USA > Pennsylvania > Chester County > Downingtown > History of Downingtown, Chester County, Pa > Part 11
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The first officers of the Alumni were as follows: President, John M. Patton: Vice President. William Johnson ; Secretary and Treasurer, Allie M. Gibson : Orator, Paul Cobb ; Historian, Hattie Miller (Stout) : Essayist. Ella P. Smith. The first meet- ing took place in the High School building the Saturday after- noon before commencement, at 2.30 o'clock, April, 1884. Since this time meetings have been held annually and a great deal of pleasantry and good fellowship is always with us on these occa- sions.
Every graduate of the High School is entitled to active mem- bership, and if one of our fair alumni is so fortunate as to indulge in the rights of matrimony his or her partner becomes an honor- ary member of the Association. On the occasion of our banquets we have with us as invited guests our Board of Directors, faculty of the school and the clergy of our town. The present active membership consists of 123 graduates. Of this number all are living with the exception of nine.
The deceased members and residences at the time of death are as follows: Miss Hattie Miller (Stout), California ; Miss Willmera A. Kline, Philadelphia; Miss Elizabeth G. Haley, Downingtown; Mr. Richard Silvis, Philadelphia; Miss Eleanor A. Ash (Perry), Downingtown; Miss Anna M. Morgan (Stouff), Thorndale; Miss Mabel A. Davis, Downingtown: Miss Eva E. Cox, East Downingtown ; Miss Mary E. Moore, East Downing- town.
We have, in addition, our honorary members, which num- ber fifty-seven, thus making a total membership of two hundred and thirty-five, and with our large graduating classes each year our number is rapidly advancing.
The twenty-fifth annual banquet was served by the ladies. of the Central Presbyterian Church, in their lecture room, on
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Friday evening, April 16, 1909, with the largest attendance in the history of the Alumni.
The officers of the Association for the year 1909 are: Presi- dent, Dr. Wesley Barrett ; Vice President, Charles F. McFadden ; Secretary, Miss Elizabeth .D. Wilson; Treasurer, Mrs. Frank Simmons : Chairman of Arrangement Committee, Dr. D. Edgar Hutchison ; Chairman of Program Committee, Edgar I. Griffith.
The Downingtown Library Co. In the earlier history of the town a public library was kept in the store of Jacob Edge, on the site now occupied by the Downingtown National Bank, and was patronized by a considerable number of the citizens. The Downingtown Library Company was organized January 27, 1876, and formally opened to the public in the present building, April 4, 1846. The first Board of Managers consisted of Archibald Dick Thomas, Jacob V. Edge, Eber Garrett, William McClintock, Rev. Robert F. Innes, J. Hunter Wills, Thomas W. Downing. The officers were Archibald Dick Thomas, president; Jacob V. Edge, vice president ; J. Hunter Wills, treasurer ; Thomas W. Downing, secretary. Miss Jane Thomas was appointed librarian May 18, 1876, and served during the remainder of her life.
The present managers are Thomas W. Downing, Mrs. George H. Fisher, Ellis Y. Brown, Mrs. Frank P. Miller, Miss Mary B. D. Thomas, Joseph H. Baugh, Jacob Edge. The offi- cers are Thomas W. Downing, president ; Mrs. George H. Fisher, vice president ; Ellis Y. Brown, treasurer, Jacob Edge, secretary. The librarian is Miss Priscilla H. Thomas.
Mr. Archibald Dick Thomas, the first president, was largely instrumental in organizing the Downingtown Library, and took a great interest in it up to the time of his death, and it was mainly through his efforts that it was started.
A legacy of $500 was left to the library by the late Joshua Springer, from which fund a large number of books was pur- chased.
The late Dr. John P. Edge, who for a number of years was president, took an active interest in the library and was one of its early managers and supporters.
The number of volumes now on its shelves is between 2200 and 2300, and it maintains a free reading room to the public.
The Downingtown Choral Society was temporarily organ- ized at a called meeting of persons interested, held in the rooms of the P. O. S. of A., on January 4, 1909, and the organization was fully effected at a meeting held in the same place, January 15, 1909. During the past season Uselma Clarke Smith, of Phila- delphia, was conductor and Miss Beula Elston accompanist. The first concert of the society was given April 13, 1909 in the Downingtown Opera House. There are one hundred and three
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members, and the officers for the past season and also for the ensuing year are Frederick P. Mudge, president : R. J. Russell, Jr., vice president : A. H. Standley, treasurer : John P. Noll, sec- retary.
Chapter 9
Downingtown Banks-Building and Loan Associa- tion.
