USA > New Jersey > Morris County > A history of Morris County, New Jersey : embracing upwards of two centuries, 1710-1913, Volume I > Part 13
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It is not probable the State ever exercised its right to subscribe, for it appears by a supplement to the State Bank act, passed December 14, 1824, that the State Bank at Morris had $68,000 employed in the banking busi- ness, and the remaining $32,000 of its capital stock was invested in real estate taken for bad debts; that this real estate paid a land tax, and that the value of the land was also taxed as the capital of the bank, making a double tax on $32,000. The act then provided that the bank should only be taxed on $68,000 capital, exclusive of their landed property for that year, but should make a report on or before the 31st day of December in each year of the amount of land sold until all the land was sold, and the amount realized from the sales was to be considered as capital.
The original act appointed Aaron Kitchell, Edward Condict, Jonathan Ogden, Charles Carmichael and Ebenezer H. Pierson commissioners to receive subscriptions for the stock of this bank, and appointed John Ralston, John Doughty, Daniel Phoenix Jr., Samuel Halliday, Solomon Doughty, Lewis Condict, Israel Southard, Sylvester D. Russell, Israel Canfield, Wil- liam Brittin, Jacob Gray, Richard Hunt, and Daniel Stewart, its first board of directors ( unless disqualified), to hold office until November, 1812, and provided that they should elect their first president. The commissioners appointed to receive subscriptions opened their books on the 17th of March, 1812, and the directors selected Daniel Phoenix Jr., president, and J. H. Brown, cashier; and the bank began business on August 4th of the same year, and was so successful that it paid a dividend of four per cent. on October 13th of the following year. In 1829 the Legislature extended the corporate existence of this bank until the first Monday of February, 1849, provided that it did not take more than six per cent. per annum upon its loans and discounts, and in 1845 its existence was extended by the Legislature until the first Monday of February, 1866.
This bank was located at the corner of Bank street and Park place, in Morristown, where the Bell Building now stands, and for many years did the entire banking business of the county. Afterwards, other banks were organized, and it lost part of its business, and was obliged, in order to realize on loans, to take over a large amount of real estate, and also take over a large amount of its own stock, so that the value of the stock was depreciated, and it became so far involved that in 1848 it stopped discount- ing and paying any bills. The following year the Legislature authorized the bank to offer the stock to its stockholders, making the shares of the value of $20 each, and, in case they did not take the stock within a specified time, then to offer it to others, and to resume business when it had a cash capital of at least $40,000 for banking purposes. The bank did not overcome its financial difficulties, and finally went out of existence.
While Morristown, the county seat, was growing in population and wealth, Dover and the section of the county immediately surrounding it, owing to the rich deposits of iron ore and the development of the iron industry, also felt the need of a banking institution in that locality to accommodate its business, and on the 28th day of February, 1832, the Legislature of this State passed an act entitled "An Act to Incorporate the Union Bank of Dover, in Morris county." By this act William Scott, Wil-
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liam Jackson, Hudson McFarlan, Samuel G. Wright, Samuel Fowler, Thomas Muir and Joseph Dickerson Jr. were appointed commissioners to open subscriptions to secure the capital of the bank to be called the Union Bank at Dover. The authorized capital stock was $100,000, divided into shares of $50 each, with the right to increase it to $150,000. The money was secured, and the bank opened for business, with Richard Brotherton, William Scott, Jacob Wilson, Joseph Dalrymple, Jacob Hurd, Israel C. Losey, John M. Losey, Freeman Wood, Alexander Dickerson and John Dickerson Jr., directors; Colonel John Scott, president; and Thomas B. Segur, cashier. Colonel Scott was succeeded in 1841 by Guy M. Hinchman as president, which latter gentleman held office until the bank went into liquidation in 1866. The first cashier was succeeded by Elisha Segur, who was in turn succeeded by Anson G. P. Segur.
The stock of this bank was largely owned by Phelps-Dodge & Co., metal merchants of New York City, who used the notes of the bank to pay their indebtedness at the copper mines in Michigan, and as these notes were redeemable on presentation in New York at the banking house of Vermilye & Co., and at the office of Phelps-Dodge & Co., the bank became well known throughout the middle west as one of the solvent banks of the country and its notes were accepted as current funds.
In 1849 the Legislature continued its charter for a term of twenty years, and it continued to do a prosperous business until the establishment of the National Banking System, when it was deemed advisable to go out of business, and an act of the Legislature was passed on March 20, 1866, entitled "An Act to Enable the Union Bank of Dover in the County of Morris to close its business, liquidate its outstanding liabilities, and re- deem its circulating notes within a limited time." Under the provisions of this act, the bank redeemed its outstanding notes, paid its depositors in full, and divided the balance of the assets among its stockholders.
