USA > New Jersey > Mercer County > Trenton > History of Trenton, New Jersey : the record of its early settlement and corporate progress. > Part 39
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November 1 4th of the same year, an act was passed to authorize the building of a lock in the river Delaware for the improvement of the navigation of the river.
January 24th, 1814, William L. Prall and Jacob Lambert were authorized by legislative enact- ment to erect a wing dam in the Delaware river.
On the fourth of February, 1815, Daniel W. Coxe, Samuel Wright, Jr., and Peter T. Smith were authorized to build a wing dam in the river Delaware opposite Market street, and to have a
lock in the same, where it crossed that part of the river on the east side of Yard's Is- land, of such size and dimen- sion that Durham boats of the largest size and other craft may pass up and through the same with ease and safety ; the lock to be not less than twenty feet wide.
Although for the past fifty years charters have been granted, companies formed and stock subscriptions taken, nothing has yet been actually done to dam the river. Suf- ficient power daily passes the city to supply light and heat to private and publie institu- tions, and to set in motion the TRENTON FROM THE RIVER. wheels of our factories, yet the loss of energy is still charged to municipal neglect. In fact, no material progress has been made in this matter since the construction of the Water Power, and Trenton is practically in the same position in the matter as she was during the Revolution.
The subject of river improvements suggests the attempts of the famous John Fitch in connection with the navigation of the Delaware by steam. In 1769, Fitch reached Trenton from Connecticut, and worked at various mechanical devices as an apprentice in Clunn's brass button factory and in Wilson's silversmithy. Fitch's Yankee ingenuity gave him a money-making reputation, and at the outbreak of the Revolution his shop and its contents were estimated at $3,000 when the British army entered the village of Trenton. The troops were attracted to it, because he had large contracts for the repair of American arms. They proceeded to burn the establishment, and destroy the tools and all his visible property.
He was a Lieutenant at Valley Forge, and "armourer" to the Committee of Safety. During the occupation of Trenton, Fitch was in Bucks county, and, having experienced an attack of rhen- matism, his mind became bent on "gaining a force by steam " and relieving himself of the disad- vantages of locomotion.
Stacy Potts was one of the company formed to assist Fitch in his experiments, and he and Isaac Smith, Robert Pearson, Jr., Samuel Tucker, Abraham Hunt, Rensselaer Williams, John and Charles Chunn, and others of Trenton, gave their names to the application to the Legislature,
267
THE CITY OF TRENTON.
which obtained for him fourteen years' exclusive privilege on this side of the Delaware. (Act of March 18th, 1786. ) His boat, "Perseverance," made several trips between Philadelphia and Trenton in that year.
It was probably of one of Fitch's experiments concerning which Benjamin Franklin wrote in 1788 : "We have no philosophical news here [Philadelphia] at present, except that a boat, moved by a steam-engine, rows itself against tide in our river, and it is apprehended the construc- tion may be so simplified and improved as to become generally useful."
There is a letter of Fitch to Stacy Potts, dated Philadelphia, July 28th, 1786, in which he
expresses the greatest satisfaction in his prospects : "We have now tried every part, and reduced it to as certain a thing as can be, that we shall not SCENES ALONG THE DELAWARE. come short of ten miles per hour, if not twelve or fourteen. I will say fourteen in theory and ten in practice." Fitch's projects, however, were not altogether successful, and as a means of raising money he published a map of the " North- west Territory," which was printed on a cider press in Bucks county. This distinguished watch- maker and gunsmith of Trenton, the father of the American steamboat, died in Bardstown, Kentucky, in 1798. Although Robert Fulton is given the credit of having inaugurated the use of steam upon American waters, the credit should be given to Fitch, who, twenty years before Fulton's experiments, ran his boat upon the Delaware river.
CHAPTER XXXII.
TRENTON'S FINANCIAL INSTITUTIONS AND BOARD OF TRADE.
