New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-11-16
Newburgh's Bank Deposits
Total $22,36O,793

valued at s2f,91060O. Il is over twice the
value of the production Of gold in Canada
for 1910. Canada in that year added to
the gold supply of the world with 4s3'@
ounces fine, assayed at sl0,205,So. II Is
also double the value OF the production
Of gold in India for the same year In
dia's gold supply that year was SoTls,M.
An examination OF the financial state
ments OF the banking institutions OF New
burgh also shows that the surplus and
undivided profits in most cases equal or
considerably exceed the total capital stock
paid in, and that the institutions are
growing financially larger at a most rapid
rate.
One OF the institutions has reached the
century mark and others have been es-
tabIished for many years.
Newburgh has always been quoted as :
big banking centre.
In the Colonial days 1t was one Of the
leading shipping points TO many far
westerly places in New York state, and
naturally ii was a foremost money centre
Along the wharves were then many
vessels engaged in Liverpool trade ana
smaller vessels which ran 10 ports on the
coast and to the West Indies.
In 1900, when the City Of Newburgh was
incorporated as "A town, with Charles
Clinton as President, the place was
moro active trading town than many
bigger towns along the coast. In the
following year the Newburgh and Cochet-
ton Turnpike Company was capitalized az
sl25,OO 1t built a plank road extending
for many miles westward from the heart
OF the city.
That road helped TO increase the whole
sale and retail trade marts Of the place
and brought many far distant towns
much easier by stage lines 10 the me-
tropolis of the country. The building Oh
the highway eventually brought about
the establishment of a state bank III
Newburgh.
The Newburgh stage lines extended 70
Ithaca, the whole journey being made ID
two DAYS. The travel on the lines was
heavy, and many of the proprletors OF INV
taverns in the historic town or New.
burgh, besides attending TO the duties u
host, did a banking business. About tn'
time a line of steamboats, was placed Oh
Cayuga Lake by company, the principAi
projectors being Newburgh men. OWES
to the stage lines, which ran from New
burgh TO Ithaca, it was necessary io
some years TO have a branch Of aH> -
the Newburgh banks at Ithaca.
Historic records tell the story also 'na'
at the dawn OF the seventeenth ceh'ui'
1t was a familiar sight TO see at ID.
rivers edge at Newburgh thousands Oh
head OF cattle waiting TO be shipped
New York or to points in MASSACHUSETTS.
Some of the cattle men came from a.
, far west as Springfield, Ohio as wv
! shortest and best route to New YORK was
over the highways to Newburgn' anu
thence by boat to the city OF New AM
sterdam. Many storekeepers IN th'se
days did a fourishing banking business
too.
When the cattle men returned to 'heii
homes they praised the City of Newpurs"
as a place where fair dealing was wv
keystone of both the wholesale anu ~
tail business districts and where mo"',
received for cattle or farm produce cou"
draw large interest.
Naturally the fame of the town d.
banking centre grew, and nothing 10.
ever occurred 10 dim the lustre OF 'n''
renown.
Newburgh to-day is especially seeA's
to instruct thousands of persons w"
live remote from large financial ceh"
how easy II is TO do banking by MAIL
person who wants to open an acc','
with any one of the institutions and w
sires to leave his money on deposit 81
to draw interest should send by po''-
or money order or by check the sun"
be deposited TO open an account. i,
BY return mail the new deposi'or ""
receive 4 blank card. on which he NV
write his name and place of busih'.n
and remail the card to the sender -.
the national banks of Newburgh reee'
by mail deposits for their savings
count department.
Now, indeed, Is the time TO become
active member of this popular and roo'''
financial centre.