13895. Monmouth Trust Company (Asbury Park, NJ)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 13, 1903
Location
Asbury Park, New Jersey (40.220, -74.012)

Metadata

Model
gpt-5-mini
Short Digest
0fbf6dc0

Response Measures

Full suspension, Books examined

Other: Officials arrested for falsifying reports; receiver appointed.

Description

First National Bank of Asbury Park was closed by federal examiner on Feb 13, 1903; depositors rushed to Monmouth Trust Company prompting its president to close the trust company's doors temporarily to prevent a run. Although the trust company was said to 'resume business to-morrow' (Feb 14), subsequent articles show the Monmouth Trust Company was placed in receivership later in February with arrests of officials for falsifying reports. Thus sequence: run → immediate suspension/temporary closing → eventual receivership/closure.

Events (3)
1. February 13, 1903 Run
Cause
Local Banks
Cause Details
Run by depositors precipitated by closure of the First National Bank in Asbury Park (news of that bank's failure).
Measures
President Twining closed the doors temporarily at noon and officials assured depositors the trust company would not be affected.
Newspaper Excerpt
The closing of the bank caused a number of depositors to rush to the trust company and demand their money.
Source
newspapers
2. February 13, 1903 Suspension
Cause
Local Banks
Cause Details
Temporary suspension/closing to check runs triggered by failure of the First National Bank in the same building/community.
Newspaper Excerpt
In order to prevent a run on the institution, President Twining at noon closed the doors temporarily. The trust company will resume business to-morrow morning.
Source
newspapers
3. February 25, 1903 Receivership
Newspaper Excerpt
President Twining and Treasurer Cornell of the failed Monmouth Trust Company were arrested here today. The arrests were made on the street. The officials are accused of falsifying reports of the condition of the trust company, the charges being made by Bank Examiner Vredenburg. ... Monmouth Trust Company, of Asbury Park, which recently failed. ... Receiver John E. Lanning, of the Monmouth Trust Company, of Asbury Park, N. J., announced today that he would hold all the directors of the trust company responsible if the facts show that they have been guilty of negligence. Receiver Lanning ... holds 51,000 shares ... alleges that the concern is insolvent, owing $104,000, and having less than $7 in its treasury in November. Twining is now under bonds ... awaiting trial ... charged with various offences against the banking laws. (multiple articles).
Source
newspapers

Newspaper Articles (14)
1. February 14, 1903 New-York Tribune New York, NY
Article from New-York Tribune, February 14, 1903

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Article Text

SHUTS UP ASBURY BANK. Doors of the First National Closed by the Examiner. BAD SHORE INVESTMENT THE CAUSE. [BY TELEGRAPH TO THE TRIBUNE.] Asbury Park, N. J., Feb. 13.-Bad investments in seashore property, which almost absorbed the surplus and undivided profits and impaired its capital, caused the Controller of the Curreney to close up the First National Bank here shortly before noon, and Bank Examiner John W. Schofield is now in charge as receiver. The Monmouth Trust Company, which numpers among its officials several who are directors of the First National Bank, but which is an entirely distinct institution, occupies quarters in the same building. The closing of the bank caused a number of depositors to rush to the trust company and demand their money. The officials of the trust company assured their excited patrons that the concern would not be affected by the closing of the bank, but this statement failed to satisfy the perturbed depositors, so, in order to prevent a run on the institution, President Twining at noon closed the doors temporarily. The trust company will resume business to-morrow morning. Examiner Schofield is now preparing a statement of the assets and liabilities of the bank. The officers of the bank are: President, George Fred Kroehl, a New-York briscle importer; vice-president, Dr. Samuel Johnson: cashier, Martin H. Scott; assistant cashier, J. E. Davis. The directors are George Fred Kroehl. Albert €. Twining, Daniel €. Covert, Isaac C. Kennedy, Dr. Samuel Johnson, J. E. Davis and M. L. Bamman. President Kroehl, when seen to-night, refused to talk at length. He declared, though, that the depositors would be paid in full. Cashier Scott made this statement: "I am satisfied in my own mind that the depositors will be paid in full. We have been struggling against heavy losses sustained several years ago. We could have gone on had we been properly supported. I have nothing further to say in the matter. The bank is now in charge of Mr. Schoffeld."

