History of Essex and Hudson counties, New Jersey, Vol. I, Part 152

Author: Shaw, William H
Publication date: 1884
Publisher: [United States :]
Number of Pages: 840

USA > New Jersey > Essex County > History of Essex and Hudson counties, New Jersey, Vol. I > Part 152
USA > New Jersey > Hudson County > History of Essex and Hudson counties, New Jersey, Vol. I > Part 152

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" The scene in Broad street while the processen was pawing was magul- Brent ; although the crowd was great tho width of the atrvet prevented any confusion, and this noble street, of which the citizens of Newark aro dewrvedly proud, must have made a favorable hopremnon upon the tuind of Mr. Lincoln. There were not have than twenty-five thousand people in the streets ; in short, all Newark turned out en massa to receive Old Abe.

The windows of all the stores and private residences were filled with the fir set, who waved their hawkerchiefs and missiled met sweetly an Str. Lime u pame Altogether, the Newark reception reflected credit upon the city, and was, we predict, as agreeable an ovation as Mir Lincoln bas received since he cominen ed 1 pilgrimage to the White Hi dine - 1

CHAPTER XLVIL.

BANKING AND INSURANCE.

Newark National Banking Company .- This is one of the two pioneer banking institutions in New Jersey, and was chartered by an act of the state Legislature at its session of 1803-4.

It was organized May 4, 1804, when a board of di- rectors was chosen, as follows: Elisha Bondinot, Archibald Mercer, J. N. Cumming, William S. Pennington, David D. C'rane, Silas Con- dit, John Crawford, Aaron Che, George Nelson, Moses Hed- den and Stephen DI Hayes. Shortly af- terwards, upon May 15th, Elisha Boudinot was elected president and William White- head, cashier. How near we are to the birth-period of New- ark's dawning great- ness as an impor- tant business centre is shown by the fact that one of these directors was still alive up to Dec. 1, 1867. llis demise broke the last link which bound together the infancy and the age of the parent finan- cial institution of Newark. The business of the bank was at first transacted in the parlor of Smith Burnet's residence, on Broad Street. The first and largest de- posit, three hundred dollars, was made the day of open- ing by Judge Boudinot, the total deposits for the day being about four thousand dollars. These were placed for safe keeping at night in a strong, iron-bound wooden box. Upon the mantelpiece overhead were displayed, as a sure and efficacious guard against robbers, two knives of small-sword dimensions and two large horse pistols. Despite thèse precautions, there was an uneasy feeling among the bank ofli- cers, and it was finally decided, when the deposits reached a large sun, to place the amount for security in the Manhattan Bank, at New York. In 1805 a

> Atkinson's "History of Newark."

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HHISTORY OF ESSEX COUNTY, NEW JERSEY.

site for a building was purchased,-the same which 1 is still occupied by the institution. A piece of ground, having a frontage on Broad Street of fifty- nine feet and a depth on Bank Street (then Maiden Lane) of one hundred and sixty feet, was purchased for $583.33. Fifty-one years later, in 1856, twenty- two feet front of the same ground was sold at the rate of four hundred and fifty dollars per foot. The first building erected by the bank for its use was a two-story brick edifice, with brown stone trimmings. In its day it was considered very handsome.

The north end and upper part of the building formed the residence of the cashier, Mr. Whitehead, and there was born his son, the late William A. Whitehead, a gentleman who has contributed a great deal of well-directed literary industry to the accumu- lation and preservation of valuable New Jersey history. Some years after the sale of a portion of its real estate the old building was torn down, and the present stately and substantial brown stone struc- ture was erected in its stead. When it began busi- ness, the nominal capital of the bank was eight hun- dred thousand dollars. To the amount of five hundred thousand dollars this was gradually paid in. The present capital stock is about five hundred thousand dollars, with the limit of one million. Under its original charter the bank was authorized to establish a branch at Paulus Hook. Accordingly, the Jersey Bank was organized, but it was afterwards removed to New York, and is now the Union National Bank of Wall Street. Upon the third extension of its charter, the Newark Banking and Insurance Com- pany changed its title to the Newark Banking Com- pany. In June 24, 1865, it became a national bank, under the name first above given .1

The presidents of this bank have been as follows: Elisha Boudinot, elected May 4, 1804; John N. Cum- ming, April 6, 1815; Silas Condit, May 3, 1820; John Taylor, Feb. 3, 1842; James B. Pinneo, the present incumbent, Sept. 14, 1854.

