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THE OLD MERCHANTS OF NEW YORK CITY
Second Series
By Walter Barrett, Clerk
1863
MERCHANT DESCRIPTIONS
CHAPTER 5
The old book-keepers (and there are thousands of this class in the
city, regulating the financial records of the merchants,) have had some
remarkable men among them. An extraordinary one I remember, named Pierpont,
who was book-keeper for many years to G.G. & S. Howland. Another was Richard
Wilson, who had been book-keeper in London for the great bankers "Smith,
Payne & Smith." He came on here and kept books for Oldfield, Bernard & Co.,
and Gracie, Prime & Co., and finally went to Baltimore, where he became
Secretary to the American Life and Trust Company, started there some
twenty-five years ago, and of which a branch was established in this city
under charge of Morris Robinson, one of the best financiers of his day. He
was a long time cashier of the U.S. Branch Bank in this city. The building
stood next door to the Custom House, Wall street, and is now occupied by
Sub-Treasurer Cisco.
WILLIAM ROBERTS
In the first volume of this work I mentioned Charles Henry Hall, who
was book-keeper to Thomas H. Smith & Son, the great tea merchants. I
mentioned that his successor as book-keeper was William Roberts. Afterwards
Mr. Roberts carried on business under his own name at the great store of
Thomas H. Smith & Co., 166 South Street. He was there two years up to 1829,
then established himself at No. 1 Wall Street, corner of Broadway, in the
basement. Probably there was never a finer stock of choice brandies and
wines than he kept; and he did a very large business, for he was well known
to nearly all the leading business men in the city. His residence in those
days, from 1831 and on, was at No. 2 Vesey street, where the Astor House
stands. He rented it from John Jacob Astor, whose book-keeper he had been
until he went to keep the books of Thomas Smith & Son, the tea importers.
Mr. Roberts was a very methodical man in his business, very precise and
careful, and was very reliable in all matters of accounts. Long after he had
left Mr. Astor's employ, that gentleman used to go and see him to consult
about accounts. The famous lawsuit, "Ogden vs. Astor," was settled up by Mr.
Roberts, who died only last year (1863) and was living at the time in Prince
street, next door to Mr. W.B. Astor's office. Mr. Roberts gave up active
business about 1840. He has a son, Dr. Roberts, who lives in University
place corner Thirteenth street. He married a daughter of Martin Hoffman, who
was a great auctioneer in his day, and father of L.M. Hoffman who died a few
days ago.
THOMAS HOWELL SMITH
Speaking of this firm, Thomas Smith & Son, the tea importers, puts me
in mind that I met and shook hands with young Tom only two weeks ago, under
St. Paul's statue, and a hearty greeting we had. I never have seen young Tom
look better. He invited me to his country house down on Long Island, and
seemed quite distressed when I refused to go and drink with him to the
memory of the dead, with whom we have both been more or less connected in
this and the last century.
I do not know the precise day when his father, old Tom, started
business in New York city, but it must have been before 1800. His name was
Thomas Howell Smith, and he was in 1801 at 196 Front street. He kept a
wholesale and retail grocery store. The next year after he took in a
son-in-law, George W. Bruen, as a partner. The latter was a son of Mat.
Bruen, of the firm of M. & J. Bruen, merchants at 177 Broadway, sixty years
ago. It was in 1803 that the firm of Thomas H. Smith & Son began to be
generally known. From grocers they rose to be the greatest tea importers in
the United States.
I suppose in the thirty years that followed, Thomas H. Smith was one
of the greatest of the old school merchants. he had some of the most
extraordinary men with him as clerks.
PETER G. HART
Peter G. Hart was one, but it is a very curious circumstance that when
Thomas H. Smith & Son moved from their old store, No. 196, in 1806, that
Hart should have left their employ, and started the wholesale grocery
business in the same place, and there he continued standing for twenty odd
years, gaining daily, and becoming very rich, while old Mr. Smith Branched
out, and became ruined. Peter G. Hart had his store at No. 196 Front street
as late as 1827, when he died. He resided at 35 Beekman street, and the
family were attendants of Dr. Milnor's church. He left several charming
daughters. The widow, after his death, moved to No. 127 Hudson street. She
afterwards moved to 535 Broadway, two doors this side of John G. Coster's
house (now Chinese building.) I think that property was left to Widow Peter.
She afterwards went to East Sixteenth street.
THE HOFFMANS
Martin Hoffman was a great merchant once. He was of the house of
Hoffman & Seton, auctioneers. Old Hoffman married a Miss Seton. If I was to
write all that I could about those Hoffmans, I should have to commence back
as far as 200 years ago, when Martin Hoffman was an auctioneer in 1661. I
can't swear positively that he was an auctioneer, but I know he was a large
tax payer in that year, and of course decidedly Dutch. He lived (the 1661
gent,) in De Heere Straat.
Of all the Hoffmans, I am more pleased with the Martin Hoffman who
flourished just after the Revolution, and who was father of several
children, among them, Lindley Murray and Martin, I remember very well. There
was a daughter, Sarah. I think she married a Roberts; she was born in 1783.
