Edward C. Clark

Edward Clark ( born December 19, 1811 in Athens, in the U.S. state of New York, † October 14, 1882 ) was an American lawyer, businessman and patron. He was co-founder of the Singer sewing machine company and developed the 1856 installment purchase plan, the prototype for installment sales.

Life

Origin and Youth

Edward Clark was the eldest of three sons of Nathan Clark (1787-1880) and Julia Nichols ( 1793-1873 ). His brothers were Nathan Henry Clark (1816-1817) and Nathan Clark, Jr. ( 1819-1892 ). The family originally came from England before Samuel Clark (1615-1690) emigrated to America and settled in what is now Stamford.

Edward Clark's father had founded pottery in Lyons and Mount Morris, which products sales under the brand name N. Clark & ​​Co.. Later, his brother Nathan Clark Jr. took over the company.

After visiting the Lenox Academy, Lenox, Mass. Edward Clark moved to Williams College in Williamstown.

Lawyer

After completing his law studies, he worked as a lawyer at the law firm of Ambrose Latting Jordan in Hudson in the U.S. state of New York. In 1834 he opened his own firm in Poughkeepsie. On October 21, 1835, he married Caroline Jordan ( 1815-1874 ), the daughter of his former employer. Two years later founded Edward Clark and his father Ambrose Jordan Jordan the common law firm, Clark & Company. Both moved their headquarters to New York City in 1838.

Isaac Merritt Singer 1848 client of the law firm Jordan & Clark. Firstly, it was the patent rights to his machine for wood and metal working to clarify. 1851 dedicated Singer Edward Clark in the legal dispute over the patent for his sewing machine. Singer had indeed given their own patent, but used for his machine components that Elias Howe had patented. The long -running process ended with a settlement under which Howe lifetime received patent funds.

Entrepreneur

In the same year founded 1851 Isaac Merritt Singer and Edward Clark IM Singer and Company, later renamed Singer Manufacturing Company. First, both possessed 50 % of the company shares were equal and president of the company that rose to the largest sewing machine manufacturers in the world until 1855. Edward Clark had with the introduction of the rate plan number 1856 been instrumental in the successful further development of the Singer Manufacturing Company. This could also be low-income individuals to purchase a sewing machine and the production figures rose considerably. Due to the different personalities, Singer and Clark resolved on 6 June 1863 and decided their partnership, to refrain until the death of one of the two on the presidency of the company. Up to Isaac Singer's death in 1875 was therefore Inslee Hopper president of the company before then Edward Clark took over sole presidency. From the estranged singer- heirs Clark bought up shares to a considerable extent in the subsequent period.

As early as 1856, Edward Clark began to purchase property. In addition to land at the birthplace of his wife in Coppertown he continually acquired land in New York City. In October 1880, he commissioned the architect Henry J. Hardenbergh with the construction of the Dakota Building, which, however, was not completed until after his death.

Patronage and heritage

During his lifetime did Edward Clark in Cooperstown a hospital and the Kingfisher Tower building. This tower is built in the style of the Romantic Rhine vantage point in Otsego Lake. His former University, Williams College, he founded the Geological Institute, 1880, the Clark Hall.

Edward and Caroline Clark had four children, of whom but three before her father died: (. Jun.- Aug 1841) Ambrose Jordan Clark ( 1836-1880 ), Edward Lorraine Clark ( 1838-1860 ), Julia Elise Clark. His youngest son, Alfred Corning Clark and his four sons ( Edward Severin Clark, Robert Sterling Clark, Frederick Ambrose Clark, Stephen Carlton Clark) inherited together the then considerable sum of 50 million U.S. dollars. But the grandchildren inherited each a full city block in Manhattan. Alfred Corning Clark donated in 1888 for the then eleven-year old piano prodigy Józef Hofmann U.S. $ 50,000 to allow him a full piano training up to the age of 18.