The cashiers have been William Whitehead, elected May 15, 1804; Aaron Beach, May 9, 1810 (died in office) ; William M. Vermilye, Nov. 22, 1841 ; Jacob D. Vermilye, July 24, 1843, now president of the Merchants' National Bank of New York ; Charles G. Rockwood, the present incumbent, Feb. 12, 1858.

This bank has on file in its possession a copy of each of its issues, and each denomination since 1804. The designs on the face of the different issues repre- sont the different business industries of Newark through several of the first decades of its industrial development. Such a list of plates, representing not only a commercial valne, but legitimate business in- terests of a town, cannot probably be found in any other similar institution in the State.

The banking-house is located on the corner of Bank and Broad Streets, and was built in 185x.

The directors for 1884 were James B. Pinneo, Beach Vanderpool (since deceased), Jacob D. Vermilye, James R. Sayre, Jr .. Alfred L. Dennis, Thomas Oakes, Eugene Vanderpool, A. Bishop Baldwin, P. Sanford Ross.

JAMES BEZA PINNEO, president of the Newark National Banking Company, was born in Milford, Conn., April 14, 1806. His father, Rev. Beza Pinneo, pastor for fifty-three years of the First Congregational Church of the latter place, was a man of great learn- ing and piety. Under the immediate supervision of his accomplished father, Mr. Pinneo pursued his studies until the age of sixteen years, when, deter- mining to fit himself for a business life, he went to the city of New York, and there, as a clerk, entered a dry-goods store. In this capacity he exhibited so inuch fidelity and business talent that at the expira- tion of six years he was taken as a partner into the establishment. Acquiring at an early age a great fondness for reading and study, it was quite natural that he should seek the means of gratifying his taste, and finding that the New York Mercantile Library association afforded the desired facilities he soon be- came not only a constant and delighted frequenter of its rooms, but, in time, one of its active members and directors. Of this institution, Mr. William B. Kin- ney (elsewhere noticed in this volume), who was afterwards well known as editor and proprietor of the Newark Daily Advertiser and United States minister to Sardinia, was the librarian. A good scholar him- self, he naturally conceived a great liking for young Mr. Pinueo, with whom he daily met and with whose fine tastes and excellent business qualifications he could not fail to become acquainted. A friendship sprang up between them, and Mr. Kinney, in his explorations with a view to find a field wherein to employ more profitably his literary abilities, having discovered in Newark, N. J., a printing office and an established newspaper for sale, persuaded young Pin- neo to join him in the enterprise. To Newark they both removed, and the Newark Daily Advertiser on the 16th day of July, 1833, leaving the control of the associates of the New Jersey Railroad Company, by whom it was founded, in order to secure their charter, came forth under the direction of J. B. Pinneo & Co. By the skillful management of Mr. Pinneo and the powerful and felicitous pen of Mr. Kinney the paper was placed upon a foundation which, during the forty years that have since elapsed, has grown firmer and broader.

But Mr. Pinneo's peculiar aptitude as a man of business and a financier became so marked during his three years' connection with the Daily Advertiser that the great manufacturing firm of William Rankin & Co. invited him to take charge of their extensive and complicated monetary matters. So bravely did this great house withstand the financial tempest of 1837 that on its enlargement, in 1839, Mr. Pinneo was once more honored by being taken into a partnership

1 Atkinson's " History of Newark."

JasPO. Penneo

627

BANKING AND INSURANCE IN NEWARK.

which he had not sought or expected. Here he re- mained during the following thirteen years, when (12) he retired with what was then considered a handsome fortune. In 1842 he became a director of the National Newark Banking Company, and, in 1854, succeeding Mr. John Taylor, as president, continues to hold that office at the present time. With a feeble body, but with a mind as unclouded as in youth, he now daily, at the age of seventy-eight years, sits at his accustomed desk, and with a wisdom and case that astonishes his associates, manages the affairs of the oldest and one of the stanchest banking-houses of New Jersey.

