A History of the city of Newark, New Jersey : embracing practically two and a half centuries, 1666-1913, Volume II, Part 34

Author: Urquhart, Frank J. (Frank John), 1865- 4n; Lewis Historical Publishing Company. 4n
Publication date: 1913
Publisher: New York, N.Y. ; Chicago, Ill. : The Lewis Historical Publishing Co.
Number of Pages: 1136


USA > New Jersey > Essex County > Newark > A History of the city of Newark, New Jersey : embracing practically two and a half centuries, 1666-1913, Volume II > Part 34


Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).


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IRONBOUND TRUST COMPANY.


For many years there was talk of organizing a banking institution in the so-called "Ironbound District" of the city. At last, in 1906, a definite movement was started to organize the Ironbound Trust Company, and on February 16, 1907, the Commissioner of Banking and Insurance gave his approval. The new institution was backed by many of the most substantial business men of that district, as is evidenced by the first board of directors: Frederick L. Eberhardt, Theodore S. Miller, George Forman, Joseph S. Mundy, Joseph F. Imfeld, Richard C. Jenkinson, William W. Trimpi, August Merz, Franklin Conklin, Charles O. Lyon, Charles E. Hetzel, J. H. Bacheller, Albert G. Scherer, Augustus V. Hamburg, Charles A. Feick, Edward G. Robertson, Edward Zusi.


Business was commenced on June 3, 1907, the following officers having been elected on March 19: George Forman, president; Charles O. Lyon, vice-president; J. H. Bacheller, vice-president; R. Keisler, Jr., secretary and treasurer.


The following January, Mr. Forman and Mr. Lyon retired as president and vice-president, respectively, and were succeeded on January 14, 1908, by Mr. J. H. Bacheller as president, and Mr. A. V. Hamburg as vice- president, Mr. T. S. Miller being elected another vice-president in place of Mr. Bacheller.


The backing of the best business men of the district resulted in a rapid growth, and to take proper care of the business the capital was increased on May 1, 1908, from $100,000 to $200,000. The growth also necessitated provision for a permanent home, and on June 16, 1908, the site at the junction of Market and Ferry streets was purchased. On this site one of the most attractive banking buildings in the city has been erected and was opened for business July 25, 1910. Almost coincident with the opening of the new building, on July 27, 1910, Mr. F. D. MacFadden was appointed assistant secretary and treasurer.


CLINTON TRUST COMPANY.


No section of Newark has had a more rapid or substantial growth than that on Clinton Hill. A large number of homes and many prosperous manufacturing plants make it a most attractive field for a bank, and it is well served by the Clinton Trust Company, organized by many of the leaders of the section.


The first meeting of the stockholders was held July 8, 1909, at Berkley Hall, with eighty-three persons present. They elected the following direc- tors: Charles Koos, Henry G. Atha, Christopher Blank, William Buermann, August Buermann, Samuel F. Wilson, William H. Barnet, Frederick Wiebke, Charles W. Beardsley, Julius Koch, William Frey, Arthur J. Gude, Rudolph J. Goerke, William Bauer, A. Dorr Kent, Hugh F. Gilligan, Morris Rachlin, Christian Schmidt.


The Clinton Trust Company was incorporated on June 7, 1909, with a capital of $100,000, and commenced business on February 23, 1910. It is located at 515 Clinton avenue, in a handsome building erected by and occupied solely by the company. The officers were elected on July 14, 1909, and have not changed since their original election. They are: Mr. Fred- erick Wiebke, president, Mr. William Buermann, vice-president; Mr. Charles Koos, vice-president; Mr. Henry B. Cook, secretary and treasurer.


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BROAD AND MARKET NATIONAL BANK.


A number of business men of the city felt that there was room for another National Bank in the center of the city, and late in 1910 they applied for a charter, the application being signed by Mr. Theodore S. Fettinger, Mr. Walter C. Jacobs, Mr. Charles H. Stewart, Mr. Harry M. Friend and Mr. Joseph J. Rafter. A charter was granted them on December 29, 1910, and on January 3, 1911, the bank opened for business in the Globe Building, at 800 Broad street.


