13893. Asbury Park National Bank (Asbury Park, NJ)

View Charter #3792 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3792
Charter Number
3792
Start Date
July 1, 1891
Location
Asbury Park, New Jersey (40.220, -74.012)

Metadata

Model
gpt-5-mini
Short Digest
d1c1e7d8

Response Measures

None

Description

The bank was closed by the National Bank Examiner on July 1, 1891, and the Comptroller placed it in the hands of a receiver to wind up affairs. Articles describe bad loans, heavy building asset and prior check-kiting use; there is no evidence of a depositor run. Thus this is a suspension leading to permanent closure/receivership.

Events (2)
1. July 1, 1891 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller/Bank Examiner due to bad loans, unprofitable business and heavy building asset; placed in hands of receiver to wind up affairs.
Newspaper Excerpt
The doors of the Asbury Park National Bank were closed this afternoon, under orders from the Controller of the Currency, by George W. Stone, the bank examiner.
Source
newspapers
2. July 2, 1891 Receivership
Newspaper Excerpt
The comptroller of the currency said this morning he had decided to place the Asbury Park National bank ... in the hands of a receiver to wind up its affairs.; dispatch stating it had appointed A. D. Lynch as receiver.
Source
newspapers

Newspaper Articles (17)
1. July 2, 1891 New-York Tribune New York, NY
Article from New-York Tribune, July 2, 1891

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THE ASBURY PARK BANK CLOSED, ITS BRIEF BUT VARIED HISTORY-STOCKHOLDERS MAY GET SEVENTY PER CENT. Asbury Park, N. J., July 1 (Special).-The doors of the Asbury Park National Bank were closed this after noon, under orders from the Controller of the Cur rency, by George W. Stone, the bank examiner. The line of deposits is small. The last statement of the condition of the bank was made on May 4. It showed liabilities, including capital stock paid up, $100,000; surplus fund, $35,000; undivided profits. $2,125.20 National bank notes outstanding, $22,500; deposits subject to check, $7,895.80; time certificates of de posit, $6,790.55 certified checks, $223 01: due other National banks, $131.50; bills payable. $29,630 14: total, $172,796 23. Resources, loans and discounts. $04,776 42; overdrafts, secured, $2,351.69; United States bonds to secure circulation, $25,000; stocks, claims, etc., $20,146 44 ; banking-house and furniture, $33,383.28 other real estate and mortgages owned, $12,102 and other smaller items. The bank is only three years old. Last year It figured in the bank wrecking schemes of Classen, Simmons, Pell and Wallace, because Simmons used it in "kiting" his checks. Bank Examiner Stone said tonight that the bank had made bad loans and was doing an unprofitable business. The bank will pay all lis, depositors in full. When ex-President Byram's queer banking operations were made public, the bank took the building, which cost about $70,000. This heavy load is the cause of the suspension. The directors were greatly surprised when they heard that the bank had been closed. If the building is sold at a fair price. the stockholders will receive about 70 cents on the dollar.

2. July 2, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, July 2, 1891

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BUSINESS FAILURES. Asbury Park National Bank Closed-Old Grocery House of Omaha Falls. ASBURY PARK, N. J., July 1.-The Asbury Park National bank closed today by order of the comptroller of currency. The total debts are $172,000. Simmons, of bank wrecking fame, used the bank last year in "kiting" his checks. The depositors will be paid in full. There is no excitement over the matter as their business was comparatively small. PHILADELPHIA, July 1.-The statement of a claim was filed today in the United States circuit court in the suit brought by H. W. Sage & Co., New York, against C. S. Riley & Co., of Philadelphia, to recover a balance of $229,275, with interest from December 1, 1890, said to be due on purchases of lumber. The statement showed a running account between the firms from August 14 to November last, aggregating $946,447. OMAHA, July -Louis Hemrod & Co., one of the oldest grocery firms of Omaha, failed this morning. Assets and liabilities are not kn own

3. July 3, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, July 3, 1891

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BUSINESS FAILURES. Collapse of a St. Louis Shoe Firm-London Grain Speculators Suspend. ST. LOUIS, July2.-Joseph Baum & Co., shoe dealers, filed a confession ofjudgment today for $87,000. In May, 1890, a statement to the creditors showed assets of $232,000, and liabilities of $114,000. Since then the credit of the firm has been impaired by the disappearance of Joseph Levy, who left heavy losses. Business was also dull. NEW YORK, July 2.-Cables received today said Alexander & Co.,of London, had suspended payment. They are supposed to be embarrassed by liberal purchases of wheat at higher prices than are now ruling, and to be short of corn. WASHINGTON CITY, July 2.-The comptroller of the currency said this morning that he desired to place the Asbury Park National bank, of Asbury Park, N. J., in the hands of a receiver to wind up its affairs.

