USA > Pennsylvania > Montgomery County > Montgomery County, Pennsylvania, a history, Volume I > Part 20
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In reaching a final estimate, however imperfect, of the value of the life of an individual, it is necessary to determine the extent and char- acter of the influences exerted by the individual. A similar procedure must be applied to an association of individual units in their combined activities of whatsoever kind. Following this method the conclusion is unmistakable that our League has been of advantage to, and has frequently cheered and brightened the life of, everyone of its active members, as well as of all who participated in the meetings and outings of the League, characterized as they have been by happy greetings and by multifarious influences which are always in evidence along the brighter paths of human existence. Therefore, the conclusion is clearly admissable that thus far the life of the Press League of Bucks and Mont- gomery Counties has not been lived in vain: because it has made worth while contributions to the rational enjoyment and intellectual help that have intercepted its members on life's journey.
Taking a restrospective view of our League, it is in place to note that sadness-the antithesis of joy-did not fail to now and then impose its overshadowing gloom upon its membership. We miss the touch of van- ished hands, and departed are the cheering smiles and kindnesses of those who have gone upon that journey from which no traveler has returned. It is for us who yet tarry amid the joys and sorrows of life to cherish memories of those who have passed on, and to emulate their virtues and their good deeds.
In marking the passing of the twenty-fifth year of the life history of our beloved League, may we all indulge the sincere hope that it will exist during many years to come; that it will continue to be the source of real pleasure and help to all who will from time to time represent its membership and participate in its activities.
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JOURNALISM
The annual meetings of the Press League have been as follows :
May 10, 1897, Lansdale-President, A. K. Thomas ; vice-president, Watson P. Church ; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 22, 1898, Norristown-President, A. K. Thomas; vice-president, Watson P. Church ; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 21, 1899, Doylestown-President, A. Kneule; vice-president, Wm. L. Clayton ; secretary, C. D. Hotchkiss ; treasurer, B. W. Dambly.
Jan. 20, 1900, Philadelphia-President, E. S. Moser ; vice-president, Wm. L. Clay- ton; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 19, 1901, Doylestown-President, Wilmer Johnson; vice-president, J. Wilmer Harvey ; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 25, 1902, Lansdale-President, Jos. S. Thomas; vice-president, I. H. Bardman ; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 17, 1903, Perkasie-President, W. F. Goettler; vice-president, Elwood Har- vey; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 22, 1904, Pottstown-President, H. M. Woodmansee; vice-president, Watson P. Church; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 21, 1905, Bristol-President, C. M. Meredith; vice-president, Eugene Dambly ; secretary, C. D. Hotchkiss ; treasurer, B. W. Dambly.
Jan. 20, 1906, Sellersville-President, I. H. Bardman; vice-president, E. E. Alt- house; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 19, 1907, Collegeville-President, E. E. Althouse; vice-president, Wm. L. Clay- ton; secretary, C. D. Hotchkiss ; treasurer, B. W. Dambly.
Jan. 18, 1908, Pennsburg-President, J. Crawford Johnson; vice-president, C. Q. Hillegas; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 16, 1909, Newtown-President, Watson P. Church; vice-president, J. W. Har- vey ; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 29, 1910, Souderton-President, J. Wilmot Harvey; vice-president, L. R. Say- lor; secretary, C. D. Hotchkiss ; treasurer, B. W. Dambly.
Jan. 21, 1911, Doylestown-President, Ryan Rapp; vice-president, Webster Grim; . secretary, C. D. Hotchkiss ; treasurer, B. W. Dambly.
Jan. 20, 1912, Norristown-President, E. J. Wanner; vice-president, Eugene Dam- bly; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 23, 1913, Allentown-President, W. S. Schlichter; vice-president, Wm. J. Ellis; secretary, C. D. Hotchkiss ; treasurer, B. W. Dambly.
Jan. 31, 1914, Sellersville-President, C. S. Hunsicker ; vice-president, R. B. Goet- tler ; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 22, 1915, Ambler-President, Wm. J. Ellis; vice-president, R. B. Goettler ; secretary, C. D. Hotchkiss ; treasurer, B. W. Dambly.
