19197. Standard Title and Trust Company (Philadelphia, PA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: May 22, 1907
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 1a97b5bc

Response Measures

None

Description

The concern never opened for business; state/court action closed the company and receivers (Israel Hecht and Carroll/Carrol R. Williams/Wilson) were appointed in May 1907. No run is described in the articles — this is a closure via receivership following alleged fraud. Dates taken from contemporaneous newspaper reports (May 21–22, 1907).

Events (2)

1. May 22, 1907 Receivership

Newspaper Excerpt: Judge Magill to-day appointed Israel Hecht and Carroll R. Williams receivers for the concern. The company had not opened for business.
Source: newspapers

2. May 22, 1907 Suspension

Cause: Government Action
Cause Details: Court-appointed receivers following complaints by stockholders alleging fraudulent representations of assets and capital; company closed by banking commissioner representative and court action.
Newspaper Excerpt: Two receivers were appointed yesterday for the Standard Title and Trust company of 713 Chestnut street.
Source: newspapers

Newspaper Articles (10)

1. May 22, 1907 The Washington Times Washington, DC

Article from The Washington Times, May 22, 1907

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Article Text

BANK EMPTY; STOCKHOLDERS HOLD INQUEST Receivers Named for the Standard Title and Trust, Philadelphia. Had Gorgeous Offices, Impressing Investors, But Paid No Rent. PHILADELPHIA. May 22. Two receivers have been appointed for the Standard Title and Trust Company at 713 Chestnut street. The court acted upon complaint of stockholders, who declare that they were defrauded. It is said criminal proceedings will follow. More than $1,000,000. it is said. has been obtained from the sale of stock in Chicago. Philadelphia, New York, and small towns East and West. Chicago alone yielded $150,000; New York $250,000. and Philadelphia $100,000 There has been a mystery about the Standard Ttitle and Trust Company for weeks. Its officers are all out-of-town men. The list of officers of the com pany, shown on the stationery, contains names which have been used without even the knowledge or consent of the owners. This is the case with at least one of the directors. The list is as follows: Prohibitionist Politician. President, S. K. Ford, of Chicago first vice president, H. Cohn, of New York: second vice president, E. A. Hall ner. of Cincinnati; treasurer. H. F. Ae pinwall. of Freeport III. One of the directors is Homer L. Castle, of Pittsburg, prohibition candidate for governor of Pennsylvania in the last campaign. He is also the company's counsel. The company made its debut on February 6. when the city was flooded with and circulars. saying: "We have purchased the exquisite banking house at 713 Chestnut street, and have a capital and surplus of $1,500,000, of which $1,200,000 is paid in. The par value of the stock is $25, and it has been sold to subscribers at $75. Rent Was Not Paid. On the same date the company took charge of the building at 713 Chestnut street and began to solicia sending out through the mails all its literature, covering the whole country, apparently. First, it was announced that the company would open for busi. ness on March 1. Then the opening was postponed to April 11, and when May passed and there was still no company in evidence, the owner of the building began to get anxious. There was then $7,100 due in rent. Finally the uncertainty grew to such an extent that action was taken. Attorneys Furth and Singer, representing Lawrence W. Fause, a stockholder, and James C. Kirk, one f the directors, went before Judge Agill, in Common Pleas Court. No. 1. and filed affidavits that their subscriptions to stock of the company were obtained "by false and fraudulent representation made by the concern last February that it had $500,000 capital and $1,000,000 assets, whereas it did not have, and has not today, assets exceeding $50,000.' Judge Agill granted their petition for receivers and appointed Israel Hecht and Carrol B. Wilson. It was discovered that one of the methods of the company to secure money was to offer men in responsible positions excellent offices in the company if they subscribed to the stock. Many indeed, the State banking commissioners agents said, accepted these terms. Bank Clerks Duped. One cashier in a Bluefield, W. Va. national bank gave up a luerative position and subscribed for $5,500 of the stock in the company. He is here still. but has been unable to find any one at the bank excepting the janitor and the State banking commissioner's deputies. A clerk in a Camden trust company mortgaged his house to buy stock, conditional upon securing a good position. There are said to be many such instances. One Philadelphia director. it is declared. gave his note for $500,000 to take up part of the capital stock. Most of the stock was apparently sold through financial agents in New York. The receipts for the certificates sold bear the names of Ford, Hunter, Aspinwall, and Massinger. Emanuel Furth, attorney for the stockholders and the bank. says that he has sufficient evidence to secure criminal convictions against certain men back of the concern. "It looks like a preconcerted fraud, said Mr. Furth All the money that was paid in seemed to flow out of the coffers of the bank through some mysterious channel. Whether that channel was a legal one or otherwise is what we will have to find out. All persons who went to the bank to subscribe to the stock were impressed by the ricir appearance of the bank s new office.

