History of Essex and Hudson counties, New Jersey, Vol. I, Part 153

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 153
USA > New Jersey > Hudson County > History of Essex and Hudson counties, New Jersey, Vol. I > Part 153

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).

BENJAMIN F. CRANE .- Jasper Crane, the progeni- tor of the Crane family in America, emigrated from England in 1666, and settled in Connecticut. In the direct line of descent was Stephen Crane, who became a resident of Montclair, Essex County, N. J. His son, Stephen, who left an enviable record for patriot- ism, was one of seventeen citizens of Montelair who I vent the manifestation of much publie spirit in the

owned by his father, his youth was spent. His early studies were pursued at the neighboring school, and later a year was spent at the academy in the city of Paterson, N. J. Having made Newark his residence, he entered upon a clerkship, and served three years in that capacity. Under the firm-name of Alexander Eagles & Co., he then engaged in business, and con- tinued until the dissolution of the partnership by the death of the senior partner. Meanwhile Mr. Crane had embarked in the real estate business, which has since rapidly grown in dimensions, and now requires his exclusive attention. This does not, however, pre-

Bem. 7 brane

volunteered their services for the Revolutionary struggle. He married Hetty Dunning, of Florida, N. Y., and had by this marriage six children, among whom was Benjamin, born in Montelair on the 31st of August, 1789, from whence he removed, at the age of sixteen, to Morris County, and resided until his death. He achieved some distinction as a legal prac- titioner, and was for fifteen years judge of the County Court of Morris County. Judge Crane married Eleanor Stiles, of Morris County, N. J., to whom were born two sons and eight daughters. The birth of Benjamin F., of this number, occurred July 21, 1829, at Pine Brook, Morris Co., where, upon a farm

promotion of various business enterprises of which he is either a director or on the board of management, such as the North Ward National Bank, the Howard Savings Institution and the American Fire Insurance Company. He is also identified with the Masonic fraternity as member of Roseville Lodge, No. 43, and of Harmony Chapter, No. 9. He is in his political opinions a Democrat, and has represented the Eleventh Ward of Newark, as freeholder. Mr. t'rane, was, in November, 1853, united in marriage to Sarah M., daughter of Israel C. Eagles, of Newark, and has five daughters and three sons.

Howard Savings Institution .- An act to incor-

631

BANKING AND INSURANCE IN NEWARK.

porate the above-named institution was passed by the IN. Y. In this place his father was born in 1769, and here resided until he reached his majority, in 1790, when he removed to Newark, N. J.

Legislature of the State of New Jersey, and approved by the executive March 16, 1856. The corporators named in the act were Moses Bigelow, Beach Van- derpool, William K. McDonald, John C. Thornton, education in the schools of his native place. became,

Joseph N. Tuttle, James B. P'inneo, Edward T. Hillyer, James H. Halsey, Jeremiah C. Garthwaite, Herman Schalk, William W. Pollard, Daniel Dodd, Alfred L. Dennis, Horace J. Poinier, Nicholas Moore, Henry N. Parkhurst, Asa Whitehead, William Shu- guard, James F. Bond, Frederick T. Frelinghuysen, Theodore P. Howell, Daniel D. Benjamin, William A. Meyer, Anthony Q. Keasbey, Joseph Booth, David MeCurdy and Stephen G. Gould.

The above-named persons were the first board of managers, and were authorized to ordain and estab- lish such by-laws and regulations as they might judge proper for the election of their officers, prescribing their duties, regulating the times and place of meet- ing, etc .; their place of business to he in Newark, N. J., and to regulate the rate of interest to be allowed depositors, officers not to borrow money from other institutions, not to invest deposits in any stock other than that prescribed by the act author- izing the institution, annual reports to be made, and the books be open to inspection at all times to any person authorized by the Legislature to examine them. It is believed that this institution has thus far complied strictly with the provisions of the act, as it has withstood all the financial pressures usually brought to bear against institutions of this kind, and is now one of the solid business houses of Newark.

The first officers were: President, Beach Vander- pool ; Vice-President, Joseph N. Tuttle ; Treasurer, Jacob D. Vermilye ; Secretary, James F. Bond.