The Howard Savings Institution, which every financial panie with its attending raid only strength- ens and enriches, has had Mr. Pinneo as one of its managers and a member of its finance committee since its organization.

In the establishment of the Newark Literary Asso- ciation Mr. Pinneo took an active and prominent part, and remained a member of its board of directors until, at his own request, he was suffered to retire.

As a member of the Common Council of the City of Newark in 1852, he was careful of the city's inter- ests, and to him the people are largely indebted for the establishment of Centre Market at a time when it was so greatly needed.

The Wesleyan Institute, although a school belong- ing to a religious denomination with which he was not connected, sought his counsel and aid, and placed him on its board of trustees.

But with all his great abilities as a man of business, Mr. Pinneo is, by a large class of his fellow-citizens, better known as a man of exceeding benevolence and of a truly Christian spirit. To the High Street Presby- terian Church, which was established mainly through his personal efforts, he has not only given generously of his wealth, but of his time and of the labor of his hands. His numerous private charities and benefac- tions will never be fully known by his fellow-men, and, doubtless, many of them have been forgotten by himself.

National State Bank of Newark,-Jan 28, 1812, the Council and General Assembly of the State of New Jersey passed an act authorizing State banks at different points in this State, one of which was Newark, and under that act this bank was estab- lished with a capital of four hundred thousand dol- Jars. The directors appointed under that act were William S. Pennington, Aaron Munn, Isaac Andrus, Oliver Wade, John Alling, Smith Buruet, Moses N. Combs, Stephen D. May, Martin J. Ryerson, Abra- ham Ackerman, Isaac Pierson, James Vanderpool, and Job S. Dodd.

The first meeting of the directors was held Feb. S, 1812, when William S. Pennington was chosen presi- deut of the hauk, and Caleb S. Halsted appointed cashier.

Books for subscription to capital stock were opened

at Newark on February 25th, at Ackquaekanonck on the 26th, Bloomfield on the 27th, and at Orange on the 28th, 1812.

Mr. Halsted resigned the position of cashier March 27, 1812, and George Charles Herford was appointed cashier April 22, 1812.

The lot on which the banking-house stands was purchased, July 14, 1812, of Luther Goble, for the sum of two thousand eight hundred dollars; and an addi- tional lot on Mechanie Street was purchased, Nov. 9, 1813, from Seth Woodruff, for the sum of three hun dred and ten dollars.

Nov. 10, 1812, Elias Van Arsdale was sworn in as president of the bank.

Dec. 18, 1812, Joseph Hornblower was appointed attorney, and on the same day Samuel Pennington was appointed notary for the bank.

March 3, 1813, the new banking-house was com- pleted and occupied for banking purposes ; total cost of building and fixtures, four thousand seven hun- dred and thirty-six dollars.

March 13, 1813, the right reserved by the Legisla- ture to subscribe for a portion of the capital stock was sold by the commissioners appointed by the Leg- islature for that purpose for the sum of four thousand and twenty-five dollars, the bank being the pur. chaser.

April 1, 1813, the bank declared its first dividend, and from that time to the present has not failed to declare and pay a semi-annual dividend to its stock- holders.

April 20, 1813, the directors attended in a body the funeral of Mr. Herford, late cashier.

April 27th, John Fleming was appointed cashier in place of Mr. Herford, deceased.

May 25, 1813, the common seal of the bank was adopted.

Nov. 9, 1813, one hundred thousand dollars of the capital stock had been paid in.

Ang. 31, 1814, specie payment was suspended, and the cashier was authorized to remove the cash and such other property as he should think necessary to Morristown, in case of invasion by the enemy of the seaboard of New York and New Jersey.

Oct. 21, 1815, John Fleming resigned, and Halsted Coe was appointed acting cashier in his place.

Nov. 13, 1815, Charles 1. Graham was appointed cashier.

May 19, 1819, Matthias W. Day was appointed cashier, and resigned July 2, 1822.

Oct. 29, 1822, William Pennington was appointed attorney and solicitor for the bank.

Nov. 2, 1827, Jabez P. Pennington was appointed notary for the bank.

Jan. 9, 1835, Archer Gifford was appointed attorney for the bank.

