 100,000 Of another branch of the same family. IHe was T Son of Thomas and inherited a large estate by marformerly in the hardware business, but receiving ale- riage with the daughter of Townsend Macoun, degacy from a relative, made a fortunate investment at ceased, late Mayor of Troy. and near " Cato's."', He has been twice Alderman of Buckley Thomas - 100000nn the Twelfth Ward, sent by the democratic party. ucey o Bridge L. IL - 20n English Quaker, merchant, who made a very good adventure, the first impulse to his fortune, when he Oil merchant. married a daughter of the rich John Lawrence, delridge Lewis... 300,000 ceased. A successor and so-n-n-aw pi Samuel Judd, oil Buloid Robert -. 150 000 merchant. A most worthy, upright merchant, and made his Bronson Arthur Estate of - 400000 fortune by a retail Grocery in Broadway, celebrated for its rarest delicaciesthat can pamper the appetite of A son of Dr. Bronson, of Ct.,.who was distin cpcures, in delicious wines,liqueursandcomnitres. guished in that State as a financier, and was a large ownerof the stock in the Bridgeport Bank. Arthur Bunker W J. - 200,000 was a large operator in stocks and real estate. Of a numerous Nantucket family, of whom Elisha ironsoi Isaac (es/otat\e). - i o nn S. is one of the first captains that ever directed a Bronson Isaac (estate) *.* 1,500,000 steamboat through Long Island Sound. Wm. J. has A1stive of Connecticut, where he resided princi- long been celebrated as keeper of the Mansion House. pally at Greenfleld Hill, a very extensive andahirbly one of the largest hotels in the city. In this busincss cultivatedestate. He was surgeon in GeOeralWash- he has acquired a great portion of his wealth. ineton's staff during the Revolutionair war, and Bue wio M 1 became afterwards a successful financier and baMnker, idow o M. R 150 being princ:pal owner of the Bridgeport. and Fair Burnhain Michael Estate of 200,000 fild Co. Banks. Mr. Bronson died in 1838 possessed Buler Benjamin F.' - 150 000 of a very fine estate, consisting chiefly of monied securities. With native powers of mind, and most unpretend. Rronsn Freric ing deportment in the profession which he adorns, Bronson Frederick... 250,000 and respected everywhere for his sincere piety and Son of Isaac Bronson, al wealthy capitalist. pure life. Mr. Van Buren saw in him onewhosester. 'ronsna Silas- - -- 150 000 ling name would bring much capital to the democratic r n reired from- busine, and owns - ranks. An early alliance of friendship, and the yieldA merchant retired from business, and owns Ae ing temper of Mr. Butler, me. with their full rewards P'ranklin House. He is from Ct., and distantly rela- in the very lucrative post to which his friend, Mr. ted to Arthur. Van Buren, finally assigned him as U. S. District AtBrooks S. - 300,000 torney for New York City. i 300t000 r Francis i lo0, Went through bankruptcy three years since; mar- Buter Francis.... 00,000 vied the widow Olney, of Portland, a daughter of Of a New York family, and in the psint business of Asa Clapsi, went into stoc principally Harlem and the firm of Butler & Barker. A good fellow. has thus made a large fortune. Is a gentleman of tfie taste. c Brooks Sydney -. 500.000 Cammann O. P..- - - $100,000 Son of the richest man in New England, Peter C. Campbell George W. - 100,000 Brooks, of Boston, brother of the late Governor CArnpbell Jno. - 200 000 Brooks, of Mass. Edward Everett married a daughte.r of Peter C. Brook, and also Mr. Frothingham, Mr. Campbell, like his father, the late deceased and Unitarian Clergyman, at Boston. Sydney Brooks is- much respected proprietor of a large Paper establishone of the-firnn of Davis, Brooks & Co., doing a large ment, madethe greater part of his fortune in that line, Commission business. and has besides acquired much by inheritance. They are Scotch. He is now of the firm of John Campbell Brown Geo. W. v ~00,000 & Co. Birown James - -. - - 500,000 C ermn Richard P. - - 250,000 Firm of Brown & Co., Baltimore, and Brown Bra- Began life assa poor boy, making packing boxes for thers & Co of this city. Originlly from the north merchants, and laboring until ten or eleven o'clock of Ire and, (of great repute,) highly respectable. every night. Accumulated some money, and comBrown Silas - - ' 100,000 menced as a carpenter and builder, in which, by Brown Ste t means of his untiring industry, integrity, and talent, rown Stewart 300,000 he amassed means and reputation sufficient to enable Bruce George -- - - 200 000 him to make large contracts, in 183G, for rebuilding worthy mechanic who i compny with his inthe "burntdistrict." Atthe time oftaking his cnA worthy mechanic, who, in company with his tracts, wages and materials were high, butlong before brother, from a printer, some yeas ago, became a the completion of history, the price of labor and type founder. By great industry and care, the pos- materials had depreciated to such an extent, that he session of much natural shrewdness, and judicious realhsedan immense crofit. He has continued buildoperations in real estate he has rendered~ himself Ing, and has inve-ted his proceeds in real estate, the wealthy', and is now master of a handsome fortune. value of which has greatly risen since his purchase. Bruce J. M. - - -150 00O He has a beautiful seat at Fort Washington, in the Bruen Matthias - - 7000 l upper part of the island, where he resides in the sum mer. He is now building a village two miles this side. When the great China merchant, Thos. H. Simith, of Fort Washington, named Carmanville. In 1841 of this city, failed, Bruen, through his son, GeoW. Alderman Carman was elected by the whigs of the B., who had married to Smith'sdaughter, became pos. twelfth ward, and held his seat for one year. Mr. Car-i Yessed of all Smith's ships, teas, &c. as Smith's bonds- man is oneof those strong-minded men for whom namnan. Government unwisely relinquished the greater ture has done more than education, and is, moreover, part of what was due to the revenues, say,600,000, a very liberal and excellent man. No man is more and this has made th gugh rise of Smith's assets, respected. 6 Ca s Francis (estate ofhis 4anuhters) 200,C00 Spaulding, constituting the firm of Chester, Clark & A gentleman, every inch of him —and but few such Co., Dry Good Jobbers Specimens of a highly educated merchant. Resided a Clark Mrs.. -100,00 long while in Paris, where he was held in great consideratlon both among his countrymen and theelite of idow of Benjamin, from New England, and French society, for his fine taste, classical acquire- famedas the Quaker lawer and friend of Daniel ments, polished manners, and ready wit. He is ebr. yankee born, of great respectabilit, and after many Clark Ralph - 150 000 ups and downs of life, and locating himself with his accomplished second wife at New York, his two beau- Clark Richard S. - - 100000 tiful daughters,'just grown and wife, have come into the above inheritance, through death of a maternal Clason Augustus W. - 100,000 gat uncle. Clayton Edwin B. - 100,000 Caow Isaac - - - 400,000 Formerly a Printer, and now a Paper Merchant. Made his money in the Hardware business. He has been Alderman of the first ward, elected by Carroll Isaac - - - 150,000 the whigs. Cary Henry -' - - - 100.000 Clinton Mrs. H. (widow of Geo.) - 100,000 A merchant retired. Mrs. Hannah Clinton, daughter of Walter Franklin, Esq., an eminent Quaker merchant of this city, Cary W. H. - - 200,000 from L. Island. Her husband was nephew to Vice An untiring shrewd yankee, commenced business President Geo. Clinton, and brother ot the great Govbyselling combs in small way..ernor, Dewitt Clinton — Satis est" for Clinton- a household name-but the rich Franklin brothers, Gaswell N. - - -.-. 100,000 merchants of New-York, deserve a memento for the Present firm of W. H. Howland & Co. Came to many noble ways in which they through intercession tbis city a poorboy, and has made his money by his with the Tory authority and Hessian troops, were enown industry.. abled generously to dispense their wealth to their poor miserable, suffering countrymen, the American prisCatlin George '- - 100,000 oners confined in the SugarHouse, Provost, &c. during The distinguished traveller and Indian Biographer. the Amern.a;tevolution. Mrs. Hannah C.is a sister He received a large inheritance from the estate of also ofaWov, )ewitt Clinton's first wife, descendhis father, Lynde Catlin. ant of.o ue ownes, by whom alone Gov. D.C. had Covanna Awustu8s. - - l o100,000. Clinton:Chitles A. (Estate of his wife) 100 000 Formerly a dlistinguished hair dresser, and investini his hard earnings in real estate, has, by an increase of This oldest son of the ever to be lamented and never its value become rich. to be forgotten Governor Dewitt Clinton, every way - worthy of that illustrious man, is happily placed beCebra John Y.' 100 000 yond the reach of the pecuniary distress which that The cx-alderman of the first ward, and an old and father heroically succumbed to for the sake of enstimable citizen of New York, and though in years richin- ungrateful millions with the benefits of those not advanced, may be deemed, from his useful public magnificent works of internal improvement which services, apart from his standing as a merchant, one immortalize his name. The estate of Mr. Charles A. of thefaiers of the city. Clinton comes through his marriage with a daughter of Jno. Hone. *Center Robert ~. 200,000 Cobb Oiver - 100,00.Long a distinguished Shipping Merchant, of a nu merous New York family of great respectability. Coddington Jonathan I. - - 100,000 Chastelain J. -. 100,000 A merchant, and late worthy Postmaster, and from Chauncey Henry ' - - - 200 000 the first jump of his parentageon this continent, two From Maine, and in the Crockery business. centuries since, in the person of the famousWm. Coddington, Esq., of England, first of Boston, then the Cheesman Dr. - -. - - 100 000 founder and first governor of Rhode Island, (1638.) He was the first merchant of New England, built the A' distinguished Physician, whose practice-is one of first brick house in Boston, and at his house at Newthe most extensive of any in the U. S. He is descend- port was held the first Quaker meeting. Jonathan is ed of a distinguished Quaker family of Long Island, a lineal descendant of Gov. C. and was long a distinand his uncle died nobly at Quebec, under Montgome- guished merchant of our city, and like his g-eat prory. He married a daughter of Willard Hicks, a Qua- genitor, he is a very worthy man, and was the demoker - cratic candidate for Mayor at the last election. Chesbronh Marearet - - - 500,000 Coe Wn. S. -.100,000 Widow of Andronicus. Coit Henry,.. 100,00 Cheseboroueh Robert - - - 250 0 otHnry - - -000 Colt Henry A.... 200 000 A retired dry good merchant and once President of So Leviy distinguished mer life F ulton Bank. Son of Levi Colt, formerly a distingutshed rerFulton Ban. chant. The son failed in business, and afterwards Chesterman James - - - 300 000 married a rich heiress of Philadelphia. Long a distinguished tailor at the corner of John Coles Benj. U. (Estate of) - 1605000 and Nassau sts. but has lived for some time retired at Harlem. A very worthy and upright man. The Coles of Long Island and of New York, and probably those of Virginia, are descendants of Mr. Childs Samuel, R (Estate of his wife,) 100,000 Robert Coles and others of that name, (doubtless all 0 brothers,) who settled at Boston, Lynn, &c. about Clapp John - - - 200,000 two centuries since, and are among the most ancient A retired Flour merchant, and made all his money. and respectable of American names. The ancient Ie ls a very close but good man of a quaker family. Earldom of Enniskillen in Ireland belongs to the Is now President of the Mechanics and Traders Bank. family of Coles, but their Irish descendants who came over, brought, we opine, precious little of the Clark Aaron - - - 100 000 moveables thereof with them. Formerly a distinguished lottery dealer, in which business lie made his money. He as been Mayor of Cole leaacU... 100,000 the city. Of a Long Island family, inherited his money. Clark Chester,.. -. 15,000 Coles Oscar -. - 100,000 Reldes in Brooklyn, and in busines with Mr. Of Long Island, and inherited his property fromihs C 7 father. Hemarriedthedaughterof GeorgeW.Brown, Their progenitor escaped from the horrid masaac at from whom he expects much. Throgs Neck, 1643, in whichtheimmortal AneliHst Colea William J. chinson, the head of the colony, and most of te 00 000 Jothes perished. Coleman (widow of William) 100,000 Cornell Whitehead J. 100,A00 This estate was bravely acquired by her deceased husband, the celebrated Wm. Coleman, the former Cornell Peter C. - - 100000 editor of the Evening Post. Corse Barney, Colgate William - - - - 300,000 Son of widow Israel Corse, and worth this uia A very worthy man, and made all his money by un- mainly by expectations of his father's estate, and of tiring industry, in the business of a tallow chandler. hiswife, the daughter of Samuel Leggett. Colgate John - - 250,000 Corse Israel Jr. - - -.150,000 Colgate B. 0,000 Caled the handsome young Quaker-is unmarried Collins E K. - 300 000 Corse widow of Israel - - - 100,000 One of our most distinguishe shipping merchants Her husband was a leather merchant, and descendand owne of packet ines. san ant of the distinguished Colonel Israel Come, of the and owners of packet lines. A ion of New England, revolution, and nave of and descended from a family that occupy an illutri- ad ative ongIsland. ous page in the annals of those heroic men who reso- Cors Miss 100,000 lutely resisted puritan persecution. Married a daughter of Aid. Thomas T. Woodruff, an influential demo- Daughter of Itrael Corae. crat. Corson - 200000 C o rr... ^ 20 0,0 0 0 Conael William.- 200,000 Couen braham - 2 A retired grocer, made all his money. - - 00,000 C eAa B2 0 Coster Girard H. -00,00 Conner Abraham B. - 200,000 A son of John G. who has cost his father much mo A lawyer. ney, and has acquired this sum in mercantile busioger Joh ness in which lie is now engaged, and by his wife, a Coger John - - 000 aghter of he late Edward Prime, the founderof the An edge-tool manufacturer. Acquired his property ouse of Prime, Ward & King. at the alnvil, at which he now works every day as ( f hard a- any man in his employment. Coster John G. (estate of) 700,000 Two brothers, John G. and' Henry A., the fotmer Conklin Jonas'- - - 100 000 lately deceased, and the latter twent years ago, are From Washington County, a dry good merchant, of a respectable family in Amsterdam, and began one and of the directors of the Bank of the ztate of here as merchants soon after the revolution, and by New York. honest industry amassed a great fortune. While Napoleon held Holland, they, through confidential corConover Stfphen - -. - 100,000 respondence were enabled to know how far to push Of an old Knickerbocker family, and A very worthy the trade thither, and thus in return importations or man. In the hardware bubiness^, in which he has gin found so rich a harvest, that their wealth rapidly made his money. - acumulated from that houn They were genteinen born and of irreproachable integrity. The millions Contoit John H. - - - 250,000 the two brothers amassed is nearly all melted away His father, John H., came from France a pastry before it has barely got into the hands of their chiicook and confectioner. He supplied some of the firt drcen. Dr. Hosack, deceased, made a deep gouge into families in the city, and opened a shop in Broadwav that of Henry's widow, but where is it? between Murray and Warren sfis, where he becam e o n A. Joht r lef t about,000000, yet but little celebrated for his ice cream. He afterwards invested ofIt is left John 0. met witheavy losses through in real estate, which has nowrisen immensely in value, thec instrumentality of his chldrn who were unse.and opened the present New York Garden. His son,ssul in business. John H., a son, and Mr. Berrythe present John H., at twenty-one succeeded him, man a son-in-law, went into business as importers, and still keeps open the garden. His principal wealth and lost a lar. s~oum. Berryman and his wife are has resulted from his father's fortunate investments in ded real estate. Coster John H. 150 000 Cooper Francis 200,000 The son of John G. mentioned above, arid worth Been a director of the Mechanics Bank for thirty this sum by his wife, tne daughter of the late Danid years, and has been treasurer of the Catholic Cathe- Boardman. dral. Born in Germany, and early in life made mo- Cotbal David 1- 0,000 neyas a blacksmith. He has married two richwives, bu has no children. With his brother Henry, of the firm of H. & D. Cotheal, Importers of Horns, Hidr, Indigo, &c.,from Cooper Peter - - - 100,000 South America. He has invested il real estate. Manufacturer of the oslebratad Coopers r efedin Cotheal Henry 100,000 ing Glasas. The brother of David. Cook Levi..- 150,000 Cottinet Franca - -. oo00,000 Corbin Oliver 200,000 Now one of the oldest and always has beenone of Of the firm of Oliver Corbin, & Co., large Grocers, the most respectable and prominent of our French in which he has made all his money. importers of silks, &c. He married the accomplished Corle John daughter of General Edward Laight, being one of the Corlles John. - -.. 100,000 fewins t ance o the alianc of respectable French Made money in the crockery business, and by keep- and erican families. ing boaring house, and now retired to Shrewsbury. Cozzen William B. - - 15000 Corlies Joseph W. - - - - 250,000 Of an ancient New York family, formerly kept Tammany Hall, next at West Points and now of the A rich auctioneer of the firm of Corlies, Haydock AmericanHotel. Heis Alderan oftheTird Ward, & Co., made all his money, and formerly in the crock- of the American Republican party. ery business. Of a New Jersey family. Cram Jacob..... 200,009 Cornell Robt. C..... 250,000 Coell obt. C. 250,000 A rich distiller; his daughter was married to MasonOf the ancient Cornell family, (originally Cornhill a nephew of John Kemble. Maon on his marriage or Cornwall,) of Cornw&l Hall, Cornbvry, L. Island. retired from the stage. 8 Cra Jaoob - - 100,000 Dawmon WlUlm... 200,000 well Charles T. - - - 100,000 * Is n English genrtlthan in the Broker line, and if not worth this sum himself. will inherit it through his Truly and lineally a descendant of the great SI wife, the daughter of Petet A. Jay. Oliver. Mr.'Cromwell belongs in -this city, and has gained his fortune in the arduous labors of the legal Day Malon -. 125,000 proferion. He married a Miss Brooks, of Bridgeport, Lonj a bookseller In Franilin Fquare. Connecticut. aroyWi. B. Debhon Theodore - - - - 150 000 roby m. B. 000,000 partner of the firm of DPvis, Brooks & Co., and As thegreat nephew of the rich Col. HenryRutgers, his sister is married to Sydney Brooks. Dehon Is a of the ancient Rutgers family of this city, he inherited bachelor. an immense estate. His wife, through her mother is Defrest Alfred 100, grand daughter of Gen. Wm. Ford, one of the signers e fred 100 of the Declarati n of Independence. A nephew of Benjamin, below. rowe Thomas - - -. 100,000 Deforest Benjamin -. 400 000 Of a numerous Connecticut family, from the vicinity * n Irish linen merchant, and married a wife worth of Bridgeport, and has been very successfully engaged 375,000, who ownl real estate in Duane and Chatham as a Commi.sion Merchant, and in the West India and streets. South America Shipping business, in which he has ac. Cr.uger^ - ~ra l400 ~000 *quired all his wealfh. He, together with his two sonS, Cruger Mrs. Doulas - - 400,000 constitute the firm 'of B. Deforest & Co. Her father was Geo. Douglass. a Scotch merchant, Deforest G worge - - - - 1000' who hoarded closely. His wine cellar was more ex- A s -law of Benj av tensive than his library. When George used to see on- of B am above. people speculating and idle, it distressed him. He Deforest Lockwood - - - - 400,000 would say - People get too many idecs in their heads. From Bridgeport, and a cousin of Benjamin. 1I1 Why don't thy work?" Wh\at a blessing he is began business In Bridgeport a poor boy, and subsenot alive in this moonshine age of dreamy schem- qupntly continued it in this city with his son William tIns. 'W. His'business has been the samewiththatof BenThe Crugers were of Bristol, Eng., of which the one jamin. that first came out here. "Old Harry," father-in-law of the prscnlt judge T'ho,. Oakley, of the Superior Deforest William W. -; 150,000 Court, had been Mayor. Mrs. Cruger is the sister of The son of Lockwood, and of the firm of W. W. Geo. and Wm. Douglass, whichsec. Her husband is Deforest & Co., Commission and West India and a lawyer. South America Shipping Merchants. Crderi ohn -o -b 100,000 Dekay George - - - 100,000 AO1r Z ' 20 0 Of an ancient New York family, and while yet a Cashman Don Alonz 200 youth, was in high command as a commodore in the Resides in Chel-ea. Made his money in the dry naval service of Buenos Ayres, where he gained laugood business. From Connecticut. rels, and liberal pay and prize money by his courage and nautical skill. On his return home, he married Cultn P. B. - 150,000 daughter and child of the lamented Dr. Drake, the. The Rev. Mr. Cutting. his grandfather, was the poet. The wife of Dr. Drake was thedaughter of Mr. pAincipal bf a famoiw Grammar School at Hemlstead, Eckford. Another daughter of Mr. E. married Dr. before the American Revolution, and from him the James E. Dekay, brother of the commodore. Ulustrious Dr. Samuel L. Mitchell received hi- first Delafield Edward Dr. 150 00 l.sons, as did also many of the -ons of the gentlemlen eie ar r - - - 1 of Long Island of those times. An eminent Physician, who has reaped a fortune in His sun William married aLivingstnn,nnd bly this hi lprofe->ion. His father was once wealthy, but and that hourly source of accumulating wealth, the failed. He received an accession to his fortune, by Fulton steam ferry boats cstablihed by him-they his wife, the grand daughter of the late Gen. William havebecome extremely rich. He is a lawyer in part- Floyd. His brother John has been an immense openership with F. R. Tillou. rator in Stocks, and his brother Joseph is a man of s ' considerable scientific attainments, and professor at Cuttinfg hMr (widow of William) - 200,000 We.t Point. Ar.d the mother of F. B. Cutting. Delano Franklin H. -. 500,000 Firm of Grinnell, Minturn & Co. Married a dau gh D' ter of Wm. B. Astor, recently a generous, sensible fellow, of most pleasant manners, came from New. t Bedford some years since, and commenced as clerk, 1000000 h the above, where he-is now a partner. Dash John B..- - 200,000 Delaplaine Elijah - - - - 100,000 A retired Hard Ware merchant. Brother of John F., below. The father was of -.. ' ' "F 4 French extraction, who married a Long Island quaDterPhllip - - - - - - 40 000 keress, and was a hardware merchant. Elij ] lmade Dutch, of New Jersey, and probably son or nephewv 'he bulk of his fortune in connexion with the 'unes. of Abraham D., an iron master, who owned aconside-. /of his brother, who was at one tihe a larg jAporter. rable forge on thetamapo, in Rockland county, New land wholesale dealer. York, of the celebrated firm of Lee, Dater & Co., Wholesale Grocers.. Delaplaine John F. - - 150,000 His father was a very rich old New Yorker, and Davis Cha. A. 200 000 John F. has made money as an Importer and ComOriginaly, onhis father' side. it issaidofaPortu- mission Merchant. He married a daughter of the uese family, through a Portugucseladysavedmiracu- rich Isaac Clason, deceased. lously from the earthquake of Llsbon, to become the betrothed wife of the grandfather of Charles A., who Delmonico (widow of John) - 200,000 was then British Consul at that Captal. Mr. Davi r is Her husband, with his brother Peter, established the theauthoroftheN.Y.seMiesofJackDowning'sletters, celebrated French and Italian Restaurant. No paraland of the firm of Davis, Brooks & Co., Commission lel case of an Italiln reaping such a fortune, has ever Merchants. He married a niece of Mrs. Howell, and occurred in the history of this city. But if the best of rerdes with his wife's aunt. fare tnd' choice wines, and unceasing politeness to D, Charles. their guests merits fortune, they eminently deserve Dav'l Chl - 100,000 what they hive earned. The Delmonicos are natives A nephew of Charles A. Davis, the Major Jack of that part of Switzerland which borders on Italy. Doanig, and a partner of the same fim. Charles They may be said to have frst introduced into ou su*ared a very rich heire. city taste for those fasionable comforts which can 9 no whae erd be foundbut in the esiie of a French Douglas William - 700,00 Restaurateur. John bought a beautifulplaceonLong Island, where his widow and children resides. His The brother of George, and retired from business. pdelit_,g mostly scripture pieces, are very extersive Downiig George 100 000 and valuable.Downi orge - - 100,000 Dehdonico Peter - - - 100,00 DrakeJacob - - - 100,000 Peter, wita a nephew, succeeds John in thebusineas Drake James - - - 100,000 of the Restaurant. A son of Jacob, deceaeod. DcluzeLouisP. - - 100000 Drake John 200,000 A Frenchman, and of the firm of Deluze & Lois Volz, porters of Frenchman, andof thefirman of Dlue &Lois Volz, A brother of Jacob, deceased, and formerly an inorter of rench and German G. spector of the state Prison, and coiltracted for sup. Demaray David.. 100,000 ples. Acquired his wealth by industry and close appll- Drake, Mrs. widow of James, - 100,000 eAtion to the Grocery business on the west side of ation t the Grocery busiss O thwest side of James Drake made his money In selling clothes to the cit. Stoclk holder and director in the North sailors, and in a general clothing business. He died verBan. ten years ago. One daughter married Richard MDeming BerFlla - - 300 000 Lawrence, aad another, John R. Townsend, a law,Of the firm of Deming, Bulkey & Co. Long distin y here re seve sons guished as manufacturers of Cabinet Ware, and have Drake Susanna, - - - 100000 made large sums by sales in the southern market.. Widow of a Dry Good mer.hant. Demilt Samuel - - - - 200,000 Drake William - - 100,000 Of an old tsmily, very respectable and wealthy Another Fon of Jacob, deceased. Long been celebrated as a Watch and Clock maker. Was rich thirty years ago. Drake Wm. H. - - - - 100,000 Deming Frederick - - 300 000 A merchant, and son of Susanna. President of the Union Bank, and has long been Draper Simeon Jr. - - - - 100,000 rich by virtue of the laws of inheritance. He and some eight or nhie.brothers, )listinguished Denison Ashbel - - - - 100,000 for their line personal appearance, which they inherited from their NewEngland father. Simeonisan A Grocer, of the firm of Denison & Belden, made Auctioneer, of the firm of Haggerty, Draper & Jones. his money lie married a daughter of John Haggerty, in whose Denison Charles -. 150,000 store he was once clerk. It is a brother-in-law who The brother of Lyman, and resides in East Chester. now i paner Came here a cabin boy from Connecticut. Drew Daiel l - - 300,000 - Has made all his money. Formerly kept Bull's Denson Lvman - 150 000 Head, and is now of the firm of Drew, Robinson & Co. Among the oldest grocers in the city, and with his large brokers, doing business in this city and Buffalo. brother Charles in the business, very worthy men, and They are the proprietors of the People's Line of made all their money. Steamboats between Ihis city and Albany. A shrewd Depeyster J. W. (estate of John Watt*) 400,000 keen money making man. Duberceau L. --- —--------— 300,000 A soldier under Bnonaparte, a well known German merchant of the highest standing and character. Dubois Corneliu 400,000 De hm Henry C. - A very rich Groces and highly respectable man, De Rllam Henry C. - - - 100 000 made his money in the tobacco business. Of a Dutch or German family, and of the firm of DycWlan ames - - 10000 De Rham & hMoore, Commission Merchants in the for an eign busincss. Farmer Fort Washington, a gentleman of wealth, and an old Dutch family. A elation of the Striker De Ruyter John D. - - - 150,000 family. Of an old New York family. Has never been in Dyckman Mathew - - 100,000 business. Farmer, Fort Washington. Sonof James. Desbrosses James Estale of - - 600,000 Dykers John. - - - - 200,000 De Witt Peter- - - - - 100,000 Of the finn of Dykers & Astyne, Brokers. A Lawyer, of an old Dutch family. He is very Durand Calvin - - 100 000 conversant with titles. conversant with title. A partner of the firm of Jonathan Goodhue & Co. Dickinson Charles (estate of) - 500,000 Durand V. -.. 100,000 Donaldson Jame - - - 300,000 With his brother Robert, Scotchmen, and long Commission Merchants, in which business they ac Eagle Henryr $200,000 quired most of their property. James received something by his wife, a daughtcr ot Robert Lcnnox. An Irishman, and formerly a Dry Good dealer in Chatham street, in which business he made his Donaldson Robert - 2P0 000 money. He Is now retired. The brother of James. Both have now retired from Edgar I.L. 150000 sin. Son of an Irishman, who, by his prudence and inDoic S. C. > -. - - 100,000 dustry became the holder of a large estate. This Douglass G'orge - - - 700000 Coaily is allied to the Le Roys by marriage. A son of George, who came from Scotland, and ac- E4gar William - - - - - 150,000 quired a large property in the Commission business,er H L. da in which he has been succeeded by his sons. His Thebrotherof I L. dgar. property was divided among these two sons and a Edecrten Abel T. - - 100,000 daughter, now Mrs. Cruger, leaving each.4400,000. From New Haven, Co0necticut and bashad a Tai Geore continues in business, A (laughter of his mar- From New Haven Conecticut, and had a Ta ried me Monroe, a nephew of the rsiden ring Establishment in Fulton street for the last ried James Monroe, a nephew of the ex-President.business a poo twenty-five year, where.he began busints a poor Douglass George -. 150000 boy. Hemar'ed a niece of John Hardenbrook, de cease, by whom he received about 2,000 some ConActicut origin, comminsion merchant. three or fourt years isce. 10 Eglson Thotm "... 150,000 Of the firm of Eggleson & Battelle, Iron Merchants. Elliott Dr. Samuel 100,000 An Oculist, for whom " Aconitine" and " Patent Self Adjusting Spectacles" have done a vast deal. Eliot D tniel - -. 100,000 From Mass., and educated as a Physician; but for years of the firm of Elliot, Burnap &'Babcock, Paper Merchants. Mr. Elllot has retired from business, and now resides In Westchester Co. Emanuel M... - - - - - 100,000 Eimbuty Peter - - -. - 150,000 A retired Grocer, and very worthy man. His son's wife Is the distinguished Poetess, Mrs. Embury. Eno Amos R, - - - - 150,000 By industry and 1ereveance during the last 15 ears has amassed his fortune. Evertsen Mrs. - -: 15.0000 Widow of Nicholas, 'who was a distinguished lawyer, and descendant oT Com. Evertsen, in the time of the Dutch Governors. F Faile Edward G. - 8150,000 He and his brothbr are sons of an old Scotch mer chant, who began life as a pedlar, and settled as a merchant in East Chester, where he still reside-. Edmund G. and George, his only sons, came to this city and are now Wholesale Grocers, doing a good business. They are very much respected.: FaileHall.-. - 100,000 Fanahaw Daniel -. 100,000 A Printer, Bookseller and Publisher; made his money. He is a man much respected, and has been candidate for Mayor. Favre Frederick W. - - - 150,000 A German, and married a daughter of F. Gebhard, deceased, Importer of Gin, and with John Jacob Schuckhardt, just deceased, who married a daughter of Gebhard also succeeded his father-in-law, and is now engaged in importing German gooes. He received a large sum by his wife, Fearing Henry - '- -. 300,000 Fearing Wm. S. (estate of) - 300,000 Fellows James- - - - 150,000 Formerly a pedlar. Is rcm Dutchess County. Ferris Charles - - 200,000 His father was long an Inspector of Flour, has made a larger fortune, which he left to his children. Charles G. has been a member of Congress, elected by the Democratic party. He is a large owner of Real Estate, and has increased his inheritance by good management. FerrisFloys T. - ' 100,000 A brother of Charles 0., arid i physician. Fielder Ernest. - 100,000 A Gorman merchant, and married an heiress, the daughter of ii Mart, the celebrated Flour merchant. b a Din ctor ot the merchant Exchange Co. and a large tiporter of Germsa Goods. FiMld Bnojanin H. - - - 100,000 s Brother of Hclckon W., formerly in the Drugline in Burling Slip, and invested in Real Estate, by which he made much. Field David Ddley - - 150,000 Fropm Massachusetts; a Lawyer, married a rich widow, and hence a iortion of his wealth. Field HicLson W. 300,000 Formerly in the Vommistion business. He is now in cornexion with Matthew Morgan, building the lage hote in the upper part of Broad way, and h been engaged in the Co imAsiaon, and Drun budiner, In lrSMn Slip, in coruealn witlh M brother BenjamlliH. Field,Moses:(eiate of) - * - W, Began life poor, and made money in cornnMeio ith J. & M. Broadhurst, as Druggist, and in*esteq di Ral Estate, by the rise of which mo4t of his wealth was acquired.. He died some years ago, and his widow soon after him, leaving five children, who are worth more than 100,000 a piece. Field Heirs of Moses, - - 300,000 Fish Preservel.. 150,000 Made all his money as a Sea. Captain, and afier wards an extensive Shipping Merchant, f the * Id firm of ish &Grinnell, the orilin f the present fi, Grinnll, Miturn & Co. Sr. Fish is an example 6f an uneducated man, of strong mind, exercising great influence in his sphere. He has been distinguished as a democrat, and is now President of the Tradesmen's Bank. Fisher George -. - - - 150,000 Son of Leonard deceased, and a farmer at Geneta with hi- brother Thomas. Fisher Henry - - - - - 100,000 A_ retired lawyer and son of Leonard deceased. Fisher James - - - - - 100,000 A on of Leonard deceased, and retired from tho business of a silversmith. Fisher Leonard, - -... 150,Q00 A retired Dentist. His father left an estate of $600 000, which is divided among five sons and one daughter, who married John Heabbern;, now deceased. Leonard Sr. havinz acquired his fortune mainly b pur, hases of real ertate, which at his death was wprii nearly 100 times what he gate for it.' Leonrd'lde son has ibeen industrious and saving. Jaheway and Fisher were the first settlers of Chatham and Willtat streets. Fisher Mrs. -..200,000 A daughter of John Glover, deceased some twenty years since. He was an Irishman, and began life in this country, as a pedlar, and with $100 bought somp ffty years ago, a large lot in Laurens street, which; with the buildings now on it, is worth nearer a million, than a hundred dollars. Her siter married Jboh Adams, President of the Fulton Bank. Her brother Edward married a poor milliner, and his mother bought for him a farm of six hundred acres, Uster Co., this State.. On the death of Edward, his mother cohfirmed this farm to his widow, which tAr. Adams anq Witherspoon invoked the powers of ChahcEry, in ' ain, to turn it to their own account. JohnJ. Glover, one of whose daurhters married the Hon. C. C. Cam-.breling, is of another family. Fisher Thomas - 150,000 The brothel of George above. Fitch Asa Jr - 300,000 Of a New England Family, and was for a long fimt merchant at Marseilles. He is now doing a large Commission busines With his brother, in Exchange PlIce. ' It is not every lame duck," a favorite expression of his, that cold come out o tal, and loon so large and lofty in haugnte societe. Fitch William -... 100,000 A brQther.of Asa. Foot S. A, - - - 100,000 Lawyer, married a daughter of John CampbelL Forbes Jehial - - - - 100,000 Resident of New Haven, but much of his business transacted here. Ferbde.- -.... 150,000 Married a daughter of Samuel Judd. Forbes Widow - - 250,000 A sister of Mrs Howell and Drayton Blackwell. Her he band was a lawyer, who died some 12 yearl since. Foster Andrew - - - - 10,000 Of a Scotch Famnily, originally an Auctioneer, and now with his sons in the Commi"ion buiness. 11 Foulke Joseph -. 360,000 Gardiner John.. 100. An English gentleman, who has maintained the Gardiner Davd..150) highest rank among our honorable merchants He er David 150 has long been engaged in the-West-India Impo:ing Gamer James C 150000 business, and has his three sons in business with.him. The broer Thomas. The brother of Thomas. Foulke Joseph Jr., - - 250,000 aer Thomas 10.00 A son of Joseph; married a daughter of JohnBcek man, worth a large sum by his wite. With his brother James G., failed in 1832, and In 1835, having again entered business, paid off all their Foulke Louis P - - - 150,000 old obligations with interest. Few men have passed Another son of Joseph, and married an heiress, the through adversity winning such golden opinions for daughter of Charles Town. honorable intentions and upright purposes. Foulke William - - 100,000 Gebhard F. Estate of - - - 500,000 A son of Joseph. Gelhton David Estateof - - 200,000 Fowler Theodocius - - - 300,000 Late President of the Manhattan Bank. A large Grocer, and married one of the Depeau daughters, and lives in Depeau Row. Gelston George - - - 100,000 x Ge. * 250,000 Retired Jeweller, married the daughter of Metox - - - - - ell, the Leather Dealer of the Swamp. The brother of William W., and was formerly in the Auctioneer business with Thomas W. Pearsall. Gelston John M. - - - 00,000 He resides in Westchester Co. A son of Maltby Gelston, and in the Commission Fox Geo. T. - - -100,000 business. A son of George. A merchant. Gelston Maltly -. 300,q00 Fox Smuore. A m. 3 Late President of Manhattan Bank. Fox Samuel M. - - - 300,000 Gerard Jmes W. - 100;00 A Shipping merchant of the firm of Fox, Livingston Gerar Jme. & Co., owners of a Havre line of Packets. He, with ' lawyer of great eminence in this city, and son of Livingston, his partner, was a clerk with Mr. Depcau; an auctioneer. He married an heiressof Philadelphia. deceased, and each married one of his daughters.,. Gerard William - - - - 150,000 Fox William W. - - - - 300000 A brother of the lawyer, and has been doing a sue. ' cessful business, as auctioneer..Two Quaker brothers, in the Dry Goods, Jobbing ces busnesas ctioneer and Auctioneer business. They are from Westchater. Geraud Wm. -.- p- 0,000 They married daughters of the deceased. Faench. Forrest Edwin -..... 150,000 Gibbs Thomas - - - - - 100,000 The distinguished American tragedian.\.Was a A highly polished gentleman, married some twenty poor boy, and has made his fortune. He married a years since a richheiress, daughter ofJ. W. Vandendaughter of Mr. Sinclair, the English vocalist. Mr. hewel. Forrest has wisely invested a portion of his funds in Gbson Mrs. - - 150,000 up town lots, and in the erection of dwellings. Married first Miles M. Burke, a sea captain, deFrancis J. W. - - -.- - 100,000 ceased, and is now the wife of Mr. Gibson. Furman Gabriel - - - 200,000 Gifford Arthur N. - - - -.150,000 A very respectable and ancient English family, one Mr. Gifford was educated and graduated as a Phy'ithe earliest among those who colonizedk Long Is- sician, but not choosing as a gentleman to wade land. Formerly Superintendent of the Alms House. through the tortuous and muddy paths by which Judge Jno. T. Irving, deceased, (brother to Washing- some of the membesr 'of an. overpopulated and ton Irving,) became enriched by marriage with a starved profession are compelled to get their bread, laughter of Gabriel Furman. and being too high-minded to resort to low arts and cunning to obtain distinction, made his debut in the Purniss William P - - - 1,000,000 Broker einin Wall street, and has there operated Made all his money at the South, and is now a Bro- to an extent to justify hisu most sanguine expectsker in Wall street. He built the Globe Hotel, and is tions. a large owner of Real Estate, which has risen much Gihon John 300,00 is valuesince his investment. A Frenchman, in the Commission and Importing business. G Gilbert - - - -. 300,000 Galaian w00,000 A retired French merchant. Gilbert Clinton - - - - 1i0,000 An Upholstrer, of French descent. Close and Gilbert Clinton 150,00 tiht fist e nt lose nd half-brother of Garritt, and son of the widow of W. W. Gilbert. Gallatin Albert - - - 150,000 Gilbert Joshua, 100~,o Of a very respectable Swiss family. He came to A Commission Merchant, of the fit of Joshua Gil. this country when a very young man, and has highly' no relation of the family of Gasi Esi bert and.son, but no reation of the fanuy of Ga distinguished himself. He formerly resided in Pla- Gilbert. delphia, and hasbeen Secretary of the Treasury. He et ras with Clay ic Adams, one of the negotiators of Gilbprt Mrs. - - - - 10,o000 the treaty of Ghen e as for long time Prei- Widow of W. W. Gilbert, who was the Stewart of Lent of the National Barl, and resides with his son hs day among theDry Good merchants. Inbusines Jmes. with his son Garrit, who is now one of out Police GaUnllnsJames Jr. - - 1000 Magistrates. W.W. Gilbert was a Police Mgistrateb afttwards a member of the Assemby, then SeMtor, A son of Albert. Gallatin, and President of the Na- and member of the Council of Appointment. tional Bank. llley s. 15000 allatin Albert R.. -. 