The civil, political, professional and ecclesiastical history, and commercial and industrial record of the county of Kings and the city of Brooklyn, N. Y., from 1683 to 1884 Volume I, Part 157

Author: Stiles, Henry Reed, 1832-1909, ed. cn; Brockett, L. P. (Linus Pierpont), 1820-1893; Proctor, L. B. (Lucien Brock), 1830-1900. 1n
Publication date: 1884
Publisher: New York : W. W. Munsell & Co.
Number of Pages: 1114

USA > New York > Kings County > Brooklyn > The civil, political, professional and ecclesiastical history, and commercial and industrial record of the county of Kings and the city of Brooklyn, N. Y., from 1683 to 1884 Volume I > Part 157

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These officers and the following directors have been reelected annually since 1876. Directors : John Wil- liams, Wm. H. Hazzard, John N. Eitel, Thomas Mc- Cann, William Mumford, William Howard, William I. Preston, Foster Pettit, Abner C. Keeny, David S. Arnott, William H. H. Childs.

Btw Williams

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BANKING AND INSURANCE.

JOHN WILLIAMS, President of the Fulton Bank of Brook- lyn, was born in North Hempstead, Queens County, New York, September 29th, 1818. His ancestry on his father's side were of Quaker stock. His father, grandfather, and great-grandfather were all born in Queens County, N. Y., and all were farmers.

Mr. Williams remained on his father's farm until he was seventeen years of age, and received a common district school education. He then went to Brooklyn, and engaged as a clerk in the grocery store of Allen Lippincott, where he re- mained four years, during which he saved a few hundred dollars, and, by his honesty, enterprise and patient industry, established a credit which enabled him to embark in trade on his own account in the same line. His venture was a success from the start; and, with an interruption of only two years, he continued in business until 1862.

In 1862, he was appointed United States Assessor for the Second Congressional District of Brooklyn and Kings County by President Lincoln, and enjoys the distinction of having been the first United States Assessor appointed. He held the office to the great satisfaction of all classes for six years and ten months; during which period, with the aid of fifteen assistant assessors and four clerks, he assessed in his district $15,000,000 in taxes, which was collected.

In 1851, Mr. Williams was elected Alderman of the Tenth Ward of the city of Brooklyn for two years. He has filled several other public positions, among them that of Supervisor of the Tenth Ward for two years, and was for twelve years a member of the Brooklyn Board of Education. As a Re- publican, he has long been prominent and influential.

By his connection with various prominent enterprises, Mr. Williams has long been one of the best known men in Brook- lyn in financial and commercial circles. From 1869 to 1881, he was a Director of the National City Bank of Brooklyn, and for the past seven years he has been President of the Fulton Bank of Brooklyn. He is now a Director of the Mon- tauk and Lafayette Fire Insurance Companies, and of the Coney Island and Brooklyn Horse Railroad Company, a Trustee of the Brooklyn Athenæum and Reading Room, and for the past ten years has been President of the Metropolitan Gas Light Company.

Mr. Williams is one of the most conspicuous examples of the self-made men of our times, and a detailed account of his career from a poor boy to hiis present high position, so- cially and commercially, would be reading both entertaining and instructive to the rising generation. His sympathy is ever with those who, as he did, are struggling manfully against many difficulties along the road to fortune. He is liberal in his contributions to all worthy objects, and is uni- versally regarded as one of the most useful men of the Brook- lyn of to-day. He owned a pew in the South Brooklyn Pres- byterian Church, and for twenty-eight years sat under the ministry of Rev. Dr. Samuel T. Spear, its honored pastor. He now attends the Second Presbyterian Church of Brook- lyn, of which Rev. Dr. Van Dyke is pastor, and of the Board of Trustees of which Mr. Williams is President.

The Bushwick Savings Bank .- This institution, now located at 466 Grand street, was organized June 16, 1873, and opened for business at 823 Broadway, where it remained until 1878.