May 12, 1837, specie payment was suspended for a short time during the financial crash of that year.

April 26, 1840, Charles I. Graham, cashier, died.

628

IHISTORY OF ESSEX COUNTY, NEW JERSEY.

May 12, 1840, Jacob D. Vermilye was appointed cashier, and resigned Aug. 1, 1843.

Aug. 4, 1843, William H. Mott was appointed cashier.

March 19, 1846, President Van Arsdale died.

March 31, 1846, Caleb ('arter was elected president, and resigned April 17th, the same year.

April 17, 1846, Elias Van Arsdale, Jr., was elected president of the bank.

Aug. 25, 1850, C'ashier Mott died, and on Sept. 10th, J. D. Orton was appointed to fill vacancy.

Jan. 29, 1854, President Elias Van Arsdale, Jr., died, and on Feb. 7th, Samuel Mecker was elected to fill the vacancy.

Oct. 14, 1857, specie payment was suspended, and resumed again Dec. 12, 1857.

July 21, 1863, 3. D. Orton resigned, and on Ang. 4, 1863, Isaae Gaston was appointed to fill vacancy.

May 6, 1864, Charles S. Macknet was elected vice- president of the bank.

July 15, 1864, President Samuel Meeker died while in Italy, and on October 21st, following, Vice-Presi- dent Macknet was elected president to fill vacancy.

About this time the hank was reorganized under the national banking system, with the title of "The National State Bank of Newark," with a paid-up cap- ital of six hundred thousand dollars, with the privilege of increasing the capital to one million dollars.

Jan. 17, 1867, Charles MI. King was elected vice- who held the position until he was chosen presi- president.

January 1878, Theodore Macknet was elected pre- sident, and in March of the same year William Rockwell was appointed eashier.

In 1884, the following-named persons were the directors and officers of the bank :

John P. Jube, John MI. Randall, Theodore Mack- net, Thomas T. Kinney, E. Luther Joy, George Watson, 'stands together cost about one hundred and ten

James F. Bliss, Charles S. Haines, George W. Ilub- bell, James T. Ball, Frederick H. Teese, Marcus L. Ward, Jr., William Rockwell ; President, Theodore Macknet ; Cashier, William Rockwell.

Newark City National Bank .- This bank is lo- cated at 756 Broad, corner of Clinton Street, and commenced the banking business Dec. 1, 1851, under the general banking laws of New Jersey, and March 29, 1865, was chartered for a term of twenty years, and June 22, 1865, was reorganized under the na- tional banking system, with a capital of five hundred thousand dollars.

The orginal directors of this bank were James M. Quinby, Daniel Condit, John Chadwick, David Campbell, James L. Dickerson, John Young, Samuel Il. Pennington, James N. Joralemon, Aaron Carter, Jr., Martin R. Dennis, David Conger, John M. Davies and Horatio N. Peters.

The pioneer officers of the bank were Dr. Samuel, II. Pennington, president ; Charles S. Graham, cash- ier; John Whitehead notary.

The directors and officers for 1884 were as follows:

Directors, Samuel HI. Pennington, David Campbell, Ira M. Ilarrison, Stafford R. W. Heath, Horace J. Poinier, Thomas W. Davison, Aaron Carter, Jr., F. Wolcott Jackson, Henry J. Yates, Edward H. Peters, Albert Baldwin and William S. Ketcham.

The officers for 1884 were as follows : President, Dr. Samuel H. Pennington, who has filled the position for thirty-three years ; Cashier, Albert Baldwin ; No- tary, Samnel H. Pennington, Jr.

The Essex County National Bank .- The original organization of this institution was effected on Jan. 6, 1859, and the charter was granted by the Legisla- ture on March 9th. The bank was then known simply as the Essex County Bank. The incorpora- tors and first directors were Joseph Ward, Abner S. Reeve, Stephen G. Gould, Daniel Price, James Booth, Isaac A. Alling, Andrew Atha, Thomas B. Peddie, Richard Hall, Walter Tompkins, Orson Wilson, Al- exander Grant, Jr., Marcus B. Douglass, Charles S. Graham and Edward H. Wright. Joseph Ward was the first president of the bank, and conducted its af- fairs in that capacity to Jan. 13, 1881,-a period of over twenty-one years. Abner S. Reeve was presi- dent from Jan. 13, 1881, to January, 1884, when Wil- liam Il. Curtiss was chosen to the office. The first cashier, Charles S. Graham, served almost as long as the first president, from January, 1859, to June 26, 1876. He was succeeded by William H. Curtiss, dent.

