John Mason (businessman)
Encyclopedia
John Mason was an early American businessperson, merchant and banker. Mason served as the second president of Chemical Bank from 1831 through 1839 and would later be referred to as "the father of the Chemical Bank". Mason was a founder of the New York and Harlem Railroad
, one of the first railroads in the U.S. in 1831 and served as the company's second president.
Mason who made much of his fortune in dry goods was among the wealthiest landowners in New York City
in the early 19th century. He purchased a large portion of what is today Midtown Manhattan
in 1825 including much of the land bounded by Fifth Avenue and Park Avenue
between 53rd Street
and 64th Street.
John Mason's name first appears in the New York Directory for the year 1796, when the firm of Mason & Sharp is mentioned as a "dry goods store, 80 William Street
, cor. Maiden Lane
." The following year John Mason's name appears alone as "merchant, 208 Broadway
." In 1798 he moved to 84 William Street
, remaining there until 1800, when he returned to 80 William Street.
In 1804, Mason founded the firm of Mason & Smedes with Abraham K. Smedes, but in 1809 the latter's name ceases to appear, and in 1810 the firm is John Mason & Co. Mason's firm remained at 178 Pearl Street
for many years. By the second decade of the 19th century, Mason had established himself among the elite merchants of New York City. During the War of 1812
, Mason was among a group of New York merchants that came together to help raise bonds for the U.S. government. Mason personally purchased $5,000 of bonds.
. When a speculative bubble collapsed on May 10, 1837, banks suspended payment of gold and silver. Although twenty years later, Chemical would stand alone and continue to make payments in specie
, in this crisis the bank followed others in suspending payments. Chemical was one of the earliest to resume payments in specie.
Mason died on September 26, 1839, but his legacy of conservatism was taken on by his successors. Isaac Jones and later his cousin John Quentin Jones would lead Chemical, both serving as president, across the next forty years through 1878. Both Isaac and John Jones had close connections to John Mason, particularly Isaac who married one of John Mason's three daughters. John Q. Jones was succeeded in 1878 by George G. Williams, who had joined the bank in 1842 and served as cashier of the bank from 1855 onward. In that position, Williams was also inculcated in Chemical's conservative style of banking. Williams would serve as president from 1878 through 1903.
, who would later succeed Mason as president of Chemical Bank. Mason's daughter, Mary Mason Jones, who was the great-aunt of Edith Wharton
, was the inspiration for the character of Mrs. Manson Mingott from The Age of Innocence
. Mason left the bulk of his wealth to his daughters and largely cut his son out of his will after marrying an actress.
New York and Harlem Railroad
The New York and Harlem Railroad was one of the first railroads in the United States, and possibly also the world's first street railway. Designed by John Stephenson, it was opened in stages between 1832 and 1852 between Lower Manhattan to and beyond Harlem...
, one of the first railroads in the U.S. in 1831 and served as the company's second president.
Mason who made much of his fortune in dry goods was among the wealthiest landowners in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in the early 19th century. He purchased a large portion of what is today Midtown Manhattan
Midtown Manhattan
Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial zones such as Rockefeller Center, Broadway, and Times Square...
in 1825 including much of the land bounded by Fifth Avenue and Park Avenue
Park Avenue (Manhattan)
Park Avenue is a wide boulevard that carries north and southbound traffic in New York City borough of Manhattan. Through most of its length, it runs parallel to Madison Avenue to the west and Lexington Avenue to the east....
between 53rd Street
53rd Street (Manhattan)
53rd Street is a midtown cross street in the New York City borough of Manhattan, that contains buildings such as the Citicorp Building. It is 1.83 miles long. The street runs westbound from Sutton Place across most of the island's width, ending at DeWitt Clinton Park at Eleventh Avenue...
and 64th Street.
Early career
Mason was descended from a 17th century colonial family. He began his career as an apprentice tailor and then worked as a merchant in the dry goods business.John Mason's name first appears in the New York Directory for the year 1796, when the firm of Mason & Sharp is mentioned as a "dry goods store, 80 William Street
William Street (Manhattan)
William Street is a city street in the Financial District of lower Manhattan in New York City in the United States of America. It runs generally southwest to northeast, crossing Wall Street and terminating at Broad Street and Spruce Street, respectively. Between Beaver Street and Broad Street,...