The business of the bank has kept increasing until its resources amount to more than $200,000. The officers and trustees for 1883 and 84 are as follows : Joseph Liebmann, President ; Peter Wyckoff, 1st Vice-Presi-

dent; Moses May, 2d Vice-President; C. D. Burrows, Jr., Secretary; John Davies, Cashier; W. A. Schmit- thenner, Ass't Cashier ; Rufus L. Scott, Counsel. Trustees : Joseph Liebmann, A. M. Suydam, Fred'k Herr, John L. Nostrand, Rufus L. Scott, E. E. Bunce, W. A. Schmitthenner, Henry Loewenstein, M. D., Moses May, Peter Wickoff, John G. Jenkins, Geo. H. Smith, M.D., R. G. Phelps, Otto Huber, Chester D. Burrows, Jr., Charles H. Reynolds, Daniel Canty, Luman Ray, John Davies, A. C. Hallam, M.D.

The Mechanics' Bank was chartered August 5th, 1852, and opened for business five days later, at No. 9 Court street. The first Board of Directors was as fol- lows : Wm. F. Bulkley, Conklin Brush, John J. Sted- well, Daniel Chauncey, S. W. Slocum, Abraham B. Baylis, Loomis Ballard, G. B. Lamar, Stephen Haynes, Jos. C. Johnson, Samuel Sloan, Isaac Carhart, George W. Bergen. The first President was Hon. Conklin Brush ; he was succeeded June 1st, 1869, by Daniel Chauncey, and he by the present incumbent, Geo. W. White, February 1st, 1883. The first Cashier was Alvah S. Mulford, who held the position until May 1st, 1857, when Geo. W. White was chosen, and remained until his election to the presidency, when George McMillan was chosen Cashier.

DANIEL CHAUNCEY was the second of three brothers, who came to Brooklyn about forty years ago, and who were always regarded, and justly so, as being among the most active and useful of the representative citizens of Brooklyn. They all began life in their father's calling, that of a builder, and in it they added much to the material wealth of the city. Nearly a quarter of a century ago Daniel Chauncey was one of the founders of the Mercantile Insurance Company, of which he was elected President; and, shortly afterward, he succeeded ex-Mayor Brush as President of the Mechanics' Bank, serving it as such for nearly a quarter of a century. As President of the Bank, Mr. Chauncey was always willing to lend a lielping hand to any of its customers whom he deemed trustworthy, and many of the business men of Brooklyn who are in good circumstances to-day can trace their prosperity to the accommodation extended to them in the hour of their need by Daniel Chauncey. In politics a Democrat, through good report and evil report, in the storm and in the sunshine, he stood by his party, giving to it tlie aid of his influence, and also liberal pecuniary assistance. He, however, never sought, and would not accept office. In every relation of life he was one of that class of men to whom their fellows instinctively turn in an emergency. He could always be relied on. Of his strict honor and his dislike of anything that bore even the appearance of indirectness, his action in regard to the affairs of the Trust Company furnishes a good example. When that institution got into trouble, a full investigation was demanded by Mr. Chauncey, and so persistent was lie on that point that lie threatened, in case of refusal, to apply to the courts for an order that would have compelled an investigation. Upon the death of the President of the Trust Company, Mr. Chauncey was made receiver, and devoted his whole time to unraveling its affairs. As receiver he was entitled to receive nearly $30,000 in fees; he refused to take any compensation for his labor, but turned that large

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HISTORY OF KINGS COUNTY.

sum over for the benefit of the stockholders. He died sud- denly, at the Bank, January 28th, 1883; he left a grown up family of two daughters and three sons, who are already numbered among the active and influential citizens of Brooklyn.

The First National Bank was organized in the Winter of 1851-2, and commenced business April 13th, 1852, at the Williamsburg City Bank. Its original in- corporators were Noah Waterbury, James M. Water- bury, Nathaniel Briggs, Levi W. Ufford, Abraham Vandervoort, Minor H. Keith, Samuel Sneden, Jabez Williams, William Wall, Richard Bury, Daniel Mau- jer, John J. Van Alst, James D. Sparkman and S. M. Meeker. The capital, originally $200,000, was in- creased to $500,000, and in 1857, reduced to $300,000, at which figure it remains. Noah Waterbury was the first President, and resigned in January, 1861. He was succeeded by Nicholas Wyckoff, who held the office until his death in June, 1883, when the present incumbent, John G. Jenkins was appointed. George Field was Cashier from 1852 until 1866. George D. Betts now holds the position. July 1st, 1865, the bank was changed to the First National Bank of Brooklyn, under the Banking Act. It has for a number of years been located at the foot of Broadway in a handsome brick building, that has recently been enlarged and im- proved.