The original board of directors, elected November 17, 1910, was com- posed of the following gentlemen: John O'Connor, Christian Fleissner, David King, George H. Lambert, S. Ludlow, Jr., R. Russell Brant, Brent Good, John Nieder, Morris Cohn, Harry M. Friend, Joseph Samuel, George H. Fritz, Louis J. Beers, Robert O'Gorman, M. D. Kopple, George Weyrauch, Laban W. Dennis, Francis MacD. Sinclair, Jos. J. Rafter, Charles H. Stew- art, William A. Gray, Theo. S. Fettinger, Isaac Shoenthal, Walter C. Jacobs, John E. Helm, Geo. L. Crum, Henry S. Altai, Frank Wadsworth, Joseph Gatti.


The board elected the following officers on December 1, 1910: Joseph J. Rafter, president; David King, vice-president; Christian Fleissner, vice- president; Joseph Samuel, vice-president; Charles W. Lent, cashier. The only change in the official staff took place on May 17, 1911, when Mr. Rafter resigned as president, and Mr. Fleissner was elected to succeed him.


LIBERTY TRUST COMPANY.


The Liberty Trust Company was organized to serve the thriving business located along Central avenue and neighboring streets out toward East Orange. It was located in a building built expressly for it at Central avenue and Fourth street, opposite what was known as Central Park. Upon the organization of the Liberty Trust Company, a petition was circu- lated by the Company, asking that the name of the park be changed to Liberty square, and on such action being taken by the city authorities, the company presented to the city a large liberty pole, which was erected in the park.


The approval of the Commissioners of Banking and Insurance was secured on April 27, 1912, and the company opened for business November 20, 1912, with a capital of $100,000, and with the following officers: A. How- ard Watson, president; William B. Powell, vice-president; Albert H. Peal, vice-president; Howard S. Kinney, secretary; Warren C. Biggin, treasurer. The first board of directors was made up as follows: Samuel R. Baker, Louis C. Becker, Roland D. Crocker, John J. Gaynor, Rensselaer H. Ismon, Gottlob Kautzmann, Andrew O. Kiefer, Howard S. Kinney, Albert H. Peal, William Pennington, John W. Phillips, William B. Powell, Dr. Edward M. Richman, William B. Self, A. H. Watson.


SPRINGFIELD AVENUE TRUST COMPANY.


The growth of the section out around Springfield avenue toward Irving- ton was such that in 1911 it was decided to organize a trust company to care for the banking requirements of the neighborhood. A charter was obtained on June 15, 1911, and the new institution opened for business on March 4, 1912.


The president, Mr. Edward E. Gnichtel, is a successful manufacturer, and the secretary and treasurer, Mr. Frank Mead, is a trained banker, having


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spent many years with the Merchants' National Bank of this city. The vice- presidents are Mr. Henry Ost, Mr. Oscar E. Braune and Mr. Joseph Wotiz. The original board of directors was as follows: Arthur J. Mousley, George Herrmann, Edward E. Gnichtel, Henry Ost, Adolph E. Fink, Anton F. Muller, Frederick Conrad, Theophilus Roos, George Ding, Adam J. Rossbach, Joseph Wotiz. Oscar E. Braune, Charles Wuensch, Henry Kinast, William Storch, Max Blasberg, Anton K. Sweetra, Louis J. Beers, Henry Schreitmueller, F. H. Koerner, Louis Rothstein.


CITY TRUST COMPANY.


The Roseville section of Newark in 1901 had reached considerable importance not only as a residential center but also in a business way. The need of local banking facilities had been felt here for some time, and, at last, on April 24, 1901, the Superintendent of Banking and Insurance approved a certificate of incorporation for the City Trust Company. The incorporators included almost all the prominent residents and business men of that section of the city.


