Robert Downey Kent (Atlantic City, NJ)

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Merchants Bank of Passaic, New Jersey, opened in December 1912 after its transformation from a fire engine house.
Merchants Bank of Passaic, New Jersey, opened in December 1912 after its transformation from a fire engine house.

Robert Downey Kent (Oct. 24, 1855 – Nov. 25, 1938)

Biography

  • Name: Robert Downey Kent
  • Birth: October 24, 1855 Wilmington, Delaware
  • Death: November 25, 1938, Passaic, New Jersey
  • Founder of more than a dozen banks in New Jersey and New York City area
  • Influenced design of the Federal Reserve

Family

Robert D. Kent married Caroline Riddle, daughter of William and Mary Ann Riddle. Her mother with Caroline's help, organized the Chelsea Beach Company in July 18, 1883. All of the incorporators were women: Julia M. French, Rebecca C. Halowell, Hulda Carter, Caroline E. Riddle, Julia P. Brown and Mary Mosebach. The original Chelsea tract ran from Brighton to Montepelier Avenues. Caroline's father, William Riddle, was born in Philadelphia in 1820 and passed on in 1859. He was engaged in the bottling business and served on city council for 10 years. Caroline was the sister of William M. Riddle, Jr. who was a founder of the Marine Trust Company and its chairman of the board as well as mayor of Atlantic City from 1912-16.

Banking Ideas

Following Robert D. Kent's report on the Monetary Conference in New York recently at which the "recent unscientific currency system" was condemned, President Mason suggested that it might be well to have a a committee of bankers study the money question for the Board of Trade and people of Passaic. Passaic Daily News, Fri., Nov. 18, 1910.

On June 30, 1910, Robert D. Kent, president of the Merchants' Bank delivered an address on the need of an elastic currency to the The Board of Trade in Board of Trade Hall.

System of rural credits organized after a manner of a building and loan association. It would encourage private innovation and self-help among farmers. Government operation of any business was not to be desired and not necessary. Lancaster Intelligencer, Wed., Dec. 8, 1915.

On May 29, 1921, organization of the Stable Money League, designed to foster interest and promote establishment of a system of preventing fluctuations in the buying power of the dollar, was completed here today by financial men and economists favoring the policy. A resolution was adopted pledging its membership to work for the creation of a "stable currency, with exchange value and purchasing power not sub ject to violent fluctuations which disrupt the whole order of business and industry and remove the strongest incentive to human labor, thrift and efficiency." Jeremiah W. Jenks, chairman the board of the Alexander Hamilton Institute, was elected president, and L.S. Rowe, director of the Pan-American Institute, H.A. Wallace, Jr., Iowa, and Robert D. Kent, Passaic, New Jersey, were elected vice presidents. Prof. Irving Fisher of Yale University, chief proponent of one plan for stabilizing money values, Mr. Wallace and Mr. Kent were among speakers who addressed the general meeting. Mr. Kent advocated a plan for the creation of a "commodity dollar" unit of currency for the United States, which would purchase a constant amount of goods, while Prof. Fisher urged a government procedure for increasing the amount of gold assigned to each dollar in case of rising prices and decreasing it in periods of falling prices.

Banking career

  • Passaic National Bank

While efforts were made by the then prominent men of Passaic to establish financial institutions, either through lack of financial means in the city, or the organizers coming to the conclusion that the time for a banking institution in the City of Passaic was not jet ripe, nothing came of these projects. Passaic, therefore, remained without banking facilities for years, and those who had occasion to use a savings or commercial bank kept their accounts in New York City or, otherwise in the City of Paterson. Things so continued until Robert D. Kent, in the Summer of 1886, dropped into town and made an effort to organize a National Bank. He called upon a great number of prominent citizens, most of whom looked upon the scheme as impracticable, and many prophesied that no bank could pay because there was not sufficient business or money in the community. However, a meeting of those who subscribed for stock was called for organization in the old City Hall. It was late in the night of about September 1, 1886, when the organization, through the efforts of Mr. Kent, was perfected. No local man, at that time, had any great faith in the movement and of those that did subscribe none took more than fifty shares. The Passaic National Bank was opened for business in October 1886 at 304 Main Avenue in a store later occupied by Cahill. The Board of Directors consisted of Edo Kip, Moses E. Worthen, A.N. Ackerman, Thomas M. Moore, John A. Willett F.W. Soule, Frank M. Swan, Charles M. Howe and Robert D. Kent. From this small beginning the Passaic National Bank grew so that its capital was $200,000 by 1911. It earned a surplus of $300,000 and undivided profits of over $30,000. It paid a semi-annual dividend of three per cent, within eighteen months after its organization, and it had gradually, year by year, increased its dividends so that its stockholders were at present receiving 12%, per annum; it had total assets of $2,275,000.

