USA > Pennsylvania > Montgomery County > Historical sketches : a collection of papers prepared for the Historical Society of Montgomery County, Pennsylvania, Volume I > Part 10
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BANKS AND BANKING.
was a bachelor, died March, 1829, and the same month Wil- liam H. Slingluff was elected at a salary of six hundred dollars a year. He gave a bond for $20,000, with Isaac Zimmerman, John Slingluff, John Slingluff, Jr, Henry Hallman, Joseph Harner and Joseph Thomas as sureties. William Foulke was appointed a clerk and runner about the same time. The cap ital then was $33,340; profits, $759.22 ; dividend, 21/2 per cent. November 3, 1829, a dividend of 3 per cent. was declared; balance of profits, $1,937.38. July, 1844, Joseph Thomas died, and in August of the same year John Boyer was elected President. John Boyer resigned December, 1864, and A. B. Longaker was elected.
In May, 1865, the stockholders agreed to change into a national bank, according to the national law, under the title of "The Montgomery National Bank" of Norristown, Pa., with a capital of $400,000, with the privilege of an increase of $200,000. November 7, 1868, A. B. Longaker resigned. Wil- liam H. Slingluff was then elected President and John Sling- luff Cashier. In November, 1876, Mr. Slingluff resigned as President. John Slingluff was then elected President; William H. Slingluff, Vice President; William F. Slingluff, Cashier. In January, 1876, a testimonial was presented to Mr. Slingluff in consideration of over fifty years' service in the bank, and April 14, 1880, he died.
In 1861, the cashier, with the approval of the directors, offered a loan to Governor Curtin for the purpose of arming volunteers. This was done in April, and the act legalizing the loan was passed in May. The amount was $50,000, and we believe it was amongst the very first the state received. March 16, 1880, the capital was reduced to $200,000, and the par value of the stock increased from fifty to one hundred dollars per share. Fifty dollars were paid the stockholders, twenty-five from the stock and twenty-five from the surplus fund. From the last semi-annual report made to the Comp- troller of the Currency at Washington, we find the following statement of the past operations of the institution :
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HISTORICAL SOCIETY OF MONTGOMERY COUNTY.
Total profits as a National Bank (net), $1,134,011 19
Total profits State Bank, at the change, 85,403 43
Total,
$1,219,414 62
Total dividends,
$980,000 00 ·
Surplus fund,
200,000 00
Other profits, · 39,414 62-$1,219,414 62
In closing this paper we beg to submit a biography of William H. Slingluff, who for more than half a century was the power of our banking institutions, and whose influence and personal power moulded the financial character of our great county. He was born March 19, 1805; died April 14, 1880; entered the bank as a clerk October 24, 1825; elected Cashier March 28, 1828; elected President November 7, 1868; elected Vice President November 20, 1875.
Mr. Slingluff was born in Springfield township, Mont- gomery county, and spent the first twenty years of his life partly upon the farm and partly teaching school. He also assisted in the store of his brother, Samuel H. Slingluff, in the village of Rising Sun. His education was self-acquired. He attended a class in mathematics taught by Alan W. Corson, of Plymouth. When he came to Norristown he entered the bank as a watchman, runner and clerk. During all his life he took an active part in all measures calculated to benefit the town. For many years he served in the Town Council, the School Board, and the boards of directors of almost all the corpora- tions established in the borough. From the year 1844 he was in the Board of Managers of the Philadelphia, Germantown and Norristown Railroad, and was instrumental in securing the charter of the Perkiomen Railroad, but declined to act as a director.
He took a great interest in the Montgomery Cemetery, and for years he went up and down directing and superintending the improvements of this now much admired city of the dead. At one time it was by his coming forward and personally giv- ing his responsibility that saved the water company from delay and perhaps abandonment. His personal efforts at the same time procured the gas works. While in all these instances he
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BANKS . AND BANKING.
had the aid of other citizens of public spirit and enterprise, yet his energy, perseverance and courage under difficulties, his great desire for the improvement of Norristown, and his will ingness to incur personal pecuniary responsibility, made him a leader among men.
