13898. Monmouth Trust and Safe Deposit Company (Asbury Park, NJ)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
8629cf0e

Response Measures

None

Description

The articles state the institution closed its doors, on February 13, 1903 and a receiver (John E. Lanning) was appointed; later legal actions and sales of assets (1904 judgments, 1905 sale) indicate permanent closure and receivership due to mismanagement/speculation. No article describes a depositor run prior to suspension.

Events (4)

1. February 13, 1903 Receivership
Newspaper Excerpt
John E. Lanning, receiver of the wrecked Monmouth Trust and Safe Deposit Company, of Asbury Park, has instituted a suit ... 'when the institution closed its doors, on February 13, 1903.'
Source
newspapers
2. February 13, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure followed alleged long-term 'wild speculation', negligence and criminal methods by officers/directors, causing insolvency.
Newspaper Excerpt
when the institution closed its doors, on February 13, 1903
Source
newspapers
3. February 13, 1904 Other
Newspaper Excerpt
J. E. Lanning, as receiver of the Monmouth Trust and Safe Deposit company, of Asbury Park, New Jersey, had on February 13, 1904, recovered judgment ... totaling $35,505.39 and costs ... and on June 9, 1905, for $11,404.91 ... a total of $35,505.39 and costs to the amount of $31.05, which he asked to be paid.
Source
newspapers
4. August 25, 1905 Other
Newspaper Excerpt
the property ... was bought by W. B. Childers in the name of John E. Lanning, receiver for the Monmouth Trust and Safe Deposit company, of Asbury Park, New Jersey, upon separate bids aggregating $6,000.
Source
newspapers

Newspaper Articles (4)

Article from Las Vegas Daily Optic, July 21, 1905

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Article Text

Decisions in Taos Cases Associate Justice John R. McFie, of the First Judicial District court, has handed down the following decisions in cases from Taos county: In the case of the Territory of New Mexico versus the Denver and Rio Grande railroad, for the payment of tax levies made by the board of county commissioners of Taos county; decision was rendered in favor of the plaintiff, and the defendant ordered to pay to the county of Taos the sum of $314.43. In the case of D. Velarde versus F. Trujillo, et al., in which land claimed by the plaintiff as his property, was sold at public auction by the defendants, the court ordered that the defendants pay to the plaintiff the sum of $394, money received for said property, and the costs of the suit, the property to remain in the posession of the plaintiff. The case of John E. Lanning, receiver of the Monmouth Trust and Safe Deposit company, of Asbury Park, New Jersey, and John W. Schofield, receiver of the First National bank, of Asbury Park, New Jersey, versus the Fraser Mountain Copper company, William Fraser, Albert C. Twining, First National bank of Santa Fe and John R. Wheeler, Jr., and all known heirs of John R. Wheeler, deceased, involved a great many points. The plaintiffs claim that the defendant had acquired no title to the mining "property known as the Fraser Mountain group of mining claims, situate in eastern Taos county, and comprising a large number of lode mining claims and mill sites. The court found that title to the property in question was in the names of the defendants and that their legal right to give this property as security was unquestionable. There was also litigation between the defendant parties, as transfers of portions of said property had been made from one to the other. These contests were satisfactorily settled to the parties concerned, so that the titles to the property were made secure. J. E. Lanning, as receiver of the Monmouth Trust and Safe Deposit company, of Asbury Park, New Jersey, had on February 13, 1904, recovered judgment in the First Judicial court for Taos county against the Fraser Mountain Copper company for $21,100.08 and $18.20 costs, and on June 9, 1905, for $11,404.91 and $12.85 costs, a total of $35,505.39 and costs to the amount of $31.05, which he asked to be paid. J. W. Schofield, as receiver of the First National bank of Asbury Park, New Jersey, also appeared with a judgment recovered on February 13, 1904, for $10,571.58 and $17.10 costs, asking that this judgment be paid. Judge McFie, after hearing all the evidence and carefully going over the proceedings, ordered that the property of the defendants be sold at public auction to the highest bidder, the purchaser to have at least 10 per cent of the purchase price on the premises at the time of sale. W. B. Childers, of Albuquerque, appeared for the plaintiffs, and N. B. Laughlin and A. B. Renehan, of Santa Fe, for the defendants.


