Following the Civil War, there was a period of prosperity throughout the Northern states (and poverty in the South). The City of Elizabeth grew rapidly, adding many new streets and housing developments. In 1873, because of unsound business practices, the bubble burst. The National State Bank of Elizabeth, discovered that many of their loans were uncollectable. There was a "run on the bank", decreasing total deposits by 25%. Other banks, also in trouble, demanded that National State repay them money owed them by the bank. The bank reorganized in October 1873 with a new board of directors. In 1874, they issued 6000 shares of new stock, which allowed the bank to resume normal business. The City government, however, could not collect sufficient taxes to cover the municipal debt, and finally declared bankruptcy in 1876. Judgments against the City were not settled until 1922. I have more on this subject, including names. E-mail me at KQ4WR@aol.com if interested.