Metuchen National Bank, Metuchen, NJ (Charter 13916)
Metuchen National Bank, Metuchen, NJ (Chartered 1933 - Open past 1935)
Town History
Metuchen (/məˈtʌtʃən/ mə-TUTCH-ən) is a suburban borough in Middlesex County in the U.S. state of New Jersey. The borough is a commuter town of New York City, located in the heart of the Raritan Valley region within the New York Metropolitan area. The borough, along with Edison (which completely surrounds Metuchen), is a regional commercial hub for Central New Jersey. The borough is 6 miles northeast of New Brunswick, 17 miles southwest of Newark, 20 miles southwest of Jersey City, and 22 miles southwest of Manhattan. As of the 2020 United States census, the borough's population was 15,049, an increase of 1,475 (+10.9%) from the 2010 census count of 13,574. In 1930 the population was 5,748.
The decade of the 1890s was a period of expansion for public utilities. In 1894, telegraph service was begun and in 1897 telephone service begun by the N.Y. and N.J. Telephone Company. In the same year the Midland Water Company began operation and supplied hydrants for "newly formed" volunteer fire companies. In 1899, a new street lighting system was installed. At about the same time a bicycling organization was formed, the Metuchen Wheelmen, which lobbied for improved roads. Trolley service began in 1900. Metuchen attracted an influx of artists, literary figures and noted intellectuals during this time, acquiring the nickname "the Brainy Boro". One of the Borough's two post offices is named Brainy Boro Station.
Metuchen was incorporated as a borough by an act of the New Jersey Legislature on March 20, 1900, from portions of Raritan Township (now known as Edison).
Metuchen had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized December 28, 1933
- Chartered December 29, 1933
- Succeeded 7754 (The Metuchen National Bank, Metuchen, NJ)
- Assumed circulation of 7754
- Bank was Open past 1935
On Saturday, December 30, 1933, the newly organized Metuchen National Bank opened its doors for unrestricted business at 11 o'clock. At the end of the first day it was found that deposits exceeded withdrawals by exactly $1,000. Edward Kramer, a director of the new institution made the first deposit. Only two withdrawals exceeded $1,000 with the largest $2,200. Depositors had their money tied-up in the bank since the moratorium in March and the opening freed up 60% of frozen deposits. Much credit was due to the efforts of Philip T. Ruegger, chairman of the depositor's committee. Mr. Ruegger was vice president of the new national bank. The president was Roy C. Burr, a former director of the old bank. For the past ten months the bank was operating on a restricted basis under the direction of cashier Alex. C. Litterst acting as conservator. J. William Griffith was made cashier of the new institution. The frozen assets were in the hands of a trustee committee and as thawed, dividends would be declared for the depositors.
In January 1952, stockholders elected the following directors: Thomas D. Ainslie, W.T. Campbell, Edward C. Dana, J.W. Griffith, George Kelly, Louis H. Meade, Howard G. Mook, Philip T. Ruegger, and Harrison E. Wemett. The officers elected were Ruegger, president; Ainslie, and Campbell, vice presidents; Griffith, cashier; Ralph F. Noe, assistant cashier; and Kelly, secretary. In July a proposed merger of the Metuchen National Bank and the National Bank of New Jersey was approved by the directors of both institutions. The June 30 statement of the Metuchen bank listed total assets at $4,935,323.03, while those of the New Brunswick institution were $32,505,944.35. Samuel L. Allen was president of the National Bank of New Jersey.
On September 3, 1952, the Metuchen National Bank was absorbed by the National Bank of New Jersey and the new Metuchen office of the New Brunswick organization opened. The merger brought to the borough a bank with resources of $40 million and was made to increase assets to better serve the large, new industries and increased population of the area. Ralph F. Noe was appointed assistant cashier of the National Bank of New Jersey and would continue to serve as manager of the Metuchen office. For 1952 the National Bank of New Jersey, largest in the Raritan Valley, increased its resources to $40,915,821.03, more than $5 million above the 1951 total.
Official Bank Title
1: Metuchen National Bank, Metuchen, NJ
Bank Note Types Issued
A total of $64,620 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 8,218 notes (No large size and 8,218 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1929 Type 2 5 1 - 5112 1929 Type 2 10 1 - 2306 1929 Type 2 20 1 - 800
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1935):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- New Jersey Bank Note History
- General information on Metuchen (Wikipedia)
- General information on Middlesex County (Wikipedia)
- General information on New Jersey (Wikipedia)
Sources
- Metuchen, NJ, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- Central New Jersey Home News, New Brunswick, NJ, Sun., Dec. 31, 1933.
- The Courier-News, Bridgewater, NJ, Fri., Apr. 19, 1938.
- The Courier-News, Bridgewater, NJ, Wed., Jan. 9, 1952.
- The Central New Jersey Home News, New Brunswick, NJ, Tue., July 29, 1952.
- The Courier-News, Bridgewater, NJ, Wed., Sep. 3, 1952.
- The Courier-News, Bridgewater, NJ, Fri., Dec. 12, 1952.
- The Central New Jersey Home News, New Brunswick, NJ, Sun., Jan. 18, 1953.