THE ORIGIN OF TRENTON'S BANKS-THE MECHANICS NATIONAL BANK-THE TRENTON BANKING COMPANY-THE TRENTON SAVING FUND SOCIETY-THE FIRST NATIONAL BANK-THE BROAD STREET NATIONAL BANK-THE TRENTON TRUST AND SAFE DEPOSIT COMPANY-THE REAL ESTATE TITLE COMPANY OF NEW JERSEY-NEW JERSEY BUILDING LOAN AND INVESTMENT COMPANY-THE BOARD OF TRADE.
RENTON has every reason to feel a just sense of pride in the character of her repre- sentative financial institutions. Throughout years of prosperity and adversity in the commercial world the banks of Trenton have sustained their reputation for integrity. Flurries and attempted "runs" within the past twenty years have been nothing more than summer clouds. Conservatism, vet progress, has marked the development of each institution. The depositors embrace all classes, and provision is made for the smallest as well as the largest sum. In the finan- cial depression of the past three years the record of the local banks has won the praise of national and State authorities. The following is a history of the city's banks :
The State Bank, which in its day was a famous institution, had an eventful history. For the first year of its organization, its business was conducted in State street, on the north side, midway between Warren and Broad streets. In 1812 the banking-house on the corner of Bank and Warren streets was erceted. The old bank building is now used as a stove store. The bank was created by the act passed January 28th, 1812, which established State banks at Trenton, New Brunswick, Elizabeth, Newark, Morristown and Camden.
Stacy Potts, Peter Gordon, Charles Rice, William Scott and John R. Smith were commissioners of the State Bank in this city. They, in connection with Ellett Tucker, Reuben D. Tucker, Lucius Horatio Stockton, Evan Evans, Edward Yard, William Wood, Philip F. Howell, James J. Wilson, and Abner Reeder, were appointed the first Directors.
They were not allowed to issue notes of a less denomination than $3.
On the first of November, 1813, an act was passed allowing them to issue notes of a denomina- tion not less than $1.
On the twenty-seventh of March, 1845, an act was passed to extend the charter of the State Bank at Trenton, for the purpose of enabling them to close up and settle their affairs. Twelve years were given them from the twenty-eighth of January, 1842.
During the extension they were privileged to issue any bills of eredit, bank bills, or other circulation of money, by loan or otherwise, in the form or style of banking business, in order to enable them to finally close up the concern.
The State Bank at Trenton had an honorable career, but the growing power of the Trenton Banking Company and the Mechanics National Bank forced the State concern to close its doors. Among other financial institutions which are now merely memories is the Merchants Bank, which
269
THE CITY OF TRENTON.
was chartered March 22d, 1860, and which went into the hands of a receiver two years later. In 1870 the Mercer County Bank was incorporated, and upon March 31st, 1869, the State Savings Bank came into existence. Even after a period of twenty years, the name of Jacob R. Freese tells the story of this institution.
THE MECHANICS NATIONAL BANK.
The Mechanics National Bank was chartered upon the nineteenth of February, 1834, under the name of the " Mechanics and Manufacturers Bank." The city of Trenton in thirty years had grown to a size sufficient to demand two financial institutions within its limits. Upon February 16th, 1843, an act was passed authorizing them to reduce their capital stock whenever they might think proper so to do, and on the nineteenth of March, 1857, they were authorized to gradually increase it.
The year 1837 saw the erection of their banking-house upon the corner of State and Warren streets. Until this time the Mechanics Bank occupied a property on North Warren street, which same property was used by the Trenton Banking Company whilst the latter's Warren street edifice was in course of erection.
In 1865, the Mechanics and Manufacturers Bank surrendered its State charter and became a national bank under its present title. The building so long in use by the bank, after various alterations and repairs, was finally demolished in 1894, preparatory to the erection of its present structure. The Mechanics Bank Building is a building worthy of more than passing notice. Occupying the site of the tavern in which Congress defeated the plan to make Trenton the capital of the United States, the superb structure is the most recent ornament to the architecture of Trenton.
