THE OLD MERCHANTS OF NEW YORK CITY
        Second  Series

By  Walter Barrett, Clerk
     1863

     MERCHANT  DESCRIPTIONS

       CHAPTER  2


STEPHEN  B. MUNN

      He lived in Broadway, No. 503---on the same block where the St.
Nicholas Hotel now stands, as late as 1856. He died in that year.

      Stephen B. Munn was a Connecticut boy. He lived and worked upon a farm
until he was 17 years old, and then he went into the "tin peddling"
business, as thousands of others have done, and made their first step on the
road to fortune. A tin peddler is a traveling merchant. He generally
connects himself with a "tinner," who also has a store to supply his
"peddlers." The peddler first secures a horse and a tin-peddler covered
wagon. The latter is judiciously divided into various receptacles, and a
great many tin boxes, to contain needles and small articles of merchandise.
These goods are peddled out by the "tinmen," who calculate to make a large
profit. A "tinner" of means would frequently have out twenty tin peddlers."
These wagons and peddlers took different routes in the Eastern and Western
States, and some have boldly gone to the Southwest and South. Besides a
large assortment of tinware, these wagons carried a regular assortment of
merchandise--a real variety store on wheels. A smart Yankee tin peddler was
sure to make money, and be sure to acquire a sharpness in trade, that
prepared him for the shrewd New York merchant of after years.

      Such an education was given to Mr. Stephen B. Munn, who was born in
the northern part of Connecticut. He reached this city in 1794, and
commenced operations upon a small scale at 100 Maiden Lane. He afterwards
removed to 103 Maiden Lane, between Gold and Pearl streets. His stock was
principally dry goods, but he kept an assorted stock of goods--a sort of
peddler's wagon stock, too, on a large scale.

      Notwithstanding his small capital, young Munn worked wonders with it.
He attended auctions of every kind, and bought for cash. He was never
successful in buying goods at private sale. He always said so. Probably his
knowledge of dry goods, acquired in his peddling operations, was very
superficial, and he was taken advantage of at private sale, which he could
not be at auction, where he could use the sagacity of shrewd buyers, and
duplicate their purchases. However that may have been, it is evident that
Mr. Munn coined money up to 1800, for then he was able to buy the store No.
226 Pearl street, (near where Platt street has since been opened in.) He
bought this place, and occupied the lower floor as a store, and lived in the
upper part with his family. It was his store until 1821 and his residence
also until the war of 1813; that year he moved into Broadway, and in 1823 he
moved his family into the handsome house he had built at No. 503 Broadway,
where he died.

       Property in Pearl street, in 1800, could not have been worth a great
sum. The rent of a three-story house and store beneath did not exceed $400,
and the cost of the building and lot, 25x100, was not over $4,000.
      There are several good reasons why rent was reasonable and real estate
low. In 1800, the taxes were comparatively nothing. There was no water rent.
People swept the streets. The lamp-lighters used the oil given them for
street-lamps, and did not (as was done in after years) use dirty, cheap oil,
and sell the costly city article.
      There was no army of 2,000 policemen to support, costing tax-payers at
least $2,000,000. On the contrary, one hundred steady and brave watchmen did
duty at night, and earned their one dollar. These "good old leather-heads,"
with their clubs cost the city $25,000 a year. Not a dollar more,---and how
few robberies, rapes and murders were committed in those good old days. The
population was smaller in 1800 than in 1861, and of course more honest. The
early people did not know anything about swindling sewer and other
contracts. Street opening was not expensive, as people not interested did
not have to bear the expenses, as is now done. For instance, Chambers street
was extended for no special purpose except to benefit a few, at an expense
to others, of a million dollars, and many houses taxed from two dollars to
twenty-two hundred dollars, that do not receive twenty-five cents benefit.
Over 6,848 houses were taxed for this scheme. Also, look at opening the
Bowery from Chatham to Franklin Square, at a cost of $600,000. Over 800
pieces of property assessed for this purpose. These assessments are made
from Old Slip to Fourteenth street. Even the projectors of that scheme have
realized no benefit from it.
      Such things were not done in 1800, consequently it was safe to own
real estate in those days.