2. May 22, 1907 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, May 22, 1907

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Article Text

WAS A RANK FRAUD Standard Title and Trust Company of Philadelphia in Court. PROMOTERS GET $1,000,000 Sold Stock in Many Cities of Country -Used Names of Prominent Men. Philadelphia, Pa., May 22.-Two receivers were appointed yesterday for the Standard Title and Trust company of 713 Chestnut street. The court acted upon complaint of stockholders who declare that . they were defrauded. It is said criminal prosecution will follow. It is said that more than $1,000,000 has been obtained from the sale of stock in Chicago, Philadelphia, New York and in small towns east and west. Chicago alone yielded $150,000, New York $250,000, and Philadelphia $100, 000. Long Been Mystery. There has been a mystery about the Standard Title and Trust company for weeks. Its officers are all out of town men. The list of officers of the company, as shown on the stationery, may contain names which have been used without either the knowledge or consent of their owners. This is the case with at least one of the directors. The reputed list is as follows: President-S. K. Ford of Chicago. First Vice President-H. Cohn of New York. Second Vice President-E. A. Haff ner of Cincinnati. Treasurer-H. 5. Aspinwall of Freeport III. was Candidate for Governor. One of the directors is Homer L. Castle of Pitisburg, prohibition candidate for governor of Pennsylvania in the last campaign. He is also the concern's counsel. The concern made its debut on Feb. 6, when the city was flooded with circulars. On the same date the company took possession of the building at 713 Chestnut street, and began to solicit business sending out through the mails all its literature, covering the whole country apparently.

3. May 22, 1907 New-York Tribune New York, NY

Article from New-York Tribune, May 22, 1907

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RECEIVER FOR NEW CONCERN. Standard Title and Trust Company, of Philadelphia, Had Not Opened for Business. Philadelphia, May 21.-On application of counsel for a number of stockholders of the Standard Title and Trust Company. with offices at No. 713 Chestnut street, Judge Magill to-day appointed Israel Hecht and Carroll R. Williams receivers for the concern. The officers of the company are: S. K. Ford. of Chicago, president: H. Cohn, of New York, first vice-president; E. A. Haffner, of Cincinnati, second vice-president; H. M. Ralston, third vice-president; H. F. Aspenwall, of Freeport, Ill., treasurer; E. J. Massinger, of Collingswood, acting treasurer. The company had not opened for business, although the management came into possession of the building on February 6 last and had sollcited business, sending out a statement which placed the resources at $1,500,000-capital $500,000 and surplus $1,000,000. All attempts to get information have failed. The only one in charge is a janitor. Those named as directors are Homer L. Castle, Pittsburg: E. J. Massinger, Collingswood, N. J.; James O. Kirk. H. P. Smethurst and H. L. Vonseldeneck, Philadelphia: James Roberton, Pikeville, Ky.; J. Norman Martin, New Castle, Penn.; William H. Leuthers, Cincinnati; A. Buchbaum, New York: A. F. Williams, Chicago, and Charles A. Hunter, New York, fiscal agent.

4. May 22, 1907 The Washington Herald Washington, DC

Article from The Washington Herald, May 22, 1907

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Philadelphia, May 21.-On charge of fraudulent representation, the Standard Title and Trust Company, at 713 Chestnut street, was closed to-day by A. L. Taber, representative of the commissioner of banking. At the same time, alleging that the company had fraudulently represented to have assets of $500.000 and a surplus of $1,000,000, attorneys for stockholders applied for a receivership, and Israel Heicht and Carroll R. Wilson were appointed by the court. It was alleged by the attorneys that the assets of the company do not amount to $50,000. There will be criminal prosecutions if United States District Attorney Thompson advises it. All the officers of the concern live in other cities. Homer L. Castle, late Prohibition candidate for governor, is one of the directors and its counsel. The scheme was to issue 20,000 shares of stock with a par value of $25 a share. These shares were to be sold at $75 a share, thus raising the possible funds of the company to $1,000,000. According to the attorneys in the case, most of the stock was sold through the fiscal agent In New York, who is alleged to have loaded prospective buyers with literature containing golden promises. Other stock was sold to persons seeking employment with the concern, it being made a condition of getting a position that the applicant be a stockholder. Receipts for stock sold bear the names of Ford Hunter, Aspinwall, and Massinger. So far as the attorney can learn, from $50,000 to $100,000 of the stock was sold in Philadelphia or vicinity, and perhaps $250,000 was sold in New York. Two stockholders, one a cashier of a Bluefield (W. Va.) national bank, gave up a lucrative position and subscribed for $5,500 of stock in the Standard. He was notified to come on. He is here, out of work. Another, a clerk in a Camden trust company, mortgaged his home to buy stock, conditioned on his securing a valuable position. S. K. Ford, Chicago, is president; H. Cohen, New York, first vice president; P. S. Aspinwall, Freeport, Ill., treasurer.