Jan. 29, 1916, Norristown-President, R. B. Goettler ; vice-president, F. Bliss Car- penter ; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 25, 1917, Pottstown-President, F. B. Carpenter ; vice-president, L. R. Saylor ; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 26, 1918, Atlantic City-President, W. B. Kirkpatrick; vice-president, C. W. Baum; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 26, 1919, Atlantic City-President, Charles W. Baum; vice-president, Wm. G. Hower ; secretary, C. D. Hotchkiss; treasurer, B. W. Dambly.
Jan. 24, 1920, Philadelphia-President, Wm. G. Hower; vice-president, Earl Roth; secretary, Geo. S. Hotchkiss; treasurer, B. W. Dambly.
Jan. 24, 1921, Allentown-President, Earl Roth; vice-president, Jos. J. McGinley ; secretary, Marco G. Bean; treasurer, B. W. Dambly.
March 18, 1922, Philadelphia-President, Jos. J. McGinley; vice-president. Wm. Watson; secretary, Marco G. Bean; treasurer, B. W. Dambly.
April 7, 1923, Allentown-President, Wm. Watson; vice-president, P. Quinn Roth; secretary, Marco G. Bean; treasurer, B. W. Dambly.
SUMMER OUTINGS OF PRESS LEAGUE.
July 17, 1897-Reading, Pa., and Ringing Rocks Park.
Aug. 5, 6, 7, 1898-Gettysburg and the Historic Battlefield.
Aug. 4, 5, 1899-Atlantic City-Hotel Albion. July 14, 1900-Williamsport and Eagles Mere.
June 14, 15, 16, 1901-Buffalo and Niagara Falls.
June 20, 21, 1902-Wilkes-Barre, Harvey's Lake and Mauch Chunk.
July 9, 10, 11, 12, 1903-Seneca Lake, Geneva, N. Y.
July 16, 17, 1904-Gettysburg.
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HISTORY OF MONTGOMERY COUNTY
June 15, 16, 17, 18, 1905-Delaware Water Gap, Kittatinny Hotel.
July 14, 15, 1906-Atlantic City-Hotel Elberon.
July 28, 29, 30, 1907-Jamestown, Va., Jamestown Exposition.
July 18, 19, 1908-Wildwood and Cape May, N. J. 1909-New York trip called off.
1910-Atlantic City. 1911-Ambler.
Aug. 12, 1912-Willow Grove Park. 1913-Spring City and Valley Forge.
1914-Allentown, Rittersville, Central Park-Col. Trexler.
Aug. 16, 1915-Bryn Mawr and Lower Merion. 1916- Baltimore trip called off. 1917-Lebanon and Hershey.
July 20, 1918-Gwynedd Valley Fellowship Club.
July 20, 1919-Harriman and Bristol.
July 9, 10, 11, 1920-Asbury Park, N. J.
Sept. 10, II, 12, 1921-Cape May, Wildwood, Atlantic City.
Sept. 8, 9, 1922-Galen Hall, Wernersville.
PRESENT ACTIVE MEMBERS OF PRESS LEAGUE.
Althouse, E. E., Sellerville "Herald."
Bardman, Irvin H., Schwenksville "Item." Bardman, Stanley, Schwenksville "Item." Baum, Chas. W., Perkasie "Central News."
Baum, Walter E., Sellersville "Herald." Bean, Marco G., Sellersville "Herald."
Bean, Oscar C., Doylestown "Intelligen- cer."
Bechel, George, Schwenksville "Item." Brunner, Harry E., Hatfield "Times."
Carpenter, F. Bliss, Sellersville "Poultry Item."
Dambly, B. W., Skippack "Transcript."
Dambly, H. W., Skippack "Transcript." Detlefson, Serril D., Bristol "Courier."
Detweiler, C. Norman, Quakertown "Free Press."
