14087. First National Bank (Manasquan, NJ)

View Charter #3040 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3040
Charter Number
3040
Start Date
May 1, 1908
Location
Manasquan, New Jersey (40.126, -74.049)

Metadata

Model
gpt-5-mini
Short Digest
7de1d9e2

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1908-05-02
Date receivership terminated
1910-05-21
OCC cause of failure
Fraud
Share of assets assessed as good
47.5%
Share of assets assessed as doubtful
35.2%
Share of assets assessed as worthless
17.3%

Description

The bank closed immediately after the president Morgan D. Magee's suicide (May 1/2, 1908) by order of directors to prevent a run; a federal receiver was appointed shortly after and later the receiver declared the bank insolvent and it did not reopen. No actual depositor run is described in the articles — closure was precautionary then converted to receivership and permanent failure due to bad bridge loans.

Events (5)
1. September 3, 1883 Chartered
Source
historical_nic
2. May 1, 1908 Suspension
Cause Details
Immediate trigger was the suicide of the bank's president (Morgan D. Magee); directors closed the bank as a precaution to prevent a run; not described as insolvency at that time.
Newspaper Excerpt
When the death of President Magee became known the bank closed its doors by order of John Terhune and James Terhune, the principal stockholders and directors of the institution.
Source
newspapers
3. May 2, 1908 Receivership
Source
historical_nic
4. May 2, 1908 Receivership
Newspaper Excerpt
State Bank Examiner Scofield will take charge of the First National Bank of Manasquan. The institution was closed following the suicide of its president... Receiver Schofield placed a notice on the bank doors announcing his appointment. (May 2, 1908). RECEIVER FOR MAGEE'S BANK. John W. Schofield was appointed to-day receiver of the First National Bank of Manasquan, whose president... shot himself yesterday. (May 2, 1908).
Source
newspapers
5. June 11, 1908 Other
Newspaper Excerpt
The First National Bank of Manasquan, which closed its doors on Friday, May 1, following the suicide of its president, Morgan De Lancey Magee, will never reopen its doors. It is wholly insolvent. Loans made to the New Jersey and West Virginia Bridge Company... cannot be realized upon. (June 11, 1908).
Source
newspapers

Newspaper Articles (18)
1. May 2, 1908 The Times Dispatch Richmond, VA
Article from The Times Dispatch, May 2, 1908

Click image to open full size in new tab

Article Text

BANKER MAGEE ENDS LIFE Goes Out on Dike of Manasquan Inlet and Shoots Himself. MANASQUAN, N. J.. May 1.-Morgan Delancy Magee, president of the First National Bank, of Manasquan, killed himself to-day by firing a bullet into his head while standing on a dike In the Manasquan Inlet. His body was found lying on the piles. He evidently planned that it should fall into the water and be carried out to sea by the falling tide. When the death of President Magee became known the bank closed its doors by order of John Terhune and James Terhune, the principal stockholders and directors of the institution. The Terhunes decided to prevent any run to conserve the interests of depositors and stockholders alike. It is believed that the affairs of the bank can be examined by Monday. when it is planned to reopen the institution. The dead man was forty-nine years of 'age, and had been in the banking business all his life. Three years ago he was made president of the First National Bank. He is said to have worried over the health of his son and some personal investments. He leaves a widow and family.

2. May 2, 1908 The Daily Banner Cambridge, MD
Article from The Daily Banner, May 2, 1908

Click image to open full size in new tab

Article Text

Bank President a Suicide. Manasquan, N. J., May 2. - Morgan Delancey Magee, president of the First National bank, of Manasquan, killed himself by firing a bullet into his head while standing on a dyke in the Manasquan Inlet. His body-was found lying on the piles. When the death of President Magee became known the bank closed its doors by order of John Terhune and James Terhune, the principal stockholders and directors of the institution. The Terhunes decided to prevent any run and to conserve the interests of depositors and stockholders alike. It is believed that the affairs of the bank can be examined by Monday, when it is planned to reopen the institution.