The board of the new trust company organized on April 27, electing as the first officers Mr. Cyrus Peck as president, Mr. Irving Smith as first vice-president, Mr. Eugene Eagles as second vice-president, and Mr. James H. Shackleton, formerly in the banking business in Brooklyn, as secretary and treasurer. The new institution opened for business on June 17, 1901, under the most favorable auspices, and was successful from the very start. Mr. Shackleton resigned as secretary and treasurer in December, 1901, to accept an official position with the Fidelity Trust Company, and he was suc- ceeded by Mr. Charles G. Colyer, who took office January 2, 1902.


In May, 1907, the first president, Mr. Cyrus Peck, died, and on Septem- ber 17, 1907, Mr. Colyer resigned as secretary and treasurer to enter the banking business in New York City. These offices were filled on October 2, 1907, Mr. Charles Colyer being elected president, and Mr. E. S. Carr, who had been with the company almost from its organization, being elected secre- tary and treasurer. Mr. Colyer held the office of president only until May 19, 1908, when he was compelled to resign on account of ill health, Mr. Frederick W. Hannahs being elected to succeed him. Vice-President Eugene Eagles died in December, 1909, and was succeeded on January 18, 1910, by Mr. William Halsey Peck. There were no other changes in the official staff until February 16, 1913, when the president, Mr. Frederick W. Han- nahs, died suddenly. Mr. William Halsey Peck was elected president on March 18, 1913, Mr. Charles Colyer taking his place as vice-president ..


The City Trust Company has been a success from its opening day and because of its careful and conservative management it has won and retained the support of the people of the district in which it is located. The building at 122 Roseville avenue has been its home from the start, and in 1903 the property was acquired by purchase.


NATIONAL STATE BANK.


Up to 1812 there had been only four banks chartered in the State, and one of them, the Jersey Bank at Pawles Hook, had given up its charter on account of the State taxation. The charter of the first Bank of the United States expired March 4, 1811, and the Legislature of the State felt that if it should not be renewed there should be new banks organized in New Jersey to issue circulation to take the place, in the State, of the circulation of the


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Bank of the United States, which would be withdrawn. The State had also grown considerably, and there was ample room for more banks. By a single act passed January 28, 1812, six banks were incorporated in various parts of the State, all incorporated as the "President, Directors and Company of the State Bank at Newark," at Camden, Trenton, New Brunswick, Ellzabeth and Morris. These charters were all modeled on that granted eight years previously to the Newark Banking and Insurance Company.


On February 8, 1812, the State Bank of Newark was formed. The enabling act fixed the capital at $400,000, one-half of which was reserved for the State, and only the remainder could be offered to the public. On February 13, 1813, the Legislature passed an act authorizing the Governor to sell the State's rights in the stock of this and other banks, and on March 15, 1813, the State Treasury received $4,025 for its rights to the stock of the State Bank in Newark.


The original act named the bank's first board of directors consisting of thirteen of the citizens of Newark: William S. Pennington, Aaron Munn, Isaac Andrus, Oliver Wade, John Alling, Smith Burnet, Moses N. Combs, Stephen D. Day, Martin J. Ryerson, Abraham Ackerman, Isaac Pierson, James Vanderpool and Job S. Dodd. The first meeting for organization was held at Roff's Tavern, on Broad street, almost directly opposite the present home of the bank. At this first meeting the directors engaged quarters in a modest brick building on the east side of Broad street, just north of Market street, owned by John Alling; and for its use the directors agreed to pay a yearly rental of $275. The officers elected at this time were Wil- liam S. Pennington, who, however, only served for nine months, being suc- ceeded on November 10 by Elias Van Arsdale; and as cashier, Caleb S. Halstead was selected, but on March 22 he was succeeded by George C. Herford. The first officers were elected to serve temporarily during the organization of the bank. The subscription books were opened at Newark on February 25, at Ackquackanonck on February 26, at Bloomfield, February 27, and at Orange on February 28.


