gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bd48b62405153f0f
Response Measures
Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health, Full suspension, Books examined
Receivership Details
Depositor recovery rate
12.8%
Date receivership started
1932-11-18
Date receivership terminated
1941-02-28
Share of assets assessed as good
7.6%
Share of assets assessed as doubtful
63.3%
Share of assets assessed as worthless
29.1%
Description
Bank temporarily closed after president's suicide (Oct 1931), reopened Mar 23, 1932, then placed in hands of Comptroller Nov 17–18, 1932.
Events (6)
1.December 21, 1901Chartered
Source
historical_nic
2.October 8, 1931Run
Cause
Rumor Or Misinformation
Cause Details
News of the president's suicide triggered depositor panic and a run.
Measures
Bank officers decided to close the bank temporarily to prevent a possible run.
Newspaper Excerpt
When word of his death became known, run started which resulted in the bank closing.
Source
newspapers
3.October 8, 1931Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors closed the bank immediately after the president's suicide to prevent further withdrawals.
Newspaper Excerpt
The doors of the bank were closed and its affairs in the hands of a national bank examiner; directors had decided to close it temporarily to prevent a possible run.
Source
newspapers
4.March 23, 1932Reopening
Newspaper Excerpt
The First National Bank which reopened last March 23 after having been closed since October 8, 1931, did not open today (Nov. 18, 1932).
Source
newspapers
5.November 17, 1932Receivership
Newspaper Excerpt
The board of directors ... have placed the affairs of this institution in the hands of the comptroller of the currency, Washington, as of the close of business November 17, 1932.
Source
newspapers
6.November 18, 1932Receivership
Source
historical_nic
Newspaper Articles (22)
1.October 9, 1931The Daily JournalVineland, NJ
Article Text
Ocean City Bank Safe Tho Closed
Communal Leaders Sign Statement Following President's Suicide Yesterday
Belief that the First National Bank of Ocean City would be opened within week, was the resort city today by Clyde Struble, vice president and cashier. The bank closed yesterday following the suicide of Hiram Mowrer, persident of the bank, who dove into shallow water from jetty near Morningside Avenue, at the northern end of the Boardwalk Believing that news of the death would create run, the bank offi cers decided to close the bank yes terday. Before ending his life Mowrer penned the following note on a circular: "Unless this old world gets back to God it is lost, know. am so tired of it all, as the spirit was there, but the flesh was weak.' Dr. Herschel Pettit, Mowrer's attending physician, said he had been ill for several months and his asso ciates at the bank urged him to take vacation last August.
2.October 9, 1931Daily NewsNew York, NY
Article Text
N. J. BANK CLOSES AFTER PRESIDENT DROWNS HIMSELF
(Special to The News) Ocean City, N. J., Oct. 8.-A short time after the body of Hiram S. Mowrer, 58, president of the First National Bank of Ocean City, was found on the beach here today with evidence pointing to suicide, the doors of the bank were closed and its affairs in the hands of a national bank examiner, Under a pebble near the spot where the body was washed ashore was found a note in Mowrer's handwriting which said: "Unless this old world goes back to God it is lost. (I know. I am so tired of it all.) 'As the spirit was there, but the flesh was weak.' William G. Abbott, vice president of the bank, said its affair were in excellent shape, but the directors had decided to close it temporarily to prevent a possible run. The bank is the oldest in Cape May County. Mowrer had been connected with it twenty-nine years.
3.October 9, 1931Daily NewsNew York, NY
Article Text
N. J. BANK CLOSES AFTER PRESIDENT DROWNS HIMSELF
(Special to The News) Ocean City, N. J., Oct. 8.-A short time after the body of Hiram S. Mowrer, 58, president of the First National Bank of Ocean City, was found on the beach here today with evidence pointing to suicide, the doors of the bank were closed and its affairs the hands of a national bank examiner. Under a pebble near the spot where the body was washed ashore was found a note in Mowrer's handwriting which said: "Unless this old world goes back to God it is lost. (I know. I am so tired of it all.) 'As the spirit was there, but the flesh was weak.' William G. Abbott, vice president of the bank, said its affairs were in excellent shape, but the directors had decided to close it temporarily to prevent a possible run. The bank is the oldest in Cape May County. Mowrer had been connected with it twenty-nine years.
