First National Bank, Perth Amboy, NJ (Charter 5215)

The old First National Bank of Perth Amboy, New Jersey, located at 214 Smith Street. Courtesy of Google Maps ca2014

First National Bank, Perth Amboy, NJ (Chartered 1899 - Open past 1935)

Town History

A condensed statement for the First Bank and Trust Company, Perth Amboy, New Jersey.

Perth Amboy is a city in northeastern Middlesex County, in the U.S. state of New Jersey, within the New York metropolitan area. Perth Amboy is known as the "City by the Bay", referring to its location adjoining Raritan Bay. Perth Amboy was settled by Scottish colonists around 1683 who had been recruited to inhabit the share of the East Jersey colony owned by Robert Barclay, a Quaker who would later become the absentee governor of the province. As of the 2020 United States census, the city's population was 55,436. The population in 1890 was 9,512, growing to 43,516 by 1930.

The earliest residents of the area were the Lenape Native Americans, who called the point on which the city lies "Ompoge". Perth Amboy was settled in 1683 by Scottish colonists and was called "New Perth" after James Drummond, 4th Earl of Perth; the native name was eventually corrupted and the two names were merged. Perth Amboy was formed by Royal charter in 1718, and the New Jersey Legislature reaffirmed its status in 1784, after independence. The city was a capital of the Province of New Jersey from 1686 to 1776. During the mid-1800s, the Industrial Revolution and immigration grew the city, developing a variety of neighborhoods which residents from a diverse range of ethnicities lived in. The city developed into a resort town for the Raritan Bayshore near it, but the city has grown in other industries since its redevelopment starting in the 1990s.

Perth Amboy borders the Arthur Kill and features a historic waterfront. The Perth Amboy Ferry Slip was once an important ferry slip on the route south from New York City; it was added to the National Register of Historic Places in 1978. The Raritan Yacht Club, one of the oldest yacht clubs in the United States, is located in the city. Perth Amboy is connected to the Staten Island borough of New York City via the Outerbridge Crossing.

The Lenape Native Americans called the point on which the city is built "Ompoge", meaning "level ground" or "standing or upright". When settled in 1683, the new city was dubbed "New Perth" in honor of James Drummond, Earl of Perth, one of the 12 associates of a company of Scottish proprietors; Drummond has been honored with a statue located outside of city hall. The Algonquian language name persisted, corrupted to Ambo, or Point Amboy, and eventually a combination of the native and colonial names emerged, also appearing in South Amboy.

Perth Amboy had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.

Bank History

Series of 1882 Brown Back $5 proof approved March 27, 1893 for the First National Bank of Perth Amboy, New Jersey. This bank failed to organize and four years later, the First National Bank of Perth Amboy received charter 5215 and lasted for 40 years. Courtesy of the Smithsonian Institution Archives

• Organized July 22, 1899
• Chartered August 23, 1899
• Bank was Open past 1935
• Succeeded by First Bank and Trust Company on October 2, 1937

The First National Bank of Perth Amboy (Charter 4868)

In January 1893, an application for authority to organize the First National Bank of Perth Amboy, New Jersey, was filed by Frank P. McDermott, Freehold, New Jersey, and his associates.

In Chapter I03, Plate Dates on Large Size National Bank Notes, Huntoon discusses the procedures surrounding the issuance of bank charters and plates during the Hepburn Experiment in 1893. Plate dates for charters 4846 through 4928 did not correspond to the charter dates as was the custom at the time. This reflects a shift in the process under Comptroller A. Barton Hepburn, who streamlined the process whereby plates were ordered before the finalization of charters. This change, implemented to expedite the issuance of currency for bankers, was popular among the banking community. However, it did result in plates prepared for two banks, Ch4868 and Ch4919 which failed to organize. Charter 4868 subsequently was reassigned to the Chapman National Bank of Portland, Maine. A First National Bank of Perth Amboy was eventually chartered with number 5215, the subject of this bank history page.

The First National Bank of Perth Amboy (Charter 5215)

On February 17, 1897, the comptroller of the currency granted authority for the organization of the First National Bank of Perth Amboy, New Jersey, capital $100,000. The new national bank for Perth Amboy was organized in the midst of the failure of the Middlesex County Bank due to the defalcation of its cashier, George M. Valentine. The Middlesex County bank would not resume business and Valentine, who stole about $110,000 - $140,000 from the bank, would plead non vult and take his sentence without trial. The prospects for the new national bank were good in that Perth Amboy with a population of about 18,000 was in need of banking facilities. U.B. Watson was president of the wrecked institution which had capital of $50,000 and deposits amounting to more than $400,000.

Hamilton Keane, a brother of Senator John Keane, along with several other capitalists made the application for a charter to establish a national bank at Perth Amboy. A charter was reportedly granted by the comptroller of the currency on July 15, 1899. The Lewisohn Brothers, proprietors of the Raritan Copper Works of Perth Amboy were said to be the chief backers of the new bank. Leonard Lewisohn was a merchant, mining magnate, banker and philanthropist and the older brother of Adolph Lewisohn.