The managers for 1884 were James B. Pinneo, Alfred L. Dennis, Horace J. Poinier, James 11. Halsey, Ilenry N. Parkhurst, Henry C. Howell, Samuel S. Dennis, A. Q. Keasbey, Jacob D. Ver- milye, James R. Sayre, Jr., F. T. Frelinghuysen, Jeremiah O'Rourke, Charles G. Rockwood, Aaron Carter, Jr., Henry Hayes, Robert F. Ballantine, WIl. liam Vanderpool, Frederick Frelinghuysen, Thomas Oakes and Benjamin F. Crane. The officers for the same year were: President, vacant ; Vice-President, Robert F. Ballantine; Treasurer, Joseph N. Tuttle ; Secretary, Horace T. Brumley. Banking-house, 768 Broad Street.

HORACE J. POINTER was born in Newark, N. J., Oct. 28, 1810. He is descended from a family of French Huguenots, who, with about fifty thousand persecuted, fed from France into England four years before the revocation of the Ediet of Nantes, an act which deprived the Protestant portion of the former country, of the religious freedom In which they had hitherto been protected. Many of these refugees, including the earliest American ancusters of Mr. Poinier, emigrated from England to this country, and settled in and near White Plains, Westchester Co.,

The subject of this sketch having received a fair carly in life, a lumber merchant, and remained in that business until 1869, when he retired therefrom on being elected president of the Newark t'ity Insur- ance t'ompany, a position which he held until the company transferred its business to the ('itizen-' In- surance Company of New York, in 1882. In the management of this institution, as well as in the con- duct of his own affairs, Mr. Poinier exhibited talents which commended him as a person eminently fit to be trusted with public interests, and thus it was that in 1843 and Is44 he was elected a member of the Common Council. His devotion to the welfare of the city while in thi- position, as seen in the part which he took in the matter of public improvements, as well as in the matter of public education, to- gether with his liberality of spirit and good judgment in preserving the common schools free from sectarian- ism, pointed him out as the proper person for the chief magistracy of the city, and he was accordingly elected mayor in 1×53, and entered upon the duties of the office in January, 1854. Thi- proved to be a trying year for Newark. Asiatic cholera, with all its terrors, came upon it, and while the doctors were expected to administer medicine to the sufferers, the mayor was, in a general way, held responsible for the cure and for the ultimate banishment of the horrible disease. Victims were taken from all classes of society. Terror took possession of every household. Every one cried out, "The cholera must go!" and every one had a method for hastening it« depart- ure. Some believing that the streets were unclean, went to the mayor and read to him the laws npon that subject. Others, impressed with the idea that rum and beer drinking made all the trouble, went to the mayor and read to him the laws on that subject. Others, again, convinced that Sabbath-breaking was the sin for which the city was now undergoing pun- ishment, went to the mayor and read to him the laws on that subject. All, of course, told the mayor that the laws must be enforced, and as that appeared to him to be a part of his duty, he took the matter in hand with his characteristic energy, and in his usual business way. Of course there was opposition, and at the next election the mayor found himself unde- signedly, the leader of n " Law, Order and Morality" party which comprised a large majority of the voters of Newark, as the election brought to light. This was pro- bably the first and last time that this issue was frankly admitted on all sides. Since then law and morality have been obliged to fight their battles under cover, with only a very stealthy wink of encouragement from either political party. Mr. Poinier, after being three times elected mayor, retired from office with the respect of all, who knew him, and with the con-

6.32

HISTORY OF ESSEX COUNTY, NEW JERSEY.

sciousness of having discharged his disagreeable duties with the utmost fidelity.

For several years he was a member of the Board of Chosen Freeholders. In 1857 he was one of the cor- porators of the Howard Saving Institution, and since that time has been one of its board of managers. Of the Newark City Bank he is, and has been many years, a director. He has also been vice-president and treas- urer of the Newark and Rosendale Cement Company, also one of the directors of the Newark Library Asso- ciation, and is at present, and has been for many , deposits, forbid emoluments to managers or officers

tuted a body corporate and politic, by the name of 'The Dime Savings Justitution,' and by that name shall be capable of purchasing, taking, holding and enjoying to them nad their successors any real estate, in fee- simple or otherwise, and any goods, chattels, or personal cetate which shall be necessary for the purpose herein mentioned, and of selling, leasing or otherwise disposing of the said real and personal estate, or nay part thereof, nt their will and pleasure, provided always that the clear an- nual value of such real and personal estate, exclusive of the profits that may arise from the interest accruing upon investments or upon the Balo of any investments in which the deposits may be made, shall not exceed the sum of twenty thousand dollars."