When the Oak street public school-house was built, in 1854, he deeded the lot, with all the handsome grounds sur- rounding the buildings, for the nominal sum of one thousand dollars, and took a note for it. His efforts also gave to the town the Library building, and he always took an active in- terest in the welfare of this institution.
During the rebellion, as agent of the government, he suc- ceeded in selling large amounts of bonds, and this, too, at a time when people invested with hesitancy. His offer of $50,000 to our state, just as the rebellion opened, showed his patriotic im- pulses. Creed, color or nationality did not interfere with his liberal disposition to aid all deserving objects of charity. He collected and distributed, besides contributing, to the families of the volunteers,during the war. He was an active politician, and his estimates of majorities were found to be verified by the count of the vote. In 1844 he was nominated by the Whigs for Congress; but the Democrats being largely in the majority he was defeated. This was the only time he permitted his name to be used for any public office of profit.
He was quick in his perceptions and accurate in his judg- ment of men and measures, and in honestly carrying out his convictions made warm friends and bitter enemies. Opposition to him was sometimes transferred to the bank, but the fair and honest integrity he possessed carried both safely through. The fact that he kept the notes of the bank at par gave the institu- tion a large circulation all over the state and the West. He accomplished an amount of work that most men would have broken down under, but his strong constitution and regular habits sustained him. As an evidence of independence of action, he, almost against the whole banking opinions, refused to issue the " shinplasters," as they were contemptuously called, or "relief notes," permitted by the state. Subsequent events
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HISTORICAL SOCIETY OF MONTGOMERY COUNTY.
proved the correctness of his decision. We never knew him to carry a pistol, yet often having large sums of money with him. He felt that it was a want of courage. Although carry- ing his points in every association with which he was connected, in all our knowledge of more than thirty years we never knew him to write but once for a newspaper, and but once rise to make a set speech. Both were short and very effective, show- ing him to be a dangerous antagonist.
At the close of his fiftieth year as a bank officer, the As- sociation of Banks of Eastern Pennsylvania made him a sur- prise visit, and well we remember the cordial welcome he gave us at his beautiful home.
As an indication of his kind-heartedness, we remember hearing him rebuke a man who was in the habit of shooting pigeons which were let out of a trap. Having been deceived once by a small man, he conceived a dislike for men under size. He always helped mills in times of commercial distress. He was an excellent judge of signatures and bank notes. For several winters he volunteered, with all his other duties, to as- sist in teaching a night school. When he saw a commercial or political cyclone coming he would take hold, and, if not able to prevent, would try to control it; and this he often did.
The tenderness of this man's heart, with his stern exter- ior, was remarkable. During a sickness of more than six weeks in 1872, if he failed to call and sit by my bedside for a single day, he would come and apologize and give his reason for the omission. And when my daughter, aged three years, died, he came and sat by the coffin, and the eyes of this man grew moist with the deep emotions of his heart. That seemed a strange contrast to the brave man as he stood against some measure he believed to be wrong. But the brave are the ones that weep. He was so fond of children that he gave presents to all the children of the officers of the bank at Christmas.
In public life he was firm, stern, honest in thought as well as act, independent and defiant. In business life he was him- self an example of the highest integrity of character, and demanded the same qualities in everybody else. He would
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BANKS AND BANKING.
not countenance the slightest deviation from the standard of absolute right. In social life he was most excellent company, a good conversationalist, entertained a high regard for ladies, and abounded in jokes which he could tell with fine relish. A kindness done him by a gentleman in early life was kept in remembrance, and the third generation of his friend received the reward. An injury was equally well stored away in his memory. Home was where he was supremely happy. He enjoyed it and loved his family down through all generations. Their wants and wishes claimed his best attention. In morals and religion his principle was to do right. He was familiar with the Bible, and could quote readily and accurately. If he had joined any of the prominent churches, it would have been the Baptist, for he believed in immersion. His inclinations, however, were towards the Society of Friends.
