Merchants’ Exchange Building, Philadelphia, Pennsylvania

The Merchants’ Exchange Building, seen from the corner of Walnut and South Third Streets in Philadelphia in 1898. Image courtesy of the Library Company of Philadelphia, John C. Bullock Lantern Slide Collection.

The scene in 2019:

The Merchants’ Exchange Building is an important architectural landmark in Philadelphia, and it is also significant for having been the financial center of the city for many years. It was completed in 1834 as the first permanent home of what would become the Philadelphia Stock Exchange. Prior to this time, brokers and merchants met in a variety of coffee houses and taverns. However, by 1831 the city’s business leaders had recognized the need for a permanent, central location for a stock exchange, and began planning such a building.

The Exchange was designed by prominent Philadelphia architect William Strickland, who was heavily inspired by classical Greek architecture. The shape of the lot also contributed to the building’s design; although most of Philadelphia features a rectangular street grid, the Exchange was built on a triangular lot that was created by the diagonally-running Dock Street. As a result, the two main facades of the building are very different. Here at the west end of the building on Third Street, it has a fairly standard Greek Revival exterior, with Corinthian columns supporting a triangular pediment. However, on the east side of the building, facing Dock Street, Strickland designed an elaborate semi-circular columned facade that was topped by a tower. This tower, which is partially visible in the upper right corner of the 2019 photo, was inspired by the Choragic Monument of Lysicrates in Athens, which dates back to the fourth century B. C.

The cornerstone of the building was laid on February 22, 1832, on the one hundredth anniversary of George Washington’s birth. It was completed two years later, opening to the public in March 1834. A contemporary article in the Philadelphia Inquirer, republished from Bicknell’s Reporter, provides the following description:

It is built entirely of marble— occupies ninety-five feet front on Third street, and one hundred and fifty feet on Walnut. The basement story is fifteen feet high, and has twelve doorways on the Third Street front and flanks. The largest room in the lower floor, which is 74 by 36 feet, is occupied as the Philadelphia Post Office, at the west end of which is a hall or passage, designed for the shelter of persons while receiving or delivering letters. Beyond this hall to the west, and fronting Third street, is a large and commodious room, which has been fitted up as a Coffee Room, is now in the occupancy of Mr. J. Kerrison, a gentleman every way qualified to conduct a respectable establishment of the kind. South of the Post Office and the Coffee Room, is a large passage which runs from Dock to Third street, and further south again, a number of offices; which are to be occupied generally as Exchange and Insurance Offices. They open upon Walnut and Dock streets. No. 2 of this range will be occupied by the proprietor of this paper, as a Stock, Exchange and Publication Office.

Proceeding up stairs, the large Exchange Room, capable of containing several thousand persons, first arrests attention. It occupies an area of 83 superficial feet, fronts east, and extends across the whole building. The reading Room is oa [sic] the second floor, immediately over the Post Office, and is nearly of equal capacity. It is fitted up in the most appropriate manner, and is under the charge of Joseph M. Sanderson, Esq. assisted by Mr. J. Coffee. Both gentlemen are well know to our citizens, and are alike respected for urbanity of manner, intelligence, and attention to the duties entrusted to their care. Both have for several years been connected with the Merchants’ Coffee House of this city, Mr. Sanderson as Principal and Lessee of that establishment, and nothing can more fully show the estimation in which he is held by the Merchants than the fact of his unanimous election to the New Exchange.

The attic story is of the same height as the basement, 15 feet, contains six large rooms; the roof is of copper, and the ornaments on the semicircular portion over the front colonnade are very beautiful.

The building went on to serve as the city’s stock exchange for more than 40 years, in addition to housing other tenants such as the post office. However, in 1876 the stock exchange moved to the Girard Bank, located less than a hundred yards north of the Merchants’ Exchange on the opposite side of Third Street. This building was the home of the stock exchange until 1888, when it relocated to the Drexel Building a few blocks away. In a somewhat surprising move, though, the stock exchange then returned here to the Merchants’ Exchange at the turn of the 20th century, shortly after the first photo was taken. It remained here until 1913, when it moved into a new building at 1411 Walnut Street, near the corner of Market Street.

The Merchants’ Exchange Building was ultimately acquired by the National Park Service as part of the Independence National Historical Park. Although many other historic buildings within the park’s boundaries were demolished during this time, this building was preserved and restored, and it is now used as the park headquarters. It stands as the only surviving building in this scene from the first photo, and in 2001 it was designated as a National Historic Landmark because of its historical and architectural significance.

Chestnut Street Theatre, Philadelphia, Pennsylvania

The Chestnut Street Theatre on the north side of Chestnut Street, just west of Sixth Street in Philadelphia, on April 30, 1855. Image courtesy of the Library Company of Philadelphia, James McClees Philadelphia Photograph Collection.