Its present Board of Directors is as follows : John W. Furman, Wm. Marshall, Eckford Webb, Edwin Beers, George F. Kitching, Moses May, J. M. Water- bury, E. Frank Coe and John G. Jenkins.

The Mechanics' and Traders' Bank at Green- point avenue and Franklin street, was organized in 1867, with a capital of $100,000. It has been of ser- vice to the 17th Ward of Brooklyn, as a matter of convenience to the people in supplying the demands of business, and increasing the trade of that part of the city. Archibald K. Meserole has been its President since 1870 ; Timothy Perry, Vice-President, and H. J. Olding, jr., Cashier since 1871.

The Dime Savings Bank was chartered April 12th, 1859, and commenced business June 1st, 1859, in a small room on Montague street, and soon moved to Hamilton Buildings, and thence to the Halsey Build- ing in 1865, and expect to remove to the new building, during the Summer of 1884. The first Board of Direc- tors was as follows : C. P. Smith, D. Embury, H. Doll- ner, J. O. Low, M. S. Beach, I. H. Frothingham, E. Walter, M. F. Odell, Geo. Hall, W. W. Edwards, T. H. Sandford, H. Rowland, A. Trask, J. A. Cross, D. Farley, W. Ellsworth, S. S. Powell, P. O'Hara, R. Field, E. W. Fiske, J. Halsey, S. H. Stirling, A. Koop, C. J. Lowrey, C. Brush, I. Carhart, J. H. Baker, J. H. Sackman, D. Chauncey, S. Haynes, and A. H. Osborn.

The following were the first officers : John A. Cross, President, W. W. Edwards, Secretary. After a few

years the bank was removed to the Halsey Building, 367-9 Fulton street. For some time the directors had been looking for an eligible site for a new building, and in 1882 purchased the Hooley Opera House, on the corner of Court and Remsen streets, which was torn down, and October, 13th, 1883, the corner stone of the new building was laid. The structure occupies two lots, 25 by 100 feet each ; is 76 feet high, and fireproof in every respect. The material is richly ornamented free-stone, and the facade shows two stories surmounted by a massive cornice. The banking room on the first floor is 30 feet high, with tiled floor, paneled ceiling, and mahogany woodwork and furniture. The cost of site and building was $250,000. M. Thomas was the architect. The bank has about 40,000 depositors, with about 12 millions of deposits, and a large surplus.

Present officers : Seymour L. Husted, President ; Harold Dollner and A. J. Beekman, Vice-Presidents; John W. Hunter, Treasurer; B. H. Huntington Secre- tary. Trustees; Seymour L. Husted, Harold Dollner, Henry Rowland, Alanson Trask, Edward Merritt, John W. Hunter, A. J. Beekman, Alfred S. Barnes, Walter T. Hatch, George W. Bergen, Crawford C. Smith, J. Pierpont Lord, Edwin Beers, A. H. W. Van Siclen, John L. Marcellus, Benj. S. Huntington, Charles Pratt, James Hall, Charles M. Field, Jeremiah P. Robinson, James E. Dean, James H. Armington, Gardiner S. Hutchinson.

ABRAHAM J. BEEKMAN, son of John A. and Joanna (Nevins) Beekman, was born at Griggstown, Somerset County, New Jersey, September 8th, 1810. He received a common school education in his native place.

At the age of twelve years he removed to New York with his father, and was placed as a clerk in the dry goods busi- ness, which he followed, as clerk and proprietor, for thirty years, the last twelve years of his clerkship having been passed in the service of the well-known firm of Halstead, Haines & Co., after which he was for seven years a member of the firm of Vincent, Beekman & Titus. In the winter of 1851 and 1852 his health failed, and he was compelled to re- tire in the country.