Other provisions of the act specified in relation to

He por vincer.

years past, one of the trustees of the Protestant Foster Home of Newark, N. J.

Dime Savings Institution .- This savings institu- tion was chartered by act of the State Legislature, approved March 10, 1864, the first section of which reads as follows :

" Ba it macted by the Senate and General Assembly of the State of New Jersey, That Cyrus Dettelbach, Edward Pierson, Oscar L. Baldwin, Jolin R Merker, Andrew A. Smalley, Joha P. Huber, Thomas I1. l'eddies Willima HI Camp. Frederick Stegmuller, Charles T. Ziegler, Hlvrace J. Poinier, Fridolin HII, Joha A. Boppe, Bernan! Kearney, James Smith, Frederick Buurt, A. M. Reynolds, George Lorenz, Louis Adams, A. B. Ballwin, Amxi Dudd, Henry Mauerbier, John G. Trucsdell, Ferdinand Euntermeister, Theodore Innyon, S W. TI honor, Theodore Horn, Louis Greiner, James Peck and their successors, shall be and are hereby consti- J Acting Treasurer, John W. Mcleod.

instruct how money should be invested, regulated payments, provide for annual report, etc. The bank- ing-house is located at 745-747 Broad Street.

The managers for 1884 were Cyrus Dettelbach, John M. Meeker, Fridolin III, James Smith, John G. Truesdell, Theodore Horn, James D. Orton, Samuel Meeker, John Stoutenburgh, James L. Hays, Peter Witzel, Edwin Lister, C. N. Lockwood, James C. Beach and David D. Bragaw. Officers for the same year were : President, James D. Orton ; Vice- Presidents, John Stoutenburgh and Fridolin III; Secretary, John 1. Mecker ; Treasurer, J. D. Orton ;

633

BANKING AND INSURANCE IN NEWARK

Germania Mutual Savings Institution .- This in- Swain, John P. Contrell, George Lane. There has stitution was incorporated March 14, 1871, by act of been no change in the directory since organiza- tion.

the Legislature of the State of New Jersey, which named Christopher Wildlermayer, Julius Stapff, Jo- seph Henssler, Thomas B. P'eddie, Morris Hart, Spen- cer Scott, Bernhardt Janssen, Ferdinand Kuhnhold, Charles S. Haines, Benedict Prieth, James W. Corey, Jeremiah A. U'ross, George C. Webner, Charles F. J. Lehlbach, Orson Wilson, George B. Jenkinson, Pat- rick T. Quinn, Christian Muller, Henry Sanerbier, William O'Gorman, William A. Ripley, tiottfried Kruger, Frederick A. Traudt, James M. Patterson, Jacob Lugowitz, Julins B. Brose, Edward Balbach, William B. tinild, Jr., Christopher Wackenhuth, George D. G. Moore, Ernst F. Beck, John White- head, William A. Smith, Theodore Gerth and Tin- othy W. Lord, and their associates and snecessors, as a body politie and corporate by the name of Germania Mutual Savings Institution, to be located in the city of Newark, and by that name to have perpetual snecession to sue and be sued in any court whatever. The first officers were : President, Chris- topher Wildermayer ; Vice-Presidents, Dr. William O'Gorman and George C. Webner ; Treasurer, Caleb W. Ilarrison ; Secretary, Theodore Horn,

The managers for 1881 were Julius Stapff, George C. Webner, P. T. Quinn, Christian Muller, William A. Ripley, G. Krueger, F. A. Trandt, W. B. Guild, Jr., John Whitchead, Theodore Gerth, T. W. Lord, Theo- dore Horn, Otto Gisantner, Albert P. Coudit, William Wendell, James G. Irvin, Adam Tuerkes, Jacob Meyer, H. F. Schimper. Officers for the same year were : President and Treasurer, George (. Webner ; Vice-President, Albert P. Condit ; Secretary, Theo- dore Horn. Banking-house located at 766 Broad Street.