2. February 20, 1903 The Penn's Grove Record Penns Grove, NJ
Article from The Penn's Grove Record, February 20, 1903

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Asbury Park Bank Affairs. It was given out at Asbury Park that a number of the out-of-town stockholders of the defunct First National Bank will petition the Government to appoint Edmund Wilson, of Red Bank, receiver for the / institution, in order that the affairs of the corncern may be speedily straightened out, and a reorganization effected by local capitalists. Officials of the Monmouth Trust Company, when questioned, said they could not say when the concern would open for business again. The institution is now in charge of State Banking Commissioner William Bettle, of Camden, and nothing can be done until his deputy, James B. Vreedenburgh, who is now examining the books and securities, makes his report to the State Department.

3. February 21, 1903 New-York Tribune New York, NY
Article from New-York Tribune, February 21, 1903

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SUBPOENA FOR ASBURY PRESIDENT. Head of Trust Company Ordered to Appear in Trenton-Apply for New Bank. [BY TELEGRAPH TO THE TRIBUNE.] Asbury Park, Feb. 20.-A subpæna was served on President Albert C. Twining of the Monmouth Trust Company to-day, commanding him to appear at Trenton to testify concerning the loan by the trust company of $22,500 to the Frazer Mountain Copper Company, of which he is president, and the purchase by the trust company of 381 shares of the stock of the First National Bank the day the latter concern was closed by the government. The subpœna is returnable next Tuesday, when application will be made for a receiver for the trust company by Attorney General McCarter. The officials of the trust company and their friends are urging the appointment of Senator Oliver H. Brown, of Spring Lake, but the depositors want a local man named, and Councilman T. Frank Appleby and Hugh S. Kinmonth and John E. Lanning, formerly prosecutor of the pleas, are spoken of for the place. Local capitalists to-day forwarded to Washington an application for a new national bank in this city, to be known as the Seaboard National Bank. If a favorable reply is received the new bank will be placed in running order within a week. The signers of the application are Frank B. Conover, Clarence S. Steiner, James M. Ralston, John Steinbach. Henry Steinbach, Martin L. Bamman and Dr. James F. Ackerman. The new institution will be capi-, talized at $50,000. with a surplus of $50,000. The seven capitalists named have subscribed the entire amount of stock. It is probable that the National Park Bank will be its New-York correspondent.

4. February 25, 1903 Evening Star Washington, DC
Article from Evening Star, February 25, 1903

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BANK OFFICIALS ARRESTED. Charged With Falsifying Reports of Monmouth Trust Company. ASBURY PARK, N. J., February 25.President Twining and Treasurer Cornell of the failed Monmouth Trust Company were arrested here today. The arrests were made on the street. The officials are accused of falsifying reports of the condition of the trust company, the charges being made by Bank Examiner Vredenburg. Prosecutor Foster had a conference with Judge Helsley, and it was decided to place Twining under $5,000 ball and Cornell under $4,000 bail. NEW YORK, February 25.-George F. Kroehl and Percial Kroehl, who did business under the name of Henry Kroehl, importers and dealers in bristles, made an assignment today. George F. Kroehl is president of the First National Bank of Asbury Park, who suspended last week.

5. February 27, 1903 Evening Star Washington, DC
Article from Evening Star, February 27, 1903

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Kroehl Released on Bail. ASBURY PARK, N. J., February 27.George F. Kroehl, president of the First National Bank and a director of the Monmouth Trust Company, which are now in the hands of receivers, was arrested here today and released under $5,000 bail. Mr. Kroehl is charged with making, together with other persons, a false statement of the condition of the Monmouth Trust Company at the close of business the last day of last year.

