Value of products, including custom work and repairing
Total for selected industries for State
1900
1,780
117,008
$258,421,105
1890
1,367
77,974
156,491,146
Increase, 1890 to 1900
......
413
39,034
$101,929,959
Per cent. of increase
......
30.2
50.1
65.1
Per cent. of total of all industries in State
1900
11.5
48.4
42.2
1890
14.8
44.9
44.1
Textiles, total
1900
321
46,932
$72,921,528
1890
242
33,860
52,855,496
Cotton goods, including cotton small wares
1900
25
5,681
6,930,766
1890
17
5,632
5,902,615
Dyeing and finishing textiles
1900
59
7,074
10,488,963
1890
41
3,735
6,183,397
Silk and silk goods
1900
180
24,157
39,966,662
1890
132
17,445
30,760,371
Woolen goods
1900
13
2,942
4,755,393
1890
21
4,165
5,652,166
Worsted goods
1900
11
3,910
6,823,721
1890
6
937
2,058,662
Iron and steel
1900
25
8,288
24,381,699
1890
28
5,150
11,018,575
Foundry and machine-shop products
1900
353
17,918
32,621,229
1890
249
12,793
21,666,955
Electrical apparatus and supplies
1900
35
2,793
6,447,154
1890
3
425
744,274
Sewing machines and attachments
1900
4
4,701
6,643,348
1890
3
3,931
4,177,330
Jewelry
1900
100
2,779
7,379,777
1890
74
1,757
4,724,500
Pottery, terra cotta, and fire-clay products
1900
81
8,117
8,940,723
1890
60
4,425
5,165,537
Glass
1900
26
5,383
5,093,822
1890
34
5,688
5,218,152
Rubber and elastic goods
1900
37
2,609
8,458,274
1890
12
926
2,135,705
Leather—tanned, curried, and finished
1900
77
4,178
13,747,155
1890
31
706
2,780,016
Liquors, malt
1900
45
1,723
14,386,456
1890
34
1,174
10,018,393
Tobacco—chewing, smoking, and snuff
1900
12
1,955
7,788,379
1890
4
131
348,814
Cigars and cigarettes
1900
486
1,640
2,647,595
1890
444
1,051
1,909,406
Chemicals
1900
61
3,048
12,207,289
1890
44
1,712
8,146,795
Petroleum, refining
1900
4
2,951
29,649,460
1890
4
2,610
20,711,826
Lumber, planing-mill products,
including sash, doors, and blinds
1900
113
1,993
5,107,217
1890
101
1,635
4,869,372
In 1868 there were 55 national banks, and in
1900, 115. A Department of Banks and Insurance
was established in 1891. The banking law
was revised in 1899. Trust companies have
rapidly multiplied in the State since 1880, under the
influence of the organization of gigantic corporations,
which have made the State conspicuous.
In ten years the number of these increased from
11 to 23, and the deposits increased eightfold.
Savings banks were established early (1828).
A law for regulating them was passed in 1876.
It remains almost unchanged. The condition of
the various banks in 1902 is shown in the
following table:
National banks
State banks
Trust companies
Savings banks
Number of banks.
124
18
47
28
Capital
$17,164,000
$1,593,000
$9,321,000
..........
Surplus
11,375,000
979,000
6,890,000
$6,060,000
Cash, etc.
5,965,000
493,000
1,823,000
423,000
Deposits
87,949,000
8,950,000
67,642,900
69,866,000
Loans
80,248,000
8,053,000
56,105,000
28,812,000
Finances. The beginning of the Civil War
found the State in a satisfactory financial condition.
It became involved in heavy war expenses,
and a loan of $2,000,000 and a State tax of $100,000
for war purposes were authorized in 1861.
In 1866 the total war debt amounted to $3,305,200.
Besides the minor civil divisions of the
State (counties and towns) spent more than
$23,000,000 for war purposes. This debt was totally
extinguished by the redemption of the last $71,000
on January 1, 1902.
In the matter of taxation New Jersey is in
advance of many States, having long ago solved
the problem of conflict between State and local
taxation by entirely dividing these two fields.
Even between 1840 and 1850 the income of the
State was largely derived from taxes on the
gross receipts of railroads (‘transit duties’ was
their official designation), taxes on capital stock
of railroads, etc. A State tax upon general property
was only introduced in 1861 for war
purposes, and though it existed for twenty years,
it was exceedingly small. In 1880 75 per cent.
of the income was derived from corporation
taxes. New laws for taxation of railroads, as
well as other corporations, were passed in 1884
and 1885, and were declared constitutional after
a hard struggle. Since then the only State tax
on general property is collected for the purposes
of the school fund. The whole sum collected