Difenderfer, Paul E., Pottstown "Ledger." Goettler, R. B., Souderton "Independent." Goettler, W. F., Souderton "Independent." Hacker, Leighton F., Hatfield "Times." Heywood, H. B., Conshohocken "Recorder." Hillegas, C. Q., Pennsburg "Town & Coun- try'
Hillegas, Foster C., Pennsburg "Town & Country."
Hotchkiss, George S., Doylestown "Intel- ligencer."
Hower, William G., Bryn Mawr "Home News."
Hunsberger, Arthur R., New Ringgold, Pa. ( formerly with "Central News").
Hunsicker, Clifton S., Norristown "Times." Kirkpatrick, W. Mercer, North Wales "Record."
Knipe, Chester W., Lansdale "Republican & Review."
Leidy, John S., Hatboro "Public Spirit." Lutz, George W., Pennsburg "Town & Country."
Meredith, Charles M., Quakertown "Free Press."
Morrow, Joseph W., Sellersville "Poultry Item."
Moser, E. S., Collegeville "Independent." McGinley, Joseph J., Norristown "Times." Robinson, Penrose, Hatboro "Public Spirit." Roth, Earl, Pottstown "Ledger."
Roth, P. Q., Pottstown "Ledger."
Roth, Raymond, Pottstown "Ledger." Sanborn, Walter T., Lansdale "Reporter." Saylor, George H., Pottstown "Blade." Schlichter, William S., Sellersville (for- merly with "Poultry Item").
Spatz, Charles B. (Asso. Mem.), Boyer- town "Democrat."
Sprenkel, John, Perkasie "Central News." Temple, William C., Lansdale "Reporter." Thomas, A. Russel, "Lansdale."
Watson, William C., Bristol "Courier."
Weaver, Joseph, Lansdale. Weaver, Miss Margaret, Norristown
"Times."
Woodmansee, C. E., Wycombe "Herald."
PRESENT AND PAST MEMBERS.
A. K. Thomas, Ambler.
*C. D. Hotchkiss, Doylestown.
*J. W. Harvey, Lansdale. Elwood Harvey, Lansdale. E. S. Moser, Collegeville.
*Wilmer H. Johnson, North Wales.
*William L. Clayton, Jenkintown.
*H. M. Woodmansee, Lansdale. Geo. Harrison, Hulmeville.
Charles M. Meredith, Perkasie.
*A. K. Hoss, Norristown. P. Q. Roth, Pottstown. Harry W. Dambly, Skippack. J. C. Dimm, Doylestown. Warren S. Ely, Doylestown.
Charles S. Kratz, Doylestown.
J. Harry Carey, Pottstown. C. M. Berkemeyer, Sellersville.
*Deceased.
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JOURNALISM
PRESENT AND PAST MEMBERS.
Jesse Thomas, Bristol.
Jesse Thomas, Jr., Bristol.
J. Clinton Sellers, Doylestown.
Fred Constantine, Doylestown.
Irvin H. Bardman, Schwenksville.
B. Witman Dambly, Skippack.
E. E. Althouse, Sellersville.
*Gen. W. H. H. Davis, Doylestown. Abel MacReynolds, Doylestown. George MacReynolds, Doylestown.
*Jerome Fackenthall, Doylestown.
*George McIntosh, Doylestown.
*T. J. Kline, Doylestown.
*Alfred Paschall, Doylestown. Frank C. Pryor, Hulmeville. W. F. Goettler, Souderton.
*I. R. Haldeman, Harleysville. H. G. Moyer, Perkasie. S. R. Kramer, Perkasie. U. S. Stauffer, Quakertown. Henry C. Bailey, Royersford.
*H. L. Shomo, Royersford. J. S. Johnson, Royersford. Harry B. Heywood, Conshohocken.
*James Drury, Bristol.
*Frank A. Hower, Bryn Mawr. C. E. C. Robinson, Hatboro.
*Daniel F. Graham, Pottstown.