5. May 22, 1907 The Washington Times Washington, DC

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BANK EMPTY; STOCKHOLDERS HOLD INQUEST Receivers Named for the Standard Title and Trust, Pniladelphia. Had Gorgeous Offices, Impressing Investors, But Paid No Rent. PHILADELPHIA. May 22.-Two receivers have been appointed for the Standard Title and Trust Company at 713 Chestnut street. The court acted upon complaint of stockholders, who declare that they were defrauded. It is said criminal proceedings will follow. More than $1,000,000. it is said, has been obtained from the sale of stock in Chicago, Philadelphia, New York, and small towns East and West. Chicago alone yielded $150,000; New York $250,000, and Philadelphia $100,000. There has been a mystery about the Standard Ttitle and Trust Company for weeks. Its officers are all out-of-town men. The list of officers of the company, shown on the stationery. contains names which have been used without even the knowledge or consent of the owners. This is the case with at least one of the directors. The list is as follows: Prohibitionist Politician. President, S. K. Ford, of Chicago; first vice president, H. Cohn, of New York; second vice president, E. A. Haffner. of Cincinnati; treasurer, H. F. Aspinwall, of Freeport, III. One of the directors is Homer L. Castle, of Pittsburg, prohibition candidate for governor of Pennsylvania in the last campaign. He is also the company counsel. The company made its debut on February 6. when the city was riooded with circulars, saying: 'We have purchased the exquisite banking house at 713 Chestnut street, and have a capital and surplus of $1,500,000. of which $1,200,000 is paid in. The par value of the stock is $25. and it has been sold to subscribers at $70. Rent Was Not Paid. On the same date the company took charge of the building at 713 Chestnut street and began to solicit business, sending out through the mails all its literature. covering the whole country, apparently. First, it was announced that the company would open for business on March 1. Then the opening was postponed to April 11, and when May passed and there was still no company in: evidence, the owner of the building began to get anxious. There was then $7.100 due in rent. Finally the uncertainty grew to such an extent that action was taken. Attorneys Furth and Singer, representing Lawrence W. Fause. a stockholder. and James C. Kirk, one of the directors. went before Judge Agill, in Common Pleas Court. No. 1, and filed affidavits that their subscriptions to stock of the company were obtained "by false and fraudulent representation made by the concern last February that it had $500,000 capital and $1,000,000 assets. whereas it did not have. and has not today, assets exceeding $50,000." Judge Agill granted their petition for receivers and appointed Israel Hecht and Carrol B. Wilson. It was discovered that one of the methods of the company to secure money was to offer men in responsible positions excellent offices in the company if they subscribed to the stock. Many, indeed, the State banking commissio ner's agents said, accepted these terms. Bank Clerks Duped. One cashier in a Bluefield, W. Va., national bank gave up a lucrative position and subscribed for $5,500 of the stock in the company. He is here still, but has been unable to find any one at the bank excepting the janitor and the State banking commissioner's deputies. A clerk in a Camden trust company mortgaged his house to buy stock, conditional upon securing a good position. There are said to be many such instances. One Philadelphia director it is declared. gave his note for $500,000 to take up part of the capital stock. Most of the stock was apparently sold through financial agents in New York The receipts for the certificates sold bear the names of Ford, Hunter, Aspinwall, and Massinger. Emanuel Furth, attorney for the stockholders and the bank, says that he has sufficient evidence to secure criminal convictions against certain men back of the concern. 'It looks like a preconcerted fraud, said Mr. Furth. All the money that was paid in seemed to flow out of the coffers of the bank through some mysterious channel. Whether that channel was a legal one or otherwise is what we will have to find out All persons who went to the bank to subscribe to the stock were impressed by the rich appearance of the bank's new office.

6. May 23, 1907 New-York Tribune New York, NY

Article from New-York Tribune, May 23, 1907

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TRUST STOCK BUYERS MAY NOT LOSE. Philadelphia, May 22.-It is probable that the creditors of the Standard Title and Trust Company, which was placed in the hands of receivers yesterday, will be paid in full by responsible men whose names appeared in the directorate. Emanuel Furth, attorney for the receivers, It was stated to-day, had been advised by H. F. Aspinwall, treasurer of the company. who is a former State Senator and director of the State Bank at Freeport, Ill., that all buyers of stock would be paid in full. Homer L. Castle is also said to have given assurance that the creditors will be paid. The amount which the responsible members of the directorate will have to make good is not believed to exceed $15,000, and some of them say it will be much less, as many of those who subscribed had not paid in their money.