The bank began business with a capital of one hun- dred thousand dollars, which in 1860 was increased to three hundred thousand dollars. It was re-chartered as the Essex County National Bank, June 3, 1865. The present banking-house is commodious and con- venient. The building and the ground upon which it thousand dollars.

The present officers of the Essex County National Bank are: President, William H. Curtiss; Vice- President, Thomas B. P'eddie; Cashier, Thomas W. Crooks. Following is a list of the directors: Joseph Ward, Daniel Price, Thomas B. P'eddie, Isaae A. All- ing, Richard Hall, Walter Tomkins, Alexander Grant, Jolın H. Ballantine, Benjamin Atha, Elias A. Wil- kinson, Christopher Roberts, Louis Lelong, George F. Recve, James N. Arbuckle, William H. Curtiss.

Second National Bank .- This bank, located at 772 Broad Street, is a government agency and de- signated depository of the United States, and was organized April 5, 1864, and charter extended to Feb. 24, 1903. The first directors of the bank were Cornelius Walsh, J. D. Orton, Samuel P. Smith, Joseph P. Bradley, John Il. Kase, James G. Barnet, Christian II. Scharff, Aaron Ward, Jr., Samuel Hal- sey. The first president was Cornelius Walsh, and the first cashier was the present incumbent, J. D). Orton ; Notary, Julius Van Wagenen.

The original capital stock paid in was three hun-

629

BANKING AND INSURANCE IN NEWARK.

dred thousand dollars, with authority to increase the same to half a million dollars.

Present directors and officers : Directors, John H. Kase, James D. Orton, Aaron Ward, James G. Barnet, Cyrus Dettelbach, Samuel Streit, Albert O. Headley, E. A. Green, George A. Halsey ; President, John H. Kase ; Notary, Julius B. Van Wagenen.

Merchants' National Bank of Newark .- This bank is located at 770 Broad Street, and was organ- ized May 15, 1871, with a capital stock of two hun- dred thousand dollars, with the privilege of increasing the same to one million dollars. After struggling through many vicissitudes and misfortunes incident to banking life, it finally outrode all the storms, and is now one of the safe financial institutions of Newark. Its present directors are Wellington Campbell, Wil- liam A. Ripley, Joseph F. Sanxay, C. S. Stockton, Andrew Teed, Edward Kanouse, S. S. Sargeant, John M. Grinnell and Frederick Reynolds; President, Edward Kanouse ; Cashier, J. S. Treat ; Notary, E. J. Smithı.

Manufacturers' National Bank of Newark .- This bank was chartered in 1871, with a capital stock of two hundred and fifty thousand dollars, with the privilege of increasing to five hundred thousand dol- lars. The bank was established as the Merchants' aod Manufacturers' Bank, and subsequently changed to its present name.

The original directors were Theodore Runyon, Henry W. Duryea, William A. Whitehead, John Rutherford, J. Cutler Fuller, Marcus Sayre, William Allen, E. L. Joy, Samuel Plaut, John A. Gifford, John P. Wakeman and Charles G. Campbell.

The first officers of the bank were : President, Theo- dore Runyon ; Cashier, Joseph W. Plume.

The banking-house is located at 762 Broad Street, Newark, and is one of the many safe financial insti- tutions of Newark.

The directors for 1884 were Charles G. Campbell, E. L. Joy, John A. Gifford, Sylvester S. Battin, John P. Wakeman, Nicholas J. Demarest, John D. Harrison, George Wilkinson, Oscar B. Mockridge, Franklin Murphy, Edward Spaeth; President, Charles G. Campbell ; Cashier, Joseph W. Plome.

The German National Bank of the City of New- ark .- This bank, located at 766 Broad Street, was chartered in September, 1x72, with a cash capital of two hundred thousand dollars. Its name, and the names of the following list of original directors, indicate clearly the nationality from whom the original stock- holders were made up.