At this time Newark was a small town of only about 6,000 inhabitants, but it already had a thriving lot of manufacturing establishments. The State Bank opened for business June. 1, 1812, and prospered from the start. The instant success of this bank encouraged the directors to obtain a per- manent home for the business, and within a month after opening, they had arranged to purchase a plot of land on the present site of the bank, at the southeast corner of Broad and Mechanic streets, the lot having a frontage of 49 feet on Broad street and running 117 feet on Mechanic street. This lot was purchased from Luther Goble, and on July 21 of that year the bank paid him $2,800 for it. Work was at once begun on the bank's first building which, when completed March 13, 1813, cost $4,736. It was customary in those days for the cashier to live in the bank building, and due provision was made to that end in this first building. Later, November 23, 1813, the directors purchased from Seth Woodruff a lot on Mechanic street, adjoining its first lot, about 25 by 50 feet, paying for it $310. They later erected a brick stable on this lot for the use of the cashier. On April 1, 1813, the bank declared its first dividend, and has paid dividends continuously ever since.


On April 18, 1813, George Herford died, and on April 27, John Fleming was elected to succeed him. At the time of the war with Great Britain in 1814, Mr. Fleming was authorized on August 31, 1814, to remove the cash and such other property as he should think necessary to Morristown, if he thought there was danger of invasion by the enemy, but fortunately the


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occasion for such action never occurred. Specie payments were also sus- pended at this time. In 1815 another change was made in the office of cashier, Mr. Fleming being succeeded on November 13 by Charles G. Graham, who held this office till 1840.


The authorized capital of $400,000 was not fully subscribed at the start, and in 1830 its paid-in capital amounted to $280,000. The charter was extended in November, 1828, about which time general laws were passed changing the charters under which the banks were working, and under which laws they were held more strictly to account than in the past.


The whole country was remarkably prosperous until 1833, and Newark shared in this prosperity, the State Bank having its full share of the good times. But the election of Jackson as President started the agitation against the Bank of the United States and resulted in the panic of 1837, which caused a suspension of specie payments by all the banks of the country. To make things more unpleasant for the bank, its building was visited by fire at this time, November, 1836, but fortunately not much damage was done and business was soon resumed.


On November 11, 1837, the Legislature called on all the banks in the State for a report, and also provided that every bank should report to the State Treasurer on the first Monday in every month. The report of the State Bank at this time shows the following figures: Loans and discounts, $413,224; specie and bullion, $43,464; notes of other banks, $48,178; due from other banks, $37,310; real estate, $10,825. Total resources, $553,001. Paid-in capital, $400,000; surplus, $11,318; circulation, $40,382; due to depositors, $68,889; due to other banks, $13,770; dividends unpaid, $4,129.


The dividend rate at this time was six per cent. The bank had been made a county depository in May, 1835, and a government depository in July, 1836, holding at this time $15,000 in the latter account. There were only two other banks in the State with larger assets at this time.


April 26, 1840, Mr. Graham died, and on May 12, Mr. Jacob D. Vermilye succeeded him as cashier, but only served till August 1, 1843, when he resigned to follow his brother as cashier of the Newark Banking and Insur- ance Company. Mr. Vermilye was followed in this office on August 4 by William H. Mott. Further changes took place March 31, 1846, when Caleb Carter was elected president in place of Mr. Van Arsdale, who died, but he only served a few days, being followed by Elias Van Arsdale (2nd). The bank had never had a vice-president, but at this time (1846) Charles S. Macknet was elected temporarily, serving for only two months.


On September 10, 1850, Mr. James D. Orton, who had been a clerk in the Newark Banking and Insurance Company since March 16, 1843, was appointed cashier in place of Mr. Mott, who died on August 25. Mr. Orton held this position till 1860, when he resigned to organize the Second National Bank. He was a very prominent citizen of Newark.