      After S. B. Munn got established in Pearl street, he became a very
bold operator, and bought largely. During the war, or rather towards its
close, he had filled his store with goods at war prices. He had bought
"invoices" of goods at a fabulous percentage. When war closed and peace was
declared, he was one of the largest holders, and evidently destined to be
ruined. Not so. He was an exceedingly shrewd man, and he at once
concentrated all his energies to aid him in disposing of his high cost
merchandise and large stock, with as little loss as possible. One of the
plans to which he resorted, was to exchange his merchandise for soldiers'
land warrants. He was about the only man in the city who had pluck enough to
make the exchange, as the warrants at that time were deemed of very little
value; but Mr. Munn believed that no species of property could be worth less
than his dry goods at war prices. By pursuing this course, he reduced his
stock very materially, and he also accumulated a large amount of land
warrants. But even this shrewd scheme barely saved him from bankruptcy. He
weathered the storm, and continued to receive land warrants as long as he
dared, but at last they became so depreciated that he declined to exchange
his dry goods for any more.

      Finally he went West, and located all the "soldiers' land warrants" he
had become possessed of, taking up an immense tract of land either in Ohio
or Illinois. The number of acres was immense. Still, this did not appear to
be a well planned operation. The western lands were of no value. For years
and years Mr. Munn was using every exertion to raise money to pay the taxes
and expenses upon this heavy land investment. It kept him in hot water. He
was always financiering--always short; he was obliged to keep heavily
mortgaged property that he owned in the city, and by such means he was able
to pay the western taxes; he was however one of those men said to be born
under a lucky star. What would have proved ruinous and beggared others,
bettered him.

      When the great land speculations of 1835 to 1836 commenced, a company
of moneyed men, headed by Knowles Taylor, the son-in-law of that excellent
man and merchant, Jonathan Little, conceived the idea of purchasing the
lands of Mr. Munn.

      J. Little & Co. kept store at 216 Pearl street, near Fletcher, and in
the neighborhood of Mr. Munn's old place. Taylor was the partner, and lived
in Bond street in pretty good style. The family was from Connecticut, and
Knowles was a brother of the celebrated Jeremiah H. Taylor, who lived at 235
Pearl, and was a quiet, religious man, already alluded to in these pages.

      Jonathan Little & Co.'s was a large silk importing house in its day.
He was the President of the Marine Society of this city in 1817.

      When this company commenced negotiating for the lands, they offered
Mr. Munn a large price, half cash and half the price to remain on bond and
mortgage. He knew his men too well. They were all rich, and he turned a deaf
ear to the offer. He had fixed in his own mind, upon a just price for the
lands for cash, and he would not submit to any deviation; therefore he named
$200,000 cash. There was a short delay; but the spirit of speculation was
abroad with spread wings, and flying all over the land, and this company
paid the price demanded in cash, and received a deed of the lands.

        That sale was the greatest god-send of his life. It relieved him
from his embarrassments; and shortly after, when land fell in the city, he
was enabled to make some splendid purchases, in localities that trebled in
value. He was always engaged in lawsuits.

      Stephen B. had a brother named Patrick Munn, who was in the fur
business in this city many years, commencing as early as 1800 in Burling
slip; and I think that brother was in business as late as 1830, but of this
latter fact I am not certain.

STEPHEN  B.  MUNN'S  FAMILY

      A)   Wife:
 She was a Connecticut girl, and came here with him. They had a large family
of children. Some of his daughters were magnificent girls, and greatly
sought after, both for their beauty and their probable wealth.

      B)  Runaway Matches
There were some runaway matches. One married Captain Russell Glover, and it
came under that head. They are both living. Another runaway match was with
Captain Jack Pierce___handsome Jack, as he was called. I must say that when
he aired one of Wheeler's fashionable suits, he was a gay looking man. He
was captain of one of the Havre packets. He is dead. There were three or
four children from this marriage.

      C)  A Son
William A. Munn was another son. He lived with his father at 503 Broadway,
many years.

      D) Stephen, Another Son
One son went West, and became a large merchant at Ithica, N.Y. His name was
Stephen, and the old man bought the stock of goods for him, and paid for
them too. That son, I think, failed and made a bad thing of it, and died. He
left a son, Stephen, that I have not seen for some years.