3. May 2, 1908 The Washington Times Washington, DC
Article from The Washington Times, May 2, 1908

Click image to open full size in new tab

Article Text

BANK HEAD A SUICIDE, BANK'S DOORS CLOSED MANASQUAN, N. J., May 2.-State Bank Examiner Scofield will take charge of the First National Bank of Manasquan. The institution was closed following the suicide of ts president, Morgan D. Magee, whose body was found near the mouth of the Manasquan river. Officials of the bank don't believe that the institution is affected by the suicide, the closing being taken simply as a precautionary measure to prevent a run on the bank. Magee was interested in several personal financial transactions, and the failure of these to come up to his expectations is believed to nave caused him much worry.

4. May 3, 1908 The Sun New York, NY
Article from The Sun, May 3, 1908

Click image to open full size in new tab

Article Text

RECEIVER FOR MAGEE'S BANK. The Government Steps In After His Suicide at Manasquan, N. J. ASBURY PARK, N. J., May 2.-John W. Schofield was appointed to-day receiver of the First National Bank of Manasquan, whose president, Morgan Delancey Magee, shot himself yesterday. Receiver Schofield placed a notice on the bank doors announcing his appointment. He refused to make any statement regarding the condition of the bank, but said that news would probably be given out in Washington. It is believed in Manasquan that the bank is entirely solvent and will reopen in a short time. The prevailing opinion among the business men expressed to-day was that the Terhune brothers would come to the rescue and make good any deficiency that might be discovered. Manasquan people, however, scout the idea of any criminal act on the part of Magee. They held the dead president in very high esteem and apparently regard his misfortune as due exclusively to bad investments in the New Jersey Bridge Company. It is said that Magee's whole fortune was lost in this venture and that he personally indorsed notes to the amount of over $100,000 for the bridge company. Alleged overdrafts at the bank led to criticism from the national Department, which is believed to have precipitated yesterday's tragedy. Receiver Schofield would not admit that he had inspected the institution recently. nor would he deny it. The most notable features of the last statement of the First National Bank of Manasquan, issued February 14, 1908, are the small amount of cash on hand and the amount due to other banks. Of cash on hand there was: Specie, $2,359.12; legal tender notes, $7,270, making a total of only $9,629.12. There was due to other national banks $25,919.23; due to State banks and bankers, $10,577.27; due to approved reserve agents, $4,479.10, making a total of $40,975.60. The officers of the bank were M. D. L. Magee, president; E. S. Van Lear, vicepresident; J. W. Borden, vice-president; George M. Davison, cashier; directors, E. S. Van Lear, Howard Osborne, John H. Davison, John W. Borden, M. D. L. Magee, George Bailey and George M. Davison. Mr. Magee's body will be buried Tuesday morning at Matawan. Coroner MacDonald has empanelled the following jury: Willis' A. Mount, foreman F. B. Woolley, W. H. Taylor, A. Howell Miller, L. L. Berti and William H. Ruf.