L.M. Hoffman was born in 1793. He had an elder brother named Daniel M., and
another named Martin.
Martin (of 1790 memory) was a public-spirited man and took an
interest in everything that was going on in New York then. He made three of
his children Tontine stockholders, and it is curious that out of 203 shares,
based on 197 lives, Lindley Murray Hoffman was born last, 1793. He died a
few months ago. Martin Hoffman was in everything. He belonged to a
fire-company, 1791. In 1792 he was a Sachem of Tammany Hall, and in business
on his own account at No. 67 Water street that year. He was captain in the
first Regiment of Infantry, 1792. He was master of St. Andrew's Lodge (Free
Mason.) In 1795 he founded the auction and commission house of Hoffman &
Seton; the store was at No. 67 Wall street. His partner was one of the
Setons. It was a great family sixty years ago. The head was William Seton,
cashier of the Bank of New York, when it was first chartered, 1784. There
was Andrew and William, Jr., and James and Charles. William, the older, was
of the great house of Seton, Maitland & Co., they did business at 61 Stone
street, and old William lived over the counting-room. His partner was
William Maitland. I think Charles Seton was the partner of Hoffman & Seton,
afterwards H.S. & Co.
In 1808, Mr. Hoffman took in a Mr. Glass as a partner, and did the
same business at 67 Wall street, under the firm of Hoffman & Glass. That
concern continued in business under that style until 1822, when they took in
L.M. Hoffman a partner, and added a Co. to it. Old Mr. Hoffman lived up
Broadway, near Jones street. In 1823, Mr. Hoffman took in his son L.M., and
a Mr. Pell, and the firm was Hoffman, Son & Pell, at No. 65 Wall street. The
other son, Martin, Jr., did an auction business on the corner of Wall and
Pearl, but lived with his father, while L.M. was keeping house at No. 113
Grand Street. In 1826, both of these sons joined their father, and kept on
the auction business at No. 63 Wall street, under the firm of M. Hoffman &
Sons.
Mr. Pell kept the old store at No. 65, and did business under the firm
of W.F. Pell & Co. Never lived in this city a handsomer race of men than
those Pells. Old William was a noble old fellow, and his sons William and
Waldron were also splendid fellows. I think the old gentleman, Mr. Hoffman,
died in 1827. He was buried from No. 691 Broadway, but the firm was not
changed for some years, or until the law was passed to the effect that no
name should be used in a firm, unless it really was in it. In 1834, the old
firm was changed to L.M. Hoffman & Co.___Martin, Jr. being the company___and
they moved from the old store near Pearl, down to No. 83 Wall. Some years
later, they moved to No. 111 Pearl, in Hanover square, and this firm was not
changed, but was there down to 1861. Martin, the brother of L.M., I believe
died some years ago at Maranoneck; and I think young L.M. Jr., was in the
dry good business. Now these younger ones, grandsons of the famous Martin of
1790, still keep up the old business, under the firm of L.M. Hoffman's, Son
& Co., at No. 111. Next door to them, at No. 109, under the style of Pells &
Co., are these old neighbors of thirty-five years ago, when one house was at
No. 63 and the other at No. 65 Wall street.
When L.M. Hoffman died, a few weeks ago, the journals were filled with
notices of him. The Chamber of Commerce passed resolutions of condolence. He
deserved them all, for he was an honorable merchant, and a useful citizen.
He was as mild and gentle as a lamb. I do not know that he ever spoke an
unkind word to any one in his life. He never did a mean action since he was
born.
THE TONTINE BUILDING
I had an idea that he would be one of the seven persons that would
have inherited that property. His chances were far better than others who
still live. There is a curious history yet to be written about that Tontine
building, if one could get at all the facts. Here are some of them. The
building now standing, and which is the second erected, stands at the
north-west corner of Wall and Water streets, and was commenced in 1792 by an
association of New York merchants, and completed in 1794. There had
previously been no proper place where the merchants could meet to do
business. By the constitution, 203 shares were subscribed for $200 a share.
Each share entitled the holder to name a life of each sex. Each nominee had
his or her age and parentage stated by the nominee. During such nominee's
life, the subscriber received his equal proportion of the net income of the
establishment. Upon the death of the nominee, the subscriber's interest
ceased, and his interest became merged in the owners of the surviving
nominees.
The original shares were assignable and held as personal estate, and
the whole property was vested in five trustees, who were to be continued in
trust, or by succession, until the number of nominees was reduced to seven,
when the holders of these shares, contingent upon these surviving nominees,
became entitled to a conveyance in fee of the whole premises to be equally
divided between them.
The nominee himself did not necessarily have an interest in the
association; for each subscriber, in naming a person, generally a child,
looked to such as had a premise of length of days.
For instance, old Martin Hoffman nominated before March,
1795,____three of his children____one born 1791___1792____and 1793. L.M. was
the latest date___none later. His chance was good for many years. One
nominee was born as early as 1752. Martin was born between 1778 and 1790.
William Gracie was a nominee. There are now alive Chas. King, born 1789____
John, born 1787____and Archibald Gracie born 1791, and others whose names I
don't know. The constitution was signed November 4, 1794.