Security Savings-Bank. - This savings institu- tion was incorporated July 23, 1884, and began busi- ness on August 1st. The officers then and now are the following : President, Thomas B. Peddie; Vice- President, John D. Harrison ; Treasurer, Oscar B. Mockridge; Secretary, Joseph W. Plume; Cashier, William J. A. Umbach ; Managers, Thomas B. Ped- die, John D. Harrison, J. Frank Fort. Dr. H. H. Tichenor, James N. Arbuckle, Louis Lelong, Syl- vester S. Battin, William A. Righter, E. A. Wilkin- son, Benjamin Atha, Edward Spaeth, A. II. Theberath John Dwyer, O. B. Mockridge, William H. Curtiss. Joseph W. Plume.

The Franklin Savings Institution .- This bank was organized under the General State Banking Law, July 29, 1884, and began business August Ist. the officers being : President, Hon. Henry Lang; Vice- President, John M. Giwinnell ; Secretary and Treas- urer, William 11. Lee The managers were Henry Lang, John M. Gwinnell, Alexander Grant, Edward 1 .. t'onklin, Arthur Devine, Edwin MI. Douglass, John V. Diefenthaler, Charles S. Graham, P. J. Gar- rigan, J. Ward Woodruff, S. J. Meeker, George B.

Newark Mutual Fire Assurance Company, con- monty known as the Newark Fire Insurance Com- pany, is located at 743 Broad street. This is one of the old organizations of Newark, and the pioneer in the insurance business. By the courtesy of Mr. Henry, the present gentlemanly secretary of the company, we were permitted the privilege of perusing the original manuscript copy of the initial proceedings from which has grown this substantial institution. The association was formed May 14, 1810, without the aid of legislative interference, by men of character and financial ability, as will be seen by the long list of names attached that figured prominently in business circles during the latter part of the last and at the be- ginning of the present century.

The title-page of the old book, in which is recorded the preamble and by-laws of the association, is writ- ten in a clear, bold hand, and would do credit to the best Spencerian artist of the present day, and reads as follows:

"THE DEED OF SETTLEMENT OF THE NEWARK MUTUAL FIAR ASSURANCE COMPANI,

" For insuring houses and other property from Jond by fire in the town of Newark and other places in the State of New Jersey.

"The following is the preamble to the by-luna of the Association

"To all to whom these presents shall come, or may in any wise con- cern.

" We whuen names are hereunto sularibed and snals affixed, do sever- ally send greeting.

" Whereas, The Insurance of houses and other property from Jues by fire has been found of great arl public utility wheresever it has been practised ; now, for the laudable and beneficial porpose, know ye, that we, the said subscribers herenuto, as well for our own mutual security as for the common security and advantage of uur fellow-citizens, and with a view to promote the insurance of house and other property from loan by fre upon the most equal terna and without any private or arparate gain or interest, have of our own motion, and by these presents do covenant, promise and agree for ourselves severally and respectively, and for our avernl and respective heirs, executors and administrator, each to and with the other, to forint, erect, settle and become linmediately after the erection of these presenta, an officer, society ur amclution, by the name of the Newark Mutual Fire Association Company, for the purpose of insuring house," ete .

The following is a list of members who signed the preamble and by-laws previous to March 6, 15IL. Each signature is witnessed and seal attached at end of signature with a wafer, such as were in use at that time for sealing letters and attaching scals to legal documents:

Mine's Smith.

Matthias 1']um.

Benjamin Cleveland.

Henry D. Merritt

William Tuttle.

JimIah Ward.

Thaildeny Bruen.

Smith Durnet.

Ephraim Bolles.

Neheminh & Hablwin

John Hamby.

Junepb Waltun.

Juseph Ten Brook.

t'aleb Fiermin.

Job Hunyon. Isaac Andra».

James Nearing.

Klibu fragr.

James Selve)

Ezra Baldwin.

Janice Tichenor

Samuel Hayra, Jr.

Muens Shaff.