5. May 3, 1908 New-York Tribune New York, NY
Article from New-York Tribune, May 3, 1908

Click image to open full size in new tab

Article Text

THE NEWS THIS MORNING. CONGRESS.-Senate: The diplomatic and consular appropriation bill was passed. provision for an embassy building in Paris being stricken House: Bills inout on a point of order. creasing the number of Philippine commissioners to nine and appropriating $250,000 for relief of sufferers from tornadoes in the South were passed. FOREIGN.-The Tribune's London correspondent says that all parties in England are convinced that Mr. Asquith intends to press social reforms in the next two years; free traders are in a panic over the socialistic proposals. The production of cotton in French colonies is rapidly increasing, according to a dispatch from The Tribune's correspondent in A serious revolutionary outbreak Paris. occurred near Lima. Peru, and troops were sent A dispatch from to quell the uprising. Seoul announced preparations on the part of the Corean government for an active campaign against disorderly elements of the population. DOMESTIC.-Republican members of the House of Representatives will hold a.conference Tuesday night on currency legislation, and on Friday night anti-injunction bills and amendment of the Sherman law will be considered. A bill was drawn up in Boston for introduction in the Massachusetts Legislature allowing the New York, New Haven & Hartford to The raising by buy the Boston & Maine. certain railroads of freight rates on fresh meats to the Southwest was said at Washington to be the entering wedge on a general raise in rates. Governor Hughes left Ithaca, N. Y., for Albany. after visiting the Cornell campus. Mayor McClellan and party arrived at Kingston, N. Y., to inspect that part of the Ulster & Delaware Railroad which must be :noved to permit the construction of the Ashokan reserAfter voting to strike the employes voir. of the new Cleveland traction company reached an agreement with Mayor Johnson and city officials by which they will continue at work. CITY.-Stocks were active and higher. It was decided to run a third national ticket at the New York State Convention of the IndeForty thousand Roman pendence party. Catholic layment in parade were reviewed by the prelates at the closing of the centenary celebraFrank A. Vanderlip, back here from tion. Europe, denied that the National City Bank was negotiating for the absorption of the National Bank of Commerce. At a poil of the Connecticut delegates to the Denver convention Two young men Bryan received six votes. Heads of stole a trolley car in Brocklyn. trust companies expressed approval of the plan of William Nash, president of the Corn Exchange, to admit trust companies as members of the New York Clearing House Association. The bankruptcy proceedings against C. W. Morse will be dismissed, it was said. Three department heads in Queens Borough reThe affairs of the First National signed Bank, of Manasquan, N. J., whose president, Morgan Delancey Magee. committed suicide, were examined by a national bank examiner, The who closed its doors temporarily. funeral of the Rev. Dr. Morgan Dix was held Several stock exchange in Trinity Church. firms were swindled by the old trick of acting The police made on ;phone orders to sell. a record arrest in capturing a negro with jewelry valued at $2,500 a few hours after the robMr. bery of a West 56th street house. Cleveland was so much improved in health that he left his bed. and Mrs. Cleveland corrected reports regarding his illness. THE WEATHER-Fair to-day and to-morrow: slightly cooler; west winds. The temperature yesterday: Highest, 63 degrees; lowest, 44.

6. May 5, 1908 The Free Lance Fredericksburg, VA
Article from The Free Lance, May 5, 1908

Click image to open full size in new tab

Article Text

Bank President a Suicide. Manasquan, N. J., May 2. - Morgan Delancey Magee, president of the First National bank, of Manasquan, killed himself by firing a bullet into his head while standing on a dyke in the Manasquan Inlet. His body was found lying on the piles. When the death of President Magee became known the bank closed its doors by order of John Terhune and James Terhune, the principal stockholders and directors of the institution. The Terhunes decided to prevent any run and to conserve the interests of depositors and stockholders alike. It is believed that the affairs of the bank can be examined by Monday, when it is planned to reopen the institution.

7. May 5, 1908 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, May 5, 1908

Click image to open full size in new tab

Article Text

BANK PRESIDENT'S SUICIDE. Manasquan (N. J.) Institution Closes -M. D. Magee Ends Life. Manasquan, N. J.-Morgan Delancey Magee, president of the First National Bank of this place, shot himself in the head while standing on the beach at the Manasquan Inlet, near here. He evidently planned that his body should fall into the sea and be carried out by the tide. Instead, it collapsed on the spiles. Following the suicide the bank closed its doors by order of John and James Terhune. the principal stockholders and directors. They have no reason to believe the bank is in financial trouble, but decided to close it for a few days to prevent a possible run. Roger Magee, son of the banker, found the body. Mr. Magee was forty-nine years old. He was a native of Matawan, and was for many years a clerk in a bank there, and all. his life had been connected with the Terhune banking interests.

8. May 7, 1908 The Washington Herald Washington, DC
Article from The Washington Herald, May 7, 1908

Click image to open full size in new tab

Article Text

RECEIVER FOR BRIDGE FIRM. Suicide of Banker Results in Bankruptey of Company. Trenton, N. J., May 6.-Judge Lanning in the United States District Court today appointed Frank Wynant and Benjamin Price receivers for the New JerseyWest Virginia Bridge Company, which has a plant at Manasquan, N. J. An involuntary petition was filed by creditors having claims aggregating $97,000, which the company has admitted its inability to meet. The receivership is a sequel to the suicide last Friday of William D. Magee, president of the First National Bank of Manasquan. He was a stockholder of the bridge company, which had been a borrower from the bank. Magee had been promised that the company would repay $40,000 last Thursday, and its failure to do this is believed to have been the immediate cause of his suicide. The bank has since been placed in the hands of a receiver.