In August, 1852, he was chosen Secretary of the Nassau Fire Insurance Company, of Brooklyn, which office he filled until February, 1866, when he was elected Cashier of the Long Island Bank. In 1877 he was compelled to resign this position in consequence of failing health. He is at present one of the Vice-Presidents of the Dime Savings Bank, and a Director of the Long Island Bank, of the Nassau Fire Insur- ance Company, and of the Long Island Safe Deposit Com- pany.

Mr. Beekman has been connected with the First Reformed Dutch Church of Brooklyn since 1828; has been often a rul- ing elder, and has been a Director of most of the benevolent institutions of that denomination.

He is of the sixth generation in a direct line from Wil- helmus Beekman, who came from Holland as one of the early settlers of New Amsterdam.

Abraham & Deckerwaw

627

BANKING AND INSURANCE.

The Long Island Savings Bank, of Brooklyn, was incorporated by Act of Legislature, April 15, 1865. It was not organized till the Spring of 1866, when James M. Seabury was elected President ; Philip S. Crooke and Samuel B. Stewart, Vice-Presidents; John S. Mackay, Treasurer and Secretary ; and John C. Perry, Attorney and Counsel, with a board of twenty trustees. Its place of business was in the Jones Building, on Fulton street, till the completion of its banking-house, corner of Fulton street and Boerum place, in 1870. This building was begun in 1869, and cost, with the lot, $214,000, and was placed in its list of assets at $230,000. During the general decline of real estate values that followed the reverscs of 1873, the Bank Department unfairly rated its value as low as $100,000, and reported the Bank as insolvent.

A depositor at once brought suit, and asked to have a receiver appointed. The Court, Judge Pratt pre- siding, appointed M. C. Ogden, receiver, September 14, 1877, who was immediately enjoined from acting by the Bank Department, which wished to select a re- ceiver in its own interests. Mr. Ogden, in connection with the trustees, made a thorough inspection of the bank's affairs, and submitted to the depositors two propositions, either to accept 80 per cent. of their de- posits in cash, or the full amount in six, twelve, eighteen and twenty-four months. The total amount of deposits was $857,478. Depositors representing $489,000 elected to take 80 per cent ; others having claims for $385,000, elected to be paid in full, in four installments; and those holding the balance of $34,000, made no terms or choice. These acceptances were taken to the Judge who granted the injunction, who, in consideration of so large a proportion of those inter- ested accepting the proposed basis of settlement, dissolved the injunction, and directed the trustees under their bond, to proceed to settlement according to the plan submitted. Mr. Ogden then turned the property back to the hands of the trustees, who made him Vice-President of the Bank, and Chairman of the Executive Committee, with power to realize from the assets, pay the depositors, and close the institution.

All parties concerned have been greatly indebted to the discretion, ability and prompt action of Mr. Ogden and John C. Perry, the attorney ; as the Bank Depart- ment opposed cach movement with obstacles, that, in one or two instances, were only a few hours too late to have caused serious losses and delays.

At this date, December 31, 1883, those depositors who did not settle at 80 per cent., have received 932 per cent., and the remainder will be paid promptly next November.

This record is without a single parallel in the history of the settlement of disabled savings banks. No other has ever paid anywhere near 100 cents on the dollar. It shows that its affairs were in the hands of able, wise, and honest men, who, if their management

had not been interrupted by a bank department, that, at that time, was corrupt and designing, would have made the Long Island Savings Bank a safe, permanent, and honored institution.

The Brooklyn Trust Company was incorporated April 14, 1866. The incorporators were Henry E. Pierrepont, Jasper W. Gilbert, James Weaver, Alfred M. Wood, John T. Runcie, William Wall, Alexander McCue, William B. Lewis, Daniel Chauncey, Daniel F. Fernald, J. Carson Brevoort, Cornelius J. Sprague, John H. Prentice, Henry J. Cullen, and William M. Harris.

They are authorized by the charter to receive moneys in trust; to accept and execute trusts committed to them by any person or persons whatsoever; to act as agents for real estate, for married women in respect to their separate property; and may be appointed guar- dians to any infant. Their capital was $125,000, to be invested in bonds and mortages on real estate.