The scene in 2019:

During the colonial era, theater was not a significant part of American culture, particularly in the northern and middle colonies. In New England, the Puritans saw plays and acting as immoral, and here in Philadelphia the Quakers similarly disapproved, believing that going to theaters was a frivolous use of time and money. Some colonies, including Pennsylvania, even outlawed plays. However, this trend began to change after the American Revolution, and one of the first purpose-built theaters in the country was the Chestnut Street Theatre, which opened here in 1794. 

At the time, Philadelphia was the capital city of both the United States and Pennsylvania, and the theater was located in the midst of these governmental buildings. The national capitol, Congress Hall, was diagonally across the street from the theater, and just beyond Congress Hall was Independence Hall, the seat of the state government. The Supreme Court met in a building on the other side of Independence Hall, and a block to the north of the theater was the President’s House, home of George Washington and later John Adams.

The original Chestnut Street Theatre burned in 1820, but it was rebuilt two years later. This new building, which is shown here in the first photo, was designed by prominent Philadelphia architect William Strickland, who was responsible for many important buildings in the city during the early 19th century. On the exterior, the theater featured classically-inspired elements such as the arched entryways on the ground level and the four columns on the upper floor. The columns were flanked by a pair of statues, representing Tragedy and Comedy, that were carved by sculptor William Rush. The interior of the theater featured three rows of boxes arranged in a semi-circle around the stage, and it could accommodate around 2,000 people. It was built with fire safety in mind, including large stairways and multiple exits with outward-swinging doors, and it was said that a full crowd could evacuate the building in under three minutes.

The theater opened on December 2, 1822, and the occasion was marked by the reading of a letter from poet Charles Sprague, followed by a performance of the comedy The School for Scandal. Several days later, the National Gazette reported on it, observing that it opened “to a crowded, brilliant and good humoured house. The spectators and the actors appeared to be in the best spirits and both performed their respective parts in the best manner.” The article went on to say that “Everything went on and off swimmingly and satisfactorily” and that “Several gentlemen who had been abroad, and some foreigners, were heard to say that the Theatre was the prettiest they had ever seen.”

The new Chestnut Street Theatre, which came to be known as “Old Drury,” remained a popular venue for plays and concerts throughout the first half of the 19th century. During this time, perhaps the most famous performer was Jenny Lind, a Swedish opera singer who toured America from 1850 to 1852. The tour was organized by P. T. Barnum, who used his showman skills to generate fanfare for her performances. She arrived in New York in September 1850, and a month later she came to Philadelphia, where her first performance in the city occurred here at the Chestnut Street Theatre on October 17. In order to meet the anticipated demand, the tickets were auctioned off. The first one sold for the astronomical price of $625, equivalent to around $20,000 today, but prices quickly dropped for the subsequent tickets. The second one sold for just $15, and before long they were selling for under $10. In the end, about 1,700 tickets were sold at the auction, at an average of $7 each.

The day after the concert, the Philadelphia Inquirer published an account of the event, including a description of the crowd inside the theater:

A more brilliant audience never assembled within its walls, and this is saying a great deal, for “Old Drury” ranked for many years as the very temple of taste, fashion, dramatic and musical triumph. The spectacle was, indeed, fairy-like. The splendid dresses, the bright eyes, the flushed cheeks, the eager expectation depicted on every countenance, the brilliant gas-lights, and the whisperings and buzzings of many voices, served to produce an unwonted excitement; and thus, long before the hour for the commencement of the entertainment, the blood seemed to flow more rapidly through the veins, even of the most passionless.

The excitement of this event notwithstanding, by the 1850s the Chestnut Street Theatre was past its prime. Its location was no longer as desirable as it had once been, and the building was considered too small by this point. The first photo was taken on April 30, 1855, a day before its final performance, as indicated by the playbills at the main entrance, which indicate that it will be the “last night but one” for the old theater. That evening’s entertainment consisted of the burletta The Loan of a Lover, followed by the comedy Faint Heart Never Won Fair Lady and the drama Sixteen String Jack. The leading performer was 21-year-old Philadelphia native Julia Daly, whose name appears prominently on the playbills. According to newspaper advertisements, admission started at 12.5 cents for the gallery. General admission was 25 cents, and reserved seats for 37.5 cents. Orchestra and private box seating was 50 cents, and the “Colored Gallery” was 25 cents.

Somewhat more ominously than the playbills, the first photo also includes several visible posters advertising for the public sale that would take place on May 2, the day after the final performance. The sale would include the theater’s scenery, wardrobe, machinery, and other items, along with building materials such as doors, windows, rafters, roofing, and even the marble facade. This included the four marble columns, which sold for $25 each.