, cor. Maiden Lane
Maiden Lane (Manhattan)
Maiden Lane is an east-west street in the Financial District of the New York City borough of Manhattan. Its eastern terminus is at South Street, near the South Street Seaport...
." The following year John Mason's name appears alone as "merchant, 208 Broadway
Broadway (New York City)
Broadway is a prominent avenue in New York City, United States, which runs through the full length of the borough of Manhattan and continues northward through the Bronx borough before terminating in Westchester County, New York. It is the oldest north–south main thoroughfare in the city, dating to...
." In 1798 he moved to 84 William Street
William Street (Manhattan)
William Street is a city street in the Financial District of lower Manhattan in New York City in the United States of America. It runs generally southwest to northeast, crossing Wall Street and terminating at Broad Street and Spruce Street, respectively. Between Beaver Street and Broad Street,...
, remaining there until 1800, when he returned to 80 William Street.
In 1804, Mason founded the firm of Mason & Smedes with Abraham K. Smedes, but in 1809 the latter's name ceases to appear, and in 1810 the firm is John Mason & Co. Mason's firm remained at 178 Pearl Street
Pearl Street (Manhattan)
Pearl Street is a street in the Lower section of the New York City borough of Manhattan, running northeast from Battery Park to the Brooklyn Bridge, then turning west and terminating at Centre Street...
for many years. By the second decade of the 19th century, Mason had established himself among the elite merchants of New York City. During the War of 1812
War of 1812
The War of 1812 was a military conflict fought between the forces of the United States of America and those of the British Empire. The Americans declared war in 1812 for several reasons, including trade restrictions because of Britain's ongoing war with France, impressment of American merchant...
, Mason was among a group of New York merchants that came together to help raise bonds for the U.S. government. Mason personally purchased $5,000 of bonds.
Chemical Bank
Mason became a shareholder of Chemical Bank in 1826 and would serve as Chemical's second president. Mason, who would later be referred to as "the father of the Chemical Bank," and was one of the richest merchants of his day in New York, succeeded Baltus Melick in 1831. Mason was responsible for establishing the highly conservative business culture of the young bank that would persist for nearly 90 years. For its first twenty-five years, the bank paid no dividends, nor did it pay interest on its customers deposits. Mason was also responsible for leading Chemical through the Panic of 1837Panic of 1837
The Panic of 1837 was a financial crisis or market correction in the United States built on a speculative fever. The end of the Second Bank of the United States had produced a period of runaway inflation, but on May 10, 1837 in New York City, every bank began to accept payment only in specie ,...
. When a speculative bubble collapsed on May 10, 1837, banks suspended payment of gold and silver. Although twenty years later, Chemical would stand alone and continue to make payments in specie
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
, in this crisis the bank followed others in suspending payments. Chemical was one of the earliest to resume payments in specie.
Mason died on September 26, 1839, but his legacy of conservatism was taken on by his successors. Isaac Jones and later his cousin John Quentin Jones would lead Chemical, both serving as president, across the next forty years through 1878. Both Isaac and John Jones had close connections to John Mason, particularly Isaac who married one of John Mason's three daughters. John Q. Jones was succeeded in 1878 by George G. Williams, who had joined the bank in 1842 and served as cashier of the bank from 1855 onward. In that position, Williams was also inculcated in Chemical's conservative style of banking. Williams would serve as president from 1878 through 1903.
Family
Mason had a son and three daughters, Mary, Rebecca and Sarah. Mary Mason was married to Isaac JonesIsaac Jones
Isaac Jones may refer to:*Isaac Dashiell Jones, Maryland politician*Isaac Jones , translator and curate of St Deiniol's Church, Llanddaniel Fab, Wales*Isaac Jones , Gambian sprinter...
, who would later succeed Mason as president of Chemical Bank. Mason's daughter, Mary Mason Jones, who was the great-aunt of Edith Wharton
Edith Wharton
Edith Wharton , was a Pulitzer Prize-winning American novelist, short story writer, and designer.- Early life and marriage:...
, was the inspiration for the character of Mrs. Manson Mingott from The Age of Innocence
The Age of Innocence
The Age of Innocence is a novel by Edith Wharton published in 1920, which won the 1921 Pulitzer Prize. The story is set in upper-class New York City in the 1870s. In 1920, The Age of Innocence was serialized in four parts in the Pictorial Review magazine, and later released by D...
. Mason left the bulk of his wealth to his daughters and largely cut his son out of his will after marrying an actress.