The Board of Trustees, fifteen in number, shall ex- ercise the corporate powers of the company, and the first Board of Trustees consisted of those whose names are given above.

Their first location was at the corner of Court and Joralemon streets. In 1874 they removed to their present quarters, at 177 Montague street. The first officers were Ethelbert S. Mills, President, and M. T. Rodman, Secretary (succeeded by Ripley Ropes), and William E. Bunker, Vice-President, who each served ten years. Henry M. Brush was comptroller for four years. Mr. Bunker was succeeded by Charles R. Marvin, and he in turn by the present incumbent, Ed- mund W. Corlies. William H. Male is Secretary, and J. R. Curran, Assistant. The capital has been increased to $600,000, which is invested in U. S. 4 per cents. The accumulated reserve is fully $300,000.

The Sprague National Bank .- In the Spring of 1883, Hon. Nathan T. Sprague proposed to a few cap- italists of this city to establish a National Bank at a new business center, viz., at the junction of Atlantic, Flatbush and Fourth avenues, near the railway termi- nus. His proposition was favorably received. A charter was obtained June 13th, 1883, and capital stock subscribed to the amount of $200,000. The bank was located in the elegant brown stone block at Atlantic and Fourth avenues. Its Board of Directors is com- posed as follows : N. T. Sprague, Geo. F. Baker, Ste- wart L. Woodford, William Harkness, D. A. Boody, T. C. Christenson, James Matthews, Zacheus Bergen, William Spence, John S. Loomis, Jacob Berg, John Condon, H. C. Copeland, James Sharkey, Edwin Gates. The officers are as follows : Hon. N. T. Sprague, Pres- ident; William Harkness, Vice-President; H. C. Copeland, Cashier.

The Long Island Loan and Trust Company was chartered May 29, 1883, with the following cor- porators, viz .: William Marshall, Henry W. Slocum,

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HISTORY OF KINGS COUNTY.

Nicholas Wyckoff, Edwin Bcers, C. Delano Wood, Theodore A. Havemeyer, William M. Ingraham, Mark Hoyt, Robert Early, S. D. Hallowell, John A. King, John G. Jenkins, Samuel M. Meeker, Watson B. Dick- erman, William H. Husted, William Dick, Charles M. Field, and Lowell M. Palmer.

The capital stock was $500,000. The affairs of the company are managed by a Board of Trustees, the above-named gentlemen constituting the first. They

began business January 2, 1884, at 38 Court street, which is a branch of the main office, at the corner of Third street and Broadway. The Company receives deposits of money, acts as fiscal or transfer agent, ac- cepts and executes legal trusts, is authorized by charter to act as administrator, guardian or executor, and as a depository of money paid into court. Its officers are Seymour L. Husted, President; Charles M. Field, Vice- President; Samuel F. Phelps, Jr., Secretary.

INSURANCE AND SAFE DEPOSIT COMPANIES.

BY C. H. DUTCHER, EsQ.

Among the institutions which have contributed most effectively and beneficently to the material prosperity of Brooklyn must be classed incorporations for indem- nifying its citizens against loss and damage by fire.

The security furnished by fire insurance companies is made so readily available, and is so universally en- joyed, that the preservation of the individual estates and of the social order which they afford, is perhaps as little appreciated by society at large as are the common blessings of life.

When we consider the extent of its territory, and the vastness of its population, Brooklyn has experienced remarkable freedom from those widely devastating conflagrations which have befallen other cities less ex- posed than itself.

The great fire of 1848-in which many buildings (occupying eight blocks in that section ncar the Fulton Ferry) were consumed, and which threatened the des- truction of the larger part of the then existing city-is the only one of such vast proportions that has occurred in its history. The value of the property consumed by that fire is estimated at nearly one million dollars, a sum sufficient to render it conspicuous among the events which mark the city's history.

Of that sum the larger part was re-imbursed to our citizens by the insurance companies involved in the loss.