      E) Daughters
A daughter married Thos. F. Cornell, who was in the pot and pearlash
business at No. 7 Coenties Slip many years,___once, I believe, with his
brother Alexander and once was of the firm of Cornell & Cooper. Mr. Cornell
lived at No. 505 Broadway, next door to his father-in-law, for a few years.
Old Stephen owned that property. Mr. Stokes married one daughter. John B.
Borst, a broker in Wall street now, married a daughter, but she was the
widow of Mr. Stokes  when B. married her. A Mr. Beebe married a daughter.

MR.  MUNN'S  ESTATE

      I think one of his son's-in-law was a doctor___Marshall, it may be.
Once the old man said to a friend: "When I left business, about 1820, I was
worth, clear of the world, $800,000. I have not got half of it now. It has
been eat up___drank up___squandered___spent___all used up___by all except
one___that is the doctor: he has never drawn a cent out of me, and he shall
have it all when I die." Who the doctor was I do not know. It is pretty
certain that when Mr. Munn died, in 1855, or 56, his property would not have
sold for a quarter of $800,000. But property rose in value greatly after his
death. He left four executors to his will. One was Dr. Cheeseman, another
was John A. Collyer of Binghampton, and the other two names I do not
recollect. Under the judicious management of Mr. Collyer, his property
realized more than it was ever expected it would do. Of the real estate on
Broadway, that portion upon which Lord & Taylor's store stands brought
$250,000. The two lots next to the St. Nicholas Hotel, extending through to
Mercer Street, brought $75,000 each. The estate produced a large sum.

FINANCIAL  STORIES  ABOUT  MR.  MUNN

      # 1)   He was a very shrewd man in every respect. At one time, when he
was closely cramped up, he made up a large package of "notes," and offered
them for discount at the Mechanics' Bank, where he kept his heaviest
account. He at once drew checks for all in the bank. He soon after received
a note stating that his "account was overdrawn." He hurried to the bank and
showed the note to the cashier. "What does this mean?" he asked.
      "Why, it means that you have overdrawn your account, Mr. Munn."
      "I have done nothing of the sort, sir. See here, sir; here is my
account, and by it I have not overdrawn by several hundred dollars."
      The teller was called, and the moment he cast his eye over the items,
he exclaimed, "Why, Mr. Munn, you have credited yourself with notes that the
bank has not yet agreed to discount. They are not done yet."
      "Then why the devil don't you do them? It is not my fault," replied
Mr. Munn.
      The notes were discounted by the bank, and it is not at all likely
they would have been had not Mr. Munn been up to this financial dodge.

      # 2)  Stephen B. Munn in early life was excessively dissipated, but he
afterwards reformed and became not only an extremely good business man, but
a leading man in the Broome street Baptist Church, where the Rev. Dr. Cone
preached so many years
      He was a man who did not regard time or place, when he wanted to make
a strike. When the mother of Henry Laverty died, her funeral took place from
her residence in Pump street.
      Several solemn looking old citizens were present. Presently Mr. Munn
arrived. He was greeted with mournful looks; and finally, as he took a seat,
he turned to an old crony.
     "Well, Jack, what is the news in Wall street?"

      # 3)  Once in Wall street he saw on the opposite side of the street,
conversing with some highly respected friends, a man who owed him $25. Mr.
Munn hailed him.
      "B____, when are you going to pay that $25 you borrowed long ago.
Promised to pay it several times. Never have seen it yet. Can't you pay five
at a time? Got any now? Take a dollar on account."   It is unnecessary to
say, that persons in the highest walks of life were not at all anxious to
become debtors to Stephen B. Munn.

      # 4)   Once when he was passing along South street, in front of Thomas
H. Smith's great store, as it was called thirty years ago, he saw several
casks of Jamaica rum just delivered from a custom house cellar, and ready to
be received by a prominent grocer, who had purchased the lot. He was an
acquaintance of Mr. Munn's.
      "Smith, I'll give you five cents a gallon more than you paid, if you
sell me a single cask."
      The bargain was struck. Munn was to send for the cask, in about an
hour. He marked it very carefully. A short time afterward, he was passing
the grocer's store, and he saw a negro pumping something out a cask.
      " What are you doing?" he asked of the darkey.
      "Pumping out twenty gallons of this rum, and I'se goin" to put in
fifteen pure spirits and five gallons water. Don't stop me. I got to take
the cask up back to de great sotre in South Street.
      Stephen's eyes glistened. It was the cask he had bought pure. He took
a seat. Presently the grocer arrived. Munn opened____told the whole
story___attracted a mob___and finally the mortified, cheating grocer ran off
up the street, and eventually closed his business, and removed away.