The present Mechanics National Bank Building was completed in February, 1895. Whilst the structure was in the course of erection the bank business was conducted in the State street store building later occupied by S. P. Dunham & Co. The style of architecture is Italian renaissance. It is two stories high, with a frontage of seventy-two feet on West State street and forty-eight on South Warren. The outside height is forty-two feet and the height of the first story is eighteen feet.
The exterior is of rock-faced brick, brownstone trimming, and surmounted by a metal cornice and balustrade. Whilst the exterior of the building is a crowning ornament to city architecture, the interior is said to be unequaled in the State of New Jersey. The wainscoting is of a mottled colored marble from Africa, both odd and rare, and is trimmed with yellow Nubian marble. The division between the corridors and the bank proper is of the same material ; the grill work above and all other metal work is of oxidized silver. The woodwork is entirely of mahogany. The four limestone arches capping the polished granite columns near the rear end of the bank are carved. The floor is of Mosaic. Three colors of marble are used-red antique, a French marble ; Glens Falls, a black, and sienna, a light-colored. Across the entrance the name of the bank is shown in the floor, the letters being in the black marble. The President's room is on the lower Warren street corner, and adjoining it toward the west end the Cashier's room. The Directors' room is beyond it on the south side of the building and lighted from the skylight. At the far end of the State street corridor a railing divides an apartment for the use of the women customers of the bank.
White marble steps lead down to the basement, where is situated the safe deposit vault. It is said to be as nearly burglar-proof as can be made, and was constructed regardless of cost. It is considered one of the safest and handsomest in the country. It is fitted with coupon stalls for the convenience of customers. The bank already has in its custody three hundred safe deposit boxes, and will have room for several times that many.
The second floor of the building is in keeping with the banking department. A wide flight of steps leads to a handsome hallway, where are located eight offices in suites. They are occupied exclusively by members of the bar, these gentlemen being Hon. Garret D. W. Vroom, Hon. William M. Lanning, and Edwin Robert Walker, Francis B. Lee, Nelson L. Petty, Henry W. Green, Hervey C. Scudder, Esquires. These offices are decorated in blue, with quartered oak woodwork, electrically lighted, heated by hot water and perfect in all appointments. They are the finest offices of their type in the State.
The following are the officers of the Mechanics National Bank : President, Sering P. Dunham ; Cashier, William W. Stelle ; Paying Teller, Joseph R. Sweeny ; Receiving Teller, Talcott Backus ; Notary Public, J. Cad. Slack. Directors-S. Meredith Dickinson, John D. Rue, Joseph Rice,
270
THE CITY OF TRENTON.
Ferdinand W. Roebling, John Moses, Henry C. Kelsey, Sering P. Dunham, William S. Hancock, William M. Lanning.
Herewith is the report of the condition of the Mechanics National Bank at the close of business July 11th, 1895 :
RESOURCES.
Loans and discounts,
$1,271,788 23
Overdrafts, secured, 160 40
United States bonds to secure circulation, 50,000 00
Stocks, securities, &c., 431,286 25
Banking-house, furniture and fixtures, 60,000 00
Other real estate and mortgages owned,
22,450 00
Due from national banks (not reserve agents),
84,582 61
Due from State banks and bankers,
13,130 83
Due from approved reserve agents,
296,701 77
Checks and other cash items,
3,124 75
Notes of other national banks,
13,217 00
Fractional paper currency, nickels and cents,
2,040 08
Lawful money reserve in bank, viz. :
892,372 00
Specie,
Legal tender notes, 14,904 00
107,276 00
circulation),
2,250 00
Total,
$2,358, 257 92
LIABILITIES.
Capital stock paid in, .
