History: Local: Chapter XXXI : Banks and Banking : Bean's 1884 History of Montgomery Co, PA Contributed for use in USGenWeb Archives by Susan Walters USGENWEB NOTICE: Printing this file by non-commercial individuals and libraries is encouraged, as long as all notices and submitter information is included. Any other use, including copying files to other sites requires permission from the submitters PRIOR to uploading to any other sites. We encourage links to the state and county table of contents. 技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技 BEAN'S HISTORY OF MONTGOMERY COUNTY, PENNSYLVANIA 技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技技 470 (cont.) CHAPTER XXXII. BANKS AND BANKING. VARIOUS FINANCIAL INSTITUTIONS. -The increase of bank capital and banking facilities in Montgomery County within the last thirty years would seem phenomenal were it not supported by a corresponding increase of deposits and a line of discounts in proportion to the aggregate of capital and deposits. The first bank established, as will be hereafter seen, was chartered by the State March 21, 1814, with a capital of $400,000, with the privilege of increasing it to $600,100. Twelve years later (1826) the paid-in capital was only $117,480, and the full amount of its authorized capital does not appear to have been paid in until about 1856, when this one bank of Montgomery County was operating on a paid-in capital of $393,170, with a line of deposits of $254,132.57, and discounts amounting to $875,480.60, being an excess of discounts over paid-in capital and deposits of $228,176.73. The population of the county at this date (1856) may be estimated at 66,000, as the census of 1860 ascertained it to be 70,500. Passing to 1882-83, we find the number of chartered banking institutions in the county to have increased from one to thirteen, with an authorized and paid-in capital of $1,512,000, an aggregate of deposits amounting to $3,730,088, and a line of discounts amounting to $3,061,746; these comparative statistics show an excess of deposits over capital and loans of $2,180,342. The authorized banking capital has increased in the period of twenty-eight years (1856-84) $912,000, while the deposits subject to check or sight drafts are $2,180,342 in excess of capital and loans. This remarkable development of the wealth and financial resources of the county is vastly greater than would be presumable from the increase of population within the same period. Population in 1860 70,500, 1880 96,401 an increase of 25,901. Reference to previous banking system, and resulting 471 financial conditions is necessary to a correct understanding of the radical change of methods inaugurated under the present National Banking Laws. The States early began to assume the prerogative banks, not only of discount and deposit, but of issue, thus, in addition to other benefits, giving them the inducement arising from the profits to furnish 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 different 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 a general law authorizing their formation by all who would comply with its provisions. [See NOTE 32-1.] The prevailing system was that of special charter. [NOTE 32-1.] The free system was an episode in a few States, but it was still in operation the State of New York, when the war broke out. It undoubtedly suggested the analogous system of free national banking their circulating notes protected by adequate public securities lodged with the fiscal department of the State. It followed the failure of the safety-fund in the State of New York. This required all banks of the state to contribute a small percentage of their capital annually to be held by the State as an insurance fund for the redemption of notes of broken banks. It proved inadequate to bear the strain put upon it by the bank failures, which multiplied through the commercial panic extending, from 1837 to 1842. The State of New York then adopted the system of making every new bank and every old bank, on the expiration of its charter, at once free and the insurer of its own bills, by requiring a deposit of an amount sufficient for the purpose in approved mortgages and public stocks, national, State or municipal. This tempted single men and coteries of men, all over the State, who held mortgages, or the kind of politic stocks required, to organize free banks and issue circulating notes nearly equal to the face of the securities deposited, thus duplicating their interest. The result was speedy failure of many and crippling of most of them. The security for the bill-holders proved imperfect or worthless. Mortgages, if good, required a tedious, process to turn them into cash. Often the, real estate which secured them shrunk in value far below the face of the mortgage and had be accepted instead of cash by the mortgagee or by the State as trustee for the bill-holder. Many stocks of States since solvent then were in default for interest. This class of securities proved inadequate. Altogether, the system was a failure, while it taught one great lesson, viz., that nothing is a proper security for bank circulation but that sort of public stock, which, in any and all circumstances, have an immediate salable above the note protecting them. The New York free-banking system was at length reformed so as to rule out the highest grade of securities, such as United States or New York State stocks or their equivalents, as the basis of their bank circulation. At the time of the adoption of the national bank system all the New York State banks had got upon this footing. The free-banking system, which was copied from New York in the adjacent New Jersey and Connecticut, had only a transient trial and disappeared prior to the war. [FINIS NOTE 32-1.] In the country at large, for a quarter of a century before the national bank system was established, 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 afterward the amount and safety of their issues. But the exceptions were few in which banks were not practically allowed to issue all that they could keep afloat while redeeming it on presentation. As a whole, banks were soundest and the baseless inflation least in the older sections of the country and in the strongest commercial centres. What in slang phrase was known as "wild-cat banking," was, as it always will be, most rampant in pioneer States. Prior to the era we have been considering, of it paper currency issued by State banks in different States, their operation rated by the concurrent agency and influence of a great overshadowing United States Bank. Of these there were two, one succeeding the other after its dissolution by the expiration of its charter. The first was planned by Alexander Hamilton, Washington's Secretary of the Treasury, and largely through his influence chartered by Congress, in 1797, for twenty years, with a capital of ten millions of dollars. It was located in Philadelphia, with branches in Boston, New York, Baltimore, Washington, Norfolk, Va., Charleston, Savannah, and New Orleans. It was established despite strenuous opposition on alleged constitutional and other grounds. But it was found absolutely necessary its a fiscal agent of the government, a regulator of paper currency issued by State banks, an instrument for carrying on the exchanges of the country, and, in general, for evolving order out of the financial chaos induced by the expenditures of the Revolutionary war and the enormous issues of irredeemable paper money spawned forth by the States individually and as confederated to carry it on. It was of incalculable benefit to the people, but the opposition to it was great, not only on account of the natural antagonism of many to great corporations and monied-powers, but also to its supposed inconsistency with certain political and constitutional theories. Its charter was not renewed. But the war of 1812, immediately following its extinction, brought financial disturbances and exigencies which made the necessity of some national fiscal institution more urgent than ever. According, in the face of strenuous opposition, a second United States Bank was chartered, in 1816, for twenty years, with a capital of thirty-five millions of dollars, having its central location in Philadelphia and branches in other chief commercial centres. It was started in the midst of prevailing financial chaos, and a generally depreciated currency of broken State banks, which had been greatly multiplied to fill several times over the vacuum created by the extinction of the original Bank of the United States. [See NOTE 32-2.] After earnest and persistent struggles [NOTE 32-2.] The following is a specimen of the sort of currency, familiarly known as "shin-plasters," issued about the year 1812 by individuals in consequence of a scarcity of coin for business purposes: PICTURE OF CURRENCY SPECIMEN, APPEARS HERE. [FINIS NOTE 32-2.] 472 it brought order out of this confusion, became the great medium of interstate exchanges and the source and promoter of a sound and stable national and State currency. These Banks of the United States operated beneficially in various ways. They furnished a paper currency really current through the nation. It was known to be backed by what was then an immense capital, and to possess all the prestige of national authority, endorsement and use. Hence it was received everywhere without discount as readily as gold and silver coin. It could be used in traveling in every corner of the land. The Bank of the United States, failing of recharter by Congress, obtained a charter from the State of Pennsylvania by paying a bonus of nearly six millions. Thus swept from its proper national foundations, it was plunged into the mire of corruption in the very first step of its new abnormal career. The political revolution of 1840, having for all object the restoration of the United States Bank, failed of it through the untimely death of President Harrison, and the succession to his place of John Tyler, who vetoed the bill rechartering it. [See NOTE 32-3.] The following is a copy of a two-cent note of this period, the dimension of which were four inches in length by two in breadth. PICTURE OF TWO-CENT NOTE, APPEARS HERE. [NOTE 32-3.] The first Bank of tHe United States was incorporated by Congress in February, 1791, with a view to its aid in "conducting the national finances," and its "advantages to trade and industry in general." Congress having refused to renew the charter, it expired by its own limitation in 1811. Stephen Girard purchased the building in Third Street where its business had been transacted. A new United States Bank was chartered by Congress, and approved by President Madison on the 10th of April 1816, with a capital of thirty-five millions, the government taking seven millions of the stock. During the war of 1812 all the State banks had been in a state of suspension. The organization and management of the United States Bank on a specie basis caused them to resume. The stock of the bank was made an object of speculation, and stood at one time as high as $156 per 100. The dividends varied from five to six per cent. The branches of the bank were at Portland Portsmouth Boston Providence Hartford New York Baltimore Washington Richmond Norfolk Fayetteville Charleston Savannah Mobile New Orleans Nashville Louisville Lexington Cincinnati Chillicothe Pittsburg. The bank commenced operations under the presidency of Captain William Jones in January, 1817. In 1820 the distinguished Langdon Cheves, of South Carolina, took charge of it, and restored it from a languishing condition to one of great prosperity. Nicholas