J. H. Brandt, Norristown. R. L. P. Reifsneider, Norristown.
*D. J. Meagher, Norristown. *A. Kneule, Norristown. *Eugene Dambly, Skippack. H. S. Funk, Springtown. H. H. Funk, Springtown. Albert K. Kneule, Norristown. Edwin K. Kneule, Norristown.
Henry M. Tracy, Conshohocken.
*Elwood Roberts, Norristown. Jesse C. Thomas, Bristol. Joseph S. Thomas, Bristol.
*Morgan R. Wills, Norristown. J. Crawford Johnson, Norristown.
*Elwood J. Wanner, Norristown. E. J. Nocton, Norristown. Joseph S. Thomas, Bristol.
*H. S. Rahn, Schwenksville. John S. Treichler, Perkiomen "Ledger." John G. Preston, Yardley. Albert C. Stauffer, Limerick. R. B. Goettler, Souderton. *Dr. A. J. Reading, Hatboro. Charles Q. Hillegas, Pennsburg. Robert L. Singer, Pennsburg. W. J. Binder, Pottstown. Ryan Rapp, Riegelsville. A. Harry Clayton, Doylestown. George S. Hotchkiss, Doylestown. Irwin F. Paschall, Doylestown.
*L. R. Saylor, Pottstown. Charles E. Woodmansee, Wycombe.
*Levi J. Clayton, Jenkintown. Andrew T. Moyer, Norristown. C. R. Addison, Hatfield.
J. M. Haywood, Ambler. Penrose Robinson, Hatboro.
James E. Dougherty, Bryn Mawr.
Hilton Binder, Pottstown. A. J. Binder, Pottstown. Frank B. Crosby, Pottstown.
Charles W. Saylor, Pottstown.
Rhine Russel Freed, North Wales.
Mrs. A. M. Hower, Bryn Mawr.
William G. Hower, Bryn Mawr.
Joseph J. McGinley, Norristown.
Clifton S. Hunsicker, Norristown.
W. S. Schlichter, Sellersville. A. Hayes Jordan, Doylestown.
Wilmer W. Morse, Lower Merion. Charles G. Fetterolf, Langhorne.
Webster Grim, Doylestown. W. H. Cheesman, Lower Merion.
John S. Leidy, Hatboro. William J. Ellis, Hulmeville.
G. Henry Hildebrand, Harleysville.
R. J. Wilson, Lower Merion. E. W. Hocker, Pennsburg.
William C. Watson. Howard O. Kriebel, East Greenville.
Mrs. M. J. Ensign, Ardmore. John N. Bowen, Doylestown.
*Wm. B. Kirkpatrick, North Wales. George W. Lutz, Pennsburg. Oscar O. Bean, Doylestown. F. Bliss Carpenter, Sellersville.
*F. LeRoy Moser, Collegeville. Earl R. Roth, Pottstown. Marco G. Bean, Sellersville. Arthur R. Hunsberger, Perkasie.
W. Mercer Kirkpatrick, North Wales.
Charles W. Baum, Perkasie.
Mrs. Elwood J. Wanner, Norristown.
Foster C. Hillegas, Pennsburg. John Wagner, Royersford. Walter L. Sanborn, Lansdale. William C. Temple, Lansdale. S. H. Bardman, Schwenksville. George Bechel, Schwenksville. Joseph W. Morrow, Sellersville.
Raymond Roth, Pottstown. Miss Margaret Weaver, Norristown. Serril Detlefson, Bristol. Joseph K. Weaver, Lansdale.
A. Russel Thomas, Doylestown. Paul E. Difenderfer, Pottstown. Leighton F. Hacker, Hatfield. C. Norman Detweiler, Quakertown. John Sprenkel, Perkasie.
Walter E. Baum, Sellersville.
Harry B. Heywood, Conshohocken.
George MacReynolds, Doylestown.
*Deceased.
Mont-12
178
HISTORY OF MONTGOMERY COUNTY
HONORARY MEMBERS.
Edward W. Hocker, Philadelphia.
*J. O. K. Robarts, Phoenixville.
*Edward Matthews, Lansdale.
