USA > Delaware > History of the state of Delaware, Volume I > Part 30
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ripe old age. After a few years' experience as a clerk in the dry-goods trade in Philadelphia, Washington Jones returned to Wilmington, serving as a clerk for about a year in a dry goods store, and another year as discount clerk in the Wil- mington and Brandywine bank. Very soon after attaining his majority, he engaged in the dry-goods business upon his own account, and conducted the same for almost twenty years, at the end of which time he had succeeded in saving enough money to join with Thomas H. Baynard, under the firm name of Baynard & Jones, in starting a morocco manufactory, and he continued in this latter business during the rest of his life. He was continuously a director in the bank from 1847 until his death, and served as its president for twenty years.
He was identified with the Franklin cotton factory, and was one of the original directors in the Wilmington Coal Gas Company, organized in 1852. His careful and prudent man- agement as a business man was everywhere recognized, and no man in the city had better business standing. Like his father, he early identified himself with the Baptist denomina- tion, and for many years was the leading member of the Second Baptist Church, in which he took a very active inter- est, contributing largely to the erection of the church building at Fourth and French streets, and also to the new building at Ninth and Franklin streets. His death occurred in Wilming- ton on July 23, 1903.
THE FARMERS BANK.
The Farmers Bank of the State of Delaware was incorpo- rated February 4, 1807. Its capital was fixed at $500,000.00. The principal bank under the original act was established at Dover, with branches at New Castle and Georgetown. By a supplemental act, January 22, 1813, a branch bank was authorized at Wilmington, and the same was opened a few months later on the west side of Market street at what is now known as No. 305. A majority of the stock of the Farmers Bank is held as an investment by the State, and a minority of
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"HISTORY OF THE COUNTIES AND HUNDREDS.
the directors represent the State, being appointed by the Gen- eral Assembly every two years. The present building of the Farmers Bank at Wilmington was erected in 1836, and in 1889 the building was completely remodeled and the whole premises devoted to the banking business. Before that date part of the premises had been used as a dwelling for the cashier.
The latest report of the bank's affairs shows a capital stock of $200,000.00, surplus and undivided profits of $49.290.19, and individual deposits of $663,122.64.
The presidents of the Farmers Bank at Wilmington since its establishment have been :
John Rumsey
1813-1815
David C. Wilson
1843-1865
Louis Mclane
1815-1818
Charles I. Du Pont
1865-1868
John Rumsey
1818-1824
Francis Barry
1868 -- 1878
Dr. Allen McLane
1824-1831
George Richardson
1878-1888
Allan Thompson
1831-1836
Joseph L. Carpenter, Jr.
1888-1906
James A. Bayard
1836-1843
William W. Lobdell
1906-
The cashiers have been :
Peter Caverly
1813-1815
Allan Thomson
1842-1843
John Rumsey
1815-1817
Robert D. Hicks
1843-1858
James Harper
1817-1820
Joseph A. Heston
1858-1867
Peter Caverly
1820-1827
Aquila G. Robinson
1867-1888
John Torbert
1827-1842
Thomas E. Young
1888-
THE UNION NATIONAL BANK.
The Union Bank of Delaware was chartered as a State institution February 15, 1839. The whole capital stock of $300,000.00 was subscribed before the end of the year, and on April 3 the first election of directors was held, the following being chosen : James Price, James Canby, Edward Tatnall, Alfred du Pont, John H. Price, Merritt Canby, William Lea, Isaac Starr, William Chandler, John Hemphill, James W. Thompson, William Hemphill Jones and Miller Dunott. The bank was opened for business at the present site in May, 1839.
The bank met with the greatest success from the start, and
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HISTORY OF THE COUNTIES AND HUNDREDS.
it soon became an established financial institution. It flour- ished as a State bank, but the national banking system offered superior advantages, and the board of directors, under date of June 20, 1865, received authority from the Comptroller of the Currency to convert the institution into a national bank. The following have served as presidents :
James Price
1839-1841
Victor du Pont 1866-1888
James Canby
1841-1843
Preston Lea
1888-
Edward W. Gilpin
1843-1866
The following have served as cashiers :
William P. Brobson 1839-1848 John Peoples
1868-1885
Joseph T. Warner
1848-1865
John H. Danby
1885-1905
Joseph W. Day
1865-1868
J. Chester Gibson 1905-
In 1873 the bank building was materially improved by the addition of a brown-stone front, and in 1885 further remodel- ing of the banking house was done and additional room added.