It will probably appear an astounding statement- though true-that the sum of the inconspicuous losses which have occurred since that event-and which has been made good to property owners by the institutions under consideration-exceeds that of "the great fire " by $14,000,000.

The destruction of a dwelling, with its household goods, or of a store, with its merchandise; a great ware- house, with its wealth of property from the four quar- ters of the earth, valued at hundreds of thousands of

dollars; or a manufactory, with its machinery and stock, is an occurrence which (though by no means in- frequent) is rendered so comparatively harmless by the interposition of insurance indemnity, that the ruin to individual capitalists, and the paralysis to useful indus- try-which would otherwise be its inevitable effects- are almost completely obviated.

However interesting to our readers might be an elaborate presentation of the facts and arguments which go to prove the correctness and propriety of our initial proposition, that fire insurance companies justly rank among the most beneficent and indispensable institu- tions of our city-our space does not admit of more than this brief reference to them; a reference, however, which is full of salutary suggestion to all who feel proud of our rapidly increasing wealth, and who find satisfaction in the stability of that prosperity which enterprising employment of our wealth ensures.

FIRE INSURANCE COMPANIES.

The Brooklyn Fire Insurance Company .- On the 20th of March, 1824, a petition was presented to the State Senate, from Henry Stanton and others, for " an act to incorporate a Fire Insurance Company with a capital of $150,000, in shares of $25 each, to be located in the village of Brooklyn." The act was passed, and a company was incorporated April 3d as The Brooklyn Fire Insurance Company, and com- menced business May 21st, 1824, in an office on the north-west corner of Front and Dock streets, with William Furman, President; and Freeman Hopkins, Secretary. The Board of Directors was composed of many of the best known and respected men of the com- munity.

In 1848, in consequence of the great fire of that year, the company suspended operations, after paying its

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BANKING AND INSURANCE.

liabilities in full. In the following year it was reor- ganized by prominent business men, with William Ells- worth as President, who held that position until his retirement in 1862. Francis P. Furnald was then elected to the vacancy, and served for ten years. In 1872 Tunis G. Bergen was chosen President, and continued to fill that office until his death. The present officers of the company are: Francis P. Furnald, President; George K. Brand, Secretary.

Long Island Insurance Company .- This Com- pany enjoys the distinction of being the oldest living Fire Insurance Company, continuously in business from date of its organization, in Kings County, having been organized April 26th, 1833, with a capital of $200,000. This sum has since been increased to $300,000. Its first officers were Henry Waring, President, and Joseph Sprague, Secretary. Benjamin W. Delamater after- ward held the presidency thirty-five consecutive years. The Company commenced business in its own building, corner of Fulton and Front streets, which it sold in 1867 to the Long Island Safe Deposit Company, and removed its offices to Montague street. Its present officers are: Jonathan Ogden, President, and Henry Blatchford, Secretary. Its reputation has been that of a conservative institution as regards the character of its business. It has also an office in New York, and agencies in the principal cities of the country.

The Williamsburgh City Fire Insurance Com- pany .- The rapid growth of the city of Williams- burgh-now known as the Eastern District of the city of Brooklyn-led a number of her prominent citizens to organize a home insurance company, in December, 1852; but its incorporation was not effected until March, 1853. At that time, with a capital of $150,000 in shares of $20 each, the company commenced busi- ness over the rooms now occupied by the First National Bank, on the corner of Broadway and First street.

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The civil, political, professional and ecclesiastical history, and commercial and industrial record of the county of Kings and the city of Brooklyn, N. Y., from 1683 to 1884 Volume I, Part 157

Author: Stiles, Henry Reed, 1832-1909, ed. cn; Brockett, L. P. (Linus Pierpont), 1820-1893; Proctor, L. B. (Lucien Brock), 1830-1900. 1n Publication date: 1884 Publisher: New York : W. W. Munsell & Co. Number of Pages: 1114

Author: Stiles, Henry Reed, 1832-1909, ed. cn; Brockett, L. P. (Linus Pierpont), 1820-1893; Proctor, L. B. (Lucien Brock), 1830-1900. 1n
Publication date: 1884
Publisher: New York : W. W. Munsell & Co.
Number of Pages: 1114