HISTORY AND REMINISCENCES OF LOWER WALL STREET AND VICINITY By ABRAM W AKEMfi.N FOR 40 YEARS IN THE COFFEE AND TEA DIS­ TRICT OF NEW YORK, AN·D 'MEM1BER OF THE FOLLOWING SOCIETIES: DESCENDANTS OF THE COLONIAL GOVERNORS, SONS OF THE REVOLUTION, NEW YORK STATE HISTORICAL SOCIETY, THE AMER- ICAN SCENIC AN:D HISTORIC PRESERVATION SOCIETY, AARON BURR LEGION, ETC., ETC., ETC. NEW YORK THE SPICE MILL PUBLISHING CO. 1914 PU.BLI~HED UNDER THE AUSPICES OF THE CO.l4'FEE EXCHANGE AND LOWER WALL STREET BUSINESS MEN'S ASSOCIATION. ij Copyright, 1910, By THE SPICE MILL PUBLISHING Co., New York. Copyright, 1914, By THE SPICE MILL PUBLISHING Co.• New York. 111 DEDICATION To the days when, next to his wife, a man's partner was his best friend. To the days when a man's word was good as his bond. To the old-time merchants and to those interested in them, This book is dedicated . IV TABLE OF CONTENTS PAGE Introduction . vii Lower Wall Street and Vicinity in Colonial Times. 3 Lower Wall Street and Vicinity in Pre-Revolutionary Times. 18 Origin and Changes of Street N arp.es. 27 Lower Wall Street and Vicinity in Revolutionary Period. 32 The Great Fires in Lower Wall Street and Vicinity. 65 Position of Coffee in the Early Years..... 69 Reminiscences of Lower Wall Street and Vicinity........... 78 First Coffee Roasting Plants in New York. 131 The Great Coffee Trade Faiiures c,.f 1880. 135 The Coffee Exchange of the City of New York. 146 Old Organizations in the Trade ...................... ._. 163 Coffee Boom.s . 174 Coffee Exchange and Lower Wall Street Business Men's Asso­ c1a. t·10n ............•................................. 189 Some Schemes That Were Floated in the Neighborhood. 197 Historical Coffee Trade Legal Suits. 203 Appendix .................................. l!I • • • • • • • • • • • • 211 INTRODUCTION To call this volume a "History of Lower Wall Street and Vicinity" is to give it a far more ambitious title than it merits ; for in this section of New York City events took place which led to the foundation of the United States as an independent nation. Here was the crucible in which the country's early history was made. A history of the old Merchants Coffee House, in itself, would furnish matter for volumes, yet it has been neglected by historians and writers in general. Old Slip and Coenties Slip, in fact every street and corner in this historic neighborhood is worthy of tablets to commemorate events that took place there. My reminiscences of Lower Wall Street and Vicinity are of our merchants and places of business, seen through the eyes of youth. Undoubtedly I have over­ looked mention of many prominent and interesting per­ sonages in the trade as well as many important business houses ·in this locality; but I sincerely believe that this record of firms and persons is as complete as any ordi­ nary human mind could compile from memory. In this record appear the names of many firms and individuals whose connection with Lower Wall Street and Vicinity .. Vll Introduction reflected the highest honor upon the locality and helped to give it its decidedly distinctive character. Statistics are usually dry reading but, in after years, they become very interesting and show the future gen­ eration what their fathers had to contend with; and, so far as the coffee statistics are concerned, they indicate how the persistency of a few men carried to success what were, at one time, very unpopular innovations in the old-fashioned methods of doing the coffee business. In the great mystery of life, perhaps the many friends who have passed on may know of the small tribute I pay to their memory in this volume, while those who are still with us must be aware that that fact alone prevents my expressing the deep affection I have for them. ABRAM WAKEMAN. New York, 1914. Vlll LOWER WALL STREET AND VICINITY IN COLONIAL TIMES When Hendrick Corstaensen, the "head man" of the first settlers, in 1613 looked around to establish the sec­ ond largest city of the world, he saw on his left the broad expanse of water between him and New Jersey, and on his right the close proximity of Long Island. So the East Side was chosen for commerce and the shores of the Hudson river for the gardens and farms. Shipbuilding was the first enterprise, in 1613. Captain Block built a ship about where Maiden Lane now is; the vessel was 38 feet keel and 44½ feet on deck. There is no account of the launching, but the name given was the Unrest or Restless; it was the first ship to sail through Long Island Sound. About this time there were thirty-one log houses and 200 inhabitants. In 1615 the people formed themselves into a company under the name of New Netherlands. The grant having been very profitable, the government of Holland refused 4 In Early Colonial Times to extend it. A much larger company was formed in 1621 under the title of the West India Company. Peter Minuet was the first Director-General. He purchased, in 1626, Manhattan Island from the Indians for the sum of 60 guilders ( $24) . 