Isadore Lehman, Jacob L. Schmidt, Christ. Sauer- wein, Harry Koch, Leopokl Graf, Morris Schwerin, Simon Scheuer, Bernard Straus, Henry Harisling. Frederick J. D. Rumpf, Jacob Hockinios, Ulrich Schiener, Charles W. A. Romer, Edward Simon and John Schnellbacher.

Of the original board of directors, only four are liv- ing, viz. : I. Lehman, S. Scheuer, B. Straus and C. W.

A. Romer. Thus, in twelve years this bank has been called to mourn the loss of eleven of its original mem- bers, and how many of its original stockholders we have not been advised.

The directors for 1884 were Isadore Lehman, C. W. A. Romer, James Perry, Henry Lang, F. H. Wismer, Samuel Simon, Julius Steffens, Bernard Straus, Simon Scheuer, C. F. Seitz, E. M. Douglas, George B. Swain and W. P. Sinnock ; President, Isadore Lehman ; Cashier, Edwin M. Douglas ; Notary, Henry F. Goken.

The State Banking Company, located at 137 Mar- ket Street, Newark, N. J. This monetary institution was incorporated by act of the State Legislature of New Jersey, April 2, 1872, with Peter Hauck, John G. Burger, George C. Webner, John Korb, Peter Wil- helm and Otto tisautner, as the State Trust Com- pany, and subsequently, by act of the Legislature, the name was changed to the State Banking Company. Originally the principal office was to be in the town of Harrison, Hudson Co., with a branch office in Newark, Essex Co., and when the name of the insti- tution was changed, the location of the principal office was changed from Harrison to Newark, where it still remains. The officers for 1873 were: President, Frederick Reynold ; Vice-President, Hermann Schalk; Treasurer, tieorge C. W. Gebner ; Comptroller, Julius Stapfl'; Secretary, John Il. Burger.

The directors for 1×84 were tiottfried Krueger, Edward Schickhaus, Albert P. Condit, Frederick Fintee. Francis H. Sieger, C. F'iegenspan, Christopher Schumacher, John M. Mentz, Jacob Meyer, Julius Stapff, Edward toeller, Julius Gerth, Ebenezer C. llay, Martin Issler and John Brustman. The officers for the same time were: President, Edward Schick- haus; Vice-President, Gottfried Krueger; Cashier, Julius Stapff; Comptroller, Edward Goeller.

North Ward National Bank, located at No. 445 Broad Street. Application was made Feb. 13, 1873, for a charter for this banking association, with a capital of two hundred thousand dollars, and on the day following its charter was granted, and at a meet- ing of the stockholders the following-named persons were elected directors: Hiram MI. Rhodes, 1. Ward Woodruff, E. G. Faitoute, Peter I. Doremus, Benja- min F. Crane, James G. Darling, William Titus, Edward McNaughton, Joseph Coult, C. A. Fuller, James M. Smith, Joseph Feder and George Roe. The judges of election were P. Demarest, J. B. Smith and J. B. Bennett. The first president was Hiram M. Rhodes.

The incorporators of the bank were empowered to increase the capital stock to five hundred thousand dollars. The surplus on hand in June, 1884, was forty thousand dollars.

In January, 1878, Mr. Charles S. Graham, who had many years' experience in the banking business in Newark, was offered and accepted the presidency of this bank, which office he has since filled to the satis- faction of stockholders and patrons. Mr. William

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HISTORY OF ESSEX COUNTY. NEW JERSEY.

Robotham, Jr., is the cashier. The directors for 1884 were Charles &. Graham, William; Titus, Edward G. Faitoute, Benjamin F. ('raue, Joseph M. Smith, Joseph Feder, William H. Lee, Samuel T. Smith, William Vanderpool, Albert II. Clark. George Lane, Edward L. Conklin, William Clark.

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History of Essex and Hudson counties, New Jersey, Vol. I, Part 152

Author: Shaw, William H Publication date: 1884 Publisher: [United States :] Number of Pages: 840

Author: Shaw, William H
Publication date: 1884
Publisher: [United States :]
Number of Pages: 840