Philadelphia Reflections

Sugarloaf

Germantown Map

Germantown Avenue goes continuously uphill from its start at the Philadelphia waterfront until it reaches Sugarloaf in Chestnut Hill. It follows an old Indian Trail, and that's where the Indians apparently wanted to go. From Sugarloaf northward, it's all downhill.

The name derives from the shape of the hill at that point and is a fanciful description of the sudden shift from Wissahickon gorge to the Whitemarsh Valley, which occurs at that point. The underlying rock changes from hard "gneiss" to limestone. In early times, this was the location of the farm of William D.Stroud, whose son was Teddy Roosevelt's doctor and the first one to introduce the electrocardiogram to this country. Around 1928, James Page built an imposing mansion with a wrap-around porch at the top of the 40-acre estate, naming it Wycliffe. Around twenty years later, the real estate magnate Albert M. Greenfield acquired the property, which eventually was given to Temple University as a conference center, although a fire destroyed the wrap-around building. That's Sugarloaf, and you can visit it.

Two stories about Greenfield, himself, still circulate around town. The first concerns a banker who met Greenfield at the corner of 15th and Walnut Streets.

Albert Greenfield

The real estate man was looking up at the massive old Drexel building, where Anthony Drexel and J.P.Morgan were partners, and where Edward T. Stotesbury made lots of waves during the 1920s. Stotesbury acquired a personal wealth of about $100 million as "the richest Morgan partner" and was determined to spend every penny of it before he died in 1938. The stories of the extravagance of this birthright Quaker, and particularly his wife, are legendary. Anyway, Stotesbury held court at a big desk, just inside the door at 15th and Walnut. Greenfield was standing outside that door, chatting with his banker friend.

"Do you remember that big desk where Stotesbury used to sit?" Yes. "Well, I used to sell newspapers at the corner here and watched Stotesbury go in and out. I want you to know I just bought that building, myself, and I'm going to put my desk right where Stotesbury used to sit."

Unfortunately, he never did. Within two months, he was dead of pancreatic cancer.

The other story was told of Greenfield's integrity, the sort of thing that was central to the long-standing success of Philadelphia businessmen in commerce and banking. When bargains are stuck in a conversation, the deal is sealed with a handshake, and you better be as good as your word.

Hubert Horan, the Chairman of the Broad Street Trust, was interested in a piece of property, and over lunch agreed to pay Greenfield three million dollars for it. Before any papers were signed, another man came rushing into Greenfield's office and excitedly announced he wanted to buy the property. "I'm sorry," said Greenfield, "I just sold it to Hubert Horan". How much? "He agreed to pay three million for it." Did you sign anything? "No." Fine, I'm willing to pay you FOUR million for it."

"Well," said Greenfield, "I suggest you go see Hubert Horan. He owns it."

Originally published: Monday, June 26, 2006; most-recently modified: Wednesday, June 05, 2019