The latest report of the bank shows surplus and undivided profits, $437,951.34 and the individual deposits $1,683,073.55.
THE FIRST NATIONAL BANK.
The Mechanics' Bank which did business at the southeast corner of Fourth and Market streets for a few years, was dis- continued in 1864, and in its stead was organized under the National Banking Law of 1864 the First National Bank in Wilmington. Its certificate of authority bears date March 31, 1864, and the first board of directors consisted of Joshua T. Heald, Clement B. Smyth, Israel Pusey, George W. Bush, Stephen S. Southard, Delaplaine McDaniel, Mahlon Betts, William Tatnall and Daniel James.
Mahlon Betts was elected the first president and Samuel Biddle the first casliier, the bank opening for business on the 4th day of July, 1864, in the building at the southeast corner of Fourthi and Market streets. Mahlon Betts only served as
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HISTORY OF THE COUNTIES AND HUNDREDS.
president for about ten days, when he was succeeded by his son, Edward Betts, who was elected July 11, 1864, and served until 1892, when James P. Winchester was elected and has since continued in that position.
Samuel Biddle served as cashier for a month only, when he was succeeded by George D. Armstrong, who served from August 1, 1864, until his death in 1891, when Henry Bush was elected cashier, continuing until the present time.
The latest report of the bank shows surplus and undivided profits $251,964.41 and individual deposits $1,026,480.82.
THE CENTRAL NATIONAL BANK.
For a period of twenty years from 1864 there was no in- crease in the number of banks in the City of Wilmington, but in the year 1SS5 a new banking enterprise was started under the name of the " Central National Bank of Wilmington."
The first meetings were held at the office of S. and T. McClary, at No. 606 Shipley street, and the organization was effected there. The first board of directors elected consisted of the following : John H. Adams, Samuel McClary, Henry C. Robinson, Philip Plunket, Archibald A. Capelle, Samuel G. Simmons, Winfield S. Quigley, Benjamin Nields, John Peoples, Charles E. Fritz, Henry F. Dure, James A. Hart, J. Davis Sisler and William M. Field. John H. Adams was elected the first president and John Peoples the first cashier.
Steps were taken at once for the erection of a bank build- ing, and on November 30, 1SS5, in combination with the Security Trust and Safe Deposit Company, the bank opened in the new and finely equipped building of the latter, immed- iately opposite the City Hall, at No. 519 Market street. A few years afterward the bank erected a building of its own at the northwest corner of Fifth and Market streets, which it has since occupied.
The following have served as presidents :
John H. Adams
1885-1886 Phillip Plunkett 1895-1905
Samuel McClary
1886-1890 Henry M. Lodge
1905-
William M. Field
1890-1895
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HISTORY OF THE COUNTIES AND HUNDREDS.
John Peoples served as cashier from the time of the organi- zation until his death in 1892, when Henry P. Rumford was elected cashier, and has since served in that position.
The latest report of this institution shows capital stock of $210,000, surplus and undivided profits $71,031.84, and in- dividual deposits $540,074.70.
THE WILMINGTON SAVINGS FUND SOCIETY.
During the summer of 1831 a meeting of several of the most prominent citizens of Wilmington was held with a view of organizing a Savings Fund Society. Out of this meeting grew the Wilmington Savings Fund Society, which was in- corporated January 11, 1832. Fifty-seven of the leading citi- zens were named as incorporators in the charter, and from these a board of twenty-five managers was elected. Willard Hall was elected the first president and Lea Pusey the first secretary.
The institution opened for business on Saturday, February 18, 1832, and the first office of the society was on the east side of Market street between Fifth and Sixth streets, which was also used by the secretary, Lea Pusey, as his office. At first the society received deposits only on Saturdays, on which day the office of the society was open four hours. At the end of eighteen months from the commencement of business the auditors' report showed that about $20,000.00 had been re- ceived from 420 depositors.
The business of the society grew rapidly. In 1837 the assets amounted to $37,000; in 1847 to $71,000; in 1857 to $252,000 ; in 1867 to $482,000; in 1877 to $877,000 ; in 1887 to $2,547,000, and in 1906 to $7,635,000. The institution has always been most conservatively managed, tlie invest- ments being made with the greatest discretion, and notwith- standing the large amount of money invested, the percentage of loss has been extremely small. No institution in the city has been of greater advantage to the poorer classes.
