Balthazar P. Melick
Encyclopedia
Balthazar P. Melick (October 26, 1770 – November 20, 1835), an American merchant and banker, was the founder of Chemical Bank in 1823. Melick served as the first president of Chemical from 1823-1831.
in 1770, started as an apprentice at a mercantile house at the age of thirteen. In 1792, at the age of twenty-one he was admitted to a partnership and for many years he was a prosperous merchant in Greenwich Village, New York. In 1795, he was listed as a "grocer" doing business at 183 Washington Street. Melick founded the commercial house of Melick & Burger, which owned trade vessels sailing in the Caribbean, doing much of its business with the island of St. Croix. The firm, which had its offices at 76 Washington Street, owned a ship known as "Chase" which afterwards was prominent in the sugar trade.
He became a Director in the Equitable Fire Insurance Company, the Greenwich Fire Insurance and the Union Marine and Life Insurance Company.
Melick was also a noted member and secretary of the Black Friars Society, also known as the Friary, a music and social club.
, nitric acid
, camphor
and saltpeter
, as well as medicines, paints, and dye
s as a means to securing a bank charter
from the New York State legislature. During the 1820s, prospective bankers found that they were more likely to be able to successfully secure a charter if the bank were part of a larger business. The following year, in April 1824, the company successfully amended its charter to allow Chemical to begin its banking practice.
Melick retired as president of the bank in 1831 in favor of John Mason, one of the richest merchants of his day in New York, and an early shareholder in the bank. Melick, who never married, died shortly thereafter in 1835.
Biography
Melick who was born in Lebanon, New JerseyLebanon, New Jersey
Lebanon is a Borough in Hunterdon County, New Jersey, United States. As of the United States 2010 Census, the borough population was 1,358.Lebanon was incorporated as a borough by an Act of the New Jersey Legislature on March 26, 1926, from portions of Clinton Township, based on the results of a...
in 1770, started as an apprentice at a mercantile house at the age of thirteen. In 1792, at the age of twenty-one he was admitted to a partnership and for many years he was a prosperous merchant in Greenwich Village, New York. In 1795, he was listed as a "grocer" doing business at 183 Washington Street. Melick founded the commercial house of Melick & Burger, which owned trade vessels sailing in the Caribbean, doing much of its business with the island of St. Croix. The firm, which had its offices at 76 Washington Street, owned a ship known as "Chase" which afterwards was prominent in the sugar trade.
He became a Director in the Equitable Fire Insurance Company, the Greenwich Fire Insurance and the Union Marine and Life Insurance Company.
Melick was also a noted member and secretary of the Black Friars Society, also known as the Friary, a music and social club.
Founder of Chemical Bank
Melick founded the New York Chemical Manufacturing Company, the predecessor of Chemical Bank in 1823 together with John C. Morrison, Mark Spenser, Gerardus Post, James Jenkins, William A. Seely and William Stebbins. Melick and his partners used the manufacturing company, which produced chemicals such as blue vitriol, alumAlum
Alum is both a specific chemical compound and a class of chemical compounds. The specific compound is the hydrated potassium aluminium sulfate with the formula KAl2.12H2O. The wider class of compounds known as alums have the related empirical formula, AB2.12H2O.-Chemical properties:Alums are...
, nitric acid
Nitric acid
Nitric acid , also known as aqua fortis and spirit of nitre, is a highly corrosive and toxic strong acid.Colorless when pure, older samples tend to acquire a yellow cast due to the accumulation of oxides of nitrogen. If the solution contains more than 86% nitric acid, it is referred to as fuming...
, camphor
Camphor
Camphor is a waxy, white or transparent solid with a strong, aromatic odor. It is a terpenoid with the chemical formula C10H16O. It is found in wood of the camphor laurel , a large evergreen tree found in Asia and also of Dryobalanops aromatica, a giant of the Bornean forests...
and saltpeter
Potassium nitrate
Potassium nitrate is a chemical compound with the formula KNO3. It is an ionic salt of potassium ions K+ and nitrate ions NO3−.It occurs as a mineral niter and is a natural solid source of nitrogen. Its common names include saltpetre , from medieval Latin sal petræ: "stone salt" or possibly "Salt...
, as well as medicines, paints, and dye
Dye
A dye is a colored substance that has an affinity to the substrate to which it is being applied. The dye is generally applied in an aqueous solution, and requires a mordant to improve the fastness of the dye on the fiber....
s as a means to securing a bank charter
State bank
A state bank is generally a financial institution that is chartered by a state. It differs from a reserve bank in that it does not necessarily control monetary policy , but instead usually offers only retail and commercial services.A state bank that has been in operation for five years or less is...
from the New York State legislature. During the 1820s, prospective bankers found that they were more likely to be able to successfully secure a charter if the bank were part of a larger business. The following year, in April 1824, the company successfully amended its charter to allow Chemical to begin its banking practice.
Melick retired as president of the bank in 1831 in favor of John Mason, one of the richest merchants of his day in New York, and an early shareholder in the bank. Melick, who never married, died shortly thereafter in 1835.