History of Chester County, Pennsylvania, with genealogical and biographical sketches, Part 109

Author: Futhey, John Smith, 1820-1888; Cope, Gilbert, 1840-1928
Publication date: 1881
Publisher: Philadelphia, L. H. Everts
Number of Pages: 1162

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PARKESBURG NATIONAL BANK.

The Parkesburg Bank, a private banking institution, doing business under the firm-name of Parke, Smith & Co., went into operation April 14, 1869, with a capital of $50,000, and a board of directors composed of Robert Parke, Robert Baldwin, Robert Fairlamb, John N. Chal- fant, John A. Parke, and Ezekiel R. Young, and with Robert Parke as president, and Samuel R. Parke as cashier. On April 22, 1873, Robert Parke resigned the presidency, and Samuel R. Parke became president, and Robert Agnew Futhey cashier. On March 30, 1880, the institution be- came a national bank, under the name of " The Parkes- burg National Bank," with the same president and cashier, and the following directors :

Samuel R. Parke, Robert Parke, Robert Baldwin, Robert Fairlamb, John A. Morrison, M.D., John Y. Latta, and James B. Ken- nedy.

THE OXFORD BANKING COMPANY

was incorporated March 11, 1872. The president is James Wood, and the cashier, David M. Taylor. This institution is about to become a national bank.

THE NATIONAL BANK OF SPRING CITY

was organized July 23, 1872, with the following directors: Casper S. Francis, Charles Peters, Benjamin Prizer, Jacob Christman, John Stauffer, Benjamin Rambo, A. D. Hun- sicker, John N. Miller, and Charles Tyson. Casper S. Francis has been president and John T. Eaches cashier of the bank since its organization. The original capital was $100,000, which in 1873 was increased to $150,000. The present board of directors is composed of

Casper S. Francis, Charles Peters, Benjamin Prizer, Jacob Christ- man, A. D. Hunsicker, A. P. Fritz, Charlos Frick, Henry Funk, and Daniel Latshaw.

THE BANK OF BRANDYWINE

was a State bank, incorporated March 15, 1871. Its busi- ness was conducted in the building at the south west corner of High and Market Streets, West Chester. It failed Dec. 22, 1875, and made an assignment for the benefit of' cred- itors to William W. Jefferis, by whom its affairs were set- tled.

THE FARMERS' AND MECHANICS' NATIONAL BANK OF PHOENIXVILLE

was incorporated Feb. 5, 1872, with a capital of $50,000, which in 1873 and 1874 was increased to $150,000.

The first president was Elias Oberholtzer, who died Dec. 17, 1876. He was succeeded by John Kennedy, who died Sept. 4, 1877. Aaron H. Stover has held the office since the death of Mr. Kennedy. The first cashier was J. New- ton Evans, who held the position until July 1, 1875, when he was succeeded by the present incumbent, J. Theodore F. Hunter.

390

HISTORY OF CHESTER COUNTY, PENNSYLVANIA.

The first directors were Elias Oberholtzer, Nathan A. Pennypacker, Newton Evans, Aaron H. Stover, A. Crater, J. Gable, A. Tyson, J. D. Wismer, A. Thomas, and M. C. Pennypacker. The present directors are

Aaron H. Stover, M. B. Hunsberger, Abel Thomas, John Griffith, John Oherholtzer, John Detwiler, W. A. Schultz, L. E. Filman, and John B. Roberts.

THE NATIONAL BANK OF KENNET SQUARE was authorized to commence the business of banking by certificate dated May 16, 1881. The president is John Marshall; cashier, D. Duer Philips, and the board of directors is composed of

John Marshall, Thomas Marshall, George B. Sharpe, J. Mitchell Baker, Ellwood Michener, Thomas J. Webb, Ezra L. Baily, and William Press.

CURRENCY.

Owing to the diverse nationalities of the early settlers of Pennsylvania, a varied monetary medium existed for many years after William Penn's arrival. Styvers, guild- ers, pistoles, moidores, pieces of eight, and many other

3879 Ten Shillings

Dis Indenten MBill ofTen. Shillinge current Money of America, according to the Att of Parliament, made in the Sixth Year of the late Queen Anne. for Afcerridning the Races of foreign Coins in the Plantarions, dne from the Province of Pemfylumia, to the Pot- feffor .thereof, Thall be id Value equal tc Money, and fhall be accepred accordingly by the Provin- cial Treafurer, County Trea- furers and the Truffeesfor the General Loan-Office of the Province of Pemigtvania, in all Publick Payments, and for any Fond at any Time in any of the laid Treatucies and Loan.Office.