On February 24, 1836, Henry A. Ford, Dayton I. Canfield, George H. Ludlow, Joseph Jackson, Richard S. Wood, James Wood, Henry Hil- lard, Jeptha B. Munn, Silas Condict, Timothy S. Johnes, Jonathan C. Bonnell, George Vail and William Brittin and their associates were by an act of the Legislature entitled "An Act to Incorporate the Morris County Bank," created a body corporate by the name and style of The Morris County Bank, with an authorized capital of $100,000, divided into shares of $50 each, with the right to increase the capital to $200,000; its charter to terminate on the Ist day of January, 1857. James Wood was elected president, and upon his death his son William Nelson Wood, took his- place. The bank was located on the north side of the park, in the building which is now owned by the McAlpin estate, and occupied by the Post Office. In 1855 the Legislature extended its corporate existence for twenty years. This bank for many years did a large and prosperous business, but in the financial panic of 1857 it was obliged to suspend pay- ment. It was afterwards able to meet its obligations, close its affairs, and go out of existence.
The growth of the iron business and the location of manufacturing plants connected with that industry at Rockaway, created a demand for a banking institution at that place, and in August, 1855, the Iron Bank at Rockaway was incorporated under the general banking law of the State, and did business at that place for several years, during which time Free- man Wood was its president.
The Legislature passed an act on February 18, 1858, entitled "An Act
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to Authorize the Iron Bank to Change Their Place of Business," and under this authority the bank changed its location from Rockaway to the Bell Building, corner of Park place and Bank street, in Morristown.
Two years later, "Sherman Broadwell, Horace Ayers, Ira B. Prudden, Barnabas K. Stickle, Samuel W. Corwin, Francis Lindsley, Courtland S. Hulse, James Holmes and Henry C. Pitney, and their associates and share- holders in the Iron Bank, an association existing at Morristown, in the county of Morris, and organized under the provisions of an act of the Legislature entitled 'An Act to Authorize the Business of Banking,' and their successors and assigns" were constituted a corporation and a body politic, by the name and style of the "Iron Bank," by an act of the Legis- lature entitled "An Act Relative to the Iron Bank," approved March 22, 1860, and the bank thereafter operated under this act. Its capital stock was $100,000, divided into shares of $50 each. The gentlemen named in the act of incorporation were its first board of directors; Sherman Broadwell was elected president, and Horace Ayers, cashier.
In 1865 the bank availed itself of the provisions of the National Bank- ing Act. Hampton O. Marsh was president for many years; upon his death, in September, 1894, Henry C. Pitney was elected president, and continued to hold that office up to the time of his death. He was suc- ceeded by Robert D. Foote, who is still its president. This bank has been and still is one of the leading financial institutions of the county, its present capital being $200,000. In 1871 it erected and moved into a banking building on Washington street, known as the Iron Bank Building, where it remained until 1912, when it moved to its present commodious, beautiful and modern banking building on South street. The present board of directors are: John B. Vreeland, Morford B. Strait, Robert D. Foote, Phil- ander B. Pierson, Robert B. McEwan, Alfred Elmer Mills, Edward P. Meany, Elmer King and John H. Bonsall. Philander B. Pierson is vice- president, and Lewis D. Kay, cashier. Its surplus and undivided profits are over $75,000, and its individual deposits over $1,825,000.
In 1862 a bank was incorporated in Morristown by an act of the Legislature entitled "An Act to Incorporate the Morristown Bank, in the County of Morris," approved March 28, 1862. By this act, George T. Cobb, Ira C. Whitehead, William C. Baker, William G. Lathrop, Henry Hillard, Calvin Howell, Jacob Vanatta, Philip Welsh, William W. Marslı and Theodore Little and their associates were incorporated as "The Morris- town Bank." The authorized capital was $100,000, divided into shares of $50 each, with liberty to increase the capital to $200,000, but nothing was done toward organizing it.
In 1864 the National Bank Act was passed, and the following year the First National Bank of Morristown was chartered under that act, and began business on June 21 of that year with an authorized capital of $100,000. The first board of directors consisted of Daniel Budd, William G. Lathrop, John F. Voorhees, J. Boyd Headley, Henry M. Olmsted, Theodore Little, Columbus Beach, George T. Cobb and Lewis B. Cobb. Theodore Little was elected its first president, and held that office until the time of his death in 1901, when Albert H. Vernan was elected to suc- ceed him. This latter gentleman held the position until his death, and was succeeded by the present incumbent, H. Ward Ford. On the opening of the institution, Joseph H. VanDoren was elected cashier, and still holds that position. The bank began business in the Babbitt Building, corner of
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Washington street and Park Place, and continued there until it removed to its present building on the south side of the Park.
