{"id":339,"date":"2025-08-25T17:26:59","date_gmt":"2025-08-25T17:26:59","guid":{"rendered":"https:\/\/librarycompany.org\/librarycompanypapersproject\/?p=339"},"modified":"2025-08-25T17:27:00","modified_gmt":"2025-08-25T17:27:00","slug":"history-of-share-4","status":"publish","type":"post","link":"https:\/\/librarycompany.org\/librarycompanypapersproject\/2025\/08\/25\/history-of-share-4\/","title":{"rendered":"History of Share #4"},"content":{"rendered":"\n

Library Company share #4 was first issued to John Jones, Jr. (d. 1762), <\/strong>on November 10, 1731.<\/p>\n\n\n\n

Jones was a \u201ccordwainer,\u201d or shoemaker.[i]<\/p>\n\n\n\n

In 1727, he joined with Benjamin Franklin (1706-1790) and ten others in Philadelphia to form the Junto, a discussion and networking club. He also joined Franklin in membership with St. John\u2019s Lodge of the Freemans and the Philadelphia Contributionship insurance company<\/a>.[ii]<\/p>\n\n\n\n

Jones joined Franklin and his fellow Junto members on July 1, 1731 to draw up \u201cArticles of Agreement\u201d to found the Library Company of Philadelphia. Jones was among the first group of shares issued four months later. These subscribers each invested forty shillings and \u201cpromised to pay ten shillings a year thereafter to buy books and maintain a shareholder\u2019s library.\u201d[iii]<\/p>\n\n\n\n

Jones was named in the Library Company\u2019s founding document as one of its first directors, and he served in that role for four years. Another \u201cJohn Jones\u201d served as a director for four years in the 1740s, but it is unclear from Library Company records whether this was the same person.<\/p>\n\n\n\n

Jones apparently enslaved at least six people, but in his will, he detailed that he had already manumitted two, intended to manumit the remaining four at his death, and left annuities for each for the rest of their lives.[iv]<\/p>\n\n\n\n

Jones also listed specific books in his will that he wanted to gift to specific relatives, with \u201cthe Remainder of all my Books pamphlets and all my Maps\u201d to John Jones and Nathaniel Evans.[v]<\/p>\n\n\n\n

He bequeathed his Library Company share to merchant John Learson<\/strong>. The gift was recorded in Library Company records onJanuary 29, 1762.<\/p>\n\n\n

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Image: John Learson inherited share #2 in 1762 as a bequest from shareholder John Jones, Jr. Detail from <\/em>Share Record Book A<\/a>, volume 171, Library Company of Philadelphia records (MSS00270).<\/em><\/p>\n\n\n\n

Learson maintained the share for only a year. According to Library Company records, Learson had moved to New York by the time he sold the share to Jeremiah Warder (1711- 1783) <\/strong>on October 13, 1763.<\/p>\n\n\n\n

Warder was a wealthy Quaker merchant. He was part owner of at least four ships between 1750 and 1771, and eventually took his sons into partnership with him.[vi]<\/p>\n\n\n\n

After his death, noted in Library Company records as the death of \u201cJeremiah Warder the elder,\u201d one of his executors James Vaux sold the share to George Vaux<\/strong> on June 21, 1813. Executor James Vaux is most likely Jeremiah Warder\u2019s son-in-law, James Vaux (1748-1842), and George a relative of James, but Library Company records provide no further clarity.<\/p>\n\n\n\n

The 1813 Philadelphia directory lists George Vaux as an \u201cattorney at law\u201d based on South 4th Street. Given the date the share passed to its next owner, it\u2019s possible the share owner was George Vaux (1779-1836), whose father was James Vaux and therefore the grandson of Jeremiah Warder.<\/p>\n\n\n\n

After George\u2019s death, his executors William Smith and William S. Vaux sold the share to William Smith <\/strong>on February 12, 1836.<\/p>\n\n\n\n

The 1835-1836 Philadelphia directory lists twenty-five men named William Smith, so it is unclear which one owned Library Company share #4. It\u2019s possible that it was the William Smith who was listed as an attorney at law; a \u201cWilliam Smith\u201d is listed in at least one court decision along with previous shareholder and attorney George Vaux.<\/p>\n\n\n\n

Smith eventually sold the share to George Vaux\u2019s son and second executor, William Sansom Vaux (1811-1882)<\/strong>, on February 8, 1850.<\/p>\n\n\n\n

William Sansom Vaux maintained the share for more than thirty years. William was wealthy enough that he did not have an occupation besides managing the family estates, but he was very interested in science and antiquarianism. He helped found the Academy of Natural Sciences of Philadelphia<\/a>, as well as the Numismatic and Antiquarian Society of Philadelphia, and remained deeply involved with both organizations. He was elected a member of the American Philosophical Society<\/a> in 1859.[vii]<\/p>\n\n\n\n

William listed extensive bequests in his will, including giving his \u201cmineral and archaeological collection\u201d to the Academy of Natural Sciences; gifting books and science periodicals to the Institute for Colored Youth<\/a>; $1,000 each to twenty-four different hospitals, asylums, and relief and benevolent societies; and much more.[viii]<\/p>\n\n\n\n

After his death, William\u2019s brother and executor George Vaux sold the share to William\u2019s nephew, George V. Cresson (1836-1908)<\/strong>, on March 1, 1883.<\/p>\n\n\n\n

Cresson was already a Library Company shareholder, having acquired share #365 the year before. But he clearly preferred this family-connected share. He sold share #365 to Caleb Cresson on the same day he acquired share #4.<\/p>\n\n\n\n

George V. Cresson was a machinist, and eventually started a business that became one of the largest machine and tool works in the country. He also served as president of the Manufacturers\u2019 Club and was active in the Engineers\u2019 Club, among other activities.<\/p>\n\n\n\n

After his death, Cresson\u2019s executors sold the share to his nephew Francis M. Cresson (1867-1945) <\/strong>on June 3, 1909.<\/p>\n\n\n\n

The Library Company\u2019s records provide no further information about Francis\u2019 involvement, but his share was listed as \u201cforfeited\u201d by March 1951.<\/p>\n\n\n\n

Share History:<\/strong><\/p>\n\n\n\n