9. May 8, 1908 New-York Tribune New York, NY
Article from New-York Tribune, May 8, 1908

Click image to open full size in new tab

Article Text

JERSEY BANK MAY PAY IN FULL. Manasquan Business Men Suffering by Temporary Closing. Manasquan. N. J., May 7.-Despite the report in Manasquan this morning that the bankrupt New Jersey and West Virginia Bridge Company would pay only about 15 or 20 per cent to its creditors, faith is still maintained by depositors of the First Na-, tional Bank, whose president, Morgan De Lancey Magee. took his life last Friday. that the institution will be able to pay in full. The bank was the heaviest creditor of the bridge concern, and it was the inability of the company to repay the bank's money. lent by President Magee personally, that prompted the suicide. Frank Wyant and Benjamin Price. receivers, are now in charge of the bridge company, which was forced into involuntary bankruptcy yesterday. J. W. Schofield. receiver of the First National Bank. said he had not sent in his full report when asked to-day about the report from Washington that Mr. Kane, the Acting Controller, had received a letter from him stating that Mr. Magee had deceived the examiners and that the loans to the bridge company exceeded $175,000.

10. May 8, 1908 The Citizen Frederick, MD
Article from The Citizen, May 8, 1908

Click image to open full size in new tab

Article Text

BANK PRESIDENT'S SUICIDE. Manasquan (N. J.) Institution Closes -M. D. Magee Ends Life. Manasquan, N. J.-Morgan Delancey Magee, president of the First National Bank of this place, shot himself in the head while standing on the beach at the Manasquan Inlet, near here. He evidently planned that his body should fall into the sea and be carried out by the tide. Instead, it collapsed on the spiles. Following the suicide the bank closed its doors by order of John and James Terhune, the principal stockholders and directors. They have no reason to believe the bank is in financial trouble, but decided to close it for a few days to prevent a possible run. Roger Magee, son of the banker, found the body. Mr. Magee was forty-nine years old. He was a native of Matawan, and was for many years a clerk in a bank there, and all his life had been connected with the Terhune banking interests.

11. May 14, 1908 Gloucester County Democrat Woodbury, NJ
Article from Gloucester County Democrat, May 14, 1908

Click image to open full size in new tab

Article Text

The Manasquan Bank's Failure. The First National bank, wrecked by its president, Morgan Delancy Magee, whose suicide last week brought to light a loan of $175,000 by the institution to the New Jersey and West Virginia Bridge company, now bankrupt, will recover less than $25,000 of this sum. The stockholders of the bank will be called upon to make good the shortage of $150,000. The combined losses will not only eat up the surplus of $100,000, but the probability is that the stockholders will have to pay more than they did for their stock when the bank was organized. The receiver of the bridge concern has expressed the belief that creditors will not receive more than 15 per cent. of their claims at most. Despite this, however many business men of the town believe the bank will recover dollar for dollar from the concern in some unknown manner, so great was their trust in the defaulting president. Magee was treasurer of the Manasquan Building and Loan association, and the funds of that organization are tied up in the wrecked bank.

12. May 26, 1908 The Star and Newark Advertiser Newark, NJ
Article from The Star and Newark Advertiser, May 26, 1908

Click image to open full size in new tab

Article Text

BANK RECEIVER OPPOSES BRIDGE PLANT TRUSTEE Manasquan Official Wants New Manager for Defunct New Jersey Company. ASBURY PARK, May 26.-Because Frank Wyant is president of the defunct New Jersey Bridge Company, John W. Schofield, receiver for the First National Bank, of Manasquan, has objected to his appointment as trustee of the closed plant. The bank receiver recommends the appointment of Benjamin P. Parker, of Shrewsbury, receiver for the company. Mr. Schofield's remonstrance is made to creditors of the bridge concern. The bank, whose president, Magee, committed suicide, is a creditor of the plant.