It is one of the strong financial institutions of the county; it has in- creased its capital to $200,000, and has an accumulated surplus and un- divided profits of over $259,000, and has on deposit over $3,085,000. Its present board of directors are Charles W. Ennis, H. Ward Ford, Guy Min- ton, Joseph H. VanDoren, D. Hunter McAlpin Jr., Francis S. Hoyt, Dudley Olcott, Rudolph H. Kissel, Robert H. McCurdy, Andrew L. Cobb, Archi- bald Forbes, Theodore F. King and Edward K. Mills.
The opening of new mines and the development of the ones already in existence, together with the location of manufacturing plants, furnaces and rolling mills incident to the operation of iron mines, required that Dover should have banking facilities, so upon the dissolution of the Union Bank of Dover in 1866, Anson G. P. Segur opened and conducted a private banking business under the name of Segur Bank, the bank building or office being located on the southerly side of Blackwell street, a short dis- tance from Warren street. This bank was conducted by Mr. Segur until March 21, 1871, when Anson G. P. Segur, William E. Dodge, James Stokes, Guy M. Hinchman, Alexander Wighton, Thomas R. Crittenden, James H. Neighbour, Mahlon H. Dickerson, John C. Jardine, Isaac B. Jolley, Warren Segur, and their associates were incorporated by the name of Segur Bank with an authorized capital of $200,000, and took over the business and assets of the banking business conducted by Mr. Segur. On the 4th of April, 1873, the Legislature authorized a majority of the stock- holders to change the name of this bank to the Dover Bank, which was done. This bank finally wound up its affairs and went out of business, con- veying its property to a committee consisting of George Richards, Charles E. Noble, and James B. Lewis, for the purpose of liquidation.
About 1871, Anson G. P. Segur began the erection of the building now occupied by the National Union Bank, and on November 9, 1872, before the building was completed, entered into an agreement with Hud- son Hoagland to convey the building to him and his associates, who were about to organize a banking association, and withdraw from the banking business. On the 19th of December, 1872, the National Union Bank was organized under the National Banking Act. Its first board of directors con- sisted of Columbus Beach, George Richards, Richard George, Ephraim Lindsley, Hudson Hoagland, Isaac W. Searing, Isaac B. Jolley, James H. Neighbour, Albert R. Riggs, John W. Jackson, and Alpheus Beemer, with Columbus Beach, president, and J. S. Treat, cashier. The banking building commenced by Segur was conveyed to the bank, and it began business in it, but considerable litigation afterwards grew out of this agreement entered into by Segur with Hoagland, it being contended that Segur did not go out of the banking business as called for in the agreement. A suit was brought by Hoagland against Segur, and also by the Bank against Segur, and both suits were contested. Hon. Henry C. Pitney was the attorney for the plaintiff, in both actions, and Jacob Vanatta and Joseph C. Potts represented Segur in the Hoagland suit and Mr. Vanatta represented him in the bank suit. The litigation finally re- sulted in a verdict against Segur for $10,000, the amount of the liquidated damages called for in the agreement. This bank has become one of the prosperous and influential banks of the county, and still holds that position. It has a capital of $125,000. Surplus and undivided profits of over $280,000, and deposits of over $1,798,000. Its directors are Peter C. Buck,
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Thomas H. Hoagland, Robert Killgore, D. R. Hummer, James B. Tonking, John Mulligan, Paul Guenther, John H. Bonsall and William F. Birch. Thomas H. Hoagland, president, and Charles Applegate, cashier.
On the 21st of March, 1871, George Richards, Hudson Hoagland, Henry D. VanNostrand, James H. Simpson, Columbus Beach, Henry McFarlan, Charles McFarlan, E. N. K. Talcott, and their associates were incorporated as The Mineral Bank of Dover, by an act of the Legislature entitled "An Act to Incorporate the Mineral Bank of Dover." The authorized capital of this bank was $100,000, with liberty to increase the same to $250,000, divided into shares of $100 each, but nothing was done under this act.
In 1881 a bank known as the First National Bank was chartered under the National Bank Act, at Madison, with a capital of $50,000. For many years Jacob S. Paulmier was president, and Fred B. Bardon, cashier. Its present directors are F. Irving Morrow, Alfred G. Evans, Edward Miller, T. B. Morris, F. D. Waterman, E. J. Skeele, and M. A. White, with Albert G. Evans, president, and F. I. Morrow, cashier. It has a surplus and undivided profits of over $47,000, and has always been known as a safe and conservative banking institution. Its deposits amount to over $538,000.