The Passaic National Bank had only been in business about two years when Mr. Kent and one or two of the directors conceived that it would be an excellent idea to start a savings bank, although a number of the directors doubted its wisdom because there was a flourishing building and loan association in the city which was paying much higher dividends than a savings institution could possibly afford. Some of the more determined, however, finally prevailed with the result that on November 1, 1887, the Passaic Trust and Safe Deposit Company was incorporated with a capital of $100,000 of which only $25,000 was paid in. The directors elected were Peter Reid, William F. Gaston, Robert D. Kent, Frank M. Swan, Edo Kip, F.A. Soule, Dr. Charles M. Howe, F.W. Soule, David Carlisle, Moses E. Worthen, A.Z. Van Houten, David Knowles, John A. Willett, John J. Bowes, Thomas M. Moore, George B. Waterhouse, Henry A. Barry and A.N. Ackerman. The banking room was in the same place in which the Passaic National was conducting it business. It prospered and by 1911 had capital of $200,000, of which $75,000 was paid out of its earnings. It had a surplus and undivided profits of $140,000 and total assets of over $3,000,000.

  • Merchants Bank

After Mr. Kent had been with the Passaic National Bank as its cashier and active officer for fourteen years, he concluded to transfer his energies and ambitions to the City of New York, where, and in outside communities, he assisted in organizing several large banking institutions, and as an officer or director he was still in constant touch with several of these outside banks. Knowing this city so well, he concluded that there was a good field for a small bank among the merchants of the Dundee section of this Passaic, and thereupon started out to procure subscriptions for the organization of the Merchants Bank. He had no difficulty in raising a capital of $50,000, and the Merchants Bank opened for business on March 30, 1907, at 183 Passaic Street, with the following officers and Board of Directors: Robert D. Kent, president; John Hardifer, vice-president; Charles M. Applegate, cashier. Directors were F.F. Anderson, Arthur S. Corbin, Louis R. Cowdrey, John De Vries, John Hardifer, Frank Kaplan, Robert D. Kent, Ernest A. Moore, John Rizsak, Cornelius Van Herwarde, and R.J. O'Brien The result has justified Mr. Kent's sagacity as in 3 ½ years the bank had earned a surplus of over $10,000 and had total assets of nearly $200,000.

Merchants Bank of Passaic was acquired by Service Trust Company president Harry H. Weinberger in March 1927 and operated as a branch.

  • Passaic National Bank

On September 23, 1886, Mr. Edo Kip was elected the first president of the Passaic National Bank. For cashier, Mr. Robert D. Kent was elected without opposition. Messrs. Kent, Swan and Ackerman were a committee appointed to procure a safe and prepare the temporary quarters in Kip's block.

  • Rutherford National Bank

On Thursday, May 16, 1895, the directors of the Rutherford National Bank perfected their organization by electing A.L. Watson, president; Henry R. Jackson, Sr., vice president; Robert D. Kent, cashier; Henry R. Harden, bookkeeper; Wm. B. Barkley, counsel. Rutherford was visited by a disastrous fire on Sunday, December 8, 1895. Three 3-story buildings including the McMains Building with the Rutherford National Bank were destroyed and two lives sacrificed.

  • Maiden Lane National Bank

The Maiden Lane National Bank began business on February 1, 1904, in the Woodbridge Building, 100 William Street, in the premises formerly occupied by the Hide & Leather Bank. Robert D. Kent was president, Charles A. Belling, cashier; and Joseph T. Hall, assistant cashier. The capital of the new bank was $250,000. In February 1905, stockholders of the Maiden Lane National Bank agreed to a proposition made by the Metropolitan Life Insurance Company that the capital of the bank be increased from $250,000 to $1,000,000 and that the surplus be made $250,000, the new stock to be taken and the required capital to be furnished by the life insurance company. The plan included the bank's reorganization under the New York laws and thus having the privilege of maintaining branches. Robert D. Kent of Passaic was president.

  • Riverside National Bank

Robert D. Kent, a vice president of the Port Richmond National Bank of Staten Island and Arthur Pressey of Haddonfield were the promoters of a bank to be organized at Riverside, New Jersey. One-fifth of the capital stock had already been subscribed. Riverside National Bank was organized on April 22, 1903 and Chartered June 8, 1903.

  • National Security Bank of New York

In Oct 1909, the application to organize the National Security Bank of New York was approved. Warren B. Hutchinson, 141 Broadway, New York; W.A. harder, C.A. Bruns, Fred. L. Kane, and J.H. Wright. It would be located within 3 blocks of Broadway and Liberty. Mr. Kent would officiate as president at the same time continuing to serve the interests of the Merchants Bank of Passaic. Apparently this bank never secured a charter.

Other career highlights

Treasurer, Passaic YMCA 1895

Treasurer, New Jersey State Chamber of Commerce upon its organization in September 1912 [Thomas A. Edison of Llewellyn Park was a vice president].