Biddle, Esq., succeeded him in l823. About the year 1828-29, the subject of the renewal of a charter began to be agitated. The bank was drawn into the vortex of politics and a fierce war was waged between its partisans and its opponents. In October 1833 the deposits of the government, which had hitherto been exclusively with this bank, were removed by the orders of President Jackson. A bill to recharter the bank had been vetoed by him in the previous year. The charter expired, according to limitations in 1836. In the same year the United States Bank of Pennsylvania was chartered by the State Legislature with the same capital of thirty-five millions, and, purchasing the assets and assuming the liabilities of like former United States Bank, continued the business under the same roof. This bank failed and went into liquidation early in 1841. [FINIS NOTE 32-3.] The banking laws of the Several States remained greatly diversified prior to the war for the Union. The commercial and manufacturing centres of New England and the Middle States, and the extensive system of long credits prevailing in the old slave States of the South, with whose merchants a large business was annually transacted, gave to certain city banks commercial stability and credit, due more particularly to the confidence reposed in the character, sagacity and integrity of their officers and directors than to the laws or legal limitations within which they were supposed to act. At first inter-State exchanges were effected with inconvenience and loss to the merchant or trader, and these difficulties were multiplied with increasing rapidity with every new railroad linking distant communities together. The period from 1850 to 1860 was one of violent political agitation and partisanship, resulting from the fruits of the Mexican war and the repeal of the Missouri Compromise. Great political leaders became responsive to sectional interests, and the brewing storm seemed suppressive of all measures that did not contribute to intensify the love of or hatred for human slavery. Public improvements long projected were delayed, neither section being willing to contribute to the material advancement of the other, fearing some advantage against which they would have to contend when the conflict would come; and, therefore, the office of statesmanship was diverted from the best interests of the country and given wholly to the embittered quarrel between the North and South. Events in 1860 precipitated the crisis, and the inadequacy of the State banks to meet the great and sudden emergencies of the national government, in providing for the army and navy and the supplies of all kinds necessary for the prolonged struggle, rendered enlarged banking facilities necessary, while the stability and credit of the banks of the country became a matter of national importance. The early history of the Rebellion bears ample testimony that the best efforts of statesmanship, aided by the wisdom of long experienced bankers in the financial centres of the North and West, were honestly united in devising a system of banking that would be sufficiently strong and expansive to meet the wants of what was then well understood to be one of the most expensive wars maintained by any civil government in the history of modern times. The present National Banking Law, as subsequently modified by the several amendatory acts of Congress, was the result. The first national bank organized under the National Banking Act was the First National Bank of Philadelphia. 473 MONTGOMERY NATIONAL BANK, NORRISTOWN PA. -This bank was chartered as the Bank of Montgomery County March 21, 1814, its authorized capital being $400,000, with the privilege of increasing it to $600,000. The first election for directors was held October 14, 1815. The following persons were elected: Francis Swaine Matthew Roberts Isaiah Wells Levi Pawling Zadoc Thomas Philip Hahn Thomas Humphrey Isaac Markley Charles Rogers Robert Erp Enoch Walker John Jones Joseph Thomas Judges of election: Henry Scheetz John Wentz Samuel Breck. The board organized Monday, October 16, 1815, at the Washington Inn, Norristown, (now Koplin's hardware store, adjoining the public square). Francis Swaine was elected president and Matthias Holstein cashier, each receiving twelve votes. Following are the names of the principal officers in regular succession: PRESIDENTS. Francis Swaine, October 16, 1815, resigned April 15, 1817 Joseph Thomas, April 26, 1817, died June or July 1844 John Boyer, August 3, 1844, resigned November 26, 1864 A. B. Longaker, December 10, 1864, resigned November 7,1868 W. H. Slingluff, from November 7, 1868, to November 20, 1875 John Slingluff, from November 20, 1875, to date. VICE-PRESIDENTS. John Slingluff, from June 5,1875 to November 20, 1875 W. H. Slingluff, from November 20, 1875, to April 14, 1880. CASHIERS. Matthias Holstein, from October 16, 1815, to March 30, 1822 David Wolmer, March 30, 1822, died November 14, 1829 W. H. Slingluff from March 28, 1829, to November 7, 1868 John Slingluff, from November 7, 1868, to November 20, 1875 William F. Slinghuff, from November 20, 1875, to date William F. Slingluff was assistant cashier from June 5, 1875, to November 20, 1875. The bank was rechartered as a State bank every ten years to May 1865, when it was changed to a national bank. As a State bank its notes were always kept at par in Philadelphia. The exact location of the first building occupied for business is unknown, but an exchange was effected November 25, 1815, for a building owned by Philip S. Markley, Esq., located on the south side of Egypt Street, above Cherry. Part of the site of the old building is now occupied by the house of Miss Mary McDermott and the balance by the house of James Hooven the lot extended from about twenty feet west of Cherry Street to the line of Geo. W. Wainright's storehouse, and included the present site of the bank. The present bank building was occupied in the month of November 1854. The first deposit appears to have been made November 18,1815, by Isaac Markley; amount, $50. The first statement was made 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 exhibits the condition of the bank during each decade since its establishment: YEAR CAPITAL PAID IN DEPOSITS LOANS, BILLS AND NOTES DISCOUNTED 1826 $117480.00 $99,420.57 $235,232.87 1836 159,634.28 120,592.16 352,501.04 1846 200,801.27 176,147.81 482,531.81 1856 393170.00 254,132.87 875,480.60 1866 400,000.00 493,368.50 1,017,106.13 1876 400,000.00 340,387.91 1,299,014.56 1884 200,000.00 735,674.46 1,048,180.21 No records of the notaries public that have attended upon the bank have been kept; the following officers are known to have acted: Lloyd Jones R. T. Stewart Geo. N. Corson H. K. Weand Theo. W. Bean Jos. Slingluff A. R. Calhoun Jas. W. Schrock J. P. Hale Jenkins Wallace J. Boyd L. M. Childs PICTURE OF BANK OF MONTGOMERY COUNTY, APPEARS HERE. The board of directors has been regularly organized every year, making seventy organizations since the date of charter, 1814. The cost of the building now occupied, situated on Egypt Street, between Cherry and Barbadoes Streets, is stated on the books at $21,000, but this cost is reached by crediting real estate with amount received at the time the adjoining lots were sold off. It is probable that the improvements cost nearly double the amount above stated. The capital stock of the bank was reduced from $400,000 March 16, 1880, and there was paid back upon each share in cash $50, one half of which came from the reduction in capital and the other half from a dividend of the surplus fund, which was 474 also reduced from $400,000 to $200,000. This returned to the stockholders, the full amount paid in by them on each share the par value of the shares was increased from $50 to $100 per share, thus making the present capital $200,000 in two thousand shares. The surplus fund proper January 2, 1884, with $250,000, and the undivided profits on that day were $50,617.91. On January 2, 1885, the capital was $200,000 ; surplus fund, $300,000 ; undivided profits, $38,281.32; deposits, $716,893.26. The present officers of this bank are: President, John Slingluff Cashier, W. F. Slingluff Teller, Henry S. Sechler Bookkeepers, William D. Zimmerman and James Z. Wambold Note Clerk, Harry C. Crawford Watchman, Robert Patten Notaries: Joseph F. Slingluff James W. Schrack J. P. Hale Jenkins Louis M. Childs Alexander K. Calhoun Reserve agents: Philadelphia, Western National Bank; New York, Chemical National Bank. [NOTE: This sketch was written by a member of the family.] PICTURE OF W. H. SINGLUFF, APPEARS HERE. WILLIAM H. SLINGLUFF was born in Whitpain Township, Montgomery Co., March 19, 1805, on a farm near Centre Square, and a short distance below St. John's Lutheran Church (at that time called Grog Hill Church). His father, John Slingluff, was a farmer and an Honored citizen, as is shown by his having filled the office of guardian of the poor in Whitpain township in 1803. He was also one of the founders and a member of the first board of directors of the Whitpain Library Company, at Blue Bell, March 7, 1818. William H. Slingluff was the youngest of eight children. His father in his youth was a resident of Lower Dublin Township and one of five children. He was married in Germantown Township, September 6, 1788 to Mary Hallman, of the same township, by Michael Schlatter, minister of the gospel. His grandfather, also John Slingluff, is said to have been a man of imposing presence, having bright blue eyes and strongly marked features. His great grandfather was Hendrick Sligloff (so spelled by an English scholar on page 390 of volume iii. of the Colonial Records), one of seventy-five Palatines who, with their families, cattle to Philadelphia, August 19, 1729, in the ship "Mortonhouse," James Coultas, master, from Rotterdam, but last from Deal, as by clearance dated June 21st previously. By a reference to Rupp's collection of thirty thousand names of immigrants, we find that he was accompanied by his wife, Anna. Christianna, and by a son named Paulus (misspelled Apalis). According to list "A" in the secretary's office at Harrisburg we find that those names marked with a star was written by the clerks. In this list we find the name of Hendrich Schlengeluff, an autograph. After the lapse of years it was thought best by the family to spell the name as it was pronounced, Slingluff, thus preserving the Russian termination "ff." Paulus is the Swedish for Paul, and the name of his great grandmother, Anna Christianna, also indicates her Swedish origin. His mother, Mary Hallman, was the daughter of Anthony Hallman, a Revolutionary soldier, who was wounded at the battle of the Brandywine. She was a girl of nine years at the time of the battle of Germantown, and died at the age of eighty-six in Norristown at the residence of her son. She is said to have possessed remarkable beauty in her girlhood. She was a daughter of Mary Streeper, and one of five children, great-granddaughter of William Strieper, brother of Jan Strieper, "of Kaldkirchen, in the County of Juliers, in the borders of Germany," who took up "5000 acres of land by virtue of a warrant front former Commissioners bearing date December 15, 1688, part of which is described as in the " Liberties" of Philadelphia and including a large tract of what is now known as Logan's Hill and Wayne Junction. Jan Strieper came first and bought the land; then, becoming dissatisfied, he returned to Europe and conveyed his property to his brother Wilhelm by a deed of exchange. By some trick best known to those who kept the property, it was all lost to the descendants of Wilhelm Strieper. The subject of this sketch lived during his boyhood on his father's farm, in Whitemarsh township, about a half-mile below the village of Broad Axe, bought in 1807, when William was but two years of age. He engaged in labor on the farm and at intervals in teaching school for his brother John, and at one time teaching at night in the old Sandy Hill school-house. He also for a short time kept the store for his brother Samuel, at the village of the Rising Sun, where, when scarcely twenty years of age, he met the lady whom he married on the 15th day of December, 1833, the Rev. John C. Clay performing the ceremony at Gloria Dei Church, Philadelphia (Old Swedes'). Mrs. Slingluff was Mary Knorr and the daughter of Matthias Knorr, a farmer and lumber-dealer, representing the third generation in America, whose grandparents, John George Knorr and Hannah, his wife, were born in Germany prior to 1698. On the maternal side, Mrs. Slingluff was the great great-granddaughter of Dirk or Derick Keyser, who came to America from Amsterdam, in Holland, arrived in New York in 1688, and came from thence by land to Germantown, Pa., where he purchased land and settled. He was accompanied by his son Pietra, aged eleven years, Dirk and Joanna (taken from the Holland Bible now in possession of Samuel Keyser, Germantown). From his earliest childhood Mr. Slinghuff had a great love for out-of-door sports, such its running, leaping, fencing and, pistol-practice. 