Henry Morehouse Taber A Memoir LAWRENCE J. GUTTER Collection of Chicogoono THE UNIVERSITY OF ILLINOIS AT CHICAGO The University Library Digitized by tine Internet Arcliive in 2010 witli funding from CARLI: Consortium of Academic and Researcli Libraries in Illinois http://www.archive.org/details/henrymorehousetaOOtabe Henry Morehouse Taber A Memoir ^'K.y^y Henry Morehouse Taber A Memoir BY SYDNEY RICHMOND TABER TTOIJJ3 omaoj gajflAH.) ya MDCCCXCVni PRINTED FOR PRIVATE CIRCULATION CHICAGO FROM A PORTRAIT PAINTED BY CHARLES LORING ELLIOTT IN 1 863 M^- r ■>M /V Henry Morehouse Taber A Memoir BY SYDNEY RICHMOND TABER ^ MDCCCXCVIII PRINTED FOR PRIVATE CIRCULATION CHICAGO TO HIS GRANDSON, WHOM MY FATHER KNEW AND LOVED, AND TO HIS GRANDDAUGHTER, WHOM DEATH PREVENTED HIM FROM KNOWING AND LOVING, THESE PAGES ARE AFFECTIONATELY DEDICATED HENRY MOREHOUSE TABER ALTHOUGH the subject of this memoir passed sixty-eight out of the seventy- '^ three years of his life in New York City and was closely identified with its business and social growth, yet his New England birth and inheritance played so large a part in his life that attention must first be directed to his ancestry. All his progenitors for two centuries had been men and women of Massachusetts, Rhode Island and Connecticut. The earliest ancestor in Amer- ica in the Taber line was Philip, "one of several men of ability who have borne their part in the great charges of the foundation" of Plymouth Col- ony. He came to America in 1633, took the oath of freeman and became one of the representatives to the first General Court. Another of the Ply- mouth pioneers from whom my father was de- scended was Kenelm Winslow, likewise freeman and representative, and brother of Edward Wins- low, who was one of the Mayflower passengers and who became Governor of the Colony. Still 9 Henry Morehouse Taber another ancestor, Francis Cooke, was also one of the Mayflower pilgrims and a sturdy and prominent member of the new colony. In my father's veins also flowed the blood of a soldier. His great-grandfather, Levi Taylor, served in the French and Indian wars, and was at Crown Point under General Amherst in 1759; ^^^ later became lieutenant of a company in a Con- necticut regiment during the Revolutionary War. Among others of his ancestors he numbered several selectmen, town clerks and surveyors of highways, and still others filled the offices of assessor, justice of the peace, judge of the Probate Court and judge of the Court of Common Pleas. The family of his mother, Esther Morehouse, had had their home in Fairfield county, Connecti- cut, for many generations. She was a woman of great force as well as of strong affections. Her erect carriage, which was maintained almost to the day of her death at the age of ninety-six, com- ported well with the inflexibility of her principles and her strength of character. Her husband, Corey Taber, was born in Massachusetts. Though likewise somewhat rigorous in the training of his sons, he was of a most sociable disposition and genial temperament. It was of such ancestry and of such parentage A Memoir ii that Henry Morehouse Taber was born on 8th Feb- ruary, 1 825, the fifth of eight children. His birth- place was a town that was then known as Saugatuck but is now included in Westport, Connecticut. Here he remained only about five years, when his father removed the family to New York City. His education was obtained first at a public school and later at the private school of Forrest & Mulligan, one of the largest and best in the city at that time. With a view to inculcating in the son a taste for the law, his father placed him for about a year in the law ofiice of Ketchum & Fessenden. Not becom- ing enamoured of the law, however, at the age of fifteen he entered into business in which he remained more or less actively engaged up to the time of his death — a period of fifty-seven years. His first busi- ness connection was that of clerk in the office of his father, who was engaged in the cotton brokerage business at 76 Wall street under the firm-name of Taber & Jenkins. After a seven years' term of service as clerk to the firm of Bogert & Kneeland, he returned in 1848 to the office of Taber & Jen- kins. By this time his father had died, and his elder brother (Charles Corey Taber) was continuing the business with Mr. Jenkins. In the following year the latter died while his partner was abroad, and through this combination of circumstances the 12 Henry Morehouse Taber whole care and responsibility of this considerable business was for a time cast upon the shoulders of the brother Henry, when he was but twenty-four years old. This experience, entailing hard work and long hours, no doubt did much to develop the self-reliance and capacity for responsibility that char- acterised his later career. In 1849 ^^^ ^^^ brothers formed a partnership as cotton brokers under the firm-name of Taber & Co., but within two years business disasters over- took them and they were obliged to suspend pay- ment. Having effected an honourable