The Perth Amboy Trust Company was incorporated on Monday, March 10, 1902, with a capital of $100,000 and a surplus of $50,000. It was reported that the Fidelity Trust Company of Newark was the chief opponent of the Perth Amboy company. Hamilton Kean of Elizabeth was also much opposed to the Perth Amboy Trust Co. because of his interest in the national bank which took the place of the Middlesex County bank.

At the close of business on December 31, 1914, the First National Bank of Perth Amboy reported total assets of $2,470,069.32. The capital stock paid in was $100,000, surplus and undivided profits 211,460.30, circulation $97,497.50, and individual deposits $,558,662.33. Harry Conard was cashier and the directors attesting to the correctness of the report were Edwin G. Fraser, C.D. Snedeker, and Geo. J. Haney.

In January 1916, George A. Viehmann purchased a large block of the stock of the Perth Amboy Trust Company, giving him control of that institution. Harry Conard, cashier of the First National Bank of Perth Amboy would become president of the trust company at the annual meeting to be held on Tuesday, January 11th. The Perth Amboy Trust Co. had an authorized capitalization of $100,000 and its surplus at the end of December was $1,117,000 and total assets were given as $1,900,000. Sidney Riddlestorffer, vice president and secretary-treasurer of the trust company announced that he would retire to devote himself to business interest in New York City. George A. Viehmann was president of the New Jersey Fire Insurance Company of Newark and a former mayor of New Brunswick. The directors of the First National Bank were Hamilton F. Kean, Frederic, L. Brown, John W. Whelan, Charles D. Snedeker, Edwin G. Fraser, George J. Haney, C.C. Baldwin, Robert Carson, and E.V. Eskeson. The directors re-elected Hamilton Kean president of the bank and Robert Carsons and C.D. Snedeker, vice presidents. The board accepted the resignation of Harry Conard as cashier and named John M. O'Toole as his successor. The First National Bank was located at 126 Smith Street, Perth Amboy.

On March 2, 1925, Department of Justice agents in San Francisco arrested Harry Byles sought for alleged misappropriation of funds from the First National Bank of Perth Amboy in 1916. On August 21, 1925, James Gallagher, a 60-year-old special officer of the Perth Amboy Trust Company was fatally shot in a hold-up where a $14,000 payroll was stolen. Gallagher and Charles Gray were taking a taxicab to the offices of Delehanty, Ferris and Silliman, contractors erecting the $5 million Victory Bridge across the Raritan River. Russell Schulk, driver of the taxi told police that when he lowed down near the bridge because of a rough road he heard a crash when a man had broken the door glass with the butt of his revolver. Several shots were fired as he brought his taxi to a stop, one of them wounding Gallagher in the head. One of the men reached in the car, snatching the payroll while his partner covered Gray and Schuck and made their get-away in a sedan parked nearby. Gallagher was formerly a member of the Lehigh Valley Railroad police.

In January 1927, Jackie London an Christopher Kluyn, both of New York City, were on trial in New Brunswick before Supreme Court Justice Samuel Kalisch and a jury on a charge of murder. The two men were indicted with Frank Caruso and Joseph De Leo in connection with the shooting of James Gallagher. The hold-up men who shot Gallagher escaped with $40,000 of the bank's money. Christopher Kluyn of Perth Ambon who was on trial with London was acquitted. Testimony connecting Kluyn with the crime was circumstantial. London was found guilty of first degree murder and sentenced to life imprisonment. A fifth man indicted was Carmine Avalone of Hoboken who committed suicide while awaiting trial. On April 5, 1927, three men pleaded non vult to charges of murder in the shooting death of James Gallagher, Perth Amboy bank messenger during the Victory bridge payroll holdup in August 1925. Frank Caruso of Jersey City, serving a 20 year sentence in state prison for participation in the Merk Chemical Company robbery last July, was sentenced to life imprisonment by Supreme Court Justice Kalisch. Joseph De Leano of Newark and Jacob (Jackie) London of New York received sentences of from 10 to 30 years.