The Downingtown National Bank of Penna. On April 19, 1860. there appeared the following public notice : "The citizens of the Borough of Downingtown and surrounding country, favora- ble to the establishment of a Bank of Issue, Discount and De- posit, to be located at Downingtown, under the provisions of the General Banking Law, are requested to meet at the Public House of Joseph P. Tucker, in said Borough, on Saturday, April the 28th, 1860, at 10 o'clock A. M., for the purpose of making prelim- inary arrangements-Many Citizens."
As a result of this meeting " The Downingtown Bank" was organized September 3, 1860, and commenced busi- ness May 16, 1861, with a capital of $50,000, increased in 1863 to $100,000. On December 30, 1864, it became a national bank un- der the present title, "The Downingtown National Bank of Penna."
The bank opened for business May 16, 1861, in a room on the first floor of the Odd Fellows' Hall. opposite the Pennsylvania Railroad Station, and remained there until April 1, 1862, when it removed to the brick building on East Lancaster avenue owned by Caroline R. Bremmerman and occupied by the Cohansey Glass Company's offices. The present building was erected in 1900 and occupied for business from April 1, 1901, to the present time.
The first Board of Directors were Charles Downing, Abram S. Ashbridge, John P. Baugh, Jonathan C. Baldwin, John K. Esh- elman, Wm. Rogers, David Shelmire, Samuel Ringwalt, Allen WV. Wills. Jacob Edge, R. D. Wells.
Officers : President-Charles Downing, September 3, 1860, to May 3, 1863: David Shelmire, June 1, 1863, to November 23, 1863; William Trimble, November 23, 1863, to December 19, 1863 ; William Edge. December 28, 1863, to May 29, 1865 ; Jacob V. Edge. May 29, 1865, to March, 1889; Joseph R. Downing,. April 4, 1889, to the present time. Cashier-Mordecai T. Ruth, 1860 to 1863 ; Joseph R. Downing. 1863 to 1889; Thomas Down- ing, 1889, to date.
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The present officers are: Joseph R. Downing, president ; Eber Garrett, vice president and secretary; Thomas M. Down- ing, cashier; Charles Downing, assistant cashier; Everitt T. Fish- er, Ernest Smedley and Howard Baldwin, bookkeepers. The Board of Directors consists of Joseph R. . Downing, Jacob V Edge, Eber Garrett, William Marshall, Thomas E. Parke, Jesse H. Roberts, William T. Smedley, Charles T. Thomas and James Wagenseller.
Report of condition, April 28, 1909 :
RESOURCES
Loans and Discounts $248,088.21
Overdrafts secured and unsecured 386.45
U. S. Bonds to secure circulation. 100,000.00
Premiums on U. S. Bonds 4,068.00
Bonds, securities, etc. .
234.121.66
Banking house, furniture and fixtures
12.000.00
Die from National Banks, (not reserve agents ) 1,012.95
Die from approved reserve agents
18,400.30
Checks and other cash items
$6.05
Notes of other National Banks
510.00
Fractional paper currency, nickels and cents
301.59
Lawful Money Reserve in Bank, viz :
Specie
18,041.20
Legal tender notes 1.400.00 19.441,20
Redemption fund with U. S. Treasurer (5% of circulation )
5,000.00
Total $644,061.41
LIABILITIES.
Capital stock paid in
$100,000.00
Surplus fund .
100,000.00
Undivided profits, less
expenses and
taxes paid 28.125.88
National Bank Notes outstanding 100,000.00
Due to other National Banks 4,601.96
Individual deposits subject to check 305.243.12
Demand certificates of deposit 2.035.05
Cashier's checks outstanding 1,055.40
Total
$644,061.41
The Grange National Bank of Chester Co. This young and enterprising banking institution was organized March 7, 1907, with a capital stock of $100,000. During the period awaiting the
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purchase of a site and the erection of a building, business was conducted in West Chester, Mr. W. E. Baldwin acting as trustee. The handsome structure on East Lancaster avenue now occupied was opened January 14, 1908. The officers are as follows: Jos. T. Miller, president ; F. P. Willets, vice president ; J. Hastings Whiteside, vice president : M. S. Broadt, cashier ; W. E. Baldwin, assistant cashier. The Board of Directors are: Robert Cook, Jos. T. Miller, J. Hastings Whiteside, Ames Barnard, F. P. Wil- lets, Dr. Arnold, Hon. John Gyger, Clarence B. Hope, Penrose Larkin, W. Irwin Pollock, John G. McHenry. George Kerr, Jr., E. J. Young. Morris T. Wood, John Barr.
