New-York tribune., 1903-02-15
TRUST COMP4NT CLOSED.
-4S5uy Park Concern Does Not
Keep Promise to Opsn-
NO CRIMINAL LIABILITY.
inv TrrrcRAPH TO THE TRIBUNE.


Ashurv Park y J., Feb. 14.-Despite assurances
OF tne officials OF the Monmouth Trust and sa1e
Teposit Company last evening that business would
he resumed as usual this morning the doors Of the
e-it1l-5oz1 remained closed all day. Furthermore,
The officers declined make any official statement
Just before noon James r. Nredenburg, stale
hank exarnine1 arrived with two assistants ana al
once began TO examine the books and securities OF
,be rr,,st company This afternoon Mr- Fredenburg
said Until our Investigations completed,
which viii be q matter Of two or three days no
statement OF the condition CT The trust company
viii be issued
As early as O'Clock this morning deposltors be-
s,ape5 the locked doors OF the trust company BY
= O'Clock the corridor was crowded. majority in
rfe tfrong being women
The -r7Ist cornpany's officials said late last night
thar there was no financial connection between the
First National Bank and the Monmouth Trust
.-orn7gnv that would imperl the standing Of the
lz-1er institution. They would not deny, however.
that the trust company might suffer through the
banks failure.
T9s7k examiner schoieId who is now in charge
Of the bank decIired TO make public the financial
condition Of the institution, but he volunteered the
informal tion that he did think there would be
any call on the stockholders to make Up any oe oe-
dciency-that The assets Of the bank would equal
its Liabilities.
The sudden closing Of the bank, it is said, was
rrecpitated by the demand Of the Controller Of the
Currency that the real estate held by the bank De
turned into cash once This the bank could not
do al the tine without sacrifice The bank has
been in poor condition for several years back but
Il has lost no money. il is asserted, Cor the last
eluAteen months The depreciation in value OF real
estate taken about ten years ago, together with
losses sustained through several big local failures
il is declared, absorbed the surplus Of $4,000 ana
the undivided profits
According reliable Information, the oahk Is
crippled TO the extent Of s525 600. and II Is
declared that the assets If they DO not equal this
amount will lall than $4,000 below IL
The bank had about 800 depostors. Mr. SchoheId
saws that thus far his examination reveals noth-
ing which would show any criminal conduct on the
mari of any one connected with the bank
ale This afternoon resident Twlnlng OF the
-r7Isr cornualy and President hroehl OF the bank
V.re il conference with Henry Stenbach, a
v.e.1-hy merchant OF this city, who represented
several business men S--0 are Wiling, II Is salo,
10 sss1,une The obligations OF the closed bank and
rao~szanize the institution sound financial
bas5s Ire proposition submitted to Receiver
ccbg-eld VINO relegraphed TO Washington. II q
TsVora ~ reply is received the bank viii be re-
o-gsulzed al once and be ready for business next
Tb4 closing OF the First National Bank and the
oovnua1v affected the Asbury Park
srS ocean Grove Bank in the least. The latter
.~orceru Open usual this morning. and there
Isrg were deposited ana several new accounts were
: = Patterson one Of. the directors OF the trust
oerrFsDv left here for Jersey City the noon
rrafr FSefore ne departed ne said Just how much
money p-as advanced the Frazer Mountain Cop
fer C'ornpanv OF New Mexico which was promoted
by President Twining Of the trust company can
The Sitv Of Asbury Park and James a Bradley
are among the depositors in the First National