100,000 Herlusband, decesed, by birth cotch,.acquired A son of Albert Gallatin. his fortune in the book line, as -the prncipal patoe In one of the most celebrated stores in that 'b1iess G.trdiner Thomas *. - 60,000 of whi:h our city could then boart, 12 Gian Nathaniel " - ' 300,000 Griffin teorge - - - 200,000 Prom BSh, Me., formerly In business in Portland, Tihe fatherer of Francis, and the distinguished and subsequently In Boston. He is now one of the Lawyer. Leather dealers in the Swamp, and largely in impor- Grinnell Moses H. - - - - 250000 tatlons from South America and Africa. A man of wt energy ad business capacurity.v From New Bedford, and with his brother Henry, partners of the firm of Grinnell, Minturn & Co., Ship. Giraud Jacob P. -.., -.200,000 ping MerChants, and owners of a line of Liverpool A packets. They are enterprising young men, and have A Frenchman, who, with his brother Joseph, made acquired all their property. Moses H. has been a their fortunes as Coopers. They have long since re- member of Congress, and is a prominent politician tired from business. Jacob P. is a bachelor. of the Whig party. Girand Joseph -. - 300,000 Grinnell Henry - - - - 250,000 The brother of Jacob P., and has two sons, who, The brother, of Moses H., and was formerly a part succeed him in the- Cooper's trade, and another a' ner with Preserved Fish. merchant.,. GCoverEstate ofJoh J. - - 400,000 Griswold George - " - 500,000 Of an ancient Connecticut family. One of the anGpeldt Almle (widow of Peter P.), 50,000 cestors was Governor of that State. He is in partnerHer husband- mentIoned below is long since de- ship with his brother, Nathaniel L., and engaged 'in.s.. e - the China and India Shipping business, and one of the largest houses in the city. Goelet George 190,000 Griswold George C. - - - 100,000 Goelet Margaret (widow of Robert I.) 100,000 Son of George, and in business with his father. Her husband, with his brother Peter P., was of En-, Griswold John - - - - - 200,000 glish birth, and a Hardware Merchant, and accumu- A merchant, and has long been agent of a London lated a large property in his business. Both these line of packets. brothers married daughters of Thomas Buchanan, lne a s. Scotch merchant of this city, prior to the American Griswold John L. 100,000 Revolution. Her only daughter is married to Mr. TherotherofNathaniel L., Jr,andhispartner. Xipp. Her only son is deceased. Goplet Peter....... 400,000 Griswold Nathaniel L. - - - 500,000 The son of Peter P., and resides with his mother, and partner of George. the lowerpart of Broadway. He has receiveda large Griswold Nathaniel L. Jr - - 100000 legacy rom England. Is a bachelor. A son of Nathaniel L., and with his brother John L., Gomez A. L. 200,000 constituting the firm of John L. & N. L. Griswold, The father of Mr. Gomez -was M. M. Gomez, an Merchants, in South street. They have a house in eed and respectable descendant of the Gomezes, Louisiana, and deal largely in Domestic Goods. who were among the first Hebrew Emigrants to Grosvenor Jasper - - - - 300,000:ngland and the Colonies from persecutions in Portugal, were they could not exercisetheir ancient A merchant, and is connected with Ketchum, faith under the penalty of death. The relative of Rogers & Bement, Brokers, in Wall street, in the his father, who brought considerable wealth with manufacture of Steam Engines and Locomotives, at him, were distinguished Nobles of that Kingdom, latterson,NewJersey and held lucrative appointmentsat the Court of the,,at Grosvenor Seth... 500,000 Monarch prior to-their departure. Mr. Gomez is the true representative of a modern English Gentleman Dry Goods Merchant of an old New England famiin his amiable deportment and refined breeding. ly, and brother of the once distinguished orator and r Congressman, deceased, (Thomas P. G.) Seth -is Goodhue Jonathan - - - 500,000 uncle of the widow of that late brilliant meteor in ju — ~ From Salem, Mass., and has for many years been a dicial acumen, S. A. Talcott, that set so prematurely Shipping Merchant, and owner of the line of Liver- in clouds and darkness. pool packets, as the senior partner of Goodhue & Gunther Christian - - - 150,000 Co., the succedssor of Isaac Wright & Son, the owners of the first line of foreign packets, which was a line A German by birth came to this country when to Liverpool. The first packet was sailed by Isaac quite a youth, has made his fortune in the Fur busi-.Wright, in 1818, who commenced with a line of four ness, and by his untiring efforts has become the ships. This was the first line of packets ever in our most extensive dealer in Furs in this country. port. Mr. Goodhue is universally respected for his integrity and honorable conduct. Goodwin Eli..... 100,000 Of the firm of Goodwin, Fisher & Co., in the do,mestic Commission business. Graham Bernard - - - - 250,000 An Irishman; formerly Porter to Peter Harmony, and now a partner. See Peter Harmony. Gray Winthrop G. - -. - 100,000 Green John C. -.... - 400,000 Formerly a clerk with George Griswold, then martied his-daughter, and rose to be a partner. Greenwood John Estate of * - 150,000 Greenwood Isaac J. - - - 250,000 Greele Augostus (estate of) - - 520,000 'Griffin Francse. 150,000 A brother of George, the distinguished Lawyer, and i n business with him, constituting the rm of Griffin & Haven. H Hadden David... $200,000 A Scotchman, of the firm of David Hadden & Son, Importers of Irish Linen. Thomas Crowe is a silent partner of this firm. Haggerty John -. - - 1,000,000 Of Irish descent; began business in this city as a Jobber-afterwards became the richest Auctioneer in the city, with David Austen, under the firm of Hag gerty &c Austen. Afterwards Austen retired, and the firm became Hagerty & Sons, which continued the largest house in the city until the summer of 1844, when Mr. Haggerty, at an advanced age, retired, and the firm was dissolved; two sons, John A. and Wm., retiring also, and the younger, Ogden, entering into the new firm of Haggerty, Draper & Jones, auctioneers, at the corner of Pine and William streets. Haggerty John A. -... 200,000 Haggetty Ogden - - - - 150,000 Haggerty William... 200000 18i Haight D.L.... 200,00 Harmon Phllip. 100,000 A brother of Richard K. below, Formerly in the A Commision Merchant. Dry Good business. but now rtired. Harmony Peter 1 000 Haight D.H. 200,1)00 rm eter Br.K.Haight below lBorn in the West Indies, whither he has lately re. Brother of K. Haght elow tired from busines with a princelyfortune. Cameto Haight Rihard K. - - - - 300,000 thiscity a poor cabin boy, and eventually be-ams Son of D. L. above His wife is the author of an largely engaged in theshipping bosiness with several mtertaining book of Travels in Egypt. partners. The ship Warsaw, sold op the 30th of Oc tober, 1844, made him S90;nO in ol e voyage round Haines R. T. - 200,000 Cape Horn. He has been largely interested in the Of the firm of Halsted, Haines & Co.. large Dry trade between Cuba and Spain, and some of his ships Good dealers; o old house. - to Africa, it is said, have brought out cargoes, that Good d; a hlave paid a profit equal to the difference in price beHale David - - -101)000 Hale David tween negroes in Africa and in Cuba. Came from Boston, and was 'riglnslly an Auctioneer. WhenArthlurTappansoldtheJournalofCom Harper & Brothers - 500,000 merce he and Girard Hallock bought it. Though Tap- This firm consists of four brothers, James, (the pan stnk $20,000 by the concern, the present proprie- preent m ayor, John, Joseph W. and Fletcher. They tors have found it to be a source of profit. Mr. Hale, are of respectable family on Long Island, and with others bought the Tabernacle very cheap, and he coming to this city, lerned the Printer's trade. Jau. has now become nearly, or quite the sole proprietor. anu John, under the frm of J. & J. Harper, after Hall A.. - 200,000 their time was out, commenced doing job wok, and Hatter, formerly of New Jersey, and one of the printing for Publishers. The distinguished house of most successful in the trade. A Directer in the ollns, Keese & Co., (now Collins, Brothers,) lae North kiver Bank. publishers of school books, gave them employment. Noth iver.etting out of work, they applied to the Collins for Hall Francis 150,000 advice as tO what book they should print. Tie Colt Senior partner of the film of Francis, Hall & Co., linsgave them advice, and tbey printed awork which rorietors of the Commercial Advertiser and New was succssful, folowed up by another fortunate York Spectator. Mr. Hall is an Englishman, coming book, until at length they became publishets, and filo this country when a young man, and was employed nally their two other brothyri being added, they enin the office of the Com. Ad., and afterwards bepame larged their buiness under the fitm of Harper r with Mr. Lewis a partner; the latter of whom six Brothers. They are now the mostextensive pubhitayears afterwards was succeeded by thelate Col. Stone. r innhis c untry, and their names, in the history of T-he success and reputation of this paper is greatly literature, will be associated wit those of Gallisne, owing to Mr. Hall, who, from his connexion with the Crnstsble, Murray, and Longman. They have in paper to the present timc, has constantly exercised different parts of America, from twelve to ffteen over it an editorial supervision. Mr. Hall is a most hundred booksellers acting as their agents, besides a large nnmber of travelling clergymen, and other excellentman. itinerants. to extensive is their buhiners connexion Hall J, Prescott...00,000 that should they dispose of but one or two copies to each aency, they would be sure to pay the expenses An eminent lawyer, whose wife brought oim a ofpublication, and no matter what work they may greater fortune than the law. 'Originally awriting publi-h, (and they have published several of the master. worst and most stupid booka ever lssued,) they are Hall Valentine. - 250,000 sure to di'pose of, on an average more than two coallValentie. - - 25 pies to eacl houe withwhich they deal. They have Was a clerk of John Tonnele, Sr., and married his a correspondence established not only with every daughter, and is now ofthe firm of Tonnele and Hall considerable place in this' country, but with cities probably the most extensive Wool dealers in the coun- abroad, where books are published, infoming them try. of every work worthy of publicatisn. They have besides In this city, and other parts of the United Hallock Girard - 150,000 States, many literary men in the r employment, to pronounce their opinion of mnuscripts fubmitted for The editor, and with David Hale, the proprietor nf publication, to revise those that are imperfect, and to the Journal of * ommerce. In addition to the profits write notices and puffs for the more importapt newsof this paper,. the estate of his wife in this city has papers and magazines hich thehaveeither directly beenturnedto good account. Hallockhas abeautiiful or indirectly subsidized to their interest. seat in New Haven, where his wife belongs and his family resides. Hart David - -250,000 flalsted Caleb 0. - - 250,000 A worthy Jew, who went from this city to' New Orleans, where he so gained the confidence of his employIlalsted William'. - 250,000 ers, that they entrusted him with the charge of their Of-the erm of Halsted, Haines Co., Dry Good business, which oon enabled him to engage in buddeale ness on his own account, He has now retired, and dealer. resides in this city. He is a very benevolent and upIlameraley A. Gordon, * - * 300,000 right man. He has five brothers worth from 60 to A S - 100,000; two of whom are In New Orleans. llamersley Andrew S. - - - 100,000 Of an old and highly respectable family, who have Hart Eli - -. - 200000 inherited a fortune. A sister married Antoine Ver- A distinguished flour merchant, whbse store was rcn. a French clergyman. saked by rioters some eight or ten years since. He Hamilton.. 200,000 is an influential member of the Democratic party, Hamilton $. C..... 00000 and a very worthy citizen. A son of the renowned statesman, and also his bio Hart widow of Peter. - - 150,000 grapher. He married a daughter of the rich Dutch inerchtnt Vanderheucl, deccased, and owns thereby Her husband made his money in the grocery busithe American Hotel. His time la chiefly devoted to ness, by the assistance of his wife's brother Thoma literary pursuits. H. Smith, deceased. A daughter of widow Hart mar rice Leutenant Gov. Bradish, and another, Peter BarHammerey Lewis C. -00000 ker, son of James Barker, deceased, once a very Of an old and wealthy New York ifaul. HIa fa- wealthy Dry Goods merchant of this city. ther Thomas acquired a large fortune in the Dry Hatch Geo. W. 100,000 Good ine. 'Rawdon, Wright & Hatch are the celebrated bank Hardenbrook William -; 1 egaersand anoth ample f integent, splb Ol1 Klckerbocker. ch^ - ' m aking for themselves a name anda foe 14 tune ieomprably more to be prized than the wealth which has been acquired too often by mere mercantile gambling. There is substance; and truth, and reality -'omething tangible, and definite, and susceptible of ocular demonstration and utility in thefruits of mechanics labors, but what visible means of livelihood, ad what direct and practical utility do we see in many other professions, to wit: swindling stock operations, but which areyet deemedmorereputablethan the walka of mechanic life. The time is gone by, however, whep dreaming speculators and fancy operators can any longer sneer superciliously at the " brawny arms" and " russet palms" of the honest laborer. Thus much has been done by breaking up a false system of credit, andby consequence, breaking up the nests of lounging, idle upstarts, that like mushrooms on a dung-htll, sprouted up out of the corrupt masses of rag-paper and spurious capital. May Rawdon and Hatch never lend their burrt and mezzotinto to any paper that does not command yellow mint drops instanter at the counter on the very face of t. Mr. Hatch is half botherofEx-Governor Throop, and to judgt; of his early prosperous career, cannot be said to have counted his cl'ickens before they were hatched. Mr. Rawdon is a branch of the Irish family of Rawdon, Earl of Moira, who was so distinguished as a British partizan or cavalry officer during the revolutionary war. Havermeyer Frederick C. - - - 100,000 Of a German Famly, ant with his brother William F., a mer. hant in Front street. Havemeyer Wm. F. - - 100,000 A brother of Frederick C., above. Hawley Irad - -. 150,000 Hawley Judon - - - 250,000 A bachelor, of the firm ofHopkins & Hawley, large Grocers. Haxturn A. B. - 150,000 Occupies the splendid mansion corner of Grove and Bleecker street, formerly of the Whiltemore estate. His fortune has been nmade in stocks, and by his own energy and perseverace. Is from Catskill N.Y. Heabben (widow of John) - - 100,000 A young widow and daughter of Leonard Fisher, deceased. Vide, Fisher Leonard. Heard James-.. 250,000 Of an ancient New Jersey family, long an Auctioneer, and afterward an Importer and Jobaer in this city. Retired from business, and much respected. Heard Nicholas T. - - - 00 000 A brother of James. Heam George A. -.. - 150,000 Of the firm of Hearn & Brothers, fashionable Dry Good dealers in Broadway. Heckscher Edward - - 200,000 A German, and a large Coal dealer. He married into the Coster family. His son is Consul to one of the German States. Edward is now in the mercantile busines with his brother-in-law, Girard H. Coster. Hedges Catharine. 300,000 One of the Rutgers family. Hendricks ----.... 200,000 Hendricks --- -.. 200,000 Hendridks ---... 200,000 Hendrick Uriah - - - 300,000 Hendricks Widow - - 300.000 Rich Jews Herring Wm. C. - - 100,000 Of a highly respectable family from Massachusetts. Ha a fine country seat near Jamacia, L. I. Iteyer Cornelius (estate of) 150,000 Deceased nearly two years ago. President of the New York Bank, and in early life was a partner of JohnJacob Astor. Hewas a man ofvery high standilg, nd left all his property in trust for the benlet of *ul children. Hewlett Joseph - * - 100,0M A bachelor-brother, and partner of Oliver T. Hewlett Oliver T, - - -,10000 Came from Rockaway, LAd., poor, and in the Dry Goods business, with his brother, made his money He married a daughter of Stephen Van Wyck. Is a strong and influential Whig. Holbrook Ephraim. - - - 200,000 Connecticut, and rich by Dry Goods. &c. Be has retired. Hicks Henry y. - - 250,000 'Robert Hicks, Plymouth, 1631, became a rich merchant. This was the progenitor of the famiiy m Rhode Island, Lon Iland and New York. The have always, cottoned" to merchandise, and been distinguished in the commercial annals of this country as shipping merchants at Plymouth, Newport and New York, for 200 years pat. Hicks Mrs. John G. - - 150,000 Herhusband was a merchant. Hicks John G. (estate) - - - 200,Ob Son of the widow above, and lately deceased. Hicks John H. - - - 600,000 A merchant. Hicks Samuel - -.. 300,000 The above are of the firm of Hicks & Co., one of the oldest and wealthiest South street houses in the city; formerly Samuel Hicks & Son. Estate of Samuel Hicks is represented at $1,000,000. Left two sons and one daughter. Retired from business All the Hicks are relatedhand are Quakers from Long Island.,,, Hicks Silas. -; -; 300,000 Rose to fortune with the late Mayor C. W. Lawrence, in the auction business, and retire4 early to the precincts of Flushing, to enjoy his '. odium cum dignitate." Of the family of Bicks, Plymouth, Mas. Hoffman L. Mt (A German family) - 150,000 His brother is Asst. V. Chancellor. The first Hoffman hbre was Anthony, a venerable and highly esteemel merchant, grandfather of L. M. H. Few families, for so few a number of persons as compose it,'have cut a "larger swath" or bigger figure" in the way of posts of preferment.' Talent and also publJc services rendered, niartial gallantry, poetry, judicial acumen, oratory, all havehad their lustre mingled with this name. Beekman Verplank Hoffman, a post captain; Judge Josiah 0. Hoffman, and his sons, Ogden and Charles, &c., all foremost men in our community. L. M. Hoffman is an Auctioneer. Hoople Wm. - - - - 200,000 One of the most wealthy and enterprising citizens in the leather trade, who but a few years came into this State from Canada, a poor young man, with scarcely a shiling in his pocket, and succeeded in obtaining work as a journeyman. currier, at very low wages. Aftercontinuing there for some time, went to Philadelphia, where, after pursuing his trad for some ti.e withindustry, was enabled to accumulate what he considered a small fortune, $475, with which he came to this city, in 1832, and commenced busines on has own account, the success of which is abpve attested. Holbrook Ephraim 200,000 Holmes Eldad - - - 150,000 An old New Yorker, and a very respectable man, and made all hla mney as a Grocer. He is no relation of Silas Holmes below. Holmes Silas... 150,000 A large Shipping merchant, and President of the Screw Dock Co. Hone Phillip - - - 150,000 He with his brother John, now deceased, were famous Auctioneers in their day. John died imm ely rich, and Phlllip has met w h losses. They wee 15 sons of a respectable baker; of Dutch descent, and re. ceived from him a large nheritance. Philliphas bt en Mayor of he city and di.tirguished as a pobticia, of the whit party. fe is now Presidentef the American Mutual lisurancd Co. Hopper John (estate of) - - 300,000 Thisgentleman, also an old Knickerbocker, was a irmer of wealth and respectability. The estate lies at Bloomit!gdale, in the yiciuity of 50th street, it is a largo landed property and much improved. His only child, a daughter, married James Striker, of Striker's Bay, by whpm she had threo cbildren,viz: Gen. Garrit H. S'riker, Ann Striker (single) and Mrs. J. Mott, l.whose possession the property now is- it is one of the oliest landed estates in the city, of great extent, and the 'omestead in which ean. Striker now resides is one of great beauty, and is well planted with ornamental and fruit'trers of the mraest kinds. Hopkins Gilbert 400,000 Of the firm of Hopkins & Hawley, large Grocers He has been Major General of the Artillery, and was for seven or cight years Alderman of the Tenth Ward. Now President of the Seventh Ward Bank. Hasack (estate of David) - - - 100,000 But lew names will shins longer in the annals of medical history brighter than this. His superior practical talent, sagacity, boldness and decision as a bedside practitioner, and the iavaluable lessons in medicine he has left while common sense prevail Howard William. 600,000 Treasurer of the New York and Albany Rail Co. Howard Jno. P.... 150,000 Well known with his brother, D. D. Howard, as the proprietor of Howard's.iouse in this city. His father, John Howard, of Burlington, Vt., was one of the first hotel keepers in the United StAtcs. Howard 1). D -.... 150,000 Howell Mrs. Wm. - - - 250,000 Was a daughter of the rich old Blackwell, an old New Yo6k family, and owners of Blackwell's Island, at Hell Gate. Her husband, i Howell or Heel, old Jong Island Suffolk name, and his niece and heir Is Julia Dekay, of a very ancient New York family and wife of Major Jack Downing, No. 2,. e. C. A.. Davis, vide. Her husband was a sea captain, and afterwards a merchant. Been deceasad some 15 years. Howland Gardiner G. - - - 500,000 One of the special partne-a in the House of Howland & Aspinwall. He and his brother Samuel obtaited some celebrity by building vessels for the Greeks in their struggle for indepen"ence. Large shipping merchants. HoWland Wm. Howard. -. 300,000 A relative of John H. Howland, and in business with him. Howland Samuel S. - - 250,000 A brother of Gardiner G., and in business with him. Now retired. Howland Wm. Edgar - - - 100,000 One of the firm of Howland & AspinwalL Howland John H. - 500,000 Resides in Bloomlnrdale, and with Wm. H. He ia doing a large mercantile and shipping business. Hoyt Edward - - - - 100,000 Hoyt, (widow of Gould) - - - 600,000 Made his money as a Grocer in this city, of the firm of Hoyt & Son, and died last summer. One of his sons married a daughter of ex-President lDuer, of Columba College. Hubbard N. T.. 100,000 Ancent and honored nune of New nwltid. Is the pork businD lugely. Hudson Joseph. - ' - 150,000 Respectsble English Importer fo- many year here, and hss dnubled his fortune by marrying a daughter of the rich Henry Lavertv. He has no rea son- to rerct having adopted for his home the capital which graces the noble river,that beas his name in honor of its discoverer, and peradventure his an, cestor, ' Hcndrick. udson." Hunter Wm. - - - - 200,000 Made his money in Canton where he has resided for the last twenty years, but hi returned, and since retired from'business. Hunt Jonathan -.. - - 1,000,000 Has been. engaged in mercantile busines at the south, at Mobile. Bachelor. Hunt Thomas -.. - 200,000 Hunt Samuel J. - - - 150,000 Merchant. Retired. Became rich by th doceae of his fther-in-law.,Hunlington Francis J. - - 100,000 Of the fimh of Huntington & Savtge, book p blishers and sellers. Mr. tuntington is onp of the oldest publishers of siar fVrd, Ct., where he has always resided %hen he.touk Mir. Savage for a partner the firm opened in this city a store, which is * ne of our largest houses. Their line is chiefly in tchool books. Hurd James. - - 200,000 An Englishman, formerly an extensive dry goods house; has done no business since his fUalure. Hyslop Robert... - - 100,000 An old New York family. Inglis John - -. $150,000 Resides in Jersey City. Made his money in the, dry goods trade at the south, together with fortunate investments in real estate. Is the fathe of Judge Inglis. Ireland Andrew L. - - - 100,000 Much improved by foreign travel. Ireland George - 100,000 Ireland Wm. H. - - 100,000 Irving Mrs Juo. T. (husband's estate) 300,000 Judge John T.. deceased, and Washington Irving so renowned, and Wiilism, Ebinezer, Peier &c, are the sons of a respectable shoemaker (dceased; in William street, iu this blessed city of iew York. y. Jackson Hamilton 200,000 Inherits the large estateof Jno. Jackson, one of two brothers (John and Samuel) who early located at Brooklyn, and became rich by the rise of real property. These two brothers Jackson were I neal descendants of Col. Jno. Jackson, High Sheriff of Queen's Coun'v, JudYe, &c., eldest son and heir of Robprt and Agnes *lack-on, among the flat English settlers of Hempstead, L. I., about 1654.. Jaffrey Robert - - - 150,00 From Scotland and an importer of Dry Goods. James Dauiel - 400,000 Formerly a clerk with Phelps & Peek. and marring a daughter of Mr. Phelps, became a partnerin the firm which is now Phel s Dodge '. o.; hence his wealth. James Henry.-... 100,000 Son of the rich William James, of Albhy, (deceased) and a gentleman celebrated. we believe, for his extensive scholarship and literary attainments. Janeway Estate -. 400,00 16 Jay PeterA. (estate of) - 700,000 Mason, who left an estate worth nearly a million. A son of John Mason married a charming The first Jay on the records appears to have been young actress, Miss Whealley, the daughter'bf Mrs. John Jay, (probably a Hugenot) a quaker in the Wheatley, of the Park Theatre, and was cut off with suite of G-o. Fox, In hts journey through America in $1,500 a year. He waslately President of the Chemi1671-2 add who, me ting with a dislocation of his cal Bank. ne&k, was marvellously curedby theaforesaid George somewhere in New Jersey, and thus, by this miracle Jones Robert 250, lived with his head on to become the head of an il- Formerly in the Clothing bnwiness, and wentsouth. lwstrious house. He has been Alderman of the fifth ward, elected by Jay W.150,000 the whigs. JayWme. -... 150,000 Jones Walter R 250,00. Son of Gou. John Jay. See Jay.ame - - - - - 00,000 Judd Samuel-..... 500,000 Janeway Geo. - - - - 500,000 From New England, and commenced without capiSonof William, (deceased,) and grandson of Georg. tl a dealer in oil, in the upper part bf the city, and made his way up to be a large Ol1 merchant. BeJaneway Rev. Jacob L - - - 500,000 sides now at Jamaica, L. I. Resides at Brunswick, N. J.. where he is a professor Jndah Amelia - 100,000 in the college. Hij father, Geo. Janeway, who died IJdah Re a some fifteen years ago, left an estateof a million lying Jidah Rebecca - 100,000 about Centre, Pcar, Chatham streets. He was quar- Judah Bell - 100,000 termaster in the American navy in the revolutionary war, aid afterward4 became a brewer, by which busi K. nes he made investments in real estate, and by a Kane Oliver - $200,00 rise in value, made the bulk of his fortune. George had three children, Jacob i. William, (deceased in For many years a distinguished family in New 1814,) and the wife of Gen. Van Zant, also deceased. York that has seen bot much prosperity as well as the dark side of life's picture. But few retain JanewayWillham 150,000 the wealth they once had; most, however, are A son of William, (deceased,) and grand-son of well Intermarried wi'h resrectable families, being Gorg. themselves a race decidedly of strong prominent or trait- of intellect. Jennings Chester - - - - 150,000 Keaey J. D. Jr. (estate of.. Watts,) 300,000 Came a poor boy, a stage driver, from New Eng Young grandson of Jno. Watts, deceased. and land, and entering the door of the City Hotel with which is the source hf his wealth. The Watts family whip in hand, asked tor werk, was hird as a waiter, are cotemporary with the most distinguished names and by good conduct rose successively to the rank of our English gentry, John Watts being grandson of of head waiter, and afterwards, with his equally Robert and Mary Watts-and this blary the daughter enterprising and famous fellow-waiter, Willard. to of the Provincial Assembly, Wm. Nicoll, the patencopartner in that ancient establishment, where his tee of the Islip Manor, L, I John Watt's sister was fortune was thus honestly and honorably made. mother of tle present Mrn Kennedy, Earl of Cassilis. Jewitt John. - 250,000 Keese John D. - - - 200,000 Jonsn v va n Of the old established firm of Lawrence'& Keese, Johnson Rev. Evan. - - 10,000 who have during the last 60 years sold drugs enough Resides in Brooklyn, and is owner ald Rector of to supply halt the human race. Mr. K. is a son of St. John's Church; he has for fifteen years preached Major Keese, deceased, of the continental line of and dincharged various duties of the parish, without the i evolution, afterwards a distinguished lawyer in any emoluments-has joined more persons in wed- tlis city. lock than any other clergyman in the vicinity. The lK E Rector and St. John's Church will well repay a Kellogg dward - - - stranger unacquainted with strict ceremonial forms Born in Litchfield Co., Ct., and began life a foot. of the Episcepal Church a st upo every Su- pedlar, carrying trunks filled with tin-pepper boxes day morning corner of Washington and Johnson sts. and other Yankee notions. Being man a of genius, it was not longr before he became a dry-good jobber in Johnston John 500,000 Pearl street, making 420,000 per annum nett proht. One of the lat- firm of Boorman, Johnston & Co., In 1887, at a.time when.by a legitimate business be an English firm in the iron business, had become worth half a million or more, he failed in consequence of heavy losses ($200,000 almost in a Johnson William Samuel - - 200,000 lump) by his southern customers, and by an unfortuA highly respectable lawyer prominent whit poll nate speculation in Elizabethport lots. He has, ticlan. and late Alderman, anI grandson of the for. however, paid all his creditors, leaving a snug former President Johnson, of Columbia College, a Con- tune for himself. He is the projector and mover *f necticut family, and Wm. S. gets the mass of his the Elizabethport speculation, owning a large part f fortune by marriage with the dalgh'er of 4, Cardinal the village. These were first laid 6ut and bought b Woolsey," as this eminent merchan' used facetiously a company of stockholders who intended to build up to be called," on change." The " Cardinal was an a manufacturing village to rival Newark. Most of Gatebsive operator, in Connecticut banks, and be- the stockholders failing to pay their instalments, came very rich. Kellogg took their share' and becane the chiefshareholder. These lots cost him from *300 to $400 an Jones. Edward Rl. 300,00( acre. In addition to his estate in Elizabethport, Mr. Formerly a Cooper, and later in life a merchant, Kellogg is an owner in the two steamboats plying and son of Joshua, a Cooper. who was in business between that place and this cty, and has real estate with James Lennox, brother of Robert, immediately here and in Brooklyn where he resides He is now ater the revolution. again nrgaRed in the dry good jobbing business in Pearl t. Mr. Kellogg is no ordinary man, having in Jones James J. - - 300,000 addition to his attention to a large business, acquired an education superior to many, who in early life have Jones James L. - - - - 300,000 received what isfalsely styled "ia liberal education.' Jones John Q. -- 250,000 Kelly Eli - - - 100,000 Has succeeded his father as President of the Chemi- Kelly William - - - 150,000 cal Bank Kelly Robert - - - 150,000 Jones Issac - - 250,000 Kennedy David S: - - - - 200,000 President of the Chemical Man; Co. His father A highly respectable Scotch merchant, who obsad uncle, edward R. (above,) were Ceopers, and tained some addition to his fortune through his ife, ons of Joshua, a Cooper. The father of was the d of Robrt Lenox. later in life in the Dry Good business with John Mason (npw deceased,) who was early in life a tailor. Kent James - 100,0O0 Joahn., nd brother; married daughters of John One of the most marked men of the times, the pro 17 found turist, and long the celebrated Chancellor of this State, and. whose opinions and commentaries, nay, mete words, are like pure gold, and law for all those who wish to know what law is. What a gratifying picture of a well spent life is that of this universally beloved man in a green old age, enjoying the respect of friends, the delights of domestic society, and all the glorious vigor and sparkling brightness of that manaood which once alorned and could still adorn if not purify that bench, which Would more deplore hi, loss but for the e evation to a most important judicial station of that a le son fot w iose shoulders it would seem the father designed his spot less mantle. Kermit Robert -... 200,000 Of a very old and most respectable New York family. Kernochan Joseph - -. 450,000 Of a po'r Irish family, who were employed as Colliers teamsters &'-., at some of 'he large iron works in the Highland Mountains, on the west side of the Hudson. Made his money in the southern trade as partner in the house of Parish & Co. Kerrigan James - - - 150,000 Ketchum Morris - - - 300,000 A brother of Hiram, the lawyer, and now resides in Westport, Ct., cultivating one of the best 'farms in that State. He has been. and was an owner of the Iron Works, at Elizabethport, N. Y. Kettletas Eugene -.. 300,000 A descendant of the Rev. Abraham Kettletas, whose father came from Holland in.1723, and was a merchanA in this city. Rev. Mr. Kettletas, was distin'gnished as a clergyman, on Long Island, during the revolutionary war, and was a memlerof the Conven - tion which formed the state constitution in 1777. Eugene was edusated a Lawyer, and married the sister of Mrs. Thos. McCarty, daughter of John Gardiner, deceased, whence he receives a good portion 9f Iis estate. Hackett, the comedian, is a son of Ann, daughter of the Rev. Abraham Kettletas. King James Gore.... * 200,000 James G. of the fPrm of Prime, Ward & King, and Charles editor of the N, Y. American are sons of the distinguished Rufus King who was born in Maine in 1716 graduated in Havard colleg, served in the Rev- ] olutionary army, was a delegate to the old congres from Mssachusetts and a senator from NY. the first gession under the Constitution of the U. 8. and -aferwards1or a long time minister to Great Britain, and again a senator in Congress. James for a long time exercised great Influence in the money market. He resided many years in Liverpool, England, under the Afrm of King & Grain. Now resides at a I beautiful country seat at Weehawken, overlooking the Hudson. Kmngland D..... -- 100000 Attorney at law-4inherited his fortune fronm hiJa father, D. Kingsland, deteased, a well known ship carpenter. Kingsland Daniel C. - - - - 200,000 ] Kingsland IL - - - - 200,000 i One of the oldest and richest firms In the hardware line, and a man of great respectability and high i standing in this community, a modest gentleman that c has calmly pursued "the even tenor of his way" without show or parade, and thus silently pas ed down the stream of time, every where beloved and honored. Such families how unlike are they to the I fluttering, buzzing things of fashion, whose gilded I winas collapse wi& the flrt shower that dims their sunshine, and "t hen are heard no more." I Kissm Richard (Estate ot) - -. 200,1000 An estate honestly, nobly acquired in the magical c profession of which he stood undoubtedly t the head in his day, But few keener men in wit or with the 1 knite could be found any where. His forte was Uthotomy, in which his cures were truly wonderful. In after life he married and soon afi died, leaving 1 large family of smaU children, to whom we belfwe his prbperrty w by wi bedeal e.' Knapp Shepard..... 3900,000 From New England and self made. He was formerly in the leather business with Jocob Lorrillard aud thus acquired his' property. In his dealing he was just, and is highly esteemed as a citizen. He is Presdent of the Mechanlas Bank. Kneeland Charles - *. - 100,000 Fiom down East and self made Knox A. -.. - 100,000 L Laffan E. -..-200,00 Lafarge John - - - - - 500,000 Said to be themoney agent in this country of Louis 'Philippe. A Frenchman, and formerly agent tor Joseph Buoneparte during his residence in this country. Buo neparte had lands in Pennsylvania which he offered at $1 an acre. Laforge told him if he would survey and divide It, he could get for some lots $20 an acre" and for the others prices ranging from this sum to $1. Buoneparte said, -You may buy it at $1 an acre and dispose of it as you pleabe.","I have no money,' replied Laforge. ~'.I will lend it to you," said Buonaparte. Laforge bought the land and laid the foun dation of his fortune.,He afterwards invested ifr 'real estate in this city and by thb rise in value has greatly increased his wealth. He is now erecting the large building at the corner of Reade andBroadway, and is elsewhere.building to a great extent. Laing Hugh..... 100,000 Has been a Coal dealer. Is now retired, giving his business to his son, of the firm of Laing & Randolph, the largest importers, and the largest dealers in the city; Mr. Randolph, senior, having retired likewise in favor of his son. 6 Langdon Henry -. - * 300,000 A son'in-law of John Jacob Astor. Originally a poor boy from Massachusetts. Is now aristocratic resides in Europe. LasalaJohn B. - - -. 100,000 Loubat Alphonse - - - 200,000 A French importer. Operated in matrimony very advantageously. Now retired. Laurie George - - -; 100,000 George and John L. for 30 year- mnerchants, and bachelors, (originally fronm Scotland) and of the very firat character and apne brand as to respectabillty. The universal censideration they enjoy in this community must be a comfort to them when they look back upon the bright and nonorable career they have paised through, though neither, we hope, is yet too advanced into the yelUoao eaf to forswear and become a Benedict, which they both know they could easily do, and bave only to say the word In tbese 'aid tibmes, and HWmen stands ready to light bis altar tsrch, and cupid to let fly from nls quiver one of his most barbed arrows, that not even the tough textuee of a bachelor's heart could resist. Laverty Henry - - * 150,00(0 A very polished man. Has been a Dry Good jobber n Pearl Atree., in woich busine s he has made his fortune, and from which he has now retired. His parlor is hung with very excellent paintings, the production )f his accompli-hed daughter'spencil. Lawrence Alexander M. - - - 100,0(0 Of the old New York family of Lawrence. Made his money in the shipping ana importing buslnesasow retired. Lawrence Abraham - - - 300 000 Inherited his fortune, and with Cornelius W. and ~oat of the others of the name of Lawrence in this ity, from three brothers from England, John, Wiliam and Thomas..Awrince Cornellue W. - - 250,000 Of a highly respectable Quaker family in Long Iand. He. with his brothers, Joseph and Richard M.. nade their fortunes in the old distinguished Auc iobeer frm of Hicks, Lawrence I Co. This firm 18 falfle in 1837, but C. W. and J. backed outbefore the Leggett Thomas * 800.00 ship sunk-but Richard was wrecked. Richard's wife, daughter of Jacob Drake, has a snug fortune of Legtt Thomas Jr. - 150,000 160,000. C... irst married a rich sister of David Son of Thomas, above, and a Dry Good Jobber in M; Prall, second, a daughter of his partner, Mr. Pearl strett, and married a Miss Burns, of New RoHickn, who is now poor, living with hii son-in-law, chelle. Her father was of the firm of Burns, Trimble Dr. Cjeesman. C W. has been Mayor of the' city, & Co., owners of four Liverpool packets in this city. and is now the Chamberlain. He has been a large He has been dead fifteen years. speculator in Cotton, and has lost immense sums. L gettWaler 100000 Leggett Walter - - 100sO0 Lawrence D. L. 200,000 Made a fortune in a Retail Dry Good store, and reLawrence Henry H. - - - 100000 tired to the country. Of a Long Island Quaker family, and with his bro- Legget Wmi. F. - * 100,000 t her Richard in the Dry Goods Jobbing business in Peirl street. Men of great worth Leggett William W. - - 100.000 Lawrence John B. (estate of). 300,000 William W. Leggett has been Ptesident'of the New York Gas Co. since its establishment, twenty years A model-man of theold school gentlemenmerchants ago, and has now a splendid seat in Westchester Co. is lihe. Of a very ancient house, of an old New York family, and though inheriting a large estate from his Leggett William - * - - 200,000 father, he pursued business with the ardor of youth, A brotherof Samuel and Thomas, above, and made and doubled and trebled his property in the drug line, money sa Jobberin business above. His wife was = money as a Jobber in business above. His wife was as the headof that celebrated firm Lawrence, Keesea ugeo gssW ha ll kr n & Co. But few such as he and the late Gen. Matthew daughter of Atuguhtus Wright a Sail maker, and larkson, and men of that high stamp and tone are partner of Stephen Allen, and be received by her now left. The halls of our public charities tell of 55,000. their benevolent deeds and the hoursthey have stolen Lenox James- 3 000,000 from busy life tcrdevote to their duties to the poor and sufferig, to relieve the widow and the orphan and to Nearly this sum wa left him y his father, Robert wipe the tear of sorrow from misery's pallid cieek. deceaed, whowassBritish ommissary. lButJame. has nobly given fortunes to his Fisters, and devotes Lawrence Joseph - - 250,000 himself chiefly to pious' objects. Robert; was a A brother of Cornelius W., and once a partner; brother of James, who was a Cooper, in business now of the firm of Lawrence, Trimble It Co., a large with Joshua Jones, after the Revolutionary war. Commission house. He married arichheiress,daugh- LeRoy JcobR. - - 350000 ter of Aid. Thomas S. Townsend.. ter of Ad. Thomas S. Townsend. Of an ancient and highly distinguished Hugenot Lawrence RichardM. * 100,000 family. Daniel Webster, the Sec. of State, married for his last and present wife a Miss Le Roy. Jacob Lawrence Richard - - 100,000 Le Roy inherits a large estate from his father-in-law. The brother of Henry H. Leupp CharesM. 