USA > New Jersey > Mercer County > Trenton > History of Trenton, New Jersey : the record of its early settlement and corporate progress. > Part 40
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The members of the present Board of Directors who were in the original board are Israel Howell, B. M. Phillips, Richard P. Wilson, Thomas S. Stevens, Joseph Y. Lanning, Oliver O. Bowman, William G. Howell and Francis C. Lowthorp. In January, 1888, George R. Whittaker, brick manufacturer and real estate dealer, was added to the number. Frederick Walter, the grocer, became a Director in January, 1890. Frank O. Briggs, Assistant Treasurer of John A. Roebling's Sons Company, was chosen in April, 1891.
Joseph Y. Lanning was elected President of the bank early in 1888, suceceding Lewis Parker, who resigned on account of ill health. Oliver O. Bowman became Vice President at the same time. Joseph G. Brearley was the bank's first Cashier, and Robert J. Brace the first Teller. Both con- tinued to fill their respective positions until April, 1892, when, Mr. Brearley's health having given
591,629 00
275
THE CITY OF TRENTON.
way, the office of Assistant Cashier was created and Mr. Brace was elected to assist him, until some time later, when Mr. Brearley finding his health unimproved, resigned. Mr. Brace was thereupon elected Cashier. He holds the position to-day, and has by his tact and modesty of demeanor done much to help Mr. Lanning and the Board of Directors to place the bank in the high rank the insti- tution holds in the estimation of thoughtful and conservative business men. He is ably assisted by Edwin M. Thorn, Teller, who has been connected with the bank since October, 1887, and William S. Case, Receiving Teller, whose service dates from December, 1888.
In 1887, the bank purchased the handsome lots 201 and 203 South Broad street, some thirty by one hundred and twenty feet in size, on which they erected their handsome banking-house. The front is handsomely designed in the Romanesque style, and is built of Berea stone with marble and granite trimmings. The building is twenty-seven by eighty-five feet in size, affording ample facilities for the big business the institution is bound to possess in the very near future.
The lot on which the bank stands was the site of A. W. Yard's soap factory, which our older citizens and many of the younger business men will remember as one of Trenton's Revolutionary landmarks.
This is the report of the condition of the Broad Street National Bank, at the close of business July 11th, 1895 :
RESOURCES.
$601,453 68
Overdrafts, secured and unsecured, 314 76
United States bonds to secure circulation, 50,000 00
United States bonds on hand, 20,000 00
Premiums on United States bonds,
7,500 00
Stocks, securities, &c., .
11,947 79
Banking-house, furniture and fixtures,
30,385 00
Other real estate and mortgages owned, .
15,145 00
Due from national banks (not reserve agents),
20,642 17
Due from State banks and bankers,
6,059 73
Due from approved reserve agents,
37,326 38
Checks and other cash items,
2,665 95
Notes of other national banks, .
3,020 00
Fractional paper currency, nickels and cents,
2,123 72
Lawful money reserve in bank, viz. :
Specie, $43,190 25
Legal-tender notes, . 11,700 00
54,890 25
Redemption fund with United States Treasurer (5 per cent. of
circulation ),
2,250 00
Total, .
$865,724 43
LIABILITIES.
Capital stock paid in,
$250,000 00
Surplus fund,
50,000 00
Undivided profits, less expenses and taxes paid,
14,379 14
National bank notes outstanding, .
45,000 00
Due to other national banks,
10,662 44
Due to State banks and bankers,
1,693 11
Individual deposits subject to check, .
$429,201 29
Certified checks,
753 00
Cashier's checks outstanding,
1,535 45
431,489 74
Notes and bills rediscounted,
17,500 00
Bills payable,
45,000 00
Total, .
$865,724 43
Loans and discounts,
276
THE CITY OF TRENTON.
The following are the officers of the bank : President, Joseph Y. Lanning ; Secretary, Francis C. Lowthorp : Receiving Teller, W. S. Case ; Paying Teller, E. M. Thorn. Directors-Joseph Y. Lanning, Israel Howell, William G. Howell. B. M. Phillips, Thomas S. Stevens, Frank O. Briggs, Richard P. Wilson, George R. Whittaker, Francis C. Lowthorp, O. O. Bowman, Frederick Walter.
THE TRENTON TRUST AND SAFE DEPOSIT COMPANY.
Trust and safe deposit companies have for a number of years been very popular and successful in the large cities of the United States, partienlarly Boston, New York and Philadelphia. Com- panies of this kind are now in successful operation in nearly all of the wealthier sections of the United States.