The theater was demolished soon after the sale, and it was replaced by a commercial building. All of the other buildings in the first photo have since been demolished as well, and the site of the theater is now a bank, which was built in 1965. It was originally the First Pennsylvania Bank, but after a series of mergers it is now a Wells Fargo branch. Further in the distance, on the other side of Sixth Street, is part of the Independence National Historical Park, and just out of view on the far right is Congress Hall and Independence Hall.

Second Bank of the United States, Philadelphia, Pennsylvania

The former Second Bank of the United States, on Chestnut Street in Philadelphia, around 1900-1906. Image courtesy of the Library of Congress, Detroit Publishing Company Collection.

The building in 2019:

The establishment of a national bank was one of the most controversial economic matters in the early years of the United States government, pitting Federalists such as Alexander Hamilton against Democratic-Republicans such as Thomas Jefferson. The Federalists, who generally represented urban and northern interests, favored a strong central government in order to promote trade and industry, while the Democratic-Republicans, who were primarily southern and rural, saw such a government as a threat, instead preferring a decentralized, agrarian-based economy.

Over the objections of prominent figures such as Thomas Jefferson and James Madison, the First Bank of the United States was established in 1791. At the time, the national capital was here in Philadelphia, with Congress meeting in Congress Hall, adjacent to Independence Hall. As a result, the bank was also headquartered in Philadelphia, where it operated out of Carpenters’ Hall until 1797, when a new bank building was completed nearby on South Third Street. The national government subsequently relocated to Washington, D.C. in 1800, but the bank remained in Philadelphia, and it continued to operate until 1811, when its twenty-year charter expired and Congress declined to renew it.

The country was without a national bank for the next five years, but in 1816 Congress authorized a new bank, the Second Bank of the United States. Ironically, this legislation was signed into law by President James Madison, who had come to recognize the need for a national bank after his earlier misgivings about the First Bank. Like its predecessor, the Second Bank was privately owned yet subject to government oversight, and its important roles included regulating public credit and stabilizing the national currency. This was particularly important in the years during and after the Madison administration, as the country recovered from the War of 1812 and began a series of ambitious internal improvements.

As with the First Bank, the Second Bank was located in Philadelphia, and it began operations in 1817. It also used Carpenters’ Hall as its temporary home, but in 1824 the bank moved into this newly-completed building on Chestnut Street. Designed by noted architect William Strickland, it features a Greek Revival exterior that is modeled on the Parthenon, with a pediment and eight Doric columns on both the north and south facades. This was an early example of Greek Revival architecture in the United States, and this style subsequently became very popular across the country in the next few decades, particularly for government and other institutional buildings.

By the time the building was completed in 1824, the bank had already faced significant criticism for its role in the Panic of 1819, the first major financial crisis in American history. Although part of a larger worldwide recession, it was also a consequence of the lending practices here at the Second Bank of the United States. Along with its role as the national bank, it also made loans to corporations and private individuals, and during its first few years it extended too much credit to borrowers. Then, in an effort to correct this, the bank began restricting credit, causing a nationwide rise in interest rates and unemployment, and a drop in property values and prices of farm produce. This ultimately triggered a financial panic in 1819, which was followed by an economic recession that lasted for several years.

The bank’s first two presidents were largely ineffective, but in 1823 Philadelphia native Nicholas Biddle became the bank president. He oversaw a slow but steady expansion of credit, along with an increase in banknotes, and during his tenure he managed to rehabilitate the bank’s image in the general public. This building on Chestnut Street opened about a year into his presidency, and he would continue to run the bank here for the next 12 years, until it closed in 1836 after its charter expired.

During these years, the bank — including its 25 branches across the country — played an important role in the nation’s economic growth. However, despite the bank’s success, it continued to generate controversy, becoming a central political issue during the presidency of Andrew Jackson. First elected in 1828, Jackson had a distrust of banks in general and the Second Bank of the United States in particular. He was skeptical of both paper money and lending, and he also opposed the bank on constitutional grounds. Echoing the earlier opposition to the First Bank, he argued that, as the Constitution does not explicitly authorize Congress to establish a national bank, it was an infringement upon the rights of the states.

In 1832, Congress approved a renewal of the bank’s charter, which was due to expire in four years. However, Jackson vetoed the bill, and Congress was unable to gather enough votes to override it. A year later, Jackson removed federal deposits from the bank and placed them into various state banks. Biddle subsequently made another effort to renew the charter, but despite his financial abilities he lacked strong political skills, and the bank’s charter ultimately expired in February 1836.

The bank itself did not close at this time, instead becoming the United States Bank of Philadelphia, with Nicholas Biddle still at the helm. However, the lack of a national bank soon became a factor in the Panic of 1837, which led to a seven-year recession. It was the worst economic crisis until the Great Depression, and it triggered a number of bank failures, including the United States Bank of Philadelphia. At the start of the recession, it had been the largest bank in the country, yet it ultimately went bankrupt in 1841.

