A Temple of Commerce Philadelphia's Merchants Exchange

The Greek Revival Merchants' Exchange Building Built between 1832 and 1834 designed by architect William Strickland,

During Andrew Jackson's first tenure in office, Philadelphia — along with the rest of the nation — was in the midst of an economic boom. Transportation advances in the forms of canals and better roads opened up the West for economic exploitation. A generation of industrialists came to the fore. Businesses were born to meet the needs of a burgeoning population, augmented by large numbers of immigrants. The growing community necessitated a new center for business.



In 1831, a new group of nabobs representing the social and business aristocracy organized into a society for building an Exchange. Included in the group of trustees for the new enterprise was Stephen Girard, arguably the wealthiest man in the nation. After the charter for the First Bank of the United States lapsed, Girard bought the building and established a bank named for himself in its quarters. Not surprisingly, then, the site chosen for the new Exchange was within eyesight of Girard's bank.



To design the Exchange, the directors chose a rising local architect, William Strickland. Strickland was the architect of the steeple on Independence Hall, the U.S. Naval Asylum, and the U.S. Mint. He had also just submitted a much-admired blueprint for the Second Bank of the United States which he would later build.

From the second story rise six Corinthian columns.

To the non-virtual walker the building almost seems to be two distinct and handsome structures. On the Third Street side, the rectangular main structure mirrors the 1830s American's fascination with Greek architecture. The august Corinthian portico with four columns and two pediments stands on top of a heavy basement level featuring four stout columns with capitals which look like corn husks. If the Greeks had a god of money — this could be home.




Yet, it's the semi-circular portico, an ingenious adaptation for an odd-shaped lot, that makes the Philadelphia Merchant's Exchange truly memorable. Dock Creek, a turgid and polluted inlet of the Delaware River, once flowed along what is now Dock Street on the building's north side. After the creek was paved over, the city of William Penn's uniform grids had one of its few curved streets. On the basement level, the Exchange's curve follows the outline of Dock Creek and melds into it. From the second story rise six Corinthian columns. Sets of stairs, watched over by recumbent lions (sculpted by Signor Fiorelli of Philadelphia, a gift from a local merchant in 1838), run up from both sides of the basement level and lead to tall doors. Long, svelte windows give way to rectangular blank inserts under the portico. The lip of the portico is decorated by shells of Minoan design.

Sets of stairs, watched over by recumbent lions (sculpted by Signor Fiorelli of Philadelphia, a gift from a local merchant in 1838),

Sets of stairs, watched over by recumbent lions (sculpted by Signor Fiorelli of Philadelphia, a gift from a local merchant in 1838),

The lip of the portico is decorated by shells of Minoan design.

The heavy basement level featuring four stout columns with capitals which look like corn husks.

An 1831 local newspaper piece declared, "Philadelphia is truly the Athens of America." How apropos then, that Strickland based the Exchange's tower on the Choragic Monument of Lysicrates in Athens. Ships could be seen approaching up and down the river, if viewed from the tower.

Strickland based the Exchange's tower on the Choragic Monument of Lysicrates in Athens

THE INTERIOR

The Exchange Room in the curved section of the building was remarkable. It had a mosaic floor, domed ceiling supported on marble columns, and frescoes on the walls and ceiling. The fresco painter was Nicola Monachesi who had executed frescoes in many of Philadelphia's Roman Catholic churches.



Real-estate dealing, auctions, and business transactions of all kinds took place in this room, where shipping reports and both local and from all over the world were posted.



Inside the building was a post office. further, many marine insurance companies with names like the Delaware No. 3 had offices in the building. Architect Strickland retained an office for himself at the Exchange. Naturally some space was given over to a coffee shop.

The semi-circular portico

After Strickland finished the Exchange, the city gained what one architectural critic called an "audacious building, looking out from its sweeping curve with such graceful bravery as gives a veritable Victory of Samothrace air."

At the Exchange's dedication speech in 1832, Solicitor John Kane looked 150 years into the future and remarked, "the building which we have founded shall stand among the relics of antiquities, another memorial to posterity of the skill of its architect — and proof of the liberal spirit, and cultivated taste, which, in our days, distinguish the mercantile community."

The cornerstone was laid on the 100th anniversary of Washington's birth.


Over one million bricks were used in constructing the Exchange.

Architect Strickland designed the steeple on Independence Hall as well as the Tennessee State Capitol in Nashville — which he is buried under.

Location: South 3rd at Walnut and Dock Streets (Map)


Built: 1832-34

Commissioned by: Financiers and merchants

Original Architect: William Strickland

Original Marble Mason: John Struthers

Style: Greek Revival

Cost to build: Land, $75,000; Construction $159,435

Tourism information: It is now offices for the Park Service, with a small public exhibition space open to the public.

Cell phone tour: 267-519-4295, then press number 28
The tower is based on an adaptation of the Choragic Monument of Lysicrates in Athens.