      # 5)   In the days when Mr. Munn was in business, postage was
enormously high. He received an account sent to him by a merchant in
Cincinnati. There was an error of four cents in the account. So soon as
Stephen's bookkeeper, Mr. Hoyt, discovered it, he pointed it out to Mr.
Munn. The latter at once wrote the merchant about it. The postage on the
letter was twenty-five cents. Indignant at such a payment, and determined to
punish Munn, he enclosed him by mail a package containing several old
newspapers, and Stephen had to pay $2. He returned by mail a package which
cost the Cincinnati man $5. This was continued to benefit the post office
fund, to the extent of $80, when Cincinnati sent by mail the "log book" of a
ship, for which munn had to pay $17. He then concluded to confess beat, and
stop that fun.

      # 6)   He had another wealthy correspondent in St. Louis. The two had
been kiteing along for several years, and there was a heavy interest account
that had never been settled. It was always put off. Finally Mr. Munn said to
his book-keeper, "I will give you a hundred dollars if you will go to work
and make out the "interest account" of Mr. So-and-so." He agreed. The
account was made, and showed a balance in Mr. Munn's favor of $4,300.
Shortly after the St. Louis merchant arrived here very unexpectedly. Mr.
Munn called his attention to that account. "I want it settled."
      "Really, Mr. Munn, I came on here this trip for a family matter____not
to do any buying, and I brought no funds with me," said St. Louis. "Well, I
want the account settled, and it shall be settled. If you don't settle it at
once I'll have you arrested," said Munn. The St. Louis man laughed, and
walked away. Before night closed, sure enough he was arrested, and he called
upon Munn with the deputy sheriff. At that time, to get out of prison one
had to have common bail put in, and also special bail. "This is strange
conduct, Mr. Munn, to a friend," said the indignant St. Louis man.
      "Is it, indeed? I told you I would have you arrested if you did not
settle up that interest account, and I want to show you I am as good as my
word. Now, old fellow, I'll go your common bail, and I'll be your special
bail, and I'll lend you money to pay that account, and $40,000 more if you
need it, but I'll have that account settled." It was settled to the
satisfaction of that odd genius, Mr. Munn.

      # 7)   He hired Mr. Hoyt, his bookkeeper, from the navy yard. His duty
was to keep books and also the "petty cash." This cash is used to pay small
bills____postage, petty expenses, and amounts it was not worth while drawing
a check for.
      Mr. Hoyt kept this cash, and every night found himself short two or
three dollars. This, as an honest bookkeeper he charged to his own account,
or made it good out of his own pocket. Mr. Munn, very likely, helped
himself. At last the book-keeper said to him, "Mr. Munn, I would feel
obliged if you would leave a memorandum in the drawer, stating amount and
purpose, when you take money out of the drawer."
      No attention was paid to this request. At last the book-keeper found
it was becoming a very serious loss. So he got a lock-smith, and had a
patent lock placed upon it. He went to his dinner. When he returned, he
found Mr. Munn furious. "I can't get that drawer open." Mr. Hoyt explained
the reason. In a rage, Mr. Munn went to a neighbor. " What sort of a
book-keeper do you think I have got?  He won't let me take my own money!  It
is my money. What business has he got to lock it up?"  His friend saw the
matter clearly, and explained it to Mr. Munn, and told him he ought to be
thankful that he had a conscientious cash keeper.


Source:  The Old Merchants of New York City
Author:  Walter Barrett, Clerk           Second series
Publisher:  Carleton, Publisher, 413 Broadway
Entered according to the Act of Congress 1863
             _____________________________________

    Researched, Prepared and Contributed by Miriam Medina
                  For the Brooklyn Information Page

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