8500,000 00
Surplus fund,
250,000 00
Undivided profits, less expenses and taxes paid, 95,674 96
National bank notes outstanding,
45,000 00
Due to other national banks,
175,423 95
Due to State banks and bankers,
5,426 91
Dividends unpaid,
21 00
Individual deposits subject to check,
$1,285,233 10
Demand certificates of deposit,
900 00
Certified checks,
578 00
Total,
$2,358,257 92
1,286,711 10
THE TRENTON BANKING COMPANY.
The Trenton Banking Company, which was chartered on the third day of December. 1804, enjoys the distinction of being the second bank erected in the State of New Jersey. Its predecessor was the Newark Banking and Insurance Company, which received legislative sanction in the previous February. The charter when first granted was to continue in force for twenty years. The original act of the Legislature authorized a subscription to be opened for $300,000, in shares of $50 each, under the direction of James Ewing, Joshua Wright, George Abbott, Peter Hunt and Abner Reeder. On the fourteenth of November, 1821, twentieth of February, 1838, and in 1855 and 1875, the Legislature extended the charter of the bank.
Redemption fund with United States Treasurer ( five per cent. of
271
THE CITY OF TRENTON.
The banking-house stands upon historic property. Upon its site were the county buildings of Hunterdon, which it will be remembered faced west on Warren street, midway between State and Front streets. The freeholders of Hunterdon county deeded the land to the bank in 1805, when the banking-house was erected which remained until 1838. In the latter year the present structure was built, which was greatly improved in 1872.
Under the State banking system, the Trenton Banking Company issued notes which, in those days of fluctuating currency, passed at par in this and surrounding commonwealths. Upon the adoption of the national banking system, the Trenton Bank did not re-organize, but remained simply a bank of discount and deposit. Its entire issue of notes, emitted before the Rebellion, have been redeemed to the amount of $400,000.
In not only municipal and State, but national affairs, the Trenton Bank has frequently come to the aid of the constituted authorities. Particularly during the war between the States, the Trenton Bank gave assistance in every hour of need. Around the history of this institution may be woven many of the financial operations of the beginnings of the Camden and Amboy railroad, and of its later development. Joseph Bonaparte, once King of Spain, and the attachés of the court which he transplanted from Madrid and Paris to Bordentown, were depositors in this old and honorable institution.
The banking-house is an imposing structure, built of white marble, with a facade modeled upon the classic outlines of an Hellenie temple. A vaulted ceiling with a balcony looks down upon the center, which is devoted to the business of the institution. On the east side of the bank are the rooms used by the Directors, Cashier and President, with the vaults, safes and strong boxes.
Throughout its eventful history, this company has been a tower of strength. The stress of financial storms has left the institution unharmed, and that its standing is most secure the following report will show. It was rendered at the close of business on the sixth day of April, 1895, to the State Commissioner of Banking and Insurance :
RESOURCES.
Loans and discounts,
$2,041,224 83
Overdrafts, .
155 45
Due from other banks,
296,760 54
Cash on hand,
128,822 10
United States Government bonds,
50,000 00
Other stocks and bonds,
150,006 14
Real estate,
47,130 71
Current expenses paid,
4,983 92
Checks and other cash items,
6,111 04
$2,725,194 73
LIABILITIES.
Capital stock paid in in cash,
$500,000 00
Surplus fund,
250,000 00
Undivided profits, .
71,320 71
Dividends unpaid,
587 19
Due depositors,
1,825,084 47
Due other banks,
78,202 36
$2,725, 194 73
The following are the officers of the Trenton Banking Company : President, Joseph H. Bruere ; Cashier, Austin Snider ; Paying Teller, John D. Cochrane ; Receiving Teller, William A. Clark ; Notary Public, Cleveland Hilson, Sr. Directors-Joseph H. Bruere, William S. Stryker, Charles E. Green, Benjamin F. Lee, Abner R. Chambers, Elmer E. Green, Thomas S. Chambers, William H. Skirm and William L. Dayton.
272
THE CITY OF TRENTON.
