The City Of Chester.

bold, who were members, did not attend. At this meeting John Newbold was elected president pro tempore, and a committee, consisting of Engle, Hoskins, and Sharpless was appointed to ascertain what would be necessary, and the probable cost "of making Jonas Sharpless' house fit for the use of the bank and for the family of the cashier," and Hoskins and Eyre were appointed on behalf of the bank to enter into a contract for the purchase of Sharpless' house at a price not exceeding three thousand dollars. This house was located on one of the corners of Market Square. On Sept. 5, 1814, Preston Eyre, who at the time owned the house and kept a general country store in the building now the property of Thomas Moore, on Third Street, at present occupied by Browning & Co. as a clothing store, was elected cashier pro tempore. The committee appointed to purchase Sharpless' house on October 3d reported that a defect had been discovered in the title of that property, and they were instructed to ascertain whether such blur could be removed, but on the 31st of the same month they reported that "the defect in title cannot be remedied." Hence, on November 7th, it was ascertained that a dwelling and lot near the market-house, belonging to Elizabeth Pedrick, could be bought for eighteen hundred dollars, and a committee was appointed to contract for the purchase of the property and to have the title examined.

This house occupied the site of the present bank building. It was a frame structure, which stood on an eminence, steps leading up to the porch, and where the Chester National Bank stands a large gate opened to the lot, through which cattle were driven to pasture in the field surrounding the house. At that time the dwelling was occupied by two aged spinsters, named Springer, who, kept a cake- and candy-shop there. In the mean while Preston Eyre, who had been elected, on November 28th, permanent cashier, at a salary of six hundred dollars per annum, agreed to allow the use of the front room of his house on Third Street to the bank, he being paid one hundred and fifty dollars a year as rent for that apartment and a small frame building adjoining it. The contract, however, stipulated that Eyre should find the fuel and candles for the bank without further compensation and "with liberty given to the directors to leave the contract when they see proper." Joseph Engle and Peter Deshong were at the same meeting instructed to make such alterations to the house of the cashier "as will accommodate this bank for a temporary purpose."

On Nov. 28, 1814, the first regular board of directors was elected, consisting of John Newbold, Jonas Eyre, Samuel Anderson, Peter Deshong, John G. Hoskins, Thomas Robinson, George G. Leiper, Jonas Preston, Charles Rogers, Joseph Engle, Pierce Crosby, John Cowgill, and Nimrod Maxwell. The same day John Newbold was chosen president of the bank. On the 26th of December the agreement to purchase the lot of Elizabeth Pedrick was entered into, and the bank not having perfected its plans for a building, determined, as a precautionary measure, to rent the property for the time being, and it was rented by Capt. Robinson. On March 10, 1815, the committee to prepare plans submitted their report, in which they stated that the banking-house, which would be of brick, ought to be located in that part of the lot which fronted on Market Street and the public square. The suggestions were accepted, and Pierce Crosby, Joseph Engle, Jonas Eyre, John G. Hoskins, and George G. Leiper appointed the building committee. On March 16, 1815, they were instructed, if they could get possession of the property rented to Robinson - who in the mean while had resigned from the board, - to take the house down and use the materials in it to the best advantage.

At this time the position of president was purely one of honor, no salary being attached to the office, but the board of directors at the conclusion of the year would appropriate such sum as they thought the services were worth, and liberality was certainly not strikingly displayed in the amount tendered. On May 1, 1815, at the close of the first six months, a dividend of five per cent. was declared, and on November 6th of the same year a similar amount was payable to the stockholders, that being the showing of the first year of business. During that year John Cowgill and John Newbold resigned as directors, and Jonathan Pennell and John McIlvain took their places in the board. In the mean while the bank building had progressed so that on Nov. 20, 1815, business was for the first time conducted in that structure, and on the 27th of the same month the dwelling was ready for occupancy by the cashier. On that day the latter's salary was increased to nine hundred dollars; he was also instructed to occupy the dwelling part of the bank rent free, and was, in addition, allowed forty dollars per annum "for supplying hickory wood for the bank." The building, torn down in 1882, appears to have cost, inclusive of the land, $10,354.34. Early in that year William Graham had been elected solicitor of the bank at an annual salary of fifty dollars.

The business of the institution had so increased that on Feb. 19, 1816, Peter Hill was appointed bookkeeper, "it having become necessary for an officer to be appointed to keep the books of the bank and in other respects to assist the cashier in performing the ordinary duties of banking," at an annual salary of seven hundred dollars. It seems that in the early part of this century the banks were obliged to keep open on holidays, for on Monday, Dec. 25, 1820, it was recorded, "Being Christmas, no business was done in the bank," and during the terrible depression of 1821 the general uncertainty of business is shown by the following statement, under date of September 21st: "No notes discounted this day nor money loaned." On Feb. 17, 1823, the first watchman, John Kelley, was employed at the rate of one hundred dol-