Report of condition April 28, 1909.
RESOURCES.
Loans and discounts . $114,060.81
Overdrafts, secured and unsecured
99.81
U. S. Bonds, to secure circulation 50,000.00
Premiums on U. S. Bonds 1,750.00
Bonds, securities, etc.
50,098.88
Banking house, furniture and fixtures
28,500.00
Due from National Banks (not reserve agents) 11.66 .
Due from approved reserve agents
6,190.00
Notes of other National Banks
870.00
Checks and other cash items
169.46
Fractional paper currency, nickels and cents 45.13
Lawful money reserve in bank, viz .:
Specie
$ 811.20
Legal Tender notes 2,750.00
3,561.20
Redemption fund with U. S. Treasurer (5% of circulation) 2,500.00
Total $257,917.01
LIABILITIES.
Capital stock paid in
$100,000.00
Surplus fund
10,000.00
Undivided profits, less
expenses and
taxes paid 5,982.67
National Bank notes outstanding 50,000.00
Due to other National Banks 900.98
Individual deposits subject to check
69,575.61
Demand certificate of deposit 20,957.75
Cashier's checks outstanding 500.00
Total
$257,917.01
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Building and Loan Associations. The history of Downing- town would be incomplete, without at least a brief account of the various building and loan associations that have from time to time existed within her borders and contributed to her growth.
The Progress Building and Loan Association. The first building and loan association that was ever established in Down- ingtown was known as the Progress Building and Loan Associa- tion. The first meeting for its organization was held November 21st. 1868, which was about nine years after the incorporation of the borough. Temple Jones presided at this meeting. James Good acted as secretary and Richard D. Wells was made treas- urer. James Good presented a constitution for the proposed as- sociation, and on motion of Richard D. Wells it was adopted. James Good was also appointed a committee to take the necessary steps to procure a charter. Another meeting was held a week later, presided over by Richard D. Wells. At this meeting a com- mitte was appointed to solicit subscriptions of stock, composed of William Calhoun, John McCune, James Good, James E. Cox, William Clark, Peter McAnulla, Downing Webster, Elisha Web- ster. Thomas Binns, James McClintock, James McCune and R. D. Wells. The charter was granted January 28th. 1869, and at a meeting held January 30th, a permanent organization was effected by the election of William McClintock, president ; John S. Mullin, vice president ; James Good, secretary : Richard D. Wells, treasurer. The other members of the Board of Directors were Isaac Webster, Richard M. Boldridge, Joseph R. Downing, George C. M. Eicholtz, David M. Cox, Thomas S. Ingram, Jacob Fondersmith, James E. Cox, Jesse B. Dunwoody, and Thomas S. Binns. At the following meeting of the Board of Directors James Good resigned as secretary, and Joseph R. Downing was, at a subsequent meeting, elected to take his place. William McClintock continued to serve as president during the entire period of the existence of the association. Joseph R. Downing served as secretary until July, 1876, when he was succeeded by J. Hunter Wills, at which time Richard D. Wells was succeeded by Joseph R. Downing as treasurer; with this exception there was no further change in the officers. Naturally, however, there were numerous changes in the Board of Managers of which the scope of this article cannot enumerate. In the earlier history of the association loans were made at a premium ranging from 18% to 30%, the first loan ever made having brought the price last named. Later in the history of the association, however, there were loans made without premium.
The association was what is termed a single series associa- tion. These kind all start out well, but after the borrowers are supplied, there are no new members coming in, and the money
of the stockholders, who are in for the investment, accumulates and fails to earn dividends. In order to relieve this condition it was decided to wind up the affairs of the association, which was done in May, 1819, at which time the stock had accumulated a value of about $170 per share. With this adjustment of the bus- iness. the first building and loan association ever established in Downingtown passed into history. Before this association had wound up its affairs, however, another association had been or- ganized, and the charter had been granted to it April 30. 1814. The name of this association was The Downingtown Building and Loan Association. The application for the charter was signed by George C. M. Eicholtz, D .M. Cox, Thos. E. Parke. W. F. McCaughey, Thos. S. Parke, L. J. Baldwin, Jesse H. Roberts, B. F. Lewis, R. D. Wells, S. B. Buchanan, J. B. Criswell, John R. Johnson, Chas. L. Wells. Charles Downing. James R. Gordon, Chas. A. King. J. A. McCaughey. The officers seem to have been : Jesse H. Roberts, president ; William McClintock. secre- tary ; Richard D. Wells, treasurer. Thus it will be seen that some of the members of the Progress Building and Loan Association were active, as well, in this later association. It, like its predeces- sor, was a single series association, and after flourishing for a time. met the same fate, by disbanding before it matured its stock. There seems to be no record of the charter of this association ever having been recorded, although the decree of the Court requires such action to be taken before they are legally qualified to trans- act business. They assumed all the functions of a building and loan association, however, by making loans, taking mortgages, foreclosing the same, taking and making title to real estate. No one seems to know what became of the books of this association. but from what can be gathered from the records of the Recorder's Office they ceased to do business about March 30th, 1882.