In May, 18SS, this company began business under the name of The Real Estate, Safe Deposit, Trust and Investment Company of New Jersey. Its first President was Judge Edward T. Green. This company has grown to large proportions. In its finance department it has deposits of over half a million dollars, on which it allows interest at from two to three per centum per annum, and against which the depositor may draw checks at sight. In an ordinary banking establishment the stockholders receive the earnings, and the depositor gets nothing for the use of his money. In trust companies the depositor is first considered and first paid out of earnings. Last year over $12,000 was paid to the depositors of this company as interest on their deposits.
The safe deposit department has facilities second to none as regards convenience and location. It has two large vaults. Beneath the safe deposit vault is a large storage vault, absolutely fire- proof ; both of them well ventilated. This corporation acts in a fiduciary capacity, and has a trust department. It acts as executor, trustee, &c.
The special advantages which a corporation constituted like this has over an individual for the execution of trusts are continuity of service, efficiency, safety, convenience and economy. It has also a surety department, which has become most valuable and convenient to the community as well as to the courts.
The authorized capital stock of the company is $200,000, of which $100,000 has been paid in. Some of the strongest men in Trenton are identified with the company. Its President is Hugh H. Hamill ; Vice Presidents, Col. Washington A. Roebling and Hon. Henry S. Little. Its counsel for a number of years was Hon. Barker Gummere, and it has a large, strong Board of Management.
The following was the condition of the Trenton Trust and Safe Deposit Company upon December 31st, 1894 :
RESOURCES.
$204,662 98
Bonds and mortgages, Stocks and bonds, viz. :
Cost.
Par value.
Market value.
Republican Club, Trenton, bond,
$100 00
$100 00
$100 00
School District No. 20 bonds,
4,250 00
4,250 00
4,250 00
Middlesex Banking Company Debenture bond.
500 00
500 00
500 00
Atchison. Topeka and Santa Fe Railroad bonds,
17,225 00
20,000 00
12,825 00
United States Cordage Company bonds,
3,200 00
3,200 00
United States Cordage Company guar- anteed stock, .
500 00
500 00
2,820 00
National Cordage Trust Liquidation Cer-
tificate.
718 33
718 33
$26,493 33
829,268 33
820,495 00
20,495 00
Loans secured by collaterals, .
155,321 00
Loans on personal security, including bills purchased,
107,290 00
Real estate, cost and present estimated value,
68,687 05
Cash on deposit in banks or trust companies,
42,527 41
Cash on hand,
22,966 57 435 05
Cash items,
277
THE CITY OF TRENTON.
Other assets, viz. :
Interest accrued,
$2,292 50
Interest due and not collected, 4,970 78
Furniture and fixtures, 3,284 84
Rents accrued, . 400 00
Suretyship and vault rent,
501 00
$11,449 12
$633,834 18
LIABILITIES.
Capital stock paid in in cash,
$100,000 00
Undivided profits, net amount, .
1,553 92
Demand deposits, .
215,618 87
Time deposits, .
311,661 39
Other liabilities, viz., interest accrued on deposits, estimated,
5,000 00
$633,834 18
MISCELLANEOUS.
Total profits of every kind received during the year 1894,
$30,273 93
Amount of interest paid to and credited depositors during the year,
$14,090 57
Total expenses of the corporation during the year,
$14,424 89
Number of depositors at the date of this report, .
1,354
Number of deposits on which interest is allowed at this date, .
1,148
Total amount thereof,
$474,683 22
Rate of interest on same, 2 and 3 per cent.
THE REAL ESTATE TITLE COMPANY OF NEW JERSEY.
This company was organized in 1888. Edward H. Murphy was its first President, and was largely instrumental in organizing and establishing this company. Its objects are to insure the title to real estate, and to insure against adverse conveyances, mortgages, decedents' debts and all liens of record, and make searches, &e.
This company has become of immense value to dealers in real estate, to the bar of the county, and to the community at large. The employes of the company are experts in their line, and are under the skillful supervision of Mr. Auguste Weidel, the head of the department.
Its Directors are Hon. G. D. W. Vroom, Hon. William M. Lanning, James Buchanan, Esquire, Hugh H. Hamill, Esquire, Hon. Barton B. Hutchinson and Samuel Walker, Jr., Esquire, all of them lawyers of high standing, of which Hugh H. Hamill, Esquire, is President, and James Buchanan, Esquire, is Vice President.
NEW JERSEY BUILDING LOAN AND INVESTMENT COMPANY.