THE TRENTON SAVING FUND SOCIETY.
The Trenton Saving Fund Society was incorporated upon the seventh of March, 1844, its corporators being Peter D. Vroom, John C. Redman, John Read, Stacy G. Potts, George Dill, Xenophon J. Maynard, Richard J. Bond, Thomas J. Stryker, Jacob Kline, Jasper S. Scudder, Timothy Abbott. Charles Parker and Henry W. Green.
The first business operations of this excellent institution were conducted in the old Chancery building. on the site of the structure now occupied by the Trust and Title companies. This building, until practically torn down by the Trust Company, fell from its old and historie station, and at last was dubbed by the soubriquet "The Devil's Den." From the Chancery building the Saving Fund Society moved to South Broad street, a few doors below State, and in November, 1881, moved to its present building, 123 East State street, immediately adjoining the Young Men's Christian Association building.
In its financial history the Saving Fund Society has had a remarkable career. Thoroughly conservative, its influence has been the sole cause of the creation of many small and large fortunes. Among Trenton's large population dependent upon daily wages for daily bread, the society has encouraged habits of thrift and enterprise. Its deposits are the indication of the confidence imposed upon it by our citizens.
The officers of the society are : President, William S. Stryker ; Vice President, Charles E. Green ; Treasurer and Secretary, Lewis Parker : Paying Teller, William H. Yard ; Receiving Teller, George N. Nutt. Managers-William S. Stryker, Charles Swan, Samuel K. Wilson, Edward H. Stokes, John S. Chambers, William L. Dayton, Charles E. Green, Charles Whitehead, John Moses, William 1. Vannest, Ehner E. Green, Garret D. W. Vroom.
The following is the statement of the Trenton Saving Fund Society upon the thirty-first of December, 1894 :
RESOURCES,
Bonds and mortgages, $419,500 00
Stocks and bonds, market value, 1,937,233 70
Amount loaned on collaterals, 44,490 00
Banking-house and lot, cost $22,000; estimated present value, 22,000 00
Cash on deposit in banks or trust companies, 44,206 08
Other assets, viz., interest accrued, 19,122 86
$2,486,552 64
LIABILITIES.
Amount due depositors, viz. :
Principal,
$2,128,309 03
Interest credited for the twelve months
ending with December 31st, 1894, 61,828 10
82,190,137 13
Surplus,
296,415 51
82,486,552 64
RECEIPTS.
Cash on hand and in banks or trust companies January 1st, 1894,
before transactions of the day, . $81,880 31
From depositors, not including interest credited, 967,952 43
From interest on bonds and mortgages, 22,563 00
From interest and dividends on stocks and bonds, collateral loans, and from all other sources, 88,542 88
From rents from banking-house, 850 00
From mortgages paid or called in, 30,000 00
From loans on collaterals repaid, . 2,000 00
$1,193,788 62
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THE CITY OF TRENTON.
DISBURSEMENTS.
To depositors, including interest paid to them, $993,348 14 For stocks and bonds purchased, par value, $130,000; cost,
including premiums, commissions, &e., 144,716 67
For current expenses, viz. :
For salaries, $9,220 00
For taxes and repairs on banking-house, 554 65
For stationery, printing, fuel, lights, &e., 513 79
10,288 44
For taxes, except on banking-house or other real estate,
1,229 29
Cash on hand and in banks or trust companies, December 31st,
1894, after transactions of the day, 44,206 08
$1,193,788 62
MISCELLANEOUS.
Number of open accounts January 1st, 1895, .
10,688
Number of accounts opened or re-opened during the year 1894, 2,332
Number of accounts closed during the year 1894, 2,036
Interest or dividends credited depositors for the year 1894, . $61,828 10
Largest amount due any one depositor January 1st, 1895, exclu- sire of interest and of any deposit made by order of a court of record or of a Surrogate, 8,805 78
Average amount of each account, January 1st, 1895,
204 92
Rate per cent. of interest or dividends to depositors during the year 1894, 3 per cent.