150,000 Leary Yames - - - 100,000 Director in Tradesman's Bank, and of the New The fashionable Hattcr. York and Erie R. R. Was a poor young man from New Jersey, who, by his industrious habits was adLeavitt David- - - - - 500,000 mitted a partner with Gideon Lee & Co., afterwards From New England, and with his two brothers, has married his daughter, and succeeded hi in business made his money as a Dry Good Jobber, and is now at hi deceass. President of the American Exchange Bank. David Lewi Morgn (etate of) - 700,000 has retired. retired. Formerly Gov. of the State,, Major General of the Leavitt John W. - - -. 300,000 Army, &c. Acqu'red his esthtebymarrying a LivingFrom Suffleld, Conn. A brother of David.* ston of wealth.- Gen. Lewis is of an ancient Welsh -, C o - 200 family. LeavittRufu - 200000 Little Jacob - - - -. 500000 The younger brother of the above, and of the firm With his brother; constituting the firm of Jacob otJ. W. & R. Leavitt. L. ittle & Co., and one of the riclifet Brokers in Wall Leupp Charles M- 100000 street. Great dealers in fancy stocks also. A Leather dealer in the swamp. little Edward B. - - - - 500,000 Lee Benjamin F. - - - 10000 The brother of Jacob. A widower. Of the firm of Lee & Brewster, in the domestic LivingstonMaturine - - 100,000 Commission business. Though of the family of Ltvlngqton, which for a Lee David - - * - 00 000 family so prolific and numerous as theirs is has been Lately retired from the -Wholesale Grocery busi- one of the most wealthy in the State, but little in he Lately retired from the-Wholesale Grocery busi- gbyon of-multplying generations fell to the nef, of the firm of Lee, Dater & Miller, one of the share of Maturine, wo muarrying his crusin, daughlargest firms in the city. A very close, but upright Generl Morgn Leww s h ab"ve, has however ter an General Morgan Lewis, abye, has however man. acquiied large opulence in perspective. The LivingLefferts Leffert - * * 300,006 stons began in thi4 State about 160 years since in President of the Long Island Bank, and frmerly ohe horse adeN-? Itinerti!s thr the Prsident of the Long island Bank, and frmerly the person of a Scotch clergyman, who on a famous County Judge. Resides at Bedford in a splendid old wite hrse mdeh tinert trouh the mansion, is connected by marriage to theBenson valleyof the Mohawk tell with effect. From him family, and has an only daughter just looking int elligent, enterprising race, ho in the omanhood- thudge is romint sunportr of next generation secured largelan'ed estates, since the Dmtch aCurch jad devofes much of his time to manorial by their extent on both sides the Hudson th ur, to River. Martin Van Buren commenced his Career its intereato. its eas a village lawyer at Kinderhook by undertaking Legptt Samuel - - - 00,000 to invalidate the Livingston titles, but their numbers brother Thomas madc a grt prt of nd wealfll were too much for him. Their names With is brother Thomas, made eat part of loom largely on our records; and after the Renstheir money as Jobbers and large Auctioneers in elser and the Dutch and Efilish noblesse, they Pearl street. They have retired from businese, and rank among the most distinguished families in the 'are of an old Quaker family. Their father, Thomas, State, -at his death, six months since, at his reidefice in East Cher,left half a million. Loder Benjamin - - 150,000 LegettThoma - -. 100,000 Loons Luther - - 200,000 The brothermentione6 above. Of' a Connecticut family and partner of Gen. 19 Samuel Lyman, in the manufacture of Screws, Nails, tance from hfather, Thomas, heretired Thegratd kc.,in N J., of the firm of Loomis & Lyman. father was a baker, and father was a marshal under thr British rule, and a tory. 4 large present of win Lnfrd Daniel - - 150,000 was sent toGen.W snto, which was contlsctedt The first mercantile lawyer in the city. His busl- and came into the hands of Thomas W. The first ness is very lucrative, His father s a physician this wine was sold in 1828, and hi now very valuabl if It can b found. The auctioneer Is a cousin of the Lord Rufus L..... 500,000 present Thos W. From Boston, and owns propertyin the burnt dis- Lvman Gen. Samuel P. - -. 200 000 A poor boy from Vermont, studied law at Uticat Lorillard Jacob -. 500,00 and has been a distinguished practitioner in that city. A son of JaoToi deceaed. He has been a principal mover in the enterprise of the Erie Railroad. He has invested a poltion of his funda Lorillard, (widow ofJacob,) - - 1,500,000 in the land of theSouthern Counties of this State. He has some reputation as a writer, and krnwas Threi brothers. Jacob, Peter and George, were of Joe Syke better phan anyoth rman. He reside at Jo~ Sykes better than anyoth. r man. lie re-ides at an ancient Hug not family, and all froa4 notlilng the Astor House, and is in company with the Messn. bPcame rich-thi two, latter in the tobacco bslne.N Looumi, of Connecticut, and is extensively en. arel in They are now all dead, Jacob ad Peter leaving themsnufctura'Scre and Ni eill i, the manufacture'of Screws and Nails, at Somer ill, widows and children; Pettr wa; a bitc elor; Ja ol N. J. He married a daughter of Ainson Thomas, of Shwa at ne time in pHrtnership e th allisdon Lee nrd Utica, by whom he received a portion of his wealth. Shepherd Knapp. He le't all hi4 nwen-v Io hbo widow. One dauehter of Peter married T. Keyiolt,, bookleller deceased; another, Jobh D.W lie, M. of the drm of Wolfe & Bl-bop; and another. Lieutf Mclrair James 0,000 spencer, of the Navy, all three rich. Widow of Jaob resi 'e a ' Blooringdale, and her.on Jacob McBre James 700,000 re-ides fith hart re h An 'rish Oentleman. who, by a steady, upright, Lorillard Peter Jun. - - - - 1,000,00 straight-forwarde c urs of trade in the, rm Go ds ton of Peter, and now in the Tobacco husilnes. line, consoliditing by his unblemished and pure life He received some 9200,000 from uis uncle George. tr op offst friends around him. Loubat Alphonse.200,o. McCall Jdme 200,000 oivett James - - 200 000 Made his money in the Dry Good buslness. in which a business he has acquired his fortune. An Irish genA retired sea captain, and afterwards a shipping tleman merchant, originally from Rhode Island, and of the homa 3, real grit that comes of late as of yore, from that little McCary,Mr. (widow of Thomas S) 300,000 chivalrous spot that gave birth to a Perry and a A daughter of John Gardiner, deceased, and ister Greene. of the wife of Eui ene Kettletas. She received this sum from her father's estate. Lovett George, - - - 500 000 McCroskry Robert -.200000 Made his fortune in the Lumber business. - et 20iredesome twelve years since, A b.chelor. Low Nicholas o- - - - 150,000 - McCrea Robert - 100,000 His father was proprietor of the Sans aoguc, at Bl- Fortune front his father, (deceased,) who in his 8ton, Spa., and- was esteemed. He was worth a mil day was largely engaged in the Dry Good business, lion in his day. Oe of his daughters msried Charles and disttgushed for ust principles in hi deings King, editor of the American, for a second wite, but -an honor to his native land, Scoti s-he received little. The estate was much embar- McElrath Thomas. - - 100,000 rassed, and is now in possssion of Nicholas, the son, One of the proprietors of the Tribune. He was who won the wager for travelling 1,000 miles in 1,000 educated a LRwyer, and was at one time engaged in successivehours. the book busines*. He h's been a member of the Lo* Cornelius... 000 Assembly. The father of Mr; McElratl is a pan of property. Low Albert. 200,000 McFarland(Estate of) Henry.- - 150,000 Low Dapiet - - *. 300,000 A poor boy, whol rose first to a clerk. then to be Anothr enterprising, driving smooth-faced, pleu- par:nr in the old houseof tllckwell, iron merhant. ant son of New England, who reided a long time, as McKie Thomas -.. 100,000 a merchant, in Piris, and surmounting every blastiRg a h sirocco in trade, came out rich, and spread largely McLean Hugh M. D. - - 50000 into real estate A worthy Piyvsician, who inherited's gorrd,rion L )wthir William - - 100000 f his money from some elattve. Scotch birth or An Englishman, commenced poor, and acquired his Iroperty at a tirde when coal was at a high price, and M'Coun Wn. T - - - - 100,000 a monopoly of the business existed. Is nowt in buhi- Vice Chancellor, and from the rank of a young ncs wLh nis son, and is a large importer ofCoal. attorney who came fromn the ountry to practice law, Ludlow Estate -.. - 300,000 an4 try hs fortuhe hre. ha tisni step by rttl,, by his own meriop, inoo the x iod spinori of the I rofea. Luff John Estate o - - 00,000 sion and community till honered with onu, of the:uf~l.Tohnil~~~ Ehiheat dignities of the State. A most capital man was this respectable German, snd in the excellent qualtr ofhisbread and muffi MacyJosiah * *. * 150,000 Jonas Humbert himself, aided by his electrical ma- romthe Cape Cod rion. chine, was no circumitance to him. Old Mr Luff had a pleasant word for every one is he attled Magee James * -. 200,000 around from door to door in mia long light baker's 'Reasdes in freland, his natie country. cart, whrch it seems to us is now become of the things that once were, and are foundno more among Maitland R L. - - -. - 150,000 our mode landaus and Berlins. With a becnming Scotch, and some of his wealth comes through his pridhi dhildren revert back with plsuur to tho wife daughter of Robt Lennox. -ee Lennoxabove. honest means br which theIr revered parent do bys own hands, so large an*ste, Masice D. F. - -, 200,000 w i Tho. W,.Former'y a merchant, who falld dur; 'the hsrd Ludlow ThosW - - - 300000 times," but now retired to Lo4j Ia l imtuiatly By professo a lawyer, but receiving a large lherit rich. March Charles - 150,000 Marsh Charles - 150,000 Marsh Stewart C - -. 100,000 MarshallBcnjamin.. 500,000 One of the earliest who boldly enterpriped American manufac'uring establishments and by them has managed, strange to say, to obtain large profits and wealth. Marshall Charles H. 120,000 Agnt o the l c k Ban Line of Packets, and foroel a sea captain. Is noted for the beauty of his daughter. Marshall Joseph - - 500,000 Martin-.. 200,000 Mason John (Estate of) - - 1,000,000 Mason Sydney. 200,000 Of the firm e-f iaqnn & Thompson, extensively,ngaged in the South American trade. Mauran Oroondates - '- - 500,000 Formerly engaged in the Southern trade. and made money also by the steam-ferry at Havanna. Maxwell Hugh - - 100,000 One of the ablest lawyers and first of orators at the bar; his father was a respectable Scotchman, and a brewer at Baltimore, and Hugh married the beautiful daughter of an enimentblscksmith of this city. Now tbdr son is Secretary of Legation at Petersburg! Sich i4 the reward of merit. Has in a measure retired from the Bar. Maybee.. -- 150,000 MayerJohn... 100,fl00 It is rather as one of the firm of Thor. John & Jos. Mayer. manufacturers of Earthen Ware, Stafford-.hire, England, than as an individual, that the subject of this notice may be set down, as a man of wealth. Mr. Mayer is a high-minded, honorable man, and blessed with no ordinary share of prudence. As a man of business, he is prompt, and systematic, confiinng himself exclusively to his own affairs. 3f. M. inherited a good fortune from his father, who, from being a journeyman Tanner and Currier, at Newcastle, nnder Lyne, Eng., by years of prudence, economy and industry, rose to great wealth, and was respectfuly chosen to fill the highest civic offices in hib native town. Few men more richly merited success, and none were more happy in all the relations of social life, than Mr M., senior. Meeks Joseph Sr. * - 300,000 Joseph Meeks Sr., a wealthy and respeetable inhabitant of the fifth ward, a large land holder f the first ward and elsehwere, and for fity years an inhabitant of the first ward. His business was that of a Cabinet maker, which he successfully carried on for nearly half a century, and by his assiduous care ard attention amassed the above fortune; he commenced in l'fc with a mere nomiral capital, and retired about the year 184 —he is of tle old Knickerbocker fmily-though young at the time, be was present at the Batt rv. when the British evacuated this city, and assisted in tearing to atom- the British flag which was left flying, and also assisted in hoistijg the first American flag that was ever raised in tbls city, in its stead, byorder of Gea. WPshington. Mesier P, A, Sr. - - 100,000 Mesicr P. A. Jr. - - 300,000 Meyer George..... 200,00Q Mildeberger Christopher - - - 300,000 Made his money years ago in the Leather business in the Swamp. Mildeberger John... 150,000 Miller Charles C. -. 100,000 The brother of James, in the Wool business. Miller Daniel 8. 200,000 A rich Grocer, of the frm of Dater, Miller t Co., large wholesale dealers. Mr. Miller is a very worthy man, and has made all his money by perseverance and application to busine. Miller- Mrs Geo. B. - - - - 300 000 Her husband was a celebrated Tobacconist, ancd died, in 1816. This celebrated establishment was founded by Mrs Russel, in Water Street, the site of the present establishment. Her Pon-in-law, Mr. Miller, succeeded, and at his death was succeeded by his widow, who took into partnership her son-in-law, some tern years since and they now constitute the firm of Mrs. G. B. Miller & Co. They havealPo a large establishment in Broadway. Miller Horatio - -. 100,000 The brother of Wm. S., merchant, in Broadway. Miller John A. - 200,000 Made his money dealing in mahogany, and im porting curled hair for Cabinet makers. Miller J. G. - - - 200,000 Miller James - 100,000 With his brother, a Wool dealer in Jacob street. Miller Michael - - 100,000 Made this slm as a Distiller in Duane street. and is succeeded in the business by his nephew George. Miller William P. - -. - 300 000 From Connecticut, and formerly in the Leather business with Jacob Lorillard, and now in the same business in Gold street. He has acquired all his money by honest industry. Miller Wm. S- - - - - 100,000 A merchant, in business with his brother in the lower part of Broadway, and now a member or Congress3 of the Am. Rep. party. Mills Drake... 100,000 Mills James - -. - 100,000 Minturn Charles - - - - 200,000 With his brother Edward, of the firm of Woadhull & Mlnfurns, merchants, shippers and owners of a line of Liv:-pool packets. See Woodhull. They are sons of Nathaniel Minturn, of the old lirm of Champlain, Mlnturn & Co., large Tea merchants. Mr. Minturn, when in business, anl before his failure, was reputed worth teveral millions. Minturn Edward - - 200,000 The brother of Charles, above. Minturn Robert B. - - - 200,000 Of the firm of GrinFell,' inturn & Co, alarge and old shipping and commit ion house. Mofiat William B. - - - - 250,000 His famous and widely celebrated medicines have also contributed much to the increase of his wealth, and yearly prove a source of great profit. Some ten or twelve years he obtained the secret of his pills from a poor physician, who died soon after, and to whom Molfat had applied to cure him of dyspepsia. His medicine working a cure, Moffat sought the secret. He was ten poor, and, though scarcely more than thirty. is one of the richest men in thecity. He has invested in real estate in Broadway. Mollan Stuart - - - - 250,000 Of Irish descent, and made his money as a merchant in the Dry Good line, at the south, and in this city. He is still purchasing goods for his different stores at the south. Monroe Mrs. James (Douglass Estate) 300,000 Wife of Capt or CoL James Monroe, formerly of the army, and nephew of the late James Monroe, President of the United States, whose ancestor, he boasted in telling, was a tanner. Moore Clement C... - 50,000 Of the highly respectable family of the late Bishop Moore, whose ancestors located first at Newtown, L. I., as plain farmers or mechanic, as most of the first colonists from England were. Clement is the son of the venerable and revered Bishop Moore, de 21 c^aed of the Episcopal Church, and nephew of the Mott Samuel F.. 406000 lunch beloved and dItingushed phycian, Dr. Wn. of a Westcheste Qualer family, andin the otton Moore, eceaed. - and domestic Commission business, together with hl brother, Willial F., made his money. Samuel is Moore Baltus - -. 50,000 now President of the Manhattan Fire Insurance Co. He married one of the daughters of Thomas Leggett, Moorewood Edmund - - - 100,000 deceased. IHistwo daughters are married toJohnand. George Rink, Ship Chandlers. Morgan Mathew (late N. Orleans - 400,000 Part Proprietor of the new hotel up Broadway. Morgan John L - - - - 100,000 Rich and of Ao calling, as we know, but has been a political man, and in high trusts, and in the midst of party strife-always courteous and amiable. A worthy man. Welsh descent. Morrell Thomas - - -. 100,000 Married a sister of John A. Morrell, and is now one of our most prosperous wholesale grocers. Morris Gouverneur - - ' - 1,500,000 His father, the venerab'e and famous Gouverneur M., late in life married a Randolph, of Virginia, and left this, the only inheritor, rich. The Morris family of New York and New Jersey began on a large figure, and so cnmtinued to prosper for 160 year-. Col. Lewis Morris, a celebra'ed English quaker merchant ot'Barbadoes, and friend of W m. Pen,, coming here to New York with his own ships and soods, and with his brother Richard M., making immediaely purchases of large tracts on-Long Island, at Harlem river, at Shrewsbury, &c., N. J. (hesce Morristown and Morrissiana estate, the last the estate of th. younsxter above,) &c. And from this truly i1. lustrious stock came all the Morrises hereabout ard in NewJe sey; and in their hands the patrimonial estates still rest, together with the household jewe lry and plate for mary generations bhck. which few families can say. The grandfather of the present Gouverne r (wh'se name was also Gouverneur,) inPrtesi in his will that his son should not be educated in Ct., for the reasons that these yankee- were too ~ute at ba^fhins wilh ther Dutch neighbors. Mr. Morris is * plain, unl, ttered farmer, who daily rends his mi k to the city. Be-ides Mor issiana, an immense tract on the north bank of the Harlem River.-Mr. Morris has land and other stocks. Morrison John (estate of) - - - 300,000 Morse John' - - - - 300,000 An ex-alderman, who received a fortune by his wife, the daughter of Henry Brevoort, deceased, and thesister of the rich Henry Brevoort. Mr. Morse was a mason builder. Morse Sidney E. - - - 200,000 A sin ofthe distingul-hefl geographer, Rev. Jedediah Morse, who lived and died at % ewhaven, Ct Sidney E. is editor and proprietor of the f ew York Observer, by which paper he has made his fortune He has lately published a Geographv which will have a largo sale,for years, an4 on which ie will doubtless realize a large sum. Mortimer Richard. 400,000 An honest upright tailor, now re'ired on a large estate. His lovely daughter was deemed, beyond all question, the reigning belle at Saratoga. Mortimer John Jr. - - 100,000 A cloth Importer, from Yorkshire. Married a daughter o the late T. C. Morton, a wealthy merchant; for many years the " 8taw rt" among tne Mott Dr. Valentine -. -.250,000 This distinguished Siureon and Phyrican, Is a descendant of Adam Mott, wh', cnming from England, and resising first at Hingham, Mass., became an inhabitant of Hemprtead, L. I., 1655 Henrn, the fther of Valentiie, waA a Phyaician. and msaried the daughter of Samuel Way, at North H mpstead. At an advanod age he moved to this city, where he died in 1840. His only surviving son, Dr. Valentine, was born at Glen Cove, L. I., Aug 20, 1785. Hetwas a student in the office of his selative, Dr. Valentine Seaman, and attended the medical lectures a, Columbia Colllee in 184o. In the spring of 1807 hewentto London, and became a pupil of Sir Astley Cooper, and for twn years attnding thehospitals, and thelecturen of the elder Cline Abernethy. C. Bell, Astly Cooper, Htaehton Currie and other aistingul-hel tea, lhes. He next visited Ednmbu'gh, and beard the le: ure of Gregory, Hnop-r anti Playfir, and atter having ie-visited the lectures and ho.pitals of London. returned to New Yoik, where he arrived in the fall of 1808, and met with treat success in his professlon. The next year he was made Prrf. of surgery in Columbia Collere, and afterwards held the same poei ion in the College of Physicians and Svrgeo s.ne soon afteiwards gave up his c mmlsdon, bnd de-oted his time -xclus vely to his irac'icc. In 1818 he pert'rnmed the operation of tying the artetior inniminata -ithin two inches of the heart 1 his was an original operation-an evploit sufficient to make his name immortal. Fir A-tley Cooper has said of him, that he has lerformed more great ol erations tlan any other manthat eserlived. He wa induced again to at cept his professorship in the college, but in 1s40 hishealth failing, he returned to Eur( pe, travelling in England, France, and Egypt. 'ihe re-ult of the observatioi.r, be has given in a book entitled" s ravels in Europe and tte East." D ring is absence, the Medical School of.te N. Y. Univer-ity wyg organzed, and the protesorbhip of sur:.ery tendered to him, %hich he accented on his arrival in 1840. The euccess of the school is unparalelled, and it, in a great m+asurc, owing-to the influence and reputa'iors of Dr Mott. lie has accumulated I;ii fortune msanly by his extensive and v ry lucrative practice, houoh his patrimonial inhertance wasconsiderab'e I he family of Motts became Quakers in the time of George Fox. Mott William F, - - - - 300000 The brother of Samuel F., above. Moulton Charles - - - 200,000 Charles was an active shrewd litt'e broker, some I1 years sin.e in Wall -treet. and by some fortunate purchase of real estate became wealthy. He married for love a pretty little poor girl, the much accomplished only daughter of a respectable German piato,eacher by a French wife. Mademoiselle Metz-now Mid. Moulton- was in early life dcemed almost a musical 1rodigy by her voice and performances on the piano, ano br.-ught money to her parents by sinelng at publi:. concerts. Moulton Is of a high New England family, and has residtd some years since in Paris. Munn Stephen B. - - - 800000 Said to havy begun lfe as a 8hoemaker, in Oran. ville, Mss. Made his money in the flrat placeby selling buttons, buying soldiers certificates of the poor soldiers. Afterwards a Pearl street Jobber in the Dry Goods line. A close, but upright man. jlaies. Munason MW. 100,000 Moss John' -.-.. 200,00000 000 Murray John B. (estate of) - 250,000 Mott Missees - - 1 0 An Enlish Ientleman of wealth,^wo came to this Two ladles, nistera of the distinguieed Surgeon, and * country during the t evolutionary war, and was for daughters of Dr. H. Mott, who left all his money to. many years a conspicuous merchant, iret in Al-xanthe;e two daughters. dri, D. C., ad aftrwadsa in this city. He resded 22 at bit conmtry eat atGErnvale, now nesr ath street, Inhi 'line h c Is decidedly one of th "Heads of the on 8th Avenue. DI;ed n 1828 hibhly eseemed as a yPeople." correct. and intelliuent merchrnt, and honest man. Mnrray James B.. 100,000 Son of John 1t. M Colonel Murray cimmanded in the late war,having charge ofseveral import-nt 'pots, and was aid da camp to. Gov. Clinton. This alhily are in no wise related to the Quakers of the same name, ind-re directly descended from the House of Athol, one of the most ancient peerages in 'cotland. Jas. B. M. was a distinguished merchant (John B. Murncy & Son) in this elty until 1826, when.e retired, and 0has since invested liriely in real state. His house is now conducted by his son, Cohn B. Murray. Col. M. married a daughter of the ate Isaac Bronson, by whom he received a large preperty. (Vide tronson.) Murray John R. - 150,000 The Murrays were about half a century since among the mont wealthy anol influential, and hail from noble Scotch extracti-nvtbhugh thp most eminent hpre have been of the Society of Friends. One ofthese latter on the hirhneat, set up his carriage which, being deemed a little to) luxurious. he palliated the censure by calling It a leathern vehicle" for convenience! Murray Miss - - - 150,000 Murray Robt. L - - - 100,000 Norris Thomas P. - - 200,000 '3fa very old and respectable Dutch family. 0 Oakley Daniel - - - $100,000 Okill Mrs. Mary -. - 150,000 Made her money in keeping Boarding School, for which she han long been distineuished. She commenced in Barclay street, where she owns two, house4, and went to Clinton Place, where she built two large'houses, in which she keeps one of the lar gest Boarding Schools in the city. Oliphant DW. - - - - 200,000 An opulent Merchant and late President of the Chamber of Commerce. Has realized a fortune by trading with the Chinese. Olmstcad Francis - - - - 200,000 A worthy fellow and one of the few inltances of a prnsperous merchant retiring at the right tilne. He Is of the land of esttady habits" and couwfn of the very distinguished Prof. O., of Yale. Made his' money in the firm of Peter lemsen & Co. Married a fair widow not fifty miles from St. Mark's Church. Oothtut,ohn - - - 200 000 President of the Bank of New-York. I N Neibon (Estate ol) Wmn. - $200,000 An ancient merchant of very great repute and.wealth, and l)ng deceased, married Laly Kitty Doer," widow of the former John Duer, and dauw hter oflord Steling, of the Continental army. By s LadtPKitty" or Ca'harine, old Mr Neilson left a numerous family, onn of whom, William. a repectable merchant and much esteemel gentleman marriedta d(auxhter of JohB. Coles' deceased, and thus added to hi fortune. Nevins I:H....- -200,000 A broker of the firm oiNevins & Townsend. MNevius P. L - - - 200,000 Of an ancient and highly respectab'e Dutch family of our olden time, and acquired lis fjrtune in the ggocery.line. Newbold George -. - 250,000 A me-chant The Newbalds are of a very ancient and h yih y diltinguished family of NewJersey. Prejid'ntt of the Bank of America. Newton Isaac- - - -500,000 A commission merchant, and wi'h Drew, Robinson & Co., an owner of the Knickerbicker —tre other boatofthe reople'sLine, and e reral of tne way boats. Niblo William - -.- - 150,000 'The matchless nd incomparable Niblo; proprietor ef the. iblo Gardens,'director of operas, vaudevilles, &c. &c. ad ifini/tum. An English boy, and began rleodles. as awaiter, then became lord and mister of a fmous game hot-I corner of Ced.r street-finally expanded his wings to ahigher flight, and branching in o every species of elegant refinement, coud pamper tbopublic taste and palate to boot, had become decidedly the most promineat man that ever fronihet lnthis good city, in the way of getting up agreeable and enatrtining amusements of every varity, ain splendid fetivals, banquetigs, &c. &c. P Packard Isaac - - $250,000 Sundry 'a haclendas" and ne ro plantations in Cubs point darkly to the rather dubious track in which thts adventurous New Enlander to the topice soon berame by the characteristic cupidity of his country men, warmed into a West Indian teaperament and a ready proselyte to the ways of getting' money in the Spanish colonies. Packer Wm. S., Brooklyn - - 250,000 Packwood Samuel - - 500,000 A rich cotton planter, resident in this city. Paine John - 100,000 A youth well esteered, and only child of a rich father whogot his monev by hard knocks. Butno family of Vermont nobility can hold up their heads higher than tbis. Palmer Courtlandt - - 500 000 From Connecticut, aidl commenced in the Hard. ware business in this city with a capital of $300, and besides having made the fortunes of several others, by setting them'up in busincss, has attained for himself great wealth. He i. a large holder of real estate, and is building to a considerable extent, having long since retired from adtive business. His second wife is a daughter of Richard Suydam, of the old firm of Suydam, Jackson & Co. Palmer Johnl. - -. 200,000 One of Scotland's enterprising sons who have found New York the most successful field for their monetary operations. He is President of the Merchants Bank. Parish Daniel - * 250,000 Parish Heniy (His brother) - ~ 350,000 This family sprang from an honorable root, a surgeon of the British Navy, who about two centures 23 age located in this province. A romantic, incident Penfold Edmund.... 100,000 coen'cts with Dr. Parish:-Ia one of the eallei4t commercial adventures from, a neighboring village to Penfold John. * - 100,000 the south, and in which a venemblelady, theproprie- Druggist.' tor of the vessel and her cargo of cider antml apples gs went passenger, accompanied by abeautiful daugh Penfold John - -. 150,000 ~er, Dr. Parish alsob was invited to act as navigator. Gr At t he Ocracoke inlet they saw the head of a celebra- roc Pnfold & Scuylr. ted pirate nailed to the bowsprit of a vessfl'of war; Penniman - 100,000 and, on their return, were overtakeA by a- storm Married a daughter of SamuelJudd. which, but for the doctor's seam'anship, would have consigned them all to thadeep. For this he eceived PentzF - - * 0000 the hand of the fair young damsel on board, and thus became a denizen of this province. But from that Pents W. A.F. -. - - 106,000 day to this, the generations have never been blessed Boi l clever fellows, engaged in the Dye wodbuwith worldly prbsperlty untilin the persons of Henry.Both evr fellows, engged in th Dye wedbu and his brothers. Parmly Eleazer *... o00,000 oPents W. A. F. - - - - 100,000 Eleazer and his.brother Jabial are the two most An old tickerbocket bon in Old p- er distinguished "entists in this country. Eleazer spent some time in Paris, where he attained the highest Pent eletiah - - - - 250,000 distinction In his art. i t hFrom Boston, and formerly book keeper with Parinly Jahial - - - - 200,000 Jonathan Goodhue & Co. He was taken into the.The brother of Eleazer, above., fIrm as a partner, and hence his wealth. Paulding William - - - 300,000 Perkins J.. - - - - - 100,000 Former mayor, &c., of the democratic school, and Partner of Winslow, in Wall street A very alleged descendant of Paulding, one o the captors good fellow, and shrewd active business man. of the British spy Major Andre. Teat serling con- Perry tinental soldier little Imagined that one of his de- e J. A-. - - - ' 15,000 scendants would become enriched by intermartiage Peters John R. 330000 ',ith one of-the rankest tory families of the revolution-to wit, a Rhinelander. (See below.) Built the Pearl Street House. A very eycellant worthy man aLd gocd citizen, an ex-Alderman. lar Payne Thatcher T. - - - - 100,000 many years a prominent politician. Served a severe apprentice-hip to stlugtiing up hill Pettigrew John.-. - -- 100,000 labr, as a scho l teacher, and became of great emi- A, f nience'as a linguist and correct $cholar -being. of a aro the demcrti pdty. He h een a lbor ence as a Iaivgult and correct acholar.-bein of s A contractor, and ex-Alderman of the seventeenti lanily part Jew srom the east end of Long Island ward, o1 the de ocratipa ry. He ha been labor not forfrom Montauk. Is brother bf the justly cele- nK an, and has made all hs money. blated Jno, Howard Payne. Thatcher, however in Phalen James - - - - - 200,000 fortune has taken the witfid out of the sails of the widering poet, who hags ksmuch as^ ver to do to Broker,.Is building a fine free stone residence in gPt his cruot-for Tha'cher now ha3 his liveries and Union Fquare. Is a perfect gentleman. During his valeta, and rrives s carriage, and lives in snuff minority, was with Dana, a Lottery dealer of Boston. Ar per force" of a most capital speculation he made At his dea h took bis business, spent two or three in narrying the rich young bloomng widow of Mr' years in Virginia anI Marybnd, and made the bdBaily, a rich merchant, dec'd, that left a plumb some fortune now invested, chiefly in uptown propnearlyto her, and we.hope.Thatcher, who is a lucky erty rcguedon't forget his poor r lationa if he has any. help Anson G. - -. - 1,000,00 Pearall'Frances (widow of Thomas C.) 1,500,000 He was of Connectic.t, end learned the tirnnei' trade. He went to the 'outh, petiling the woakanHer husband made money as a Druggist, and reali- ship of hisown hands, and t, auled in the tin as fast red a princel7 fortune by investing in real estate. as ne shoved it off. Sub-equenily he became a merThe widow,hves in magnificent style in. Waverly chant in thetin, iron, and cop, er line in this city, and Place, and supports two or three sons-in-law in good, afterwaids a partner with Mr. Peck, consUtIutinx the style;.and what is of more importance still, has one firm of Phelpi and Peck, whose store fell in 1632, by ortwo daughters yeton band. Her husband was of which eight persons were killed. Mr. Pb.lps las ~ Long Island Quaker family. and -he the daugh- taken Into the flim, Mesrs. James, Dsdge and ter of the rich merchant Thomas Buchanan, de- Mtokes, tons. inlaw, and the two former once hbs ceased. cleiks; Mr. Peck having now retired, these three, together with his own,nn, is now a-foclated with Parll Thomas W. - - - 300,000 him under the firm of Plielps, Dodge.& Co. In 1843, No relatlon to the above. A retired Auctioneer, FitchSmithcommenced laying put village for tacto4nd made money in the business, and besides got riew. in his native town, Deiby, Ct. 'e village has -475,000 by his wife, the daughter of Thomas Leggett, prown to a little city, and is called blirmingbau. deceased. 'He is a Quaker. Phelps, Dodge & Co., bete erected the most extensive copper works in the U. S.. and they contract with the Peck Elisha. - - - 500,000 government to supply it with nearly or quite all the copper used tor lthe national vesses". In Of a very re ctable and very ancient Inuamsh aodition so thss, Mr. Phelps has individually bough. family, which first came to Boston and then setted f Mr. bml'h a large s!are of the water privilege of in 8aybrok, Ct. Mr. Peck was f rmerJy oftbe frm i valuble.. Pelp of.Phelps 'c Peck, and is now larsely enged in then mines of Pennsylvania, ad manutacture of iron, at Hveritraw, N. Y., where heola glso f t Missmori montain a valuaresides nd -in connexion with his son, under tbe o mouatn of Iron Msorc owns atogether, firmn of Peck. Von, has also a store in this city, hap- half a milon of res iherm ot which deaisg in the iron line ihoe a ps* tne', is doing the most extensive bustnese J. i i that line of any house in Amwica. In 1817 tlis Pek John - - 100,000 ouse suspended payment tor a short perod, at a time A son of Elisha Pick, and In business with his fa- when they were worth a million and a half. Mr. ther. Phelps is now President of the Colonization Society, and *ince his providential escape when his store fell, Pell Duncan C. -. - 100,000 ha been distinguished tor his deeds of charity. The auctioneer, ahd of the firm of D. C. & W Phelps Anson G. Jun.. 400,000 Pell Co. A son of A isn G. Phelps, Senior, and a partner it 'Peofield Joha. -.. - 100,000 the frm of Phelp Dodge 4 Co 24 Phelps John J.. 200,000 PhelpsThaddeus - - 100,000 The Phclpse come from Connecticut, and are highly respectable. Philipon Francis (Estate,of) - - 00,000 Phaenix John. - - i-,000 Phcenix J.P. -.. 15.000 Formerly a grocer, the qtanding whig candidate for Mayor; he is a on-in-law of Stephen Whitney. Phyfc Duncan - - - 350,000 Commenced in Fulton street, whrre he now iP, a pJor cabinetmaker, and has now the largest and moot fashionable establtshment in the c3unt y. Pierson Hcnry L. 100,000 Iroa merchant, and son of Jeremiah, who with t... ^ p -— 1.\li-h Irrn thPv~ar ifs.v ref~~ fsti~r msn Pratt Henry Z. -. - - ' - 100,000 'f the firm of Robinson, Pratt & Co., booksellers and publishers in this city, and originally from tIarford, Conn, Their line is chietly in school books. Price Thmipson - * -. 100,000 A well known builder and contractor, ' -.. Prime -Edward - - * - 300,000 Son of Nathaniel the founder of the celebrated house of Prime, Ward & King. Nathaniel was, poor boy and established in the exchange business by Rufuu King, and afterwards in partnership with his son James G. Xing, Edward succeeded his father who died some years since in Westchester co. He re.idea In a venerable palace built by hisfather at.the corner o' Broadway and the Battery. R IxaaC K., CI AeUUI3ILV ufactures, a nail, and Iactory, on the Ran great wealth. Isaac, the city. and held p filled with great cred ' old guard" of;he *hool. The progeni yinmn and pastor of 't Southampton, ' uf kl.of A. P. - Pirnic John Ponycrt Elias - Poirier P. - Porter Charles Porter D. C. Post Allison The Progenitor of chanic, among the ci co. L. I., and thehce at Hempstead Queer (bath oe cased). brot with te 1 -te distingui brother) son- of a Wrigt'ls early lesson' bably, his strong ta.te in, anatomy. Jo(lani canied on a great s bmashed; but a few store and warchouic, I Into the vend;ng of with Waldron B., (son lated a very large esta norw lusuriating in the quality in the vienity Post Joel (estate of) Post George D. Oldest son of Joel at Post Gcrardus, Post William, Post Jehia, Post MaFy. Children of Gerardl miliarly known as " Pa Post Waldron B. To his fortune as ab a considerable amount Wolfe, of Rhode I.land of them Cuba planters,.by trafficking in slaves Prall David M. An ancient and resf the mercantile line. Prall Misa - afterwarus in addition a cotton Rankin (estate of He-ri ) - - $250,000 aapo river, and there acquired The Rankins ire among the old Knickerbockers.,until of late years,resided in slaes of public trust, which he Rankin John - 300,000 it as a prominent leader in the e democracy of the Jefferson Rapelye G. (estate of) - - - 500,000 itor ot the Piersons wat a cler- The first born Dutch child on Long Ilnand, over tne Envlish Colony that found- two hundred years ago, was a Ralpelye, t te anc ent t:rlk County, two centuries ago. patrimonial estate somewhere near the Wallabout, - -0 (now the United States Navy Yard.) 150000 Rathbone J. [Estateof] - - - 500,000. - - 150,000 Rathbonc John Jr. - - - - 200,000. 200,0 The Rathbones are Yankees from Connecticut, we 100,000 believe. -. - 100,000 Raversies Fredericl; - - - 20b,00i) - 100,000 Ray Robert -.... 