4. July 3, 1891 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, July 3, 1891

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LATE TELEGRAMS BCILED DOWN FROM PRIVATE, SPECIAL AND OTHER SOURCES. The Lesseps are charged with receiving 1,300,000;000 franes by fraud. Gladstone's health is practically restored. Everything quiet among Seatle, Wash., coal miners; no further riots. John Smith and bridekilled by runaway team at Franklin, Ky. Bardsley gets 15 years and must pay a fine equal to what was stolen. Cunningham, of Texas, takes out first sugar bounty license issued. Chillicothe, Mo., visited with a destructive hail storm. Georgetown Chautauqua organizes the different branches of its work. New Orleans' mayor orders poles of postal telegraph company cut down. State Horticultural fair opens at Lampasas. Simonds of Connecticut is Patent commissioner, vice Mitchell resigned. Pacheo of Californio is minister to Guatemala and Honduras. Snowden of Pennsylvania is minister to Greece, Servia, and Roumania. Uncle Sam has a cash balance of $153,893,609. Audibon county, Iowa, struck by a cyclone and some lives lost. Judge Gerald and Finley have hot words at the investigation counter. Bowen, recalled, goes for Chillon, Campbell and McCord. James Warren shoots the violator of his sister at Utica, Ia. The King-Poston jury at Memphis are deliberating on their verdict. Asbury Park National bank will be placed in the hands of a receiver and wound up. Cabinet meeting held preparatory to president's departure for Cape May. Judge Blodgett clears the Chicago court of applauders in the Phoebe Couzins suit. George Roberts, warehouse convict, 10 inhumanly treated by a St. Louis guard. Cotton bales in sight th's season are 8 493,313; excess over last season 1,315,603 bales. The World's fair managers are organizing the children at ten cents a head. Blaine's friends are encouraged over his health, but he is far from a well man. Mills enters actively into the speakership contest, on the line of western democracy. If Mills cannot secure the speakership he will not permit any other southerner to getit. Eight red skins arrested in Arizona for destroying land marks and threatening life. Sixteen railroads mileage 2,590 miles, sold to satisfy creditors since January 1st, 1890. Sixteen railroads, mileage 1,572 miles, capital $56,000,000, gone into receivers hands this year. Houston, colored, caught in Sodomy and suspected of murder, is jailed at Denison. Several houses blown down at Blairstown, says a Kansas City dispatch. No lives lost. Running Eagle, Pawnee policeman, killed while attempting an arrest on the reservation. Trunk line association meets the Chicago and Alton cut to Missouri river. The new Driebund treaty merely guarantees integrity of respective territory. William receives the German resi dents of Amsterdam at the palace and enjoys the water fete. Prince Dolgoroukoff, ex-governor of Moscow, and the Czar's particular friend, 18 dead. London merchants will give Italian financiers their influence to secure German aid. Fearful storm and much loss of lite in Germany. Disaster grows with every report. Paris is in the throes of the Panama canal investigation;" will be protracted, if thorough. The Paris press is united in secureing thorough inquest into Panama canal matters. Crops near Moberly, Mo., laid low by storm and will be cut with scythe and sickle. Nothing of importance elicited during the 16th day of the Allee-Bowen investigation. Gardner and Trent go to jail without bail for the murder of Cope at;Encinal.

5. July 3, 1891 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, July 3, 1891

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To Wind Up Its Affairs. WASHINGTON, July 3. - The comptroller of the currency has decided to place the Asbury Park National bank, of Asbury Park, N. J., in the hands of a receiver to wind up its affairs.

