Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1912-10-05
100000 MOVED
THROUGH STREET
National State Bank Transfers
Funds to New Quarters
on Broad Street.
INSTITUTION FOUNDED ON
THIS SITE CENTURY AGO
Newark Had Only One Other
Depository at That
. Time.

When the National State Bank
moves today from its temporary
quarters on Mechanic street to Its
new building, at the corner of Broad
and Mechanic streets, about S3OO,o0V
in cash will be carried through the
street by the clerks of the institu-
ton. The transfer of the banks cash
will be accomplished in less than ff-
teen minutes.
The National State Bank of New
ark was founded on the site of the
present new structure just 100 years
ago. The lot at that time was pur-
chased for $4,000, and a bank build
ing was erected at a cost of $4,O2o.
The lot today is worth $4,000 600 and
the new building is valued in the
neighborhood of $500, 900.
Under an act passed by the Leg
islature of New Jersey on January
2S. 1872, the formation of a State
bank in Newark and the organiza-
ton of similar institutions in other
places in the State was authorized.
On February 5 of the same year TINS
bank was formed. The enabling act
fixed the capital at $400, 900 and also
named the banks first, board of d.
r~ectors. viz. William s.. Pennington,
Aaron Mum, Isaac Andrus, oliver
Wade, John Alling, Smith Burnet,
Moses N. Combs, stephen d. Day,
Martin ]. Ryerson, Abraham Acker-
man. Isaac Pierson, James Wander
pool and Job S. Dodd. These gentle
men met for organization in Roffs
tavern on Broad street, almost d.
reetly opposite the present and future
home of the bank. At the time the
bank was organized Newark was
small, but ambitious. 1t had but one
bank, the Newark Banking and In
surance Company, a number of man
ufacturing establishments, not a few
stores, several churches and a popu-
lation of about 5000.
Present Site Selected.
on June /, 1872, the board decided
to purchase a site for the future home
of the bank and to erect upon 1t a
suitable banking house. The place
selected was the present site of the
bank at the southeast corner of Broad
and Mechanic streets. 1t. however,
did not include all the property h a
the bank now owns. For what was
then purchased the directors agreed
10 pay Luther 1opie' Tue o"hei' PN''oo'
soon a1terWaro WORK was pesuh ol
the banks nrst nome OIL us own ana
as IN those Gays II was ueehieu hee-
essafy TO nave ING casnier resioe anu
sleep IN the pahhlng mousse proEisioh
was maoe IN the puliulnS LOT mat
ofhcer II MS fanny. u was sooh oe-
cided TO ada TO TINS property n on
November 20, 1913. the directors pur-
chased from seth Woouruf the lot
about twenty-five ieet on nj
street win a depth Oh ABOUT h1ty feet
adjoining It's nrst lot fronting on
Broad street. Inc price PAID Tor this
pio' vas soio, - ~ ioui years
atah,o sor ~ ,sa 90 .ho aash.oa
-
' "''s war,
II eapl'ai STOCK OF the bank ae-
tually PAID IN on the sth OF November,
BRUSH war the cashier was au-
thorized in 1914 to remove the cash
and such other property as he should
think necessary to Morristown. in this
State, in case of invasion by the
enemy, but the occasion for such ac-
ton never occurred.
In the early part of 1868 the institu-
tions began to feel the need of more
room. It was accordingly decided in
May of that year to erect a new
building on the real of it's property
for it's own and then 10
build on the Broad street front an
other structure to rent for office mr.
poses. having an entrance 70 ~
banking room through it's centre from
Broad street. That nlan was 90 rriod
out. and on September ~ 1850 tbe
hank moved info the rooos ahar,
II has remained until now
.ep""' "'en "a'seo'
ohtl September 70. lN9l. the hanE
got along with its capital Of $40 900
ihen II vas increased to S47O,o'e and
III may 1904, II vas raised TO $oll-pou.
IN november, 1907. II was made $3.50, :
uoo, ana IN July 500 II was increased
10 sooo,ooo. ABOUT Inc middle of Sep
TEMPER, 1913 the capital was cut down
10 soUo'ooo' lhe regular dividends
nave ranged from 2fs per cent. to !
per cent making a to-
tai dividend disbursement of 1882, 575.
me bank buildings have twice been
visited py nre, the nrst ume in No
Z N6Inhnr 1N3k and the gnannA CsRt.p,nJ