John Mason (businessman)
John Mason | |
|---|---|
| Born | circa 1773 |
| Died | Error: Need valid birth date (second date): year, month, day |
| Occupation(s) | Entrepreneur, financier, merchant |
| Known for | Second president of Chemical Bank, co-founder and second president of New York and Harlem Railroad |
John Mason (circa 1773 – September 26, 1839) was a prominent American entrepreneur and financier. He held the position of the second president of Chemical Bank from 1831 until his death in 1839 and is often credited as "the father of the Chemical Bank." Additionally, Mason was a co-founder of the New York and Harlem Railroad in 1831, where he also served as its second president.
Mason amassed considerable wealth through his ventures in the dry goods industry and became one of the most affluent landowners in early 19th-century New York City. In 1825, he purchased large tracts of land in what is currently known as Midtown Manhattan, encompassing areas between Fifth Avenue and Park Avenue, stretching from 53rd Street up to 64th Street.
Early career
Originating from a colonial lineage, Mason initially trained as a tailor before transitioning into the dry goods business. His enterprise first appeared in the New York Directory in 1796 under the name Mason & Sharp, operating a dry goods shop at 80 William Street. By 1797, he was conducting business solo at 208 Broadway, moving locations multiple times before returning to William Street.
In 1804, Mason formed a partnership with Abraham K. Smedes called Mason & Smedes; by 1810, this evolved into John Mason & Co., headquartered at 178 Pearl Street. Throughout the 1810s, Mason established himself among New York’s leading merchants. During the War of 1812, he joined other influential businessmen in contributing $5,000 toward government bonds.
Chemical Bank
Mason became an investor in Chemical Bank in 1826 and took over as its second president in 1831, following Baltus Melick. Recognized as "the father of the Chemical Bank," Mason was one of New York’s wealthiest merchants and instilled a highly conservative banking philosophy that endured for nearly nine decades. For its initial 25 years, the bank refrained from distributing dividends or paying interest on deposits. Under Mason’s leadership, Chemical navigated the challenges of the Panic of 1837, a period when many banks halted gold and silver payments. Although Chemical temporarily suspended specie payments, it was among the earliest institutions to reinstate them.
Mason passed away in 1839; however, his prudent banking principles were preserved by his successors Isaac Jones and John Quentin Jones—both presidents until 1878 and closely linked to Mason through family ties, as Isaac married one of Mason’s daughters. George G. Williams joined Chemical Bank in 1842 and served as cashier starting in 1855 before becoming president from 1878 to 1903, continuing the bank’s cautious approach.
Family
Mason was father to one son and three daughters named Mary, Rebecca, and Sarah. Mary wed Isaac Jones, who succeeded Mason as president of Chemical Bank. Mary Mason Jones, who was Edith Wharton’s great-aunt, inspired the character Mrs. Manson Mingott in The Age of Innocence. Upon his death, Mason bequeathed most of his fortune to his daughters while largely excluding his son due to the latter’s marriage to an actress.