MERCY JUSTICE

Dared in Philadelphia the Second Day of April, in the Yearof Our Lord, One Thon- fand feven Hundred and Twenty Three, by Order ot the Governor and Gene- ral'Affemblv.

Ten Shillings

Mining

anth Morris

A SPECIMEN OF THE FIRST ISSUE OF PAPER MONEY IN PENN- SYLVANIA, APRIL 2, 1723.

terms are met with in early records. Wampum or beads made from shells were used as currency in dealing with the Indians, but with all there was such a scarcity that in

1683 it was enacted that all merchantable wheat, rye, Indian corn, barley, oats, pork, beef, and tobacco should pass as money at market price.

The first issue of paper money by the province of Penn- sylvania was made by act of Assembly of March 2, 1722-3, when the sum of £15,000 in " bills of credit" was author- ized to be struck off, and Charles Read, Benjamin Vining, Francis Rawle, and Anthony Morris, or the major part of them, were appointed to sign the bills. Two pieces of this money were discovered a few years ago among the old records of our County Court by one of the editors, and a fac-simile of one of them is here shown. It is needless to inform collectors that such pieces are exceedingly rare.

The act providing for the issue of this paper money established what was styled "The General Loan-Office," with trustees, whose business it was to loan the bills of credit on real estate or other security, and keep accurate accounts thereof. The first trustees were Samuel Carpenter, Jeremiah Langhorne, William Fishbourn, Philip Taylor, and Nathaniel Newlin, of whom Taylor and Newlin were of Chester County.

On Dec. 12, 1723, a further issue of £30,000 was authorized, and between that time and the Revolution more than twenty similar acts were passed. During the French and Indian war, 1756-60, when large amounts of money were needed at once, it was raised in this way, there being three issues of £100,000 each, and others of smaller amounts .*

With the increase in volume of the currency there was a corresponding depreciation in value. Elizabeth Webb, of Birmingham, writing from Newport, R. I. (6, 24, 1724), to Joseph Brinton, of Thornbury, says,-

"Our paper money will not do [here], and if thou get some changed it should he for whole pieces of gold, fer that which is cutt will not pass hut at £6 an ounce, but the Pistele goes for £1 88. 0d., and a Moidore at £2 48., and a half Pistole for 148."

A large number of farms in this county were at different times mortgaged to the Loan-Office. The following were the persons who represented the county in the board of trustees, with the date of appointment :

1723, Philip Taylor, Nathaniel Newlin; 1729, Richard Hayes; 1738, Caleb Cowpland ; 1745, Thomas Chandler ; 1758, Nathaniel Grubb; 1762, Francis Yarnall ; 1764, John Morton ; 1769, Isaac Pearson ; 1771, Charles Humphreys and Isaac Pearson ; 1773, Humphry Marshall.

Each of the colonies issued its paper money, which cir- culated to some extent in those adjoining. Under the general depression of finances at the close of the Revolu- tion, much of this money had sunk in value until it was practically worthless. Many of the holders laid it away with a faint hope that it might some day be redeemed, but in this they were disappointed. Within the past twenty- five or thirty years a great deal of it has been destroyed, until now the little that remains is being eagerly sought after by collectors of such relics, and high prices are paid

* Persons desirous of investigating this subject are referred te an essay on " Pennsylvania Finances," hy Benjamin M. Nead, Esq., of Harrisburg, recently published.

391

INSURANCE COMPANIES.

for scarce specimens. There seems to be a large proportion of Maryland money in this county.

Dol

KORNOR

THIRTY

Curly Dollars

No. 148206

RECTE

FACIES.

Thirty Dollars. THE Bearer is en- titled to receive Thirty Spanish milled DOL- LARS, or an equal Sum in Gold or Silver, according to a Refo- Iution of CONGRESS of the 14th January, 1779.