A year later, Charles Dickens came to Philadelphia as part of his 1842 trip to the United States. He had few positive things to say about the country in his subsequent book, American Notes for General Circulation, and he painted a particularly bleak picture of the scene here at the old bank building with the following description:

We reached the city, late that night. Looking out of my chamber-window, before going to bed, I saw, on the opposite side of the way, a handsome building of white marble, which had a mournful ghost-like aspect, dreary to behold. I attributed this to the sombre influence of the night, and on rising in the morning looked out again, expecting to see its steps and portico thronged with groups of people passing in and out. The door was still tight shut, however; the same cold cheerless air prevailed: and the building looked as if the marble statue of Don Guzman could alone have any business to transact within its gloomy walls. I hastened to inquire its name and purpose, and then my surprise vanished. It was the Tomb of many fortunes; the Great Catacomb of investment; the memorable United States Bank.

The stoppage of this bank, with all its ruinous consequences, had cast (as I was told on every side) a gloom on Philadelphia, under the depressing effect of which it yet laboured. It certainly did seem rather dull and out of spirits.

As it turned out, the building did not remain vacant for very long. In 1845, it became the U. S. Custom House for the port of Philadelphia, and it was used in this capacity for far longer than it was ever used as a bank. It was still the Custom House when the first photo was taken at the turn of the 20th century, and this continued until 1934, when the present Custom House opened two blocks away. Then, in 1939, the old building was transferred to the National Park Service, which has owned it ever since.

The building has seen several different uses over the past 80 years, but it currently houses the Second Bank Portrait Gallery. It features a number of portraits by prominent late 18th and early 19th century artist Charles Willson Peale, including those of many important colonial-era leaders, such as John Adams, Thomas Jefferson, and Alexander Hamilton. Most of the interior has been heavily altered since its time as a bank, although the exterior has remained well-preserved, with few changes from its appearance in the first photo. It is now part of the Independence National Historical Park, and in 1987 it was designated as a National Historic Landmark.

Providence Athenaeum, Providence, RI

The Providence Athenaeum on Benefit Street in Providence, around 1906. Image courtesy of the Library of Congress, Detroit Publishing Company Collection.

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The building in 2016:

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Today, public libraries can be found in virtually every town in New England as well as throughout the rest of the country, but they were virtually unheard of prior to the second half of the 19th century. Even here in Providence, the first public library did not open until 1878. Before this, many cities had private libraries, which were funded through membership dues. In Providence, two such libraries were the Providence Library Company and the Providence Athenaeum, which merged in 1836 to form the present-day Athenaeum. Two years later, the library opened their current building here on Benefit Street near the corner of College Street, just down the hill from Brown University.

One of the most notable incidents in the history of this building came within ten years after it opened. In 1848, Edgar Allan Poe was courting Sarah Helen Whitman, a Providence poet who, at 45 years old, was six years Poe’s senior. He proposed to her in a Providence cemetery (naturally, for Poe), and she eventually accepted, provided that he sobered up. During their engagement, they frequently visited the Athenaeum together. During one such visit on December 23, 1848, two days before their planned wedding, Whitman received a note saying that Poe had been drinking the night before and that morning. Here in the library, she called off the wedding, and soon after Poe returned to Richmond, never to see Whitman again. He was dead less than a year later in bizarre circumstances, a few days after being found delirious and wandering the streets of Baltimore.

Nearly a century after Poe’s visits, the Athenaeum was frequented by another prominent horror fiction writer, Providence native H.P. Lovecraft. Largely influenced by Poe’s writings, Lovecraft was well aware of the Poe connection to the building, writing in one letter to author Frank Belknap Long:

Providence, which spurn’d Eddie living, now reveres him dead, and treasures every memory connected with him. The hotel where he stopt, the churchyard where he wander’d, the house and garden where he courted his inamorata, the Athenaeum where he us’d to dream and ramble thro’ the corridors—all are still with us, and as by a miracle absolutely unchang’d even to the least detail.

Lovecraft lived here on College Hill, just a short walk from both the John Hay Library and the Athenaeum, and he often visited both. Aside from mentioning it in his letters, he also included it in several of his works, alongside other Providence landmarks.

As for the Athenaeum building itself, it is still in use by the library more than 175 years after it opened. It has seen several additions, though, to house the library’s growing collections. The first came in 1914, and was located at the southeast corner of the building, on the back and to the right when seen from this angle. The second addition, visible on the right side of the 2016 photo, opened in 1979 with an architectural design that, like the 1914 addition, matched the original 1838 design of the building. Today, it is one of the many historic buildings still standing in the College Hill neighborhood, and it forms part of the College Hill Historic District on the National Register of Historic Places.