4.October 9, 1931Daily NewsNew York, NY
Article Text
N. J. BANK CLOSES AFTER PRESIDENT DROWNS HIMSELF
(Special to The News) Ocean City, N. J., Oct. 8.-A short time after the body of Hiram S. Mowrer. 58, president of the First National Bank of Ocean City, was found on the beach here today with evidence pointing to suicide, the doors of the bank were closed and its affairs in the hands of a national bank examiner. Under a pebble near the spot where the body was washed ashore was found a note in Mowrer's handwriting which said: "Unless this old world goes back to God it is lost. (I know. I am 80 tired of it all.) 'As the spirit was there, but the flesh was weak.' William G. Abbott, vice president of the bank, said its affair were in excellent shape, but the directors had decided to close it temporarily to prevent a possible run. The bank is the oldest in Cape May County. Mowrer had been connected with it twenty-nine years.
5.October 9, 1931Daily NewsNew York, NY
Article Text
N. J. BANK CLOSES AFTER PRESIDENT DROWNS HIMSELF
(Special to The News) Ocean City, N. J., Oct. 8.-A short time after the body of Hiram S. Mowrer, 58, president of the First National Bank of Ocean City, was found on the beach here today with evidence pointing to suicide, the doors of the bank were closed and its affairs in the hands of a national bank examiner. Under a pebble near the spot where the body was washed ashore was found a note in Mowrer's handwriting which said: "Unless this old world goes back to God it is lost. (I know. I am SO tired of it all.) 'As the spirit was there, but the flesh was weak.' William G. Abbott, vice president of the bank, said its affairs were in excellent shape, but the directors -nad decided to close it temporarily to prevent a possible run. The bank is the oldest in Cape May County. Mowrer had been connected with it twenty-nine years.
6.October 17, 1931Press of Atlantic CityAtlantic City, NJ
Article Text
Scorns Advice Opening of First National Prosecutor Hand Hits Back Director Confidence in Expresses at Cape May Co. Group; Future No Special
OCEAN reopening of the First National bank in this city has been delayed because the fedbank examiner assigned to the of making the audit, Rantask busy Atlantic has been City the board the closed institution. closed after the The sudden death of Hiram protective president. of run measure the Confidence the bank by local residents Merchants continue accept First National bank checks This part much quiet nervous depositpeople At the National bank, the George Groff. reports has been deposited than cessor being considered by the directors. expected that when the opening. the name the ing made known.
OCEAN CITY Prosecutor Millet of Cape May may have prosecute the case of the State Joseph Champion, present freeholder and former mayor of Ocean City, charges having sold his automobile the county of Cape May while he member the county governing body. after the indictment Champion the grand jury, that he would outside counsel 'prosecute friend, hard for him to Cham for many that Hand made request Justice Ralph Donges for the county. no cutor has named, but understood that Judge has assigned assistant to Mr. The reported to been by Judge Donges to Atlantic and known parties the The Union Republican organization of Cape drafted resolution and warded copy Mr. the press, calling upon Mr. Hand do his sworn and taxpayers additional expendispecial prosecutor. reply resolution, Mr. Hand conduct office of prosecutor vast public importance and not such egotist think my judgment the right thing to do, always perfect. "When do seek advice, however, will from the Supreme court and the attorney general the state not from irresponsible groups of persons trying to create political capital.
7.October 17, 1931Press of Atlantic CityAtlantic City, NJ
Article Text
Italian Club Mourns Sudden Death Of
OCEAN The Ocean City Italian Independent club honored the meeting memory Hiram Mowrer, ended his this week The club members voiced his passing. presiFirst National bank. dent had befriended the club of members and they high praise of him. Resolutions were passed placing the greatest confidence First National bank, which closed followthe his sudden death ing news protective in the Ocean City National bank.
8.October 17, 1931Press of Atlantic CityAtlantic City, NJ
Article Text
Scorns Advice Bank Opening
Director of First National Prosecutor Hand Hits Back Expresses Confidence in at Cape May Co. Group; Future No Special Prosecutor
OCEAN reopening of OCEAN the First National bank in this city Millet has been delayed because the fed- may have eral bank examiner assigned to the the State task making the Ran- present som has been busy the Atlantic mayor having City bank according the county Edwards. board directors the closed institution. erning bank closed after sudden death Hiram Mowrer. president. week protective that he of the bank, Edwards bank by local residents tinue accept First National bank checks part request much quiet nervous depositbusiness people county the Ocean City National bank cutor has the cashier, George Groff. reports understood money been deposited than assigned has been withdrawn The selection Mr Mowrer's selected being considered directors. expected that when made concern- The ing opening name the tion of president will be made known.
