The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-22
FIFTY GOOD YEARS.
The Provident Savings In
stitution's Prosperous
History.
NINTY-NINTH DIVIDEND.
A Great Growth From a Small
Beginning-The Founders
and Promoters.


dend to depositors who called for it today
1t is the oldest savings bank in the State
and has had an interesting history of
steady prosperity.
A tradition says that the idea of the
bank was first proposed by business men
who had habit of meeting evenings at
David Smiths grocery store on the north
east corner of Greene and Grand streets.
A State law regulating the establishments
and management OF savings banks had
just been passed. The bank was incor-
porated on February 81, 1885. The
first meeting of the Incorporation was
held in the old Town House in Sussex
street on April II. 1899, and the secoud
meeting in Lyceum Hall which stood on
the Hasbrouck Institute site on Grand
street, between Washington and Warren
streets, over two years later on December
6. 1S41. At the second meeting officers
were elected as tollows:-President. Duh
ley S. Gregory; Vice President, John E.
Ellis; Jonathan jenkins. John j. Good
win, Cornelius Van Worst aud Peter
Bentley. The first Board of Directors
was also named as follows:- David
Gilbert, Cornelius Kanonse, J. d.
Miller. P. C. Dummer, Thomas A.
Alexander, Job Male, John Dows, Dar-
win F. Rockwell. Stephen Garretson.
David Jones, John Frazer, Hartman,
Van WAGNER, Abram d. Van Santvoord,
Peter McMartin, John Griffith, James
W. Palmer. Luxe Hemingway, William
B. jenkins. Thomas Kingstord, Thomas
Weldon. William Glaze and Timothy L.
Smith. AT later meeting Thomas w.
James was chosen Secretary and Treas
urer.
The incorporators were;-John F. Ellis,
ThadGeus b. WaKeman, John K. Good
man, Samuel Cassidy, Cornelius Van
Worst. David Henderson, Henry Trap
hagen, John Frazer, John Gilbert, George
DINNER, Jabez Wakeman, Will
lam Barrow, Edgar Ollcott,
Cornelius Kanouse, J. Dickinson.
Miller, Phineas Dummer, Thomas A.
Alexander, Job Male, John Bruce. Dar-
win +. Rockwell. James w. Higgins.
John p. Hill. johnson Durant, James
Wilson. George Frazer. Stephen Garrett
son, Isaac Seaman, David Jones, Peter
Sip, Hartford Van Wagenen, Jacob d.
Van Wrinkle and Jacob Vreeland.
THE OFFICERS.
President Dudley S. Gregory served
until he died in 1874. The later presidents
served until death and were Andrew
Clerk who died ia 1886; David Smith who
died in 1888: Isaac l. Vanderbeek who
died in FEBRUARY last. President Freeman
A. Smith was elected IN April 1898.
Treasurer James resigned III 1856.
Treasurer f. w. Ktngsland served from
1856 until 1S87 when he resigned and was
succeeded by his son K. w. Kingsland
Jr, the incumbent. The elder KlngslAnd
died in 1889.
THE BANKS HOMES,
The banks first location was in the
Washington Hall of the Washington
Temperance Society on Montgomery St.,
Washington place and Gregory streets.
opposite the present site of police head
quarters. AS the bank was at first open
oply one hour week the Washington
Temperance Society got only a vote of
thanks for the use of its rooms until on
January IL, 1885, vote of thanks was
answered by a notice that thereaft er a
rental of $25 month would be charged.
In 1854 the bank moved to No.
one year and moved to Washing ton
and Plymouth streets. There it re-
mained until July4 1890 when it moved in.
to its present large, handsome and costly
building on Washington and Grand
streets. adjoining the Hudson County
National Bank.
HOW THE BUSINESS GREW.
Business began on October 8, 1S43, in
Washington Hall. The assets were less
than 100000. The first years deposits
were $4,000. Treasurer James's salary
was 500 per annum. The bank was
open only on Mondays, between six and
seven in the evening. The Treasurer
and three members of the board were
present to receive deposits, and In
might come the directors carried little
money in their vest pockets. There Was
no safe until in June, 1851, a safe was
bought Tor $150. The business was then
$4,000 year. Before the safe was pur-
chased, the cash was sometimes deposi-
ted with the North River Bank in New
York. President Gregory put $500 of the
banks fund in his own safe. The safe
was opened and the mon ey stolen. Presi-
dent Gregory offered to make the loss
good, but that year the banks business
was sufficient to meet the loss by the rob-
berry. and the exultant trustees, now the
managers. would not think of allowing
the President to loose the $500.
The receipts the first year were So, 900:
the second year, $4,000; the third year,
$4,000; in 1855, $92, 1878; in 1886. 6,000,-
900; on January l. 1898, the assets were
SIS. .069, ,S07.2 26.
One hour a week answered for the
business until January IA. 1854; then Sat
urday evening was added. and the hours
were from five TO seven O'Clock p. NJ.
In October, 1856, and thereafter the bank
was open from four to seven P. NJ,
Wednesday evenings for women, until
In September, 1859. 1t was opened daily
from ten A. M. until three P. NJ, and
Saturday evening from five to seven
P. M.
The present officers are: President, R.
G. Washburn; Secretary and Treasurer,
E. w. klpgsland; j. S. Newkirk. Assist
ant Secretary and Treasurer. The Board
of Managers are: Joha ID. Carscallen,
John Chiiver. N. w. Condit, John E.
Crorha Henry S. Drayton, Will
liam e. Pearson. John Scott, Will
liam f. Taylor, William H. Turner, James
B; Vredenourgb, James Warner, jacob
Weart and Washington B. WiIlisms.
Two vacancies ON the Board Of Managers
have been made by the death of Thomas
c. Brown and the election of Richard @.
Washburn as Vice President.
This years July dividend Is 1928. .4T5. SO;
the January dividend was $l26. 6.2l6 26.
The assets on January l, 1898. were
IS. .069, S07. 26 and the surplus over liabili-
ties was $5SS, ,757.17. The surplus is now
$25 600 less, because of the general de-
preston in securities.
The net earninas for the first six
months of this year. after paying all ex-
penses. and the dividend were $37. 334. 7S.
The net earnings Of the first six months
in 1892, were $50. .461 02.
Treasurer Kingsland has been employ
ed in the bank for thirty years. and has
had the longest term of service of any
official now ln the bank. Assistant Sec
Ietary j. S. Newkirk HIS beeu In the
bank since 1870. and Is second in dura-
tion OF service.
Do you read the testimonials published in
behalf of Hoods Sarsaparilla9 They are