settlement with their creditors, they resumed business under the same firm-name and later under the name of C. C. & H. M. Taber. During the Civil War the trans- actions of the firm reached a considerable magnitude, and shortly after the close of that period they estabhshed branch houses or agencies at New Orleans, Memphis, Mobile, Providence, Boston, and Fall River. In 1871 another firm was formed in which the brother Henry was a special partner, but again business losses, combined with heavy peculations by some of the employees, forced the house into liquidation. It is note- worthy, as being characteristic of the subject of this sketch, that every debt was paid in full although this necessitated the payment of a very considerable A Memoir 13 sum by the special partner above the amount of his limited liability. In 1876 he entered into a new partnership, under the name of Henry M. Taber & Co., with his son, William Phillips Taber, whose sympathetic co-op- eration and sound judgment he found helpful and reliable. This partnership continued until his son's untimely death in October, 1897, — less than two months before his own, which occurred on the 24th of December following. In addition to the cotton business which he con- ducted under the foregoing firm-names, he and his brother became at various times largely interested in real estate, both in New York City and Provi- dence. Among other properties so owned was the building at the corner of Pearl and Beaver streets, in which he had his office for thirty-two years, and also a tract of land at Riverside Drive and 119th street, which was sold at auction in the spring of 1897. This sale constituted the largest real estate transaction in New York City for that year, and the extensive preparations for it, which were personally conducted by him at the age of seventy-two years, furnished a striking illustration of his energy and vitality. These two brothers also owned and operated various steamers, among others the propeller 14 Henry Morehouse Taber " Vicksburg " and the side-wheeler " City of Provi- dence." They were jointly interested in the Utica Cotton Company and its mill at Utica. My father was president of that company, and was also one of two lessees of a large cotton mill at Baltic, Connecti- cut. These various interests involved much litiga- tion and many large losses — some of the latter being caused by the unforeseen exigencies of busi- ness, but others resulting from embezzlement by business confidants. The same qualities that my father manifested in his private business made him much sought after in corporate business enterprises. A man of unswerving rectitude and of a nice sense of honour that abhorred the suspicion of unfairness could not fail to be in demand as trustee. Among the many institutions in which he held positions of trust may be mentioned the Continental National Bank and the Manhattan Savings Institution. In each of these he was] one of the directors for a period of about thirty years, and his connection with the United States Lloyds — as a member of the advisory committee — covered the same period. A similar position was held by him in two other marine insurance companies. He had at different times been a director in six fire insurance companies, and at the time of his death was serving the Home A Memoir 15 Insurance Company in that capacity, having been elected in 1865. He was one of the incorporators and trustees of the Continental Trust Company. His membership in the New York Cotton Exchange dated from its organisation, and that in the Chamber of Commerce continued for thirty-eight years. In the language of a resolution passed shortly after his death by one of the boards of which he had been a member — "the many directorships and positions of honour and trust held by him in other institutions of various kinds bear further testimony to the high esteem in which he was held by the community at large, and serve to evidence a public recognition of the exalted integrity of purpose and practice that animated and signalised his long and honourable career as a merchant and citizen." The resolution further records " the bank's gratitude for the bene- fits thus derived from Mr. Taber's long connection with it, both as director and client — with an added record of the deep sense of loss on the part of this board, as well as of each individual member thereof to whom he had endeared himself by his uniform kindness and the genial courtesy that characterised his intercourse with all." The minutes of other institutions speak of his " devotion and loyalty," his being " constant and faithful to his duties " and "his keen business instinct and unwavering integrity." Henry Morehouse Taber He was further recommended to his business associates by his zeal and energy. Not only was he impelled to a course of action by high principles, but he had the will and determination to maintain it and the perseverance to follow it until success should be achieved. As a creditor he was patient and liberal; as a debtor, scrupulously honest ; and as an employer, considerate and generous. In minor matters, too, his characteristics were marked — pre- cision and punctiliousness in small as well as large obligations, and promptitude in correspondence and in all business and social duties. His intensely systematic habits of life were carried into his busi- ness relations. His conservatism with respect to personal habits was evidenced by his clinging to a custom that antedated the postal delivery system. As long as he lived he retained a letter-box in the New York post-office and was in the habit of sending thither for his mail several times each day. Punc- tuahty was also one of his lesser virtues; it is probably within bounds to say that during his long career he was never late for an appointment. His usefulness as trustee was not confined to institutions of business. Charitable enterprises also profited by his judgment, sympathy and activity. He was a life-member of the Charity Organization Society of New York, and with the Northern Dis- A Memoir 17 pensary he was connected for over twenty years, at first as director and later as president. One of the incorporators of the Presbyterian Hospital in 1868, he served on its Board of Managers and as record- ing secretary until 1884. His connection with the Board of Trustees of the First Presbyterian Church, as treasurer and subsequently as president, terminated in 1880 after a service of over twenty years. When one comes to speak of my father as a public-spirited citizen, the catalogue of his services is a long one. Jury duty with him was a conscien- tious obligation which he never shirked. He served frequently during his long life, and in 1890 was foreman of the grand jury that investigated the police scandals brought to light by the Lexow com- mission. For many years he was connected with almost every movement of citizens directed towards political reform or patriotic celebration. In 1863 he was one of a committee of arrangements for a public dinner given in honour of the admiral of the Russian fleet ; in the following year he was on the executive committee of the Farragut testimonial fund; as secretary of a citizens' committee he was active in arranging for the Lincoln memorial cere- monies in New York, and one of a similar com- mittee to tender a reception to General Grant at the close of the Civil War. In 1867 he assisted in 1 8 Henry Morehouse Taber organising a movement to present General Grant's name for the Presidency as " the candidate of the commercial, business and industrial interests of New York," and was secretary of a committee appointed in 1874 to oppose the inflation of the currency and to present to the President a peti- tion signed by twenty-five hundred bankers and merchants of New York. His interest in politics began at an early age. During the period of his apprenticeship in the law oflice of Ketchum & Fessenden, Daniel Webster, who was an intimate friend of one of the partners, was in the habit of calling there frequently. An acquaintance between the statesman and the young law student thus sprang up and no doubt contributed much to inspire the latter with his life-long admira- tion for eloquence and his lofty ideals of statesman- ship. When only fifteen years old he joined the Boys' Harrison Association and attended some political meeting every evening during the presi- dential campaign of 1 840. Again in 1 844, though still not old enough to vote, he was, as he afterward wrote, "intensely interested in the campaign of that year," and "went home with a sad heart" the night he heard of Clay's defeat. During one of Mr. Clay's visits to the Astor House in New York, my father, though a mere lad and without other intro- m FROM A PHOTOGRAPH TAKEN IN I 895 lb Henry Morehouse Taber organising a movement to present General Grant's name for the Presidency as " the candidate of the commerciul, business and industrial interests of New York," and wa:. %.rr»«?tary of a committee appointed in 1874 lo i^ppotc the inflation of the currcfv.i, md fi present to the Prcsidenf a peti- tion jtigKtHj bv twenty -five hundred bankers and merchants of New York. His interest in politics began at an early age. During the period of his apprenticeship in the law office of Ketchum & Fessenden, Daniel Webster, who was an intimate friend of one of the partners, was in ihv* habit of caliiiOA^oblccHflt a^mqp <\t]v An acquaintance between the ^^A-. s¥ fu i*''a r .i the young law student thus sprang up and no doubt contributed much to inspire the latter wirii his life-ltjng admira- tion for eloquence and his lofty ideals of statesman- ship. When only fifteen years old he joined the Boys' Harrison Association and attended some pohtical meeting every evening during the presi- dential campaign of 1 840. Again in 1 844, though still not old enough to vote, he was, as he afterward wrote, '* intensely interested in the campaign of that year," and "went home with a sad heart" the night he heard of Clay's defeat. During one of Mr. Clay's visits to the Astor House m New York, my fath