National Bank of New Jersey, New Brunswick, NJ (Charter 587)
National Bank of New Jersey, New Brunswick, NJ (Chartered 1864 - Open past 1935)
Town History
New Brunswick is a city in Middlesex County, New Jersey. The city is the county seat of Middlesex County, and is the home of Rutgers University. The city is both a regional commercial hub for the Central New Jersey region and a prominent and growing commuter town for residents commuting to New York City within the New York metropolitan area. New Brunswick is on the Northeast Corridor rail line, 27 miles southwest of Manhattan. The city is located on the southern banks of the Raritan River in the Raritan Valley region. In 2020, New Brunswick had a population of 55,266.
Centrally located between New York City and Philadelphia along an early thoroughfare known as the King's Highway and situated along the Raritan River, New Brunswick became an important hub for Colonial travelers and traders. New Brunswick was incorporated as a town in 1736 and chartered as a city in 1784. It was occupied by the British in the winter of 1776–1777 during the Revolutionary War. The Declaration of Independence received one of its first public readings, by Colonel John Neilson in New Brunswick on July 9, 1776. A bronze statue marking the event was dedicated on July 9, 2017, in Monument Square, in front of the Heldrich Hotel.
The Trustees of Queen's College (now Rutgers University), founded in 1766, voted by a margin of ten to seven in 1771 to locate the young college in New Brunswick, selecting the city over Hackensack in Bergen County, New Jersey.
New Brunswick had four National Banks chartered during the Bank Note Era, and three of those banks issued National Bank Notes.
Bank History
- Organized November 21, 1864
- Chartered November 25, 1864
- Succeeded Bank of New-Jersey
- Bank was Open past 1935
In February 1854, the Farmers' and Mechanics' Bank of New Brunswick was organized under the General Banking Law, and its capital to be increased to $500,000. John Van Dyke was president and Moses F. Webb, cashier.
In June 1854, the following gentlemen were elected directors in the Bank of New Jersey: John Van Dyke, Peter Spader, B.D. Stelle, Isaac Fisher, David Fitz Randolph, Robert Miller, James Van Nuise, Jr., Wm. T. Runk, Mahlon Runyon, Aug. T. Stout, and James Dayton, of New Brunswick; J.V.M. Wyckoff of Middlebush; Robert S. Herbert of Old Bridge; James T. Dunn of Brooklyn, Piscataway; Robert M. Honeyman of New Germantown; and Benj. M. Clark of Cranberry. In December 1854 the State Treasurer of New Jersey, in view of the recent depreciation in almost every description of bonds, made a demand upon the free banks of the state for additional securities, so as to fully indemnify note holders in case of the suspension of any such institution. The president of the Bank of New Jersey at New Brunswick, Hon. John Van Dyke, immediately deposited the additional securities.
On Thursday morning, September 10, 1857, the Bank of New Jersey at New Brunswick temporarily suspended, but was expected to resume in a few days. Bill-holders were advised not to sacrifice them as they were worth dollar for dollar and were taken by businessmen at par. The entire liabilities of the bank were $200,000 while their means to pay were over $500,000.
In March 1859, Hon. John Van Dyke, recently appointed a Judge of the Supreme Court, resigned the presidency of the Bank of New Jersey at New Brunswick. Moses F. Webb, Esq., late cashier, was elected president and John T. Hill, cashier in place of Mr. Webb.
The directors in 1882 were Mahlon Runyon, president; Charles S. Hill, cashier; Peter A. Voorhees, Johnson Letson, Lewis T. Howell, William C. Stoddard, William Rowland, Mahlon C. Martin, Isaac L. Martin. The bank was located on the corner of Church and Neilson Streets.
On Monday, September 8, 1884, Mahlon Runyon, president of the National Bank of New Jersey at New Brunswick, followed the example of Cashier Chas. S. Hill and committed suicide. The examination which followed Cashier Hill’s suicide showed that he was a defaulter and that President Runyon was also indebted to the bank for a much larger amount than he could possibly make up. The president and cashier had been speculating in Wall street. They were not in partnership, but each evidently knew what the other was doing and both used the bank's money to the extent of wiping away its surplus if not seriously impairing its capital. President Runyon, an aged man, appeared at a meeting in the bank utterly prostrated. Finally, he went to a closet, and after a while he was found there with his throat cut and gashes in his arms, all inflicted with a penknife.