Richmond Insurance Company of New York. The company was organized on a mutual basis in 1836 and its business was confined to Staten Island. In 1907 it was organized as a stock company with capital of $200,000 and surplus of $38,000. This was accomplished largely through the efforts of Robert D. Kent and John E. King of Passaic and E.R. Moody, cashier of the Port Richmond National Bank who formerly was assistant cashier of the Passaic National Bank. Mr. King had been in the insurance business for many years and was a general agent of the company and Mr. Kent was one of the directors.

In June 1924, incorporator of the Farmington River Paper Mills, Inc., of Windsor, Conn. with capital of $50,000. The officers were W.H. Kennear, president; Robert D. Kent, vice president; William R. Kent, treasurer; W.N. Pratt, secretary. The officers comprised the board of directors. Hartford Courant, Wed., June 11, 1924.

Chairman City Finance Committee, Passaic, NJ - 1928

Later life and death

On November 25, 1938, Robert D. Kent, 83, founder of more than a dozen banks in New Jersey and New York City, died in the Passaic General hospital after an illness of two years. Born in Wilmington, Delaware, Kent founded the Atlantic City National Bank in 1881; later the Metuchen National Bank; the Domestic Exchange National Bank and the Maiden Lane National Bank in New York City; the Passaic National Bank and the Passaic Trust and Safe Deposit Company, which were merged into the Passaic National Bank and Trust Company; the Merchants Trust Company of Passaic, and the Rutherford National Bank. Correspondence from United States Senator Carter Glass and Professor Irving Fisher of Yale credited Kent with being one of the conceivers of the idea for the Federal Reserve banking system almost a quarter of a century ago. Several years ago, Mr. Kent liquidated all his stock interests in several New Jersey banks and retired from active participation in the banking field. Survivors included a daughter, Mrs. Janet Kent Thorson of Easton, Pennsylvania, and a son, William Riddle Kent of Passaic. Burial was on Monday, November 28th, in Cedar Lawn Cemetery, Paterson, New Jersey.

Bank Officer Summary

During his banking career, Robert D. Kent was involved with the following banks:

$5 Series of 1882 Brown Back bank note from the Passaic National Bank of Passaic, New Jersey, Charter 3572, with pen signatures of Robert D. Kent, Cashier and John A. Willett, Vice President.
$5 Series of 1882 Brown Back bank note from the Passaic National Bank of Passaic, New Jersey, Charter 3572, with pen signatures of Robert D. Kent, Cashier and John A. Willett, Vice President. Courtesy of Lyn Knight Auctions, www.lynknight.com
$20 Series of 1902 Red Seal bank note from the Maiden Lane National Bank of New York, Charter 7107, with pen signatures of Charles A. Belling, Cashier and Robert D. Kent, President.
$20 Series of 1902 Red Seal bank note from the Maiden Lane National Bank of New York, Charter 7107, with pen signatures of Charles A. Belling, Cashier and Robert D. Kent, President. Courtesy of Heritage Auctions, www.ha.com


Sources

  • Robert D. Kent on Findagrave.com.
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  • Passaic Daily News, Passaic, NJ, Sat., Jan. 25, 1902.
  • The Wall Street Journal, New York, NY, Sat., Jan. 30, 1904.
  • Passaic Daily News, Passaic, NJ, Fri., Sep. 24, 1886.
  • The Sunday Gazette, Atlantic City, NJ, Sun., Feb. 25, 1894.
  • Passaic Daily News, Passaic, NJ, Sat., May 18, 1895.
  • Ridgewood Herald-News, Ridgewood, NJ, Fri., Dec. 13, 1895.
  • Passaic Daily News, Passaic, NJ, Thu., June 13, 1901.
  • Passaic Daily News, Passaic, NJ, Thu., Feb. 23, 1905.
  • Passaic Daily News, Passaic, NJ, Sat., Jan. 20, 1906.
  • The Philadelphia Inquirer, Philadelphia, PA, Sun., Apr. 12, 1903.
  • Passaic Daily News, Passaic, NJ, Fri., May 10, 1907.
  • The Wall Street Journal, Mon., Oct. 11, 1909.
  • Passaic Daily News, Passaic, NJ, Wed., Oct. 27, 1909.
  • Passaic Daily News, Passaic, NJ, Wed., June 29, 1910
  • Passaic Daily News, Passaic, NJ, Fri., Sep. 1, 1911.
  • Passaic Daily News, Passaic, NJ, Wed., Sep. 11, 1912.
  • Passaic Daily News, Passaic, NJ, Sat., Dec. 14, 1912.
  • Pittsburgh Post-Gazette, Pittsburgh, PA, Sun., May 29, 1921.
  • Hartford Courant, Hartford, CT, Wed., June 11, 1924.
  • Press of Atlantic City, Atlantic City, NJ, Sun., Feb. 15, 1931.
  • The York Dispatch, York, PA, Sat., Nov. 26, 1938.
  • The Philadelphia Inquirer, Philadelphia, PA, Sun., Nov. 27, 1938.
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