7. March 27, 1908 The Sun New York, NY

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TRUST co. MEN HELD TO COURT. Homer L. Castle and Associates Charged With Conspiracy. PHILADELPHIA. March 26.-After a hearing before Magistrate Scott in the Central police court this afternoon, Homer L. Castle of Pittsburg and his associate officers and directors in the defunct Standard Title and Trust Company. were held to the criminal court under $2,500 bail each. Technically the charge is conspiracy to cheat and defraud by issung false statements of the financial condition of a bank and ments of the financial condition of a bank and by keeping books with fraudulent entries. One other defendant, Charles A. Hunter, of Haddenfield, N. J., was at the hearing. but to the astonishment of Castle and his colleagues, Hunter was called as a witness. He produced a stock of certificates issued in his name by the Standard Title and Trust Company, transferring to him a certain number of shares in the bank. From the first Castle and his lawyers have declared that no stock was actually issued by the trust company up to its untimely end while still a borning. This one stock certificate contradicted this contention. When Hunter produced the stock certificate issued to him it was closely examined. Unlike the stock sheets turned over to the receiver, this one furnished by Hunter was green. The others were lithographed in brown ink. On this Hunter certificate across the face was engraved: "Capital, $500,000; surplus, $1,000,000 fully paid in;" this on a stock certificate of a "bank" that is now known to have had only $6,400 in assets all told. Following are the allotments of stock to each of the secret partners: S. K. Ford, 2,265 shares; H. F. Aspinwall, 750; C. F. Williams, 532; H. M. Rolston. 532; Charles A. Hunter, 530; Homer L. Castle, 750; Henry Cohen, 3,399; C.J. Massinger. 530.

8. July 14, 1908 New-York Tribune New York, NY

Article from New-York Tribune, July 14, 1908

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TRUST COMPANY OFFICERS INDICTED. Philadelphia, July 13.-Indictments charging conspiracy in making, printing and circulating false financial statements of the Standard Title and Trust Company, of this city, were returned by the grand jury here to-day against Homer L. Castle, of Pittsburg, a former prohibition candidate for Governor of Pennsylvania, and his associates in the promotion of the trust company, which never opened for business. Those indicted with Castle are Charles Hunter, Philadelphia; D. C. Massington, of Collingwood, N. J.; Arthur F. Williams, Chicago, and H. F. Aspinwalt, of Freeport, Ill. The grand jury also returned indictments against Henry Gohen, of New York, and Colonel S. K. Ford and H. M. Ralston, of Chicago, on charges of conspiracy in other alleged misrepresentations of the trust company's financial condition. It is claimed by stockholders of the trust company that about $20,000 is due them for money paid in, and the indictments are the result of an effort made through the receivers to recover that amount from the promoters of the company.

9. July 14, 1908 Evening Times-Republican Marshalltown, IA

Article from Evening Times-Republican, July 14, 1908

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TRUST OFFICIALS ACCUSED. Two Chicagoans and Former Prohibition Candidate Among Those Held. Philadelphia, Pa., July 14.-True bills charging conspiracy in making. printing, and circulating false financial statements of the Standard Title and Trust company of this city were returned by the grand jury against Homer L. Castle of Pittsburg. a former prohibition candidate for governor, and his associates in the promotion of the trust company, which never opened for business. Those indicted with Castle are Charles Hunter, Philadelphia; D. C. Massington of Collingswood, N. J.: Arthur F. Williams, Chicago; and H. F. Aspinwall of Freeport, Ill. The grand jury also returned indictments against Henry Cohen of New York and Col. S. H. Ford and H. M. Ralston of Chicago, n charges of conspiracy in other alleg misrepresentations of the trust company's financial condition. It is claimed by stockholders that about $20,000 is due them for money paid in, and the indictments are the result of an effort, made thru the receivers, to recover that amount.

10. July 14, 1908 The Cairo Bulletin Cairo, IL

Article from The Cairo Bulletin, July 14, 1908

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NEVER OPENED FOR BUSINESS PROMOTERS OF TRUST COMPANY ARE INDICTED FOR MAKING AND CIRCULATING FALSE FINANCIAL STATEMENTS. Philadelphia, July 13-An indi t ment charging conspiracy in ma ing. printing and circulating false fina cial statements of the Standard Title and Trust company of this city was returned today against Homer L. Castle of Pitsburg, f. rmer prohibi ion capdidate for governor of Pennsy:vania, and his asso tates in the prometion of a trust company which never opened for business. These indicted with Cartle are Charles Hunter of Philadelphia, D. C. Massington, of Collinswood, N. J., Ar. thur F. Williams of Chicago, H. F. Aspinwall of Freeport, III. It is claimed by the stockholders that $20,000 is due them for money paid and the indictments are the resuli of an effort, through the receivers, to recover that amount from the promoters of the company.