300,000 Son of Cornelius R., an ancient merchant and old - - - 500,000 Dutch New York family. Robert added some to his wealth by marrying a daughter of N. Prime, the the Po-ts wats n humble me- broker. Jno. A. King, per contra, got a. very large aly English setlers of Suffolk slice of the Ray prolpety by maxrying a daughter of the fanily soon after located Cors. Ray. ns co Joel and J-tham Post thers of Alliion, were, together Reade Robert L. - 100,000 ish di Dr. Wrilght Post, (another. t highly ic;,jectsble butcher. Reed Co line - '- - ' 350,C00, in the shanlbles gave him LTro- An Irishman, who came to this country a poor boy: e for and afterwards, eminence He became engaged in the retail mercantile business d Jotham, about 30 years ince, in Georgia, and made great profits in selling liquor trnke in the drug line; then and trinkets to the Indians. After having aecumu-' ycars after built a mngnificent lated a considerable property he retired years ago and icc; launched larger than ever invested his funds in real estate in this city, the rise apothecary ::::;::: New-YoekMauComy I00 New-Ytork i:.!rm Six fIV eIU. div. oat::::: 90 Lawianm::::::::::::::::: EXCHANGE. Th per Cents.::&;.':::; ~, 4, Jf 18!l. O1 at Deeed,::::::: W Bia, 00dL 96 P. York Insurace:::: 00 10::.::: A m Trenuurypote:::-:..: 4 1-4:::::::: 1d H::: b United:::::::::::::::::: 90 00::::::::::;:F ~m dEae div. of'::::::::::: |11 The first price-list of stocks to be published in a New York daily,-the Commercial ddvertixer of March 10, 1815. ance and for a forward movement of business that became somewhat hectic-until, as usual, there was an explosion which reduced the steam pressure. Looking back a half century, it is quite clear that the cost of the Civil War is inadequately stated even by the long schedules such as the one in the Senate Document of 1879, which listed a hundred appropriations for expenses caused by the war, from a billion for pay of volunteers, to $500 for the purchase of a cemetery at Columbus, Ohio. It totals nearly $7,000,000,000-and there were still some billions to come from the ever-rising pension disbursements; nor does even this include the cost to the South, the injury to trade and private property, or the loss of the productive power of perhaps 700,000 citizens. Yet there was one intangible, unseen item of cost, accumulating through more than a decade after 1865, which was almost more serious than all this, or the $2,400,000,000 of national debt left for the future to take care of. This was the effect on men's minds of abrogating accepted social laws, of lavish expenditures and "easy money," of the THE GROWTH OF THE STOCK EXCHANGE 231 basic unsoundness in legal tender currency. There were exaggeration and inflation everywhere: prices and rents in 1866 were nearly double the pre-war scale, and labor was sixty percent. higher. There was a distinct relaxation of moral fibre during this decade, such as inevitably comes when a nation puts the stamp of official approval upon an everyday necessity not based on strict honesty. That force of public opinion, upon which individual human beings are so dependent, is subtly affected by a compromise in ideals of integrity: what is accepted in currency tends to be accepted in character. There was a crop of new war millionaires then as in 1917, and while sober reputable folk condemned their methods and smiled at their ostentation, their success caused imitation, contributing largely to the unhealthy tone of business, real estate, railway, stock and gold speculation, and commercial and social life in general. The Tweed Ring, the gold speculation, Fisk and the Erie scandal, and the Credit Mobilier are the outstanding indications of this unsettlement of mind and abandonment of old standards. In short, we took things as they came, until conditions reached a point that demanded the drastic house-cleaning of the Seventies. Of course, New York made real progress in many directions. In 1866, the Great Eastern succeeded in splicing the first Atlantic cable, which had failed so disappointingly eight years before, and laid a new one, establishing a communication never since interrupted: almost immediately, London prices began to be received by wire, and arbitrage dealings commenced to influence exchange operations; the old volunteer fire-fighting system, always inadequate and now much corrupted, was completely abolished, and an efficient paid force, equipped with modern steam engines, set a new standard in fire protection; the arrival of a ship with cholera brought about in February, 1866, the formation of a Board of Health which started a vigorous cleaningup and sanitary control and probably saved the town from another cholera scourge that year; the intensely cold winter of 1866-67, and the stoppage of ferry traffic across the East River, brought to a head the agitation for a bridge there, and the first stone of the great suspension structure was laid in 1870, from plans by John A. Roebling, who had outlined just such a project as early as 1857; and in 1867 came the experimental Greenwich Street elevated road, destined to last only a year but having a profound influence later as a crude demonstration of the rapid transit upon which the future greater city depended. The Stock Exchange had grown from the informal association of brokers, meeting casually under the famous Wall Street button 232 A CENTURY OF BANKING IN NEW YORK wood tree or at the Tontine Coffee House, to a close corporation whose daily activities were a mystery ardently spied upon by outsiders. During the war, it had prohibited its members from selling Government bonds "short," or from dealings in gold, the Gold Exchange being in consequence formed by those who held that patriotism should not interfere with such a promising field of business and speculation. The Exchange's conservatism resulted, just about the time it found a new and permanent Wall Street site for its home in 1865, in the rapid growth of rival organizations; these began to make such inroads upon the Board's leadership in stock dealings that a consolidation was effected in May, 1869: the Open Board and United States Government Board were taken in; from that time on, the unchartered organization dominated the field unchallenged, and its swiftly expanding dealings made it a factor of increasing importance in the banking situation. The first dealings had been practically confined to a couple of classes of Government bonds, English consols, foreign exchange, and shares in the few banks and insurance companies; even in 1817, when the New York Stock and Exchange Board was organized because of the extensive operations in the securities of the new banks, the leading journals of trade and finance quoted only U. S. 6 and 3 percents., and exchange on London in their "Prices of Stocks." Here is a sample quotation list of May 6, 1792: 6 percents................................. 22s Od 3 percents................................. 12s 8d Deferred.................................. l3s 2d Indents.................................. 12s 3d Final settlements............................ 18s 6d Half shares, Bank of the U. S. 50 percent. premium. Shares Bank of North America (Phila.), 15 percent. premium. On November 25, 1818, the Exchange activities had expanded somewhat: United States Bank........... 113WX Bank of New York........... 27 Manhattan.............. 120K Union.................................. 94 Merchants.......................... None Bank of America............ 95 City Bank.............. 96 Phenix............................ 100 New York Insurance........... 94 Mutual Insurance............. American........................... 34 National............... 90 X Globe................ 111 Doubloons.......................... $15.88 CHANGES IN THE 60'S 233 And in 1827 "industrials" had begun to appears United States Bank........... 124 New York Bank............ 12454 Manhattan................... 11854 Merchants.................... 108 Mechanics.................... 112 City........................ 101 Phenix...................... 125 America..................... 9754 Union................ 10254 Etna Insurance............ 95 Equitable Ins............... 10852 Delaware & Hudson Co........... 88 N. Y. Gas Light Co............ 140 Merchants Exchange........... 110 Doubloons.................... $15.87 In 1837, "New York As It Is," a very complete guide, has thirty pages of banks, insurance companies and trust companies; but, outside of sixteen railroads, canal and ferry concerns, lists merely two gas-light companies, one land and building venture, one lumber, one fur and one iron corporation-and does not so much as mention the Stock Exchange. But the influx of canal securities in the '20s, the land companies, the railroads, the copper mines, the manufacturing companies, the new corporations of every sort as the country developed, and the vast outpouring of Government bonds during the Civil War, had produced a list of securities approximating $3,000,000,000 in 1868 which were being dealt in on the Exchange. The establishment of stock tickers in 1867 was an external indication of the importance stock trading was assuming. The Produce Exchange, too, had come into existence in 1860, and was housed in its own building the next year. One of the first evidences of the public state of mind was the real estate "boom" which started in New York. Building had practically stopped during the war, rents were enormous, vacant lots worth almost nothing; there were still over 25,000 vacant lots below 86th Street. Owing to the lack of street railways, the scarcity of houses and the high prices, there had been a great development of the suburbs across the river and bay, these being easier to reach than uptown houses at a time when the opening of Madison Avenue was hopefully expected to "prepare the way for an extension of the Fourth Avenue railroad" and give reasonable communication with the Central Park region. The brazenly corrupt Tweed Ring held the municipality in its grip, and any sort of public work offered chances for plunder; so the opening of new streets and the frantic rush of building opera 234 A CENTURY OF BANKING IN NEW YORK tions and real estate sales reinforced each other. The condition not only bred dishonesty, but there sprang up a total disregard of the city's past. St. John's Park, whose superb trees had recently shaded the fashionable residence section, was sold to a railroad for a freight station; the dignified grounds of the old New York Hospital, at Broadway and Pearl Street, suffered a similar fate; and the lower corner was sliced off City Hall Park for an unsightly Federal Post Office. The pressure, and lack of transportation, caused the three and four story structures which were the rule to shoot upward: the first apartment houses, known as French flats, date from this time. In the next few years hundreds of tall flat buildings were erected or remodelled from old houses. The clumsy elevator that was one of the wonders of the "towering" Fifth Avenue Hotel, was soon improved and made still more lofty buildings practicable. Railroad building was speeded up everywhere, the joining of the two halves of the Union Pacific in 1869 giving a new spur to the public imagination along that line; the huge land grants made to western roads, and the profits in construction companies like the unsavory Credit Mobilier, fed the flames of speculation. We escaped the remarkable English "Black Friday" of 1866, when the panic that broke with the failure of the great house of Overend, Gurney & Co. caused a suspension of the Bank Actlargely because we had gone through the enforced liquidation of 1860 and 1861; but three years later, amid increasingly active stock speculation, which was ever absorbing a larger share of the available capital, we had a Black Friday of our own, as a slight foretaste and illustration of what the country was heading toward. This was the bursting of the gold speculation, in which Gould, Fisk and some associates had been the chief figures. Some months before, the Treasury had ceased its steadying sales of gold, under the belief that this would stimulate crop exports in place of specie ones, and the syndicate had bought vast amounts, till the price had risen to 160. The operators held contracts for over $100,000,000 of gold; there was barely $25,000,000 in the city and the Government held less than $100,000,000. With a "short" interest which Gould himself estimated at twice the syndicate's contracts, and believing apparently that they had the Government "fixed" so that no relief would come from Washington, the managers of the operations openly announced on September 24 that they would put gold to 200 and smash the Gold Room. Under this threat, those on the opposite side were rushing to cover at any price, when an order arrived to sell FINANCIAL SITUATION IN THE 70'S 235 $5,000,000 of gold on the Treasury account. The price broke so fast that Fisk's broker was wildly bidding 160 for million lots on one side of the frantic crowd, while sales were being made on the other at descending figures from 150 to 132. The Gold Room suspended business for a week; half the members were in trouble, and the chief operators lost paper millions. Terrific as was the excitement, and many as were the failures, the whole thing was so localized that it had no lasting significance for the banks-xcept as an indication of the pace at which the country was going. Still, the next report on January 1 showed a drop of $28,000,000 in the deposits held by national banks. These years saw further destruction of national resources and feverish expenditure on new enterprises all over the world. The war between Italy and Austria was followed closely by the Franco-Prussian War, where another $2,700,000,000 was poured out. The Suez Canal was finished in 1869, unsettling investments in shipping. The whole globe seemed railway-mad: Austria trebled her mileage in eight years; Russia built up a 12,000-mile system in half that time; nearly 200 millions of English capital had gone into South American construction; the United States, which had added 10,000 miles in eight years from the outbreak of the Civil War, suddenly quadrupled the rate as the Union Pacific completed the first transcontinental line; from 1869 to 1872 there were 25,000 miles of new roads built. Small wonder that the banking reports from New York in 1871 noted a "very marked demand" for railroad funds, and a stringency of money. At the same time, the growing feeling against the railroads on the part of the Western farmers tended to lessen confidence in these securities-a tendency not helped by the notorious performance of Fisk in Erie stocks, and the frequent "corners" on the Exchange. The pooling agreements, which had recently begun, largely eliminated competition; and the suspicious resentment of shippers was shown in the appointment of State railroad commissions and laws fixing maximum rates and fares. The whole world, and the United States in particular, was over-extended; and the situation only awaited the chance event to become acute. The summary of financial happenings during these years, which Henry Clews gives in his "Sixty Years of Wall Street," gives intimate flashes of a general attitude which expressed itself in numberless ways and was bound to bring disaster: "June, 1871.-Rock Island was cornered. The pool began buying at 114Y2 and advanced it to 13078. On liquidation the 236 A CENTURY OF BANKING IN NEW YORK stock declined to 110. Many failures occurred and bad faith was charged. "October, 1871.-The week beginning October 9, 1871, was one of the most eventful in the history of the Stock Exchange. The banks had expanded beyond precedent and were compelled to contract loans to raise money for crop purposes. The payment by France to Germany in settlement of war claims caused the Bank of England rate to advance from 3 to 5 percent., and produced a feeling bordering on panic in London. The New York market was very sensitive when news of the Chicago fire came. Prices broke at 4-10 points. On Tuesday there was great excitement; sales were enormous and fluctuations wide. On Wednesday there was a rally on the belief that the Government would purchase 5-20's. The lowest prices, however, were made on Thursday. On Friday there was more steadiness and prices were higher. The bank statement was favorable and matters quieted down. "December, 1871.-The Ocean National Bank, the Union Square and the Eighth National Bank failed. Money was scarce, but stocks were firmly held. Operators and brokers were loaded up with stocks and sustained prices, awaiting an opportunity to get out. "March, 1872.-The Erie revolution occurred. The Board of Directors was overthrown, and Jay Gould resigned the presidency. Gen. Dix became his successor. The operation caused great activity in the stock market, and money became tight. "June, 1872.-Stock dividends on Lake Shore and Michigan Central were declared. "Aluqus, 1872.-Gold was cliqued. "September, 1872.-Erie was cornered. The Gould-Smith clique was short of it. The stock first became scarce on purchases by German brokers for foreign account. Then Drew became a heavy purchaser. At the same time the German brokers were long of gold, and with the double idea of punishing them and compelling those carrying Erie to sell out, the Gould-Smith clique endeavored to lock up money. This plan was defeated by the refusal of two banks to pay out legal tenders on certified checks. Just then, too, the Government bought $5,000,000 bonds and sold the same amount of gold. This completely broke the speculative manipulation of money, and a panic was averted. During the height of the panic there were no quotations on money. Among the failures of the week were Northrup, Chick & Co., bankers, the Glenham Woolen Manufacturing Co., Paton & Co., dry goods, George Bird, Grinnell & Co., stock THE PANIC OF 1873 237 brokers, Hoyt, Sprague & Co., and A. & W. Sprague. * The banks suspended their weekly statements and they were not resumed until late in November. "November, 1872.-Jay Gould was arrested on criminal charges based on his management of the Erie Railroad. He surrendered securities the face value of which was more than $9,000,000, in December.-Northwestern was cornered. It opened November 20 at 8334 and closed at 95. On Thursday it sold at 100, and at the close on Friday 200 was bid. On Saturday buying in under the rule ran the price up to 230. The settlement was made on the following Tuesday, when the price declined to par, the highest bid made being 85. Jay Gould, Horace F. Clark and Augustus Schell conducted the corner, while the cornered were Drew and Henry N. Smith. It was one of the most profitable corners ever made in Wall Street. "February, 1873.-There was a noted corner in Northwestern. "April, 1873.-The preliminary panic of the year occurred in this month. The stock market was uneasy. The failure of a firm of silk importers was followed by that of Barker & Allen, the members of which were related to Vanderbilt. Three other firms also failed. Confidence returned and quiet prevailed until the 26th, when the Atlantic Bank failed. This brought about another depression, which was followed by a quick rally. "Mlay, 1873.-Heavy break in Pacific Mail. The further retirement of greenbacks was prohibited by Congress. "Auguds, 1873.-Fraud was discovered in the issue of certain bonds of the New York Central & Hudson River Railroad. "September, 1873.-The New York Warehouse & Security Company failed on the 8th; Kenyon, Cox & Co., in which Daniel Drew was a special partner, on the 13th; Jay Cooke & Co. on the 18th, and Fisk & Hatch on the 19th. Innumerable brokers failed. There were runs on the Fourth National Bank and the -Trust Company. The secretary of the company was a defaulter to the extent of $500,000, and its doors were closed. The Bank of the Commonwealth failed. There was a panic in the stock market, and the excitement ran so high that the Governing Committee closed the Exchange at 11 o'clock on Saturday the 20th. The Gold Exchange Bank was unable to effect all the clearances, and the dealers were unable to get their balances. The result was the temporary suspension of some dozen firms. The Gold Exchange Bank having been enjoined by the courts from making the clearances, the Bank of New York undertook the job and failed in it. Next a committee of twenty was appointed to do the work. but it failed also, because Smith, Gould 238 A CENTURY OF BANKING IN NEW YORK & Martin refused to render a statement to it. The final settlements were made between members themselves. Smith, Gould & Martin, with contracts amounting to $9,000,000, settled on a basis of 135. Business was resumed on September 30." The immediate cause of the money drain which started the panic was, as before, the sudden demand by out-of-town banks for their cash reserves on deposit. It was found that the $60,000,000 of call loans on which the New York banks had relied was " entirely unavailable." The collateral was unexceptionable in normal times, yet values tumbled so rapidly that it could not be realized on except at great sacrifice. In the emergency, the issue of Clearing House certificates again proved a most effectual aid, and more than $26,000,000 of these were paid out, all being cancelled by the following January. The same pooling of reserves was resorted to which had proved so helpful in 1860, but there was by no means unanimity in this matter. Most of the conservative institutions were strongly opposed to the practise of paying interest on bank deposits; the twelve members of the Clearing House which allowed such interest had naturally secured the bulk of balances from the out-of-town banks, and when these were called in, this group was the one first endangered. The others naturally found it peculiarly trying to have to risk their own scanty reserves by coming to the rescue of those who were suffering from a practise they themselves had fought against; and it was stated that they consented to equalization of reserves only in the belief that the Clearing House would put a stop to the paying of interest on deposits. This was not accomplished. Moreover, there was a widespread belief that some of the banks had not played fair, but had encouraged special currency deposits and exchanged greenbacks for notes so as to get around the pooling agreement. The result was that this admirable plan of standing shoulder to shoulder in a crisis fell into abeyance. Its lack helped to bring on the common disaster in later years. Deposits in the national banks fell off a hundred millions in the last half of that disastrous year, and from the very nature of the case, business adjustment was a matter of years instead of months; there were thousands of failures all over the country, and the railway bonds in default at the beginning of 1876 reached a total of $789,000,000. "Boss" Tweed and his ring had been overthrown, the hundredth anniversary of independence commemorated by the Philadelphia Exposition, and, after interminable discussion, specie payments had been resumed, before the full recovery had been accomplished. THE PRICE OF GOLD IN 1878 239 This welcome return to national integrity had been skillfully prepared for. Secretary Sherman, as the New York financiers had counselled, had built up an ample gold supply, assisted by the enormous surplus production of crops. As the day appointed approached, it became more and more evident that upon the New York banks depended the success of the much debated step. They held over $40,000,000 of the legal tender notes; and $85,000,000 more was in the hands of the rest of the banks, who would doubtless follow their example. The Assistant Treasurer of the United States was made a member of the New York Clearing House, which then contained forty-nine national and thirteen State institutions. It was arranged between them and this representative of the Government that the Treasurer should present drafts on any bank to the Clearing House, and that he could conversely adjust drafts on him by United States notes or Clearing House certificates. The banks agreed to stop receiving gold as special deposits, to abolish special exchanges of gold checks, and to settle Clearing House balances in gold or legal tender. The following record of the significant event appeared in a newspaper of December 18th, 1878: "At 12:29 yesterday, according to the official record, $10,000 of gold was sold in the gold department of the stock exchange (the old gold exchange) at par. This is the first sale of gold at par that has taken place in this country for sixteen years. The room was alost empty at the time the transaction was made, and so quietly was it accomplished that only three or four persons who stood near the register's desk knew anything about it. It was a coincidence that the record-book in which accounts of sales are kept, had so nearly run out that all these transactions were recorded by the clerk on the last page of the last leaf. Word was sent immediately to the Stock Exchange, and the announcement of each sale was received with vigorous cheers. Following are the highest prices reached by gold in each year, beginning with 1862, when it was quoted at 102 on Jan. 1: 1862... 134 1868... 150 1874... 114Y8 1863... 152W 1869.. 162Y 1875... 117$ 1864... 285 1870.. 123W 1876... 115 1865... 23334 1871... 115% 1877... 107 Y 1866... 167Y4 1872.. 115$i 1878... 107" 1867... 145$i 1873... 119% -Ior CHAPTER IX A MAARVELLOUS QUARTER-CENTURY Reasons for the Prosperity of 1870-i9oo-Specialization of Banking Activities-Abures of the Check SystenzBanksr and the Gold Reserve of 1892 -The Panic of 1893- Rise of the Great Trust Companies IE long-awaited return to realities and one hundred percent. financial honor was undoubtedly a large factor in the general business quickening that ensued. "Many industries which had been depressed since the panic of 1873 revived, while increased activity appeared in all branches of production, trade and commerce. Every preparation for resumption was accompanied with increased business and confidence, and its consummation was followed by a revival of productive industry unexampled in our previous history." The country had entered in fact upon a period of amazing development. It has been pointed out by a historian of the great inventions that each important mastery of one of Nature's forces has raised mankind to a higher level of knowledge and capabilities, where his progress was not merely added to but multiplied. Similarly, the United States was about to multiply its powers indefinitely through new inventions, discoveries of unsuspected mineral resources, revolutionary advances in manufacturing processes, evolution of the vast potencies in combination and systematizing of business methods. The purchase of Alaska in 1867 had added half a million square miles and a sixth of the total area; most people thought it dear enough at the price of $7,200,000, little dreaming of the golden flood which it was to pour into the country, amounting in the years since the Klondike discoveries to over $300,000,000. But the growth of this miraculous era was chiefly from development of what we had long possessed-the petroleum of Pennsylvania and of subsequent fields, the iron of the Lake Superior and Alabama regions, the copper, silver, zinc and lead; the vast lumber resources of Maine, the Lakes country and California; the turning of 240 SPECIALIZATION OF BANKING 241 the trans-Mississippi area into a colossal granary for us and for the world; agriculture, mining, manufacturing-every form of industry-waxed like the Eastern conjuror's tree that grows to maturity before one's eyes. From 1869 to 1900 we doubled our population, trebled our wealth, and cut the national debt to less than half. Between 1876 and the end of the century the New York annual bank clearings rose from less than $22,000,000 to more than $77,000,000, the total bank and trust company deposits throughout the country grew from two billions to seven; our imports and exports went up 250 percent.; the value of our farm products approached five billions a year, our manufactures exceeded eleven billions-great new industries, like steel, tinplate and beet sugar, and the gigantic series of electrical productions, having been added in their entirety; our 76,000 miles of railways had become 199,000. The electrical age, which was to more than repeat the transformations of steam, had begun: Bell's first telephone had been patented in 1876; within thirty years five percent. of all the people in the United States were bound together by this new means of communication; Edison had 711 patents to his credit, Elihu Thomson 394; the total inventions in the field of telegraphs and telephones, electric railways, motors, signalling and generation exceeded 17,000. As a consequence, an industry which barely existed in 1870, had to be measured by hundreds of millions by 1900. Electric lighting became common in the'80s, the trolley car in the '90s; the automobile arrived, and presently in place of the 600 produced here in 1899, we were turning them out by the hundred thousand and had added one more billion-dollar industry, as well as a new factor in passenger and freight transportation. The New South, freed from the economic shackles of slavery, had developed a tremendous industrial and mining balance to its agricultural production. Men had discovered the undreamed-of force that lay in organization and combination; and the tendency towards consolidations, which had proved so essential in railroads almost from the beginning, increased steadily after the Civil War, till it reached its apogee in the colossal trust formations of 1890 to 1900. Radical advances in management and distribution constantly stimulated industry; the department store, the mail-order business, the chain stores altered the entire nature of retailing. Inevitably the banking development followed the same course as the trade from which it sprang, growing ever larger, so complex that it had to be split up into specialities, and forming vaster and vaster aggregations of capital that could meet the needs for mil 242 A CENTURY OF BANKING IN NEW YORK lions where thousands had once been sufficient. As a larger and larger proportion of the country's industry was handled by corporations whose securities were dealt in on the stock exchange, "Wall Street" became the barometer of trade conditions on which all eyes were focussed; and there was a constant complaint that too large a proportion of the available banking capital in New York was engaged in the profitable financing of speculation. This criticism reached a high pitch in the Seventies, and testimony in a congressional investigation of a "lock-up," or artificial currency contraction, excited the public mind against the banks. "A Director of the Tenth National Bank of New York was a special partner in three firms with whom he left his money to be loaned. On a day specified, he directed them to call in his money, which they did. In the afternoon he went to his bank with the checks received from the three firms, amounting to $4,100,000. He requested the President to put them through the Clearing House the next morning. This was done, the money was paid; but instead of putting it into the bank on deposit, he carried it away. The whole transaction was outside the regular and usual business of the bank, and was simply an arrangement by which it withdrew over $4,000,000 of legal tender notes from circulation for a Director of the concern, whose avowed object in having it done, as he himself testified before the investigating committee, 'was to cause a stringency in the money market for the purpose of bringing about a decline in the price of stocks', of which he was short. 'It affected not only the banks and the business community of the city of New York, but that city being the principal centre of the monetary operations of the whole country, the stringency produced there in the money market extended to other cities, and affected more or less injuriously every branch of business requiring the use of money throughout the country."' Such things as this, and evidence that a firm of brokers with very little capital had just before the panic had $14,000,000 from banks when a reputable old commercial firm could not get $24,000 on good thirty-day business paper, helped the movement for restrictive legislation and close supervision. Publicity had for half a century been a distinguishing feature of the American system, and Gallatin pointed out how reports and examinations strengthened the banks in public confidence. The national banks were divided into twenty-five regional groups, with an examiner for each district, charged not only with the inspection of the cash, bills and books, but the character of loans and the whole conduct of the business. The well run banks, of course, welcomed such publicity and the additional check thus given by a government ABUSES OF THE CHECK SYSTEM 243 official. From 1870 on, five reports a year were demanded by the Comptroller, at any dates fixed by him; after 1893 there were two examinations each year; and the severity of these was increased as any point of probable weakness was disclosed. While there is a plausible tale of at least one examiner who knew so little that he had to get assistance from the cashiers of the examined bank to make out his report, the average standard has certainly been high, and the American public rests heavily upon this government supervision for its confidence in bank soundness. A point which attracted much attention at this time was the alleged abuses of certification. This custom had come into use mainly through an effort to stop certain sharp practices. "The system of certifying checks," says a journal of 1883, "may be said to have originated in New York. Only a little over thirty years ago the banks of this city made their exchanges but once a week, and this was on Monday morning before banking hours. Many shrewd dealers with more wit than capital availed themselves of this fact to secure funds not otherwise within their grasp. At the beginning of the week, A, B and C had accounts in three different banks; A would obtain B's check, B would secure a like amount of C, and C, in turn, of A, and each would deposit the order in his own bank and of course draw against it. Thus, without any money, they could draw three thousand dollars and use it up to Saturday. On this day the money must be deposited, as the checks would go in for settlement on Monday morning. It was not difficult for each of them, just before the bank closed on Saturday, on their checks dated Monday, to borrow of some friend a thousand dollars, and this would keep them going indefinitely. "This was called 'flying paper', and, by an easy transition, 'Kiting', as it was raising money by the use of paper that had no solid support. Of course, it was adroitly disguised, the checks being for odd amounts, and the various transactions as much mixed as possible. To prevent such a misuse of credit, the banks began to send out runners, either to present the checks for collection on the day they were deposited or to ask for a certification. If the check was certified it was charged at once to the drawer, and unless he had the money in bank at the close of business his account would stand overdrawn. It was done to prevent kiting and not to facilitate it. It is true that from the hour of certification to the close of business the drawer of the check had a credit, but the paper was not a kite, as it had the stamp of the bank, which represented real capital. "After the practice of making daily exchanges came into vogue, the system of certifying checks was extended to avoid the carrying 244 A CENTURY OF BANKING IN NEW YORK of money through the streets, and to bring all the settlements together into the morning hour. When the clearing house was established it became still more convenient, and no one thought of presenting a check for payment." At first there was no conception of the bank's assuming a legal obligation for the amount certified. The cheque was not charged to the drawer's account until presented, and the stamp was considered little more than information. But the obvious chance here for creating a credit from nothing could not fail to be seized upon during the frenzy of speculation; some banks certified to an enormous extent, practically guaranteeing the brokers' contracts with their customers,-and in the pressure over-certifying became so common that a State law in 1869 penalized it by forfeiture of charter. The New York Clearing House declared vigorously against any certification unless the amount were found regularly entered to the dealer's credit; and when the abuse continued another law was passed providing heavy fines and imprisonment. In spite of everything, the fatal ease of the transaction, and the possibility that it might never come to light, made cases crop out again and again: when a New York bank lost a large sum by overcertifying, the indicted teller pleaded orders from his superior; and the certifying banks generally assumed that accepting checks was not a violation of the statute. In 1822 a Federal Act prescribed severe penalties for any violation or any evasion by receiving fictitious obligations, and the Comptroller's strictness in following up the matter caused some of the conspicuous offenders to abandon their national charters and reorganize under the more liberal state law. It was at just this time that the charters of nearly four hundred national banks were about to expire, and there was much discussion over renewal. The conservative banks were most anxious not to reorganize, but to continue maintaining the undivided surplus built up to 20 percent. of the capital under the national lawamounting all told to $181,000,000; and the bill for the twentyyear extension finally passed. There were then over 2,000 national banks and the yearly loans and deposit items had each just passed the billion mark; the savings banks held nearly $900,000,000, the state and private banks another half a billion, and the trust companies, just on the verge of their swift expansion, showed $111,000,000. The constantly increasing emphasis on the deposit funds was strikingly shown in the report for 1900. This gave aggregate individual deposits as follows: In National Banks. $2,458,092,758 In Loan and Trust In Savings ". 2,389,719,954 Companies.. $1,028,232,407 In State. 1,266,735,282 In Private Banks. 96,206,049 GOLD RESERVE OF 1892 245 By 1900 the trust company deposits had reached the billion mark; in 1910 they were over three billions, had passed the State banks, and were a fifth of the total for all classes. The '80s saw a continuation of the consolidations of all sorts; the Gould system of railways was built up, Western Union absorbed its telegraph rivals, and these groupings into systems alternated with heavy stock dividends and with frequent stock market "corners"' and outbursts of speculation. There was an excess of Per cent 250 - - - - - - - 200 — ISO 0 0 1810 1820 1830.1840 1850 1860 1870 1880 1890 3900 1910 19*0 Significant features of this graph of commodity prices from 1810 to 1920 are the fluctuations following the war periods. exports over imports amounting to nearly $700,000,000 in the first years of the decade, and the tide of gold set heavily back towards the United States. The French crash of 1882 had almost no effect here, but 1884 was made memorable by the failure of Grant & Ward, and the wrecking of the Marine Bank, followed by the Metropolitan, where the management had been of the unsoundest, and the Atlantic. Again in 1890 the failure of the Baring firm in London, with liabilities of ~21,000,000, owing to their heavy backing of the Argentine railroad boom, had only a temporary effect in America. The New York banks stood the strain with the help of Clearing House certificates. Nevertheless, this rude shock to English optimism had an aftereffect in that it presently caused a check in the flood of foreign capital which had been poured into our railroad and other enterprises. The magnitude and persistence of this investment and reinvestment had obscured the true state of affairs. Probably a 246 A CENTURY OF BANKING IN NEW YORK hundred millions a year were annually payable to Europe on investment accounts alone; and when our silver legislation in 1890 increased the aroused apprehensions of foreign capitalists, a steady calling-in of these great sums began. Heavy gold exports commenced the very month the Sherman Law was passed. In five years the gold reserve in the Treasury was reduced by a half. "The theory of Gresham's law, that the departure of gold denotes the presence of a poorer currency behind the gold, expelling it from the country, was verified by the manner in which the gold went out as the new Treasury notes were pumped into the circulation at the rate of $4,500,000 a month." It seemed to justify the caustic statement of experts that the United States was in banking "at about the same point that had been reached by Europe at the time of the Medicis, and by Asia, in all likelihood, at the time of Hammurabi"-when in 1892 we beheld the government appealing to the generosity and patriotism of the banks to help build up its diminishing gold reserve. The inelasticity of our currency, and the absence of any central bank, ready at all times to rediscount the paper held by the banks and thus prevent the violent contractions and general convulsionsthese features of the European system were conspicuously lacking each time we had to meet a crisis. As we have seen, even the pooling arrangement of 1873 had fallen into disuse, so there was a minimum of chance for concerted action. A group of New York bankers did make a real joint contribution of effort between June and July, 1893, assisted by those of other cities; and the gold reserve was thus raised from $90,000,000 to $97,000,000. But the effects of the silver-based Treasury notes were reinforced by a renewed outburst of the speculative extravagances. "Funds were raised for working alleged tin mines in South Dakota; vast tracts of land were purchased in Florida to be unloaded as sugar lands upon foreign investors under the guarantee of the government bounty upon sugar; and new towns sprang up all over the South, dowered in the imagination of their projectors with infinite possibilities of mineral wealth and manufacturing development, but which proved in fact little more than bottomless pits for the millions of northern capital spent in laying them out. It was the same with suburban improvements in the neighborhood of the great cities as with the 'boom' towns of the South. Millions were sunk in improvements, in advance of actual demand, upon property for which no purchasers could be found when people began to ask themselves what was the basis of reality beneath inflated and fictitious values." UENN C E~ TPCA RR F ~EICh '. | 1. FLTTS,C v J '-I:..OC',g',;,. I 1 ' sr LCU,S l A: ST S',O \ EST J L Reserve percentages of one year ago are calculated on basis of net deposits and Federal Reserve Notes in Circulation. 