On September 26, 1851, the capital of the bank was increased to $450,000, it having been $400,000 from its organization to that time. Sev- eral increases of capital followed-in May, 1854, to $500,000; in November, 1856, to $550,000; and in July, 1857, to $600,000.


On February 7, 1854, Mr. Samuel Meeker was elected president in place of Mr. Van Arsdale (2nd), who had died on January 29. The regular statement to the government made as of January 3, 1860, showed the fol- lowing figures: Capital, $600,000; bank notes outstanding, $158,426; deposits, $471,290; due to banks, $39,181; surplus, $115,283; discounts and loans, $1,128,970; specie on hand, $35,804; notes of other banks, $63,105; due from other banks, $139,252; real estate, $18,077.


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The Civil War gave the banks of the country an opportunity to display their patriotism, and the State Bank did its full share, the statement of January 6, 1862, showing that it held bonds of the State of New Jersey amounting to $50,000, and bonds of the United States, $102,000. These amounts were increased in January 4, 1864, to $607,000.


Further changes in officials of the bank took place in 1863, when on August 4, Isaac Gaston was made cashier, and October 21, 1864, Charles S. Macknet was elected president in place of Mr. Meeker, who had died on July 15.


The National Bank Act having been passed in 1863, the directors of the State Bank of Newark resolved to enter that system, and on May 29, 1865, they applied for a National Bank charter, which was granted to them, and on August 1, 1865, the bank opened as the National State Bank. This national charter has since been renewed, the first time in 1885, and again in 1905.


In the early part of 1868 the bank began to outgrow the quarters it had occupied so long, and in May of that year it was decided to build a new building, one story in height, on the lot in rear of the bank building. A new structure was erected on Broad street to rent for office purposes, with an entrance to the banking room through its main corridor. This building was occupied September 13, 1869, and the bank remained there till 1912, when its handsome new building was completed.


No further changes in the officers of the bank occurred till 1871, when Mr. William B. Mott was elected president, and the office of vice-president was again created, to be filled for two years by Mr. Charles M. King, who was followed in that office in 1873 by Mr. Marcus L. Ward.


In September, 1878, the capital was reduced to an even half million dollars from the figure of $600,000, which amount it had been since 1857. In January, 1879, the second fire visited the bank building, but without serious damage.


Since the term of Mr. Mott as president, which expired in 1878, the State Bank has had four presidents-Mr. Theodore Macknet, 1889; Mr. John P. Jube, 1889-1893; Mr. James F. Bliss, 1893-1911; at which time he resigned the presidency to enable Mr. William Q. Cooper to assume charge of the bank, Mr. Bliss resuming the office of vice-president, which he had previously held from 1889 to 1893. In March, 1878, Mr. Gaston was suc- ceeded as cashier by William Rockwell, who held the office thirty-one years, until 1909, when Mr. William Q. Cooper, the present president, was appointed cashier, which office he held until he took the presidency in 1911. In 1911, Mr. Henry F. Hays, Jr., who had been connected with the Essex County National Bank for many years and who had also served as secretary and treasurer of the West Side Trust Company, became associated with the Na- tional State Bank as vice-president; and at the same time Mr. Arthur W .. Greason was appointed cashier. Several long terms of service with the bank deserve note. The longest was Mr. Jabez P. Pennington, who was notary of the bank for fifty-three years, from 1827 to 1880; and Mr. John F. Jacobus, who served the bank in various capacities for forty-seven years.


AMERICAN NATIONAL BANK.


The American National Bank was opened November 19, 1908, as the American Commercial Bank, with a State charter and a capitalization of $50,000. It has been located from the beginning at the corner of Springfield and Belmont avenues. Mr. E. C. Bataille was the first president, and he has continued in that position.