30 Dollars.

MERICAS DEL

SPECIMEN OF CONTINENTAL MONEY.

There was a variety in the style of notes, and the speci- men shown on the preceding page differed considerably from subsequent issues. The term "Continental money" is familiar to most persons, but it is customary to confound it with colonial currency. The Continental money, of which a specimen is above given, was the money of the United States, and, like the other, suffered from depreciation until it was almost worthless.

INSURANCE COMPANIES.

THE MUTUAL FIRE INSURANCE COMPANY OF CHESTER COUNTY

was chartered by act of the Legislature of Pennsylvania, April 21, 1840. The managers named in the act to organ- ize the company are Richard Barnard, Thomas W. Boyd, Enoch Harlan, John P. Phipps, John A. Love, Hayes Clark, Andrew Mitchell, George Fleming, John D. Stecle, Amos Fredd, Joseph M. Thompson, Henry Long, and Joshua Jackson. They proceeded on May 16, 1840, to or- ganize the company by the election of Joseph M. Thompson as president, Enoch Harlan as secretary, and Amos Fredd as treasurer. The company soon after commenced to issue policies, which were to run five years, and to be assessed to meet losses occurring.

On the expiration of the first or five-year policies, the success of the company being assured, perpetual policies were substituted for first or five-year ones, and have been continued since, subject to assessment, as aforesaid, and also to any proper modification of amounts of insurance or rate to be charged for the same. The office of the company was established at Doc Run, which was by the by-laws to be the centre of a circle of thirty miles' radius, within which property would be insured, excepting all incorporated towns outside of Chester County.

The membership steadily increased (each insurer being a member) until it reached in 1870 9000, with over $30,000,000 of insurance. In 1861 the office was removed from Doe Run and established at Coatesville, where a building had been erected for its accommodation .*

The active men of the company were among its first managers, and residing near Doe Run. The presidents have been Joseph M. Thompson, Morris Cope, Solomon Lukens, Charles Downing, Smedley Darlington, Jacob Edge, William W. Eachus, Archimedes Robb, Levis Pennock, and Abraham Gibbons. Enoch Harlan was secretary for twenty-three years, and was succeeded by Caleb H. Bradley. The present secretary is Isaac Spack- man, appointed in 1880.

To furnish insurance at the lowest possible cost has been the aim of the company, and its success in that direction is perhaps without a parallel in the history of fire insurance. That it has been a benefit to the com- munity is shown by its having paid near $1,000,000 to its members who have had property destroyed by fire.

The insurance has mainly been confined to the county of Chester; a few members, however, are accepted from the bordering counties. Shrinkage in value of property for a few years past has caused a reduction in the ag- gregate of insurance, which does not now exceed $25,000,- 000, the membership being about 8500.

THE PENN MUTUAL FIRE INSURANCE COMPANY OF CHESTER COUNTY

was incorporated Ang. 14, 1867. The office of the com- pany is located at West Chester. The first policy was is- sued Jan. 1, 1868. Its territory is restricted by charter within a radius of forty miles from West Chester, and its principal field of operations is the county of Chester. The company has grown steadily and rapidly from its organiza- tion to the present time. The amount of insurance in force therein at the end of the year 1880 was about $7,000,000.

The first board of directors was composed of William P. Townsend, William Darlington, Washington Townsend, Elijah F. Pennypacker, Isaac Hayes, William Windle, Levi H. Crouse, John D. Worth, R. Haines Passmore, Jonathan Roberts, Pennock E. Marshall, and George C. M. Eicholtz. This board organized by electing the following officers, viz. : William P. Townsend, President; Elijah F. Pennypacker, Vice-President ; Enoch Harlan, Secretary and Treasurer. Mr. Townsend served as president until January, 1870, when he declined re-election. William Windle was thereupon elected to that office, and continued therein until January, 1877, when he also declined re-elec- tion. J. Smith Futhey, Esq., was then chosen president, and served in that capacity until after his appointment as president judge of the Fifteenth Judicial District, in February, 1879. He was succeeded by Elijah F. Penny- packer, who is still president of the company.

Enoch Harlan continued to be secretary and treasurer until his death, in the summer of 1872. He was followed by his son, Thos. W. Harlan, who resigned in July, 1873, and was succeeded by George M. Rupert, Esq., who still holds the position.