6. February 28, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, February 28, 1903

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TRADE, INDUSTRY, LABOR. Unless the 1½ per cent. tax clause of the Aldrich financial bill is eliminated a strong fight against it will be made by Chicago bankers. This decision was arrived at on Friday after a three hours' conference and instructions were wired to a representative in Washington to that effect. The officials of District No. 5, United Mine Workers, and the operators signed an agreement at Pittsburg on Friday fixing the dead-work scale. Many of the demands made by the miners were granted without discussion, while a few were refused. The conference, which ended Friday, commenced Monday, Feb. 16. Conferences at South Chicago looking to bringing an end to the general strike of all shipbuilding crafts in the yards of the Chicago Shipbuilding Company were fruitless, the company refusing to concede the ninehour day now, or in the near future. Sympathetic strikes, it is said, will be called in all the shipbuilding plants in the great lake region to enforce the demands of the men. George F. Kroehl, president of the First National Bank and a director of the Monmouth Trust Company, of Asbury Park, N. J., which are now in the hands of receivers, was arrested on Friday and released under $5,000 bail. Mr. Kroehl is charged with making, together with other persons, a false statement of the condition of the MonMouth Trust Company at the close of business the last day of last year. The syndicate formed last August by Brown Brothers & Co., Hallgarton & Co. and Vermilye & Co., of New York, to float the first consolidated mortgage 4 per cent. gold bonds of the Atlantic Coast-line Railroad, total authorized capital issue $80,000,000, has been dissolved. Notice to that effect was received by members of the syndicate on Friday. No reason for the dissolution was given, but it is said that only one-fifth of the bonds was marketed. The structural iron workers of the Pittsburg district, which takes in all points within a radius of 135 miles of that city, struck Friday against an alleged violation of the agreement on the part of the American Bridge Company. In Pittsburg 700 skilled and 1,000 unskilled men are out. The strike will delay work on the Fort Wayne, the Wabash and Tenth-street bridges in Pittsburg and will tie up all structural iron work in the district. A bill was introduced in the Illinois House Friday by Mr. Clettingburg. It is a bill to authorize cities to own and operate street railways. The bill provides that every city in the State shall have the power to own, construct. acquire and operate street railways within its limits, and to lease the same, or any part thereof, for any period not longer than twenty years, on such terms and conditions as the City Council shall deem for the best interests of the public. A combined lockout and walkout of the United Metal Workers has taken place in the principal shops of Los Angeles where cornice and metal work is done. The trouble is said to be the forerunner of a general strike of all union labor organizations in various building trades. The men have asked for an increase to $4.50 per day for certain journeymen and the employers have agreed to the raise on condition that the employers be privileged to introduce a sliding scale of wages for various workmen according to ability. The union men are not satisfied with this agreement. The nonunion motorman and conductor of a street car on the Waterville, Conn., line were assaulted by rioters Thursday night. The motorman, named Morrisette, had his skull fractured and may die. The conduct-

7. February 28, 1903 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 28, 1903

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Banker Comes to Grief. ASBURY PARK, N. J., Feb. 27.George F. Kroehl, president of the First National bank and a director of the Monmouth Trust company, which are now in the hands of receivers, was arrested here today and released under $5,000 bail. Mr. Kroehl is charged with making, together with other persons, a false statement of the condition of the trust company.

8. February 28, 1903 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, February 28, 1903

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ARREST FOLLOWS BANK SMASH New Jersey Financial President Charged with Issuing False Statement. ASBURY PARK, N. J., Feb. 27.-George F. Kroehl, president of the First National bank, and a director of the Monmouth Trust company, which are now in the hands of receivers, was arrested here today. Mr. Kroehl is charged with making a false statement of the condition of the Monmouth Trust company at the close of business last year.