*Wilmer Atkinson, Philadelphia. Edward E. Davis, Philadelphia.
*Howard M. Jenkins, Philadelphia. Walter Darlington, Philadelphia.
Wm. H. Richardson, Philadelphia.
Frank Julian Warne, Philadelphia. H. A. Gehman, Coopersburg.
A. Roland Garber, Philadelphia.
Henry C. Mercer, Doylestown. Charles B. Spatz, Boyertown.
Wm. G. Just, Gwynedd Valley.
Jos. R. Grundy, Bristol.
Col. Geo. Nox McCain, Philadelphia.
*Deceased.
Officers-The following officers were elected at Hotel Allen, Allen- town, Pennsylvania, April 7, 1923, at the twenty-sixth annual meeting:
President-William Watson, Bristol.
Vice-President-P. Quinn Roth, Pottstown.
Secretary-Marco G. Bean, Sellersville.
Treasurer-B. Witman Dambly, Skippack.
Executive Committee-Clifton S. Hunsicker, Norristown; E. S. Moser, Collegeville; P. Quinn Roth, Pottstown; Charles M. Meredith, Perkasie; William G. Hower, Bryn Mawr; W. F. Goettler, Souderton ; F. Bliss Carpenter, Sellersville; Charles W. Baum, Perkasie; Walter L. Sanborn, Lansdale; George H. Saylor, Pottstown.
Membership Committee-C. N. Detweiler, Quakertown; Chester Knipe, Lansdale ; C. Q. Hillegass, Pennsburg.
Resolutions Committee-E. S. Moser, Collegeville; Clifton S. Hun- sicker, Norristown; Charles M. Meredith, Perkasie.
CHAPTER XV. BANKS AND BANKING.
The first bank established in Montgomery county, to be described presently, was opened under a State charter, March 21, 1814-one hun- dred and nine years ago. Its capital was $400,000. In 1882 the county had only thirteen banks, with a total capital of $1,512,000.
Reference to previous banking systems and resulting financial condi- tions is necessary to a correct understanding of the radical changes in methods instituted under our present banking system. The States early began to assume the prerogative of chartering banks, not only of dis- count and deposit, but of issue, thus, in addition to other benefits, giving them the inducement arising from the profits from furnishing the people with the convenience of paper money. During the period of State currency, it was issued under two systems as to the constitution of the banks themselves, with still further diversities of administration in dif- ferent States to insure the convertibility of their issues. The two great systems were banks each with its own special charter, and free banks; i. e., banks established under the general law authorizing their forma- tion by all who would comply with its provisions. The most popular, however, of these systems was that of a special charter bank.
For a quarter of a century prior to the establishment of our present splendid National Banking System, the circulating medium was issued by banks either under general laws or each specially chartered by its own State, and with various privileges and restrictions affecting the amount and safety of their issues. But the exceptions were few in which banks were not practically allowed to issue all they could keep afloat, while redeeming it on presentation. As a whole, banks were soundest in the older sections of the country and strong commercial centers, but in the newer and pioneer parts of the country what was known as "wild- cat banking" was carried on after a careless, rampant manner.
By reason of scarce metal coinage or other reliable money, about the close of the War of 1812 what was styled "shin-plasters" were issued freely. These were bits of paper about one and one-half inches by three inches in size, and here is a sample of one issued in Philadelphia :
A General Assortment of Groceries. Six and a quarter cents No. 233. I promise to pay the bearer on demand, in Groceries, or Philadel- phia Bank Notes, at No. 130 North Water street, six and a quarter cents. Philadelphia, December 10, 1814. JOHN THOMPSON.
Another style of these "plasters" was two by four inches and one denomination read thus:
180
HISTORY OF MONTGOMERY COUNTY
Two Cents. I promise to pay to the bearer TWO CENTS On De- mand at the Schuylkill Bank When a sum amounting to One Dollar shal be presented. RICHARD BACHE.
Philadelphia, July 4th, 1815.
