Before Delbarton, Luther Kountze founded a bank that saved a city

Luther Kountze and Family, 1891. Morristown & Morris Township Library, North Jersey & Genealogy Center, Rae Collection.

Township of Morris – 275 Years

The North Jersey History & Genealogy Center is proud to present a series on the heritage of Morris Township as the municipality celebrates its 275th anniversary. The exhibit, Township of Morris – 275 Years, is on display in the F.M. Kirby Gallery of the Morristown & Morris Township Library through August 15, 2015.

 

The Kountze Brothers: Establishing a Banking Empire from Denver to New York

By Jeffrey V. Moy, North Jersey History and Genealogy Center

Luther Kountze was born on the Ohio frontier to German immigrant parents, Christian and Margaret, who settled in the town of Osnaburg to open a retail store.

Christian’s business acumen and good reputation led his neighbors to entrust him with their savings, and he soon established the town’s first bank[1]. Luther, like his four brothers, became involved with the family business at an early age; armed with this experience he traveled west to make his fortune.

Brothers Augustus and Charles established the Kountze Brothers Bank in Omaha, while Luther and Charles found their way to Denver to open a branch of the Colorado National Bank; this bank is credited with saving the city from financial ruin after fire destroyed large portions of the city in 1863 – Luther was twenty-one years old at the time[2].

Five years later he moved to New York with Augustus and established the Kountze Brothers Bank at 52 Wall Street, trading in bonds and securities. Due to the siblings’ strong sense of loyalty there were no signed contracts amongst the four brothers, only mutual support.[3]

Sadly, not all of the Kountze brothers found personal and financial success. William Kountze eschewed the family’s retail and banking interests and set off on his own; he was convicted in Omaha of selling whisky to Native Americans and served prison time. William then relocated to Canada where he died after being shot in the back while leaving a bar.[4]

Luther and Annie Kountze with Family, 1891. Photo courtesy of St. Mary’s Abbey Archives.

Luther Kountze was a member of the Gilded Age’s noveau riche, but having worked hard to acquire his fortune he did not take his position lightly. After establishing banks in Denver and Central City in 1862, he studied banking and finance in London and Paris.[5]

He married into American aristocracy when in 1875 he wed Annie Parsons Ward, one of Philadelphia’s preeminent families and a direct descendant of the French DeLanceys and British Barclays.[6] Together, Annie and Luther raised four children, William De Lancey, Barclay Ward, Helen Livingston, and Annie Ward.

Delbarton in Summer, ca.1975. Photo courtesy of St. Mary’s Abbey Archives.

Manhattan of the 1880s offered limitless opportunities for those with the requisite combination of skill, experience, and hard work, but it was also crowded, dirty, noisy, and expensive.  Therefore, when the Kountze’s were looking to build a summer home and retreat they chose Morris County. Located a mere 30 miles from New York, it was well within commuting distance by rail yet situated amongst sprawling hills and country farms.

Luther purchased 4,000 acres of land upon which architect George Harney constructed the Colonial Revival and Queen Anne style estate, which was comprised of local dove-grey granite[7]. For over 25 years the Kountze’s entertained and hosted family and friends at the estate they named Delbarton.

Delbarton Main Hall, ca.1890. Photo courtesy of St. Mary’s Abbey Archives.

By the time the Influenza Epidemic of 1918 took Luther’s life at the age of 76 much of his wealth had evaporated, the result of the war’s effect on private banks combined with his heavy investments in German bonds[8].

Annie moved back to New York and placed the house up for sale, and their two surviving children, William De Lancey and Annie Ward, inherited approximately $5 million – an impressive sum but a mere 1/10th of Kountzes’ pre-World War I worth.

Delbarton Gardens, nd. Photo by Bro Paul Diveny.

In many respects, the Kountzes’ experiences reflected those of Morris Township’s affluent residents during the late 19th and early 20th centuries.

They had humble beginnings but also possessed the innate talent and good fortune necessary to take full advantage of the vast natural resources and opportunities produced from America’s westward expansion.

Changing social and economic conditions made it difficult to maintain this level of affluence through the mid-20th century. But while it lasted, they enjoyed a concentration of wealth and influence that would not be seen for another century.

Materials related to the history or the Kountze Family and Delbarton are available to researchers in the North Jersey History and Genealogy Center.

For a behind the scenes look at our collections and additional information on New Jersey history, follow us on Twitter @NJHistoryCenter and on Tumblr at njhgc.tumblr.com.

[1] Jessica Fiddes, “The House That Kountze Built: and the Rebirth of Old Main”, Delbarton Today, Fall/Winter 2014, pg 20.

[2] Ibid., 22.

[3] Ermaliner R. Weiss, “The Kountze Family of Delbarton,” Morris County Magazine, Autumn 1983, pg 18.

[4] Ibid.

[5] Brian Regan, “Delbarton Yesterday,” Delbarton Today, Fall 1972, pg 1.

[6] Weiss, 17.

[7] Fiddes, 22.

[8] Ermaliner R. Weiss, “The Kountze Family of Delbarton,” Morris County Magazine, Autumn 1983, pp 54.

 

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