This company was incorporated July 17th, 1891. It is a mutual institution, taking small deposits monthly from its members, loaning these deposits to others, and extending them an opportunity to build a house for themselves and their families, and to pay off their indebtedness in small monthly payments. The company brings the lender and the borrower together. The money of the members is kept in circulation in the proper channels, and the earnings are divided among the members, thus securing to them its use and increase.
This company have extended their business throughout the State, and by the organization of local branches in every city and town, they are in the best position to equalize the money interests as they find investors in one locality, and use their money to supply the borrowers that are located in other parts of the State, and in this way accommodate the members in the different localities.
278
THE CITY OF TRENTON.
The authorized capital of this company is $10,000,000, and shares are issued at $100 each, payable in small monthly payments. These deposits are loaned to the borrower, and a system of rapid compounding and reloaning enables them to realize the largest returns to divide among the stockholders. A careful examination of the system and the nature of the securities will convince the most skeptical of the safety and security offered to an investor in the shares of this company.
The management are careful and conservative, and at all times looking after the welfare of the members. The officers of this company are Ilugh H. Hamill, President ; John H. Scudder, Vice President ; John V. Boyd. Secretary ; William G. Moore, Treasurer ; Hon. Barton B. Hutchinson, Counsel. Directors-Hugh H. Hamill, John H. Seudder, William G. Moore, John V. Boyd, Owen II. Locke, Barker Gummere, James H. Durand, Charles J. Parker, James C. Beebe. All known to be practical business men, who will guard well the money intrusted to their care.
BOARD OF TRADE.
On the twenty-fifth of January, 1868, a public meeting of citizens was called to meet at the Assembly Room of Taylor Hall, to consider the advisability of organizing a Board of Trade. Many of the prominent business men of our city attended the meeting, and Mr. E. J. C. Atter- bury was chosen Chairman and Mr. Charles Hewitt selected as Secretary.
At this meeting a committee of twenty was selected to report on a constitution and by-laws for the organization, which committee, on the sixth of February, reported, and an organization of the Board of Trade of the city of Trenton was effected, and the following officers were elected :
President, John A. Roebling ; First Vice President, John Taylor; Second Vice President, Daniel B. Bodine ; Treasurer, Thomas J. Stryker ; Secretary, James P. Stephens, together with the following Executive Committee : Charles Hewitt, John S. Noble, Samuel K. Wilson, Willian Dolton, J. F. Houdayer, H. G. Scudder, Elias Cook, James P. Stephens, Imlah Moore, Charles Carr, Edward W. Scudder and George James.
The objects of the organization were more particularly set forth in the following preamble and resolution, which were unanimously adopted :
" WHEREAS, The city of Trenton, possessing peculiar advantages of location for trade and manufactories, is rapidly advancing in all the leading interests that combine in building up a first- class inland city, and, having united the representatives of capital, trade and manufactures in an association known as the Board of Trade of the City of Trenton, it is proper that the objects of this organization should be clearly understood and set forth ; therefore, be it
" Resolred, That the purposes of this Board are to secure a community of all interests vitally important to the growth and prosperity of the city ; to further and protect our manufacturing inter- ests ; to secure and utilize the local and natural advantages at our command ; to attract and divert capital into the channels of industry ; to urge public and private improvements ; to collect and preserve valuable statistical information ; to conduce to progress and success, to the end that foreign capital may see in the city of Trenton an inviting field."
Thus the objects of the organization were distinctly set forth, and for the furtherance of these objects the Board of Trade has ever given its best efforts, counsel and influence.
Upon the fourteenth of March, 1871, the Board of Trade was incorporated. It was the first organization of its kind in the State of New Jersey to avail itself of such advantage.
During the years of its existence some of our most prominent, prosperous and influential citizens have been connected with the Board, many of whom have presided over its deliberations as President. We might name here some of the prominent men who have been President of the Board. John A. Roebling, who died July, 1869, and whose successors were as follows : Charles Hewitt, 1869 ; Alfred S. Livingston, 1870; Jacob R. Freese, 1871; Ogden W. Blackfan, 1872 ; George S. Green, 1873 ; D. P. Forst, 1874; John Moses, 1875; William Dolton, 1876 ; D. B. Coleman, 1877 ; John S. Noble, 1878; James Buchanan, 1879; Adam Exton, 1880; W. W. L. Phillips, 1881 ; B. Gill, 1882-83 ; Charles Scott, 1885; A. J. Rider, 1886-87-88 ; Dr. C. Shepherd, 1889 ; B. B. Hutchinson, 1890; Lewis Parker, 1891-92; E. C. Hill, 1893-94 ; Dr. H. G. Norton, 1895.
