Asbury Park National Bank, Asbury Park, NJ (Charter 3792)

The old Byram Building and former home of the Asbury Park National Bank, ca2022. The Asbury Park Press building is on the left. Courtesy of Google Maps

Asbury Park National Bank, Asbury Park, NJ (Chartered 1887 - Receivership 1891)

Town History

The Byram Building, Asbury Park, New Jersey, ca1889. The Asbury Park National Bank occupied the first floor.

Asbury Park is a beachfront city located on the Jersey Shore in Monmouth County in the U.S. state of New Jersey. It is part of the New York metropolitan area. As of the 2020 United States census, the city's population was 15,188.

A seaside community, Asbury Park is located on New Jersey's central coast. Developed in 1871 as a residential resort by New York brush manufacturer James A. Bradley, the city was named for Francis Asbury, the first American bishop of the Methodist Episcopal Church in the United States. The founding of Ocean Grove in 1869, a Methodist camp meeting to the south, encouraged the development of Asbury Park and led to its being a "dry town."

Bradley was active in the development of much of the city's infrastructure, and despite his preference for gas light, he allowed the Atlantic Coast Electric Company (precursor to today's Jersey Central Power & Light Co.) to offer electric service. Along the waterfront, Bradley installed the Asbury Park Boardwalk, an orchestra pavilion, public changing rooms, and a pier at the south end of that boardwalk. Such success attracted other businessmen. In 1888, Ernest Schnitzler built the Palace Merry-Go-Round on the southwest corner of Lake Avenue and Kingsley Street, the cornerstone of what would become the Palace Amusements complex; other attractions followed. During these early decades in Asbury Park, a number of grand hotels were built, including the Plaza Hotel.

Asbury Park had five National Banks chartered during the Bank Note Era, and four of those banks issued National Bank Notes. The Merchants National Bank (Charter 10932) was the national bank that chose not to issue National Bank Notes.

Bank History

Postcard of the Byram Building postmarked 1908. The Post Office occupied the building after the Asbury National Bank closed. Courtesy of Adam Stroup

Organized August 13, 1887
Chartered September 17, 1887
Receivership July 2, 1891

In July 1887, the new Asbury Park National Bank was fitting up a banking room in the Mikado Building. The organization was effected with the election of the following officers and directors: Egbert Towner, president; Stephen T. Willets, vice president; Harold E. Willard, cashier. The directors were Egbert Towner, William B. Byram, George D. Coward, John Rockafeller, John A. Githens, and J. Emory Barber, all of Asbury Park, and Stephen T. Willets of New York City. The bank had capital of $100,000. Upwards of $40,000 of the stock was held by residents of Asbury Park. The banking rooms were located on the first floor of the Mikado Building, directly fronting Railroad Square. The office fittings were chaste in design and handsome in finish. Quartered oak with Lincrusta Walton panels was used for the partitions between the waiting room and counting room. Twisted brass railing was used above the oak and polished brass railings were at the cashier's and bookkeepers' wickets. The fittings were from the Bonheur Decorative Company of Asbury Park. A Herring safe of Farrell & Co.'s patent, 2.8 X 4.6 X 6.6, with double doors and double combination locks, weighing 4,500 lbs. was installed. In addition a banker's safe was provided for the reserve fund and funds on deposit, weighing 6,500 lbs., also made by Farrell & Co. It was guarded by Sargent & Greenleaf latest improved time locks in addition to the two combination locks. The safe was guaranteed fire and burglar proof by its makers and $10,000 was posted to be paid to anyone able to effect an entrance in 48 hours. The Architect was F.V. Bodine and Contractor John M. Dey.

Egbert Towner and George D. Coward were active and successful businessmen of the Park. John A. Githens and J. Emory Barber were both large property owners in the Park. John Rockafeller was heavily interested in real estate, and was one of the solid men of the county. William B. Byram was a retired business man with a keen brain and wide experience. Stephen T. Willets was a New York gentleman of the wholesale grocery firm of S.T. Willets & Co., and connected with one of the oldest and largest banking institution of that city, and was also a large owner of Asbury Park property. The cashier, Mr. Willard, was known in Asbury Park as a gentleman of large banking experience and eminently qualified to perform the duties pertaining to the office. The new concern planned to open for business on or before the 10th of August. The bank opened to the public on Tuesday, September 20, 1886.

In January 1889, one of the youngest bank presidents in the country was George W. Byram.  On April 11, 1889, Mr. Byram, the son of William B. Byram, an original director of the bank, would marry Miss Anna R. Holbert of Chemung, New York.  George W. Byram of Newark, a former lawyer, was sentenced to seven years' imprisonment in January 1899 for forgery.  His parole was obtained in April 1902 by his wife who was persistent in the court of pardons ever since his incarceration.  The case of Byram attracted much attention in financial circles.  He was at the time of his arrest practicing law in Newark and carried a bank account with a well-known financial institution.  Byram deposited what was supposed to be a certified check from a Yonkers, New York bank for $15,000.  The check was discovered two days later to be a forgery as far as the certification went.  In the meantime, Byram had drawn numerous checks against his account which were paid without question.  His arrest and conviction speedily followed.