9. March 5, 1903 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, March 5, 1903

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TELEGRAPHIC BREVITIES. At Bluefield, W. Va., yesterday during an argument about religious, Mrs. Tillie Haupton shot and killed her husband. A dispatch from Jacksonville, Texas, says that seven negroes were killed in a shooting aftray in a construction camp of the Texas and New Orleans Railroad a day or two ago. The directors of the Worcester, Mass., street railway company have notified the motormen and conductors that beginning April 1st they will raise the wages of all employes, except those who have been at work less than one year. The increase is given by the directors voluntarily. Receiver John E. Lanning, of the Monmouth Trust Company, of Asbury Park, N. J., announced today that he would hold all the directors of the trust company responsible if the facts show that they have been guilty of negligence. The statement caused a sensation. A fire in the laundry of Sturtevant House, in New York, early this morning caused 200 guests of the hotel to tumble out of bed, dress and pack their belongings and hustle out in the street, where they waited until the blaze was extinguished. The fire loss was $1,000. Miss Alice Thaw, it has now been decided, will become the Countess of Yarmouth on June 2nd at Pittsburg, the home of her mother. It isexpected that Lord Yarmouth's paients, the Marquis and Marchioness of Hertford, will come over for the marriage. Medard Fessette shot and killed his wife Cordelia last night at their home in Leominster, Mass., and then blew out his brains. Joseph Garieph, who witnessed the tragedy, says it was the result of the woman's indiacretion. The Evangelical conference, in session at Reading, Pa., today passed a resolution criticising Congress for holding sessions on Sunday,

10. March 20, 1903 The Penn's Grove Record Penns Grove, NJ
Article from The Penn's Grove Record, March 20, 1903

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NEW JERSEY STATE NEWS New Phase of Bank Failure. John E. Lanning, as receiver of the Monmouth Trust Company, of Asbury Park, secured an order from Chancellor Magie, in Trenton, directing the Monmouth Realty Company to show cause why a receiver should not be named for that concern. It is alleged that the trust company owns $46,000 of the capital stock of the realty company, which is alleged to be in financial difficulties, and the receiver is asked for in order that something may be saved from this stock for the benefit of the trust company's creditors. It is shown by the bill that George F. Kroehl is the President of the realty company, and Albert Twining the Vice-President. These men were recently arrested on charges growing out of the failure of the Monmouth Trust Company.

11. April 2, 1903 New-York Tribune New York, NY
Article from New-York Tribune, April 2, 1903

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BUSINESS TROUBLES. Henri Pressprich, assignee of George F. and Percival Kroeh!, doing business as Henry Kroehl, importers of bristles at No. 220 Pearl-st. who assigned on February 25, has received leave from Justice Greenbaum, of the Supreme Court. to file a provisional bond of $235,000 until the firm's schedules are filed, when the amount of the bond will be fixed by the court. The actual value of the assets that will come into the hands of the assignee amount to $231,440 03. They consist of stock, fixtures and merchandise. $139,676 27; outstanding accounts, $91,763.76. George F. Kroehl, the senior member of the firm. is the president of the First National Bank of Asbury Park, and a director of the Monmouth Trust Company, of the same place, which recently failed.

12. December 9, 1903 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, December 9, 1903

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INVESTORS STARTLED News That Fraser Mountain Cop. per Company is in Hands of Receiver Causes Commotion. ASBURY PARKAFFECTED Caused the Suspension of Two Banks There Last Winter---Action Taken as Result. W York, Dec. 9-The residents of Asbury Park, New Jersey, who invested $200,000 in the Frazer Mountain Copper Company of New Mexico have been startled by the announcement that the company has gone into the hands of a receiver upon the applicalion of W. B. Childers, United States District Attorney for New Mexico, acting for J. M. Lanning, receiver of the Monmouth Trust Company of Asbury Park. The complainant alleges that the company owes $107,000 and has only 17 in the treasury. It was capitalized a $7,000,000 and every share of stock disposed of. The concern was exploited last winter by A. C. Twining and used the suspension of tv ) banks in 1 bury Park. tion Lanning who makes the legal states that the company title to the property. lizer the origThe deed given by F is with a inal owner, to Twinin waiting the Santa Fe banking firi payment of the balance of the purchase money which is due December 21. The bank is directed by the court not to give the deed to Frazer. Twining, who is under indictment in Monmouth County, and the federal courts, left Monday for the mining camp without knowledge of the receivership.