The Civil War brought great changes, and a demand for a different kind of money was universal. It was then that the best brains and integ- rity of this nation devised our present National Banking system, than which the world has no better. The first National Bank organized under this plan was established in the city of Philadelphia in 1863. The first National Bank in Montgomery county was the First National Bank of Norristown, organized in 1864. Concerning the various banking houses in Montgomery county the reader is referred to the subjoined state- ments furnished the historian for this special work, and bear date Febru- ary, 1923. In cases where the information blank sent out by the writer was not filled up and returned, other sources have been utilized; but nearly every bank has responded faithfully and well, giving such data as has been requested by the publishers.
Early Banks-The first bank of the county was the Bank of Mont- gomery County, chartered March 21, 1814, and rechartered every ten years until 1865, when it obtained its charter as a National Bank. As a State bank this institution always kept its paper at par in Philadelphia. The exact location of the first building this bank occupied is not known to this generation. But a change was effected November 25, 1815, for a building owned by Philip S. Markley, located on the south side of what was then Egypt street, above Cherry street. The lot extended from about twenty feet west of Cherry street to the line of George W. Wainright's store-house, and included the present site of the bank. The present bank building was erected in 1854, as shown by its date mark in front and over its massive columns, which have withstood the elements of almost three score and ten years. The first deposit made in this bank was November 18, 1815, by Isaac Markley; amount $50. The first state- ment was dated January 20, 1816, and shows the capital stock paid in to have been $42,473 ; deposits, $13,392.22 ; bills and notes discounted, $78,- 895.90. The following shows the condition of the bank each decade from 1826 to 1885:
1826-Capital Paid In $117,480; Deposits $99,420. 1836-Capital Paid In $150,634; Deposits $120,592. 1846-Capital Paid In $290,891; Deposited $176,147.
1856-Capital Paid In $333,170; Deposited $254,132.
1866-Capital Paid In $400,000; Deposited $493,334.
1876-Capital Paid In $400,000; Deposited $340,387.
1884-Capital Paid In $200,000; Deposited $735,600.
The capital stock was reduced from $400,000, March 16, 1880, and there was paid back upon each share in cash fifty dollars, one-half of which came from the reduction in capital and the other half from a divi-
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BANKS AND BANKING
dend and surplus fund, which was also reduced from $400,000 to $200,000. January 1, 1885, the capital was $200,000; surplus fund, $300,000; undi- vided profits, $38,281 ; deposits, $716,893.26. Coming down to the month of February, 1923, it is found by the books that the total capital and sur- plus was $600,000, while the deposits amounted to $2,400,000. The original officers of this institution were: Francis Swaine, president; Matthias Holstein, cashier. The present officers are: W. H. Slingluff, president ; B. F. Whitby, vice-president ; W. F. Zimmerman, cashier ; H. C. Craw- ford, assistant cashier.
The First National Bank of Norristown was chartered in February, 1864, and had for its first set of officers: James Hooven, president ; George Shannon, cashier. The directors were: James Hooven, Daniel O. Hitner, Franklin Derr, George McFarland, Benjamin E. Chain, Ste- phen B. Stinson, William W. Taylor, Garrett Bean, and Samuel Anders. The present bank officers are: C. Henry Stinson, president; George R. Kite, vice-president ; J. Leidy Anders, cashier. Directors are : C. Henry Stinson, Daniel M. Anders, John McFarland, Abram T. Eastwick, Wil- liam H. Kneas, James A. Hurst, Oliver K. Bean, William F. Solly, Her- vey C. Gresh, Benjamin E. Block, George I. Kite, Norris D. Wright, Benjamin F. Evans, John A. Longacre.
The bank started on a capital of $100,000, but now works under twice that amount, with a surplus of $175,000. Deposits were recently $2,093,- 000. When first operated, this bank was situated at the corner of Main and Cherry streets. The present location is two doors from Main and Cherry streets. This building was erected in 1869, of brick, and is val- ued at $60,000. Their rather unique form of statement in December, 1923, shows they owed their depositors $1,895,667.98, including unpaid dividends, $56. Another item shows they had a total to meet all indebt- edness of $2,326,667.23, leaving a balance in surplus of $431,013.25. Among the many solid financial interests in banking in Montgomery county, none has a higher standing among the people than this bank.
