The evening star and Newark advertiser., 1907-10-02
in THE FRONT RANKS
THAT'S WHERE FEDERAL
TRUST CO. is TODAY.
Newark Institution, six Years Old. Has
Attained Coveted Goal in the
Financial World.

Men of large financial interests
throughout the city had not few
complimentary comments to make yes
terday concerning the phenomenal
showing of the Federal Trust Com
pany, which has just celebrated it's
sixth birthday with record of $500
separate accounts, and more than
s5O0o00O on deposit This places the
Institution. but half dozen years
after its foundation, well in the front
ranks of the great banks of the city,
and gives size and strength exceeding
those of banks in Newark that were
founded half a century before the Fed
erai Trust organization was contem-
plated H
The grsat success of the institution,
'4it Vas conceded, has been due to the
r,arisable choice of men as it's officers
ana dirsetors, and to the support of
former United States Senator James
Smith. jr.. who accepted its presidency
In May. 1904, a short time after the
death Of the banks first president, the
late q. S. District Court Judge Andrew
Kirkpatrick. Since he took hold of the
institution Mr.. Smith through his in
fiuential connections. and the trust with
which the public has honored him, has
been able to give the institution
prestige for soundness, influence and
methods of straightforward dealings
which make it a power
The directors of the Federal Trust
are. without exception. men of achieve
ment and mostly men who, through
their own hard efforts. have made a
place for themselves inAcivic affairs
of wide range Many of them are con-
snected with most of the great business
enterprises of the city
e The Federal Trust Company was
founded in the summer of 1901, and
one of the men most actively inter-
Sested in its organization was Joseph
NJ. Byrne, who at once was made
ivice-president, and still continues in
that office and as a member of the
board of directors.
OF the board as 1t originally stood there
are now but four members. Besides Mr..
Byrne they are Hamilton f. Kean, will
lam Fl. KelIner and Louis Plaut. At the
time OF organization the board included
also George w Young, John d. Crimmins,
Nv. Campbell Clark Albert B. Carton, John
ISehoe James Smith 3d.. John It. Krueger
and the late Daniel ODay who was vice.
Spresldent of the STANDARD Oil Company.
Taking the places of these men now are
Louis Plaut, James Smith, Chester r.
jr., winton c. Garrison, Augustus s.
/, Knight, James Smith, jr., Gottfried Krue-
ger and Robertson S. Ward
The bank was organized at time when
. money was much more plentiful than it is
just at present but not when the market
was particularly plentiful Notwithstand-
ing such faith didfthe general public have
in the men back of the movement that the
stock was very largely oversubscrlbed. But
, s. O0O, 900 had been asked and twice this
sum was given, SO that the bank started
: In business on much larger scale than
had been anticipated. On the first day it
opened the deposits totaled considerably
in excess of 100000,
Interesting as showing the growth of the
institution is the record showing the mum
ber of depositors. At the end of the first
year there were 1,4$2 at the next 2,1S6, and
at the close of 1904 there were 2,SA ac-
counts. This was at the time of Judge
q KirkpatHcks death. The year former
Omitted States Senator James Smith, jr.
went into office the accounts jumped ahead
NEARLY 1000 and totaled S702. The next
year they gained more than thousand
jumping to 4,T2 and now they number
$500.
The institution, which started doing busi-
ness with four clerks, has in six years
come to give employment TO thrty-four
and ON this basis an increase of business
of $50 per cent, can be calculated Exten-
sion Of business facilities last May led to
rearrangement of the clerical force on the
: first floor of the Federal Trust building
which had been the only one the bank oc-
cupied, and to the use of the entire second
floor