About five years after the closing up of the affairs of the last named association another association sprang into existence under the name of the Brandywine Building and Loan Association.
Instead of being a single series association, this was what may be termed a perpetual association, with the privilege to issue a new series as often as the management may think necessary. The history of the origin of this association perhaps can not be better set forth than by incorporating herein the minutes of the first meeting, which are as follows :
"Downingtown, Pa., June 7th, 1887.
"Pursuant to a call published in the Chester County Archive and Downingtown Review, a large number of citizens of the borough of Downingtown and vicinity met in Odd Fellows' Hall on Tuesday evening, June ?th, 1887, for the purpose of taking action toward organizing a building and loan association. The
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meeting was called to order by Joseph H. Johnson, and upon sun- dry motions, R. D. Wells was made chairman, and Joseph H. Johnson secretary. Mr. Wells, upon taking the chair, stated the object of the meeting. The books were then opened for subscrip- tion, when 364 shares of the stock were taken. On motion a committee of twelve, six from each ward, were appointed to so- licit subscriptions to the stock. The motion prevailed and the following named gentlemen were appointed by the chair :
EAST WARD-
WEST WARD- Jesse H. Roberts,
J. Hunter Wills,
John L. Weldin,
Robert McGraw,
John T. Fox,
Howard B. Sides,
Dr. Wm. H. Matlack,
Dr. L. T. Bremerman,
Charles G. Hess,
Isaac Y. Ash.
W'm. H. Broschard.
G. C. M. Eicholz.
"On motion the name of Thomas Pedrick was added to the committee. On motion it was agreed that the above-named gen- tlemen be a committee on permanent organization and be in- structed to take immediate action toward the procuring of a charter. On motion it was agreed that this meeting adjourn to meet in this room June 21st, at 8 o'clock P. M."
At the meeting of June 21st the committee reported that there had been about 800 shares of stock subscribed. They also recommended the following organization for the association : For president, J. Hunter Wills ; vice president, Jesse H. Roberts ; sec- retary. Jos. H. Johnson ; treasurer, H. B. Sides ; the other Direc- tors being named as follows: Joseph Beale, John T. Fox, G. C. M. Eicholtz, Dr. Thomas E. Parke, D. Morgan Cox, Thomas Pedrick, W'm. H. Broschard, Charles G. Hess and John McGraw, all of whom were duly elected.
A constitution was drafted by a committee appointed for the purpose, and formally adopted at a meeting held June 21st, 1887. The newly elected Board of Directors prepared the by-laws, and they were adopted at a meeting held July 11th. The third Mon- day evening in each month was set for the meeting night, and the Council Chamber in the old Masonic Hall was rented for the use of the association.
They continued to meet at this place until April 8th, 1892, at which time the Masonic Hall building was burned, after- which they removed to Alert Fire Company's hall, where they remained until July, 1902, when they removed to the office of the secretary, No. 66 West Lancaster avenue, where they have remained since. The first meeting for the reception of dues was held July 18, 1887, the receipts of which meeting amounted to $1089.21. This money was sold at the same meeting at 1% premium and was used in the erection of a house on Brandywine avenue.
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At the August meeting H. B. Sides resigned as treasurer and Dr. Thomas E. Parke was elected his successor, and he served to the end of the year, when he declined re-election, and Charles G. Hess was elected. Mr. Hess continued to serve the office until th time of his death, which occurred February 13, 1903, when he was succeeded by Ernest Smedley, who is the present incum- bent. J. Hunter Wills served as president of the association until January, 1899, when he declined further service and Joseph T. Miller was elected to take his place, which position Mr. Miller has continued to hold until the present time. Joseph H. John- son was the first secretary, and has continued to serve the as- sociation in that capacity from the first meeting night of the as- sociation until the present date.
