house founded by his uncle, in 1783, continued by his father and brothers, and which is now successfully carried on by his nephews in the old house, Third and Race Streets, covering a period of continuous business for more than a hundred years. In the year 1847, March 8, Mr. Jordan was made President of the Manufacturers' and Merchants' bank, of which he had been for some years previously a director. The period of his presidency, from 1847 to 1875, embraced the most critical times in our national history,-the financial panic of 1857, and the uncertainties of business incident to the breaking out of our Civil War, but at no time during his administration of the affairs of the bank were its dividends when due passed by unpaid.' It was during this Presidency of Mr. Jordan that the first steps were taken for a concert of action by the officers of the banks which have led to the establishment of what is now known as The Clearing-House Association of the Banks of Philadelphia, an organization rendered necessary by the vast increase of the banking business, and which, by enabling the debits and credits of different banks to be exchanged and settled by checks, instead of by the transportation of coin or of circulating notes, effects a vast saving of time and labor, and gives greater security in the transaction. 1 On the retirement of Mr. Jordan from the Presidency of the bank, May 28, 1875, resolutions were adopted by the Board of Directors expressing their "high appreciation of the care, fidelity, and good judgment with which, for more than thirty-two years, he has discharged his responsible duties. We trust that he may yet enjoy many years of continued health and happiness." A resolution was also adopted, “as a further mark of our esteem and confidence, that a suitable testimonial be prepared, and presented to Mr. Jordan, and that he be requested to sit for a portrait, at his convenience, to be the property of the Bank. Such an institution had long existed in London, and later in Boston and in New York,,but it was not until September, 1853, that the meeting above referred to was called. How far the proposal may have originated with Mr. Jordan, it is impossible to tell, as he was himself the last survivor of those who then met; but the fact that he was chosen secretary of the preliminary meeting, and served as such for many years after the organization was effected, shows that he took an active interest in the movement.1 The original minute of the first meeting reads thus: "The undersigned, being of the opinion that periodical meetings of the Presidents of the several Banks of the City and County of Philadelphia, for the purpose of conference and interchange of views on such topics as will be considered proper subjects of discussion and action, will tend to promote stability and regularity in the business of banking, do hereby agree to meet on Wednesday, 28th current, at the Philadelphia Bank, at one o'clock, and thenceforward at such time and place as may be decided upon." Signed by fifteen Bank Presidents. 1 Mr. Jordan acted as secretary until January, 1867, when his resignation was tendered and accepted. He resigned from the ClearingHouse Committee in 1869, and was succeeded by our fellow-member, James V. Watson, Esq., President of the Consolidation National Bank. "The names signed are Thomas Allibone, President of Bank of Pennsylvania; Thomas Robins, President of Bank of Philadelphia; John Richardson, President of Bank of North America; Singleton A. Mercer, President of Farmers' and Mechanics' Bank; Jacob M. Thomas, President of Commercial Bank; James B. Mitchell, President of Mechanics' Bank; Robert L. Pittfield, President of Bank of Northern Liberties; Joseph Wainwright, President of Kensington Bank; Joseph Patterson, President of Western Bank; John Jordan, Jr., President of Manufacturers' and Mechanics' Bank; Adolph E. Borie, President of Bank of The association of Bank Presidents continued their meetings to the common advantage of the banks there represented. At the meeting held December 14, 1857, the subject of a Clearing-House was brought forward, and it was resolved, "That this subject be referred to a committee of five members of this body, with instructions to prepare a plan and code of rules to govern the institution and to report to the Board." At the following meeting this report was produced and adopted. The Clearing-House Association permits as its members the presidents of the banks, vice-president, or cashier, or such other person as the board of directors shall appoint, while the older association was made up exclusively of the bank presidents. The two organizations continued each to hold its meetings theoretically independent of each other, but as the two were largely composed of the same men having similar interests, on April 7, 1882, they were merged into one association, under the title of the Clearing-House Association of the Bank Presidents of Philadelphia. This association very soon appointed the Clearing-House Committee, on whom most of the active work depends. The first committee consisted of Messrs. C. H. Rogers, Edwin M. Lewis, John Jordan, Jr. (Secretary), James M. Dickson, and our esteemed fellow-citizen and fellow-member, Benjamin B. Comegys, who is now the only survivor of the five. How large are the interests involved in the transactions of the Clearing-House may be judged from the fact that it is quite common for exchanges to be made to the amount Commerce; Charles S. Boker, President of Girard Bank; Charles H. Rogers, President of Tradesmen's Bank; James S. Smith, Jr., President of Southwark Bank; Elijah Dallett, President of Penn Township Bank. of from twelve to fourteen millions of dollars daily, while the great security which this mode of conducting business affords, is shown in the fact that from the organization of the Philadelphia Clearing-House nearly sixty-four thousand millions of dollars have passed through it without any loss. Another organization in the establishment of which John Jordan, Jr., took an active part, was what is now known as The North Pennsylvania Railroad Company. The need for direct, speedy communication between Philadelphia and the Upper Delaware and Lehigh Rivers had long been recognized. The rich products of the field, the forest, and the mine naturally belonged to the chief city of the State in which they were found. To the tourist and man of leisure the marvellous beauty of this region was well known, but much of it could be enjoyed only after long and tedious driving in a private carriage, or in the slow and antiquated stage-coach. To facilitate transportation of merchandise a line of continuous canals was constructed, useful to some degree, but very far from fully meeting the actual need. Meanwhile, the city of New York, ever alive to its own interests and prompt to secure them, sought to divert to her own uses the trade of this region. A great loss to Philadelphia seemed imminent, when a town meeting was called in Sansom Street Hall, and an address was read calling attention to these facts, and urging the necessity for prompt aid in the construction of a railroad from Philadelphia to the Lehigh, "there to connect with a road about to be commenced from Easton to Mauch Chunk, to Williamsport, Wilkesbarre, and along the Valley of the North Branch, thus placing the whole Lehigh Valley in direct communication with Philadelphia." In this proposed road Mr. Jordan took an active interest from its inception. He knew the region well. It was associated with many of the happiest days of his youth, and of his maturer years. Before this address was issued he was at the first meeting of the incorporated Philadelphia, Easton and Water-Gap Railroad, as the proposed road was known in its charter, in which his name appears as one of the corporators. This meeting was held at the Eagle Hotel, Third above Race Streets, August 17, 1852. On almost every page the early minutes show the active interest of Mr. Jordan. "On motion of Mr. Jordan, Thos. S. Fernon was appointed secretary of the board." Again, "On motion of Mr. Jordan, William B. Foster was elected chief engineer." "On motion of Mr. Jordan, the salary of the chief engineer was fixed at" such and such a rate. "On motion of Mr. Jordan, the thanks of the board are presented to James M. Porter, Esq., and John M. Read, Esq., for addresses delivered in the interests of this corporation. Mr. Jordan was appointed on the committee to draft the first by-laws; he was early made a member of the Committee on the Road. On February 7, 1853, he was placed on the Committee of Finance, a position in which he faithfully served up to the time of his death, a period of nearly forty years. Time would fail me to give further historical details on the subject of the road or of his connection with it, nor is it necessary; enough has already been adduced to show the commanding influence, if such a term may be applied to one who was rarely known" to command," which his probity and his integrity of character gave Mr. Jordan in whatever business associations he was placed. Some years later, October 3, 1853, on motion of John Jordan, Jr., the road took the name of the North Pennsylvania Railroad, by which it is now so widely known. Its history has been a varied one, sometimes with a financial outlook 2 |