Prosecutor Hand, of Cape May county, prosecute the case Joseph Champion, freeholder and former Ocean City charges automobile of Cape member the county body. Hand after the indictment Champion the jury, would friend, would hard for him with Chammany Hand made Ralph Donges proseJudge Donges assistant to Mr. Hand have been Donges said Atlantic known to parties Union Republican organizaCape county drafted several ago and warded copy Hand and the press, upon Mr. Hand do sworn taxpayers expendispecial prosecutor reply resolution, Hand conduct the office prosecutor vast pubimportance and egotist think my judgment the right thing do, always perfect do seek howfrom the Supreme court the general state not irresponsible groups persons trying to create political
9.March 24, 1932The Daily NewsPassaic, NJ
Article Text
New Merchantville Bank Opens Next Month Taking Place Of Two That Closed
With more than $300,000 worth stock sold to citizens in blocks few shares each, officials announced that the new Merchantville National Bank and Trust Company will open next month. The institution will take the two banks closed last fall. place of
Ocean City Banks Reopens
OCEAN First National Bank of Ocean It closed five months ago and was the first closed the state 3 reopen.
Banks Reopen Aiding State's Sliced Funds
Trenton — (AP) — Liquidation and reopenings of banks closed in New Jersey during the past year are releasing state deposits to the Treasury, now in need of adequate revenues for administrative operations.
Records of the Treasurer's office show approximately $475,000 has been repaid and added to the state's curtailed income.
The largest deposit affected by a closing, $1,700,000, was held by the People's National Bank and Trust Company, Elizabeth, consolidated with the Elizabeth Trust Company. Repayment of $330,000 was made and the balance is available.
Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and reopening of five banks released $130,000. The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, The First National Bank of Ocean City, and The Port Newark National Bank.
In 15 closed banks, however, approximately $261,000 is held, none of which has been released. Among these banks is the New Jersey National Bank and Trust Company, of Newark, closed recently, with a deposit of $180,000.
Banks Reopen Aiding State's Sliced Funds
Trenton — (AP) — Liquidation and reopenings of banks closed in New Jersey during the past year are releasing state deposits to the Treasury, now in need of adequate revenues for administrative operations.
Records of the Treasurer's office show approximately $475,000 has been repaid and added to the state's curtailed income.
The largest deposit affected by a closing, $1,700,000, was held by the People's National Bank and Trust Company, Elizabeth, consolidated with the Elizabeth Trust Company. Repayment of $330,000 was made and the balance is available.
Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and reopening of five banks released $130,000. The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, The First National Bank of Ocean City, and The Port Newark National Bank.
Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and reopening of five banks released $130,000. The reopened banks include the Freehold Trust Company, The First National Bank and Trust Company, Merchantville, The Merchantville Trust Company, The First National Bank of Ocean City, and The Port Newark National Bank.
In 15 closed banks, however, approximately $261,000 is held, none of which has been released. Among these banks is the New Jersey National Bank and Trust Company, of Newark, closed recently, with a deposit of $180,000.
13.September 8, 1932The RecordHackensack, NJ
Article Text
REVIVED BANKS TO YIELD STATE CASH
Jersey Income Jumps As They're Reorganized.
(By Associated Press)
Trenton, Sept. 8.—Liquidation and re-openings of banks closed in New Jersey during the past year are releasing state deposits to the Treasury, now in need of adequate revenues for administrative operations.
Records of the Treasurer's office show approximately $475,000 has been repaid and added to the state's curtailed income
The largest deposit affected by a closing, $1,700,000, was held by the Peoples' National Bank and Trust Company, Elizabeth, consolidated with the Elizabeth Trust Company. Repayment of $330,000 was made and the balance is available.
Approximately $10,000 of deposits totaling $25,000, in six banks, has been repaid and re-opening of five banks released $130,000. The re-opened banks include the Freehold Trust Company, the First National Bank and Trust Company, Merchantville, the Merchantville Trust Company, the First National Bank of Ocean City, and the Port Newark National Bank.
In fifteen closed banks, however, approximately $261,000 is held, none of which has been released. Among these banks is the New Jersey National Bank and Trust Company, of Newark, closed recently, with a deposit of $180,000.
14.September 8, 1932The RecordHackensack, NJ
Article Text
REVIVED BANKS TO YIELD STATE CASH
Jersey Income Jumps As They're ReOrganized. Press) Trenton. and re-openings banks closed in New Jersey the past year releasing state the now need adequate revenues for Records the Treasurer's office has been repaid and added to the state's curtailed income largest deposit affected by held the Peoples' National Bank and Trust Company, consolidated the Elizabeth Company Re$330,000 made the balance available. $10,000 of deposits totaling six banks been repaid and The ed banks the Freehold Trust Company, the First National Trust Merchantville, the Merchantville Trust Company, the First National Bank of Ocean City, and the Port Newark National Bank In fifteen closed banks. however which been released. Jersey Na. these banks tional Bank and Trust Newark. recently, with deposit
15.November 18, 1932Evening CourierCamden, NJ
Article Text
OCEAN CITY BANK CLOSES DOORS AGAIN
Directors of First National Turn Institution Over to Federal Department
Ocean City, Nov. 18.—The First National Bank which reopened last March 23 after having been closed since October 8, 1931, did not open today.