The People's National Bank of Norristown was established in 1881, and had for its officers A. A. Yeakle, president; Lewis Styer, cashier. Its first capital was $100,000; its present capital is $150,000, with deposits amounting to $2,200,000. The present officers are: Charles Johnson, president ; B. B. Hughes, cashier ; S. S. Anders, assistant cashier. The building occupied and owned by this institution, at No. 41 East Main street, is of brick and terra cotta material, and is valued at $60,000. The last December statement gave the resources as $2,666,904.76.
Montgomery Trust Company of Norristown is one of the county's great financial institutions, and dates in its history almost two score years, it having been formerly known as the Montgomery Insurance, Trust and Safe Deposit Company, which was organized April 24, 1884, on a capital of $125,000. To-day it has a capital in excess of $540,000, with deposits amounting to $2,168,461.74. The original officers in charge
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HISTORY OF MONTGOMERY COUNTY
of this company were: John Slingluff, president; and James Boyd, vice- president. To-day the affairs of the institution are well cared for by the following men of experience : Louis M. Childs, president ; S. Percy Chain, vice-president; J. P. Kane, secretary and treasurer ; L. A. Widroder, assistant secretary. In 1914 the bank building was constructed of Indi- ana limerock, and is fire-proof. Its design is one of rare architectural beauty. The statement issued by this concern, December 30, 1922, states that the resources amount to $2,708,528.96. The Trust Department has trust funds invested, $3,174,134.96; income from trust funds, $40,- 736.74. The directors of this Trust Company are at present as follows : Henry M. Brownback, B. Percy Chain, Louis M. Childs, Samuel D. Conver, Reese P. Davis, Edwin S. Anders, C. B. Daring, William H. Slingluff, Henry S. Williams, C. Colket Wilson, E. L. Hallman, G. Her- bert Jenkins, Harold G. Knight, Samuel S. Kohn, Joseph D'Andrade, Theodore Lane Bean, Joseph Fornance, Frank X. Renninger, J. Aubrey Anderson, B. Whitman Dambly, George Fetters Hartman, Manilius D. Seipt, Daniel F. Yost, and Simon Pagel.
The Penn Trust Company of Norristown was established in Septem- ber, 1889, as the Albertson Trust and Safe Deposit Company, by J. W. Albertson & Sons. The first officers were: George W. Rogers, presi- dent; W. L. Albertson, secretary and treasurer. First capital was $125,- 000; present capital $250,000; present surplus $500,000; recent amount in deposits $4,500,000. A recent official statement issued shows this con- cern to have resources amounting to $4,912,174.29. Trust fund not included in the above named statement, $3,180,696.61.
Twenty years ago this was called the lesser of all banking institu- tions in Norristown, but to-day, it is known as the largest in its deposits and resources. This business was really established in 1854 by M. Albertson & Sons as a private banking institution, but upon the death of M. Albertson, in 1889, it was incorporated as the Albertson Trust and Safe Deposit Company, its name being changed in 1904 to the Penn Trust Company. As to building facilities, a three-story brick office building at the northwest corner of Main and Swede streets is their home. Originally, however, only one half of the first floor was used for banking purposes, but changes were made from time to time to take care of the growth of the business, until in 1907 another adjoining building was bought and added, and in 1920 still another building was taken over and added to the bank property, giving the present splendid building which has fine offices on the upper floors, but all of the first floor is utilized for banking purposes. The present (1923) officers are: Clayton H. Alderfer, president ; Henry I. Fox, vice-president; Harry B. Tyson, vice- president ; J. T. Ebert, secretary and treasurer ; George E. Weirman, assistant treasurer ; R. S. Kriebel, trust officer ; and Charles H. Brunner, title officer. The chairman of the board of seventeen directors is Adam Scheidt.
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