The present board of directors, elected in January, 1881, is as follows, viz. : Elijah F. Pennypacker, William Win- dle, Thomas Millard, William Welch, Marshall H. Mat- lack, Isaac A. Cleaver, Charles M. Griffith, Davis W. En- trikin, Edwin James, John F. Ingram, Isaac S. Cochran, and John D. McHenry.

* Owing to the early location of the office at Doe Run, the com- pany was for many years popularly known as the Doe Run Company.

392

HISTORY OF CHESTER COUNTY, PENNSYLVANIA.

THE PHOENIXVILLE MUTUAL FIRE INSURANCE COM- PANY

was incorporated Nov. 8, 1875, and has its office in Pho- nixville. The president is W. W. Waitneight, and the secretary, George M. Bishop.

THE NEW LONDON MUTUAL FIRE INSURANCE COM- PANY

was organized in 1880, and on Jan. 3, 1881, an election was held at New London, by which the following were chosen directors for the ensuing year, viz. : Jesse Spencer, S. W. Dougherty, J. B. Mackey, George B. Titus, William H. Way, Job S. Pugh, Darlington Cope, Lewis Passmore, and Thomas Mercer. The new board organized by the se- lection of Thomas Mercer, President ; David Mercer, Sec- retary ; and Lewis Passmore, Treasurer.

UNION LIVE STOCK INSURANCE COMPANY.

This company held its annual meeting at Kennet Square, in December, 1880. From the treasurer's report it appears that there is an insurance upon horses of $57,677, and upon cows, $16,238. To be paid out on account of the loss of cattle is the sum of $374.25, and upon horses $168.75. In the previous year the losses on horses were $1079.25, and on cattle, $447.84. The officers are : presi- dent, Thomas Sharpless ; secretary, W. W. Parker; cor- responding secretary and treasurer, James G. Parker.

THE MUTUAL LIVE STOCK INSURANCE COMPANY OF CHESTER COUNTY

was incorporated May 1, 1866, and transacted business until the year 1874, when it ceased operations. Enoch Harlan was secretary from its organization until his death, May 27, 1872, and was succeeded by his son, Thomas W. . Harlan.

THE WESTERN MUTUAL INSURANCE COMPANY was incorporated April 17, 1841. It effected insurances on buildings in the western and southwestern sections of the county, but soon suspended.

THE UNION MUTUAL INSURANCE COMPANY

is the oldest fire insurance company in the county. It was incorporated July 11, 1842, but has been in operation since about 1838, and therefore antedates the Mutual Fire In- surance Company of Chester County about two years. Its field embraces seven townships-Pennsbury, Kennet, New Garden, Londongrove, East Marlborough, Newlin, and .Pocopson-and the borough of Kennet Square. It is purely mutual, keeping no funds on hand, and making as- sessments on the members as losses occur. It has always been well and successfully managed. Its officers are Wil- liam Pyle, President, and Mark J. Cox, Secretary, and it has a board of managers.

THE OXFORD FIRE AND LIFE INSURANCE, ANNUITY, AND TRUST COMPANY

was incorporated April 10, 1867, and was in operation for some years as a fire insurance company, but has ceased to do business.

SPRING CITY STOVE-WORKS.

As far back as 1850 stoves were made at Springville, now Spring City, by James Rogers, who had a small foun- dry, in which he was engaged in making a few old-fashioned nine-plate wood-stoves, making a cast about once a week, and employing one, two, and sometimes three hands; this foundry was destroyed by fire in 1856 or 1857, and it was thought for a time the manufacturing of stoves in Spring-

SHANTZ & KEELEY, STOVE WORKS.

STORE HOUSE

AT SPRING CITY ,POS ROYERS FORD, PA.

THE COVENTRY MUTUAL LIVE STOCK INSURANCE COM- PANY

was incorporated Feb. 9, 1861, and has since been in suc- cessful operation.