Bank examiner Edward H. Shelly arrived and took charge. A few minutes later directors Wycoff and Martin left on a train for New York on a mission to the Ninth National Bank, the correspondent of the New Brunswick bank. The Ninth had forwarded $100,000 to the bank the previous Tuesday and Saturday $25,000 more. Director Martin arrived by noon, with $30,000 additional. Anxious depositors waiting for the opening were doomed to disappointment. A depositor waiting with a check for $80,000 caused the directors to suspend. The following placard was posted on the bank’s doors: “The bank is thus temporarily closed pending an examination by the examiner who has arrived and take charge. No business will be done except the payment of drafts and notes, for which purpose people will be admitted by the police. Edward H. Shelly, Examiner.”
It was ascertained that President Runyon’s property, valued at between $75,000 and $100,000 was heavily mortgaged and had been entirely swept away by speculation. He was a member of the original Runyon family of New Jersey which came from France in 1685. John C. Myers, one of the directors, stated that the report that Cashier Hill’s bond for $50,000 had been allowed to lapse was false. “There is no trouble about the bonds,” he said, “the four bondsmen shoulder the responsibility.” In addition to the suicide of Walter Carroll, the depositor who followed the example of President Runyon, it was reported that Johnson Letson had died suddenly under the strain of the excitement and worry, thus adding a fourth death to the list resulting from Hills financiering.
In January 1891, the stockholders elected the following directors: John C. Evans, Lewis T. Howell, Wm. R. Janeway, Peter P. Runyon, John R. Russell, Matthew Suydam, Gilbert S. Van Pelt, and John Waldron.
On Friday, January 14, 1921, at the organization meeting of the directors held at the banking house at 390 George Street, the old officers were re-elected as follows: Henry G. Parker, president; W. Edwin Florance and William H. Waldron, vice presidents; and Peter P. Runyon, secretary.
On Friday, January 16 1925, the officers of the bank were re-elected as follows: Henry C. Parker, president; W.E. Florance, William H. Waldron, and W. Frank Parker, vice presidents; Edwin V. Kent, cashier; George Barealow, F.X. McDonough and Solomon Slonim, assistant cashiers; and E.J. Reilly, trust officer. Miss Edith A. Butler in charge of the foreign exchange department was elected an assistant cashier. When Miss Edith A. Butler was a student at the University of Wyoming whe was fond of mathematics. She was born in Indianapolis and had spent some time in England, Germany, France, Belgium and Holland. Miss Butler joined the bank staff in 1910 as secretary to Henry G. Parker, after having gained experience in a New York bond house.
In January 1925, New Brunswick's newest building and loan association, the Uniform Building and Loan Association was organized and headed by Solomon Slonim as president. Mr. Slonim was also assistant cashier of the National Bank of New Jersey.
In January 1929, the officers re-elected were Henry G. parker, president; W. E. Florance, first vice president; William H. Waldron, second vice president; W. Frank Parker, third vice president; Solomon Slonim, vice president and assistant cashier; Edwin V. Kent, cashier; Miss Edith A. Butler, George Barkalow, and John Marsh, assistant cashiers; Raymond Grymes, auditor; and Albert W. Rhode, trust officer.
On Tuesday, January 14, 1930, the directors re-elected were Henry G. Parker, W. Edwin Florance, William H. Waldron, Robert C. Nicholas, Matthew Suydam, John W. Mettler, and William R. Reed.
On September 3, 1952, the Metuchen National Bank was absorbed by the National Bank of New Jersey and the new Metuchen office of the New Brunswick organization opened. The merger brought to the borough of Metuchen a bank with resources of $40 million and was made to increase assets to better serve the large, new industries and increased population of the area. Ralph F. Noe was appointed assistant cashier of the National Bank of New Jersey and would continue to serve as manager of the Metuchen office. For 1952 the National Bank of New Jersey, largest in the Raritan Valley, increased its resources to $40,915,821.03, more than $5 million above the 1951 total.