268 A CENTURY OF BANKING IN NEW YORK of their country-wide organization, which their city correspondents could never do. The Federal reserve banks are proving to be a day to day working system for the member banks, helping them to conduct their affairs with a maximum of promptness and economy. The Reserve banks were opened for business November 16, 1914. Eleven months later, they showed resources of $427,000,000 and loans and discounts of $43,000,000. In another four years the resources had swelled to more than six billions, a third of which was represented by bills discounted for members, and the bills bought in the open market aggregated $343,000,000; the earnings for the six months' period, mostly from bills, were at the rate of 92 percent. on the average paid-in capital. A statement of the New York bank, toward the end of 1921, indicates the growth of the system. At the outbreak of the World War the brunt of the pressure fell as usual upon the New York banks. Before the Federal Reserve Board was appointed, exports of $46,000,000 of gold in three weeks, and sales on the Exchange showing that Europe was trying to change swiftly colossal blocks of American investments into war specie, had brought joint action between the banks, the Treasury and the Stock Exchange; and a little later an acute situation arose over the maturing of a foreign municipal loan of $83,000,000. To avoid the impairment of credit, especially at such a time, the city banks formed a pool to take up new notes and to provide gold or exchange to meet the obligation abroad; on this operation and those to meet the enormous drain of gold and the demoralization of foreign exchange, some $73,000,000 of gold was shipped to Canada by November, 1914. When the Reserve Board began to function, the banks of the fifty-two reserve cities were brought into a general effort to create a common reservoir of gold or exchange. By December, the emergency bank issues, arranged for in August, had been reduced a third, and the Clearing House certificates put at the same time had all been retired. The Stock Exchange, which for the second time in its history had closed on July 30, reopened fully on December 14. The banking world was forced continually to readjust itself to the swiftly changing conditions, the basic influence in which became the vast purchases of foodstuffs and munitions by foreign governments, creating a trade balance in our favor of over a billion dollars at the end of the first year. As a prominent banker put it, toward the end of 1915: "Several of our strongest assumptions have proven erroneous. Our stock of gold was not exhausted by foreign shipments; in WORLD WAR BANKING PROBLEMS 269 fact international exchanges gradually turned in our favor. Our cotton exports were not cut in five as predicted, but exceeded 92 percent. of the previous year's volume. Our copper industry was not ruined, but has been stimulated. Our stock exchanges have not been overwhelmed by a flood of distressed American securities sold at sacrifice prices by European holders, but we have readily absorbed all offerings. Our issue of emergency currency amounting to $384,000,000, and of Clearing House loan certificates amounting to $212,000,000, nearly $600,000,000 in all, did not remain long outstanding, but reduction and redemption took place promptly, and they were practically all retired by the middle of January, 1915." Violent Exchange fluctuations ceased the second year, largely because of the great foreign loans placed here-500 millions of the Anglo-French issue, 250 millions of United Kingdom, and others, to both belligerents and neutrals, making an aggregate of more than a billion and a half. Still, if any prophet had told an American banker, even at this stage of the war, that our banks, with total resources of about $25,000,000,000, would have to take the chief part in supplying the Government with some $37,000,000,000 in a couple of years as one element of our participation-it would surely have been pronounced beyond the limits of possibility. Yet, while many experts estimated that the first Liberty Loan could not be more than a billion and a half,-when two billions were asked for, the whole banking power led the movement which resulted in a subscription of three billions. When the first loan seemed to be going slowly, and people were whispering alarmist reports and predictions, it was the great financial institutions, the "Wall Street" of the outsiders, which almost abandoned their own affairs and used their machinery in a new kind of intensive effort that resulted in the tremendous over-subscription of the last few days. Trust companies of New York City alone presented subscriptions of $300,000,000, and $1,700,000,000 came by or through the national banks of the nation-all, of course, without any commission and with heavy expenses. Of the temporary certificates anticipating loans, too, the banks took nearly three-fourths for their own account, up to April, 1918, about sixty-five percent. of the first four issues going to the New York district, where "the essential role was, of course, played by the New York City" banks and trust companies. Some 14,000 financial institutions ultimately participated in the flotation of these temporary certificates. Moreover, an important banker of St. Louis testified afterward that many of his Western colleagues had felt that the war financing was a thing 270 A CENTURY OF BANKING IN NEW YORK which could be handled by the big Eastern banks-until they came to a bankers' conference at Briarcliff in May, 1917, and had their enthusiastic determination aroused by the presentation of the true situation and the opportunity. Probably a couple of million of voluntary workers aided in the "drives" which made the five Victory Loans successful, increasing the investing public of the United States from four hundred thousand individuals to some twenty millions. From the very nature of the case, however, the lion's share of the responsibility fell upon the banks and trust companies, and their facilities were taxed to the utmost simply by the mechanical requirements. The very fact that, of the twenty-one billions raised by these loans, over five and a half billions were finally allotted to New York tells something of the part the financial concerns there played. The war left us the creditor nation of the world. It definitely shifted the international money centre from London to New York. As a sort of symbol of this transition, we found ourselves with almost half of the world's entire stock of gold coin. American bankers have been confronted with plenty of inevitable problems of readjustment at home-getting back to a less inflated basis than was necessary during the war, working to best advantage with the Federal Reserve system, meeting the terrific shrinkage of commodity values when these slumped from the high levels, in general financing hugely increased industries under suddenly altered conditions. They have had to adopt new ideas that stand for progress, like the buying of bankers' acceptances. In addition they have been forced, by the consciousness of the country's altere4 status, to take intimate cognizance of international affairs, and to help arouse the whole nation to a sense of our vital concern with Europe, of the dependence of our prosperity upon restored foreign markets. It is probable that no problem so difficult has ever confronted the thoughtful financier as now demands solution-our precise relation to the old world which owes us billions, on which we must rely for much of our continued commercial progress, yet much of which is now in economic chaos. It is no longer a theoretical matter: while each nation must naturally work out its own future, on the soundness of our policies will largely depend the speediness and permanence of the restoration. How seriously the more far-seeing men in the profession are laboring at the problem is evident on every side. It requires no prophetic powers to predict that the next decade will be one of the most significant and instructive periods in the whole history of American finance. - -_ - - -Ll- CHAPTER XII THEN AND NO IV Bewivlerisig Chaizges Since 1822- How a Banker of that Time Alight JView The Vast Growth of The Century IT is too bad that we cannot transport our banker of 1822, top hat, tail coat, gold headed cane and all, into the centre of today's activities, and hear his comments on the edifice which has been constructed since his time. I am inclined to think there would be places where his shrewd "horse-sense" and sturdy grasp of elementary business principles would be extremely clarifying. For there comes a point where mere numbers seem to so stimulate fancy as to occasionally obscure common arithmetic, and benumb foundation knowledge. Surely, though, his Rip Van Winkle progress would lead him into infinite bewilderments. At hardly any point could he recognize the New York, or the United States, or the banking structure of which he helped to lay the first courses. In place of the eleven banks he knew all about, he would pass continually one or another of some hundreds of national banks, trust companies, state banks and branches, savings banks, private banks, investment bankers, acceptance dealers, foreign banks and agencies, surety companies, mortgage companies, building and loan companies. He would hear of Federal Reserve banks, Edge Law banks, Farm Loan and Postal Savings banks, international banks, and plans for World banks-till he would doubt his having been a member of the same profession. He would find the new insurance and loan company, to whose announcements he paid so little attention during that year of fright, having weathered all the storm of a century, grown to a mighty institution whose deposits alone are four times the banking resources of the city as then set forth; and those which have come through of the banks of his day with aggregate deposits about equal to the total wealth of the United States in 1820. Nor would conversation with his successors decrease the confusion of his mind. He would hear of banks spending hundreds of thousands annually in publicity: advertising, billboards, elec271 272 A CENTURY OF BANKING IN NEW YORK tric signs, window-displays, motion pictures, souvenirs; issuing weekly and monthly magazines, conducting publishing houses; of co-operative advertising campaigns by the trust companies of a city or a section costing tens of thousands; of a single bank, with many times the number of men and women employees the whole group had in his day, conducting a store in its basement to sell groceries, articles of clothing, watches, phonographs to these at reduced prices; of schools and institutes teaching the theory and practice of banking. He would not even understand what his colleagues were talking about when they referred to the subjects which had engrossed their attention at the last great national convention: Economic Surveys, Labor Efficiency, Blue Sky Laws, Credit Interchange Bureaus, Public Relations Committees, Protective & Insurance Committees, Commissions on Economic Policv, the Chinese Consortium, Community Trusts, Co-operation with the Bar, Acceptance Councils, and the like. And he would doubtless consider it a wild nightmare when he was assured that the financial concerns of his country had come to loan piece credit in the form of acceptances to the extent of $800,000,000 outstanding at one time; or that the leading financial minds were constantly studying, as a matter of direct personal responsibility, the restoration of ruined trade and debased currencies in European countries he never heard of. Nor would it be much less extraordinary to him to be informed, on the one hand, of a nation-wide central system offering the most extensive facilities for check, note and coupon collections already handling a million or two checks a year, and transferring funds by telegraph without cost; on the other, of banking sections instructing school children in the principles of thrift, and housekeepers in the handling of their budget for home expenses. And finally when he read the statement of a university president that the most wonderful political schooling the American people had ever had was the education upon the silver question in 1896, for which the bankers were responsible, and that a heavy burden of economic leadership now rested upon them in the altered position of America-he would realize that a new world indeed had developed out of a century's growth. To him, whose work lay amid the beginnings of trade and industry, it would surely be clear enough that the men who labor amid such swift and mighty currents of progress are always pioneering. New lands, new conditions, new issues lie ever just ahead. And the ability to meet, and use, and play a vital part in developing the opening possibilities, is the quality which has always made life most interesting to the American. PART II I 47"-WAIV CHAPTER XIII AN INTIIfATE RECORD Obtaining A Charter-A Start Under Difficulties-Successive Home- Coonservatism in Alanagement-A Unique YFar Record- Intrura 'ce Activities- Development of Trustts —Some Personal Records I THE BEGINNINGS IT has already been narrated how a new and most important development of financial activities came into existence with the chartering of the first company authorized to execute trusts. This charter was not obtained without difficulty. There was no popular understanding of what a bank's functions were at that time, but there was a lively apprehension at the concentration of any power, especially financial power; the prevalent notion was that a bank existed for the purpose of "making money;" and there had been many complaints of arbitrary management, as well as of the misuse of privileges by the less conservative and scrupulous. The prodigious outburst of new banks and the reckless handling of many of them, had in fact led many people to look upon them as a plague, like yellow fever or cholera. In addition to all this, there was the liveliest professional jealousy on the part of some of the established concerns which thought there was not room in the business field for any more newcomers; and then, as afterwards, the popular misapprehensions were inflamed and used by politicians for their own ends. Some charters were obtained by subterfuge; some banks operated for years without any charter; plenty of institutions actually carried on the banking operations necessarily involved in the business they were authorized to transact, for long periods before any such formal right was granted to them. Nevertheless, on February 28, 1822, the New York Legislature acted favorably on the petition of John T. Champlin, Francis Depau, John Bolton, Richard Harrison, Benjamin Bailey, Theodosius Fowler and others, and granted a charter to The Farmers' Fire Insurance and Loan Company. 275 276 A CENTURY OF BANKING IN NEW YORK In accordance with the terms of this charter: "Those associated as a Company under this title for the purpose of accommodating the citizens of the State, residing in the country, with loans on the security of their property, for insuring their buildings and effects from loss or damage by fire, for insuring any life or lives, and for granting annuities on any life or lives, were created a body corporate and politic-together with all such other persons as shall hereafter become stockholders in said Company; and were ordained and declared, in fact and in law, in continual succession, capable of suing and being sued, defending and being defended, in all Courts whatsoever;-that it shall be in law capable of purchasing, holding and conveying any estates or effects, real and personal, which may be mortgaged to it for any loans it may make: —but that division of its moneys or effects among its stockholders may be made only if all its engagements, contracts and obligations shall first have been fully paid and discharged." It was further provided: "That the Corporation shall have authority to make loans on security of bonds and mortgages or conveyance of improved farms, houses or manufactories, or any other real estate, and to call in the said loans and. to reloan the same on like securities, as occasion may require; and to hold these until such estates can be sold, to the full discharge and payment of such loans." "The loans shall not be made payable in a shorter time than one year, with interest payable annually, and the corporation shall not foreclose any such mortgage until after the expiration of five years from date of mortgage; —provided that the interest be punctually paid." The Corporation was bound to sell and dispose of, within five years, any real estate secured by foreclosure or purchase: —otherwise the title to such property should revert to the State. This provision should not affect such property as might be necessary to the Company in the transaction of its business: e. g. the site for its offices. Stocks might be purchased and held for the purpose of investing therein funds not otherwise loaned, and might also be transferred in payment of losses sustained or in payment of dividends, and might be re-invested whenever and as often as the exigencies of the Corporation, or a due respect for the interest and safety of the funds, required. But it was not lawful to use or employ any part of its stock, or money in buying or selling goods, wares, or merchandise, or investing in any stock or fund created under any Act of the United States or of any State, except as authorized under the terms of this Act. Furthermore, the company might not receive any deposits, nor discount any note, bond, draft, or bill of exchange, nor was it allowed any banking privileges whatever. The capital stock was declared to be $500,000 and when $350,000 had been paid in, the company might begin business. When expedient, the capital might be increased to $1,000,000. Loans upon real estate should be made within the State, and a definite portion thereof within the Southern District of the State. Directors must be stockholders of the company and also citizens of the United States. Six of the twenty-seven were to be from out of town and to represent, one each, "the great districts of this State." A START UNDER DIFFICULTIES 277 The earliest subscribers were 105 in number, and $431,000 of their subscriptions had been paid in by June of that year. The list ran as follows: ORIGINAL STOCKHOLDERS George Andrus Solomon Allen Moses Allen f John Baker John Blakely Cornelius A. Blauvelt Claudius V. Boughton Jacob Brandingham John Benson William G. Buckner Sarah Benson Thomas B. Campbell Percy G. Childs Asahel Clark William Coleman Duncan P. Campbell Palmer Canfield Richard Duryee Wm. A. Tweed Dale Elizabeth C. Dyckman John T. Champlin Benjamin Bailey Thomas Franklin George Griswold Richard Harison Gabriel L. Lewis A. H. Lawrence Henry Mactier Benjamin Marshall Archibald McIntyre Francis Saltus John G. Leake Leffert Lefferts A. N. Lawrence James McKown Thomas Machin Justis McKinstry Niobe Minturn John M. Mulligan Thomas Newsam Seixas Nathan George Newbold Nevins & Townsend Rufus L. Nevins Thomas Oakley David B. Ogden Daniel Penfield Philo Ruggles Herman Ruggles Samuel B. Romaine William H. Robinson William I. Robinson Artemus Sheldon SHARES 50 80 200 100 20 50 30 30 80 20 20 75 75 120 120 70 50 10 50 750 200 50 200 400 50 400 100 125 100 150 100 50 40 20 100 100 45 50 13 40 150 40 20 200 100 400 50 50 -20 125 40 6 SHARES Edward Smith 20 John Suydam 100 Joseph Shaw 20 Henry Seymour 150 Henry Wheaton 100 James McBride 100 Churchill C. Cambreling 50 John Johnston 50 James Magee 50 Thomas S. Townsend 100 James D. Wolf, Jr. 25 David E. Evans 50 Jonathan Eldridge 44 Isaac Finch 40 Samuel Flewelling.80 Abram Gurnec 20 John Herkimer 75 abez D. Hammond 75 ull & Bowne 40 Richard N. Harison 30 William H. Harison 100 Goold Hoyt 80 William James 400 Elbert H. Jones 100 William Jones 100 Samuel Jones 200 S. D. Kellogg 50 G. S. Knickerbocker, Jr. 70 William Keith 5 Benjamin Knower 100 Henry Livingston 100 Thomas Tredwell 60 Gen. James Tallmadge 200 Isaiah and John Townsend 100 Tredwell & Thorne 100 James Taylor 20 Thomas S. Townsend 40 Tucker & Lauries 100 Frederick A. Tracy 80 John Taylor 60 James Van Schoonhoven 50 William W. Van Ness 75 David White 20 David Woods 50 Elisha Williams 200 John A. Willink 100 David Whiting 40 R. N. Wenman 20 Charles Wilkes 150 John B. Yates 75 Joseph C. Yates 100 $490,400 = shares 9808 278 A CENTURY OF BANKING IN NEW YORK At the first meeting of the directors, on March 9, 1822, John T. Champlin was chosen President, he being at Albany at the time. He held the office until 1830-the date of his death. Archibald McIntyre was the first Secretary (though Thomas Franklin served temporarily in this capacity). Originally the stockholders chose twenty-one directors who were residents of the city, and these chose six others from different sections of the State. Eleven of the twenty-one above mentioned constituted a quorum for the transaction of business. On April 17, 1822, the same legislature-being still in sessionwhich had granted the February charter, amended and broadened it in regard to property conveyed by deed or devise, enabling the Company to assume and execute any trust, "which has been, or may be, created by any deed as aforesaid." This is the earliest bestowal in the United States of such powers upon any corporation. It is believed to be the first in the world. Other changes came later: by an amendment in 1836 two changes were made in the charter. The title now became The Farmers' Loan and Trust Company, which has remained to the present time; and the directors were classified into three groups, so that nine must be elected each succeeding yearthe official period being three years. It was provided that "the twenty-seven directors shall be chosen from stockholders residing in any part of the State. Each Senate District, however, shall be represented." The number of directors has been, in recent times, eighteen instead of twenty-seven. In 1875 the Legislature passed an act under which the Company might execute any trust committed to it, or vested in it, either by an order of the Supreme Court, or by a Surrogate, or any of the Courts of record; and might take any real estate which might be the subject of such trust. A START UNDER DIFFICULTIES 279 By an additional act of May 13, 1880, "{No bond or other security shall be required, for, or in respect to, any trust executed by this Company;-whether as guardian, depositary, executors or administrator; but all investments of moneys, received by the said Company, in either of such characters, shall be at the sole risk of the said corporation; and for all losses of such money, the capital stock, property and effects of the said corporation shall be absolutely liable." The company had an office first in a private dwelling at 34 Wall Street (on the north side), and it was from this address that President Champlin notified subscribers in July that the apportionment of stock had been completed. In August the general hegira on account of the yellow fever caused a removal to 618 Broadway, "two doors above the Branch Bank;" like all the rest of New York's business concerns it was forced to stay here until the cold weather of November checked the disease. While a newspaper announcement of the move stated that "Applications through the medium of the post office, or otherwise for Inwurance, or for Traysi" would receive prompt attention, the general alarm and upset state of affairs prevented any real commencement of operations-though the first fire insurance policy had been written on July 6. In fact, this would have been an uphill matter even without the fever panic. Money became scarce during that spring, and interest rates jumped from 5 percent. to 12 percent., the highest known for thirty years. This added greatly to the usual difficulties of placing the stock; and when it was taken a new enterprise had little chance with such tightness in the money market. The basic ideas of the enterprise had been first put before the public only three weeks before this move. The advertisement in the New York Eveninq Po0t of August 6, 1822, ran as follows: "The Farmerr' Fire Insurance and Loan Company, Incorporated with a capital of $500,000. "Ofce at 34 Wall Street, adjoining the Bank oJ New York. "Open from 9 o'clock a. Ml. to run.ret. "Thin Company is now ready to receive propsals for insuring property of every description against loss or damage by fire. The terms wil be as favorable as those of anv other company in this city, allowing liberally for circumstances tending to diminish the risk. 'The Company also has power to receive, take, possess, and stand seized of any and all pro rty that may be conveyed to them in TRUST, and to execute any and afi such trust or trusts in their corporate capacity and name, in the same manner and to the same extent as any other trustee or trustees might or could lawfully do. The TRUST property 280 A CENTURY OF BANKING IN NEW YORK will be kept, as the Charter prescribes, wholly separate from all other concerns of the Company, and cannot, in any event, be made liable for its losses or engagements. Any property so committed to them in TRUST will be invested in such manner as the party may chuse (sic) to direct. "The public will readily perceive that the advantages of this Company to protect property for the benefit of orphans or others, or to answer any special purposes, either of public or private nature, are far greater than those of any individual executors or other trustees, who are always liable to casualties which no foresight can guard against:as the numerous and frequent applications to the Court of Chancery for filling up of vacancies occasioned by death, insolvencies, and other causes, most incontestably show;-and the expense of such proceedings often swallows up a great part of the TRUST estate. By placing such property in the charge of this Company which have continued succession, there can be no danger whatever of any such casualties; as all such property will be invested either at discretion, in the most beneficial manner, for the sole advantage of the party conveying the same, or invested as the party may direct, within the strict provisions of any such trust. "This Company refer for further information upon this subject, to their Charter, a copy of which may be had by application at the office, where also the terms for any trust estate may be known." [Signed by the President, the Secretary, and the entire Board of Directors.] President Champlin was not inactive during this time of enforced waiting. The records of his correspondence show that he, while waiting for better times, was adding to the number of his friends, was dispelling doubts in the minds of inquirers and encouraging the hearts of those who were disposed to subscribe. Those letters undoubtedly bore fruit almost immediately. He employed some of his leisure in developing schemes of importation of fruits and fruit products from the West Indies, Sicily, Spain and other countries. One of these products, lime juice or syrup, attracted him because it could be readily transported here into districts where fresh fruits were unattainable, and he saw a great future for the trade. He believed that the market could not be overstocked, and he even was willing to be the consignee and to divide profits with the foreign shippers. He wrote out and forwarded to them most explicit directions concerning the production of this syrup and its safe shipment. He also interested himself in attempting to secure Swedish workmen to come to the United States to operate forges and he aided his friends in the development of the iron business. He declared that great difficulty was experienced in procuring steady and faithful workmen, since they were all proverbially intemperate in their habits, although they could earn, if faithful, more wages than at any other mechanical pursuit. He therefore urged the shipping firm of Seth Russell & Sons to use their best endeavors through the captain of their vessel for Gotten SUCCESSIVE HOMES 281 burgh to induce some forge workmen from Sweden to emigrate with their families to this country-promising them immediate employment on arrival and the payment of their passage money if necessary. He assured them houses to live in, and explained in detail the terms under which they would be rewarded. He agreed to guarantee to good workmen employment for a term of years at $20 to $25 a month, with house rent free, together with a certain bonus per ton for all the iron produced. At this period such efforts counted in stimulating both commerce and local manufactures. In 1823 the first Merchants Exchange building was begun, on Wall Street east of William. The new company subscribed $8,000 towards its construction and agreed to occupy a room there at $800 rent a year. When the building was completed in 1827 the "Farmers"' moved there and made this its home until the great fire of 1835 destroyed it. The Exchange had a white marble front which stretched along Wall Street 114 feet, and it ran through, 150 feet, to Garden Street (Exchange Place); the merchants' hours there were from 1 to 3, and each firm or individual paid dues of $10 a year; and the structure was considered very grand at a period when three-fourths of the houses being built were only two stories high, and nearly a third of them were of wood. In 1829 there appeared in the Talisman a description of the gloom caused by the new buildings on Pine Street. "The street is now full of tall, massive buildings which overshadow the narrow passage between, and make it one of the gloomiest streets in the city. The very bricks look of a darker hue than elsewhere. The sun's rays seem to come through a yellower and thicker atmosphere, and the shadows thrown there by moonlight seem of a darker and more solid darkness than elsewhere. Formerly the shops were low, cheerful, two-story buildings, of light-colored brick or wood painted white or yellow, and which scarcely seemed a hindrance to the air and the sunshine." These "tall massive buildings" were four or five stories high. Land in the financial district had not yet been found to be more valuable than a gold mine. In 1825 William Jauncey, at 25 Wall Street, boasted that his house was worth at least $8,000. William Seaman at 54 Wall, and John Outhout at 13 Wall, valued their homes at the same figure. Edward Livingston at 45 Wall, and William Bayard next door, rated their properties at $9,000, and the Constantine family's home at 6 Wall Street was valued at $15,000. 282 A CENTURY OF BANKING IN NEW YORK In that year the Astor Place neighborhood made a great stride forward. Farms and orchards were cut up into streets and fine houses were built. Peter Cooper's grocery stood at the intersection of 3rd and 4th Avenues. Greenwich Village and Chelsea Village were still quite distinct communities. St. John's Park, which, twenty years before, was considered too far uptown for a Trinity Chapel, became the fashionable quarter. The Pauldings, the Griswolds, the Lydigs and others dwelt there. Land from two to six miles north of City Hall could be bought for from $60 to $80 a lot. Two marble-fronted houses were built at 663-5 Broadway opposite Bond Street. Excursions were made from the city to this distant point to view them. The Post Office had been for two years in a low building on Garden Street; the clerical force had grown to eight, and Postmaster Bailey had a shed erected over the sidewalk to protect the people from the sun and rain. It was moved into the basement of the Exchange as soon as that edifice was completed. When it emigrated to City Hall Park, a vigorous protest was uttered from Wall Street, on the ground that the site was too remote. As another evidence that this was regarded as a distant outpost, it may be noted that while the rest of the City Hall is of white marble, the northern or rear wall was built of stone. The builders apparently never surmised that anyone would get so far north as to see the rear of the building. The later successive locations of the Company's offices have been: From 1839 to 1848 at 16 Wall Street From 1848 to 1852 at 50 Wall Street From 1852 to 1859 at 28 Exchange Place From 1859 to 1866 at 56 Wall Street From 1866 to 1882 at 26 Exchange Place From 1882 to 1889 at 20-22 William Street From 1889 to at 16-22 William Street In 1882 the company purchased on William Street a plot of land for $120,000, and upon that plot a 212 story building was.rected and occupied until 1889-90. Before 1882 the offices were always rented. On February 15, 1889, the directors ratified the purchase of the Litchfield property, adjacent to its office on William Street, for $250,000. On April 1st of that year plans for a new build CONSERVATISM IN MANAGEMENT 283 ing were approved, estimated to cost about $450,000. On May 16, 1890, the building committee reported that the total cost of the property, including the old building, amounted to $1,064,159.19. Again in 1908 the business had increased to such an extent that the offices were declared inadequate; and a month later it was voted to purchase the property of the D. L. & W. Railroad Company at the corner of William Street and Exchange Place, north and west of that already owned by the company, for $625,000. In 1909 the building as it now stands was completed and occupied at a cost of $1,476,037.94. This was, of course, in addition to the 1889-1890 construction. From that date to the present the company has made its home in this building. II TRIUMPHANT CONSERVATISM THE Farmers' Loan and Trust Company was from the first a conservative institution. Its President received $2,000 a year in 1825, which in 1830 was reduced to $1,500. Its office rent was $800 a year at first, and only $1,500 in 1836. Its first clerk received $500 a year and it was stipulated that, when convenient for him to leave the office, he should aid the company as surveyor. At least some of the officers served at times without compensation. When it was deemed necessary, the expense account was lessened by reducing the office force; and for quite a long period the office of Vice-President was vacant. In January, 1840, the members of the finance committee subjected themselves to a system of fines for absence and tardiness, as follows: Absence from regular meeting, 50 cents. Absence from two regular meetings, 75 cents each. Tardy members, 1212 cents for each 10 minutes, not exceeding 3712 cents in all. The book of fines was kept by the Secretary, and the accumulated fund was spent as might be decreed. On December 7, 1842, the following resolution was adopted by the Directors; "Refoh'ed,-that the office hours of the Company for business shall commence at 9 o'clock and continue until 3 o'clock, and, when the business of the company, in the judgment of the president, requires it, be resumed at 5 o'clock and continue during the afternoon." 284 A CENTURY OF BANKING IN NEW YORK The company was conservative also in the placing of its loans. One of its main ideas from the start had been to make agricultural loans, not possible for the state banks; and the aid thus furnished to the development of natural resources, especially from 1830 to 1845, was exceedingly valuable. The finance committee exercised great care in its recommendations to the board of directors. Very many applications were referred to individuals to examine and report on; of the first 800 applications for loans, presented to the company, 252 were declined or deferred. In 1835 the investment committee resolved that as a general rule it was inexpedient to lend over $10,000 to one person on country security, and that the basis should be one-half the appraised value exclusive of buildings. This has been continued down to today, even on city property where the buildings were valued at millions. These early loans were for modest sums; some of them as small as $400. Of the number mentioned above, 117 did not exceed $1,000 each, and down to the year 1835 the largest single loan was for about $30,000; but the careful commonsense practiced in the smallest details became a tradition which served the concern well when its transactions grew to millions in place of hundreds. In the case of one loan of $37,000 made in 1837, the security offered consisted of sole leather, which the committee regarded as good and accepted. Heavy side, 15 cents a pound Middling side, 16 cents a pound Light side, 17 cents a pound Some local valuations of those days give an idea of the changes the years have wrought. In October, 1836, a loan of $23,000 was granted upon four lots at corner of Fifth Avenue and 14th Street, upon condition that the applicant pay up $4,000 on a previous loan. In that year an application was made for a loan of $2,500 upon a piece of land containing thirteen acres in the village of Syracuse. After serious consideration the loan was granted. In 1840 a loan of $9,000 upon a house in Pearl Street was declined, although, as collateral, 2560 acres of land in Indiana were offered. In 1849 lots owned on Broadway, at 24th, 25th and 26th Streets, were sold at prices from $2,000 to $5,000 each; and the same year six lots on 33rd Street brought $800 apiece, one-third cash. CONSERVATISM IN MANAGEMENT 285 About this time the committee recommended to the board to subscribe $10 towards a citizens' fund for a public sheep pasture. All the while, the good management of the concern was giving the company a stability that was universally recognized and that carried it triumphantly through the frequent periods of stress. Nearly every financial institution in New York suffered heavily in the years following the great fire of 1835; yet in 1837, amid panic and unprecedented depression everywhere, the December statement was the strongest yet made by the company, showing resources of $4,363,710.17, and a surplus of $96,366.88. The fire insurance business was discontinued in 1835, and about the same time the life insurance branch began to be developed, the activities in this field lasting for some seven years. In the forties the company's energies were almost monopolized by the land trusts it had undertaken; and the difficulties of the Holland Company's tract in particular, where many mortgages were not even recorded, demanded all the expert business capacities of the managers. The situation was still further complicated by the agitation resulting in the AntiRent riots of 1845. But by 1852 these complex problems had been satisfactorily worked out. On May 12, President Williamson could report: "A lapse of eleven years and three months has occurred since a dividend was paid our stockholders. The losses and difficulties which grew out of the transactions of 1835-6-7 and. have been the cause of this. The losses on the various trans. actions which have been settled and closed since January, 1841, amount to the sum of $2,074,132. We have paid during the same period for interest on our debt-expenses, costs and taxes-the sum of $2,117,766. "Having overcome all these difficulties, our law suits and controversies all ended, I have the satisfaction of stating that our stock is now worth par, and a surplus of $72,352.18 is shown at this date. This is a matter of congratulation to us all, and shows what patience, perseverance and integrity of purpose can do, to overcome difficulties the most appalling, which on various occasions seemed to threaten the very existence of the Company." There were, of course, plenty of other anxious periods, for no company however sound could fail to be affected by the various cataclysms through which the United States passed in the following half century. But after the Civil War the advance was prodigious and uninterrupted. Especially between 1870 and 286 A CENTURY OF BANKING IN NEW YORK 1880 there was a development of railroad trust mortgages which was a tremendous factor in the doubling of assets during the last half of that decade. In more than one crisis thereafter the Trust Company's position of strength enabled it to be a potent factor in easing a situation endangered by weaker members. In March, 1918, it joined the Federal Reserve System, taking 3,600 shares at par of stock in the New York Reserve Bank. At the same time it became a member of the New York Clearing "House Association. What conservatism and hard work may accomplish through such an eventful hundred years as has been elsewhere chronicled is displayed at a glance in this table: Undivided Profits and Surplus 1825 35,490.53 1840 6,565,788.88 130,687.74 1845 5,814,256.24 377,028.68 1850 6,159,800.46 828,122.78 1860 2,008,818.51 589,089.84 1865 2,119,560.62 75,726.18 1870 4,574,214.80 477,248.59 1875 6,159,108.19 574,135.92 1880 12,593,673.14 1,066,427.30 1885 23,599,164.19 1,537,817.69 1890 28,126,893.17 3,656,293.12 1895 36,269,649.12 4,187,199.23 1900 53,277,567.96 6,185,149.64 1905 91,686,879.31 7,336,456.48 1910 122,646,003.76 6,031,163.08 1915 169,748,667.69 7,382,949.71 1920 171,965,894.22 11,056,927.01 1922 155,382,278.14 14,257,448.49 The original capital was $500,000. In 1833 this was increased to $1,000,000. In 1836 it became $2,000,000. In 1860 the Legislature granted permission to reduce the capital to $1,000,000 and the shares from $50 to $25. In 1916, permission having been