Thus, for more than half a century, Mr. Slingluff went in and out through Norristown, exercising a powerful and con- trolling interest in all public matters, and the community to- day feels the thrill of his energy and the force of his intellect. If he had lived in New York, and had had less conscience, his farsightedness would have given him control of measures that would have made him a millionaire. He would not take mean advantage of any position or knowledge. His advice made other men rich. He believed and acted on the principle that money permanently obtained must be obtained through the most exact honesty of purpose and practice. Where others made great profits he would not venture. His idea of honesty was in the heart and not in the iron-bound statutes of law makers. It would be a grand advance all along the line if the principle of our public men was built upon the basis of Mr. Slingluff's action. He believed in the theory and practice of supporting home industries, and would neither wear foreign goods nor have foreign wood in his house.
The following statistics of the different national banks of the county have been kindly furnished by the officers of the institutions :
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HISTORICAL SOCIETY OF MONTGOMERY COUNTY.
The Bank of Montgomery County: Date of organization -First Directors elected October 14, 1815 ; chartered March 21, 1814. Capital at organization, $400,000; authorized 8000 shares. Value of bank property, real estate costing $5000 exchanged and $500 received in the exchange. President, Francis Swaine; Cashier, Matthias Holstein ; Directors, Fran- cis Swaine, Matthew Roberts, Isaiah Wells, Levi Pawling, Zadock Thomas, Thomas Humphrey, Isaac Markley, Charles Rogers, Robert Earp, Enoch Mather, John Jones, Joseph Thomas, Philip Hahn.
At the present time, October, 1881 : Capital, $200,000. Amount of discounts, $548,710.95. Amount of deposits, $835,847.08. President, John Slingluff; Cashier, William F. Slingluff; Directors, John Slingluff, John S. Heebner, Albert Longaker, Henry G. Hunsicker, Jacob H. Grater, William Yeakle, Samuel Dresher, Henry A. Derr, Solomon Gilbert, Christian Hunsicker, William B. Rambo, William Stahler, Benjamin F. Whitby.
Bank of Pottstown : Date of organization-September 14, 1857. Capital at organization, $100,000 (paid in capital, S50,- 000). Business transacted in leased building. President, Henry Potts; Cashier, William Mintzer, Directors, Henry Potts, William D. Evans, J. D. Streeper, Joseph Bailey, Peter Y. Brendlinger, David Potts, Jr., Owen Stover, George Baugh, Frederick Brendlinger, Perry M. Hunter, Isaac Linderman, S. Gross Fry, William Price.
At the present time, October, 1881 : Capital, $300,000. Surplus fund, $160,000. Amount of discounts, $264,885.25. Value of bank property, $1 3,000. Amount of deposits, $570,- 470.56. President, Daniel Price; Cashier, Horace Evans ; Directors, Daniel Price, Benjamin Bean, Abraham M. Stauffer, Edwin Morris, William Yocum, George Mull, Mark H. Rich- ards, Ephraim Fritz, James F. Brendlinger.
First National Bank of Norristown, Pa .: Date of organi- zation-March 23, 1864. Capital at organization, $150,000. Value of bank property, assessed $15,000 in 1864. President, James Hooven ; Cashier, George Shannon ; Directors, James Hooven, George McFarland, Daniel O. Hitner, Samuel Anders, Franklin Derr, Benjamin E. Chain, Stephen P. Stinson, Garret Bean, Wm. W. Taylor.
At the present time, October, 1881 : Capital, $150,000. Surplus, $80,000. Amount of discounts, $435,164.33. Value of bank property, $15,000. Amount of deposits, $703,797.45.
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BANKS AND BANKING.
President, James Hooven ; Cashier, George Shannon ; Direct- ors, James Hooven, Samuel Anders, Daniel O. Hitner, George S. Hallman, Benj. E. Chain, Francis G. Stinson, Christopher Heebner, Benjamin B. Hughes, Frank M. Hobson.
The First National Bank of Lansdale, Pa .: Date of organ- ization-April 6, 1864 (commenced business June 16, 1864). Capital at organization, $50,000. No property. President, John Y. Jenkins; Cashier, Chas. Y. Jenkins; Directors, John S. Jenkins, James Price, George S. Reiff, John M. Harley, Owen Hughes, Elias K. Freed, John Kindig, Dr. D. Levering Heist, James Roberts.