Official Bank Title(s)
1: The National Bank of New Jersey, New Brunswick, NJ
Bank Note Types Issued
A total of $4,937,250 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 683,669 notes (451,928 large size and 231,741 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 6900 Original Series 4x5 1 - 6000 Original Series 3x10-20 1 - 5200 Original Series 50-100 1 - 500 Series 1875 3x1-2 1 - 3680 Series 1875 4x5 1 - 15272 Series 1875 3x10-20 1 - 2400 1882 Brown Back 4x5 1 - 16511 1882 Brown Back 3x10-20 1 - 6345 1902 Red Seal 4x5 1 - 3900 1902 Red Seal 3x10-20 1 - 2940 1902 Date Back 4x5 1 - 9850 1902 DB/PB 4x5 9851 - 10600 Type uncertain 1902 Plain Back 4x5 10601 - 26449 1902 Date Back 3x10-20 1 - 6600 1902 DB/PB 3x10-20 6601 - 7200 Type uncertain 1902 Plain Back 3x10-20 7201 - 17135 1929 Type 1 6x5 1 - 18964 1929 Type 1 6x10 1 - 7414 1929 Type 1 6x20 1 - 2362 1929 Type 2 5 1 - 37764 1929 Type 2 10 1 - 17105 1929 Type 2 20 1 - 4432
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1936):
Presidents:
- John Barker Hill, 1864-1873
- James Brinkerhoff Dayton, 1874-1874
- Mahlon Runyon, 1876-1883
- Lewis T. Howell, 1884-1899
- Van Marter Wyckoff Suydam, 1900-1907
- Henry Griffith Parker, 1908-1931
- William R. Reed, 1932-1932
- Donald Kirkpatrick, 1933-1935
Cashiers:
- Israel Harris Voorhees, 1864-1865
- Charles Smith Hill, 1866-1883
- Edward S. Campbell, 1884-1893
- Henry Griffith Parker, 1894-1907
- Lyle Van Nuis, 1911-1913
- William Frank Parker, 1914-1923
- Edwin V. Kent, 1924-1935
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- New Jersey Bank Note History
- General information on New Brunswick (Wikipedia)
- General information on Middlesex County (Wikipedia)
- General information on New Jersey (Wikipedia)
Sources
- New Brunswick, 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
- Congressional Biography of Hon. John Van Dyke
- Monmouth Democrat, Freehold, NJ, Thu., Feb. 9, 1854.
- Monmouth Democrat, Freehold, NJ, Thu., June 22, 1854.
- Monmouth Democrat, Freehold, NJ, Thu., Dec. 21, 1854.
- Monmouth Inquirer, Freehold, NJ, Sat., Sep. 12, 1857.
- Monmouth Inquirer, Freehold, NJ, Sat., Mar. 12, 1859.
- The Courier-News, Bridgewater, NJ, Tue., Sep. 9, 1884.
- Gloucester County Democrat, Woodbury, NJ, Thu., Sep. 11, 1884.
- The Daily Times, New Brunswick, NJ, Wed., Jan. 14, 1891.
- The Central New Jersey Home News, New Brunswick, NJ, Sat., Jan. 15, 1921.
- The Central New Jersey Home News, New Brunswick, NJ, Mon., Jan. 5, 1925.
- The Central New Jersey Home News, New Brunswick, NJ, Fri., Jan. 16, 1925.
- The Central New Jersey Home News, New Brunswick, NJ, Thu., Jan. 17, 1929.
- The Central New Jersey Home News, New Brunswick, NJ, Tue., Jan. 14, 1930.
- The Central New Jersey Home News, New Brunswick, NJ, Fri., Mar. 31, 1939.
- The Courier-News, Bridgewater, NJ, Wed., Sep. 3, 1952.
- The Courier-News, Bridgewater, NJ, Fri., Dec. 12, 1952.
- The Central New Jersey Home News, New Brunswick, NJ, Sun., Jan. 18, 1953.