Mr. W. W. Stelle was elected Secretary of the Board in 1873, and has been annually re-elected to that office since, thus serving the Board for twenty-two consecutive years.
279
THE CITY OF TRENTON.
During all these years of the Board's organization many matters of the utmost importance have come before the Board for consideration and action, pertaining to the city's welfare, the prosperity of the community, and the advancement of the general business interests of the city and the improvements incident to a growing municipality. The gentlemen who have been asso- ciated with the Board have given their wise counsel and energetic influence to many and, we might say, all matters that have had for their aim the public weal.
The present officers are : Dr. H. G. Norton, President ; Ira W. Wood, First Vice President ; Hugh H. Hamill, Second Vice President ; W. W. Stelle, Secretary ; Edmund Wood, Treasurer, together with the following Trustees : Lewis Parker, S. E. Kaufman, Adam Exton, E. M. Coffield and Edmund Wood.
CHAPTER XXXIII.
THE CITY OF TO-DAY.
TRENTON'S DISTINGUISHING CHARACTERISTIC A PROGRESSIVE CONSERVATISM-THIS APPEARS IN EVERY PHASE OF CITY LIFE-STATISTICS OF POPULATION AND MANUFACTURES, 1890 TO 1895- THE FINANCIAL CONDITION OF TRENTON.
LTHOUGH Trenton of to-day has for her watchword "Progress," it is set in proper metes and bounds by a wise conservatism. In vain do we examine the pages of Trenton's history for any records of municipal extravagance. Our city has met conditions as she has found them, has grown steadily and surely, but has never sought to create such conditions. Wisdom has pre-eminently distin- guished her course. The boroughs, townships and portions of townships which have become a part of her existence have, as it were, glided into their new relations. No force, no persuasion, no specious promises were used-merely an inevitable absorption which could only make the body corporate more strong and permanently enduring.
This being true of these more patent phases of her development, the same spirit is found actuating her business and social life. Trenton has been too remote from either Philadelphia or New York to become the storehouse for the surplus of metropolitan life. The characteristics of the present East and West Jersey towns lying contiguous to the great cities are wanting in Trenton. That vast tide of humanity which ebbs and flows across the Hudson and the Delaware, making near-by towns miniature reproductions of the metropolis, scarce touches this city. Trenton is highly individualized. It is a city where the home is in constant touch with the financial and social powers which create that home. Trenton's history, in short, is unique, and whatever she is to-day is very largely the result of her own actions and of the energies of the men and women who dwell within her borders. This. however, is not provincialism. It is not a lack of sympathy with humanity which dwells in the greater cities. Upon the other hand, Trenton's name has reached the most remote districts of every European country. The foreign population of Trenton is very large and constantly increasing. But it is not a "drifting" class ; its permanency is proverbial. Were the city " provincial," would this be true? Did other cities offer greater inducements, would the foreign-born residents, who have no associations with our older hearthstones, remain within our limits ?
In her philanthropic and ecclesiastical life Trenton supports a half hundred churches, three hospitals and a number of missions and homes. Church societies, such as the Epworth League, King's Daughters, Christian Endeavor et similiter, are of great strength, and are doing a noble work in every portion of the city. The charities of Trenton are not ostentatious but are none the less potent. In city government the spirit of conservatism prevails. Trenton has never saddled herself with a large municipal debt and then gone into bankruptey and quasi-repudiation. Although slow to adopt the system of sewers, paved streets and electric lighting, these have been adopted as occasion has arisen, and at present Trenton enjoys the reputation of being one of the best-lighted cities in the
281
THE CITY OF TRENTON.
Union. The reputations of the police and fire departments are sustained by the simple mention of their names.
Trenton as a commercial center is known the country over. The traveling men of the potteries and iron companies usually make their headquarters in the city, and start from the city on "trips" which reach to Mexico, Vancouver, Quebec or Havana. This leads directly to a fact concerning Trenton ; it is that no other city in the State is so well equipped in the matter of hotels. This is owing not so much to the daily travel as to the fact that Trenton is the capital of the State, where are held the annual sessions of the Legislature. State conventions of all the political parties and the most important meetings of the secret socicties are held in Trenton, because of the railroad and hotel accommodations. The following are the names of the larger hotels, with their capacities : American, 200; Barlow's, 100 ; State Street, 125 ; Trenton, 250; United States, 75 ; Windsor, 300.
In the "Trenton House" is the State-famed room "One Hundred," where the political for- tunes of many men of prominence in State polities have been made or wrecked.
FURNITURE.
FURNITURE
PHOTO ENC.C. N. Y
VIEW FROM SAINT MARY'S CATHEDRAL SPIRE, LOOKING SOUTH.
