The Sunday tatler and Jersey City express. (Jersey City, N.J.) 1883-1886, 1885-07-05
PRESIDENT YONG.
A Tribute to One Of New Jerseys Best
Known Business Men.


The First National Bank Of Jersey City
was organized in 1864, With capital of
$4,000 John s. Fox was its first Presi-
dent and held the Office until his death in
1871, when A. Il. Wallis was elected and
served until July l, 1879. The following
September, the subject of our sketch, then
the Cashier, was elected President, and il
now occupying that position. Mr.. Young
was born in Morris Co. in New Jersey.
January 25th, 1886. His family removed
to Jersey City, and in 1852 he entered the
service of the Hudson County Bank. The
year following he was nude Receiving
Teller, and in 1853 Paying Teller, which
position he held until 1864. He was
offered and accepted the position of Pay
ing Teller in the Mechanics and Traders
Bank of jersey City, which bank in the
year 1864 became merged in the present
First National Bank. In 1874 Mr.. Young
was made its Cashier, and held this position
until his election as President ia 1879.
Under the able management of Mr.. Young
the bank has grown to be the largest
Financial Institution in the State. Its de-
post line in 1879 was 81, 164, 901. go; its last
quarterly statement shows an increase to
So, 697, $50. So; the loans and discounts in
the same space of time have risen from
81, 275, 2S1 81 to 50, 1876, 626.S9, and the total
resources from 50, $50, 1890 to $780,
1854. with surplus and undivided pro-
fits of $448. 545 Is. The bank has paid 10
per cent. dividends, for two years
fifteen per cent, and is now pay
ing twelve per cent. with taxes paid.
These facts speak volumes in favor of Mr.
Young as an able and successful bank
officer. The management of Mr.. Young
has been seconded by an admirable Board
of Directors. composed of such men as
Judge James L. Ogden, Elk Governor Bedle,
Judge B. f. Randolph, Andrew Clerk,
Charles Soldier, of P. Lorillard & Co.., w.
A. Weishers, and other gentlemen of high
business standing. Mr.. Young is recognized
among business men as faithful, prudent
and judicious bank officer, and his advice is
eagerly sought for by those who desire to
be guided by q wise and careful counselor.
In addition to his duties as bank officer.
Mr.. Young has held various positions in
yolving trusts of great financial RESPONSE
bility, and at the present time he is Receiver
of the Dixon Crucible Co., whose affairs,
through Encouragement, were plunged
into the most hopeless confusion, compel
ling the Company to go into bankruptcy.
Under the receivership of Mr.. Young the
Company is gradually being extricated from
its difficulties, and, although the Company
was largely indebted at the time of its fail.
ure, and was not expected to pay more
than Is per cent. of its obligations, the
delighted creditors will SOON receive pay
ment in full of their claims, and the stock
holders will get back their property in bet
ter condition than it ever was, thanks to
Mr.. Young's ability in directing the affairs
of the Company. Altogether, Mr.. Young is
gentleman of whom the country gener.
ally, and Jersey City in particular, have
every reason to be proud.-1hs Financier
Neao York.