Aaron Jolinson.

Abijah Young

John C. Burnet.

I achar Hughes

Jetham tlark.

634

HISTORY OF ESSEX COUNTY, NEW JERSEY.

Joseph Beach.

Moses Momb.

David Hayes, Jr.

Intuz Giger. David Ayres, Lewis Thibou.

Imac C. Tichenor.

James C. Jaculins.

Amathia Keene.

silas Condit. C'aleh Carter. David Alling.

Ast Roff. .

C'yrus Heddeu.

Thomas Dawes.

I'riah Burge.

James Beach.

Samuel Machenry. Isane Headley. Jabez C'amfield.

Ward Richmond.

Sanne] Colt.

Oliver Wade.

Daniel Harrison.

Lewis Baldwin.

l'zal Ogden.

Eleazar Brown & Son.

Samuel Pennington.

Abm. Kinney.

Joseph Conger.

Jacob Marcellus.

David Nichols.

Uzal MoGinuis.

James Conley.

John Ogden.

Samuel Sayre.

Hiram Freeman.

Jonathan Miller.

Tenue Freeman.

Samuel B. Brown.

Jnlez Baldwin.

John T. Baldwin.

Nicholas Junes.

John Taylor.

JaneN V. Hodden.

AnUN HoProok.

Aaron Nichols.

John Gordon.

Zephaniah Graut.

David Brach.

Thomas Taylor.

Moses Roberts,

George Pine, Jr.

Jumex Burnet.

Benjamin Bloomfield.

Prudden Alling.

Aaron Munn.

Mages Fatout.

JAInes ('. Ogden.

lerarl Beach.

Thomas Racey. Benjamin Conley.

Alexander Eagles.

Joseph R. Phim.

Isaac Sayre. lwaar Nichols.

During the next year or two some three hundred others, not only from Newark, but from the surround- ing county, became members of the association.

The first board of directors was composed of the following-named persons, and were to continue in of- fice until the following November:

Luther Woodruff, James Vanderpool, Joseph T. Baldwin, Isaac Andrus, Samuel llayes, Jr., Robert B. Campfield, David Nichols, Nehemiah S. Baldwin, Lewis Thibon, Luther Goble, Joseph Sayre, Jr., and Joseph Walton.

The by-laws contained over thirty sections, and would, at the present day, be considered very strin- gent. They forbid exclusive emoluments to directors, forbid the loan of more than five hundred dollars on one security, and other like eccentricities.

The Mutual Benefit Life Insurance Company .- This company was incorporated by an act of the Legislature of New Jersey, approved Jan. 31, 1845, and commenced business in April of the same year. The corporators named in the act were Thomas V. Johnson, William M. Simpson, Jesse Baldwin, James L. Dickerson, Henry MeFarlan, Thomas B. Segur, Charles S. Macknet, Guy M. Hinch- man, Samuel Meeker, Robert L. Patterson, Mareus L. Ward and Lewis (. Grover. The original pro- jectors of the company were Robert L. Patterson and others, of the city of New York, whose purpose was to organize and loeate it in that city, where, in 1843, the Mutual Life Insurance Company had recently inaugurated the business of mintual life insurance in this country. The main feature intended to distin- guish it from the latter company was the taking of

notes for a part of the premiums, instead of exacting the full premiums in cash. Opposition encountered in New York turned the thoughts of the projectors to New Jersey. The charter there procured author- rized the taking of notes for a part or the whole of the premiums in proportion to the amount insured. All the corporators named in the charter were citi- zens of New Jersey except Mr. Patterson, and most of them residents of Newark. At a meeting held at Stewart's Hotel, in Newark, March 14, 1845, the company was organized by the election of Robert L. Patterson, president ; Benjamin C. Miller, secretary ; Lewis C. Grover, attorney aud counsel ; Joseph B. Jackson, of Newark, and James Stewart, of New York, physicians. In pursuance of the provisions of the charter, the corporators named in it or those who had been chosen in the places of such as had resigned, were classified as follows : First class, to serve one year, Henry McFarlan, Rensselaer Havens, Marcus L. Ward ; second class, to serve two years, Samuel Meeker, William A. F. Pentz, Thomas B. Segur; third class, to serve three years, Gillaume Merle, Lewis (. Grover, William M. Simpson; fourth class, to serve four years, Robert L. Patterson, Charles S. Macknet, Anson Livingston. . An agency was established in the city of New York, of which John P. Lord, who, with Mr. Patterson had been a de- signer and promoter of the original movement, was appointed the head, and his father, Joseph L. Lord, the secretary.