475 He was strong of nerve, had a steady eye and never missed when he fired to kill. But in afterlife he often said, "Had I my life to live over again I would never shoot a bird." His education was mainly self-acquired. His father, a farmer, was a thoroughly good man, but unable to give this boy the education he so much desired. His ambition was the study of the law, but after purchasing Blackstone's "Commentaries" and the works of Flavius Josephus, he was unable to secure other much needed books, and concluded to remove to Norristown and secure a situation that was remunerative. He became errand boy and watchman in the old Bank of Montgomery County October 24, 1825, at the age of twenty. Previous to this he attended school one or two quarters at the old Sandy Hill school-house, occasionally teaching for his brother John, then school-master, and reaping the benefit of one quarter's tuition in mathematics from the late venerable and respected Allan Corson, of Plymouth. Being of an omnivorous habit where books were concerned, he was conversant with all the works of the day contained in the Whitpain Library. He was a devout student of the Bible, and all through life quoted readily from its sacred pages. David Wolmer, a bachelor, who was cashier at the time of Mr. Slingluff's advent in the bank, soon observed with satisfaction his aptitude for the business, together with his accuracy in all things. He therefore took great pleasure in advancing his interests, and on the death of Mr. Wolmer, in March 1829, he was elected by the directors to fill the office of cashier at a salary of six hundred dollars per year. At this time, while procuring sureties, among the directors was a "doubting Thomas," who expressed himself in this wise,- "What! trust that boy! "Yes!" was the instant reply from a farmer and a well-to-do member of the board, "put me on his bond," which was done. This incident was always remembered with gratitude by Mr. Slingluff, who, when an opportunity offered, invited the grandson of this good man to learn the banking business, which he did, and is still in the institution, a loved and respected officer. At the time of Mr. Slingluff's death this young man wrote thus,- "It is not his own household alone that must realize and acknowledge this loss. The marks he has made and the work he has done cover a wider field. The institution to which he gave more than half a century of untiring and zealous attention and which flourished and grew under his faithful fatherly care into a monument to his diligence and skill has lost one of its wisest conselors. Those whose lot threw them in daily contact with him have lost a friend who was ever courteous, and true and ready with a word of wisdom or knowledge form a fund which his experience had given him. The course, which his excellent judgment approved, was the one he followed with a firmness that was immovable, as it was invincible. What he understood to be his duty was the rule of his action. He was one of the few who remembered a kindness received long after they have forgotten, a kindness toward, another, and when all that remains of him we so respect him so respected an honored is hidden from earthly eye, forever, we cannot do less than give thought of him the warmest place in our remembrance." On November 7, 1868, Mr. Slingluff was elected president of the bank, and in November, 1875, resigned his position, his eldest son, John, being elected president and his youngest son, William F., cashier. In January 1875, a valuable testimonial was presented to Mr. Slingluff by direction of the stockholders of the bank in appreciation of his valuable services as a bank officer. It is in form it large medallion of silver and gold, adorned with a finely engraved representation of the ban], building, together with explanatory inscriptions, -"In 1861, Mr. Slingluff, with the approval of the directors, offered a loan to Governor Curtin for the purpose of arming volunteers his was done in April, and the act legalizing the loan was passed in May. The amount was $50,000, and doubtless among the very first loans the State received." Although classed as a rebel because of his politics, which were Democratic, those who knew him best know that personally from his own funds he expended as much or more money in the way of gifts to the soldiers he visited after the battle of South Mountain, and to their families at home in assistance in their hours of need, than any other of our townsmen. It was a source of bitter grief to him that this War was thought to have became necessary, descended as he was from a humane and peace loving ancestry. Previous to and during the war a well known colored man often came and said, "Mr. Slingluff, we have boarders at our house and nothing for them to eat, and no clothes either." The man always obtained help. Mr. Slingluff was quick in his perceptions accurate in his judgment 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 his honesty and integrity carried both safely through. In business life he was an example of the highest integrity of character, and demanded the same qualities in others. He would not countenance the slightest deviation from the standard of absolute right. During his early years; as cashier of the bank he was frequently amused by one of the directors persisting in going over the accounts. One day this man turned suddenly and said, "Slingluff what method would you pursue if you were going to rob the bank?" With indignation almost too great for speech he replied, "I never made that my study." It was owing, to his forethought and determination of purpose that a fund was accumulated sufficiently large to defray the expenses of the bank building. A visitor to Norristown from Georgia has written as follows: "The Montgomery County Bank presents a front that for purity of style and simplicity of design surpasses anything I have met with this side of the Atlantic, and when the fact is considered that it is the work of the brains and hands of one who pretends to no professional idea of architecture, it becomes a matter of astonishment indeed. It is of pure white marble, the more precious that is quarried in this country, and but a little distance from where, through human skill, it rises in beautiful 476 proportions of lofty columns and light facade. The design originated with and was carried out, as I understand, by the present energetic and enterprising president of the bank. He has certainly erected at exquisite monument to himself, of which those who after may well be proud." "Mr. Slingluff (in the language of one who knew him well) possessed in a remarkable degree, that self-reliance which gives every man power. As a bank officer he had few superiors, and the qualities of his mind would have made him a success in any other pursuit. He was a firm patriot, -neither patronizing foreign countries for what he wore nor for what he put into his dwelling. He believed in and practiced home industry. Whatever he attempted he did with his whole might. . . When opposed or antagonized he allowed no compromise. With his tremendous power in overcoming all opposition, to those for whom he formed an attachment he was the kindest of friends. He particularly loved children, and many a child was made happy by his gifts and kind words. . . . His heart was as tender, as that of a child's. He would not hurt the smallest animal or injure the feelings of the humblest individual. But when the battle came with those he regarded as his peers, he stood like a rock. Many a soldier will remember with affection his visit at Antietam, and hundreds of soldiers homes were made joyous by his benefactions." He was very fond of gardening and the culture off the flowers and fruits. In the garden attached to the bank his pride and delight was the annual blooming, of a bed of tulips, numbering hundreds, of all shades and shapes. In after-life, in the home of his old age (if any part of such a life as his could be called old), he was pleased to sit early and late upon a piazza enjoying the beauty and fragrance of his garden. In his home he was devotedly loved by all. He commanded the strictest truth and honor from his children and all those with whom he came in contact. He took an active lifelong interest in all that pertained to Norristown, the introduction of water and gas being mainly due to him. The provision for the education of children. and their comfort in the erection of proper school buildings was largely accomplished through his influence, the attractive grounds upon which the building at De Kalb and Oak Streets stands having been owned by him and sold to the board of school direction for a nominal sum. For more than a score of years he served the public in the Town Council, the school board and the Norristown Library Company, to all of which interests he was as attentive as though they were largely remunerative. He was also for many years a director of the Germantown and Norristown Railroad, treasurer of the Schuylkill Bridge Company and of the Montgomery Cemetery Company, and a director of the King of Prussia Turnpike Company, besides being an officer and active member of the Gas and Water Companies. Mr. Slingluff's death occurred April 14, 1880. He died as he had lived, like a soldier at his post, calm, self-possessed and in full possession of all his faculties, caring until the last for the needs of his family, in view of his wife's illness and his fast-approaching dissolution. There was no terror, no anxiety, but a calm reliance on his Father in Heaven, induced by an inner consciousness of having done his duty as far as it was given him to know it. On Monday, April 19, 1880, he was laid to rest in that cemetery that in health he had done so much to beautify. Truly it can be said of him, "An hones man's the noblest work of God." Mr. Slingluff had five children, as follows: Sarah S., the wife of Jacob L. Rex, Esq., residing near Blue Bell, in Whitpain township, Montgomery Co. Mary M. the wife of the Hon. A. B. Longaker, of Lehigh County, John Slingluff, president of the Montgomery National Bank, Norristown; Clara S. Pauling, widow of the late Dr. Harry Pauling, of Norristown; William