At the present time, October, 1881 : Capital, $100,000 (increased April 29, 1872). Amount of discounts, $195,881,05 (October 1). Value of bank property, $10,000. Amount of deposits, $192,553.51 (October 1). President, Elias K. Freed ; Cashier, Charles Y. Jenkins ; Directors, Elias K. Freed, A. C. Godshall, James Swartley, James A. Hendricks, Daniel Cassel, Andrew Anders, Jacob R. Clemens.
First National Bank of Conshohocken, Pa .: Date of organ- ization-March 13, 1873. Capital at organization, $150,000. Value of bank property, $16,000. President, Alan Wood, Jr .: Cashier, William McDermott; Directors, Alan Wood, Jr., George Bullock, Evan D. Jones, Michael O'Brien, William Davis, John Y. Crawford, Elias Hicks Corson, Augustus D. Saylor, Samuel Fulton.
At the present time, October, 1881 : Capital, $150,000. Amount of discounts, $320,000. Value of bank property, $16,000. Amount of deposits, $331,000. President, George Bullock; Cashier, William McDermott; Directors, George Bullock, Evan D. Jones, Michael O'Brien, William Davis, Augustus D. Saylor, Lewis A. Lukens, Samuel Pugh, George Sampson, Hamilton Egbert.
National Bank of Schwenksville, Pa .: Date of organiza- tion-April 14, 1874. Capital at organization, $50,000. No property. President, Jacob G. Schwenk; Cashier, John G. Prizer; Directors, Jacob G. Schwenk, George W. Steiner, Esq., H. W. Kratz, Esq., Albert Bromer, Isaac H. Johnson, Benja- min S. Alderfer, Philip Prizer, J. Warren Walt, James H. Price, Isaac L. Bauman.
At the present time, October, 1881 : Capital, $100,000. Amount of discounts, $251,387.09. Value of bank property. $6,500. Amount of deposits, $173,434.83. President, Jacob G. Schwenk; Cashier, John G. Prizer; Directors, Jacob G.
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HISTORICAL SOCIETY OF MONTGOMERY COUNTY.
Schwenk, H. W. Kratz, Esq., George W. Steiner, Esq., Isaac H. Johnson, Benjamin S. Alderfer, George D. Alderfer, Esq., Jacob S. Wagner, Abraham D. Alderfer, John Kepler.
Hatboro National Bank: Date of organization-May 4, 1875. Capital at organization, $65,000. Value of bank pro- perty, $9,000. President, I. Newton Evans; Cashier, S. Carey Ball; Directors, I. N. Evans, G. J. Mitchell, J. P. Hellings, Joseph Barnsley, S. S. Thompson, C. S. Rorer, George S. Teas, Comly Hampton, F. L. Worthington.
At the present time, October, 1881: Capital, $52,000. Amount of discounts, $125,000 Value of bank property, $9,000. Value of deposits, $155,000. President, I. Newton Evans; Cashier, James Van Horn; Directors, I. N. Evans, G. J. Mitchell, J. P. Hellings, Joseph Barnsley, S. S. Thompson, C. S. Rorer, George S. Teas, Comly Hampton, Isaac Warner, Jr.
Jenkintown National Bank: Date of organization-April 17, 1875. Capital at organization, $50,000. Value of bank property-At the time of commencing business owned no property, but furniture and fixtures valued at $3,000. Presi- dent, Samuel W. Noble; Cashier, Andrew H. Baker: Direct- ors, Samuel W. Noble, Charles F. Wilson, Thomas Williams, Jeremiah B. Larzelere, Joseph W. Hallowell, George D. Heist, Joseph Bosler, Charles Hewett, Jacob P. Tyson, Thomas T. Mather, John J. C. Harvey.
At the present time, October, 1881: Capital, $70,000. Amount of discounts, $143,925.79 (October 31, 1881). Value of bank property, $15,000 (cost $12,000, stands on books at $10,000). Amount of deposits, $121,824.41 (October 31, 1831). President, Samuel W. Noble; Cashier, Andrew H. Baker; Directors, Samuel W: Noble, Charles F. Wilson, Thomas Williams, Jeremiah B. Larzelere, Joseph W. Hallowell, George D. Heist, Joseph Bosler, John Thomson, Hutchison Smith, Edward Mather, Joseph A. Shoemaker.