The home office in Newark was at the south- east corner of Broad and Market Streets, where it remained till 1848, when the company moved into the Insurance Buildings, No. 151 Market Street, erected by itself for that purpose, and now designated by Nos. 189 and 191. In 1858 the company purchased the property on the northeast corner of Broad and Clinton Streets, then owned and occupied by Ephraim Bolles, and erected thereon the large and commodious strue- ture where its home offices now are, and which, with the additions subsequently made in the rear, are ample enough for any probable future demands of its busi- ness.

Mr. Patterson continued to be president of the company from 1845 to 1862, residing at Orange, where, at the last-named date, he died. Lewis C. Grover, Esq., was thereupon elected his successor, and hell the office till Nov. 10, 1881, when, in consequence of impaired health, he resigned, and Theodore Macknt was elected in his place. At the annual meeting of directors, Jan. 16, 1882, Mr. Macknet declined a re- election, and Amzi Dodd, Esq., was chosen president, and has held that office till the present time (1884).

Joel W. Condit was elected vice-president, an office then first created, on Jan. 25, 1851, and hekl the same till his death, in 1860, when Lewis C. Grover was elected in his place, and continued such officer till his election as president, in 1862. Subsequent vice-presidents have been as follows: Benjamin t.

AGgould

635

BANKING AND INSURANCE IN NEWARK.

Miller, from 1862 to 1869; William F. Day, from 1869 till his death, in 1870; Horace N. Congar, from 1870 till his resignation, in February, 1874; L. Spencer toble, from 18744 till his resignation to become gen- eral agent in the city of New York, in January, 1876; James B. Pearson, from 1876 till the present time.

The power which the company has exerted in the cause of that truest benevolence, the protection of the widow and the fatherless, is shown by the fact that it has already paid over eleven thousand death claims, aggregating over thirty-eight millions of dol- lars. It has also paid directly to its members for an- muities and matured endowments over three millions, for dividends over thirty-one millions, for surrendered policies over ten millions, making in all, payments to its policy-holders or their direct representatives, ag- gregating over eighty-three millions of dollars,

The American Mutual Fire and Marine Insur- ance Company .- This company was incorporated Feb. 20, 1846, with the following-named persons as incorporators, "to be a body corporate and politic, by the name of the American Mutual Fire and Marine Insurance Company; " Stephen G. Gould, William MI. Simpson, Alexander N. Dougherty, Samuel P. Smith, Jonathan Parkhurst, Clinton F. De Camp, Thomas B. Segur, Lewis C. Grover, Thomas V. Johnson, John Young, John W. Poinier and Daniel Pierson.

At n meeting of the above-named directors held March 20, 1846, at the office of L. C. tirover, 299 Broad Street, all being present except Mr. Segur, the meeting was called to order and organized by the appointment of John Young as chairman and Lewis C. Grover secretary.

On motion the board proeveded to the election of officers, which resulted as follows : President, Theo- dore V. Johnson ; Vice-President, John W. Poinier; Secretary and Treasurer, James II. Woodhull.

The directors adopted a set of by-laws and made provision against immediate losses by securing a fund of twenty thousand dollars for such contingencies.

The directors for 1884 were Frederick II. Harris, Charles A. Lighthipe, Edward G. Faitoute, Thomas B. Peddie, Henry C. Howell, Benjamin F. Crane, David Campbell, Elias t). Doremus, Lewis (. Grover, Jere- miah Baker, William Clark and George W. Ketcham. The officers for 1884 were: President, F. H. Harris ; Vice-President, E. 0). Doremus ; Secretary, James Il. Worden ; Treasurer, D. S. Crowell; Secretary of Agency Department, P. L. Hoadley.

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History of Essex and Hudson counties, New Jersey, Vol. I, Part 153

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