The Newark star and Newark advertiser. [volume] (Newark, N.J.) 1909-1909, 1909-10-11
Increase in Deposits from Sl6,.
ESQ to Sl9,037,O3l Shows
Its Remarkable Growth.

| nj y institution or corporation In
~ Newark, or in any other city, for
that matter, that has dealings with
the general public has a greater RICH,
to be proud of itself and it's history
than has the Howard Savings Instltu-
ton, on Broad street.
During the more than fifty-two years
Of it's existence, it has more than full
filed every demand made upon it, and
from a beginning in 1857, when it had
deposits at the end of the var Of $16.-
$50. 10, the institution has grown, until
at the end of 1908 the deposits amount
ed to s1s.O37, 031.5s, divided among 64,27s
depositors.
And not only in the growth OF the
bank has the wonderful standing 1t
has among the community been shown,
but also in the splendid personnel Of the
board of managers. Unlike most other
savings institutions, the Howard does
not have a board of directors. The
controlling body is called the board
Of managers, n is elected yearly ON
the third Monday in February.
Originally this board consisted of
twenty-seven members, that being the
number of men that composed the list
of incorporators of the bank back in
1851. Later this large board was found
to be unwieldly,. and the number vas
cut to fifteen, where it stands at the
present time.
And right here is where part of the
wonderful growth of the bank is ex-
planned. OF the list of twenty-seven
managers in 1857, the names of five are
still to be noted ON the present roll of
fifteen managers. Those names, as will
be seen later in this article, are and al
ways w been closely connected with
the growth and history of Newark.
The same is true of every name on the
list of twenty-seven original %incorpora-
tors and in the present list Of fifteen
managers who now control the des-
TIMES of the institution.
Many people have wondered how the
institution came to be named Howard.
Howard is not a name of prominence
in New Jersey Newark or even in
United States history for that matter.
Usually savings banks or public insti-
tutions of any kind are named after a
person or something of local promi-
nence. Possibly the reason Howard
was chosen for a name was due to the
fact that at the time of its ~organiza.
ton every man connected with 1t was
equally prominent in Newark's social,
financial and business life. Hence they
had to go outside for a name.
So the incorporators went clear to
England and took the name of a man
who died sixty-seven years before the
institution was organized. John How
ard was an English philanthropist who
practically devoted his entire life to
ameliorating conditions in European
prisons. Born in Hackney. England. in
l726, he was early apprenticedl to a
grocer, but poor health made 4he life
of a grocer's clerk distasteful,} and he
soon resigned, He was married when
quite young to a young widow, who
lived only three years after 1.-THE we'd
ing. Howard got his first taste of the
hard sid OF life when he visited the
earthquake ruins of Lisbon ia 1866. and
for seventeen years following that time
he devoted his life to a study Of condi-
lions among the poor and unfortunate.
In l77s he was elected shkrIn Of a
county in England and from that time
on until HE daotb a.. |1on - -.
name known as a philanthr8pist by his
work in investigating the abuses thai
then existed in prisons in Al parts OF
the old country. He frst rhade public
the cruelties prsctised II English
prisons, then turned his attention to
other countries. He traveleH all over
Europe urging prison reform} n was
successful in most cases. he nnaliy
was taken sick n cherscn. Russian