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In 1909 it was decided that the business warranted a larger capital, and it was therefore decided to increase it to $200,000, at the same time becoming a national bank. A charter from the Comptroller of the Currency was secured in August, 1909, and on December 9, 1909, the American National Bank was opened. The incorporators of the National Bank were: Leon Stears, John H. Beger, Harry W. Foster, J. B. Banister and Charles Stopper. The officers were: E. C. Bataille, president; James B. Banister, Carl H. Wintsch, George W. Jagle, vice-presidents; Louis J. Burges- ser, cashier.


The business was so successful that it was later decided that more capital was needed, and it was increased to $300,000. A new building was also decided on, and a handsome banking and office building was erected which the bank is now occupying. Mr. Edmund A. Ring was elected as assistant cashier. The present directors are: J. B. Banister, J. H. Beger, HI. W. Foster, G. W. Jagle, G. R. Monroe, J. V. Padula, G. J. Schmauder, C. Stopper, John V. Weber, C. H. Wintsch, W. W. Woodward, J. Baader, E. C. Bataille, Charles Kraemer, Adelbert Baier, A. Hartcordn, Charles Niebling, John M. Lederer, A. Hollander.


MERCHANTS' NATIONAL BANK.


The Merchants National Bank of Newark was organized April 3, 1871, capital $300,000, with the following directors: Cortlandt Parker, Silas Merchant, Eliphalet C. Smith, Theodore Macknet, William A. Ripley, James L. Hays, Inslee A. Hopper, William M. Simpson, Samuel Atwater, Linus M. Price; James L. Hays, president; Linus M. Price, cashier .. It began business at the corner of Broad and Cedar streets. In January, 1875, James M. Durand was elected president; Gifford F. Parker, vice-president; Edward Kanouse, cashier. Board of directors as follows: Wellington Campbell, Aaron Coe, James M. Durand, William Duncan, Inslee A. Hopper, Cortlandt Parker, F. Reynold, William Riker, Sr., William A. Ripley, Joseph I. Sanxay, E. C. Smith, Andrew Teed.


In 1881 Edward Kanouse was elected president, and Jay S. Treat, cashier. In 1882 the bank purchased the present site. In 1902 Mr. Kanouse resigned the presidency to become treasurer of the Prudential Insurance Company, and Mr. Joseph M. Riker was elected president, and Jay S. Treat was made vice-president, also retaining his office as cashier. In 1904 the capital was increased to $500,000, and the contract let for a new building, the bank moving to temporary quarters in the building at the corner of Broad and Bank streets, previously occupied by the National Newark Bank- ing Company. On February 22, 1905, the bank moved to its new building which it now occupies. On July 2, 1912, Mr. Jay S. Treat was stricken at his desk and died the following day. July 10 following, Arthur L. Phillips, assistant cashier, was chosen cashier, and William H. Warner was made assistant cashier. At the last annual election, held January 13, 1913, Mr. J. S. Rippel was elected vice-president. The bank has a capital of $500,000, a surplus of $588,000, and deposits $4,000,000. Officers: Joseph M. Riker, president; J. S. Rippel, vice-president; Arthur L. Phillips, cashier; William H. Warner, assistant cashier. Directors: William C. Dodd, Harry Durand, Theodore J. Gerth, William B. Gwinnell, Edward Kanouse, Carl H. Leb- keucher, Merritt G. Perkins, Adrian Riker, Joseph M. Riker, Julius S. Rippel, Edmund E. Sargeant, Joseph G. Spurr, William W. Trimpi, Edward T. Ward, J. B. Woolsey.


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CHURCH HISTORY. BY REV. JOSEPH F. FOLSOM.


THE PRESBYTERIAN CHURCHES.


Our history begins with the Presbyterian denomination, the oldest in Newark. While it is true the first settlers brought with them in 1666 the Congregational church, they, before 1720, carried it over to the Presby- terian denomination. Following that transaction for many years there was in Newark no other church than the organization now known as the "Old First" Presbyterian. There was a break of more than a century between the original Congregationalism and the establishing of a later Congregational church. Between the old and new there was no local connection.




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