After remaining for eight years at its first location, the office
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HISTORY OF THE COUNTIES AND HUNDREDS.
of the society was removed to No. 611 Market street, where it continued until 1356, when the society erected a large and imposing iron front building at the southeast corner of Eighth and Market streets, and the business was conducted at that location until 1887, when the handsome banking building was erected by the society at the southeast corner of Ninth and Market streets, which it has occupied since the latter year. Its present building is possibly the most substantial and surely one of the handsomest and most complete banking institutions in the city.
Judge Hall served as president until December of 1872, a period of forty-one years. He was succeeded by Joseph Bringhurst, who served until his death in March, 1880, and he in turn was succeeded by William M. Canby, who con- tinued in the office until his death on March 10, 1904. His successor was Wilmer Palmer, elected in 1904, and he is the present incumbent.
The first treasurer, Lea Pusey, served about a year and was succeeded by Jonas Pusey, who lield the office from 1833 to 1851. Albert W. Smith was his successor, serving from 1851 to 1876, when he resigned, and his son, J. Ernest Smith, suc- ceeded him, serving until April, 1885. William J. Ellison, the present treasurer, was elected his successor, and has since occupied the office. J. Ernest Smith since his retirement as treasurer has acted continuously as the general solicitor of the society.
THE ARTISANS' SAVINGS BANK.
The second savings institution was incorporated February 28, 1861, under the name of the " Artisans' Savings Bank." The first board of managers was composed of the following : Edward Betts, Leonard E. Wales, Clement B. Smyth, William Canby, Joseph W. Day, Eli Todd, Edward Moore, George W. Bush, Dr. J. Frank Vaughan, James Scott, William S. Hilles, Charles W. Howland and Thomas W. Bowers. Organization was effected on April 1, 1861, by the election of William S.
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HISTORY OF THE COUNTIES AND HUNDREDS.
Hilles as president and John P. McLear, secretary and treas- urer, and the bank opened its doors for business on the same day in the building known at that time as No. 117 Market street. Mr. Hilles continued as president until 1877. George W. Bush was then elected and continued until 1895. His successor was J. Augustus McCaulley, who has served as presi- dent since 1895. John P. McLear continued as secretary and treasurer until 1872, when Edward T. Taylor was elected as his successor, and served until his death in 1899, when Charles C. Matchett was elected. The latter served until 1904, and his successor was Robert D. Kemp, the present efficient secre- tary and treasurer.
In 1865 the office of the bank was removed to No. 602 Market street, where it continued until the completion of the Clayton House building in 1876, and since that year it has oc- cupied its present quarters in that building, known as No. 502 Market street.
The bank has prospered in its business, and is reckoned one of the strong financial institutions of the city. The last report of the bank shows assets of $1,948,052.55. Like its sister insti- tution, the Wilmington Savings Fund Society, it proves an incentive to the laboring classes to husband their earnings by depositing small amounts from week to week.
TRUST AND SAFE DEPOSIT COMPANIES.
THE SECURITY TRUST AND SAFE DEPOSIT COMPANY.
Although many trust and safe-deposit companies had been established in the larger cities and had won their way into the public confidence, no institution of this kind was founded in Wilmington until the year 1885. The Security Trust and Safe Deposit Company of Wilmington was chartered by act of the General Assembly, March 25, 1885, and be- came the pioneer institution in the city. A most desirable site for a bank building was selected on Market street, imme- diately opposite the City Hall, known as No. 519, and early
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HISTORY OF THE COUNTIES AND HUNDREDS.
in the year 1885 the new and commodious building now standing was begun on that site, and it was completed before the end of the year. At the time it was without question the most complete building for banking purposes in the city.
Business was commenced on November 30, 1885, with a capital of $140,000, since increased to $600,000. John H. Adams served as president from 1885 to 1886, Samuel Mc- Clary from 1886 to 1887 and Benjamin Nields continuously since 1887. James B. Clarkson was the first treasurer, and served until 1904, when he was elected vice-president ; and he was succeeded, as treasurer, by L. Scott Townsend, the present incumbent. John S. Rossell has served as trust officer since January, 1889, his predecessor being J. Austin Ellison.
The last financial report of the company shows a capital stock of $600,000, a surplus of $500,000, and individual deposits of $2,116,129.
THE EQUITABLE GUARANTEE AND TRUST COMPANY.