F. Slingluff, cashier of the Montgomery National Bank, Norristown. PICTURE OF JOHN SINGLUFF, APPEARS HERE. JOHN SLINGLUFF, the son of William H. and Mary Knorr Slingluff was born on the 3rd of August 1839 in Norristown, the scene of his active business life. He received his earliest, instruction at the public school, and at the age of fourteen became a pupil of the Elmwood Institute, under the principalship of Rev. G. D. Wolf. His educational opportunities ended with his sixteenth year, when he became engaged in the attractive employment of a civil engineer. Circumstances, however, influenced him, a year later (in 1856), to enter the Bank of Montgomery County as clerk, with which he, has, during the remainder of his life, been largely identified. He acted as note clerk until 1868 receiving at that date promotion to the position of cashier and remaining thus officially connected with the institution until his election to presidency, which office he has held since 1875, the date of his father's retirement. Mr. Slingluff was married, on the 3d of September, 1862, to Miss Wilhelmina, daughter of Frederick Gilbert of Norristown, and has children Mary (Mrs. Howard Boyd), William H. and Helen G. Mr. Slingluff has been and is identified with nearly every business enterprise of importance in the county and has from the beginning of his active career, wielded all extended influence in commercial circles. He is superintendent of the Norristown Water Company, treasurer and superintendent of the Norristown Gas Company, treasurer of the Montgomery Cemetery Company, as also of the Standard Iron Company and of the Second National Building and Loan Association. He is president of the Economy Mutual Fire Insurance Company and the Norristown Junction Railroad Company. He is a director of the Perkiomen Railroad Company, as also of the Stoney Creek Railroad Company, the Philadelphia, Newtown and New York Railroad Company, the Philadelphia, Germantown and Norristown Railroad Company and the 477 Plymouth Railroad Company. He is president of the Montgomery Insurance, Trust and Safe Deposit Company, manager of the King of Prussia Turnpike Company, superintendent of the Fire-Alarm Telegraph Company and president of the Montgomery Hose and Steam Fire-Engine Company. Mr. Slingluff was early instructed in the doctrines of the Old-Line Whig party, but later indorsed the platform of the Democracy by which party he was nominated for Congressional honors in 1880, and, although defeated, ran ahead of his ticket. He has since 1877 been a member of the board of inspectors of the Montgomery County Prison and president of the board since 1880. He is also one of the managers of the Schuylkill bridge at Norristown. Mr. Slingluff is prominently identified with the order of 'Masonry, as past officer of Charity Lodge, No. 190, of Norristown, of which he is both treasurer and trustee member of the Royal Arch Chapter and of Hutchinson Commandery, No. 32, Knights Templar; representative to the Grand Lodge and Grand Chapter of Pennsylvania; and a member of said Grand Lodge. Grand Chapter and Grand Commandery of Pennsylvania, having been, until declining a reappointment, District Deputy Grand High Priest for the counties of Backs, Chester and Montgomery for several years. He is now a member of the committee on finance of Right Worthy Grand Lodge of Pennsylvania. Mr. Slingluff is a supporter in religion of the Protestant Episcopal Church, of which Mrs. Slingluff is a member. J. M. ALBERTSON & SON'S. -J. M. Albertson established a private banking office in Norristown in 1857, in a building on Swede Street. In 1870 he erected the three-story brick banking-house on the corner of Swede and Main Streets, which he occupied in the fall of that year. In 1875 his sons William E and Amos L. became partners under the firm name of J. M. Albertson & Sons, as it now is. PICTURE OF JACOB MORTON ALBERTSON, APPEARS HERE. JACOB MORTON ALBERTSON. -The well known and worthy citizen of Norristown whose name forms the caption of these few paragraphs is of Holland Dutch descent, and of a family which has been represented in America for nearly two and a half centuries his remote ancestors having come to New Amsterdam now New York, in the "good ship 'Fox'" On the 16th day of the Ninth Month, 1640. On the paternal grandmother's side he is Welsh, descended from Cadwalader Roberts, who emigrated from Wales to Gwynedd about the year 1693. His own mother was a sister of Thomas Livezey, a notice of whom appears elsewhere in this work. The grandfather of our subject, Jacob Albertson, about the year 1800, bought from Joseph Potts a farm in Plymouth township, which became the home of the family in Montgomery County, and part of which was inherited by Jacob Albertson, and after his death bought by J. M. Albertson, the present owner. The property in question fronts upon between the Ridge and the Germantown and Perkiomen turnpikes, and, with the additions made by the present proprietor, contains about ninety acres of limestone and iron ore land. It was upon this farm that Jacob Morton Albertson was born, on the 5th day of the Fifth Month, 1826. He was the fifth of ten children, of whom but four are now living. As a lad he attended the boarding and day-school kept by Hannah Williams in the house where Joseph R. Ellis now lives, at the crossing of the Conshohocken with the Germantown and Perkiomen turnpike, and later was, for a year or more, a pupil at Westtown boarding-school. Afterwards, until he was twenty-two years of age, he worked upon his father's farm, and was then sent to Philadelphia to serve customers with the products of the dairy and farm. While there Nathan R. Potts, who took an interest in the young man, allowed him to spend his spare hours in his office, reading the law that related to conveyancing, copying opinions and writing bonds, mortgages and finally deeds. He had already attained at Westtown a theoretical knowledge of surveying, and John Levering, of Lower Merion, whose acquaintance he made, interested himself in showing him what he needed to know of the practical part of the work. Then he spent a period with his estimable uncle, Lewis Jones, of Gwynedd, who was a surveyor and conveyancer, and became quite proficient in the profession. At the invitation of Addison May young Albertson, in the spring of 1850, removed to Norristown. A deed which his friend gave him to write fell under the observation of William Rossiter, a conveyancer, who offered him a desk in his office and a half interest in all of the business which the two could transact. At the end of a year, through the favor of William H. Slingluff, he was elected surveyor of the borough, which so increased his business that he had more than enough to do. His success in life was now fully assured. Industry and honesty, doing all that they could as well as they could, had prepared the way, and his subsequent progress was easy and natural, for he had the esteem of all around him. In 1857 he began the banking business, and in 1865 built the banking- house, which he now occupies. In 1870 his business interests were further extended by his acquisition of the Star Glass Works, which be has since successfully conducted. Lately, in connection with his two sons, he has built and is now carrying on a second factory. Mr. Albertson, in the year 1852, married Miss Sarah P. Lee, of Exeter, Berks Co., Pa., a descendant of Anthony Lee, an English settler, who took up six hundred acres of land in Oley township, now Berks County, by survey, dated Tenth Month 24, 1716, and received patent there the following year. They have five children and five grand-children. The names of the former are William E.; Amos L.; Mary, married to P. F. Hunter, of Norristown; Martha married to A. W. Howard, of Pittsburg and Elizabeth. 478 FIRST NATIONAL BANK OF NORRISTOWN. -The First National Bank of Norristown (capital stock, $150,000) was organized January 8, 1864, the directors elected on that date being James Hooven, Franklin Derr, S. P. Stinson, Garret Bean, William W. Taylor, George McFarland, Samuel Anders, Benjamin E. Chain and Daniel 0. Hitner. The first officers of the bank were: James Hooven, president George Shannon, cashier Lindley V. Righter, teller Christian H. Detwiler, clerk. The bank opened for business March 28, 1864. The subsequent officers were: President, James Hooven Cashier, George Shannon Tellers, Lindley V. Righter Christian H. Detwiler, George R. Kite Clerks, A. C. Rhoads, Walter Shannon, Edward L. Crawford, and William C. Lenzie. The bank was rechartered February 24, 1883, for twenty years. This bank commenced business in a building at Egypt and Cheery Streets, and subsequently erected PICTURE OF FIRST NATIONAL BANK, NORRISTOWN, APPEARS HERE. the banking-house now occupied, being No. 107 N. W Egypt Street, which was finished in 1870 and occupied the same year. The amount of deposits at the close of first year was $389,503.63; amount of discounts at the close of first year, $244,764.57; amount of deposits March 28, 1874, $346,383.16; amount of discounts March 28, 1874, *338,502.45); amount of deposits March 28, 1884, $611,478.08; amount of discounts March 28, 1884, $469,267.62; surplus fund, $80,000. The board of directors are elected and organized annually, in the second week of January. Charles H. Stinson, Esq., was solicitor of the bank from the date of organization until appointed president judge of the courts of Montgomery County, when he was succeeded by Benjamin E. Chain, Esq., who has been secretary of the board since the date of organization. R. T. Stewart, H. K. Weand, Theodore W. Bean and F. G. Hobson, Esqs., have been notaries-public for the bank. The persons who died while in the service of the bank as directors were Franklin Derr, George McFarland, S. P. Stinson and Christopher Heebner. William W. Taylor died a few years after his resignation. This bank was a United States depository for the revenue collected in this district from June 1864, to October 1877, when the several districts were consolidated. About the close of the war, in April, 1865, when the volunteer soldiers of the armies were being discharged and paid off, the treasurer of the United States drew a draft on the bank for one hundred thousand dollars, being the largest amount drawn upon one draft while the bank acted as a United States depository. The board of directors meets in each week and since the organization of the bank has on no occasion suspended discounting for customers. During the currency suspension of the Philadelphia banks in 1873 the bank paid all currency demands. The aggregate amount of dividends paid to stockholders during the first twenty years of business, i.e., from March 24,1864, to March 24,1884, was $377,987.50. The par value of stock is $100 per shares; divisible value per share, $170. The present board of directors is composed of James Hooven, Daniel 0. Hitner Samuel Anders Benjamin E. Chain Benjamin Hughes George S. Hallman Frank M. Hobson Francis G. Stinson Walter H. Cooke. PICTURE OF JAMES HOOVEN, APPEARS HERE. JAMES HOOVEN. -The paternal ancestors of Mr. Hooven emigrated from Amsterdam, Holland, to America early in the last century. His grandfather, Henry Hooven, was a native of Pennsylvania, and resided in Upper Merion Township Montgomery Co., where he was in enterprising farmer. He was married to Elizabeth Bolton, whose son Benjamin, a native of Montgomery County, married Jane Ekron, who was of Scotch nativity. The children of this marriage were: Philip Helen James Elizabeth. Mr. Benjamin Hooven was by trade a blacksmith, and followed his vocation in Upper Merion Township. He enlisted during