1'he title became vested in the West India Company. ·The first permanent building was a blockhouse erected at the southern point of the island in 1626. Wouter Van Twiller was the second Governor, from April, 1633, to March 26, 1638. The first church edifice built exclusively as a place of worship was commenced in 1633, situated on the north side of Pearl street between Whitehall and Broad streets. In 1642 it was considered unsafe on ac­ count of the Indians, so a new church of ''rockstone," 75 feet long, 52 feet broad and 16 feet over the ground, "at a cost of about one thousand dollars," was built. John and Richard Ogden, of Stamford, Conn., were the con­ tractors. It was built within the walls of the fort. This old "kirke" was afterward used as a place of "merchan­ dise and dwelling." In 1642 a fine stone tavern was built by the city. It was five stories high and "could be seen from the decks of ships a long way off." It faced East river, and was at the corner of Pearl street and Coen ties Slip. It bore the name of "Aunt Metje Wessells Tavern." The site is now 73 Pearl street, which is marked by a tablet erected by the Holland Society of New York. In 1643 the Dutch West India Company erected five stone stores on Winckle street (located between Stone and Bridge streets), facing the river and under the pro­ tection of the guns of the fort. The tavern, no doubt, was too large for the times, for in 1653 it became the City Hall. The public whipping post and pillory stood in front of this building. As late as 1647 we find public documents dated "Done at Fort Amsterdam, in New First Wharf in New York 5 Netherland''; 1648 and thereafter it was New Amster­ dam. At Hanover Square and Old Slip was the city's old custom house. Pearl street was so narrow that sidewalks were forbidden. In 1643 an expedition against the Indians of Long Island was sent out under command of Councillor la Montagnee. Returning with several Indian prisoners, the people of the city inflicted their death by torture. One of them was hacked to pieces with knives, while an­ other was flayed alive, strips of flesh being cut from his living body, and being chased into the present Beaver street, his head was finally cut off. 1642-The first wharf spoken of was on the line of Moore street, running out from Pearl street. It ran out but little beyond low water, but in 1659 was extended 50 feet. In 1652, war having been declared between the English and Dutch, the citizens were enrolled in four companies. This was so small in comparison with that of the New England colonies, should an assault be deter­ mined upon, that defense would be fruitless. It was decided, therefore, to construct a line of works along the outskirts of the city from North to East rivers. About forty of the principal inhabitants offered a loan of over $2,000 for carrying on this work, which was co~menced April 1, 1653; it was built as follows: "Posts or palisades 12 feet high and 7 inches in diam­ eter, to be set in the ground and sided up on the outside with boards; on the inside of the stockade a ditch two feet wide and three feet deep to be dug, the ground being thrown against the fence, this making a platform of suf­ ficient height to permit the assaulted to overlook the stockade." The work was completed about the first of May. It extended along the East river shore from near the ·present head of Coenties Slip on the line of Pearl street and crossed the cultivated fields to the Nortli 6 ln Early Colonial Times river, its line being about 40 feet north of the present north side of vVall street. (Wall street at that time began at about the west side of Pearl street; at Coentie~ Slip there was a point extending into the river, no doubt, and the palisade ran at an angle from Wall street to this point.) All trade and business was at a standstill during its progress, every citizen lending a helping hand. The scare was soon over and the city resumed its old quietude until 1655, when Governor Stuyvesant, with all his forces, was called to the Chesapeake Bay to assist a small colony of Dutch settlers, who were in danger from a colony of Swedes.