Boonton was without a bank until 1890, when the Boonton National Bank was chartered, with a capital of $100,000. It has had a very suc- cessful existence, and at present, in addition to its capital, has a surplus and undivided profits of over $101,000. Monroe Howell is president ; Edwin A. Fisher, cashier; and N. L. Briggs and Charles Brock, vice- presidents. Its board of directors are Nathan L. Briggs, Charles Brock, Esli B. Dawson, Warren N. Baldwin, Monroe Howell, Joshua R. Salmon, Frank E. Morse, Charles A. Norris and Gibson N. Vincent. Its deposits are over $869,000.
The large increase of population owing to the establishment in Butler of the Butler Hard Rubber Company's plant, created a demand for a bank in that vicinity, and in 1903 the First National Bank of Butler, with a capital of $50,000, was established at that place. The bank has done a flourishing business, and now has a surplus and undivided profits of over $87,000. Its president is C. G. Wilson; William L. McCue, vice-president; and M. H. Glann, cashier. Its present board of directors are: John B. Burlison, Fred R. Casterlin, Isaac G. Gurnee, William Mullen, William L. McCue, Charles G. Wilson, Paul Witteck, John A. Farrel and Milton H. Glann. Its deposits amount to over $740,000.
After the removal of the Iron Bank from Rockaway, the Rockaway Bank was formed, but no business was done except filing its certificates of organization, and for many years Rockaway was without any bank, the banking business of the community being done either at Morristown or Dover. In 1907 the First National Bank of Rockaway was organized. It has a capital of $25,000, with surplus and undivided profits of over $5,000. Simon J. Loewenthal is president; William Gill and E. H. Todd, vice- presidents ; with Arthur J. Yetter, cashier. The individual deposits are over $314,000. Its directors are S. J. Loewenthal, H. W. Mutchler, E. Bertram Mott, William Gill, John H. Yetter, Noah Freeman, Edward H. Todd, John H. Miller and Harry R. Watson.
For many years there was only one bank in Boonton, but in 1911 the Farmers and Merchants Bank was organized, with William C. Salmon, president ; M. D. Heyward, cashier; and Thomas J. Hillery, vice-president. Its capital is $75,000, with surplus and undivided profits over $19,000, and
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deposits amounting to over $141,000. The board of directors are Henry M. Ball, James V. Beam, Edward J. Cahill, F. H. Coe, N. J. Conklin, Mar- cus M. Crane, J. W. Mutchler, William C. Salmon, R. R. Webb, W. A. Young, Chas. L. Grubb, Thos. J. Hillery, H. S. Hitchcock and Frank L. Jacobus.
The Peoples National Bank was organized in Dover and began business on December 5, 1898, with James H. Simpson, president ; Dr. R. A. Bennett, vice-president ; and E. W. Rosevear, cashier. This institution continued until the Dover Trust Company commenced business, on January 1, 1902, when it merged with that trust company, the stockholders accepting the trust company's stock.
In 1893, the Citizens' National Bank, with a capital of $50,000 was organized at Netcong. H. H. Nelden, president, and A. E. Griggs, cashier. Its deposits are over $294,000; undivided profits over $3,500. The directors are Elmer King, H. A. Timbrell, M. T. Thomas, M. R. Hilderbrandt Jr., T. J. Allen, D. S. Drake, M. Barone, S. H. Chamberlain, H. H. Nelden.
While banks were thus established in various parts of the county no steps were taken to established a savings bank until the 8th of March, 1861, when George T. Cobb, William C. Baker, William N. Wood, Ebenezer B. Woodruff, Henry VanArdsdale, Alexander Robertson, William Whitney, Lewis Phoenix, Thomas B. Flagler and Augustus W. Cutler, of Morris- town; Francis S. Lathrop, of Madison; William G. Lathrop, of Boonton; Ephraim Lindsley, of Dover, and Daniel Budd, of Chester, and their successors, were constituted a body politic by the name of the Morristown Savings Institution, by an act of the Legislature entitled "An Act to In- corporate the Morristown Savings Institution." This act provided that fourteen persons should be the board of managers, one-half of whom should reside in Morristown, and that the persons named as incorporators should constitute the first board. The breaking out of the Civil War prevented the completion of the organization of this bank. No further steps were taken to establish a savings bank until after the war, when the Legislature by an act entitled "An Act to Incorporate the Morristown Institution for Savings," approved April 9, 1867, incorporated George T. Cobb, Austin Requa, Lebbeus B. Ward, Joseph W. Ballentine, Augustus W. Cutler, Lewis B. Cobb, William G. Lathrop, William C. Baker and William C. Caskey, and their successors, as the "Morristown Institution for Savings." Lewis B. Cobb was president; Joseph W. Ballentine, vice-president; and J. B. Winslow, secretary and treasurer. The first deposit was made on the 25th of May, 1867. In 1878 Jonathan W. Roberts was elected president, and later Charles E. Noble took his place. In 1882 the bank ceased re- ceiving deposits, paid off its depositors in full, and went out of business.
