Somerset County Bank - Somerville, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 10, 1879
Location: Somerville, New Jersey (40.574, -74.610)

Metadata

Model: gpt-5-mini
Short Digest: a88c271d

Response Measures

None

Description

Article (Green-Mountain Freeman, 1879-12-10) reports an investigation revealing large embezzlement by the cashier (Trech) who absconded with the bank's surplus and half its capital. No mention of a depositor run; this is an internal bank-specific scandal implying suspension and likely closure/receivership.

Events (1)

1. December 10, 1879 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier Trech allegedly abstracted the entire surplus ($43,000) and half of the capital ($100,000) and fled, leaving the bank insolvent or impaired.
Newspaper Excerpt: An investigation ... into the affairs of the Somerset County Bank, in Somerville, N. J. has developed the fact that all the surplus of the bank, $43,000, and one-half of its capital, $100,000, have been abstracted by Cashier Trech, who has left for parts unknown.
Source: newspapers

Newspaper Articles (1)

1. December 10, 1879 Green-Mountain Freeman Montpelier, VT

Article from Green-Mountain Freeman, December 10, 1879

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Article Text

The Erie canal closed Saturday night. Vassar college has three Japanese girls among its students. Florida is already sending green peas and watermelons to market. Colored peoplein Georgie own property of an aggregate valee of $5,182 Chicago kills six hogs for every minute of every hour of every day in the year. A change of base is always a desideratum to the small boy who is being spanked. Golden eagles coined at Philedelphia are expect. ed to aggregate $10,000,000 this month. The first train passed over the new Boston, Hoosac Tunnel and Western road Saturday. The new French Atlantic cable was landed at Big Lorraine, two miles east of Loulsburg, C. B., Saturday. It is positively asserted that the Egyptian gov. ernment is actively completing preparations for war with Abyssinia. The New York Herald asserts that in Brazil photographs of Charles Francis Adims are used for making artificial ice. During a cyclone in the Bay of Bengal a storm wave swept over Monkish Khal Island drowning several hundred persons. The Schuylkill coal company are to suspend mining from the 24th instant, to January 5, and ad. vance coal 25 cents a ton. The Mormons talk fight" since President Hayes' recommendation of more stringent legisla. tion to suppress polygamy. Secretary Evarts has telegraphed to the Czar of Russia the president's congratulations on his escape from the attempt on his life. The profits of the Seventh Regiment Fair,at New York, which closed Saturday night, are estimated at two hundred thousand dollars. D. C. Potter. charged with seven murders, was captured on Monday in the mountains of North Carolina by the sheriff of Cocke county. Broad is the road that;leads to debt, And thousands walk together there; Prompt payments find a narrow rut, With here and there a passenger. An Atlanta (Ga.) dispatch says: The government has sent fifty guns and equipments from Washington to revenue collector Clark to arm a force for araid on the mountain moonshiners. The hydrautic power and manufacturers' company, organized to use the power of Niagara falls. has been reorganized with a capital of $500 000,and is now negotiation with some large eastern firms urging them to establish factories at Suspension Bridge, The United|States Treasury has transferred $10,000,000 in gold to the assay offi in New York, to pay for foreign gold deposited for conversion into American coin. This makes a total of $60,000,000 transferred for that purpose since August Shocking statements are made by ex-SurgeonGeneral W illiam A. Hammond of New York, as to the manner in which the inmates of the insane asylums in that state are treated. He charges the superintendents with cruelty, immorality and dishonesty. By the accidental explosion of three pounds of powder at the residence of William Knaps, Point Coupee Parish, La., Knaps and one child were severely burned, and two of his children, one three and the other six years old, and their grandmother Mrs. Evarista Faber, were killed. An investigation, which has been going on into the affairs of the Somerset County Bank, in Somerville, N. has developed the fact that all the surplus of the bank, $43,000, and one-half of its capital, $100.000, have been abstracted by Cashier Trech, who has left for parts unknown. The wonderful Mrs. Smith, of Westmoreland county, Va, is dead. She measured thirty inches across the shoulders and weighed within a fraction of 610 pounds. Before her coffin was de. livered two ordinary men lay in it side by side on their backs without crowding each other in the least. It is understood that, at the assembly of the legislature, a strong effort will be made to secure legislation looking to a consolid ition ef the cities of New York and Brooklyn. One of the plans proposed is to submit the question tota vote of the citizens of both cities, in order to ascertain the pub lic sentiment on the subject. A terrible explosion of the boiler of a portable saw-mill occurred at Rash Creek Indiana,the other day. The mill was blown to atoms and Joseph Hanson the engineer, was killed, being horribly mutilated Three school children, near at the time were cut and scalded, not fatally. Most of the mill hands were absent. Corn is cheaper in Iowa this fall than in any other place on the globe, selling at 18 and 20 cents at the depots, and 10 and 15 cents at places distant from the railroads. It is reported to be very ripe, sound and sweet, and there will be 150,000,000 to 200 ,000,000 bushels, not onc-sixth of which can be shipped ont of the state. Oxford England, is complaining of the bad times. The college income is mainly derived from land, and real estate is very unproductive. The aristo.