The Equitable Guarantee and Trust Company was in- corporated April 23, 1889. The original incorporators were : William Bush, Samuel Bancroft, Jr., Hamilton M. Barksdale, Edward Bringhurst, Jr., William DuPont, Willard Saulsbury, Jr., Preston Lea, George V. Massey, David J. Cummins, William H. Swift, Christian Febiger and Caleb S. Pennewill. The company commenced business in June, 1889, at the northwest corner of Ninth and Market streets. Very soon after, the company bought the property at that corner, together with several adjoining properties, and on this site proceeded without delay to erect a large banking and office building, which, after completion, it occupied. The building was erected at a cost of $200,000 and was, at the time of its erection, the largest and most costly building in the city. During its construction the business of the company was conducted at No. 837 Market street.
The new building was first occupied in September, 1892 and in 1903 it was enlarged by the addition of two stories at a cost of $40,000.
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HISTORY OF THE COUNTIES AND HUNDREDS.
The first president of the company was William Bush, who served from 1889 until his death in 1891. Preston Lea was then elected president, and served from 1891 to 1902, when he resigned, and was succeeded by Otho Nowland, who has served since 1902 until the present time. The first treasurer of the company was Otho Nowland, who served from 1889 to 1902. He then became president and was succeeded as treas- urer by Richard Reese, who has served since 1902 in that capacity. John T. Pennypacker has occupied the office of secretary and trust officer since the organization of the com- pany.
The last statement of the company shows a paid-in capital of $500,000 with surplus and profits amounting to $477,000, The deposits of the concern amount to $2,156,784.85.
THE WILMINGTON TRUST COMPANY.
The Wilmington Trust Company is the latest trust company in Wilmington. Its charter bears date April 24, 1899. The company began business in temporary quarters at No. 915 Market street on July 8, 1903, and still continues at that location. The first board of directors consisted of T. Coleman du Pont, Henry P. Scott, Pierre S. du Pont, A. J. Moxham, Harlan G. Scott and William S. Hilles. The first officers elected, and they have served continuously since, were : Presi- dent, T. Coleman du Pont ; First Vice-President, Henry P. Scott ; Second Vice-President, Pierre S. du Pont ; Third Vice- President, A. J. Moxham ; Treasurer, Sylvester D. Townsend and Secretary, Harlan G. Scott. The board of directors has recently been increased from six members to twelve.
The latest report of the company shows capital stock of $300,000, surplus $40,683.84 and deposits $573,571.18.
BANKERS AND BROKERS.
For fifty years, starting in 1849, the firm of R. R. Robinson & Company was the leading private banker in the city. For several years this firm had no competitor. The banking busi-
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HISTORY OF THE COUNTIES AND HUNDREDS.
ness was originally founded by Robert R. Robinson, who was born in Wilmington, and for many years followed the busi- ness of a tobacconist, and in 1849, he, with his son, John Norris Robinson, began the banking business. Later two other sons were admitted, Robert Emmet, and Henry C. Robinson.
John Norris Robinson in 1865 moved to Philadelphia, where for five years he was a member of the firm of Drexel & Com- pany, bankers, in Philadelphia, and in 1871 he became a partner in the banking house of Drexel, Morgan & Company, in New York. He died in 1878 while yet a young man, but he had been exceptionally successful as a banker, and had amassed a large fortune.
Robert Emmet Robinson died at the age of forty-two, but he too had shown an unusual aptness for the banking business. After the death of Robert R. Robinson, in 1885, the business was continued under the old firm name by Henry C. Robin- son, and later his son, J. Norris Robinson, became a partner with him. In the year 1902 the firm discontinued business. The business of the firm had always been conducted at the northeast corner of Fourth and Market streets.
In 1874 the firm of Merrick, Johnson & Company, bankers and brokers, was established, with John Merrick and Harry H. Johnson as partners. Their location was at the southeast corner of Sixth and Market streets. In a very short time John Merrick retired from the firm, and William S. Craige suc- ceeded him, the name changing to Craige, Johnson & Com- pany, and in 1876 Mr. Craige retired and Alfred S. Elliott and Henry P. Scott became partners with Mr. Johnson under the old firm name of Craige, Johnson & Company. The death of Mr. Johnson in 1889, and the retirement of Mr. Elliott a few years later, left the business in the control of Henry P. Scott, and he, with his brother, Harlan G. Scott, have for some years continued the business under the name of Scott & Company. Since July 15, 1902, the business has been conducted at No. 902 Market street. For ten years preceding the location of the firm was at No. 612 Market street.
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HISTORY OF THE COUNTIES AND HUNDREDS.
