First National Bank - New York, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 29
Charter Number: 29
Start Date: February 26, 1903
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 2094cdec

Response Measures

None

Description

Article (New-York Tribune, 1903-02-26) reports the collapse/assignment of the First National Bank of New-York and related arrests for falsification of statements at the Monmouth Trust. No run is described; the bank was assigned/closed (receiver/assignee). Cause attributed to bank-specific adverse information (fraud/false statements, bad hypothecated note).

Events (2)

1. February 26, 1903 Receivership

Newspaper Excerpt: The reported assignment of President G. F. Kroehl of the First National Bank of New-York City to-day wasn't unexpected here ... until the assignee's schedule is filed.
Source: newspapers

2. February 26, 1903 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Collapse/assignment tied to falsification of statements, alleged hypothecation/rediscount of a $10,200 note and other improprieties; insolvency revealed
Newspaper Excerpt: the excitement attending the collapse of the First National Bank ... The reported assignment of President G. F. Kroehl of the First National Bank of New-York City to-day
Source: newspapers

Newspaper Articles (1)

1. February 26, 1903 New-York Tribune New York, NY

Article from New-York Tribune, February 26, 1903

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Article Text

PREFER THREE CHARGES Twining's House Searched While f Wife Lay Seriously Ill. Asbury Park, N. J., Feb. 20.-Just as the excitement attending the collapse of the First National Bank and the Monmouth Trust and Safe Deposit Company had somewhat subsided the community was startled again this noon by the arrest of President Albert C. Twining and Treasurer David C. Cornell, of the trust company, growing out of charges of falsification of statements to the State Banking and Insurance Commissioner. There are three charges against Twining. in two of which Cornell is jointly charged with him as taking part in offences alleged. The two joint charges are that on December 12 Twining and Cornell submitted a false report to the State Commissioner of Banking and Insurance as to the condition of the trust company at the close of business November 25. 1902; and also that on January 20 the two submitted a false statement at the close of business December 31. 1902 The other charge against Mr. Twining tlat he submitted a false statement as of outstanding of business December alone-is to the the close number certified 31. The checks latter at charge is believed to be closely connected with the mysterious purchase of the 381 shares of the First National stock on February 13. President Twining was apprehended as he was entering a drug store by County Detective Charles Strong, but not until the latter had searched the Twining home, in Fourth-ave., from cellar to garret, while Mrs. Twining lay dangerously ill with nervous prostration, brought on by worry over the financial calamity that had befallen her husband. Constable Theodore Hulick arrested Cornell just as he was the Monmouth Trust Building. Previarrests all railroad ous leaving to the stations prevent had the been men placed under surveillance to wanted from leaving town, the outgoing trains being watched by Detective Strong. Constable Hulick and Chief of Police Gravatt. Twining and Cornell were brought before Police Justice Borden, where both waived a hearing and offered bail, which was accepted, Twining being released in $5,000, while Cornell's bail was fixed at $4,000. The arrests were made at of John E. Foster, Prosecutor of on the complaint of the the Pleas, instance warrants Larue Vreden- being burg, State Bank Examiner, the issued from Freehold, whither Mr. Vredenburg went yesterday to prefer his charges. It is conjectured that the two joint charges are connected with the $10,200 note of the Asbury Park Athletic Association, which, it is alleged, was rediscounted or hypothecated by the Trust Company in the First National Bank. This enterprise was a pet scheme of Twining for several years, and many of the former as well as some present officials of both banking institutions were stockholders and leading officials in the palmy days of its existence. The makers of the note declare that they are not having have had legal liable They say for they its payment, advice, already and paid that it. they have been informed that, had the First National been an innocent receiver of it, it would have had to be paid, but, as some of the officers of one institution were directors in the other. it is alleged. they were cognizant of the hypothecation. The makers will fight any attempts to make them pay again. The reported assignment of President G. F. Kroehl of the First National Bank of New-York City to-day wasn't unexpected here, as a rumor to the effect that he had this move in contemplation has been street gossip for several days. A number of his friends have intimated that he would pursue this course as the only safe one for his foreign creditors. The exact extent of Mr. Kroehl's property interest here is not known. He owns a fine home in Summerfieldave., which is known to contain many costly works of art. and is furnished in an expensive manner. He also owns a pretty cottage in Sixth-ave. It is believed that his principal assets will be found to consist of stock and other securities. a complete list of which may not be procurable until the assignee's schedule is filed.