Archibald Gracie

Archibald Gracie (June 25, 1755 – April 11, 1829) was a Scottish-born shipping magnate and early American businessman and merchant in New York City and Virginia whose spacious home, Gracie Mansion, later became as the residence of the Mayor of New York City.

Early life

Archibald Gracie was born June 25, 1755, in Dumfries, Scotland. He was the son of a weaver named William Gracie. In 1776, Gracie moved to Liverpool and clerked for a London shipping firm. He used his earnings to purchase a part interest in a merchant ship.

Career

In April 1784, he sailed to America with a cargo of goods that were his own profit stock. He used the proceeds to invest in a mercantile company in New York City. He later moved to Petersburg, Virginia, and engaged in the export of tobacco to Great Britain. In 1793, he moved back to New York and became a commissary merchant and shipowner (Archibald Gracie and Sons, East India Merchants). Gracie was a business partner of Alexander Hamilton and a friend of John Jay.

Gracie was a member of the Tontine Association, which supervised the trading of stocks. Gracie expanded his interests and became active in the banking and insurance industries. He was a director of New York's earliest savings bank, the New York Bank for Savings. He was an incorporator of the Eagle Fire Insurance Company and vice president of the New York Insurance Company, a director of the United States Bank and of the Bank of America.

He served as Vice-President of the New York Chamber of Commerce from 1800 to 1825, and the 18th president of the St. Andrew's Society of New York, serving from 1818 to 1823.