Perkiomen National Bank: Date of organization-Sep- tember 27, 1875. Capital at organization, $100,000. Value of bank property, $10,000. President, Michael Alderfer; Cashier, John N. Jacobs; Directors, Michael Alderfer, John N. Jacobs, John G. Hillegass, S. K. Barndt, Jacob Van Bus- kirk, M. A. Kratz, J. N. Klein, Daniel Clewell, Isaac L. Bau- man, David G. Clemmer, Henry Kulp, Levi Fetterman.
At the present time, October, ISSI: Capital, $100,000. Amount of discounts, $371,000. Value of bank property,
1
1
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BANKS AND BANKING.
$10,000. Amount of deposits, $242,OCO. Officers same as above.
Farmers National Bank of Pennsburg, Pa .: Date of organ- ization-May 6, 1876. Capital at organization, $50,000. No property. President, William F. Reed; Cashier, A F. Day ; Directors, William F. Reed, Richard Markley, Jonathan P. Hillegass, Jesse Gery, Charles T. Waage, M. D)., Daniel C. Stauffer, Tobias S. Reiff, George Deisher, William C. Rau- denbush.
At the present time, October, 1881: Capital, $50,000. Amount of discounts, $93,034 24. No property. Amount of deposits, $65,920.81. President, Edwin M. Benner; Cashier, A. F. Day; Directors, Edwin M. Benner, Richard Markley, Jonathan P. Hillegass, Jesse Gery, Tobias S. Reiff, David C. Stauffer, Thomas Barndt, George Deisher, Charles T. Waage, M. D.
Union National Bank of Souderton: Date of organization -May 12, 1876. Capital at organization, $90,000. No pro- perty. President, Isaac G. Gerhart; Cashier, J. C. Landes ; Directors, Isaac G. Gerhart, H. K. Godshall, G. H. Swartz, Abraham Sorver, Henry Ruth, Charles Loch, Augustus Thomas, Chas. Godshall, M. B. Bergey, John S. Moyer.
At the present time, Qctober, 1881 : Capital, $90,000. Amount of discounts, $163,358.59. Value of bank property, $4,637. Amount of deposit, $146,270. President, Isaac G. Gerhart; Cashier, J. C. Landes; Directors, Isaac G. Gerhart, Abraham Sorver, Henry Ruth, Charles Loch, Augustus Thomas, John S. Ruth, Isaac H. Moyer, Elias Shellenberger, John B. Moyer, E. H. Souder.
The Peoples National Bank of Norristown: Date of organization-September 24, A. D. 1881. Capital at organi- zation, $100,000. Value of bank property, $12,000. Presi- dent, A. A. Yeakle; Cashier, Lewis Styer; Directors, A. A. Yeakle, John J. Hughes, Felix F. Highley, John J. Corson, Issachar Johnson, William Schultz, Norman Egbert, Isaac Wanner, John E. Brecht.
At the present time, October, ISSI : Capital, $100,000. Value of bank property, $12,000. Officers same as above.
12%
NORRITON TOWNSHIP.
By Dr. David Schrack.
It reads like an Arabian tale to be told that Pennsylvania, with her vast population and wealth, but two centuries since was a province, inhabited mainly by Indians, with a sparse population of whites. This great state is one of a number that form a country that has grown to such proportions in popula- tion; enterprise and power as to have excited the admiration of the world as well as its envy. The little township of Norriton is only a drop in this great nation of states and territories, but it has its history, and we turn with interest to its consideration.
King Charles II. of England gave to William Penn, in set- tlement of a claim of £16,000 due his father, Admiral Penn, the province called Pennsylvania-the word signifying Penn's wood-land-the proprietary taking a very liberal charter for the same in 1681. Penn sailed from England in August, 1682, with Captain Greenway, in the ship Welcome. The small-pox broke out among the passengers during their voyage, and a number died.
The ship landed at New Castle on the 27th of October, 1682. Penn and his immediate friends came up from Chester in an open boat or barge, and landed at the "Blue Anchor Tavern," which is said to have been the first house erected in Philadelphia. The whole scene was animating and cheering. On the shore were gathered most of the few inhabitants, who had preceded him, to welcome his arrival. The Indians, too, aware of his approach by previous signals, were seen in the throng, whilst others hastened to the scene in their canoes down the smooth waters of the creek. Penn was thirty-eight years of age at this time, and in the full vigor of strength and man- hood. He says they found the provisions good and in great
.