In the life of that portion of the city which is strictly fashionable, the characteristics of society are modeled largely upon Philadelphia lines. Many if not all the qualities which distinguish that city are applicable to Trenton. In this respect Trenton is strictly conservative, and has never adopted the wider range of New York and her more cosmopolitan ideas. This precludes in Trenton, any local Bohemia ; nor is there in the city an artistic, a musical or a literary clique, per se. Club life, consequently, is not a very distinctive feature, although the historico-patriotic orders, such as the Sons of the Revolution, Sons of the American Revolution, Daughters of the American Revolution, and Colonial Dames, are very influential social factors.
The advantages of the city of Trenton have been so well described by the Board of Trade, that to do aught more than repeat them would be superfluous. They are thus stated :
"The city of Trenton is beautifully and healthfully located at the head of tide-water, on the River Delaware, and is the capital of the State of New Jersey and of Mercer county. It was settled about 1679 by Mahlon Stacy, was the battle-ground of two important battles during the Revolu- tionary war, and in 1784 was the scat of the National Government. It has a population of sixty-
282
THE CITY OF TRENTON.
five thousand inhabitants. It has unsurpassed railroad communications, being on the main line of the Pennsylvania railroad, and is connected by a four-mile branch with the Baltimore and Ohio, the Central, and the Reading railroad systems. It is connected via Bordentown with the Camden
and Amboy railroad, and has short and direct connection by the Belvidere Delaware route with the coal and iron regions of Pennsylvania. It has forty daily trains to New York and fifty-one to Philadelphia, and the fares are low. It has good canal facilities, with cheap transportation rates. It has daily steamboat connection with Philadelphia, via the River Delaware. It has low freights and frequent mails. It is the central point of dis- tribution between New York and Philadelphia. It is within two hours of Long Branch and the seashore. It has telegraphi connections with all points, SCENE ON GREENWOOD AVENUE. and long-distance telephone connection with all points cast of Chicago. It is the seat of the State Legislature, of the United States Circuit and District Courts, of the New Jersey Court of Errors and Appeals, Court of Chancery, Supreme Court, Court of Pardons, and of the Mercer county courts. There are located in and near Trenton the State Capitol, United States Court House, State Law Library, State Normal and Model Schools, State Deaf-Mute School, State Insane Asylum, State Industrial School for Girls, State Prison and State Arsenal. It is the center of the pottery trade, and manufactures half the china and crockery pro- duced in the United States. It sends out two hundred drummers. Its corporate limits have recently been ex- tended. It is well governed, has a small debt and low taxes. It is a healthy city, has excellent surface drainage and an admirable system of sewers. It has an abundance of water. It is well lighted by both electricity and gas. It has an efficient police force of seventy-seven men. It main- tains a well-managed paid fire department, with all modern appliances. It has splendid SCENE ON EAST HANOVER STREET. schools-a Normal School for training teachers, a Model School maintained by the State, a free High School, and twenty-one grannar schools, besides three business colleges and several private art and music schools.
" It has thirty miles of streets, many of which are well paved. It has a Park of one hundred acres that is a perfect gem ; a public square, and many large open spaces about the public buildings.
283
THE CITY OF TRENTON.
It is soon to begin the construction of a boulevard or river drive, which will extend five miles along the River Delaware. It has completed the ereetion of a $75,000 monument to commemorate the battle of Trenton. It has churches of almost every denomination, and a live Young Men's Christian Association. It has eight hotels of the larger kind, with a capacity of twelve hundred guests. It has superior markets, supplied with the best meats, vegetables, fruits and produce, Tuesdays, Thursdays and Saturdays being the farmers' market days. It has a low death-rate. It has three national banks, a safe deposit and trust company, and a strong, well-managed savings bank. It has three daily newspapers, a Sunday paper, six weeklies and a bi-weekly. It has a telephone system with a large clientele of local subseribers. It has electric cars running to every part of the eity and suburbs. It has a beautiful Opera House and a Masonic Temple, and numerous small halls. It has a Public Library of ten thousand volumes, besides the State Library of forty thousand volumes. It has three free hospitals, a free dispensary, a Children's Home, a Florence Mission, a Widows' and Single Women's Home, a Day Nursery and a Society for Organizing Charity. It has progressive building and loan associations. It offers numerous attractions of a sporting nature. It has a fleet of yachts and sail-boats on the river, a Riding Academy, a Driving Park, the Mercer County Wheelmen Bieyele Club and a gymnasium. It has the Inter-State Fair for an annual exhibition.
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