the war of 1812, and lost his life while in the service. His son James was born on the 30th of March, 1808, in Chester County, and when a youth removed with his parents to Upper Merion township, where he became a pupil of the neighboring district school, but under the watchful care of his mother acquired a more thorough rudimentary education. He early cultivated a habit of study and reflection, was a skillful translator from the German and purposed 479 devoting him to a literary career. Circumstances, however, influenced this termination and developed as successful a man of business as would otherwise have adorned the field of literature. At the age of fourteen he entered a country store located at King of Prussia, in the same township, and in 1830 embarked in business with a partner, remaining thus engaged for two years, when Norristown became his home. Here he formed a copartnership with Dr. George W. Thomas, and was for seven years interested in mercantile ventures. The business of lime-burning next occupied his attention until 1846, when he sought a wider field of operation, and, in company with Mordecai R. Moore, erected a rolling-mill which still operates. In 1870 he extended his manufacturing interests by the erection of a blast furnace, and filter of a pipe-mill. In 1864 he was elected president of the First National Bank of Norristown, which office he still fills. He was also the first president of the Stony Creek Railroad. Mr. Hooven was, in 1833, married to Miss Emeline Henry, of Evansburg, Pa., whose children are: Joseph Henry Alexander Jeannette (Mrs. G. P. Denis) Mary (Mrs. John W. Schall). He was a second time married, in 1874, to Helen Cushman, of Norristown. Mr. Hooven was formerly a Whig in his political predilections and subsequently became a Republican, though never in the arena of politics. He was among the earliest advocates of the doctrine of abolition, and the stanch protector and friend of the escaped slave, who found a safe abiding place under his hospitable roof. Mr. Hooven was a delegate to the National Republican Convention in 1860, and aided by his vote in the nomination of Abraham Lincoln for the Presidency. He is a supporter of and pew-holder in the Protestant Episcopal Church of Norristown, though exercising a kindly toleration toward all religious denominations. GEORGE SHANNON. -The grandfather of Mr. Shannon was James Shannon, born in Lower Providence Township, which subsequently became a farmer in Norriton. He married Miss Elizabeth Lane, whose children were John, Samuel, William and two daughters. Samuel, whose birth occurred in Norriton April 16, 1781 and his death March 18, 1858, remained in that township during his early youth, but later removed to Norristown, where he resided until his death. He married Elizabeth Harner, of the township of Whitemarsh, born December 11, 1785, who died March 20, 1879, and had children: John James Joseph Samuel L. George Ann Rosanna. George, of this number, was born in Norristown on the fifth of November 1821, and removed when a youth with his father to Norristown, where, he received such advantages of education a were obtainable in the country at that time, and afterward attended the Norristown Academy. At once entering upon it career of business he accepted a clerkship in the Bank of Montgomery, County, and was employed for sixteen years in that capacity, when he became interested in the manufacture of linseed oil. In, January of 1864 he was appointed cashier of the First National Bank of Norristown, and is still the incumbent of that position, Mr. Shannon was, in April, 1850, married to Miss Arabella Steinmetz, daughter of William Steinmetz, of Montgomery township and county, whose children are a son Walter and a daughter Flora M., now Mrs. William H. Bennett. PICTURE OF GEORGE SHANNON, APPEARS HERE. In his political affiliations Mr. Shannon is a Republican, and has served as a member of the Borough Council, as also of the board of school directors. He has been frequently solicited for other positions of trust, but has declined such distinctions. He is a director of the Sunbury and Lewistown Railroad Company. His religious associations have been in connection with the Protestant Episcopal Church, his family being worshipers at St. John's Church, of that denomination, in Norristown. THE PEOPLE'S NATIONAL BANK OF NORRISTOWN was organized September 24, 1881, with $100,000 capital. A. A. Yeakle was the first president Lewis Styer, cashier; directors, A. A. Yeakle John J. Hughes Felix F. Highly John J. Corson Issachar Johnson William Shultz Norman Egbert Isaac Wanner John E. Brecht. At the present time the capital stock is $100,000; deposits, $134,799.41; discounts, $160,639,38; value of bank property, $12,000; and the surplus fund, $4000. The present officers are: President, A. A. Yeakle Cashier, Lewis Styer Directors A. A. Yeakle William Schultz John J. Hughes William H. Slingluff Isaac Wanner Nathan Schultz John Keiser John E. Brecht Norman Egbert. THE BANK OF POTTSTOWN. -This institution was chartered August 27, 1857, under act of the General Assembly of Pennsylvania, passed on the 15th of the preceding May, and was organized September 14th following with $100,000. Businesses was commenced October 5, 1857. The officers were: President, Henry Potts Cashier, William Mintzer Teller, Daniel Price 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. The amount of deposits at the end of the first year (October 5, 1858) was $63,217.19 and the amount of the discounts $158,432.10. Henry Potts died August 31, 1861. The bank was reorganized November 22, 1864, under the National Bank Act, with a capital of $150,000. William Mintzer was elected president and served until his death, on January 26, 1867, and Daniel Price was chosen cashier. The amount of deposits at the time of reorganization was $ 290,767.92; of discounts $178,823.09; 480 and the other loans, chiefly United States bonds, reached the sum of $392,000. In 1865 the capital was increased to $200,000, and in 1868 to $300,000, and a contingent fund of $125,000 was provided during the latter year. On November 22, 1894, at the expiration of the first charter as a national bank, the capital was $300,000; contingent fund, $160,000 deposits, $584,377.24; discounts, $490,034.56; other loans, chiefly United States bonds, $669,662.50; and the real estate, furniture, etc., was valued at $14,075. The present officers are President, Daniel Price Cashier, Horace Evans Directors Daniel Price Abraham M. Stauffer Edwin Morris William Yocom George Mull Mark H. Richards Ephraim Fritz James F. Brendlinger A. D. Bechtel Notary Public, Charles Rutter. PICTURE OF WILLIAM MINTZER, APPEARS HERE. WILLIAM MINTZER. -Among the citizens of Montgomery County few have been more prominently identified with the three great departments of business-banking, merchandising and manufacturing than the late William Mintzer, of Pottstown. He was born in that place May 11, 1820, and was the son of William and Sarah Mintzer. He received his education in the schools of the neighborhood and at the academy of Joshua Hoopes, in West Chester. On leaving school he entered his father's dry goods store, where he remained until 1839, at which time that parent died and the store and property were sold. He then purchased another property on the corner of High and Hanover Streets, where he carried on the mercantile business extensively and successfully for about six years. Disposing of this concern, he embarked in the lumber business in Schuylkill County, and while thus engaged bought a large tract of land above Tamaqua in the same county. Returning to Pottstown, he established a banking business there, which he conducted for some time, until he was induced to enter the Pottstown Bank in the capacity of cashier. This position he occupied until the death of the president, Henry Potts, when he was elected to succeed him, and it is said that the Pottstown National Bank owes much of its present prosperity to the ability and judicious management he displayed as its presiding officer. In 1863 he started the large and well-known establishment, which enjoys a high reputation in the trade under the name of the Pottstown Iron-Works. 479 devoting him to a literary career. Circumstances, however, influenced this termination and developed as successful a man of business as would otherwise have adorned the field of literature. At the age of fourteen he entered a country store located at King of Prussia, in the same township, and in 1830 embarked in business with a partner, remaining thus engaged for two years, when Norristown became his home. Here he formed a copartnership with Dr. George W. Thomas, and was for seven years interested in mercantile ventures. The business of lime-burning next occupied his attention until 1846, when he sought a wider field of operation, and, in company with Mordecai R. Moore, erected a rolling-mill which still operates. In 1870 he extended his manufacturing interests by the erection of a blast furnace, and filter of a pipe-mill. In 1864 he was elected president of the First National Bank of Norristown, which office he still fills. He was also the first president of the Stony Creek Railroad. Mr. Hooven was, in 1833, married to Miss Emeline Henry, of Evansburg, Pa., whose children are: Joseph Henry Alexander Jeannette (Mrs. G. P. Denis) Mary (Mrs. John W. Schall). He was a second time married, in 1874, to Helen Cushman, of Norristown. Mr. Hooven was formerly a Whig in his political predilections and subsequently became a Republican, though never in the arena of politics. He was among the earliest advocates of the doctrine of abolition, and the stanch protector and friend of the escaped slave, who found a safe abiding place under his hospitable roof. Mr. Hooven was a delegate to the National Republican Convention in 1860, and aided by his vote in the nomination of Abraham Lincoln for the Presidency. He is a supporter of and pew-holder in the Protestant Episcopal Church of Norristown, though exercising a kindly toleration toward all religious denominations. GEORGE SHANNON. -The grandfather of Mr. Shannon was James Shannon, born in Lower Providence Township, which subsequently became a farmer in Norriton. He married Miss Elizabeth Lane, whose children were John, Samuel, William and two daughters. Samuel, whose birth occurred in Norriton April 16, 1781 and his death March 18, 1858, remained in that township during his early youth, but later removed to Norristown, where he resided until his death. He married Elizabeth Harner, of the township of Whitemarsh, born December 11, 1785, who died March 20, 1879, and had children: John James Joseph Samuel L. George Ann Rosanna. George, of this number, was born in Norristown on the fifth of November 1821, and removed when a youth with his father to Norristown, where, he received such advantages of education a were obtainable in the country at that time, and afterward attended the Norristown Academy. At once entering upon it career of business he accepted a clerkship in the Bank of Montgomery, County, and was employed for sixteen years in that capacity, when he became interested in the manufacture of linseed oil. In, January of 1864 he was appointed cashier of the First National Bank of Norristown, and is still the incumbent of that position, Mr. Shannon was, in April, 1850, married to Miss Arabella Steinmetz, daughter of William Steinmetz, of Montgomery township and county, whose children are a son Walter and a daughter Flora M., now Mrs. William H. Bennett. In his political affiliations Mr. Shannon is a Republican, and has served as a member of the Borough