First Bank and Trust Company, Perth Amboy

At noon on Saturday, October 2, 1937, the banking structure of the City of Perth Amboy underwent complete reorganization when the First National Bank, Perth Amboy Trust Company and the Raritan Trust Company permanently suspended business and transferred their deposits to a new bank which would open for business Monday morning under the name of the First Bank and Trust Company. The closing of the three banks and opening of a new one did not come as a surprise in banking circles as it was known that the reorganization plans had been under way for many months. In place of three comparatively weak bank would be a strong institution with deposits in excess of $6 million. The personnel of the First National Bank of Perth Amboy would operate the new bank under the guidance of representatives of the Reconstruction Finance Corporation. The new bank would be located in the quarters of the First National Bank at 214 Smith Street, corner of Maple Street. The Perth Amboy Trust Company's elaborate banking quarters at 147 Smith Street and the Raritan Trust Company at 107 Smith Street closed and would not reopen. The frozen assets of the closed banks would be liquidated by receivers. Depositors of the Perth Amboy Trust Company and Raritan Trust Company whose individual deposits did not exceed $5,000 would be paid in full. The deposits were insured up to this amount. Depositors of the First National Bank would be paid 100 cents on the dollar regardless of the amount of their accounts. As part of the liquidation plans, the directors of the First National Bank arranged for complete payment of all their depositors with the opening of the new bank. The stockholders stood to lose virtually all their investments. The Perth Amboy Trust Company floated an issue of approximately $1,000,000 preferred stock shortly after the bank holiday. This stock, purchased mostly by private individuals was lost in the new setup. Negotiations for the rehabilitation of the three banks had been ongoing for more than a year. The banks came out of the depression in a weakened condition and although efforts were made to stabilize them through federal aid, it was recommended by the government that the banks be liquidated and a new bank established in the city. The government would invest $750,000. The new bank would open with capitalization of $100,000 common stock, $50,000 surplus, and $750,000 preferred stock. The directors elected on October 1st were Robert Carson, former Mayor Frank Dorsey of Perth Amboy, Ferdinand Wetterberg of Woodbridge, Jacob Greenspan, Axel Olsen, Edwin Fraser, Joseph Slutaker, Abel Hanson of Fords, A. Clayton Clark and James C. Wilson of Washington. The directors elected Mr. Wilson, president; Mr. Carson, vice president; Mr. Dorsey, secretary and treasurer; and John C. O'Toole, assistant secretary and treasurer.

Charles Smith of New Brunswick was named as liquidator of the Raritan Trust Company of Perth Amboy while Frank Fitzpatrick, ace conservator of the State Banking Department, was named liquidator of the Perth Amboy Trust Company. The appointments were made by Banking Commissioner Carl K. Withers, who took charge of the institutions when they closed Saturday at noon. The accounts of the two banks were transferred to the new First Bank and Trust Company. The appointment of a liquidator for the First National Bank of Perth Amboy, which also closed on Saturday, was expected within a few days by the comptroller of the currency at Washington.

In January 1941, the directors of the First Bank and Trust Co. were A. Clayton Clark, Frank Dorsey, Edwin G. Fraser, Jacob Greenspan, Dr. Joseph M. Gutowski, Albert M. Hagen, Axel Olsen, Joseph Slutzker, Ferdinand Wetterberg, Hon. David T. Wilentz, and James C. Wilson. The officers were James C. Wilson President; Frank Dorsey, vice president; William C. Horley, secretary and treasurer; John M. O'Toole, assistant secretary and asst. treasurer; and Vincent A. Costello Asst Treasurer and trust officer.

First Bank and Trust Company, National Association, Perth Amboy (founded 1964) was First Bank & Trust Co. (founded 1937), succeeding First National Bank of Perth Amboy, Perth Amboy Trust Co., and Raritan Trust Co. of Perth Amboy. This bank merged in 1962 with Fords National Bank (charter 11428) and in 1964 with Woodbridge National Bank (founded 1937).

Official Bank Title

1: The First National Bank of Perth Amboy, NJ

Bank Note Types Issued

1882 Value Back $5 bank note with stamped signatures of Harry Conard, Cashier and Hamilton F. Kean, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1902 Plain Back $10 bank note with stamped signatures of John M. O'Toole, Cashier and Hamilton F. Kean, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $5 bank note with SN 1 and printed signatures of John M. O'Toole, Cashier and Hamilton F. Kean, President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,786,960 in National Bank Notes was issued by this bank between 1899 and 1935. This consisted of a total of 345,745 notes (263,032 large size and 82,713 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1882 Brown Back	4x5	1 - 3500
1882 Brown Back	3x10-20	1 - 4900
1882 Date Back	4x5	1 - 12150
1882 Date Back	3x10-20	1 - 8620
1882 Value Back	4x5	12151 - 17420
1882 Value Back	3x10-20	8621 - 11368
1902 Plain Back	4x5	1 - 15433
1902 Plain Back	4x10	1 - 6576
1902 Plain Back	3x10-20	1 - 6561
1929 Type 1	6x5	1 - 5434
1929 Type 1	6x10	1 - 3546
1929 Type 1	6x20	1 - 800
1929 Type 2	5	1 - 14410
1929 Type 2	10	1 - 8088
1929 Type 2	20	1 - 1535

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1899 - 1935):

Presidents:

• Hon. Hamilton Fish Kean, 1899-1933

Cashiers:

• Harry Conard, 1899-1915
• John M. O'Toole, 1916-1935

Other Known Bank Note Signers

• No other known bank note signers for this bank

Bank Note History Links

• First National Bank, Perth Amboy, NJ History (NB Lookup)
• New Jersey Bank Note History (BNH Wiki)

Sources

• Perth Amboy, NJ, on Wikipedia
• Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
• Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
• Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project