The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1899-05-12
INCORPORATED
Is YEARS
Brief History Of MOrristOwn's
Institution for Savings.

House - Wise Management, In
creasine Business-NearIy Two
Millions on Deposit, ,286 Ac-
counts-List of Officers, Man
ayers and Employees.
The twenty fifth anniversary of the
Incorporation of the Morris County
Savings Bank occurred last week. In
asmuch as this institution is recognized
as one of the foremost in the State. a
brief history of the organization is op-
perfume.
The bank was incorporated March g.,
1874 and formally organized on the 7th
of March the same year, with the fol-
lowing incorporators: Messrs. William
L. King, Henry w. Miller, Theodore
Ayers. George E. Voorhees,, Henry c.
Pitney, Thomas B. Flagler of Morris
town, and James A. Webb OF Madison
1t was regularly opened for business on
the 1st day of April in the banking
room of the National Iron Bank. The
late William L. King was the first
president of the bank and John B.
Byram, at that time teller of the
National Iron Bank, was appointed
secretary and treasurer. 1t is interest
ing to notice that the first financial re-
port presented January 1st, 1874, shows
deposits on hand of $62, 795 46
From the very beginning the manage
ment of the Morris County Savings Bank
has been wise in its policy, and at the
same time has afforded the greatest
possible assistance to those who have
found occasion to borrow funds, it's
loans have been carefully placed, while
the investments have also been of the
safest class. The steady growth Of the
business of the bank in 1880 lead to the
removal of its office to the rooms former
ly occupied by the Morristown Institu-
ton for Savings, in the basement of the
National Iron Bank building, the former
having decided to retire from business
on the 1st day of April following AT
the close of business December 81, 1881,
the resources of the institution were
shown to be $210,0SS.56, while the
amount due depositors was S202, 2,5126S,
showing surplus of $7,575 SO.
its first president. the late William L..
King, stated at the meeting held on the
Bird of January, 1881, that as he had
reached the age of rs years, and did not
care to assume the responsibilities of the
office longer, presented his resignation as
president and manager, which was ac-
cepted with regret, and upon motion the
Hon. Henry @. Pitney was elected presi-
dent pro tempore, and Henry w. Miller
was chosen as secretary and treasurer.
On the 18th of March Mr.. Miller was
elected president of the bank, and on
April Aurelius B. Hull was elected vice
president, and Harrie t. Hull, secretary
and treasurer. The new officers infused
additional life and energy to a bank
already firmly established, and its steady
growth and high reputation is the result
of capable officials and efficient manage
ment.
In 1888, the purchase of the lot was
consumated upon which the commodious
banking house now stands, at cost of
500 900. A building committee, consist
ing among others of the president, treas
urer and Messrs. H. o. Marsh and Paul
Revere, was appointed in the following
month, who reported in June fol-
| ing, that Robert g. Walsh had been en-
gagged to draft plans for the new building
which under the personal direction of
the committee, was formally opened for
business December %, 1891. Its cost
was, lot $40, 900, less received for land
sold 50, 300, net price $l4.700; cost of
building, complete, $47, ,536 49, total,
$62 1886 73.
Messrs. Malley, Dempsey & Cooney
were the masons, Schenck d Young did
the carpenter work, Thomas j. Allen fur
nished the stone, Kay Bros. contractors
for steam. gas fitting and plumbing,
and John Thatcher the painting. The
furniture and fixtures cost in addition
! S., ,067 so, or a total of SIC, 0,304.23. The
building and lot to-day could not be re-
placed for less than $90,000
A remarkable fact, and one which is
attributable solely to the wise manage
ment of the bank, is that since 1881 not
penny has been lost, either through un-
wise Investments or by loans upon which
the security was inadequate. From the
income of the bank only about IS per
cent is used for expenses, salaries and
fees, 55 per cent. is paid to depositors in
dividends, while the balance of 81 per
cent is credited to surplus account.
Showing the rapid increase in the de-
pOSlIS anu AuIuOGl VI dCCOunlo III 81
the former amounted to $62, 1885, .46; num-
Der of accounts 1870 In five years the for
mer had increased to $158, 1856 45, and the
latter to 656. Five years later the
amount on deposit was $603, III 50; ac-
counts 2, 1862. In 1889 the deposits had
had reached 81 ,000,0 72; accounts
3,922. In 1894 the money on deposit ag-
gregated 81, 1876, ,91717, representing s,
536 accounts, while on April 1, 1899, the
deposits had reached the large amount of
81 1888 $50, with 7 1856 open accounts.
That the character of the loans and in,
vestments are appreciated by the public
the large deposits are sufficient guar
antee.
Many changes have occurred in the
Board of Managers. Among the original
incorporators who are still active in the
management of the bank are Vice Chan
cellor Pitney and the president, Henry
w. Miller. In addition the Board of Man
agement comprises Messrs. Aurelius b.
Hull, Phillip H. Hoffman, DIR. Charles
Y. Swan, Paul Revere, John Thatcher.
Eugene S. Burke and Guy Minton, all
prominent in the community and persons
who merit the entire confidence of over
1000 deposiiors.
The clerical force of the bank COM
prises David H. Rodney, accountant;
Horace Greeley Wolfe, teller; Stacy l..
Briant, bookkeeper: Miss Mollie Murray,
Tohr LF;Anooro1J sax;ko-