granted by the Superintendent of Banking, the stockholders resolved to reduce the number of shares of stock from 40,000 at $25 each to 10,000 at $100 each-the old certificates being canceled and new ones issued. On January 10, 1917, stockholders, representing more than '92 percent. of the stock, voted to increase the capital stock from $1,000,000 to $5,000,000 by issue of the 40,000 additional shares of $100 each, making 50,000 shares in all. The Company's surplus was then about $8,000,000. A UNIQUE WAR RECORD 287 The first dividend of 3Y percent. was declared July 5, 1823. Thereafter they were paid semi-annually at varying rates, viz.: 3, 3/, 4 and 4Y/, averaging 3 52 percent. for fifty years, except for the years 1841 to 1852 inclusive. During those years no dividends were paid but in 1853 two were declared of 4 percent. and 5 percent. respectively. Later the dividends were paid quarterly, and for several years before 1917 they reached 12W percent. on one million dollars. In the year last mentioned 42 percent. was paid quarterly or 18 percent. yearly on $5,000,000 instead of 50 percent. on $1,000,000. In recent years, the quarterly dividend has reached 5 percent., which means that during each year, one million dollars is paid in dividends upon the five millions of stock. III THE WAR RECORD AND FOREIGN BRANCHES NOT only did The Farmers' Loan and Trust Company do its full share in the matter of contributing time, machinery and enthusiasm to the raising of funds for the Great War, but its accepted subscriptions to the several Liberty Loans amounted to over a hundred million dollars. It made loans to its employees to enable them to subscribe. And on June 21, 1917, it had pledged to the Government, as a depositary of loan funds, $25,000,000 in United States securities -an amount subsequently doubled. Again on August 15, 1918, the Company accepted the position of depositary for funds in the hands of A. Mitchell Palmer, Alien Property Custodian, and executed a bond in his favor according to law. Under this responsibility it had charge in 1921 of the funds of more than five hundred "enemy aliens." A service which did not always bulk so large in financial statements and was less known in the United States, but which was of incalculable value to our citizens abroad and to our soldiers, was that rendered by the London and Paris branches. At the outbreak of the War in 1914, the American tourist season in Europe was at its height. Americans naturally wished to get back to the United States at the earliest possible moment, and they flocked to London; not only from the British Isles but from all parts of the Continent, in order to sail from British ports when passages became available. For a few days after Great Britain entered the War, there was a financial moratorium in London, during which time the banks were closed. The London offices of The Farmers' Loan and Trust Company remained open during this period, and were 288 A CENTURY OF BANKING IN NEW YORK able to supply cash to all comers in substantial amounts, taking care not only of their own customers, but looking out for all Americans who applied with proper credentials. The rush of American tourists awaiting passage to the United States lasted for about six weeks. During most of this period two of the Directors, Mr. John J. Riker and Mr. Archibald D. Russell, who happened to be in London, attended almost daily at the offices and were of the greatest assistance, and a great source of re-assurance to customers. In conjunction with other New York bankers, the Company participated in the shipment to England of the $3,000,000 gold fund by the U. S. Cruiser Tennessee. A personal representative of the company crossed on board the Tennesxee by courtesy of the Navy Department to witness the actual delivery of the gold in London. This gold was sent because of the fact that many of the Continental bankers were refusing to make payments under letters of credit and travellers' checks in the hands of American travellers. A number of conferences were held in London between representatives of the American bankers who sent the gold, and a part of this fund was made use of to take up American tourists' drafts and travellers' checks which had accumulated at Berlin and a few other points, but the bulk of the gold shipped was eventually sold to the Bank of England. The Farmers' Loan was appointed by the British Government as Trustee in connection with their first secured loan of $250,000,000 in the United States; $100,000,000 of the collateral securing this loan consisted of bonds of neutral countries. These bonds were shipped to New York and deposited with the Company as trustee, but coupons from such bonds maturing during the life of the British Government obligation were deposited in the London office of the Trust Company where the Company was required to detach and deliver to the Bank of England the various coupons as they matured. There was considerable detail work involved in carrying out this plan, as the coupons had to be kept in separate lots, corresponding with the holdings of the various individuals from whom the securities had been requisitioned by the British Government. The work was carried through without any hitch and to the entire satisfaction of the Government authorities. At certain times there was considerable pressure; during one bank holiday prior to the 1st of January the entire staffs of the West End and City offices gave their combined attention to this work. The most important war work at the London Offices arose through their appointment as bankers in London of the United A UNIQUE WAR RECORD 289 States Navy. In this connection many different accounts of disbursing officers were opened and the amounts involved ran into large figures, since the principal disbursements of the United States Navy in Europe during the war went through these accounts. This work involved the payment of checks in amounts as large as ~1,000,000 at a time and the supplying of a great amount of cash to U. S. Navy paymasters who called in London for funds. This work also involved opening credits at various points on the Continent on behalf of U. S. Navy officials and the payment of drafts drawn on the London office by U. S. Naval officials all over the world. It also involved a plan which was made wide use of, whereby U. S. Navy officers and enlisted men could remit funds to their homes in the United States out of their pay and savings. The relations between the London Office and the U. S. Naval Headquarters in London were always most cordial. Admiral Sims wrote to Mr. Henry King Smith, the vice president in charge of the London office of the Company, on March 11th, 1919, as follows: "Before relinquishing my present command, I would like to express to you my personal appreciation of the courteous treatment and efficient assistance which The Farmers' Loan and Trust Company has rendered in connection with the financial operations of our forces in these waters. I am assured that the association with The Farmers' Loan and Trust Company has been a real pleasure to the members of my staff who have been most intimately concerned with the financial transactions of these forces." The London offices of the Company are still the official bankers of the United States Navy for Great Britain. Owing to the expansion of war activities in London, the British Tanks Department on August 11th, 1917, commandeered the building at 14-16 Cockspur Street, London, S.W. 1., in which the West End office was located. The British Government was most courteous and considerate in their treatment of the representatives of the Company, and provided alternative quarters at 16 Pall Mall East, London, S.W. 1., about one block from the Cockspur Street office. At Pall Mall East, an entire building was placed at their disposal, renAt free, and they were moved to that building and afterwards reinstated at Cockspur Street entirely without expense to the Company. One floor of the building at Pall Mall East was placed at the disposal of the American University Union in Europe, an organization formed by practically all the American universities and colleges to look out for the interests of American graduates and under-graduates who were serving with the American 290 A CENTURY OF BANKING IN NEW YORK Expeditionary Forces. The London office of the American University Union in Europe was made use of by a great number of men who used it as their headquarters in London and for the forwarding of their mail and for obtaining information as to the whereabouts of their friends in England. These headquarters the Company supplied to the American University Union in Europe without expense. During the war all of the able-bodied English staff enlisted for military service, and it was necessary to carry on with the assistance of certain men who were graded as not physically fit and by employing a number of girls. For a long period during the war the Company had the London banking accounts of the U. S. War Trade Board and the U. S. Food Administration. These accounts were closed, with the winding up of the London offices of these organizations. The Paris Branch had been opened in 1906. Although it was at first a tiny office in a street back of the Credit Lyonnais, with a typical French housekeeper sitting knitting at the doorway downstairs, it had evolved into more commodious quarters at 41 Boulevard Hausmann; and by 1914 it was occupying two floors, had a staff of twenty people, and deposits of four million francs. During the latter weeks of July, as the cataclysm approached, there were runs on all the banks in France, transfers could no longer be made through ordinary exchange channels, and t'le Cashier of the Company used to go in person to St. Lazare station with a porter to bring back a case containing bags of a thousand sovereigns each from the Bank of England sent over by the London office. Thus was built up an emergency fund of gold to serve the needs of American travellers. This was soon a vital matter, since most of the available supply of French banknotes ahd currency had been withdrawn from circulation by frightened depositors throughout the country. Then came the mobilization orders. The staff was suddenly cut to two representatives, one bookkeeper, one woman stenographer, and one porter. Nevertheless, the office opened at 10 o'clock on Saturday morning, July 31st. There was already a large crowd in line in the courtyard. Each representative acted as a teller; the supply of notes proved ample to satisfy all depositors who called, and the English sovereigns took care of holders of letters of credit and all who required gold. The many clients who needed special attention and advice were invited to call between 4 and 8 o'clock in the evenings and on Sundays. The physical strain was slightly lessened the following week by the arrival of two clerks from the London office. A UNIQUE WAR RECORD 291 A moratorium had been established on August 2nd, following those in surrounding countries, some of which limited the amount to be withdrawn to 50 francs a week a person. Payments under all sorts of instruments were being refused; people were arriving without baggage and almost destitute; and the surprise and relief of finding prompt banking facilities still in operation were indescribable. In one case, a client had several million francs with a foreign bank and was offered 50 francs for each of the six members of his family to carry them through France to America. With the utmost difficulty he secured a thousand francs and finally reached the office of the Farmers' Loan,-where his needs were at once met. In another, a client of the New York office (not a Paris depositor), sent a messenger from Genoa with a request for 100,000 francs-and got it in cash. There were many Americans who never forgot their feeling for that office as one spot of stability left during those chaotic times. Personal assistance in the thousand and one perplexities that beset our travellers was as freely given as financial accommodation; and by the end of August most Americans who had been taken by surprise were safely out of the country. During most of September, while the seat of the French Government was moved to Bordeaux, business was attended to from Marseilles; but the Paris office was kept open to answer inquiries, and after the German retreat from the Aisne, headquarters were at once transferred back to the capital. There was a great development of business during the next two years, hundreds of individual and bank accounts coming to the concern. It played an important part in financial operations connected with American exports, in the French war loans, and as bankers for the ambulance, relief and flying organizations which were so nobly representing the United States. Additional office space had just been provided by taking in the adjoining quarters at 39 Boulevard Hausmann, the force had grown to seventy-five people, and the deposit accounts showed an aggregate of thirty million francs when it became clear that America was about to enter the war. As the time approached for the arrival of the first troops of the A. E. F., it was realized that the chief need for banking facilities would be not in Paris but at the landing ports and in the army zone where the training camps would be located. Accordingly, preparations were made with great haste to open branch offices at important points. Strict army regulations, to prevent any useful information reaching the enemy, made it impossible even to inform the home office of the 292 A CENTURY OF BANKING IN NEW YORK location of these proposed branch offices. However, after the difficulty was explained to the Superintendent of Banks, the necessary permission was obtained, u, der date of March 28, 1918, in the following very unusual language: "NOW, THEREFORE, I, GEORGE I. SKINNER, Superintendent of Banks of the State of New York, DO HEREBY AUTHORIZE The Farmers' Loan and Trust Company, of New York, N. Y., to open and occupy a branch office at a place on the coast of France, in the War Zone, now occupied by the United States Expeditionary Forces, which for military reasons cannot be more definitely named. "NOW, THEREFORE, I, GEORGE I. SKINNER, Superintendent of Banks of the State of New York, DO HEREBY AUTHORIZE The Farmers' Loan and Trust Company, of New York, N. Y., to open and occupy a branch office in the War Zone, in the interior of France, convenient to headquarters of the United States Forces, at a place which cannot be more definitely named for military reasons." Permission was also at the same time given for a branch at Bordeaux, which port was being used as a landing place for American troops. Accordingly all the necessary permissions were obtained from the various French authorities, both civil and military, and by July 23d quarters for a branch had been secured in the club of St. Nazaire, right in the center of town. While preparations were made for exchanging money, the main idea was to encourage saving and to transfer funds back home for officers and men; and the business was not undertaken as a moneymaking venture, but in the belief that it might at the outset be run at a loss. Events soon proved the wisdom of the step. Our men came ashore at Landing Place No. 1 into a foreign land and conditions that increased their inevitable difficulties. The men received their pay in U. S. currency, the officers in checks on the U. S. Treasury. Some units had left in such haste that there had been no time to arrange for allotments to their families; when they got their first pay, often two or three months' arrears, they could frequently neither send funds home -nor exchange their dollars except at the local shops; some had a surplus they needed to deposit, others had nothing because of pay arrears and no means of getting anything from across the water. The branch of the Farmers' Loan and Trust Company was speedily crowded whenever a transport came in: a long line would stretch out and down the hallway to the street-men A UNIQUE WAR RECORD 293 wanting to deposit, to change money, to find out about conditions. "Their surprise and delight was great," reports one of those who helped conduct 'the branch, "to learn on entering the bank that we had an English-speaking force. On ascertaining that, a volley of questions poured forth, and they felt at once that any money transactions they had to make were safe 'in our hands, whereas their dealings at the stores and caf6s, which all advertised that they did an exchange business, were not always to their advantage." In those first weeks no army arrangements covered the remitting of money to friends and relatives at home. In carrying through this, and in urging all not to throw away their money but to save regularly, the company's branch did an enormous amount of good. In hundreds of cases this timely advice was just what was needed to turn a spree into a savings account. Even with the colored labor troops, lavish with their wages, completely ignorant, unable to write, giving addresses not understandable-an unlimited stock of patience succeeded in working wonders. Many thousands of cable and mail transfers, mostly to the United States, were made during the first year; there was a bewildering list of company funds, hospital funds, accounts with paymasters and secretaries of all the relief organizations; and when the troops went on to the firing line, the officers had their monthly checks sent direct to the Trust Company. Frequent demands for branches at hospital bases and elsewhere were met by arrangements with officials of the Red Cross and Y. M. C. A. On August 16, however, just as the Engineers were arriving, the Bordeaux office had been opened as planned. Here, in the beginning, banking facilities were carried right into the camps by frequent visits; but since the number of deposit accounts soon reached three thousand, these personal visits had to be given up for the distribution of printed forms by the officers. All sorts of complexities arose, which had to be solved by personal ingenuity and initiative. In the case of company accounts, for instance, when the regiment had moved on, letters would repeatedly arrive from some unknown individual claiming to have taken over the account, though no such notification had been sent to the Trust Company-destroying at one blow all the precautions taken for identification. The predecessor might have fallen in action, or gone to some inaccessible point; and it was often impossible to learn from any source even who was in command of a particular regiment. Almost as difficult was the matter of sudden withdrawals after the armistice, when 294 A CENTURY OF BANKING IN NEW YORK companies might receive orders to leave for an embarkation point within a few hours. In spite of everything, however, the agency was carried along with such success that around Easter of 1918 it had deposits of ten million francs, and had proved itself more than self supporting. After encountering a great deal of red tape, and finally applying to the Prime Minister, permission was secured for the third agency at Neufchateau, and an office there was opened on September 20, 1917. This was one of the busiest centres in the area occupied by the American forces and only a few miles from General Pershing's headquarters at Chaumont. Here one of the most successful officers' clubs was established, being financed for the officers by the Trust Company. The detail work here was soon enormous, the Company's office being crowded from morning till night; and the distance of over forty miles from the nearest branch of the Bank of France made the supplying of notes and currency an affair of much risk. In four months they were handling about 2500 deposits, had negotiated nearly 10,000 checks on other towns, and made thousands of mail and cable transfers. Throughout the war, these agencies of the Farmers' Loan and Trust Company were the only American banks within the Army Zone. What they meant to the men in our army can be readily imagined, and expressions of the heartiest appreciation came in from enlisted men and officers of every rank. The whole thing was a unique contribution by a great financial institution across the sea-entirely in line with the spirit that pervaded America which enlisted every capability possessed by any citizen. All the time, the Paris staff, increased to 200, had many activities beside directing and supervising the Army Zone agencies. The first General Headquarters were there, and many departments were directed from there all through the war. The large reading and writing rooms of the Trust Company's office was soon given over to army business. Besides the department accounts there was an increasing stream of deposit accounts by mail, and in September the Company was appointed as one of the special agencies in Paris for the convenience of army paymasters. Contrary to the foreign custom, the office was, for the convenience of members of the A. E. F., not closed between 12 and 2 o'clock, lunch being served to the cashiers behind the counter. Arrangements were made with the Societ1 Geinrale to open accounts with the society's local branch in all towns where a large number of American troops were concentrated, thus ex i Prom a photograj Wallace (jillies, N. Y., 1920 MODERN WALL STREET The heart of America's financial life and perhaps the most famous thoroughfare in the world, as it appears three hundred years after it was first laid out Drauwn by G. Burton Engraved by H. Fossette EXCHANGE PLACE, LOOKING EAST Showing the corner of William Street as it looked about 1830 BROAD STREET IN 1853 Showing one of the old buildings that survived from the Dutch period A UNIQUE WAR RECORD 295 tending a part of the agencies' work to every place where it was needed; and hundreds of deposits and mail transfers arrived weekly during 1918 from this source. To avoid the delays and confusion in payments to the front by postal orders, a "green circular check" was devised, which as stated on the check was payable at sight and without charge at all of the many offices of the three largest French banks. Soon these checks were being cashed all over France; also a "service check" to be sold to the troops at the American embarkation ports and training camps; and finally, to supply United States funds for the home-going soldiers, a "circular dollar check" was evolved, and special agencies opened at Brest and at Camp Pontenezen for the distribution of these. All this work was of course done under the greatest pressure, and amid the perpetual difficulties of securing efficient help. Especially during the regular night air raids of 1918 it was a severe test to work at such high pitch day after day and spend the night in a cellar. "One bright Saturday morning, full of sunshine, March 23, 1918, we received an American mail of over 3,000 letters, among which were 1,700 directed to the payment order department containing payment instructions," states one report. "At 9:30 a. m. a terrific crash was heard. Immediately afterwards, fire engines passed in the streets announcing with their lugubrious sirens that an air raid was taking place over Paris. "All the necessary precautions had been taken in advance to avoid panic in case an air raid occurred during business hours. Each department had the following instructions on record: " 'In the event of daylight raid by enemy aircraft or intensive bombardment of Paris making it advisable for the staff to take shelter in the cellars,-when the money is in the safe, members of the following departments will go to the cellars of which the entrance is in the northwest corner of the courtyard: Payment Order Department, Exchange, Correspondence, Bookkeeping, Stationery, Porters, Grooms. Members of the Correspondence and Stationery Departments will descend to the ground floor by the small (servants') staircase opening on the corridor leading to the Stationery Department, the others by the main stairway.' "Everybody quietly carried out these instructions and there was not a single moment of abnormal excitement. Some 150 people spent the morning in the various cellars. The explosions went on all morning, no business was done, and the bank closed regularly at noon as on other Saturdays. The staff 296 A CENTURY OF BANKING IN NEW YORK could not be kept in the cellar after 12 o'clock, but as all street traffic, subways and taxis were suspended, each one preferred to walk home under the explosions rather than miss a lunch. "The so-called air raid lasted until 6 p. m., and it was made known on the'following morning that it was the long distance gun, known as 'Big Bertha', that was firing on Paris." All told, when peace came again, the Farmers' Loan and Trust Company could look back upon a service rendered to Americans in France unmatched by any other bank or trust company. It had opened in two years many thousands of soldier accounts; it had contributed largely to, and aided French loans for war and for reconstruction. It had supplied what seems to be a unique instance of a financial corporation going to the war zone and serving its countrymen there after its proper fashion. IV EARLY INSURANCE ACTIVITIES THE first fire insurance policy of the Company was issued July 6, 1822, to Thomas S. Townsend, to be in force for one year from that date, for' $7,500 on the same terms and conditions as were expressed in policy No. 85 issued to him by the Merchants' Fire Insurance Company under date of June 29, 1819. The premium charged him was $22.50. On July 19, 1822, the By-Laws were adopted; No. 13 of these was as follows: "The amount to be insured by this Company on any one building and the property contained therein shall not exceed in any case the sum of $25,000." This department of the Company's business was carried on between 1822 and 1827 under circumstances causing much anxiety. In a report signed by President Champlin to the Board of Directors on December 28, 1827 he used the following language: "The Directors will please to remember that this Company has been in business only five years; the first two years of which it labored under those disadvantages incident to the organizing such establishments, and, of course, little business was done; and it must be remembered, too, that during a very considerable part of the last three years, there was proceeding in the City, among all the Fire Insurance offices, a ruinous jealousy and rivalship which reduced the rates 20 to 25 percent. Under all these disadvantages to which my own inexperince must be super-added, and which is no small item in the estimatenotwithstanding, the Company has been able, with one exception, to make semi-annual dividends of 3/ percent. since its establishment, and has also accumulated a nominal surplus INSURANCE ACTIVITIES 297 of upwards of $70,000. But the rates of premiums are now advanced to what is considered the standard rate here, and we not only have almost all the business in that Western Country, but have a decided preference over any other Company." On May 18, 1827, the board accepted a proposition from the Western Fire Insurance Company to re-insure all the unexpired policies of the latter company at the rate of premium originally received; the number of policies being 1016-and the total risk about $2,250,000. The amount of business done in fire insurance for the five years ending December, 1827, is shown in the President's report of that date: The premiums received were in all $186,188.97 The losses in aggregate were in all 120,781.01 The net profit was $65,407.96 The amount charged to loss included some claims yet unadjusted. There had been extraordinary losses in 1827 in Mobile and Atlanta, amounting to more than $54,000, which was divided among 39 different risks; 8 in Atlanta and 31 in Mobile-showing that the risks had been assumed with care. Leaving out these unusual losses, the ordinary casualties had averaged about $21,000 a year. The losses of that year were more than counterbalanced by the fact that premium rates were advanced, so that the business became at once more remunerative. While the great fire of 1835 holds the pre-eminence in the city's history, the years 1825-30 show heavy fire losses. In 1826 the company took the initiative in the matter of increasing fire rates, as shown in these records of the Board of Directors: "August 5, 1828. "Whereas the frequent and disastrous fires which have of late taken place in the City and which have produced the most unparalleled losses to all the Fire Insurance Companies, imperiously demand of them, in the opinion of this Board, prompt and efficient measures to be taken by all the Fire Institutions, in order to prevent inevitable ruinous consequences. Therefore, Rexolved, unanimously, that Fredk. 0. Tracy be associated with *the President to be a special committee from' the Board to attend the next regular meeting of the Association of Fire Insurance Companies on the 7th inst., for the purpose of promoting and adopting such measures as in their judgment and discretion may be deemed proper under such extraordinary 298 A CENTURY OF BANKING IN NEW YORK circumstances. Further, that a special letter be forwarded to each of the other Fire Insurance Companies, suggesting to them the adoption of a like measure, or to unite in adopting some other measure which may be calculate ] to effect the object hereby contemplated." The insurance business of the Company had been partially in the hands of agencies located in the West and South; but on May 9th, 1833, the board, in consideration of the fact that through these agencies it had sustained losses incommensurate with the amount of business done, voted unanimously that the President be requested to write to the several agents to close up their concerns, to desist from any further insurance, and to render their accounts as soon as practicable. On June 6, 1835, a Committee appointed to consider the fire insurance business recommended that the "Company cease from insuring fire risks, and hereafter confine its operations exclusively to the other business authorized by the Act of Incorporation." The board then resolved "that a Committee be appointed with power to effect a re-insurance in other Companies of all the fire risks, and to settle or compromise all claims for losses. Hereafter the Company will not insure against loss or damage by fire." Evidently the fire risks were not all re-insured and transferred; since on January 15, 1836, the board voted to pay claims from the great fire of 1835, when such claims should be ratified by the joint Committee for adjusting claims. That fire, with its stupendous losses, confirmed the wisdom of this Company's action taken in June of the previous year. Insurance had become more complex, calling for specialization, and the Company desired to develop other features under its charter. There was also some adverse criticism in the newspapers against the concern for acting as guardian or receiver, while it was an insurance company. Not until 1835 was life insurance undertaken seriously. Here is a copy of the first policy issued: No. 1 FARMERS' FIRE INSURANCE AND LOAN COMPANY, OFFICE 34 WALL STREET. Engaged only in the butines of Insurance on Lives, Granting Annuilief and Executing Trusts. This policy of insurance witnesseth that the Farmers' $7500. Fire Insurance and Loan Company in consideration of the sum of $147, to them in hand paid by GEORGE MANPremium NING TRACY, and of the annual premium of $147, to $147. be paid on or before the 4th day of September in every year during the continuance of this policy, INSURANCE ACTIVITIES 299 Age 45 DO ASSURE the life of George Manning Tracy of the Business, City of New York and County of New York and State Broker of New York, in the amount of $7500 for the term of seven years from date of this policy. AND THE COMPANY do hereby promise and agree to and with the said assured, his executors, administrators and assigns, well and truly to pay or cause to be paid Term, the said sum insured to the said assured, his executors, 7 years administrators, and assigns, within 60 days after due notice and proof of death of the said George Manning Tracy. PROVIDED, always, and it is hereby declared to be the true intent and meaning of this policy and the same is accepted by the assured upon these express conditions, that in case the said George Manning Tracy shall die upon the seas, or shall, without the consent of this Company reviously obtained, and endorsed upon this policy, pass beyond the settled limits of the United States (excepting into the settled limits of the British provinces of the two Canadas, Nova Scotia, or New Brunswick) or shall, without such previous consent thus endorsed, visit those parts of the United States which lie South of the Southern boundaries of the States of Virginia and Kentucky, or shall, without previous consent thus endorsed, enter into any military or naval service whatsoever, (the militia not in active service excepted) or in case he shall die by his own hand, or in consequence of a duel or by the hands of justice, or in the known violation of any law of these States or of the United States, or of the said provinces,this policy shall be void and of no effect. AND IT IS ALSO UNDERSTOOD AND AGREED to be the true intent and meaning hereof, that if the declarations made by the said George Manning Tracy, and bearing date of the 3rd day of September, 1835, and upon the faith of which this agreement is made, shall be found in any respect untrue-then, and in that case, this policy shall be null and void; or, in case the said George Manning Tracy shall not pay the said annual premiums on or before the day hereinbefore mentioned for the payment thereofthen, and in any such case, the said Company shall not be liable for the payment of the sum insured or of any part thereof, and this policy shall cease and determine. AND IT IS FURTHER AGREED that in any case when this policy shall cease or become or be null and void, all previous payments made thereon shall be forfeited to the Compan. IN WITNESS WHEREOF the Farmers' Fire Insurance and Loan Company have by their Vice President and Actuary signed and delivered this Contract this 4th day of September, 1835. (L. S.) The active writing of policies lasted only a few years; though one application in 1838, for $2,000, resulted in insurance paid in 1898, sixty years after the date of issue. 300 A CENTURY OF BANKING IN NEW YORK From 1835 to 1842, when the last policy was issued, there were 218 policies on lives, involving risks aggregating about $700,000. The credit to the premium account after the business was closed was about $15,000. V THE TRUST DEVELOPMENT IT was a number of years before the trust privileges under the company's charter were developed to any extent. A committee of the directors reported that "in proportion a's the public confidence in the institution can be secured and extended, business to a very great extent can be carried on, which will be the source of at least a fair profit to the company-and, at the same time, useful to the portion of the community who may be disposed to avoid the trouble and risk of the investment and management of their own funds." Two months later the president was authorized, with the advice of the loan committee to execute such contracts, and the following form of deed was adopted: An earlyform oJ Deed oJ Truat isrued by the Company "Know all men by these presents, that I, A. B., do hereby grant unto the F. F. I. & L. Co. the sum of $10,000, to be by them received and held, upon the following terms, viz: to loan and invest the same in such manner, and upon such security, and at such rate of interest as they may deem proper, not exceeding the legal rate: to collect the interest accruing thereon, and to pay the same to such person or persons as I may hereafter appoint by an instrument in writing, or by my last will executed according to law; and in default of and until sach appointment, to pay said interest to me, my personal representatives or assigns, and at the expiration of ten years from this date, to pay the said principal sum of $10,000 in manner aforesaid. "And in consideration that the said Company agrees to guarantee the payment of the said sum of money, together with interest thereon, s~mi-annually, at the rate of 5% per annum from this date, and to relinquish all claim for commissions for the execution of the said Trust, I do hereby authorize them to retain, for their own use, all the interest received on the loan and investment of said principal sum, over and above the said 5 per cent." A standing rule was adopted providing that "It shall be the special duty of the President and Actuary, on the first Monday, in each year, in accordance with the requirements of the Act vesting in this Company the power to execute Trusts, to return a statement in writing, to be signed by them and under their several oaths, -to the Court of Chancery, containing a true and just account of all and every Trust fund in the possession of the Company; the object and interest thereof, and the manner in which the same has been invested and applied." DEVELOPMENT OF TRUSTL S 301 One of the early trusts was from a railroad: "New York, July 1, 1835. "Cash Dr. To Depoxits in Trusts "Received from John Delafield, Treasurer of the Long Island Railroad Company, to be held in trust for account of said Company and payable in three months, or to be continued to such further periods as said Treasurer shall determine, with interest at the rate of 454 percent. per annum, certificates issued "Nos. 1 to 10, for $5,000 each "Nos. 11 to 60, for $1,000 each "Total, $100,000." Still nobody dreamed of the vast extension which was to come in this field. It was perceived that the trust company could supplement the bank, and that there were many inactive properties where its functions could be exercised to better advantage than those of an individual; but the part it was to play in handling a multiplicity of financial operations which were to develop with the growth of the business structure would have astonished its originators themselves. Little did they imagine as they slowly built up the trust side, and emphasized the advantages of the corporate form of trustee that eighty years later, in 1916, their company would undertake the custodianship and care as Trustee of the British Loan of $250,000,000-the mere physical certification of the bonds for which would have seemed to them a superhuman task. They might have been almost as much nonplussed at the knowledge that the concern would one day, in carrying out its duties as administrator, find itself engaged in the manufacture of pickles. In handling one large estate it became necessary to take charge of what was then the largest pickle factory in the country; and the company had to prove, when the government brought suit charging violation of the pure food law, that alum was no longer used as a preservative in the product. By a similar chance later on the corporation found itself actively engaged in making and selling musical instruments; and at another time it conducted one of the most fashionable New York dress-making establishments. As it was, the business in hand and in sight provided all the problems needed to absorb their time and imagination. From 1840 to 1845 the interests of the Company were vested in a large number of trusts, variously located; but the Michigan lands, the Holland Land Company, in the western part of New York State, the Philadelphia holdings through Mr. Lloyd, 302 A CENTURY OF BANKING IN NEW YORK together with trusts of Riggs, Hunt, Walbridge, Le Roy, Redfield, the Canal Bank of Albany, and the Miller, Jones, Graham, Fowler, and Evans Trusts claimed the attention of the committee and of the board almost constantly during the years mentioned above. The Holland Patent or Purchase in Western New York was owned by a Dutch Company with its principal office at Batavia. It had acquired about four million acres in that region which had been the property of Robert Morris of Revolutionary fame, covering the five most westerly counties of New York State, and portions of three others. In 1801, the Dutch trustees conveyed this great tract to William Willink and others, and it later passed to various parties, one large area being held by Messrs. Redfield and Le Roy. These last two owners established trusts and borrowed nearly a million and a half dollars from the Trust Company. The agreement gives some idea of the responsibilities undertaken: "To the President and Directors of the Farmers' Fire Insurance and Loan Company: "The undersigned, Jacob Le Roy and Herman I. Redfield, having purchased the lands and debts of the Holland Land Company in the Counties of Erie, Genesee, Orleans and Niagara, are desirous of putting a portion of that property in Trust, for the purpose of enabling them to raise money and to make the payments required in the purchase aforesaid, as well as to secure to the purchasers and settlers on the land an opportunity of executing their engagements and obtaining a perfect and unencumbered title to the lands they have contracted to purchase. "They therefore propose to convey or cause to be conveyed by the Holland Land Company, one-half of their purchase, amounting to more than one million of dollars, and on which property there will be due for lands sold and partly paid for, and well secured, an amount that will fall but little if any short of that sum. The whole property will furnish unquestionable security for the credit which is asked of the Company, in advance of money being expected. "The Trust will be made on the following conditions: "First:-The Company agrees to receive and collect the money due on existing contracts made by purchases with the Holland Land Company and on such other contracts as may be hereafter made for the sale of any of the aforesaid land by the undersigned, their legal representatives or assigns, and on receiving the full amount of the consideration money to execute deeds of conveyance to the respective purchasers. "Secondly:-In cases where contracts shall be made to that effect, bonds and mortgages shall be received and deeds executed to the settlers or purchasers, provided the property offered to be mortgaged shall be twice the value of the debt to be secured. "Thirdly:-The Company shall give their certificate of Trust, payable in ten, fifteen and twenty years, bearing interest at 5% per annum, payable half-yearly in various sums, and amounting in the aggregate, to one million of dollars. "Fourthly:-Whenever the Company shall have received in money and securities, in bonds and mortgages, the sum of one million of dollars, DEVELOPMENT OF TRUSTS 303 with legal interest from the date and delivery of the certificates aforesaid, they shall convey the residue of the property belonging to the Trust to the undersigned or their legal representatives, and the difference of interest which they may have received or may be entitled to receive, over the interest they will be obligated to pay on their certificates, shall be deemed and taken as a full compensation for the services in executing the Trust aforesaid. "Lastly:-The undersigned wish to secure to themselves the right of borrowing of the Company on the same terms and securities as are exacted of others, the moneys which may be collected from their own property during the two first years which it shall have been in Trust with the Company. This will impose no burden on the Company, inasmuch as no money will be required except such as it will receive from the resources furnished by the undersigned. "New York, Oct. 19, 1835 JACOB LE ROY H. I. REDFIELD" Eventually the Company came into possession of the entire holdings of Redfield and Le Roy. They also accepted additional trusts of about $700,000 on land in adjacent counties. Almost immediately they found themselves in a maze of complexities, as the largest land-holding corporation in the country,/with properties that had been handled and transferred in most unbusinesslike ways. Some of the Dutch trustees had not joined in the conveyance to the Willinks. It was believed that they were no longer living; but in order to insure the validity of titles granted to purchasers by The Farmers' Loan and Trust Company, it was necessary to have evidence of the actual deaths of those old Dutch trustees. The counsel to the Company therefore advised that a messenger be sent to Holland with proper credentials and authority to obtain the proofs desired. Such representative was accordingly dispatched and his errand accomplished. The care of the mortgages and contracts, the collection of interest and payments upon contracts, the appraisals and sales, together with foreclosures and ejectments almost monopolized the energies of the company for six or eight years. The Holland Company's tenants had in many cases failed to have their mortgages and releases recorded. The granting of deeds was therefore attended with much annoyance to all parties. Many counties had no county seat; three of four adjacent to each other used one common county seat. There being no railroads, nor easy means of communication, it would be a journey of two or three days for a farmer to go to the place where his mortgage could be recorded; hence, such papers were placed in a box and the box often lost or destroyed. When the Company was persuaded that the amount had really been paid, a deed was granted. 