THE FIRST NATIONAL BANK.
The First National Bank grew out of the national banking system, a charter for this institution having been granted upon the twenty-eighth day of January, 1864. The original capital was $100,000, which was later increased to $500,000. For the first year of its career the First National Bank transacted its financial operations in the old Broad street room of the Trenton Saving Fund Society. In 1865, it removed to its present brownstone building on East State street, near Broad.
This structure is well adapted for banking purposes, and is centrally located. When erceted, the bank building was the most noticeable object in that portion of the city, and although it has since been surrounded by buildings of a metropolitan type, the banking-house has suffered nothing by the comparison.
The First National Bank enjoys a large clientage, particularly among the many pottery and rubber concerns of this city.
The officers of the First National Bank are as follows : President, William I. Vannest ; Vice President, John H. Seudder ; Cashier, Charles Whitehead ; Paying Teller, William S. Middleton ; Receiving Teller, Arthur H. Wood ; Notary Public and Attorney, Woodbury D. Holt. Directors- George M. Comfort, Richard A. Donnelly, Mahlon Hutchinson, Jonathan H. Blackwell, John H. Scudder, William I. Vannest, Joseph B. Richardson, William H. Brokaw, Henry C. Case.
Upon the eleventh of July, 1895, the following was the condition of this bank :
RESOURCES.
Loans and discounts,
$1,007,707 17
Overdrafts, secured and unsecured, 391 64
United States bonds to secure circulation, 50,000 00
United States bonds to secure United States deposits,. 50,000 00
Stocks, securities, &c., 102,578 72
Banking-house, furniture and fixtures, 37,000 00
Other real estate and mortgages owned, 36,825 00
K*
274
THE CITY OF TRENTON.
Due from national banks (not reserve agents), . $39,241 27
Due from State banks and bankers. 5,221 41
Due from approved reserve agents, 95,876 50
Checks and other cash items, 11,210 76
Notes of other national banks. 4,433 00
Fractional paper currency, nickels and cents,
570 23
Lawful money reserve in bank, viz. :
Specie, $33,000 00
Legal-tender notes, 12,131 00
45,131 00
Redemption fund with United States Treasurer ( five per cent. of
circulation),
2,250 00
Total,
$1,488,431 70
LIABILITIES.
Capital stock paid in,
8500,000 00
Surplus fund,
250,000 00
Undivided profits, less expenses and taxes paid, 46,614 70
National bank notes outstanding,
45,000 00
Due to other national banks,
29,866 03
Due to State banks and bankers,
21,689 97
Dividends unpaid, .
3,632 00
Individual deposits subject to check, $530,650 55
Certified checks,
3,772 63
Cashier's checks outstanding,
12,266 32
United States deposits,
21,077 60
Deposits of United States disbursing officers,
23,861 90
Total,
. $1,488,431 70
THE BROAD STREET NATIONAL BANK.
Youngest of Trenton's mercantile banks, and a record-breaker (measuring capital and age with results), is the Broad Street National Bank. Organized on May 19th, 1887, it commeneed business in the small store No. 188 South Broad street, on June 1st of the same year, and is thus just about eight years old.
Its unparalleled growth proved the need of its existence. The very first day the doors were opened the deposits rolled up to $22,090.02. The capital stock, originally $100,000, was found inadequate for the bank's growing business, and was increased to $250,000 in August, 1889. The footings of its first statement (August 1st, 1887) were 8214, 717.02-which, on May 7th, 1895, had grown to be 8957,680.19.
Perhaps because of its reputation for liberality in the treatment of its patrons, together with a wise conservatism in its management, the Broad Street National Bank has been uniformly a money- maker for its shareholders. It has paid out in earned dividends since its incorporation $94, 250, besides leaving untouched a surplus of $50,000, and has for future disposition a comfortable nest- egg of undivided profits amounting to 820,000.
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