Council, it's also of the board of school directors. He has been frequently solicited for other positions of trust, but has declined such distinctions. He is a director of the Sunbury and Lewistown Railroad Company. His religious associations have been in connection with the Protestant Episcopal Church, his family being worshipers at St. John's Church, of that denomination, in Norristown. THE PEOPLE'S NATIONAL BANK OF NORRISTOWN was organized September 24, 1881, with $100,000 capital. A. A. Yeakle was the first president Lewis Styer, cashier; directors, A. A. Yeakle John J. Hughes Felix F. Highly John J. Corson Issachar Johnson William Shultz Norman Egbert Isaac Wanner John E. Brecht. At the present time the capital stock is $100,000; deposits, $134,799.41; discounts, $160,639,38; value of bank property, $12,000; and the surplus fund, $4000. The present officers are: President, A. A. Yeakle Cashier, Lewis Styer Directors A. A. Yeakle William Schultz John J. Hughes William H. Slingluff Isaac Wanner Nathan Schultz John Keiser John E. Brecht Norman Egbert. THE BANK OF POTTSTOWN. -This institution was chartered August 27, 1857, under act of the General Assembly of Pennsylvania, passed on the 15th of the preceding May, and was organized September 14th following with $100,000. Businesses was commenced October 5, 1857. The officers were: President, Henry Potts Cashier, William Mintzer Teller, Daniel Price 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. The amount of deposits at the end of the first year (October 5, 1858) was $63,217.19 and the amount of the discounts $158,432.10. Henry Potts died August 31, 1861. The bank was reorganized November 22, 1864, under the National Bank Act, with a capital of $150,000. William Mintzer was elected president and served until his death, on January 26, 1867, and Daniel Price was chosen cashier. The amount of deposits at the time of reorganization was $ 290,767.92; of discounts $178,823.09; 480 and the other loans, chiefly United States bonds, reached the sum of $392,000. In 1865 the capital was increased to $200,000, and in 1868 to $300,000, and a contingent fund of $125,000 was provided during the latter year. On November 22, 1894, at the expiration of the first charter as a national bank, the capital was $300,000; contingent fund, $160,000 deposits, $584,377.24; discounts, $490,034.56; other loans, chiefly United States bonds, $669,662.50; and the real estate, furniture, etc., was valued at $14,075. The present officers are President, Daniel Price Cashier, Horace Evans Directors Daniel Price Abraham M. Stauffer Edwin Morris William Yocom George Mull Mark H. Richards Ephraim Fritz James F. Brendlinger A. D. Bechtel Notary Public, Charles Rutter. PICTURE OF WILLIAM MINTZER APPEARS HERE. WILLIAM MINTZER. -Among the citizens of Montgomery County few have been more prominently identified with the three great departments of business-banking, merchandising and manufacturing than the late William Mintzer, of Pottstown. He was born in that place May 11, 1820, and was the son of William and Sarah Mintzer. He received his education in the schools of the neighborhood and at the academy of Joshua Hoopes, in West Chester. On leaving school he entered his father's dry goods store, where he remained until 1839, at which time that parent died and the store and property were sold. He then purchased another property on the corner of High and Hanover Streets, where he carried on the mercantile business extensively and successfully for about six years. Disposing of this concern, he embarked in the lumber business in Schuylkill County, and while thus engaged bought a large tract of land above Tamaqua in the same county. Returning to Pottstown, he established a banking business there, which he conducted for some time, until he was induced to enter the Pottstown Bank in the capacity of cashier. This position he occupied until the death of the president, Henry Potts, when he was elected to succeed him, and it is said that the Pottstown National Bank owes much of its present prosperity to the ability and judicious management he displayed as its presiding officer. In 1863 he started the large and well-known establishment, which enjoys a high reputation in the trade under the name of the Pottstown Iron-Works. 481 In 1841, Mr. Mintzer was married to Rebecca Evans of Chester County. He died in 1864 at the early age of forty-seven years, his wife surviving him and departing this life July 7, 1884. They were the parents of seven children, of whom three attained maturity and are now living, viz.: George E., William and Sarah (Mrs. Elliot Evans), all residing in Philadelphia. William is an attorney-at-law in that city having been admitted to practice in 1878. In politics the late Mr. Mintzer was a steady and conscientious Republican, warmly but unostentatiously supporting the principles of the party. His religious affiliation was with the Episcopal Church, and he was a benevolent, active and influential worker in its cause. Though no brilliant event characterized his career his quiet and steady course of active industry could not fail to exert a beneficial influence and to materially advance the interests of the community. PICTURE OF JOHN W. CASSELBERRY, APPEARS HERE. J. W. CASSELBERRY & Co. -J. W. Casselberry and William L. Williamson built a three-story brick building on High Street, in Pottstown, in 1868, and on the 24th of November opened a private banking-office for discount and deposit in the lower room, which was specially fitted up as a banking-office. JOHN W. CASSELBERRY. -William Casselberry, the grandfather of the subject of this biographical sketch, married Catherine Wentz, and resided at Evansburg, in Lower Providence township, Montgomery Co. Their children were Richard John Joseph Charlotte (Mrs. Christian Weber) Barbara Ann (Mrs. William Evans, of Evansburg) Rebecca (Mrs. M. L. Burr) Richard Casselberry was born on the 6th of December, 1799, at Evansburg, in Lower Providence township, and married Elizabeth, the youngest daughter of John and Catherine Miller, to whom was born children- John W. Thomas Hilary B. Dr. Jesse R. Louisa Jane (Mrs. Charles Streeper) Catherine Ann M. Burr. John W., the eldest, was born on the 1st of April, 1822, at Evansburg, and in youth removed with his father to Skippack township in the same county, where his father had purchased a farm. A second removal of the family, to Pottstown, occurred in 1831, where the subject of this biographical sketch has since resided. His education was received at the Pottstown Academy, and when yet a schoolboy he developed a predilection for speculative enterprises, the lad having been engaged thus early in the purchase and sale of cattle. These operations were varied by dealings in railroad stocks and securities until the death of his father, in 1852, when he succeeded him in the management of a tannery, which was conducted with very successful results. He was married, on the 29th of August, 1854, to Amelia, daughter of John and Mary Maltsberger, of Pottstown. Mr. Casselberry, having meanwhile become connected with the National Bank of Pottstown, as a director, relinquished his connection with the tannery in 1867, and the following year opened a private banking-house, in connection with W. L. Williamson, under the style of J. W. Casselberry & Co., in which he is still interested. He has also been, but is not at present, officially connected with other organizations. He has manifested a keen interest in the advancement of Pottstown, and has been identified with various projects which resulted in benefit to its citizens, notably in an effort to light the borough by gas, in which the cost was largely borne by him. He was an early Whig and later a Republican, but has, not participated in the various political movements of the day other than by the casting of his ballot, his rare business ability having been employed chiefly in the furtherance of his own commercial schemes. Mr. Casselberry is a member of Christ Protestant Episcopal Church of Pottstown, in which he has served as vestryman. THE FIRST NATIONAL BANK OF CONSHOHOCKEN, PA., was organized March 13, 1873, with a capital of $150,000. The officers were: 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 (1884) the officers are President, George Bullock Vice-President, Evan D. Jones Cashier, William McDermott Directors George Bullock Evan D. Jones Augustus D. Saylor Michael O'Brien William Davis Lewis A. Lukens George Sampson Samuel Pugh Hamilton Egbert. The present capital is $150,00O; deposits, $320,000; discounts, $420,000; value of real estate and bank property, $16,000. WILLIAM McDERMOTT. -William, the son of William and Mary McDermott, was born on the 1st day of September, A.D. 1825, in Upper Merion township, near the King of Prussia, Montgomery Co., Pa. His parents came from the north of Ireland, were of Scotch descent, and were brought up and adhered to the strictest tenets of the "Covenanters" Church. As a consequence, the children were all kept close to that creed, especially with reference to the observance of the Sabbath. About the year 1828 the family removed to Norristown. In the year 1837 the father contracted a cold that gradually settled upon his lungs. After a long and painful illness he fell asleep in Jesus on the 5th of May 1838, in the peaceful calmness of a soul trusting in the Saviour. The mother, left alone with a family of children, began the struggle of life. She was a woman of much more than ordinary intellect and decision of character, and ruled well her household, giving the impress of her vigorous character to her children. In the Year 1852 she died at the home of her daughter Mary, who had married Samuel Griffith, of Norristown. 482 After doing the little a boy could do in these early days, William, when fourteen years of age, took the contract for keeping up the fires in the small school-house of that district, in the borough of Norristown. PICTURE OF WILLIAM McDERMOTT, APPEARS HERE. In 1839 he engaged as clerk for James Hagar, of Norristown, and remained until the financial crisis of 1841, when, at the failure of Hagar, he sought other employment, and he was carrier for "The Truth," a newspaper of the town. September, 1843, he entered into the printing office of the "Norristown Herald" owned by Robert Iredell, the present postmaster, and soon assumed charge of the office, remaining with Mr. Iredell until 1849. A year was spent as printer in the office of the "Montgomery Watchman," a Democratic paper, afterwards sold to and merged into the "Norristown Register." While learning the "are preservative of all arts" he became a Whig, and, later embraced the principles of the Republican party, to which he has ever since been attached. 