304 A CENTURY OF BANKING IN NEW YORK How the Farmers' Loan was extending the conception of a trust company's duties even at this date (and justifying its title!), is shown by a letter to two correspondents named Wheaton with whom an agreement had just been closed to collect-cattle, sheep and hogs in payment of interest-the said Wheatons to receive five thousand dollars a year for their services in "receiving, appraising, driving and selling such cattle, sheep and hogs." OFFICE OF THE FARMERS' LOAN AND TRUST COMPANY "New York, August 12th, 1844. "Messrs. Erastus Wheaton & William E. Wheaton, "Gentlemen:"In engaging in the business of receiving cattle and other stock for this Company, we have to submit for your guidance the following views and instructions. "It has been found that many of the debts from purchasers of lands, in some sections have been much increased by the non-payment of interest as it fell due from year to year; until now in consequence of the great scarcity of money, it is almost beyond the control of the debtor to pay. The County of Wyoming and that part of Erie South of the Buffalo Indian Reservation being especially in this situation, the Company have deemed it prudent to offer to receive from the debtor, in payment of such arrearages of interest, cattle, sheep and hogs, and have given notice that such stock will be so received for one year to come. "This undertaking being with a view of testing its practicability for the future, we desire to proceed cautiously, and in such manner as will insure us no great loss beyond the amount allowed the debtor, and to enable us to determine as to its future effect; and while at the same time it would be very desirable to receive as great amount as possible, it is necessary to avoid too great a loss in receiving such stock as would be unfit for sale at desirable points for markets. You will therefore be governed entirely by your views of those markets as to the price you can allow for the cattle and other stock, as well as the proper places at which to sell them readily; basing all your calculations upon the net amounts for which they will readily sell when delivered at those points. "Our agents at Batavia, Messrs. Redfield & Prindle, having already given notice that stock would be received for interest, will issue further notices, that upon particular days you will be at the several places designated to receive and affix value to such stock, as may be offered. A clerk from the office at Batavia will accompany you, having with him a list of the various debts and amounts, a receipt book in which to enter all stock received and the amount allowed; one of which receipts will be given to the debtor, the other retained by him for us. When applications are made you will ascertain from this clerk if such applicant is a debtor, and to what amount, and the percentage to be allowed beyond the price affixed by you, and upon the taking of the same you will notify him that receipts may be prepared. The cattle are to be numbered and marked, and the other stock marked so as to prevent loss by straying or mingling with other stock. As soon as you have finished at one station you will proceed to another, until a sufficient number is collected to make up a drove, when you will forward them under charge of some prudent discreet person to some point designated; the clerk preparing and handing him an invoice of the drove, describing them by number and kind and forwarding a duplicate to us. You will employ all hands DEVELOPMENT OF TRUSTS 305 necessary, pay all expenses except that of the clerk, keeping a daily account of the same. The person in charge of the drove will also keep an account of all expenses incurred on the road, and present you his account for settlement. "The company leaves to your discretion the manner of selling and disposing of the stock, with the instruction that you extend no greater credit (except under extraordinary circumstances) than is usually allowed. On sale of the stock, you will forward us an account of the same, affixing opposite the cattle or stock on the invoice the amount realized on the same. "As it is desirable to commence the taking of stock at as early day as possible, we shall be in readiness by the first proximo to furnish you with the necessary data and instructions as to the places appointed at which to receive the stock. Meanwhile you will make such preliminary arrangements as is advisable in order to insure a speedy safe when the stock shall reach its destination. "Such funds as may be necessary will be furnished you by our agent at Batavia, to whom you will give your receipts as vouchers. "From the remarks in the preceeding part of this letter you will have learned our views and the motives that govern us in these proceedings. And we have to request that you will endeavor, as far as possible, to do away with any unpleasantness upon the part of these debtors, that may arise from a disparity in the price allowed to some, and to convince them of the justness of the discrimination. In this you will be assisted by the clerk sent with you from this office. "You will also keep our agents advised, as often as may be, of the progress you are making, and the feeling manifest among the debtors; as also ourselves, at this office, if any unexpected difficulty shall arise. "We shall from time to time, as occasion shall require, write you, should any change in the course at present adopted be necessary, or further matters to engage your attention. Meanwhile we remain, "Yours very truly, "The Farmers' Loan and Trust Company." Eventually these lands were disposed of; but under the terms of those old mortgages the Company is still entitled to lands covered by lakes, and lands used as highways, should any such roads be abandoned. So that, even at this late day, there may come into the hands of the Company some such lands. To complicate matters still further land troubles in New York State at about this date, 1845, culminated in what was termed the Anti-rent War. Hundreds of settlers occupying lands owned by non-resident landlords, had paid rent for a generation, since they were not permitted to purchase. Their leases provided for the payment of a specified rental "so long as grass grows and water runs." Questioning the legality of such contracts they refused longer to pay rent, and threatened the lives of agents who tried to collect it. The Sheriff of Delaware County was killed at Delhi by shooting, while performing his duty in selling a piece of property 306 A CENTURY OF BANKING IN NEW YORK at auction. The Anti-renters in a body were armed and masked, so that it was impossible to convict any one for the murder. In June, 1845, a request from some of the landlords, or their agents, for an appropriation by the Board of Directors of this Company, towards suppressing Anti-rentism was declined. The Company possessed real estate in different parts of New York City and was therefore directly interested in the city's development. In 1836 the Executive Committee voted to give out a contract for filling in 34th Street, between Second Avenue and the East River, using earth taken from 32nd Street; and plans and specifications were drawn for building a bulkhead, 300 feet in length, at the foot of East 34th Street-this action being under authority of the Street Commissioner. A contract was drawn in the matter of the removal of rocks on the Company's property between East 31st and 33rd Streets. It provides for the purchase of tools and powder, and stipulates that the job shall be done by day's work. The period from 1870 to 1880 was remarkable for the number and the magnitude of trust mortgages accepted. It would appear from the record that practically every railroad company from Nova Scotia to Mexico had established trusts with this Company in sums from $200,000 to $25,000,000 or more. The aggregate amount of these trusts during that period must have been more than one billion of dollars. The minutes of the meetings of the Executive or Trust Committee, which were held weekly, show acceptances of 31, 34, 38, 27, 25, 21, 17, 18, 53, 37, 20, 25, 18, 12, 25 millions, and a vast number' of from 5 to 10 millions each. This proves the confidence and good will, nation-wide, which the Farmers' Loan and Trust Company enjoyed. Now, in these days of gigantic corporations and enterprises which demand almost boundless resources, it is impossible for those outside of the official circle to estimate the aggregate of trust funds in the vaults of this Company. The Farmers' Loan and Trust Company, in its capacity as Trustee under railroad mortgages, was one of the important pioneers in the field of determining and protecting the rights of railroad bondholders. As Trustee under many of the early mortgages of this character, before the scope and effect of this class of securities were fully understood, its activities in the courts, particularly the Federal courts, had much to do with shaping the law on this subject. Its name will be found as complainant in many of the celebrated and often cited cases which shaped the DEVELOPMENT OF TRUSTS 307 legal and equitable principles bearing upon railroad receiverships. And the development of the modern railroad mortgage, with its many far-seeing protective clauses, owes a great deal to this company. Another field of law in which it has been especially prominent is that bearing upon Federal income and other taxes. The case of Pollock v. The Farmers' Loan and Trust Company, decided by the United States Supreme Court in 1895, is known throughout the country as the Income Tax Case and was the test case in which the Supreme Court struck down the Federal income tax of 1894. Other taxes in regard to which this Trust Company has taken an active position in the Courts include the so-called "Bankers' Tax" under the Revenue Act of 1898, when, in a test suit against the Collector of Internal Revenue, the Trust Company succeeded in obtaining a decision limiting the application of the tax with reference to trust companies and compelling a refund of the tax as erroneously collected. When, in 1913, the present series of Federal Income Tax Acts began, The Farmers' Loan and Trust Company assumed a position of leadership in the constant endeavors, through discussion and interchange of views, to clear up many ambiguities in the statutes and to aid in the equable and practical working of the law. In the State Courts also The Farmers' Loan and Trust Company has taken in many fields a useful and leading position, for instance, as Executor or Trustee under Wills or Trust Deeds. It has figured in numerous famous cases establishing the rights of legatees and beneficiaries including, among other important points, the respective rights of life beneficiaries and remaindermen in trust funds. Its vast experience as Executor and Trustee has enabled it to aid materially in solving problems under such instruments and in the administration of estates and trusts, and the avoidance of litigation thereunder. Under the present banking laws of this State, every trust company incorporated under a special law possesses all the general powers now granted to such companies. These are very broad. The company may act as fiscal or transfer agent of the United States, of any state, municipality, or body politic, and in such capacity may receive and disburse money; transfer, register and countersign certificates of stock or bonds; may act as attorney in fact, or agent of any person or corporation, foreign or domestic, for any lawful purpose. It may discount and negotiate notes, drafts, bills of exchange, and other evidences of debt; buy and sell exchange, coin and 308 A CENTURY OF BANKING IN NEW YORK bullion; lend money on real or personal security; receive deposits of moneys, securities, etc., from any person or corporation, upon such terms as the Company shall prescribe. It may lease, hold, purchase, and convey, any and all real property necessary in the transaction of its business, or which it may legally acquire. It may act as trustee under any mortgage or bonds issued by any municipality or body politic, foreign or domestic, and accept and execute any trust not prohibited by the laws of this State. It may act under order of any competent court, as guardian, receiver or trustee of the estate of any minor, and in any other fiduciary capacity. It may, under appointment of court, act as trustee or committee of the estate of a lunatic, idiot, drunkard, insolvent, or of one involved in bankruptcy proceedings, and may accept appointment as executor of, or trustee or administrator under a last will or testament. It may perform all duties in managing or disposing of estates, wherever located, and shall be accountable, to all interested parties, for the faithful discharge of every duty. It may purchase, invest in, and sell stocks, bills of exchange, bonds and other securities-but it shall have no right to issue bills to circulate as money. It may accept time drafts from its customers, and issue letters of credit in usual form. It may accept on deposit, on its own terms, valuables of all kinds, and may let to its patrons receptacles for safe deposit. It may exercise all powers not in conflict with the laws of this State. VI PERSONAL FOUR men cover the list of the Company's presidents for eighty, years-from 1842 to 1921. These gentlemen, Messrs. Cornell, Williamson, Rolston and Marston had a large share in the Company's development. ROBERT COMFORT CORNELL Trustee of Bank for Savings, 1825 Secretary 1825 Director, Farmers' Loan & Trust Co., 1841-2 President 1842-5 Died May 20, 1845 He was the son of Comfort Cornell, and a lineal descendant of Thomas Cornell, who came to Boston from England in 1637 and later settled in the Bronx, N. Y., where he owned a vast estate. SOME PERSONAL RECORDS 309 He began business with his cousin, Elijah Cornell, in 1810. In 1825 he was assessed on $20,000. He was Alderman of the city in 1834; in religious faith he was a Quaker. From the Diary of Philip Hone: "In the midst of life we are in death. At four o'clock I attended the funeral of Robert C. Cornell-one of the best men in our City, who was engaged during his whole life in acts of benevolence; who has been employed in season and out of season in all the prominent charitable institutions of our City; and unlike most men, never blew the trumpet of his own fame. I have been associated with this pood Samaritan more than twenty years in the Bank for Savings of which he was Secretary at its commencement. He never failed to perform his duties with alacrity and fidelity. Since I have been President, his place at my right hand has never been vacant. How he will be missed." The following paragraphs are from the minutes of the Board, on May 28, 1845: "Robert C. Cornell was elected a Director of The Farmers' Loan & Trust Company on June 7th, 1841. "On the 9th day of July 1842 he was chosen President of the Company by the unanimous vote of the Board. By diligent attention to business for a number of years, he had acquired a competent fortune and then retired to devote himself entirely to the cause of benevolence. In this occupation he had been engrossed for several years when at the solicitation of the Board he consented to become its presiding officer. "This Board unanimously and cheerfully bear testimony that they have found him in disposition and bearing, amiable, courteous, ana gentlemanly. As a man of business, clear headed, sagacious and possessing habits of punctuality, accuracy, and never tiring perseverance. "Above all, he was a man of truth and integrity, and perfectly fearless in the discharge of duty. He devoted his talents, his time, and his industry to the business of the Board up to the last day and almost the last hour of his life. He deserved the thanks of every stockholder for his efforts to preserve their property and to advance their interests." D. D. WILLIAMSON Douw Ditmars Williamson, the son of Nicholas Williamson and his wife, Alche Ditmars, was born January 4, 1789. His original ancestor in America was Willem Willemsen, born in Amsterdam in 1637. President Williamson belonged to the fifth generation from that ancestor. He was a militiaman in the war of 1812-14. He was Comptroller of the city of New York under several administrations and was President of The Farmers' Loan and Trust Company from 1845 to 1865. To him all honor is due for guiding the growing company and upholding its name and honor while it was young and struggling and while its resources were small; that he did this through those critical years is no meagre praise. Upon the occasion of his retirement from this Company to become the chief executive of a bank in Indiana, the Directors 310 A CENTURY OF BANKING IN NEW YORK presented to him a generous gift as an earnest of their appreciation of his long and distinguished services. He was an Elder in the Collegiate Reformed Dutch Church. On November 1, 1810, he married Mary Ann Abeel at New Brunswick, N. J. She was born in 1790 and died April 29, 1864. He died in Indiana in 1869. They had nine children. The youngest, Douw Ditmars Williamson, Jr., was the founder of the firm of manufacturing chemists under the name of D. D. Williamson & Co., whose offices were for many years at 14 Dey Street, and for the last twenty years at 86 Fulton Street, in this city. He was also an inventor of some renown. He died in 1897. ROSEWELL G. ROLSTON Mr. Rolston was born on the second day of September, 1832, in Belleville, New Jersey. He was trained in Dr. Chase's Academy at Middletown, Conn.; after which he became general clerk in the State Bank at Elizabeth, N. J. After several years experience in this work he entered business in partnership with his brother-in-law, Louis B. Hanks, in Sumpter, S. C. Finding himself strongly attracted toward finance he came to New York in 1858 and entered the Bank of the Manhattan Company where he remained until about the beginning of 1864, when the opening of the Fourth National Bank of New York occurred, of which he was elected Assistant Cashier. The first books of that institution are in Mr. Rolston's handwriting. He was on the point of being elected Cashier by the Directors when the objection was offered by one of the members "that he was not big enough for that position." Mr. Rolston was a man of less than the average height while the objector was a man of large stature. He soon demonstrated that his ability was not measured by his stature. On April 2nd, 1864, he was elected Vice President of The Farmers' Loan and Trust Company and on the resignation of President Williamson he was on January 4, 1865, elected President of the Company, which position he filled until June 17, 1898. On the date of Mr. Rolston's election to the Vice Presidency of The Farmers' Loan and Trust Company, the balance sheet, made at that time, shows that the Company had, outside of its dividend and trust accounts, fourteen depositors, to whom it was indebted for three hundred and fifty thousand dollars; and the surplus amounted to but little over sixteen thousand dollars. At that date (April 2, 1864) the Company occupied the front and 0.0 0 Cd ~0 F0 0x I 'Al I bit-' Prom a photograph by James W. AUISon, IV. Y. WHERE WILLIAM STREET MEETS BEAVER STREET An historic spot in lower New York, now occupied by the building of The Farmers' Loan and Trust Company SOME PERSONAL RECORDS 311 back parlors of a private house at 56 Wall Street. Mr. Rolston realized that the furniture and fixtures were old fashioned, and not in keeping with those of other financial institutions with which he was doing business. He determined that the offices of the Company should compare favorably with those of other like institutions; so an up-to-date counter, and proper furniture were installed, and carpets took the place of the old oilcloth which had seen long service. These changes transformed the offices and caused personal pride in the heart of Mr. Rolston, until one of the Directors complained that "this young man will ruin the Company by his extravagance." Time, however, proved that these fears were groundless. He introduced at once measures to increase the Company's business. Jotting down the names of Cotton Exchange and Stock Exchange firms, he visited them and solicited their deposits. This same energy -caused him, when office hours were too short to accomplish the work which had been promised, to take to his own home bonds and stock certificates which it was necessary for him to sign, and there, in hours which should have been given to relaxation, he toiled without sparing himself, that his word of promise might be kept sacred. Mr. Rolston was a beautiful and rapid penman and the minutes of the Board in his handwriting during the years when he was Secretary are a delight. During occasions when he was signing bonds as indicated above, a record of his speed was kept, and it was proven that he wrote his signature seven hundred times an hour. There were three rules to which he adhered strictly; 1. ",Always be on time to keep an appointment. 2. "Do it now. 3. "Be courteous to every one." When he became President in 1865, the working force was numerically small, and the real development had scarcely begun. Conditions of growth became more favorable and Mr. Rolston's generalship was so able that within five years the assets had more than doubled and the profits and surplus had become seven times as great. He lived to see the assets become twenty times and the profits sixty-six times what they were in 1865. During his administration more than six millions of dollars were paid in dividends to the stockholders. On June 17, 1898, after more than thirty-three years of continuous service as President, Mr. Rolston found the burden greater than he could endure, and he was therefore compelled to 312. A CENTURY OF BANKING IN NEW YORK tender his resignation. It was regretfully accepted and he was made honorary chairman of the Board of Directors. About two months from that date, on August 25, 1898, Mr. Rolston passed from this life, leaving The Farmers' Loan and Trust Company as his monument. EDWIN S. MARSTON After being Secretary of the Company from 1889 to 1897, Vice President from 1897 to 1898 and Director in 1898, he became President upon the death of Mr. Rolston in that same year. Familiar with the business of the Company, in full sympathy with the policy of the successful administration which had just ended, and possessing rare executive ability, he was eminently fitted to take the helm. Under his leadership the progress of the Company was unbroken Its assets were multiplied by four and its profits and surplus increased nearly threefold. Its power and influence were extended to European lands, through its foreign branches, and its prestige more than kept pace with its development. In the crisis of 1907 when ruin stared certain banks in the face, the assistance rendered through this Company by funds and the conspicuous labor of President Marston, acting with the other members of the Committee, added renown to the Company and well earned fame to its President. Mr. Marston resigned in June, 1921. JAMES H. PERKINS James H. Perkins, born at Milton, Massachusetts, was graduated at Harvard in 1898; was employed in an administrative capacity by Walter Baker & Company, Limited, from 1898 to 1906; served as Vice President of the American Trust Company of Boston from 1906 to 1908, leaving to become Vice President of the National Commercial Bank of Albany. He was later made President of that institution, and also became President of the New York State Bankers Association. He left Albany in 1914 to accept the Vice Presidency of The National City Bank of New York; was promoted to the Executive Managership and held this position until he went abroad with Colonel Grayson M. P. Murphy with the first American Red Cross Commission to France. When Colonel Murphy took up active service, Mr. Perkins served as Red Cross Commissioner to France and Europe, until he also entered the service, being retired in 1919 with the rank of Lieutenant-Colonel of the General Staff, He is an officer of the Legion of Honor, and holds the American Distinguished Service Medal. SOME PERSONAL RECORDS Was elected President of the company, June 16, 1921. 313 Lis John T. Champlin Oliver H. Hicks Frederick A. Tracy Elisha Tibbets Henry Seymour Lewis Curtis Charles Stebbins Robert C. Cornell D. D. Williamson Rosewell G. Rolstor Edwin S. Marston James H. Perkins V Fred A. Tracy 1833 David Codwise 1836-, Rosewell G. Rolston 1864-' George F. Talman 1869-I Robert C. Boyd 1875 W. D. Searls 1881 Wm. Hopkins Leupp 1889-I E. S. Marston 1897-1 Thomas J. Barnett 1899-K d of Presidents ice Presidentr 1822-1830 1830-1832 1832 1832-1835 1835-1837 1837-1842 1842 1842-1845 1845-1865 1865-1898 1898-1921 1921 Samuel Sloan 7 Augustus V. Heely 5 William B. Cardozo 1883 Cornelius R. Agnew J. Herbert Case William A. Duncan 1899 Horace F. Howland 3 Henry King Smith 1909 Secretaries Thomas Franklin Archibald McIntyre John King Rufus K. Delafield George P. Fitch John Ely, Jr. James Hoyt Robert C. Boyd Frank Munn Samuel Sloan Augustus V. Heely William B. Cardozo Cornelius R. Agnew William A. Duncan Horace F. Howland Robert E. Boyd 1822 1822-3 1824-1832 1836-1852 1852-1881 Assistant d 1822-4 1824 1867-1875 1881 1889-1897 1898-1907 1900-1909 1900-1909 1909-1917 1909-1917 1909-1917 William H. Leupp Edwin S. Marston Samuel Sloan Augustus V. Heely wecrelaries Edwin Gibbs Harry D. Sammis J. Courtney Talley Edward J. Boyd Irving H. Meehan James B. Little William A. Wilson S. Sloan Colt Francis W. Myers Thomas M. Godwin 1907 -1907 -1909 -1909 -1912-1917 1917 -1917 -1918 -1881-1889 1889-1897 1897-1907 1907 -1912-1919 1917 -1917 -1917 -1917 — 1918 -1918 -1919 -1921 -1921 - 314 A CENTURY OF BANKING IN NEW YORK Directors Richard Harrison Benjamin Bailey Francis Depau Thomas Franklin Thomas Van Zandt Peter Remson John Bolton Francis Saltus Henry Mactier Augustin H. Lawrence H. C. De Rham George Griswold Thomas H. Smith Gabriel L. Lewis James De Wolf, Jr. Will W. Russell Benjamin Marshall Henry Wheaton Theodosius Fowler John T. Champlin John C. Green James McBride Archibald McIntyre Churchill C. Cambriling John Johnston Thomas S. Townsend James Magee James Tallmadge Christian Shell William James John L. Vielle George Andrus David White Frederick A. Tracy John S. Crary David S. Kennedy Henry Cary William Osborn Joseph S. Shotwell Gideon Lee Samuel Packwood Lewis Curtis 1822 It it It It It It It it it It it It it it it It it It It (C it it It it it it it I It it 1823 It it It tt 182.4 It William Howard Robert M. Russell Richard N. Harison George H. Stanton Philip Thomas Samuel Hanway Aaron 0. King Thomas J. Oakley William Hudson William H. Adams Henry Parish Thomas Lord Jacob Corlies W. W. Harison John W. Leavitt James Ries Michael Mulden Roger Prout William Jones Ephraim Holbrook Elias H. Ely Charles B. Tallmadge William C. Woolsey Charles Dickenson John A. Taylor William Sidney Smith Walter R. Jones Tyler Dibblee Oliver H. Hicks Samuel F. Dorr Thomas Tileston Samuel Downer, Jr. Eliphalet Wickes Thomas Wright Elisha Tibbitts Benjamin L. Swan Lynde Catlin William B. Astor Charles E. Dudley James Wadsworth Thaddeus Phelps Eli Hart 1824 it It 1825 It It 1826 It 1827 1828 1829 1830 tt 1831 it 1832 1833 a SOME PERSONAL RECORDS 315 Directors Pierre Lorillard, Jr. Samuel Alley Benjamin N. Brown Levi Beardsley George Newbold John Targee Daniel Jackson Henry Wyckoff Morgan L. Smith John L. Graham Isaac Townsend Henry Seymour Enos T. Troop John Delafield John Fleming David Codwise Lott Clark Levi Beardsley Cyrus Curtiss James Seymour Jeremiah Johnson Henry Vail John De Mott Elisha Riggs Ferdinand Suydam Joseph Kernochan William F. Havemeyer Abraham G. Thompson James Donaldson Dudley B. Fuller John Ferguson J. Woodward Haven Albert H. Tracy Gideon Hawley Robert C. Cornell Hiram Ketcham William Banks Robert Bayard Ernest Feidler Joseph W. Alsop, Jr. Charles Stebbins Ira B. Cary 1833 it It it tt it 1834 te it it 1835 It (I It 1836 tt Charles Humphrey John K. Paige Joel Rathbone John Rankin Chester Clark Philip M. Lydig Moses Taylor Cornelius W. Lawrence Cornelius Dubois, Jr. Henry A. Colt Charles Kneeland Stephen Storm John L. Lawrence D. D. Williamson George I. Cornell James J. Van Allen Edward Curtis Cornelius Bogert Benjamin F. Dawson William Penfold Thomas Mareau Seth Grosvenor A. S. Murray George F. Talman John F. A. Sanford D. D. Fearing Elbert I. Anderson Nelson Robinson Erastus Corning Robert Schuyler Eli Kelley Solomon B. Stone Gouverneur Morris Isaac Newton Israel Randolph Daniel Drew Elisha Peck Robert W. Kelley Cornelius Vanderbilt Abraham Baylis Francis B. Cutting Sheppard Knapp 1842 1843 1844 1845 It 1846 1847 1848 1849 1850 1851 1852 It it it 1852 316 A CENTURY OF BANKING IN NEW YORK Directors Charles E. Bill Charles H. Fisher Edward Whitehouse Charles P. Leverich Alanson Robinson Charles Morgan Moses Tucker David Kent Samuel Towner Edward Minturn John P. Moore Homer Ramsdell Nathaniel Marsh Alexander Duncan John Steward, Jr. Andrew Foster William E. Laight Alexander Campbell Isaac Bell, Jr. Abram R. Van Nest John I. Phelps Percy R. Pyne Nathaniel Thurston Peter Edes George R. Marten James Soames James H. Banker David Kent Rosewell G. Rolston Frederick G. Foster Peter H. Vandervoort John Jacob Astor, Jr. Samuel Sloan Robert L. Cutting William Walter Phelps Denning Duer Asa Otis George Milne Edward R. Bell William Remsen James Roosevelt William B. Astor 1852 1853 1855 1856 1857 1859 1860 1861 1862 1863 1864 1865 1866 1869 1862 1871 1873 1874 1875 William H. Wisner -1876 John H. Mortimer 1878 Thomas Rutter 1879 Robert Lenox Kennedy " Charles H. Thompson 1880 S. Clark Jervoise " Edgar S. Auchincloss " N. L. McCready 1881 Frederick Billings 1883 Robert C. Boyd Henry Hentz 1884 Gardiner R. Colby 1885 Alexander T. Van Nest 1887 Robert L. Cutting, 2nd " H. Van Rensellaer Kennedy" August Belmont, Jr. " Charles E. Bill, Jr. 1888 James Neilson " Moses Taylor Pyne 1889 James Stillman " Alfred C. Cheney " D. O. Mills 1890 William Waldorf Astor t Henry A. C. Taylor 1891 E. R. Bacon " Charles L. Colby " Franklin D. Locke 1892 R. F. Ballantine " Cleveland H. Dodge 1894 Charles A. Peabody " George F. Baker 1895 Hugh D. Auchincloss " William Rowland " David H. King, Jr. " Stephen S. Palmer 1896 John P. Townsend " John L. Riker 1898 Edwin S. Marston " Daniel S. Lamont " Andrew G. Agnew 1899 Archibald D. Russell " P. A. Valentine 1900 SOME PERSONAL RECORDS 317 W. S. Bogert H. H. Rogers James F. Horan Frederick Geller Samuel Sloan, Jr. James A. Stillman Marl T. Cox J. William Clark Frank A. Vanderlip Percy A. Rockefellei Augustus V. Heely John W. Sterling Ogden Mills John J. Riker Percy Chubb Thomas Thacher James H. Perkins Samuel Sloan Augustus V. Heely William B. Cardozo Cornelius R. Agnew William A. Duncan Horace F. Howland Henry King Smith' Direc 1901 1902 1906 1907 1908 1909 1909 1910 I1 1912 is lors Edgar Palmer Henry R. Taylor Harry D. Sammis J. C. Talley Francis M. Bacon, Jr. Anton A. Raven Thomas F. Victor Beekman Winthrop Parker D. Handy Robert L. Gerry Percy R. Pyne, 2nd Percy R. Pyne Lewis Iselin John G. Agar Eustis Paine Frederick Osborn 1913 a 1914 a 1916 (C 1917 1919 1921 Secretary 4ist. Sec. t " li t Officers in 1922 President Augustus V. Heely Vice Pres. J. C. Talley " " Harry D. Sammis t" " Edward J. Boyd " " Irving H. Meehan t" " James B. Little t" " William A. Wilson " " S. Sloan Colt Francis W. Myers Thomas M. Godwin L James H. Perkins Edwin S. Marston Charles A. Peabody Franklin D. Locke Lewis Iselin John G. Agar Percy R. Pyne Samuel Sloan John J. Riker Directors in 1922 Henry R. Taylor Francis M. Bacon, Jr. Robert L. Gerry Parker D. Handy Augustus V. Heely Ogden Mills Beekman Winthrop Eustis Paine Frederick Osborn 318 A CENTURY OF BANKING IN NEW YORK Names of Employees oj The Farmers' Loan and Trust Company who served their country in the Great War. Milton M. Abbott Oscar W. Anderson Charles F. Ayers Alexander F. Bergren Edward Bolt Percy G. Browne Frederick W. Brush F. Campbell Burrows Christopher Cavanna S. Sloan Colt William R. L. Cook, Jr. Frank E. Cosgrove Arthur K. Davis Henry J. Delaney Harold B. Dennis John R. Doyle Samuel E. Dribben Edward L. Ducker John R. Farrar, Jr. Francis V. Forrestal Walter J. Furlong Duncan F. Geery David H. Gibson John E. Greenia Albert Guder Daniel J. Hayes Laurence B. Hayward Laurence S. Heely Clifford Hendricks G. Russell Hess * Killed. Stoddard Hoffman Vincent Hogan Charles C. Holmes Bernard de Hosson Paul Jacoby Milton G. Johnson Arthur H. Kiendl John G. Kilbreth Malcolm A. Leary Hugo G. Loeser Alan M. Lunberg Dennis Lynch John McConnell John McDermott Francis S. McGovern Leo J. McNamara Monroe Mayhoff Peter Meidenger Walter Monsees Samuel J. Mooney Harrison B. Moore, III Marcus M. Munsill Jacob F. Muschenheim Frank W. Myers Edward P. Naylor Walter I. Opsann Adam J. Orlet Carl Palmblad John Press, Jr. Redmond J. Reilly John Riquet E. Richard Schulz Ellsworth D. Scott George Sellarole *Alfred T. Slauson Julian R. Sloan Clarence B. Smith Elward Smith John J. Smith *Merritt H. Smith, Jr. Robert F. Smith Henry H. Sonntag William H. Steinhardt Garrett A. Storms Arthur C. Sullivan William J. Sullivan Dorothea Thomas Henry N. Tifft, Jr. Frank M. Totton Frederick C. Turner, Jr. Augustus Van der Poel *Ralph E. Van Valkenburgh *Richard J. Walsh Charles F. Weber Harry Wendell Leslie G. Wilmot George T. Wisner Wellford G. Wrenn - 1. CHAPTER XIV HISTORY OF A DOITNTOJ7N PLOT Sale of the Island for Sixty Guilders-First Ground-briefsOrigin of J7all and lJilliamn Streets-Block L, Lot No. 7 — erchant Princes, Captain Kidd, and Successive Owners of the Corner of llilliam and Beaver Streets WrrHEN the first white man who ever saw the land that is I/ now covered with the glistening sky-scrapers of New York sailed into the harbor in the spring of 1524,-Giovanni da Verrazzano, a Florentine, who had been sent by Francis I, King of France, in a futile effort to discover a passage to Asia,the island was occupied by a tribe of Indians named the Manhattans. To state that the Indians "owned" the island would be stretching a technically legal term. But the Indians occupied it, and by common consent among themselves, the various tribes were loosely allotted to the territories where they did their hunting and set up their homes. Real estate values were negligible; land was the Indians' one plentiful possession. In the colloquialism of the rural South, "land was the one thing that Indians had nothin' but of." Thus the early Manhattan Indians were the first known owners of the valuable downtown block in the heart of the crowded financial section of New York that is now occupied by one of the oldest banking institutions of the city, the Farmers' Loan and Trust Company, the one-hundredth anniversary of which is being celebrated this year, 1922. Few bits of land in all New York have had a more interesting history than the site of this modern office building, bounded on the west by William Street, on the north by Exchange Place, on the south by Beaver Street, and on the east by the Post Building and Hanover Street. Indeed, its history goes back to the very earliest records of the New World,-even before New York was called New Amsterdam! 