Frank Taylor Collection, Athenaeum of Philadelphia

We thank John Milner Architects & Preservation for preparing the following summary:

In the early 18th century, the population of Philadelphia was rapidly growing, and residents were beginning to spread to new neighborhoods across the city. There was a need to facilitate marketing for the residents of the newer parts of the city, especially considering that High Street (now Market Street) was the only market in Philadelphia and was becoming increasingly inadequate. In 1741, plans were created to construct a new market on Second Street, between Pine Street and Cedar Street (now South Street) in the Society Hill neighborhood. Second Street was widened from 50 feet to 130 feet, allowing for wagons on either side of the market. “This space was judged sufficient to take care of the flow of traffic on market days, leaving passage way for wagons, barrows, and people on either side of the market stalls, which were to be erected in the center of the street” (Tinkcom, 379).

Though plans for the market were first discussed in 1741, it was not until 1745 that Edward Shippen, the Mayor of Philadelphia, and Joseph Wharton, a wealthy merchant and one of the principal landowners in the district, completed their private construction of the market. Wharton was very involved with the construction and believed that a conveniently situated market would enhance the property values in the neighborhood (Tinkcom, 382). Although the original plans for the market included sixteen “shambles” or stalls, eight on the north side of Lombard Street and eight on the south side, only eight were constructed (four on either side of Lombard).

The New Market was simple and utilitarian in design and was constructed with two parallel rows of brick pillars supporting a gable roof over plastered, arched ceilings. Although the plan for the market was generally agreed upon, there were slight variations in the height of the piers and in the framing, illustrating that the stalls were constructed privately, at different times, and by multiple builders. The New Market was similar to the High Street Market, with both resembling English country markets.

The New Market quickly flourished and was continuously improved over the centuries. In 1773, plans were created to renovate the market; the existing stalls would be repaired and new ones would be constructed. Lack of funding, however, delayed the improvements until after the Revolution. Maps from 1762, 1776 and 1795 show that the market had not grow in actual size, however it had likely grown in volume of business, during the second half of the 18th century. By 1795, the Society Hill neighborhood had become increasingly prosperous, and more market facilities were necessary. It was at this time that the market was extended south toward Cedar Street, and the first of two fire engine houses was constructed at the south end. The brick structure measured 17’x27’ and had a cupola with a bell.

By 1804, there were 68 regular stalls and 33 additional wooden stalls. Also in 1804, a second fire engine house was constructed at the north end of the market. The “Head House” was a two-story brick structure just south of Pine Street, and was adorned with a cupola, clock, and alarm bell. The lower story contained two fire engines and the upper story was used as meeting space for fire companies. In 1809, a final expansion took place. The eaves on the market were extended 9’-9″, covering two additional rows of stalls along the east and west sides of the building. These new stalls were paved with brick, matching the existing market, and the eave extensions were supported by turned columns on stone plinths. The New Market now spanned the length of Second Street from Cedar Street to Pine Street.

By the mid-19th century, the New Market began to deteriorate, and by 1860 the southern engine house had been removed. In 1923, the structure that remained was renovated. By the middle of the 20th century, the stalls from Lombard to South Street were demolished. At this time, a plan for the restoration of the Head House and of the old market, including eight of the stalls built in 1745, was prepared for the Philadelphia Historical Commission by the architect G. Edwin Brumbaugh. Finally, by the 1970s, 21 of the original piers were still intact and the other 43, along with the roof, were reconstructed.

At several times throughout the 19th and 20th centuries, demolition seemed inevitable, but the market has nonetheless survived for over two-and-a-half centuries. Today the market is restored, including eight of the original set of piers and the “Head House.” The New Market was designated a National Historic Landmark in 1966.

BIBLIOGRAPHY

Greenwood, Richard. “The New Market, Head House Market.” National Register of Historic Places Inventory/Nomination Form. Historic Sites Survey, National Park Service, Washington, 1975.

Tinkcom, Dr. Margaret B. “The New Market in Second Street,” The Pennsylvania Magazine of History and Biography, vol. LXXXII #4, October, 1958.

info@newmarketcapital.com

For investor relations, please contact investorrelations@newmarketcapital.com

For media inquiries, please contact info@newmarketcapital.com

1717 Arch Street, 39th Floor, Philadelphia PA 19103