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NORRITON TOWNSHIP.
quantities. "Wild turkeys, geese, pigeons, deer, peaches, oy's- ters and corn are abundant." "The Indians," he writes, "bring us in seven or eight fat deer daily."
But three counties were established at first-Philadelphia, Chester and Bucks. Montgomery county originally formed a portion of Philadelphia county, from which it was separated by an act of Assembly on September 10, 1784. William Penn by a patent, dated October 2, 1704, granted to his son, William Penn, Jr., a tract of land on the north side of the Schuylkill, containing seven thousand four hundred and eighty-two acres, which he called the " Manor of Williamstadt," but since known as Norriton township. At this time William Penn, Jr., lived in this country, and the allowance money he received through his father from James Logan not being sufficient to defray the expenses of his youthful follies, he sold his manor, after hold- ing it but a few days, to Isaac Norris and William Trent, on the 7th of October of the same year, for £850. On the 11th of January, 1712, Isaac Norris became the sole proprietor by purchasing for £500 Trent's right to the same. The bounds of this manor are thus set forth: "Beginning at a hickory by the said Skoolkill, being the corner of Plymouth township, thence northeast by the same township nine hundred and fifty perches to another hickory, thence northwest in the line of a land called Whitpain's township eleven hundred and sixty-nine perches to a corner oak in the line of the said proprietary's manor of Gilbert's, thence southwest along the said manor line eighteen hundred and forty-eight perches to a dog-tree by the said river Skoolkill, thence down the same river on the several courses thereof to the place of beginning."
By the year 1730 it appears the population had sufficiently increased within the manor for them to apply to the Court of Quarter Sessions of Philadelphia county to erect Norriton into a township, which was granted, with the same extent and boundaries already given. The greatest length of Norriton is nearly six miles, and width three and three-fourths, with a front of over two miles on the Schuylkill. By the erection of Norristown into a borough, in 1812, five hundred and twenty
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. HISTORICAL SOCIETY OF MONTGOMERY COUNTY.
acres were taken off, which, by the act of 1853, was increased to about two thousand acres. The surface of Norriton is slightly rolling, and the soil is a clay and red shale, which makes its appearance in this township as we proceed up the Schuylkill. Naturally the soil is much inferior to that of Plymouth, Whitemarsh, and some other townships, but through the influence of lime and fertilizers, accompanied with skillful farming, Norriton as a whole has been brought up to a high state of cultivation. The best and most fertile lands are found near and along the river. The land-holders that resided here in 1734 were Aaron Roberts, Job Pugh, Jesse Pugh, Ellis Roberts, John Hatfield, Bartle Bartlestol, Thos. Warner, Joseph Armstrong, William Hays, Nicholas Robinson, John Eastburn, John Coulston, Samuel Evans, Henry Johnson and Evan Hughes; Francis Meheny, Robert Roger, Robert Shannon, Chas. Morris and William Robinson, tenants; mak- ing in all at this time twenty land-holders and tenants in the township. Of this number fully one-third were Welsh, and but two or three of German origin, while at this day the latter constitute a large part of its population.
As both the township of Norriton and Norristown receiv- ed their names from Isaac Norris, of Philadelphia, some account of him may be interesting, as very little has been published concerning him. He was born in London, July 26, 1671, and emigrated with his father, Thomas Norris, to Jamaica, in 1678. His father was killed in the great earth- quake that occurred there June 7, 1692. Isaac Norris remain- ed in Jamaica for fourteen years, during which time he was engaged in mercantile pursuits. At the expiration of this time he came to Philadelphia and entered upon a very suc- cessful business career. He was married March 7, 1693, to Mary Lloyd, youngest daughter of George Thomas Lloyd. Mr. Norris was a leading member of the Society of Friends, and was elected to the Assembly in 1700, and remained in that body for many years. His residence was chiefly at Fair Hill, which was in the vicinity of Broad street below Monu- ment cemetery. For many years he was a Justice of Phila-
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