New-York tribune., 1902-03-09
oENAPKABLE PROSPERITY OF
THE METROPOLIS OF
NEW-.JERSEY.
ANNUAL OUTPUT OF MANUFACTURED
PRODUCTS EXCEEDS TOTAL VAL
rATION OF CITY PROPERTY
SOME OF THE MEN WHO
MAKE THE TOWN.
MAKE THE TOWN.

Newark the metropolis Of New-Jersey. and
f the largest nanufa cturin cities of the country,
Lss grown within the last few years into a finan-
,teI ce.rre Of considerable power and Importance.
A number Of large projects have been financed
.here without the aid OF outside capital and with
sucb success as 10 attract attention of New-York
capitaIists. Refusing to he longer oyershadoWed
nv tbe nearness Of this great city with unlimited
,apital Newark began TO reach out 10 other parts
of the State. The financiers backed up their
cantal with tireless energy, tempered this energy
with the good common sense of business, and now
from Atlantic City to the New-Ycrk State line the
financial strength of the city is making itself felt.
That practically all of this development has been
within the last ten years is only one of the sur
prlsing features.
There are a score OF projects involving millions
OF dollars which Newark has handled without the
slightest difficulty and with little outside assistance
First the railroads OF the city attended
10 and put a paying basis. Then a
soldation of the gas and electric light interests
which was effected in such a way as to make a
most profitable investment. The street railway sys-
tens Of Hoboken and Jersey City were rcorganized
and financed largely by Newark capitalists. though
the various cities contributed their share. The
electric roads Of Elizabeth. Paterson. Passaic and
many smaller towns were secured by the Newark
companies well the gas and electric lighting
interests Of Bergen County. Then came a scheme
for the control and consolidation all the gas and
electric companies from Trenton 10 Camden. in
Guiding cities. The South Jersey Gas Electric
and Traction Company organized, and the light
ing interests. We'll some OF the electric roads
IN this long stretch Of closely settled country.
secured The amount involved was S. 100000 and
the greater part OF ii came from Newark. The lat
est financial project. and the most extensive yet
tempted by the centre, is chain OF trust com
paaies 10 extend throughout the State. There will
be than dozen Of these State institutions all
controlled from Newark. a start made few
days ago at Elizabeth, where the Union County
COnpdCy
First National Bank.
The development Of the financial interests has
been gradual that the majority Of the people Of
Newark DO not realize how strong the city has be-
come Even the bankers were little slow TO grasp
the change. and continued transact enormous
business the limited capitalization which suf-
feed when Newark only a manufacturing
town. Since the first of this year. however there
have been several developments which demonstrate
beyond q doubt that Newark has become a financial
centre. They are along the line of bank consoH-
dations. mergers and increases Of capital stock
Early in the year the Federal Trust Company was
organized. with 100000 capital Then the
Essex County National Bank. with an announce
Inent of an increase of capital from $500 900 10 81 CO.
900 a figure decidedly more in keeping with the
business done by of the richest banks in the
State A little later the Fidelity Trust Company
voted increase its stock from 81 10000 81. .5O
600 and its surplus 8 5000 an increase OF & 0o
0OO The same company purchased the Second Ma
tIona and the German National banks and will
merge them into the Merchants National Bank.
Of which they already owned controlling interest.
The latter is about TO increase its capital from
$4,000 TO 81 600 0J0. The consolidation of the Ma
tional Newark Banking Company, the Oldest bank
ing concern in NeW-Jersey. and the National City
Bank is being effected. The pioneer bank will con-
tinue the business with capital of S1.O00 600. AL
though the number Of national hanks in Newark is
decreased from nine TO six by these changes, net
increase Of 100000 capital stock Will result.
Nothing show the growth and strength of
Newark's finances TO a better advantage than the
statistics OF her banks-nationa. State and savings
Ten years ago the tnta! combined resources Of the
national and State banks were s22 $1,000. and they
carried s14 $4,000 deposits. According reports
made by the banks last December the total
sources have increased TO S2 900 and the deposits
10 tZ7g75Os5 In other words, both resources and
deposits have nearly doubled in years. The
banks are operating on capital Of $4,000 and
have q surplus and undivided profits of $5,52lC00.
Besides. there five prosperous savings banks,
with combined resources of S23 20OO deposits. $40
4l7 go; surplus g 600 The aggregate statistics
Of national. State and savings banks show these
surprising amounts: Resources S65 0O deposits,
Sa8 20 90; surplus and undivided profits, s. 257740
OF great importance in figuring the financial
strength are Newark's insurance companies. There
fl which has just issued it's fifty-seventh annual
statement and the Prudential which have
bined assets of more than s125Oo0000 The four fire
Insurance conpa nies-the American the Firemens,
the Merchants and the Newark-have S2,25o000 cap