483 In the year 1850, after working at the "case" until the hour at which the Bank of Montgomery County (the only bank at that time in the county) opened its doors, he washed the printers' ink from his hands, and began the business of a banker as clerk and watchman, sleeping in the banking-room. Soon after he was promoted to the position of teller, performing the duties of paying and receiving teller. Here he continued until January, 1873, when, on leaving the Montgomery Bank, he organized and prepared for business the First National Bank of Conshohocken, Pa., as its cashier, which position he still fills, having had a continuous banking experience since May, 1850, under the old State system of banking as well as under the present National Bank Act. After acquiring this practical knowledge he is convinced that the present system is the very best the State or nation can have, and should certainly be perpetuated. Mr. McDermott has held the office of school director and served in the Town Council of the borough of Conshohocken. While learning his trade as a printer he wrote for the "Olive Branch," a temperance paper, published at Doylestown and afterwards at Norristown, having been a temperance adherent from his youth. He was probably the first newspaper reporter in the county, reporting lectures and gathering news under the heading of "Town Chips" with the signature of "Vidi." He has been a contributor since his apprenticeship to the newspapers and for about fifteen years was a correspondent of the "Montgomery Ledger," Pottstown, over the name of "Excelsior." During the war, while Colonel Edwin Schall was absent on duty in the field, Mr. McDermott edited the "National Defender," making it while under his control a strong and popular journal. Later he was the editor of "The Independent," published in Norristown. All this labor was performed after the hours of his duties as a printer and teller were over. He has been for about twenty-seven years secretary of the Norristown Library. While in Norristown, in addition to the duties of a teller, he was treasurer of three building and loan associations and secretary of the Norristown Insurance and Water Company. He prepared a sketch for the Montgomery Historical Association on the banking operations of the county, and, at the request of the Montgomery County Sunday-School Association, a "Review of the Sunday-school work for the past quarter of a century." During a great revival in the year 1843 he, with more than one hundred others, united with the First Presbyterian Church of Norristown, under the pastorate of Rev. Samuel H. Gould, and at once took an active part in church work, particularly that of the Sabbath-school. A scholarship was secured for him to receive a college education at Easton, but his health did not admit of the necessary application. In June 1855, he was elected and entered upon his duties as superintendent of the Sabbath-school of the First Church. A division taking place, the same year he joined most heartily with those who left that church and subsequently organized the Central Presbyterian Church of Norristown. In the year 1855 he was elected an elder of this church, and still retains that Office, now being the senior elder. In this capacity he has almost yearly attended the Presbytery or Synod as representative, and in 1881 was delegate from the Philadelphia Presbytery North to the General Assembly meeting that year at Buffalo. He remained superintendent of the Central Sabbath-school until 1873, the year of his removal to Conshohocken, where he was chosen the superintendent of the school of the Presbyterian Church at that place which position he still holds. He was also clerk of the Session of the Central until he left Norristown. As temperance he has frequently been delegated to conventions in connection with the cause. Although never possessing a vigorous constitution, Mr. McDermott's life has been a most active one, compelled to it from the necessity of the case and the struggle for "bread". After these years of toil it is well to know that necessity is often a valuable stimulant and that with the blessing of Heaven and the prayers and benedictions of a Christian father and pious and affectionate mother we may all fill our niche in life usefully. THE TRADESMEN'S NATIONAL BANK OF CONSHOHOCKEN was organized February 1, 1882, with a capital stock of $100,000 and a surplus fund of $10,500. The institution commenced business May 20, 1882, with the following officers: President, John Wood Vice-President and Cashier, William Henry Cresson The present Directors are: John Wood William Henry Cresson John A. Righter B. Brooke Adams Jawood Lukens George Corson George W. Wood Franklin Dundore Daniel H. Kent The present capital is $100,000; surplus fund, $10,500; deposits, $172,887.58; loans and discounts, $228,850.32; and the value of bank property $9000. THE JENKINTOWN NATIONAL BANK OF JENKINTOWN was chartered April 17, 1875, with a capital of $50,000, increased July 11, 1876, by the amount of $20,000, and upon March 13, 1884, by $30,000, making the total present capital $100,000. The first officers were: 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 Charles Hewit Jacob P. Tyson Thomas T. Mather John J. C. Harvey The deposits at the close of the first year were $47,301.46; discounts, $70,598.88. The first building occupied was the Masonic Hall building. The bank was removed into the present building March 13, 1880. 484 The deposits September 30, 1884, were $141,285.68 loans and discounts, $185,364.13; surplus fund, $11,000; and the value of real estate, furniture and fixtures, $15,000. The present officers are: 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 Hutchinson Smith Edward Mather Joseph A. Shoemaker C. Mather has acted as notary public for this bank. PICTURE OF SAMUEL W. NOBLE, APPEARS HERE. SAMUEL W. NOBLE. -William Noble and his wife, Frances, the progenitors of the Noble family, were residents of Bristol, England, and suffered persecution for their religious faith, that of the Society of Friends. Their son Abel, in 1684, when not yet twenty-one years of age, came to America and settled in Philadelphia, where he was apprenticed to the trade of a cooper. He subsequently acquired an extensive tract of land in Bucks County, on the borders of Montgomery County, Pa. Among his children was Joseph, the great- grandfather of the subject of this biography who married Mary, daughter of Samuel and Elizabeth Lovett Smith, the former having been one of four brothers who, on their emigration from England, settled in Burlington County, N. J., and founded the city of Burlington. They are known as the "Burlington Smiths," and were owners of the ground on which the city stands, as also of much valuable property lying adjacent. The two surviving children of Joseph and Mary Noble were Samuel and Mary (Mrs. Samuel Wetherell), of Burlington. Samuel married Lydia, daughter of Isaac Cooper, of New Jersey, in 1746. Their children were eight in number, the survivors being Hannah (Mrs. William Norton) Samuel Richard Samuel was born October 4, 1766, and married, in 1792, Elizabeth, daughter of Robert Tompkins, of Philadelphia. Their surviving children are Joseph, born in 1799, who died in 1854 Charles, M.D., born in 1801 whose death occurred in 1873; Lydia (Mrs. Thomas Longstreth), who was born in 1803 and died in 1876. Samuel Noble married a second time, in 1817 Sarah, daughter of Samuel Webster, of New Jersey, whose children are Samuel W. Richard Samuel W. was born on the 15th of August, 1818, in Philadelphia, his father having been at that time engaged in that city in the business of tanning and currying. Here he resided until seventeen years of age, meanwhile attending school and acquiring a substantial English education. Having developed an early fondness for the pursuits of an agriculturist, he removed to a farm in the suburbs, and acquired a practical knowledge of the various branches of farm labor, removing in 1839 to the farm, in Abington township, now his home, which his father had purchased. He was, on the 30th of October 1844, married to Elizabeth H., daughter of John and Martha I. Mather, of Cheltenham Township. Their children are Henry A., born in 1845, now a resident of Philadelphia Sarah, deceased John M., born in 1848 deceased Samuel, born in 1849 who resides in Abington Clara, deceased Howard, born in 1852 also of, Abington Lydia L., deceased Franklin, whose birth occurred in 1855 now of Philadelphia Thomas L., born in 1857, of Abington Charles M., born in 1859, also of Abington Mary T., born in 1861 Anna, in 1862 Elizabeth, deceased Samuel W. Noble has engaged in no other pursuits than those pertaining to farming and horticulture during his active life. He has devoted much attention to the study of the latter, and filled for many years the office of vice-president of the Pennsylvania Horticultural Society. He held the same official relation to the Pennsylvania State Horticultural Society, formerly known as the Fruit-Growers Society of Eastern Pennsylvania. Mr. Noble was, in 1875, elected president of the Jenkintown National Bank, of which he was one of the incorporators, and has thus far been the only incumbent of that office. He is secretary and treasurer of the Cheltenham and Willow Grove Turnpike Company and was formerly president of the Union Mutual Fire Insurance Company of Montgomery County, of which he is now a director. He has been for forty years treasurer of the Abington Library, an institution that has enjoyed a successful career since its organization, in 1804. In nearly every enterprise tending to advance the best interests of the township and the moral and material good of its citizens Mr. Noble has been an influential factor. His political sentiments are those of the Republican Party though he has invariably declined to hold official relations with the party. The family connection with the Society of Friends as birthright members may be traced through six generations, his immediate family being identified with the Abington Meeting. FIRST NATIONAL BANK OF AMBLER. -The credit of organizing this institution is mainly due to its president, Benjamin P. Wertsner, and William M. Singerly, as both gentlemen firmly believed in the necessity of such an institution to aid the future growth of Ambler and relieve the vicinity from the inconvenience of traveling several miles to do its banking business. The bank was organized July 11, 1884, having a subscription list of sixty-six stockholders, with capital stock amounting to $55,000. The bank first started business in the Misses Knight's school-room, on August 2,1884, with $42,910 paid on account of the capital stock, and at the close of the first day's business the depositors' accounts showed a balance of $2648.98. The bank building, now, nearly completed, will cost about $5500. The officers and directors are as follows: President, Benjamin P. Wertsner Vice-President, George K. Knight Cashier, John J. Houghton Directors David J. Ambler Joseph Haywood William C. Potts Thomas Atkinson Adam Hoover George K. Knight Benjamin P. Wertsner Allen Berkhimer Aaron Styer T. B. Geatrell Samuel Van Winkle H. C. Biddle Benjamin K. Johnson. 