13. December 9, 1903 The Morning Astorian Astoria, OR
Article from The Morning Astorian, December 9, 1903

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Big Company Is Bankrupt Concern With Million Capital Has Liabilities of $107,000 and Resources of $7. New York, Dec. 9.-Residents of Asbury Park, N. J., who invester $200,000 in the Fraser Mountain Copper Company of New Mexico, have been startled by the announcement that the company has gone into the hands of a receiver, upon application in the United States district court of the United States district attorney for New Mexico, acting for J. M. Lanning, receiver of the Monmouth Trust Company of Asbury Park. The complainant alleges that the company owes $107,000 and has only $7 in the treasury. It was capitalized at $1,000,000 and every share of the stock was disposed of. The concern was exploited last winter by A. C. Twining, and caused the suspension of two banks in Asbury Park. Lanning, who makes the application, states that the company has no legal title to the property. The deed given by Fraser, the original owner, to Twining is with the Santa Fe bank waiting payment of $40,000, the balance of purchase money, which is due December 21. The bank is directed by the court not to give the deed to Fraser. Twining, who is under indictment in Monmouth county, and in the federal courts, left on Monday for the mining camp without knowledge of the receivership. The bill was filed against the Fraser Mountain Copper Company, William Fraser, Albert C. Twining, the First National bank of Santa Fe, N. M., Wheeler, of Dunlap, Ind., and all of the unknown heirs of J. R. Wheeler, deceased. It is alleged the company is bankrupt, owing $107,000, and that it has not and never had the title to the mining property. Twining is alleged to have purchased the mine from Fraser, who made a deed and left it in the vaults of the First National bank of Santa Fe, the agreement being that Twining was to make regular payments, and on his'failure to pay the installments the deed was to be returned to Fraser. It is asserted Twining then made a deed for the property to the copper company and proceeded with the financing scheme. Bonds amounting to $150,000 and 930,000 shares of stock are said to have been voted, the latter at 20 cents a share.

14. December 9, 1903 New-York Tribune New York, NY
Article from New-York Tribune, December 9, 1903

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SAY IT DOESN'T OWN MINE Receiver for Copper Company--$? in Treasury, It Is Charged. [BY TELEGRAPH TO THE TRIBUNE.] Asbury Park, N. J., Dec. 8.-The Fraser Mountain Copper Company has gone into the hands of a receiver. This company was promoted by Albert C. Twining, president of the defunct Monmouth Trust Company, of this place, which at the time of the collapse held thousands of shares of the copper stock as collateral. Over $20,000 of local money has been invested in the mine, which is at Twining, N. M. Frank Staplin, of Taos County, N. M., a mining expert, has been made receiver, and is now in charge of the property. His appointment was brought about by John A. Lanning, receiver of the Monmouth Trust Company. Mr. Lanning, who, as receiver, holds 51,000 shares of the copper company, alleges that the concern is insolvent, owing $104,000, and having less than $7 in its treasury in November. He also charges that the company has no legal title to the mine and that the deed of the mine from Twining to the company was given despite the fact that he did not own the mining property. The mill, smelter, hotel and other buildings connected with the mine are on an unpatented claim, Receiver Lanning affirms. Twining is now under bonds in the sum of $15,000 and awaiting trial in the United States and Monmouth County courts, charged with various offences against the banking laws.