13. June 12, 1908 New-York Tribune New York, NY
Article from New-York Tribune, June 12, 1908

Click image to open full size in new tab

Article Text

MANASQUAN BANK INSOLVENT. Asbury Park, N. J., June 11. -The First National Bank of Manasquan, which closed its doors on Friday, May 1, following the suicide of its president, Morgan De Lancey Magee, will never reopen its doors. It is wholly insolvent. Loans made to the New Jersey and West Virginia Bridge Company and its officers can never be realized upon. At least $100,000 worth of loans will prove a total loss. Receiver John W. Scofield has begun suit on $55,000 worth of notes on which he hopes to recover. Henry C. Winsor, president of the Asbury Park and Ocean Grove Bank, of Asbury Park, has applied for a charter for the founding of a new national bank at Manasquan.

14. June 12, 1908 The Star and Newark Advertiser Newark, NJ
Article from The Star and Newark Advertiser, June 12, 1908

Click image to open full size in new tab

Article Text

MANASQUAN NATIONAL BANK NOT TO REOPEN. ASBURY Park, June 12.-aIt is admitted by Receiver Scofield, of the First National Bank of Manasquan, which closed when Morgan Delancey Magee, its president, committed suicide, May 1, that the institution will not reopen. Loans made to the New Jersey and West Virginia Bridge Company cannot be recovered. President Winson, of the Asbury Park and Ocean Grove Bank, of Asbury Park, has applied for a charter for a national bank in Manasquan.

15. October 6, 1908 The Washington Times Washington, DC
Article from The Washington Times, October 6, 1908

Click image to open full size in new tab

Article Text

Augustus D. Lynch, for thirty-six years connected with the Comptroller's office of the Treasury Department, died suddenly this morning at his apartments at the Shoreham Hotel. Mr. Lynch was receiver of the First National Bank of Manasquan, N. J., and had been in Washington attending the conference of bank receivers, and had been chosen to preside over their deliberations, While Mr. Lynch had been ill for some days his death came as a great shock. He awoke this morning complaining of his heart and within a short time became unconscious. Mrs. Lynch had a physician summoned, but her husband was past relief. Mr. Lynch was a man of kindly disposition and was greatly esteemed by the entire force in the Comptroller's office. News of his death was announcea just as the receivers assembled for the morning session at the rooms of the Washington Chapter of American Institute of Bank Clerks, 1214 F street northwest. C. L. Williams, R. D. Garrett and George C. Rankin were appointed a committee to confer with Comptroller of the Currency Lawrence O. Murray, to prepare suitable resolutions which will be adopted this afternoon. After the announcement of Mr. Lynch's death, the receivers adjourned to meet at 2:30 this afternoon. Native of Indiana. Mr. Lynch was a native of Indiana, and was born September 8, 1835. During