All the meetings of citizens were held in the Tontine Coffee house.
All the famous charities of the city were born there. So were banks and
corporations. A grievance was remedied by a meeting at the old Tontine
Coffee house, and it decided everything. It was a hotel, too. George
Frederick Cook died there in 1812.
The Merchants' Exchange was kept in this grand building in the large
room, until 1825. It was thirty feet square.
I remember how Colonel Gracie used to walk to the looking-glass, pull
up his shirt collar, and say: "Don't I look as though my chance for the
Tontine, one seventh, is as good as any one else?" Alas, his chances died
with him in 1840____twenty years and more ago.
I presume the men of that day named all their children who were born
then. Rufus King subscribed heavy. So did Archibald Gracie. He named William
and Archibald. Among the males yet left, beside those named are G.C.
Verplanck, 1786; William Bayard, 1791.
It was called the Tontine Coffee House; but the subscribers, when the
Exchange opened, got a decree of Chancery authorizing them to let the
premises for general purposes, in 1834. In 1843, the legislature altered the
title to "Tontine Building." On the 4th of June, 1861, it had existed
sixty-seven years.
Originally there were 137 males and 66 females, 203; 3 females and 3
males were duplicated, so that really only 197 names were mentioned.
Some parties, a few years ago, made a new proposition. They agreed to
put up a new building, which should revert to the seven left, provided they,
the builders, had the rent of it for the balance of the time. For this they
agreed to pay the Tontine trustees the sum of $20,000 per annum. The new
building, it was agreed, should not cost less than $40,000.
DOCTOR ALEXANDER F. VACHE
I now return to William Roberts. He adopted a young lady as his
daughter, who afterwards became the wife of the celebrated Doctor Alexander
F. Vache, who was an old New Yorker, and loved it too, as he did his own
soul. Yet Alexander, the doctor, was born at 28 Liberty street, before this
century. It was upon the old house, No. 28, that he mounted his first
shingle in 1826, "Alexander F. Vache, M.D." That was a proud hour for the
young medical. He had been a favorite pupil with the celebrated Dr. Mott. He
was a graduate of the College of Physicians and Surgeons of the University
of the city of New York. He was also a great friend of the celebrated
Professor Samuel L. Mitchell, who thought the world of the young surgeon. He
persuaded young Vache, in 1821, to join a scientific expedition, and sailed
from here for the Pacific Ocean in the U.S. ship Franklin, Commodore Charles
Stewart, (was is yet living, and the oldest Commodore in the American Navy.)
When the party got out to the coast of Chili, mercantile events arising out
of the revolutionary condition of the country so limited the field of
scientific observation by confining the ship to that immediate coast, that
Dr. Vache joined the frigate Constitution, Commodore Ridgeley, and returned
to the United States, after an absence of two years. In 1825, the Doctor
again went to sea with Captain J. H. Clark, U.S. navy, in the double
capacity of mess-mate and surgeon, on a voyage to the river Amazon. The
object was to ascertain its navigability and connections with the interior
of the South American provinces. The Emperor of Brazil would not permit any
outsider to do what he could not do himself, and he ordered them off;
refusing positively permission to ascend the Amazon. On her return the ship
stopped at several ports and places. In this experience among tropical
diseases, the Doctor was fitting himself in an admirable manner for the
office of Health Physician at the Quarantine ground, that he afterwards
filled.
Dr. Vache was very much beloved by all who knew him. He was an active
politician in the Sixth Ward. He was a great friend of William Leggett,
Richard Adams Locke, Ulysses D. French, and others. The doctor was one of
the original Loco-Focos of 1835 and '36. He was a prominent member of the
County Convention of the latter year. He was one of the signers of the
letter to Colonel R.M. Johnson and to Mr. Van Buren. The course pursued by
Dr. Vache elected Edward Curtis and James Monroe to Congress that year.
The doctor was the most ingenious casuist of the Loco-Foco party. He
spoke at all the meetings in an earnest tone of voice, smooth, low, and he
used the nicest words and a style to fastidiousness. The doctor was a great
favorite with the highest leaders in the party. All knew him personally. He
left a fine family of children, one daughter and several sons. He died some
years since.
JOHN VACHE
Though not a merchant, yet it will not be out of place to mention the
son of an old New Yorker, who was old John Vache, and was the first
artificial flower merchant and manufacturer that ever lived in New York. He
commenced his business at 28 Liberty street in 1790, and he continued it
there until he moved to Newark in 1827.
I do not know where the old gentleman died, but I believe his family
reside in Newark.
Charles Henry Hall, who in later years was book-keeper to Thomas H.
Smith & Son, had been brought up by the old house of Murray & Mumford,
alluded to before this, and was a clerk with them as late as 1804.
WILLIAM HUMPHREYS
My friend Thomas Quick, suggests that I should give a full description
of Mr. Humphreys, who once owned the house of Phil. Hone, in Broadway, next
to Park Place (save one door,) and occupied by the commercial firm of young
Fred Tracy. His name was William Humphreys, and sixty years ago he lived at
311 Broadway, in 1804, and was of the firm of Humphreys & Whitney in Burling
slip. They lasted many years.
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
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