485 On November 10, 1884, the capital stock paid in amounted to $53,530, the loans and discounts to $29,430.24, the circulation outstanding to $27,000, and the individual deposits subject to check $39,458.09. BENJAMIN P. WERTSNER, son of George and Hester Wertsner, was born in Norristown, Montgomery Co., Pa. September 21, 1829. In 1833 his father removed from Norristown to Whitpain Township and occupied what was known as the Weston grist-mill, and in 1845 purchased eighty-five acres of land then almost a wilderness, and known at that time as part of Dawsfield farm, now owned and occupied by his son, Benjamin P. Wertsner. PICTURE OF BENJ. P. WERTSNER, APPEARS HERE. At the age of seventeen years young Wertsner was placed upon the plantation to look after, care for and manage the cultivation of crops, and to have an oversight of the farming business generally, he having a natural as well as an acquired taste for agricultural pursuits, the care of stock and the disbursing of funds received from the proceeds of the farm. How well he has thus far managed the affairs of the old wilderness plantation is seen in the well laid out and thoroughly cultivated fields that have been by his skillful management transformed from a wilderness waste to the beauty and richness of a delicately and artistically cultivated garden spot. The horticultural department of the farm has been carefully attended to by Mr. Wertsner, who has with his own hands planted and grafted a large variety of the choicest fruits. The large and commodious farm barn was erected in 1845, and the farm-house, if it might be dignified by that title, gave place in 1879 to the present palatial mansion, in which are all the modern conveniences requisite to make home beautiful, pleasant and comfortable, making one of the most beautiful and attractive residences to be found in Montgomery County. The place is now known as "Evergreen Farm." Mr. Wertsner's father, George Wertsner, was one of the active, honest, upright citizens of his day, and while he lived was highly honored by his fellow-citizens, and as a mark of their respect for his many virtues elected him a member of the State Legislature, where he served in the sessions of 1846-47. He died several years since, respected by all who knew 486 him. His widow still survives at the ripe old age of eighty-four, and is a resident of Norristown. Benjamin F. Wertsner was married to Mary, second daughter of General John E. Gross, of Trappe, Pa. The result of this reunion has been one daughter, Bertha, now a finely educated young lady, residing with her parents. The father of Mrs. Wertsner, General Gross, took an active part in the war of 1812, and was an officer of the American army, and subsequently a member of the State Legislature. He died in 1870, leaving a widow, who still survives the weight of four score years and more. Mrs. Wertsner's grandfather was a member of the Continental Congress. Since Mr. Wertsner has been in active business life he has been honored by his fellow-citizens with various positions of honor and responsibility, among which may be mentioned guardian and trustee of several estates; treasurer of the Ambler Building and Loan Association since its organization, in 1874; treasurer of the Plymouth Valley Creamery Association since its organization in 1881; treasurer of Whitpain Library Company; treasurer of Cold Point Grange since its organization in 1875; and on July 15, 1884, at the organization, of the First National Bank of Ambler, was elected president of that institution, which position he still occupies with honor to himself and profit to the stockholders and patrons. THE FIRST NATIONAL BANK OF LANSDALE. -This bank was organized April 6,1864, with a capital of $50,000, and began business on June 16th, the same year. The officers were: President, John Y. Jenkins Cashier, Charles 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. The bank now has a capital of $100,000 and property valued at $10,000. The discounts on October 1, 1884, amounted to $185,881.05 and the deposits to $192,553.51, while the surplus fund was $35,000. The present officers are: President, Elias K. Freed Vice-President, A. C. Godshall Cashier, C. S. Jenkins Teller, 0. M. Evans Clerks, Sylvester Jenkins, Horace E. Jenkins Directors Elias K. Freed A. C. Godshall Jacob H. Clemens Andrew Anders J. C. Hendricks David Cassel Joseph Swartley. THE NATIONAL BANK OF SCHWENKVILLE was organized April 14, 1874, with $50,000 capital, the officers being President Jacob G Schwenk Cashier, John G. Prizer Directors Jacob G Schwenk George W. Steiner H. W. Kratz, Esq. Albert Bromer Philip Prizer J. Warren Waltz Isaac S. Bauman At the present time (November 1, 1884) the capital is $100,00; deposits, $263,521.46; loans and discounts $270,935.04; and surplus fund, $34,000 Following are the present officers: President, Jacob G. Schwenk Cashier, John G. Prizer Directors Jacob G. 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 Noah D. Frank THE HATBORO' NATIONAL BANK. -At the time of organization, May 4, 1875, had a capital of $65,000, and the value of bank property was $9000. The officers were: 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 (Nov. 1, 1884) the capital is $52,000; deposits, $180,534.72; discounts, $127,007.63; surplus and undivided profits, $12,884.48; value of bank property, $8500. The present officers are I. Newton Evans, president James Van Horn, cashier Directors I. Newton Evans G. J. Mitchell Joseph Barnsley George S. Teas I. P. Hellings S. S. Thompson Charles S. Rorer Comly Hampton William C Newport. THE PERKIOMEN NATIONAL BANK (East Greenville), at the time of organization (September 27, 1875) had a capital of $100,000. The first officers were: President, Michael Alderfer Cashier, John N. Jacobs Directors Michael Alderfer John N. Jacobs John G. Hillegass S. K. Barndt Jacob Van Buskirk M. A. Kratz, J. N. Klein Daniel Clevell Isaac L. Bauman David G. Clemmer Henry Kulp Levi Fetterman. November 1, 1884, the deposits were $324,782.17; discounts, $443,496.93; value of banking-house and fixtures, $10,000. Following are the officers now holding place: Michael Alderfer, president John N. Jacobs, cashier Directors Michael Alderfer, Lederachville, Pa. John N. Jacobs, East Greenville. Pa David G. Clemmer, Clayton, Pa John G. Hillgass, Pennsburg, Pa Jacob Van Buskirk, Steinsburg, Pa. Isaac L. Bauman, Balley, Pa. Jacob W. Klein, Kleins, Pa. Solomon K. Barndt, Alburtis, Pa. Levi Fetterman, Vera Cruz, Pa. Jacob K. Harley, Harleysville, Pa. Michael A. Kratz, Green Lane, Pa. Irwin M Stetler, Frederick, Pa. THE FARMER'S NATIONAL BANK OF PENNSBURG was organized May 6, 1876, with a capital of.$50,600. The officers first holding place was: President, William F. Reed Cashier, A. F. Day Directors William F. Reed Richard Markley Jonathan P. Hillgass Jesse Gery Charles T. Waage, M.D. Daniel C. Stauffer Tobias S. Reiff George Deisher William C. Radenbush At present time (1884) the capital is $75,000; deposits, $80,311.56; discounts, $141,603.85; and the value of bank property $2500. The present officers are: President, Edwin M. Benner Cashier, James M. Slifer Teller, William T. Day Directors E. M. Benner J. P. Hillegass Richard Markley Jesse Gery T. S. Reiff A. S. Wagner D. D. Stauffer Thomas Berndt B. F. Leidy succeeded James M. Slifer as cashier December 6, 1884. 487 THE UNION NATIONAL BANK OF SOUDERTON at the time of organization, May 12, 1876, had a capital of $90,000. The first officers were: 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, Charles Godshall, M. B. Bergey, John S. Moyer. On November 1, 1884, the amount of capital was $90,000; deposits, $118,424.69; discounts, $168.670.22; value of bank property, $4600; amount of surplus funds, $19,000. The present officers are: President, Isaac G. Gerhart Cashier, J. C. Landes Directors I. G. Gerhart Abraham Sorver James S. Ruth E. H. Souder I. H. Royer J. B. Moyer I. G. Metz Augustus Thomas Charles Souder. BUILDING AND LOAN ASSOCIATIONS. -No review of the financial institutions of the county would approximate completeness without reference to the operations of building and loan associations, or as they are now called, saving-fund, building and loan associations. Although of comparatively recent origin, they have been, and are now, important factors in accumulating the surplus earnings of the industrial classes. Within the last forty years fifty-two associations have been chartered in this county. The maximum capital accumulated for final distribution among the stockholders of each of these associations, upon the basis of their chartered privileges, would be four hundred thousand dollars, or two thousand shares at a par value of two hundred dollars each. It is probable, however, that all have not reached their greatest possible usefulness. We assume that each has sold one thousand shares at a par value of two hundred dollars per share, representing an aggregate of surplus earnings amounting to ten million four hundred thousand dollars. These associations are largely composed of persons of limited means, with no other resource, than their daily labor. Monthly payments of one dollar per share on their stock forms a certain fund for investment, which is at the disposal of the members. Payments made with punctuality for a few years give value to the stock and substantial credit to the member, who can generally borrow from the association the par value of his stock and with it purchase real estate, the value of which is deemed sufficient, when mortgaged to amply secure the association for the loan. Under this system of utilizing the earnings of well paid skilled labor over the actual cost of living, hundreds and thousands of comfortable homes have been bought and paid for, habits of economy and frugality have been fostered, and the condition of the working-class greatly improved. If the stock value of these fifty-two associations be as stated, ten million four hundred thousand dollars, and this money has gone into improved real estate, it would have a purchasing power equal to six thousand nine hundred and thirty-three homes, at a cost of fifteen hundred dollars each. These are substantial dividends, and contribute more permanently to the taxable wealth of the county than those paid upon bank, railroad and other corporation stocks. The business of these associations is conducted by a board of directors and officers, who are elected annually by the stockholders, and it is due to them to say that these corporations have been managed with excellent judgment and great fidelity. The annexed list of associations will serve to show the date of their institution in the county and their distribution in centres of population: Conshohocken, Sept. 20, 1851 Montgomery, May 13, 1852 Norristown, May 20, 1852 Mechanics', Nov. 8, 1852 Union, May 16, 1853 Harmony, No. 1 May 16, 1853 Workingmen's, May 15, 1854 The Mechanics', May 21, 1855 Cheltenham, Aug. 30, 1859 Washington, May 21,1861 Harmony, No. 2, Aug. 17, 1864 Ironworkers, Feb. 27, 1866 The National, May 21, 1866 Enterprise, May 20, 1867 Lansdale, May 20, 1867 North Wales, May 20, 1867 Hatboro', May 21, 1867 First National, May 22, 1867 Pencoyd, Nov. 11, 1867 Penn, Feb. 24, 1868 Union, May 21, 1868 Upper and Lower Providence, Aug. 17, 1868 Second National, Aug. 19, 1868 William Penn, Nov. 9, 1868 Horsham, May 17, 1869 Gwynedd, May 18, 1869 Fort Washington, May 18, 1869 Laborers', Nov. 8, 1869 Merion, Nov. 8, 1869 Perseverance, Nov. 9, 1869 Fame, May 16, 1870 Weldon Aug. 15, 1870 Abington, Nov, 14, 1870 Edge Hill, Nov. 14, 1870 Huntingdon Perpetual, Aug. 21, 1871 Mutual, Aug. 21, 1871 Flourtown, Nov. 13, 1871 Third National, Nov. 13, 1871 Enterprise, May 20, 1872 Lower Merion, May 90, 1872 Gulf Mutual, May 28, 1872 Excelsior, Aug. 19, 1872 Madison, Feb. 24, 1871 Telford, May 20, 1871 Prospectville, Aug. 18, 1873 Spring Mill, Aug. 18, 1873 First National, Oct 2, 1874 Harmony, April 15, 1876 Wm. B. Rambo, Sept. 21, 1878 Rising Sun, Sept. 17, 1878 Star Loan, April 26, 1880 Geo. McFarland, April 17, 1881. INSURANCE. -Following is a list of the mutual fire and storm insurance companies incorporated and doing business in Montgomery County: The Mutual Fire Insurance Company of Montgomery County, chartered March 1, 1841; Line Lexington Fire Insurance Company, chartered April 3,1863; Union Mutual Fire and Storm Insurance Company, chartered March 30,1866; the Schuylkill Valley Mutual Fire Insurance Company of Norristown, chartered April 11, 1866; Perkiomen Mutual Fire Insurance Company, chartered May 30, 1871; North Penn Fire Insurance Company, chartered May 20, 1873; New Hanover Mutual Fire Insurance Company, charter January 30, 1882; Berks and Montgomery Mutual Storm and Insurance Company, chartered January 30, 1882. The estimate value of property insured by the foregoing companies is sixty million dollars. [NOTE: A very large amount of property in Montgomery County is insured in perpetual and foreign insurance companies.]