For the first few years of the association there were frequent changes in the Board of Directors, but latterly the success of the association has been so pronounced and the stockholders seem so well satisfied, that they continue to re-elect the old directors until they either die or resign. There have been four deaths in the board since the formation of the association: Captain G. C. MI. Eicholtz, James Copeland, Charles G. Hess and Kennedy Duff. These men all served the association faithfully and were. valuable men to the board, but others have been raised up to take their places and the business goes on.
The association was able to collect small premiums on money loaned for the first twelve years, amounting in the aggregate to $2301, the rate, however, never exceeding 3%, and at times there was difficulty in those earlier years to find use for the money, and at one time the association had to compel investors to borrow some of their money. The conditions set hard with the associa- tion and discouraged many, so that the original series, when it came to mature, had shrunk from over 800 shares to 416. The second series was not opened until January, 1890, two years and a half after the association was organized, and this was opened only to borrowers, as indeed were several of the succeeding se- ries. There has been a series issued each year since 1890, and the association is now starting its 21st series and will mature its tenth series at the May meeting. In order to dispose of money that was accumulating, in August, 1902, the association bought a tract of land in the west end of Downingtown, subdividing the same into sixteen building lots, upon which they built houses from time to time, until they had built all of the sixteen houses. All of these houses were speedily sold to home-seekers, who car- ried their loans with the association. Again in the Fall of 1901 there was a great demand for houses in the east end of the town to accommodate the Cohansey Glass Manufacturing Co., who had just established a large plant here, and the association furnished
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all the necessary capital for the erection of twenty houses, to supply this demand.
The association had to borrow considerable money to meet the demands made upon it on this occasion, and upon this money they always made at least one per cent. or more profit, which margin made a good substitute for the premiums formerly col- lected. All the real estate propositions turned out exceedingly profitable to the association, and netted them a profit in addition to securing investments for otherwise unoccupied capital, and vet to-day the association does not own a single house or foot of land. and with the money borrowed and the maturing yearly of a series of stock there is no prospect in sight of lacking for invest- ment. The association has been maturing its stock in from 134 to 132 months, and while it charges its borrowers 6% interest, yet it nets them 8 % on their investments, so that it does not real- ly cost the borrower, after deducting his share of the carnings, more than from 11/2% to 5% interest.
The association has prospered beyond every expectation of its promoters, and to-day is second only to one in size in the county, while it stands pre-eminently first in the financial returns it affords its stockholders.
The Brandywine Building and Loan Association has now been in existence for twenty-two years, and every year it is be- coming more popular, and gaining a firmer hold on the confi- dence of the people, and each succeeding series is having more subscribers. It now has an established place of business at the office of the secretary, which is constantly open at all times for information and the transaction of such business as may require attention. This is a novel feature in the practice of local building and loan associations, and is only made possible by its secretary having other business of a kindred nature connected therewith. This feature of an open office is a great convenience to the pa- trons of the association, and tends to the increase of business. There is also a large fireproof vault in the equipment of the build- ing, in which space is provided for the protection of the books, securities and other valuable papers of the association. During the existence of this association it has erected, or furnished capital for the erection of 164 houses, and also has furnished capital for the purchase of, or the liquidation of the indebtedness on 150 other properties, many of which have been fully paid for, and others are following in the line, and many members are saving in contemplation of buying or building.
Downingtown is greatly to be congratulated in the happy combination of all elements, natural and otherwise, that go : make it the ideal residence town, for not the wage carner only, but for all classes, as it affords all the combinations of city and
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country life that can unite to make the ideal. As a matter of in- terest it may be fitting that a few statistics be given of he Bran- dywine Building and Loan Association in closing. There are about 200 individual shareholders, among whom is distributed about 4800 shares of stock. The association has about $335,000 invested loans, and the monthly receipts amount to about $6500. Some of the present officers and directors have been connected with the management ever since the organization of the associa- ion, while many of the others, with a few exceptions, have been connected with the board for long years, and the great success that the association has attained, and the uplift that it has given the town, is doubtless due, in a great measure at least, to the business ability, perseverance, integrity and foresight of the man- agement. "They have fought a good fight, they have kept the faith, and henceforth," that there may be a crown of remem- brance laid up for them, the editor will perpetuate their memories by closing this article with a list of the names of the present officers and members of the Board of Directors: President, Jos. T. Miller ; vice president, F. J. McGraw ; secretary, Jos. H. John- son : treasurer, Ernest Smedley ; Loan and Real Estate Commit- tee, J. H. Roberts, Wm. Copeland, Thos. Pedrick, J. L. Weldin ; Committee on Finance, S. A. Black, F. J. McGraw, Howard E. Laird, John M. Patton. Herbert Ash, Allen E. Keim.
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