Scott & Company have met with unusual success, and the senior member of the firm ranks aniong the leading financiers in banking circles, not only in this city, but his successful business ventures have given him wide and favorable reputa- tion among the bankers of the larger cities.
The banking firm of Heald & Company was established in 1874. The head and front of the firm was Joshua T. Heald, who was surely the most public-spirited citizen of Wilmington of his generation. He, more than any other man, advanced the interests of the city by opening up new territory and pro- moting extensive real-estate movements. In the line of real estate he was particularly successful. Through his efforts, the residential section which centers on Delaware avenue was de- veloped, and he was the promoter of several enterprises where large tracts of land in the suburbs were divided into lots and building enterprises started. The Wilmington and Western railroad was built largely through his exertions, but it proved unfortunate for him, and through it he met with severe finan- cial losses from which he never recovered. It was after this experience that he started the banking business with his son- in-law, Daniel W. Taylor, and Edwin H. Gayley as partners. Into the banking business Mr. Heald injected the same energy and thoroughness that had marked his earlier life, and the firm during his lifetime built up a large general banking and brokerage business, and in addition conducted the largest real estate business of the city.
On the death of Joshua T. Heald in 1887, the business was conducted under the same firm name by the surviving part- ners until the year 1896 when the firm became seriously in- volved, and its business was liquidated.
The firm of H. L. Evans & Company started in the banking business at the northwest corner of Eighth and Market streets in the year 1895 and continued at the same location until March, 1906, having built up a large and prosperous business ; but in the latter month were forced to make an assignment, the failure proving to be a very serious one. Mr. Henry L.
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HISTORY OF THE COUNTIES AND HUNDREDS.
Evans, the senior partner, received instructions in early days as a clerk with the banking house of Heald & Company.
The youngest banking firm in the city is F. D. Lackey & Company, founded in 1900, and doing business since that time at No. 843 Market street. The active member of the firm is Frank D. Lackey, who also was with Heald & Company in earlier days, and who by dint of close attention to business and untiring industry has gained an enviable place among the younger business men of the city.
COMMERCIAL AFFAIRS.
Before the advent of the steam railroad, all shipping was necessarily done by water, and Wilmington, situated between the Christiana and Brandywine creeks only a short distance from the broad Delaware, was admirably located for the ship- ping trade. Nearly all of the old residents for thirty years preceding the Revolution were interested in one or more sail- ing vessels, many of which were built at home.
The brig "Wilmington," built in 1740, was owned by Griffith Minshall, William Shipley, David Ferris and Joshua Way, and is said to have been the first boat that left Wil- mington with a cargo for foreign ports. She made several successful trips to the Island of Jamaica. Thomas Willing in 1750 built a sloop that carried freight between thiis port and Philadelphia. William Woodcock, Barney Harris and John Harris were early shipbuilders. Isaac Harvey conducted a large business and sailed several brigs and schooners. He controlled for many years the wharf that was later owned by the Bush family. Captain Thomas Mendenhall was a large trader and owned valuable wharf property. Joseph Shallcross and William Hemphill were both large shippers in early days.
The Warner wharf was owned for many years by Captain Robinson, an early sea-captain and later a merchant. Jona- than Rumford was one of the largest shippers for many years and amassed a large fortune. His wharf was between Orange
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HISTORY OF THE COUNTIES AND HUNDREDS.
and Tatnall streets. He built and for many years lived in the large mansion-house at the corner of Front and Thorn streets, now occupied by the sash and door factory of Simmons & Brother. This house in 1792 was sold to Eleazer Macomb, who conducted a large trade in flour, and ran a line of packets on the Delaware.
After the Revolutionary war quite an active trade was carried on between Wilmington and the West Indies. A dozen or more vessels, owned and manned by Wilmington captains, sailed from this port. Others traded with Ireland, American products being carried from this port, and on the return voyage Irish linen and other commodities being brought from foreign shores. At one time emigrants from Ireland were frequently brought over and landed at Wilmington. Toward the close of the eighteenth century quite a large coast- ing trade with the Eastern States and with Nova Scotia was carried on.
The proprietors of the Brandywine mills for many years owned and sailed a fleet of sloops used for carrying flour from Wilmington to Philadelphia and other ports.
The Western Transportation Line was established in 1827. It ran boats from Philadelphia up the Christiana creek to Christiana village. The freight carried was transported from Christiana village to Elkton by wagons, and from Elkton to Baltimore a line of packets was used.
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