6. July 3, 1891 The Morning Call San Francisco, CA
Article from The Morning Call, July 3, 1891

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CONDENSED TELEGRAMS. LONDON, July e.-The Bank of England has reduced its rate of discount from 3 per cent to 2 1/2 per cent. GLASGOW, July 2-This morning 3500 additional Clyde iron men struck against the proposed reduction of wages. PARIS, July 2.-It is semi-officially denied that French troops have occupied the Province of Luang Phrabang, a vassal State of Siam. CHICAGO, July 2.-The temperature at 8 o'clock this morning: Chicago 62°, Cincinnati 68°, St. Louis 66°, New York 58°, New Orleans 74° above. WASHINGTON. July 2.-The Comptroller of the Currency has decided to place the Asbury Park National Bank of Asbury Park, N. J., in the hands of a receiver to wind up its affairs. BUENOS AYRES, July 2.-The bloodless revolution which broke out a day or so ago in the Province of Santiago, where the President was forced to resign, has been quelled and the President restored to office. OTTAWA (Ontario), July 2.-Lord Salisbury has officially notified the GovernorGeneral that her Majesty has bestowed the peerage on Lady Macdonald in recognition of Sir John's distinguished services to the British Empire. DUBLIN, July -The Irish Roman Catholic Bishops have reaffirmed the declaration that Parnell is unfit to be the leader of the Irish people and that he is unworthv of the confidence of Roman Catholics. They call upon Irishmen to repudiate him. PARIS, Julv 2.-The Chamber of Deputies to-day approved the new wine duties recommended by the Customs Committee. These duties are as follows: One franc fifty centimes as the maximum and seventy centimes as the minimum per degree for each hectolitre up to 11 degrees. WASHINGTON, July 2.-The - Secretary of the Interior has given instructions that the exterior boundaries of the Yellowstone National Park in Wyoming, including the adjoining timber reservation recently created, shall be as soon as practicable surveyed and marked.

7. July 3, 1891 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, July 3, 1891

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WASHINGTON WIRINGS. THE LATEST DOINGS AT THE NATIONAL CAPITAL. The Cabinet Decides to Extend the 41/2 Per Cent. Bonds at 2 Per Cent.-A Batch of Presidential Appointments. WASHINGTON, July 2.-At the cabinet meeting today, it was decided to extend the 41/2 per cent. bonds, at 2 per cent. The comptroller of the currency said this morning that he had decided to place the Asbury Park National bank, of Asbury Park, New Jersey, in the hands of a receiver to wind up its affairs. The secretary of the interior has given instructions that the exterior boundaries of Yellowstone National park, in Wyoming, including the adjoining timber reservation recently created, be as soon as practicable surveyed and marked. Treasurer Nebeker issued his statement of assets and liabilities this morning under the new form adopted by the department. The total assets is stated at $205,143,000, and the total liabilities $51,249,000, leaving a cash balance of $153,894,000. The census bureau today issued a bulletin on the population of Nevada and Idaho. The population of Nevada is shown to be 45,761, a decrease of 16,505, or 26.51 per cent, since 1880. The population of Idaho is shown to be 84,385, which is an increase during the decade of 51,775, or 158.77 per cent. The commissioner of internal revenue has appointed the following sugar inspectors under the provisions of the tariff bill, in regard to bounty on domestic sugar: Henry C. Morton, District of Columbia; Harvey N. Slusser, Ohio; George E. Fletcher, New Hampshire; Everett H. Norton, Maine; Raymond Laranz, Iowa. The law limits the number of these inspectors to twelve. The president today made the following appointments: William E. Simmons, Connecticut, commissioner of patents, vice Charies Mitchell, resigned. Byron M. Cutcheon, Michigan, member of the board of ordnance and fortifications. A. Louden Snowden, Pennsylvania, minister to Greece, Roumania and Servia. Romualdo Pacheco, California, minister to Guatemala and Honduras. Richard Lambert, California, consul at Mazatlan.

8. July 3, 1891 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 3, 1891

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Ashbury Park National Bank Receiver. WASHINGTON, July 2.-The comptroller of the currency said this morning he had decided to place the Asbury Park National bank, Ashbury, N.J., in the hands of a receiver to wind up its affairs.