319 *6 320 A CENTURY OF BANKING IN NEW YORK Let us trace it from the beginning. Following the discovery of New York by Verrazzano, the next white man who is known to have arrived at what is now the greatest port in the world was the famous Hendrick Hudson, who arrived September 11, 1609, in the Half Moon. Hudson, who was an Englishman, and whose real name was Henry, was employed by the Dutch East India Company of Holland to discover a new route to India by way of the North. His accidental and brief contact with the Indians he found here so impressed him, and through him the practical Hollanders, with the possibilities for acquiring wealth from the new land, that in 1610 or 1611 two Dutch mariners, Hendrick Corstiaensen and Adriaen Block chartered a vessel on their own account and hurried over here. Shortly after that certain merchants of Amsterdam and Hoorn sent over five vessels, filled with goods for barter with the savages. So profitable were these expeditions that in 1675 the Dutch merchants formed themselves into the United New Netherland Company, and obtained from their government the exclusive right to trade in the newly-found territory "for four voyages within the term of three.years, commencing the first of January 1615." This Company was superseded in 1621 by the Dutch West India Company, which obtained all rights for trading in the new land. This was the beginning of what became a flourishing Dutch colony, which in 1623 had attained such importance,-its population had grown to several dozen by then,-that it attained the dignity of a Dutch province. In that year, too, the good ship New Netherland arrived, with thirty families aboard,-the first packet to make regular trips to and from the New World, and thus was the fore-runner of the regular ocean liners. As the new settlers arrived they established themselves in houses which they erected wherever their fancy dictated. Land was so plentiful and the population so small,-it numbered only about a hundred men, women and children in 1625,-that no effort was made to lay out streets or even to establish each squatter's territory. Thus it came about that the paths which led to these scattered houses, as well as the paths made by the cows to the pasture lands, gradually grew into streets, and modern Broadway and Pearl Street were once cowpaths that led to the green fields near what is now Wall Street. Sooner or later, however, some sort of title had to be acquired for the land. This was done in 1625 when Peter Minuit, Director FIRST GROUND-BRIEFS 321 General of the territory, established the first formal government. And one of his first acts was to make a legal contract with the Manhattan Indians whereby the West India Company came into possession of the entire island of Manhattan for sixty guilders, or $24.00,-paid not in the form of useless money, but in the form of articles dear to the Indians' heart,-kettles, shears, knives, toys; possibly even beads, bells and jewsharps. Thus the present site of the Farmers' Loan and Trust Company came into its first legal ownership. Having thus acquired a claim to the island, the next step of the West India Company was to apportion certain sections of it to the white settlers who had been occupying it and who had thereby established a sort of a priori right to it, although they had been paying rentals to the company. Accordingly the land was roughly divided into blocks, designated by letters, and into lots designated by numbers. On July 20, 1638 was recorded the first known ground-brief, by Director-General Willem Kieft. Another was granted the following year. Gradually others followed. On July 3, 1643, one Tymen Jansen, a ship carpenter, was granted a ground-brief to the land he had been occupying on what is now a considerable portion of the site of The Farmers' Loan and Trust Company building. On May 15th, Augustyn Heermans, an exporter and importer, was granted another ground-brief to a lot adjoining Tymen Jansen's on the southeast, which also includes an important slice of the site of the present bank. And sometime in 1649 another lot, adjoining Tymen Jansen's on the northeast and just touching upon Augustyn Heerman's, was granted to Jacob Heinrich Vaervanger, a doctor. This third grant also included a portion of the present site of The Farmers' Loan and Trust Company's quarters. These three Dutchmen,-Tymen Jansen, a ship carpenter, Augustyn Heermans, and Jacob Heinrich Vaervanger, a doctor,thus became friends and neighbors. The largest portion of the present site was granted to Tymen Jansen, who had been occupying a tract of land lying along the river road from about the present 125 Pearl Street to what is now the rear of the Seaman's Savings Bank building at the northwest corner of Pearl and Wall Streets,-a distance of about 450 feet. His property averaged about 225 feet in depth, so his entire holdings up to this time amounted to somewhat more than two acres. Jansen's new property, designated as Block M, Lot No. 12, 322 A CENTURY OF BANKING IN NEW YORK which was irregular in shape, comprised 646 rods, 10 feet and 5 inches. It was bounded on the north by an imaginary line starting at the corner of Wall and Pearl Streets (near what was then "the water poort") and ran southwesterly through the line of Wall Street, cutting Exchange Place just north of what is now the main entrance of The Farmers' Loan and Trust Company building, and extending southeast from that point to what is now Pearl Street, but which in those days was known merely as "the road to the Ferry" and later as "the Church Street of the English." From this point Tymen Jansen's property followed the line of Pearl Street northeast to the starting-point north of Wall Street. This property was granted to Tymen Jansen on July 3rd, 1643, by the Dutch West India Company, although the owner had apparently been occupying the land for several years before the legal papers were executed. Like the other settlers, he had merely built his house where he pleased, and after six years of residence as a "squatter," he was given his patent. So it appears certain that Jansen had occupied this spot as early as 1637, and his former land possibly even as early as 1624, when the Dutch West India Company sent over a number of colonists with cattle, tools and other equipment for establishing a permanent agricultural colony in New Amsterdam. At any rate Tymen Jansen came over as a young man, for the records show that he was in the employ of the Company before 1633, when he was thirty years old, and that he had for several years before that been the principal shipwright of the Company at New Amsterdam and had built many vessels. Certain it is that the shore opposite Tymen's residence,-and the waterfront in those days came up to Pearl Street,-must have been a busy center in an otherwise quiet old town, for the records of Director Van Twiller (who served from 1633 to 1638) state that Jansen "made many repairs, and built new vessels, with a wood-cutter's boat, and various farm boats and skiffs." Tymen evidently occupied a residence that was built for him in 1635 on his older property by Director-General Van Twiller. Later it appears that he built another house lower down on Pearl Street, which the records show was occupied by his widow Marritie in 1653. This house is described as a comfortable place, situated in a large enclosure of ground sloping down to a small pond, and with green fields behind it. So far as the meagre descriptions of the period show, this pond was located about where the southern portion of The Farmers' Loan and Trust Company building now stands. It is not ORIGIN OF WALL AND WILLIAM 323 improbable that on its quiet waters at one time floated a lazy rowboat that Tymen made for his little daughter Elsie. But such pleasures of country life were not destined to last long in the prosperous and growing Dutch town, for the pond was eventually drained off by a ditch or "sloote," which in time became "Slote Lane," then "Stoat Street," "Merchants' Street," "Exchange Street" and finally "Beaver Street," by which it is known to-day. According to the early records, Jansen was a practical hardworking, God-fearing Dutchman who took an active part in the life of the thriving little village. On May 30, 1639, he gave a note of 100 guilders to the deacons, presumably to assist in saving the souls of his fellow-citizens. That he was held in esteem is evidenced by the fact that he was appointed a "guardian of the children of the late Cornelis Van Vorst" and filed a bond to this effect on February 17, 1639. On July 5, 1643, he made a contract with William Robbertson to build a house,-presumably the house he later occupied, on his newly-acquired land. In the summer of 1640 the Council Minutes show that Jansen, jealous of his honor, became involved in a quarrel with one Laurens Haen, against whom he entered suit for slander on August 7, 1640; the case continued for several days and ended with a judgment for the plaintiff and a fine for the defendant. Apparently Jansen prospered, as there are numerous records of his business transactions; among them the records of large tracts of land which he acquired in 1642 and 1643, on Long Island, including the site of the present Court House of Queens County in Long Island City. "Whether he had grown independent with years, and was desirous of attending to his own private affairs, or whether he was not in as high favor with Director Kieft as with his predecessor, does not appear," writes J. H. Innis in "New Amsterdam and Its People," "but we find that in 1664 the Director and Council complained of him for neglecting to repair the yachts Amsterdam and Prins Willem, to which he responded, somewhat tartly, that he 'had done his best, and cannot know when a vessel is leaky unless those in charge inform him of the fact; furthermore, that nothing can be done without means'." While Mynheer Jansen's grant provided ample room for a house and outbuildings, as well as for an ample kitchen garden, it could hardly be regarded as a farm. It is probable, however, that a good part of the land was given over to the raising of garden truck. One may easily picture Mynheer Jansen in his 324 A CENTURY OF BANKING IN NEW YORK broad-brimmed hat and ample breeches of the period, amiably smoking his long-stemmed pipe as he wandered about his property, gazing southward over the waters where, as the ancient map declares, "the great ships ride at anchor," and contemplated little improvements here and there,-very likely including the planting of a hedge along the boundary line of his estate and that of his neighbor, Doctor Vaervanger, about where the offices that face Exchange Place are now located. Nor is it difficult to picture Mynheer as turning out at seven o'clock on the spring morning of April 4th, 1644, in response to a notice posted a few days before by his near neighbor, Cornelius van Tienhoven, Secretary of the Council, calling upon him along with "other interested persons," to help in the erection of a stout fence along the northern limits of New Amsterdam,Wall Street,-to serve the double purpose of preventing cattle from straying off into the country and of preventing the Indians from making a too-easy descent upon the villagers. And having performed such public duties, it is easy to picture him in the cool of the evening as strolling homewards down the canal which in those days extended northward up Broad Street as far as what is now Beaver Street and enjoying to the full the similarity of the surroundings to his beloved Holland,-even to the extent of brushing from his path an occasional pig, which roamed the streets as scavengers. But the life in the colony was fraught with hardships and few of the early pioneers lived to old age. Tymen Jansen was no exception, and he died about 1645 when he was about forty-two years of age. The following year his widow Marritie married Dirk Cornelissen of Wensveen, a carpenter, and upon his death in 1648 she married Govert Loockermans and moved to the home of her new husband in what is now Hanover Square. A little later Marritie and Govert Loockermans sold the old Jansen homestead to Claes Hendricksen, a carpenter, who in turn exchanged it in 1653 for the house and grounds of Sergeant Daniel Litsche, a famous tavern keeper, situated nearer to the fort. Litsche lived in his new home (which by that time was located just outside of the "palisades" or town wall nine feet high, which was built as a protection against invaders in 1653, and from which Wall Street derived its name) until the property was condemned by the authorities because it stood too near the fortifications. To Augustyn Heermans, soldier, scholar, artist, merchant and speculator, —one of the most important as well as one of the most picturesque figures in old New Amsterdam,-was granted BLOCK L, LOT NO. 7 325 that plot of land about an acre in size designated as Block L, Lot No. 7. According to the records, Heermans came into legal possession of this property on May 15, 1647, when he was a Burgher. On the east side it included that portion of land that is now occupied by the west front of the Farmers' Loan and Trust Company building, extending from a point a few feet north of the main entrance of the bank and extending southeast in a straight line to a point about thirty feet east on what is now Beaver Street. Thus Heermans' land included that portion of the present building which is now occupied by the president and several of the chief executives of the bank. Incidentally, Heermans' grant included practically all of what is now William Street, between Exchange Place and Beaver Street (except a small triangular strip just south of Exchange Place) as well as about half of Beaver Street for a space of sixteen rods. A few years later, 1654, when Heermans disposed of a part of his land to Symon Jooster, in order to tide over a financial crisis, his claim to the property became confused when the town ran a road through it, and consequently he was unable to deliver it intact to the buyer. The quarrel led to the courts in 1656 where Heermans pleaded, properly enough, that he allowed Joosten to select his own plot and measure it himself and that he had offered him the proper conveyance, which Joosten had refused. Joosten answered that inasmuch as the new road was run through that part of the lot intended for a garden, and consequently the whole of his purchase could not be delivered to him, Heermans ought to deed over another lot of similar size to take its place. The road which caused this controversy was later designated as "Smee Street" or Smith's Street (now William Street) in honor of the village blacksmith, Burgher Jorisen Smit.* There is no evidence that Burgher Heermans actually lived on this land; indeed, the records show that at about the same time that he received this grant he obtained possession of about an acre of ground in the Smit's Vly (north of Wall Street) that was originally granted to Hendrick Jansen, the tailor. This property ran for 200 feet or more along the river and the house on it occu* Burgher Jorisen, a native of Silesia, was in New Amsterdam as early as May 26, 1637, when he signed a contract with the Council of the Colony of Rensselaervuyck, which read: "inasmuch as Cornelis Tomassen died and Arent Steverviersen, who married the widow, does not understand Smith's work, the Council of the Colony have decided to turn the iron and coal and all tools over to Burger Jonsen Smil... Van Rensselaer Bowier AISS., 815-6. 326 A CENTURY OF BANKING IN NEW YORK pied the ground now covered by these buildings at 177 Pearl Street. After his marriage in 1650 to Janneken Verlett he built a larger residence which he called his "great house"which occupied the site of what is now 175 Pearl Street. And here it was that he spent the last ten or twelve years of his residence in New Amsterdam, before he departed on an eventful journey that made him a great landed proprietor of Maryland. The land included in the grant of 1647 was apparently leased to Heermans' friend, Allard Anthony, "for garden purposes." Presumably Anthony raised such produce upon it as is now raised by the Long Island farmers, consisting principally of vegetables. Anthony, who became a successful business man and for a period served as Sheriff, leased the land for several years; in all likelihood the $500-a-foot ground now occupied by the towering office building designated as 25 Broad Street, as well as other skyscrapers on the same block, was given over to the cultivation of cabbages and other delicacies dear to the Dutchman's heart, and were probably fed, at the town's expense, to Anthony's prisoners in the town lockup. As might be inferred from his name, Augustyn Heermans did not come from Holland but from Prague, Bohemia, where he was born in the year 1608. After serving as a youth in the army of Count Albert von Wallerstein in the Thirty Years' War, until that general's defeat by the Swedes in 1632, Heermans came over to New Amsterdam as an agent of the firm of Peter Gabry and Sons, merchants at Amsterdam. He prospered; the early Dutch records contain numerous references to his enterprises and numerous acquisitions of real estate property elsewhere in Manhattan. Aside from a few business trips, he seems to have remained quietly at home, attending to business and projecting himself only occasionally into the political life of the town, in which his experiences were more or less disturbing. A brief impression of Heermans, the man, as well as an interesting snapshot of that part of the town, is given by J. H. Innes in the following paragraph: "Fronted by the shingly beach of the East River, and backed by its orchard and the hillside, the place (Burgher Heermans' home) was a quiet haven where its proprietor often, no doubt, found opportunities to contrast the prevailing calm with the turbulent experiences of his early life. All traces of the locality as it was in Heermans' day have long passed away, however; and he must live largely in imagination who can find in the dark street and melancholy warehouses and clattering trains of the SUCCESSIVE OWNERS OF THE CORNER 327 elevated railway overhead, anything to remind him that here Augustyn Heermans, awakened on a summer morning by the carolling of the robins in his orchard, could look from his windows upon the early mist covering the East River, and call to mind, perhaps, a foggy morning, a quarter of a century before, when he with 20,000 of his comrades stood under arms, and through the mists which covered the village and plain of Lutzen, on the day of the great battle, heard the Saxon troops of Gustavus Adolphus singing:"Ein fesle Burg is unser Gott, "Ein gute Wehr und Waffen." But Heermans' early contact with men and events left an impression that even the quiet of a Dutch village could not entirely eradicate and his adventurous spirit prompted him to join in the opposition to the Colonial policy of the West India Company, and his name headed the list of "the Nine Men" who signed the historic document known as the "Remonstrance" to the States-General, in which Peter Stuyvesant and his secretary, Van Tienhoven, were handled without gloves. Between Van Tienhoven and Heermans, indeed, considerable enmity existed, which even extended to the point where the former attempted (unsuccessfully, be it said) to cause a breach between Heermans and his Dutch employers. Apparently the trouble between Heermans and the Colonial administration was adjusted in the course of time, for in 1659 Director-General Stuyvesant appointed his erstwhile enemy one of two deputies to visit the Governor of Maryland for the purpose of coming to an agreement respecting the boundaries of that colony and those of the Dutch settlements along the Delaware. While on this journey Heermans undertook to make a survey and map of the province for Lord Baltimore-a task which occupied him ten years and which he executed in such a distinguished manner that he was rewarded by a grant of about 30,000 acres to which he gave the name "Manor of Nova Bohemia." Thither he removed his household in 1662, and he died there in 1686, one of the few men of the period to reach a ripe old age. The grant to the third neighbor Master* Jacob Heinrich Vaervanger (or Varavange) was the smallest of the three, comprising only about a half acre designated as Block Q, Lot No. 8. The original grant is not found in any of the old documents, although the good doctor apparently came into his property * This was the title given to surgeons. 328 A CENTURY OF BANKING IN NEW YORK in 1649, and the transaction was made a matter of official record by Governor Nicolls by a confirmatory grant dated April 13, 1667. Doctor Vaervanger's land adjoined Tymen Jansen's on the northwest, and touched upon the northeast of Burgher Heermans' property. Described in terms that may be identified to-day, it included all of that part of the present building of the Farmers' Loan and Trust Company that faces on Exchange Place, and nearly a half that faces on William Street. If a line be drawn from a point just north of the main entrance of the present building to a point northeast, about sixty feet west of Hanover Street, all that portion north of this imaginary line was a part of Doctor Vaervanger's house and garden. Doctor Vaeranger is described as a well-to-do physician, who had already been established here many years and who had acquired considerable property, principally in real estate. Apparently the lot of a doctor in those days did not differ materially from his lot to-day, for the records of the period show numerous court actions brought by Master Vaervanger against his debtors, from whom he accepted not only money for his professional services but beaver skins, tobacco, brandy, or in fact, pretty much anything of value that his patients could offer. Yet the good doctor was highly esteemed, and in a quiet way became a power in the community. In 1658 he worked to establish a hospital for sick soldiers and negroes; in the same year he brought suit against the Burgomasters of New Amsterdam for indemnity for the property on the new grant which they had taken up from the land left to his two wards, the orphan children of Jacob Lopes and Cornelia Melyn. That he served as a public health officer may be assumed from the fact that he received money at times from the town, and occasionally he obtained funds for paying a salary to an assistant. Doctor Vaervanger built two houses on his grounds as well as a small outbuilding. One house was located upon what is now the northeast corner of William Street and Exchange Place, and the other what is now the southeast corner.,-the very spot now occupied by The Farmers' Loan and Trust Company. One of these houses,-the records are not clear as to which,-Doctor Vaervanger rented early in 1660 to one Dirck Houthuyzen, a smith. Dirck, in turn, sublet the front room to a youth of good family, Marten Van de Waart. Both of these tenants proved troublesome fellows for the doctor. Dirck, the smith, absconded during the summer, and such of his belongings as he left behind were sold by the bailiff SUCCESSIVE OWNERS OF THE CORNER 329 for the benefit of Dirck's creditors,-among whom was presumably his landlord. Marten was not disposed of so easily, however, for when Doctor Vaervanger desired to lease the house to another tenant, Marten refused to vacate his front room. The doctor brought the case to the courts on October 12th, where he asked "that the man who occupies the front room shall vacate the same." Marten held his ground, however, and declared that "he hired the front room for one year from the absconding Dirck Houthuyzen and paid thereon fl. 69.8" which was a very high rent in comparison with the rents that prevailed in the neighborhood. Marten was ordered to vacate "if he cannot agree with Master Jacob." Apparently he came to some sort of arrangement with his landlord, for he was occupying the same room the following May when he was arrested for theft. It was then revealed that he had been using his room as a cache for stolen goods. Marten confessed "without torture or force" that he had been stealing for seven or eight years. Out of consideration for his family, friends and his wife, however, the court was lenient with him, and reduced his original sentence of a public whipping at the stake and banishment for twenty-five years, with costs, to "a private scourging in a closed chamber, costs and banishment for ten years," and later to banishment only. Thus did social influence affect the judgment of the courts even in the days of old New Amsterdam. Shortly after the doctor received his confirmatory patent in 1667 he leased the lower house to Gerrit Janse Stavast, and the upper house, together with what remained of the original grant, to William Pattison. The latter was confiscated by Governor Colve and assigned to Gerrit Hendricks, the butcher, to take the place of his demolished house that had been located in the southern end of the island. Just when the Vaervanger property was further cut up into lots, and just who the subsequent owners of these lots were, immediately following occupancies of Stavart and Hendricks, are details that are buried in old manuscripts and records that have not yet been straightened out. Prior to 1728, however, it appears from the "Montgomerie map,"-(which was the first plan of the city to be made from an actual survey, and which was dedicated by the surveyor, James Lyne to Captain-General John Montgomerie, Governor of His Majesty's Provinces of New York and New Jersey)-that a street had been cut into the lower part of the doctor's estate, known as Garden Street (now 330 A CENTURY OF BANKING IN NEW YORK Exchange Place), extending from Broad Street to William.* It was not till 1763 that that portion of the old Vaervanger property which included the northwest corner of the Farmers' Loan and Trust Co. building appears in the present records of the city. The subsequent determination of this block by the cutting through of thoroughfares and the straightening and widening of Exchange Street in 1826 and again in 1836, by slicing off a bit on one man's land and adding a sliver of another's has given to this lot an unusual array of part-owners, some of whom apparently transferred but small strips to make up the present irregular shaped block. Certain it is that this plot of ground has been owned by many distinguished citizens of old New York; a list of them reads like a "Who's Who" of the period. About the middle of the 18th century this lot was a part of the holdings of Peter Prad Provost, who left it to his son David. In 1763 the Estate of David Provoost transferred the land to Elizabeth Richards. In 1786 that section of the lot that was owned by William Fundrum and wife was transferred to Thomas Witter. The following year, 1787, it fell into the hands of Sheriff Marinus Willet,-who played an important role in the stirring days during and following the Revolution,-who in his official capacity sold it to Richard Davis. It is apparent that prior to this time, however, a slice of this lot was a part of the holding of Sidney Breeze and wife, for in 1765 they transferred it to Henry Grigg. Among the other owners of this property during the post-Revolutionary period were Joseph Winter, Gerardus Duyckinck and wife, and Alexander Robertson. Some time before 1792 the lot was owned by James McEvers, who held considerable real estate in the neighborhood, including a good portion of what is the present block. McEvers served for a time as "stamp distributor" under the obnoxious Stamp Act imposed by the British in 1765. But his patriotism as well as his wisdom apparently induced him to retire from that unenviable job. The McEvers house stood at the northeast corner of Wall and William Streets,-where the City Bank was later established,-and it was there that the famous Liberty Boys paused in their work to cheer their compatriot for his timely resignation, before they proceeded to Bowling Green with Lieutenant-Governor Cadwalader Colden's stolen chariot that contained a copy of the unpopular Act as well as an effigy of that official. * In 1824 Garden Street was extended to what is now Hanover Street and became known as Exchange Street. SUCCESSIVE OWNERS OF THE CORNER 331 From McEvers the lot passed to Daniel Ludlow, as did other parcels of real estate in the immediate neighborhood. Ludlow was one of the important and wealthy men of the period; at the time of his purchase of this lot he was president of the Manhattan Bank. In 1801 the Ludlow Estate deeded the lots to Henry A. Coster, who with John Gerhardt Coster and the latter's wife, Catherine Margaretta, were to be important figures in the history of this block, but who were then just setting about to buy considerable real estate in this section. Their efforts were successful, for on April 5, 1825 is officially recorded in the Registrar's Office of New York the several transfers of various holdings from John G. Coster to Henry Arnold Coster of various plots which they had been acquiring for a quarter of a century. Among the owners of this particular lot from 1798 to the date of this recorded transfer appear William Seton, Joseph Winter, Dennis Cassady, George B. Miller, Charles Oakley, James Oakley, Edward Lyde, Samuel Richards, David King, Richard V. W. Thorne, William Smith and Hinament Castles. Among the properties transferred to Henry A. Coster at that date were three other lots that now comprise the seven-lot site of The Farmers' Loan and Trust Company building. It is obvious that these holdings were concentrated in his hands for the purpose of facilitating the re-transfer on the same day to Joel Post,-who at that time started to buy up all of the lots on the block, and became one of the largest real-estate owners in the district. Indeed, by 1833 he owned all of the block with the exception of two lots on the southeast corner. "It is not clear to what use these properties were put during the English and American occupations prior to their acquisitions by Joel Post," writes Mr. C. L. Foster, who has made a study of the early history of this section of New York, "but a deed from William Seton to Henry Arnold Coster and John Gerhardt Coster of a considerable proportion of the block recites a description of two dwelling houses on Smith Street (now William Street) at about the corner of the present Exchange Place.* From the imperfect access to other portions of the block, it is hardly likely that the property was occupied for business purposes at that date. As early as 1816, however, there was a store on the north side of Sloat Lane (now Beaver Street) that was conducted by Henry Arnold Coster and his brother John Gerhardt Coster. Certainly some of the early owners of lots on this property had * The site of the original Vaervanger house. 332 A CENTURY OF BANKING IN NEW YORK their places of residence elsewhere,-and the list of owners embraces some of the merchant princes of those days." Among these princes may well be included the Coster brothers, who succeeded both with their store as well as with their real estate and banking ventures. Shortly after the sale of his William Street property John G. Coster is referred to as a "wealthy merchant" who occupied a mansion on Broadway north of Vesey Street; presumably his fortune did not diminish when, in 1836, he sold it to John Jacob Astor, who incorporated it in the site of the Astor House. Not the least interesting of the former part owners of the block was the famous Captain Kidd who was eventually hanged as a pirate-although recent investigations of his career would indicate that he was a much-slandered personage. Captain Kidd, by his marriage to a widow, came into possession of the old residence of Govert Loockermans, who years before had married the widow of Tymen Jansen, the original owner under the Dutch grants of the larger portion of the block, and thereby came into ownership of Jansen's land. This residence stood near Hanover Street and Exchange Place, and so far as the meagre records show, Captain Kidd's coach-house stood somewhere on the east end of the present block. Joel Post,-who was also a merchant,-became an important property-holder when he bought practically all of the present block in 1825, for he owned in addition considerable land on Wall and Pearl Streets. During the period of his ownership the district began to build up rapidly; within ten years Joel Post's land was covered with stores and other business buildings, "supposed to be worth $850,000, subject to heavy mortgages and other charges." By that time William Street had become established as a shopping district for women, for the dry goods and millinery stores were located there. Both stores and offices in those days, however, were dingy places, and despite the prosperity of. a merchant, his place of business was usually no criterion of his financial status. The store kept by Joel Post and his brother Jehiel on William Street was no exception to the rule. They apparently confined their efforts to a wholesale business, for they kept on hand only samples, and the place was as bare and comfortless as an empty barn. "It happened that a country merchant had received a note of theirs in course of trade," reports old Felix Oldboy, a personal friend of Joel Post's son, "and as he was in the city, he thought it would do no harm to look them up and find how they stood. On SUCCESSIVE OWNERS OF THE CORNER 333 entering the store, he was astonished to find their stock apparently very low, and everything bearing the appearance of a lack of trade. Beginning to grow alarmed, he entered the back office, and was still more disheartened by its appearance of poverty. At last he mustered up courage to remark that he held a note of the firm. "'Very well,' answered the senior, Jehiel, 'it will be paid when due.' "But this did not satisfy the countryman, and he ventured to inquire if the firm would not discount the note. "'We don't do business that way,' was the cold reply. "'But gentlemen,' stammered the man. 'I'll take off 10 per cent for cash-yes,' with a burst of terror, 'I'll take off 20 per cent!' "'Brother Jehiel, do you hear that?' whispered the other partner; 'let's take him up.' "The bargain was made and the money paid down. "'Now,' said one of the brothers, 'if you please, tell us the meaning of this strange transaction.' "The countryman made his confession, and the brothers roared. They were vastly more tickled by the joke than by the profit. Calling one of their clerks, they sent him around with the visitor to the bank where the note was to be paid, and there the latter was informed by the cashier that he would cash the check of the firm any day for $50,000." Joel Post's business enterprises flourished, and he bade fair to become the leading merchant of his day when he died intestate April 7th, 1835, leaving a widow and nine children, four of whom were under age. Another blow fell upon his family on the night of December 16 of the same year, when the great fire of 1835 broke out and destroyed a large part of the Joel Post buildings on William and Wall Streets. As a result, the estate became unproductive and financially embarrassed. Partition proceedings on behalf of the heirs were instituted, and the Post property was put up at auction and sold to various buyers early in 1836. By that year the city blocks and lots had been designated by numerals which they still bear in the Hall of Records. The block of which this chapter deals-bounded by William, Beaver and Hanover Streets and Exchange Place,-became known as Block No. 27.. And that northwest corner of it,-where the original Vaervanger house stood about two centuries before,-was designated as lot No. 39. And when the Joel Post properties were auctioned off in 1836, Lot No. 39 fell to Isaac Green Pearson on May 13th. He immediately resold it to Richard Lawrence on 334 A CENTURY OF BANKING IN NEW YORK May 20th, who resold it to Isaac G. Pearson and his wife, Eliza. At about the same time Pearson acquired Lot No. 38, both of which are included in the present site of the Farmers' Loan and Trust Co. In the meantime, John Steward also began to buy property on this block. On April 4, 1836, he obtained Lots No. 32 and 30 from the Joel Post estate, both of which are included in the present site, and both of which once belonged to the Costers. And lot No. 28 of the Post estate was transferred in the same year to Benjamin F. Lee, who resold it in 1837 to Cornelius W. Lawrence, a genial Knickerbocker who was one time mavor of New York. Lot No. 29 in 1837 also became the property of Mr. Lawrence. Thus eighty-five years ago the seven lots that now constitute the site of The Farmers' Loan and Trust Co. were owned by Isaac G. Pearson, John Steward and Cornelius W. Lawrence. In the forty-five years that followed, these lots passed through many hands. Lot No. 30-originally a part of the old Jansen grant-which forms the nucleus of the present site of The Farmers' Loan and Trust Co.,-passed from John Steward to Daniel Jackson Steward, Mary Anna Steward, Aaron Wolff, Jr., and Agnes Hendricks Wolff on February 28, 1882. On the same day it was transferred by them to the present owners for a consideration of $120,000. Upon that lot (20 William Street) the bank erected a two-and-a-half story building, and moved into its own home from rented quarters which it had occupied for fifteen years at 26 Exchange Place-a site which nearly two hundred years before was a part of both the Vaervanger and Jansen grants. But the bank soon outgrew its modest home. On February 15, 1889, the directors ratified the purchase of the property next door-No. 22 William Street-which, as Lot No. 32, had passed from John Steward to Edwin C. Litchfield and then to Edward H. and Madeline S. Litchfield. The price of the land was $250,000. On April 1st, 1889, plans for a new building were approved, to cost $450,000. On May 16, 1890, the building Committee reported the total cost of the property, including the old building, as $1,064,159.19. But still the bank grew. On April 2, 1903, it acquired three more lots,-Nos. 29, 38 and 39, from the Alliance Realty Company which had acquired them for the purposes of sale, from Ralph Reiss, on April 14, 1902, who had acquired them a few days previously from John Lee Carroll and Thomas Maitland, SUCCESSIVE OWNERS OF THE CORNER 335 trustees of the will of Royal Phelps. Among the various owners of these lots during the preceding years appear many distinguished names, including Peter Schermerhorn, Harry P. Jones, George B. Door, Henry C. De Rham, Robert L. Maitland, James K. Mills and the famous Ward and Howe families, including the celebrated Julia Ward Howe, author of "The Battle Hymn of the Republic." On these several lots, then,-which once were part of the country estates of the original Dutch settlers, Dr. Jacob Heinrich Vaervanger, Burghermaster Augustyn Heermans and ship carpenter Tymen Jansen,-The Farmers' Loan and Trust Co. erected its present building in 1909 at a cost of $1,476,037.94. And from that date to this the bank has made this building its home, under the identifying address of 16-18-20-22 William Street, or as it is generally known in the financial district, merely as "16 William Street." I PLAN OF WALL STREET IN 1822 AND 1922 r-w ft -to -o a.,m as - IWLL STPEETtrNI J 50OVTH:5 ScleF6ir-l NORT 51DU7 1 1 ~- *. 9 ~ c~W LL jM j'plloW?, 6. *jt.g )6 K 6 7 i.HYC3AIAPR w B 66aTTO59K '6 WI~LEY: hA1RDRS~1 W1~ ~Jwoo 6 P ES3TE6A 7- C6VRC 6 wK;; a A,fff IC TAW.. 3 3t NEVV 37. fl0TAKf~~l~ 131 6'OADO ADV I PTE 6OVSE 63 ~ 5jj~~fl 6 -6 A L 6-IT~E 7WY, CHA~.CH$ STRE.6 ThBYEA1 Jr 6. 6 r l 6 3 63 YA6.0 ~.7 CAIRR CH5O 6EN66I 66 ike3 O 6 PAT6ICIN ASA C --- — --- IWALL s1:REET it 18221 - 50VTH SIDE SCALE o.6-r NiORTH SIDE I' DI 15 O I LJIVIUM-t= 1 OF A?29 PROPERTY (99 )?25 a a. - - -— a * a I a a i a: L.. — -' a o a I I aWl-ILL I '5 a, * as I a, o I a a 5 a at I IS * at a a I II... a I- a I I 1%.int.. a * I a 1 55 1 a * 5 I 55 II 5 1 5 5 a Ii 5 5 a I a a al 55 ', 5 '5' 5 5' 'a 'a I 5% 5' 5 a I I 55 I as I 'I OAKLEYXBEST.14 MECHANICS BANK JOHN FLEM11iG 1 M'.LLWla w * Ml6 LUDLOW 1,V1)?1 GEO.GRISWOLD UNION BANiK JOH4K LOW D'5 YAT ES IJO"N WOODWARD L. POWER P "20 A~cT~r1~.4~2MAMHArrAN JMS WALL BI' JMSBlJRK SA2 TREET CLOTHS141%C MERCHANTS BAINK PHErisX BANK.A -.VPOOM JOHN DELAPIL.2 AS)A FIRE rnstc.26 AD2 RICHARD DVIJlti FIREIri-co C.mvoMw S a4C.O0 PETERA.MEIf.(s.~rp2 OLIVERt H. HICKS.SCOFELO ~.~*32BAN)(wAMERICA P HEP-..s OLD &AvARDo WI Wgt 51 V41LLI ~ 37.6 ' WALL $.r~eV ~.BArIK OF rv-Y ~.A.36 HAS MCEVIERS ~33,i? C.ITYB~ANK jAg~~.' rowriseflD PRIME WARD A aX~.44* SAt1O3 37 ~ R. ~ VIN5 p W.HKROBIN5SO( ~~T~aaA V? 3' EROKERt A5 WA1LL 4'6OHMi4WAfREI PIATE 2 BSROK(CR E5:I Ft~ 4 19 r4Kr.ISAAi'cG-000 509' I PROPERTY a I;I9 I I I 5 a -a a I I SJf4QI I I I I;: I a I a, a I I a --- — - I a I I I I a I at I a 1 S I a I a 1 L ---a VIWArI 5T -I ---— I a - I I I I a a I I S I I a I I.A50' I I I I I I I I I I i --- - a I443I I I I I I I i ----i I I g I * I i --- - I I 1 I I I 1 1 1 I.1: — I I I I 5 1 WAIl. a I ST' I I I I p I ' I --- --- -.r- — ' — V I- - - -- --- -- - - - - - - - - - - - - - - -4 DIV15ION PROPERTY ~WALL ~63 'aJo VAE aS I'MAALL STREET lN IS'22- I DIVISION I _ IE. SCALE. 6.8 — I" sire. I PROPERY i II I I I w e.5.1vtWER 44.* joHiti G.WARREtl H.O' WALL 5TR9.r. ISAAC (i.orDEti mLp4HA1~? F.AIRCV ~ LEVI coir )4 P.46 JOH PUINTARD jr~s 01 aaTVAL 1t1 - WI ATO Y47 HOPE lti5&COW~l MCNF1)LL PC I F I f4.j5 UNIOKIII5IC0.? R L MILLS AM a4ZIcA HULLA,%To!1C A RcI~TS 53; MERC R.CVRTIS BEW.LEMVITLE -- 8- El SRK~WALL PEARLARLY -~ ''~'1.XP.HONE DANIAtCORMI VTOER EAdLE STOR FIRE - iris. co. RAIIKUH.fuC~ioaniS~- PE JIG s HOFFP'Rr TONTINE GLASS DEF MZRCHAflT3 -6d~ HOVSEE WALL HOS li(ATER S 8tJ PLATE 3 I W~ * a a a a a a a ~ a a a * a a a a.A6o a a a a a a a 'a a a a a 'a a a a a- - - a a a a a a a a a a a a a a a I I a a a a a a a a I a a a a a a a a a a a a I a a a a a a 'a a a a a a a A,7h a a a a a a a a a a a a a a a a.. ----— a --— a PEARL.S1 a a a a a a a WALL a.5T a a a a a a a a a a a a a a a a a a a a a a a WAFER C b..0 " - f.. - - - 1 — ---- - ---- --- - - - -- 11 OW\/ALL TZRIt(LL1,j22 )VSoffPROPERTY 5o0VTx SCALE 36-o-l' NORTH PROPERTY 1 V St DE SIDE ft 1Q2Q IL -- 1 5 I I.10 'F ot *50, WA Lo I ii-) I WATER I PHENI>( VLD~nr, 1I V/A CAI%1r. JAC -~S C 1 I I I I I L 'AO.? WALL SrR~pe I I I I so t q chB U ~ It t'-' ~'.-., rr 3m@18u1 RAX I +A ~7 + e 0ir 4r THE UNIVERSITY OF MICHIGAN DATE DUE + + I APR 1 6 2002 )01 + + 5ITY 5" + -;ql ` 0 +t~ q;K4 + $i +w + + M now-V 43.q 0 0 RIW + 49~ O$. MQ "p + + + + + 4$? r,, + + 3 U O A4x L + 40,o1 DO NOTREMOV OR 1+ MUTILAE CAR - -w --- -4 I