16. October 6, 1908 The Washington Times Washington, DC
Article from The Washington Times, October 6, 1908

Click image to open full size in new tab

Article Text

# Augustus Lynch Dies Suddenly # In Hotel From Heart Failure Augustus D. Lynch, for thirty-six years connected with the Comptroller's office of the Treasury Department, died suddenly this morning at his apartments at the Shoreham Hotel. Mr. Lynch was receiver of the First National Bank of Manasquan, N. J., and had been in Washington attending the conference of bank receivers, and had been chosen to preside over their deliberations. While Mr. Lynch had been ill for some days his death came as a great shock. He awoke this morning complaining of his heart and within a short time became unconscious. Mrs. Lynch had a physician summoned, but her husband was past relief. Mr. Lynch was a man of kindly disposition and was greatly esteemed by the entire force in the Comptroller's office. News of his death was announced just as the receivers assembled for the morning session at the rooms of the Washington Chapter of American Institute of Bank Clerks, 1214 F street northwest. C. L. Williams, R. D. Garrett and George C. Rankin were appointed a committee to confer with Comptroller of the Currency Lawrence O. Murray, to prepare suitable resolutions which will be adopted this afternoon. After the announcement of Mr. Lynch's death, the receivers adjourned to meet at 2:30 this afternoon. # Native of Indiana. Mr. Lynch was a native of Indiana, and was born September 8, 1835. During the civil war he served as quartermaster of the Sixty-eighth Indiana Volunteers. In 1865 he engaged in the banking business at Shelbyville, Ind., and continued in financial affairs up to the time of his death. In January, 1872, he was appointed a bank examiner by Comptroller H. R. Hulburd, and for a number of years was chief of the insolvent bank division of the Comptroller's office. He also occupied the positions of receiver and advisory receiver in the Comptroller's office. His residence was in Washington, but he had been receiver of the New Jersey institution since the failure of that institution several months ago. The funeral will be held about 3 o'clock Thursday afternoon at the Metropolitan M. E. Church, Four-and-a-half and C streets northwest. Following the services at the church the remains will be shipped to Indianapolis, for burial. Mr. Lynch had been a member of the Metropolitan Church and was president of the board of trustees. He was a member of the University Club, and among his friends was known as "Judge" Lynch, a title which he is understood to have gained in Indiana. # Tribute to Dead Man. Comptroller of the Currency Lawrence O. Murray paid this tribute to the deceased: "Mr. Lynch was a splendid public official, thoroughly posted on every phase of the national banking law, and its practical application, and one of the strongest, kindest characters I have ever known."

17. January 1, 1909 The Washington Times Washington, DC
Article from The Washington Times, January 1, 1909

Click image to open full size in new tab

Article Text

DEPOSITORS GETTING MONEY ASBURY PARK, Jan. 1.-The third dividend to depositors of the defunct First National Bank of Manasquan has been announced by Receiver Fowler. It is 15 per cent, making a total of 70 per cent within eight months from the bank's closing after President Magee committed suicide fearing exposure.

18. June 17, 1909 Gloucester County Democrat Woodbury, NJ
Article from Gloucester County Democrat, June 17, 1909

Click image to open full size in new tab

Article Text

BRIEF JERSEY HAPPENINGS. Pennsgrove Borough Council is considering the purchase of a 60-horsepower automobile to pull the chemical fire engine. An eighteen-months-old child, of Atlantic City fell from a fourth-story window. It struck on a pile of sand and escaped all injury except a few bruises. The recent storm played havoc with some of the oyster beds of Maurice River Cove, and thousands of dollars' worth of oysters are now covered with six inches of mud. A new electric line is now being surveyed to connect Millville and Port Norris. It will carry both passengers and freight, and it is expected that work on it will commence soon. James Throckmorton, who disappear ed from his home in Mount Holly three years ago, has written to his family from Portland, Oregon, stating that he has just completed a three-year enlistment in the navy. Sunday base ball in Atlantic City did not prove sufficiently successful to warrant the promoters in continuing it, especially when it is considered that the manager will have to pay a fine of $200. The final dividend ,totaling 100 per cent., is being distributed by Alvin L. Fowler, receiver of the First National Bank, of Manasquan, which failed May 1, 1908, following the suicide of its president, Morgan DeLancey Magee. Mrs. Deborah Shoemaker, aged 94, walked to the Second Methodist Episcopal Church, Millville, Sunday, and upon profession of faith was received by the pastor, the Rev. W. E. Lake, as a member of the church on probation. David Lindabury, of Whitehouse, has a cucumber 41 years old. It was grown in a bottle by his father, the late Conrad Lindabury, of near Mounfile, and preserved in alcohol. It ap. ears as fresh and green as when first bottled. Many improvements are to be made at the Woodstown railroad station before the trucking season opens. Additional tracks will be laid, the cattle pens moved further up the track and the passenger platform extended. The ground around the station will also be graded. The elevated tracks on the Atlantic City division of the West Jersey and Seashore Railroad, at Haddon avenue and Line street, have been completed and are now ready for use. This will end the running of trains at grade at this crossing and remove one of the sources of delay to travel that has been annoying to the public for a long time. A dangerous crossing is thus abolished. The trolley company will soon have its tracks relaid SO as to do away with the delay caused by using only one track under the bridge.