Article from Albuquerque Evening Citizen, August 29, 1905

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Article Text

FRASER MOUNTAIN COPPER COMPANY Sale of Certain Property Under Agreement at Taos, Taos County. N. B. LAUGHLIN FOR TRUSTEE At ten o'clock on Friday morning, August 25, at Taos, Taos county, OCcurred the sale of the property of the Fraser Mountain Mining company, there being sold only the property which belonged to the company, consisting of certain mining claims and certain personal property. Under a decree of the court William Fraser and the heirs of John R. Wheeler, deceased, were allowed a forfeiture under their option contracts of the most important claims of the group, as well as the fixtures to the realty. A large number of people attended the sale and for the personal property, in the nature of household furniture, Ex- the bidding was extremely active. cept a safe, which was sold to Alexander Gusdorf for $100; a desk and chair, which were sold to Dr. T. P. Martin for $45, and an Underwood typewriter which was sold to Judge N. B. Laughlin for $41, all the property offered for sale in accordance to the advertisement, was bought by W. B. e Childers in the name of John E. Lanning.receiver for the Monmouth Trust e and Safe Deposit company, of Asbury e Park, New Jersey, upon separate bids aggregating $6,000. The purchases y thus made will be conveyed, under an 1. agreement, to Judge N. B. Laughlin, as trustee, and William Fraser and the Wheeler heirs will convey to him as trustee all their individual holdings at Twining for the purposes of forming a poul, out of which the amounts which would have been due William s Fraser and the Wheeler neirs if the r- terms of the option contracts had n, been complied with, will be paid, as n- well as the amounts of the judgments n obtained by John E. Lanning, receivi- er, against the Fraser Mountain Copir per company, and the claims of the general creditors, the two latter d classes being on the same footing. r- This procedure was adopted to avoid e the dissipation of the estate by litigaotion-and its attendant expenses, and nthe consequent deterioration of the d property. nt As soon as the report of the sale is a confirmed, Judge N. B. Laughlin will is be vested as trustee with title to the Irentire property formerly operated by dthe Fraser Mountain Copper compaal ny, and under the agreement will e, have authority to receive and accept ooffers for the purchase of the propat erty. cW. B. Childers rememented John E. Lanning, receiver for the Monmouth es Trust and Safe Deposit company, and nJohn S. Schofield, U. S. receiver for et, the First National bank of Asbury ePark Judge N. B. Laughlin and A. id B. Renehan represented William Fraed ser and the general creditors of the ocompany. A. B. Renehan represented 5 the Fraser Mountain Copper company or and A. C. Twining.


Article from Albuquerque Weekly Citizen, September 2, 1905

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Article Text

FRASER MOUNTAIN COPPER COMPANY Sale of Certain Property Under Agreement at Taos, Taos County. N. B. LAUGHLIN FOR TRUSTEE At ten o'clock on Friday morning, August 25, at Taos, Taos county. oncurred the sale of the property of the Fraser Mountain Mining company, there being sold only the property which belonged to the company, consisting of certain mining claims and certain personal property. Under & decree of the court William France and the heirs of John R. Wheeler, deceased, were allowed a forfeiture under their option contracts of the most important claims of the group, as well as the fixtures to the realty. A large number of people attended the sale and for the personal property, in the nature of household furniture, the bidding was extremely active. Except a safe, which was sold to Alexander Gusdorf for $100; a desk and chair, which were sold tc Dr. T. P. Martin for $45, and an Underwood typewriter which was sold to Judge N. B. Laughlin for 441, all the property offered for sale in accordance to the advertisement, was bought by W. B. Childers in the name of John E. Lanning,receiver for the Monmouth Trust I and Safe Deposit company, of Asbury Park, New Jersey, upon separate bide aggregating $6,000. The purchases thus made will be conveyed. under an agreement, to Judge N. 11. Laughlin, as trustee, and William Fraser and the Wheeler heirs will convey to him as trustee all their Individual holdings at Twining for the purposes of forming a pool, out of which the amounts which would have been Cur William Franor and the Wheeler neire if the terms of we option centracts had been complied with, will be paid, as well as the amounts of the judgments obtained by John E. Langing, receive, against the Fraser Mountain Copper company, and the claims of the general creditors, the two latter classes being on the same footing. This procedure was adopted to avoid the dissipation of the estate by litigntion and its attendant expenses, and the consequent deterioration of the property. As soon as the report of the sale is confirmed, Judge N. B. Laughlin will be vested as trustee with title to the entire property formerly operated by the Fraser Mountain Copper company. and under the agreement will have authority to receive and accept offers for the purchase of the property, W. B. Childers rememented John E. Lanaing, receiver for the Monmouth Trust and Eafe Deposit company, and John 8. Schofleld, U. S. receiver for the First National bank of Asbury Park. Judge N. B. Laughlin and A. B. Reneban represented William Fraser and the general creditors of the company. A. B. Renehan represented the Fraser Mountain Copper company and A. C, Twining.


Article from New-York Tribune, September 8, 1905

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Article Text

BANK DIRECTORS SUED. To Reimburse Depositors in Monmouth Trust Company. [By Telegraph to The Tribune.] Ashury Park, N. J., Sept. 7.-John E. Lanning, receiver of the wrecked Monmouth Trust and Safe Deposit Company, of Asbury Park. has instituted a suit in the Court of Chancery against the former directors and officers of the trust company. to recover from them the losses sustained by the depositors through the alleged negligence of the board or the criminal methods by which It is alleged its affairs were conducted by some of its members. The bill of complaint alleges that when the institution closed its doors. on February 13, 1903, certain directors and officers were liable as payers and indorsers upon notes given for money borrowed by them individually, to the extent of $141,183, and that for a period of at least six years preceding that time the company had been pursuing its career of wild speculation. despite the warnings of the State Banking Commissioner. It is specifically charged that the liabality of $141,183.89 is due on the following personal liabilities: D. C. Cornell, $8,721; G. F. Kroehl, $67,329: P. R. Smith, $700: W. J. Harrison, $3,130; S. A. Patterson, $11,200; R. A. Tusting, $5,019; G. B. M. Harvey. $32,601; A. C. Twining, $13,402. The defendants named in the bill of complaint are Colonel George B. Harvey, Herbert H. Vreeland, Archibald S. White, Horace B. Pierson and William K. Ryan, of New-York: Albert S. Twining, D. C. Cornell, George F. Kroehl, Henry Mitchell. Robert A. Tusting and Samuel A. Patterson, of Asbury Park; Senator Oliver H. Brown. of Spring Lake, N. J., and former Assemblyman William J. Harrison, of Lakewood, N. J.