9. July 3, 1891 New-York Tribune New York, NY
Article from New-York Tribune, July 3, 1891

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THE SUSPENDED ASBURY PARK BANK. Asbury Park, July 2 (Special).-Bank Examiner George W. Stone is still in charge of the affairs of the Asbury Park National Bank, which he closed yesterday afternoon on orders received from the Controller of the Currency. The deposits amount to about $15,000, as near as can be ascertained. There was a meting of the Board of Directors this afternoon. After a long discussion the meeting was adjourned until to-morrow afternoon. There were present at the meeting John Emory Barber, the president; George C. Johnson, Hiram C. Jeliff, J. Henry Matthews, Norman W. Penfield and Harold E. Williard, the cashier. The depositors will be paid in full, but no one knows exactly what the stockholders will receive. Examiner Stone will stay here until the receiver appointed by the Controller takes possession of the affairs of the bank. The institution is loaued down with the cost of its building.

10. July 3, 1891 The Sun New York, NY
Article from The Sun, July 3, 1891

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DEPOSITORS WILL LOSE NOTHING. Gen. W. Byram's Connection with the Sunpended Asbury Park National Bank. ASBURY PARK, July 2-There seems no doubt that the depositors of the Asbury Park National Bank. which was closed yesterday by National Bank Examiner George W. Stone. will receive payment in full. but the stockholders will lose. The bank examiner was still in charge to-day. but neither he nor any of the directors would say what the deposits amounted to, but they probably do not exceed $15,000 or $16,000. The directors met this afternoon. talked over the situation. and adjourned until to-morrow. The failure has not affected the other banks here. The suspended bank was organized about four years ago by friends of Harold E. Willard. who had been assistant cashier of the First National Bank. and was made cashier of the new concern. The new bank had had three or four Presidents in succession when George W. Byram. a young lawyer. became interested in it. Ho announced that he had inherited $80,000 or $85,000. and went to Boston. as be said. to get the money. Upon his return he purchased a site at Mattison avenue and Emery street and began the erection of the Byram building. He purchased from Fordyce & Co. the Ohio freestone left over from the front of the reconstructed State House at Trenton. and ere one of the finest stone buildings in New Jersey. A big vault was built on the first floor and an elaborate banking room. with finely furnished quarters for the Board of Directors and for women depositors, was made ready. Young Byram WRS elected President of the bank. and when his handsome building was completed the bank moved into it. and apparently everything ran smoothly. Byram announced that he had secured a charter or a loan and deposit company. which would be operated in connection with the bank. Before his new building was completed the directors of the First National Bank organized the Monmouth Trust Company and erected another handsome bank building. This knocked Byram's trust company scheme in the head. and he settled down to a stiff fight with the old bank. ln March. 1890. when National Bank Examiner Hepburn began his investigation into the bank wrecking operations of Classen. Simmons. and Pell in New York. he tound that Simmons had been using Byram's bank to "kite" checks. 80 as to obtain three or four days' time. Examiner James made another discovery. and that was that he young Naroleon of finance of Asbury Park. George W. Byram. who was the youngest national bank President in the country. had drawn about $56,000 from the bank. for most of which the bank held his notes. Mr. James insisted upon Byram's reducing his indebtedness to the bank. Only James and Byram and the officials know just how the matter was arranged. The bank did not suspend. James. who resigned the office of Bank Examiner. succeeded Byram as President of the bank. In settling with the bank Byram transferred to it his handsome bank building. It is impossible just now to tell at what valuation the bank took the building. It cost young Byram at least $70,000. The building figures in the sworn statement of the bank officials. made on May 4 last. at $33,883.28. James was the cashier of the newly organized Easton Trust Company of Easton. Pa.. where he lives. The company refused to allow him to be President of the bank here and he resigned. John Emery Barber. a wealthy propertv owner. was elected 10 succeed him. The directors also made young Byram the assistant cashier of the institution about ! WO months ago. WASHINGTON. July 2.-Comptroller of the Currency Lacey said this morning that be had decided to place the Asbury Park National Bank in the hands of A receiver to wind up its affairs. The examiner's report. he said. showed that the bank could pay its debts. but was in no condition to continue business.