During the business activities of 1871, 1872 and 1873, many banks and savings institutions were chartered. Guy M. Hinchman, Mahlon H. Dicker- son, John Hance, Ephraim Lindsley, Jacob Hurd, Henry Baker, Isaac B. Jolley, James H. Neighbour, Richard George, David Jenkins, Stephen C. Berry, Edward A. Stickle, James B. Lewis, William H. McDavit, Edmund Canfield, James W. Brotherton, Isaac W. Searing, Thomas R. Crittenden, Joseph Roderer, Alpheus Beemer, Alexander Wrighton, John C. Jardine, Sylvester Dickerson, Charles M. Tunis and John R. Larkins, were by an act of the Legislature entitled "An Act to Incorporate the Dover Savings Institution," approved March 21, 1871, incorporated as the Dover Savings Institution. The bank was organized with John Hance, president; James B. Lewis, vice-president; and Warren Segur, treasurer ; and had its office
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in the Dover Bank. It did business for several years, and finally went into liquidation in 1879.
During the same year, Henry McFarlan, Columbus Beach, James H. Simpson, George Richards, William H. Lambert, William H. Jones and Charles McFarlan and their successors were incorporated as The Miners' Savings Bank of Dover, N. J., by an act of the Legislature en- titled "An Act to Incorporate the Miners' Savings Bank of Dover, N. J.," approved February 7, 1871. The incorporators were the first board of mana- gers. On the 25th day of March, 1873, the act was amended increasing the board of managers to nine, by adding the names of Isaac B. Jolley and Isaiah W. Condict. The bank began business on February 17, 1871, and continued in existence for about twenty years.
By an act of the Legislature entitled "An Act to Incorporate the Chester Savings Bank," approved March 27, 1873, William H. Nichols, Augustus C. Canfield, Daniel Budd, James Vanderveer, William M. Budd, James S. Dickerson, James C. Yawger, Charles Hardin, William Hil- iard, Elias M. Skellenger, Philip Welsh, Theodore P. Skellenger, Smith E. Hedges, Samuel Swayze, Caleb Osborne and John Webb Jr., and their successors, were made a body corporate under the name of The Chester Savings Bank.
The same year, the Legislature by an act entitled "An Act to In- corporate the Madison Savings Bank," approved April 4, 1873, constituted James A. Webb, Henry F. Reddish, Ambrose F. Kitchell, Francis S. Lathrop, George Chapman, Horatio N. Peters, Stephen Paulmier, Jonathan Dwight, Joseph C. Potts, and Jeremiah Baker, a body corporate under the name of The Madison Savings Bank.
The Governor of this State, by his proclamation dated December I, 1873, made by virtue of the provisions of an act of the Legislature en- titled "An Act providing for, decreeing and making known that certain laws and joint resolutions have become inoperative and void," approved March 3, 1873, declared the acts incorporating The Miners' Savings Bank of Dover, N. J .; The Morristown Institution for Savings; The Dover Savings Institution ; The Chester Savings Bank; and The Madison Savings Bank were inoperative and void.
On February 24, 1874, the Legislature by its act declared that the act of incorporation of the Morristown Institution for Savings was of full binding force, and afterward on March 24 of the same year the Legislature passed a general act declaring that all these acts were revived and in full force, provided the assessments and fees due thereon were paid.
While The Chester Savings Bank and The Madison Savings Bank were again legalized to do business under this last mentioned act, no steps have ever been taken to organize them.
On the 3rd of March, 1874, William L. King, Henry .W. Miller, Theodore Ayers, George E. Voorhees, Henry C. Pitney, Thomas B. Flagler, James A. Webb, Augustus C. Canfield and their successors were incor- porated as The Morris County Savings Bank, by an act of the Legislature entitled "An Act to Incorporate The Morris County Savings Bank." This institution was located at Morristown, and began business in the same inonth. Mr. W. L. King was elected president ; John B. Byram, secretary and treasurer. Mr. King continued to hold office until 1881, when he was succeeded by Henry W. Miller, who held the position up to the time of his death in 1904, when Philander B. Pierson was elected his successor. Its present board of managers are Alfred Elmer Mills, Guy Min-
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