THE CHESTER COUNTY INSURANCE COMPANY was incorporated April 1, 1836, and did business for some years, but finally suspended about 1842, It was located in West Chester.

ville would be entirely abandoned. It was not until the spring of 1859 that it was revived, when Samuel Smith, a practical foundryman from the East, who was visiting some friends at Springville, proposed to put his experience against capital and start a stove-works. This proposal resulted in Casper Francis (now president of the National Bank of Spring City) and David G. Wells forming a partnership with Mr. Smith, under the firm-name of Smith, Francis &

393

CHESTER COUNTY MEDICAL SOCIETY.

Wells, for the purpose of manufacturing stoves. Suitable buildings were erected, and the firm took possession in the spring of 1860, under a lease of ten years. They employed some six moulders at the start, making as their leading goods the famous " Combination Cook-Stove," which has continued to be a great favorite with the trade to the present time, with a sale of over 40,000.

During the early part of their history these stove-works experienced many changes of ownership. The firm of Smith, Francis & Wells was changed in 1862 to Smith & Wells; by the admission of Joseph Johnson, in 1865, to Smith, Wells & Co .; in 1867, by the purchase of D. G. Wells' interest by E. S. Shantz, to Smith, Johnson & Co .; and in 1869 to Shantz & Johnson ; and by the purchase of Joseph Johnson's interest, in 1870, by Oliver B. Kceley, to Shantz & Keeley. Thus the close of the ten years' lease found these stove-works in the hands of two young men just past their majority, and employing 20 moulders, or in all about 40 men. The firm was continued, and with in- creased business. In September, 1880, the senior partner, E. S. Shantz, died with consumption (which had taken all his family to an early grave), the firm was dissolved, and the business was carried on by the remaining partner, Oliver B. Keeley. The business begun by them in 1870 with 40 men has grown in 1881 to one employing over 225 men, and turning out 25,000 stoves, heaters, and ranges an- nually,* supplying the trade from Maine to Texas, and not a few crossing the water to foreign countries.

CHESTER COUNTY MEDICAL SOCIETY.+

The Chester County Medical Society was founded in 1828. On the 5th of February in that year a number of the physicians of the county met in West Chester, at the house of Ann Mason. Dr. Isaac Thomas was called to the chair, and Dr. Wilmer Worthington chosen secretary. A committee composed of Drs. Samuel McCleane, Jacob Sharpless, Isaac L. Coffman, Bartholomew Fussell, and Isaac Pennington presented resolutions setting forth the need for the proposed organization. The following were named as a committee to prepare a constitution and by-laws : Drs. William Darlington, George A. Fairlamb, William Harris, Samuel McCleane, Ezra Michener, Joseph Griffith, and John Kennedy. In addition to those above named, Drs. Charles W. Parish and John B. Brinton are known to have participated in the organization of the society.

On the 2d of the following June a second meeting was held. Dr. George A. Fairlamb presided, Drs. Thomas Seal and Samuel McCleane acted as secretaries. The com- mittee on the subject reported a constitution and by-laws, introduced by this preamble : " A number of the physicians of Chester County, convinced of the importance of associ- ated efforts in promoting every species of improvement, and being desirous to advance the best interest of the sciences to which they are devoted, have agreed to form themselves into an association." The constitution established the offices of president, two vice-presidents, recording and corres-

ponding secretaries, and treasurer, each with the duties com- monly allotted to it. The officers were elected yearly, the meetings came quarterly.

The by-laws declared it " the duty of members to report to the society all remarkable cases of disease within their cognizance." They also directed that at each June meet- ing an orator should be elected to deliver a suitable address one year later.

Permanent organization was completed by electing Dr. William Darlington the first president, Drs. George A. Fairlamb and William Harris vice-presidents, John Ken- nedy and Wilmer Worthington secretaries, Thomas Seal treasurer, and Samuel McCleane orator.

The constitution and by-laws, with the proceedings of these two meetings, were, by direction of the society, pub- lished in the county papers. The effort did not, however, attract many more to it, for in the next three years the only new members were Drs. Enoch P. Hoopes and Gideon G. Palmer, and the average attendance during this time was but six members present at each meeting. The lack of interest on the part of the mass of medical practitioners led, in June, 1831, to a suspension of the meetings. At that time the society adjourned indefinitely, to meet at the call of the president, or any three members. This suspen- sion was not to be wondered at when it was remembered that this was the only medical society in Pennsylvania draw- ing its members from country practice, and that more than fifteen years elapsed before similar organizations were at- tempted in any of the adjoining counties.