11. July 4, 1891 New-York Tribune New York, NY
Article from New-York Tribune, July 4, 1891

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A RECEIVER FOR THE ASBURY PARK BANK. Asbury Park, N. J., July 3 (Special).-The Board of Directors of the Asbury Park National Bank met this afternoon to select some person to recommend for the receivership of the institution. Before the board took any salian Bank Examiner Stone told them that he had Aved a dispatch from the Controller, stating that it had appointed A. D. Lynch as receiver. Mr. Lynch is not known here.

12. July 5, 1891 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, July 5, 1891

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IT IS satisfactory to observe that the Asbury Park National Bank was closed on July 1, and on July 2 the announcement was made that the Comptroller of the Currency had decided to put it in the hands of a receiver. It is pleasant to have evidence the Comptroller has learned wisdom by experience.

13. July 6, 1891 Wheeling Register Wheeling, WV
Article from Wheeling Register, July 6, 1891

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THE Asbury Park National Bank closed its doors July 1, and the next day the Comptroller of the Currency promptly announced his intention to appoint a receiver. There was no highup government official to shield in this case.

14. July 11, 1891 The Evening World New York, NY
Article from The Evening World, July 11, 1891

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Swamped with the Asbury Park Bank. [SPECIAL TO THE EVENING WORLD.] ASBURY PARK, N.J., July 11.-D. Geliff & Son. grocers. assigned to-day. Hiram C. Geliff, one of the firm, was a director of the Asbury Park National Bank, and the bank's suspension caused the firm's failure.

15. April 30, 1892 New-York Tribune New York, NY
Article from New-York Tribune, April 30, 1892

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A DEFUNCT BANK'S ASSETS SOLD. Asbury Park April 29 (Special).-Augustus D. Lynch, of Washington, the receiver of the defunct Asbury Park National Bank, yesterday sold at auction the assets of that Institution. The price realized Was 835,000. The notes, mortgage and other claims soid had a face value of about $50,000. Mr. Lynch announced that all the depositors in the defunct bank would be paid In full within sixty days. The assets of the bank were bought In by George W. Byram, at one time president of the institution. He was obliged to resign the place because of the bank's transactions with the banking firm of Claassen, Pell & Wallack, of New-York. Mr. Byram in making the purchase vesterday represent a New-York and Philadelphia syndicate.

16. July 13, 1892 New-York Tribune New York, NY
Article from New-York Tribune, July 13, 1892

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DEPOSITORS TO GET THEIR MONEY. Asbury Park, N. J., July 12 (Special).-Augustus D. Lynch, of Washington, the receiver of the suspended Asbury Park National Bank, sent out noticos to the depositors to-day, asking them to call at his office and receive the amounts due them. The claims of the de. positors, about $60,000, will be paid in fun.

17. February 13, 1909 The Star and Newark Advertiser Newark, NJ
Article from The Star and Newark Advertiser, February 13, 1909

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HAVING THE TIME OF HIS LIFE. The Hon. David Baird's Scotch shrewdness has served him well. No man ever took a better-timed vacation. If Mr. Baird had remained to take part in the proceedings that have been going on at Trenton since early in January he would have lost at least ten pounds avoirdupois. He might have contracted insomnia. Mr. Baird is no longer young, though rugged-looking. Born in April, 1839, he will be 70 years old next April. A man at that age, and with large business affairs on his hands, not to speak of assessments for a quarter of a billion dollars' worth of railroad property, can't well undertake to solve knotty financial problems for the State. He might, indeed, know a ready solution, but he would not be inclined to sustain a shower of bricks. So he went off and left the probleins and the bricks to younger and more adventurous men. It is said by those who have heard from Mr. Baird that his spirit is light as a feather, that he has gained in physical weight and is having the time of his life. There is no more of the assets of the ruined Monmouth Trust Company to pay dividends to the creditors. Receiver Lanning has administered the concern's affairs well and paid three dividends, aggregating 521/2 per cent. of the principal of the deposits. The concern will be wound up. The bad odor of the collapse of the company and its side partner, the Asbury Park National Bank, still lingers on the upper New Jersey coast. Our Elizabeth contemporary, the Journal, has an economical plan of sending a regiment and cavalry troop to Washington for the inauguration. The two days' duty would involve two days' pay for the guardsmen. Let them waive the pay, since the finances of the State are in a low condition. That would be economy and patriotism combined. It would save about $1,600. So the cost might be whittled down to 36.400. But couldn't that balance be raised by private subscription?