In August 1889, the new, white Indiana limestone Byram Building opened. The first floor of the building was divided into three business compartments. The front portion was occupied by the Asbury Park National Bank with entrance on Mattison Avenue. The banking space was divided into a counting room, directors' room, officers' room, ladies' room and with a large public corridor. The partitions were built of quartered oak set with beveled plate glass. The counters were also of quartered oak, floors of hardwood and those of the public room were tiled. The fire-places were massively built of stone and were surmounted by ornamented oaken mantels. The hearths were of polished tiles. The vault was built by the Marvin Safe Co. of New York and was 8X12X7 feet. The vault was of alternate layers of chrome steel, bolted and secured together to effect a drill-proof design. The vault was surrounded by three-feet-thick concrete walls. A massive outer door to the safe had 16 round polished locking bolts. Double combination locks and a Sargeant & Greenleaf time lock guarded the vault. Total weight of the vault came in at about 30 tons.

On Wednesday, July 1, 1891, local financial circles experienced a thrill of excitement when the suspension of the Asbury Park National Bunk was announced. National Bank Examiner George W. Stone of Wilmington, visited the Park on Tuesday, to investigate the affairs of that institution, which had been in trouble before. Shortly after the opening hour yesterday morning, he posted a notice on the front door to the effect that the bank was closed by order of the Comptroller of the Currency. The reason given was impairment of the capital stock. No specific charges of mismanagement were made, but the Examiner thought the stock and securities of the bank were so placed as to render it impossible to continue operations to advantage. Fifty or sixty thousand dollars of its one hundred thousand dollar stock were locked up in the Byram Building, and much of the paper held by the bank was unavailable for business purposes, and some of it worthless. The deposits had been small for some time past, and with the small amount of money at command, the bank was unable to carry any large line of discounts. The stockholders and depositors, as well as the directors themselves, were thunderstruck when they learned later in the day of the action taken by the Examiner. They were not aware that the bank was in a dangerous condition, and insisted that it was perfectly solvent, and that there were ample funds on hand to meet the obligations of the bank and to honor all checks of depositors as fast as presented. The stock of the bank had long been considered to be greatly depreciated, and if the assets were disposed of at forced sale, it was probable that the shares would hardly return half of their investment.

The Asbury Park National had never enjoyed its share of prosperity. It was organized, with favorable prospects of success in 1887 as the result of opposition to the First National Bank. George W. Byram, formerly an attorney of Asbury Park, but now practicing at 11 Wall Street, New York, was instrumental in its establishment, and was for two years, prior to March 1890, its president. It was during the regime of this young Napoleon of Finance that difficulties first beset the bank. Byram built the handsome and substantial white stone building at Emory Street and Mattison Avenue, which bore his name and which was subsequently owned and occupied by the bank. Into this mammoth monument of a young man's ambition went over $50,000 of the capital stock, and loans were made on all hands with unbounded liberality. Some of these investments were paid, and some still helped to make up the nominal assets of the bank. The investigation of the affairs of the Sixth National Bank of New York, which grew out of the operations of Pell and Classen and their accomplices, revealed the fact that the local concern was being made a tool to aid the wrecking scheme. Bank Examiner Robert E. James was sent to Asbury Park, and his investigations revealed a startling state of affairs. President Byram was the bank's chief borrower, having spent on his buildings, secured and unsecured $56,000 of the bank's money. These and other facts led to Mr. Byram's withdrawal from the bank, and under the presidency of Examiner James, a re-organization was effected, and an effort made to retrieve the shattered fortunes of the bank. The Byram Building, which cost $72,000, became the bank's property, and such of its collateral as was collectible was called in. The building had been a white elephant. Never more than three or four of its handsomely, furnished offices were occupied, and a great deal of the paper proved uncollectible. President James resigned after a short while and was succeeded by J. Emory Barber, of this place, who still acting as president. Harold E. Willard was cashier since the organization of the bank. Dr. H.S. Kinmonth was the vice president of the concern, and the directors were H.S. Kinmonth, J. Emory Barber, N.W. Penfield, H.C. Jelliff, George C. Johnson and James H. Matthews. The career of the bank of late had not been very successful. Its assets consisted mainly of the building, which was not marketable, and a lot of mortgages amounting to approximately $30,000. Something more might be realized on the paper and other securities, but much of this was badly depreciated or worthless. The objections of Examiner Stone rested chiefly on the fact of so much valueless paper was held by the bank and also on the locking up of so much of its capital in the building. The banking law prohibited banks from owning real estate, except for limited periods, when necessary to prevent loss in the recovery of debts, etc. The Examiner attached no blame to the present management. The loss to the stockholders was heavy, many poor persons having invested their all in the bank’s stock considering it a safe and profitable local investment.

Official Bank Title(s)

1: The Asbury Park National Bank, Asbury Park, NJ

Bank Note Types Issued

1882 Brown Back $10 and $20 from the bottom half of the proof sheet approved October 8, 1887. Courtesy of the Smithsonian Institution Archives

A total of $34,900 in National Bank Notes was issued by this bank between 1887 and 1891. This consisted of a total of 2,792 notes (2,792 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1882 Brown Back	3x10-20	1 - 698

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1887 - 1891):

Presidents:

Cashiers:

Harold Eugene Willard, 1887-1891

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Asbury Park, NJ, Wikipedia,
Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
Asbury Park Press, Asbury Park, NJ, Fri., July 29, 1887.
Monmouth Democrat, Freehold, NJ, Thu., Jan. 17, 1889.
The Daily Register, Red Bank, NJ, Wed., Apr. 17, 1889.
Asbury Park Press, Asbury Park, NJ, Fri., Aug. 30, 1889.
Asbury Park Press, Asbury Park, NJ, Thu., July 2, 1891.
The Morning Call, Paterson, NJ, Fri., Apr. 11, 1902.