During 1828 the place of meeting continued to be the house of Ann Mason, but after that it was changed to the hall of the Chester County Cabinet of Natural Sciences, where the society continued to meet during the next thirty years. The exercises of these early meetings were mainly medical papers and discussions. At one resolutions were adopted pledging the members " to use every endeavor to overcome the existing prejudices against post-mortem ex- aminations, and to embrace every opportunity for making such an acquaintance with morbid anatomy." At another " the preliminary education and mental qualifications of medical pupils" was discussed. During this period an at- tempt was made to establish a library, and the society sub- scribed for one copy of the Medical Recorder (later the American Journal of Medical Sciences). The subscrip- tion to the Recorder ceased in 1831, and although addi- tions have from time to time been made to the library, it has never become very valuable or important to the society.

From 1831 no meetings were held until, in response to the call of the president, six members and thirteen other physicians ready to join the society met in the hall of the Chester County Cabinet of Natural Sciences, on the 8th of June, 1847, and effected a reorganization. At the meet- ing in December following the society adopted the code of medical ethics which had received the sanction of the American Medical Association at its first annual meeting in May of that year ; also a fee-bill, which, it was hoped, would " be found to approach as near as may be to the views and practices of the physicians of the county, and furnish no just ground for, complaint to patients."

At this same meeting resolutions were introduced by Dr.

On July 5, 1881, after the above article was written, a disastrous fire occurred at Spring City, in which these works were almost wholly destroyed.

t By Edward Jackson, M.D., West Chester.

394

HISTORY OF CHESTER COUNTY, PENNSYLVANIA.

Worthington and adopted by the society looking to the formation of a State medical society, and directing the corresponding secretary to invite the co-operation of the different medical schools and associations in the State. The result of this call was the formation of the Medical Society of the State of Pennsylvania, which held its first meeting at Lancaster in April, 1848. From that time until the present the county society has regularly sent its delegates to both the State society and the national association. In 1849 the stated meetings of the society were made semi- annual, and the plan adopted of holding an "adjourned" about a month after each " stated" meeting, and in some other part of the county. This was continued until 1854, when the stated meetings were made quarterly and the others discontinued. During this time such adjourned meet- ings were held at Chatham, Coatesville, Downingtown, Ken- net Square, New London Cross-Roads, Paoli, and Phoenix- ville. In 1850 there were over 40 members, after the with- drawal of some from Delaware County on the formation of its medical society in May of that year. In 1852, Drs. Wil- liam Darlington, Charles W. Parish, and Wilmer Worth- ington were appointed to prepare and report biographics of deceased physicians of the county. This duty they from time to time performed until near the death of Dr. Worth- ington, among the biographies so prepared being those of both Drs. Darlington and Parish. These biographics were published, when written, in the Medical Reporter, and the transactions of the State society. It was in the fall of this year the movement was started which resulted in the publication of the Medical Reporter, " a quarterly journal, published under the direction of the Chester and Delaware County Medical Societies," the first number of which appeared in July, 1853. This journal was in charge of five editors, three-Drs. W. Worthington, Isaac Thomas, and Jacob Price-from Chester and two-Drs. J. T. Hud- dleson and George Martin-from Delaware County. This journal continued to be published for three years. Its con- tents were the proceedings of the two county societies, and of the State and national associations, addresses delivered and papers read before the county societies, reports of cases observed by their members, biographics of deceased mem- bers, quotations, items, and short editorial comments on matters of interest to the profession. Before the time of the Medical Reporter, the constitution, by-laws, code of ethics, and fee-bill had been printed in pamphlet form in 1848, and again in 1852, also the address of the retiring president, Dr. William Darlington, in 1852.

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History of Chester County, Pennsylvania, with genealogical and biographical sketches, Part 109

Author: Futhey, John Smith, 1820-1888; Cope, Gilbert, 1840-1928 Publication date: 1881 Publisher: Philadelphia, L. H. Everts Number of Pages: 1162

Author: Futhey, John Smith, 1820-1888; Cope, Gilbert, 1840-1928
Publication date: 1881
Publisher: Philadelphia, L. H. Everts
Number of Pages: 1162