At a special meeting of the board of directors last night, the following statement was prepared and posted on the doors this morning:
"The board of directors of the First National Bank have placed the affairs of this institution in the hands of the comptroller of the currency, Washington, as of the close of business November 17, 1932. This action is due to the continual withdrawal of deposits and the inability to realize on these assets." The notice was signed by William G. Abbott, president, the First National Bank.
Mr. Abbott, who was elected president only two weeks ago succeeding William H. Collisson, Jr., said that constant seepage of deposits over a prolonged period had made the action necessary.
Neither he nor any other official of the bank would amplify the statement.
Mr. Collison, who was elected president before the bank reopened, is commonly credited with having
16.November 19, 1932Courier-PostCamden, NJ
Article Text
OCEAN CITY BANK CLOSES DOORS AGAIN
Directors of First National Turn Institution Over to Federal Department
Ocean City, Nov. 18.-The First National Bank which reopened last March 23 after having been closed since October 8, 1931, did not open today. special meeting of the board of directors last night, the following statement was prepared and posted on the doors this morning board of directors of the First National Bank have placed the affairs of this in the hands of the comptroller of the currency, Washington. as of the close of busiNovember 1932. This action ness is due to the continual withdrawal of deposits and the inability to realize assets." The notice was on signed by William G. Abbott, president, the First National Bank. Mr. Abbott, was elected president only two weeks ago succeeding William H. Collisson, said that constant seepage of deposits over prolonged period had made the action necessary. Neither he nor any other official of the bank would amplify the statement. Mr. Collison, who was elected president before the bank reopened, is commonly credited with having brought about its reopening. At the time of its closing in October. 1931 he was member of the board of directors. He was instrumental in obtaining a loan of $500,000 from the Reconstruction Finance Corporation, which enabled the bank to reopen. When the institution reopened it was found to be in unusually liquid condition. Civic leaders joined in expressing confidence in the solvency of the bank, which closed day after the suicide of its president, Hiram S. Mower Mowrer's suicide by drowning in the ocean is believed to have been the result of nervous breakdown. When word of his death became known, run started which resulted in the bank closing. The posting of the notice on the bank doors today groups of depositors to gather in front of the door, but there was no disorder. The closing the bank, organized January 1902, leaves band here, the Ocean City National Bank, which opened about nine years ago. The latter institution experienced no run during previous bank disorders and its officers declared they were expecting no unusual withdrawals today. In November, 1930, the closed bank took over the Ocean City Title and Trust Co. The last statement of the closed bank, issued September 30, gives its resources as $3,332,924.3 and de# posits of $1,896,502.86. Mr. Collisson who has been city engineer here for many years, is said to have resigned because of 111 health.
17.March 1, 1933Courier-PostCamden, NJ
Article Text
BANK RECEIVER IN TEARS AFTER HANDLING BOMB
Ocean City, Feb. 28.-F Bower, for the First Na tional Bank Ocean City, had tearful bomb with which he been while were Fumes the pair from the building.
18.March 1, 1933Evening CourierCamden, NJ
Article Text
CONFERENCE IS CALLED BY P.-T.A. OF DIOCESE
Arrangements to attend the quarterly meeting of the Diocesan Parent-Teacher Association in St. Peter's school, Riverside, on March 23, will be made at a meeting of St. Joseph's Parent-Teacher Association, in St. Joseph's school, Twenty-ninth street and Westfield avenue, tonight.
Mrs. R. Schlitz, president of the St. Joseph association, will preside at tonight's meeting, and Mrs. Mary Walsh Kobus will preside at the quarterly meeting in Riverside.
BANK RECEIVER IN TEARS AFTER HANDLING BOMB
Ocean City, March 1.—F. E. J. Bower, receiver for the First National Bank of Ocean City, had a tearful experience last night. A gas bomb with which he is said to have been tinkering, exploded while he and a bookkeeper were at work. Fumes drove the pair from the building.
19.March 7, 1933Courier-PostCamden, NJ
Article Text
BANK RECEIVER ORDERED TO TURN OVER ASSETS U. 8. District Court Judge J. Boyd ordered receiver for the closed First tional Bank of Ocean to turn over to trustee or trustees to named by the all assets cept of approximately worth of mortgage certificates now held by the These certificates what known circles one of was under the jurisdiction of the Ocean City Title & Trust Co., prior to with the First National Bank several years ago. and other charge of the First National Bank Judge order the result of application made by Mrs. May DeMrs. Delancey is the holder of eral thousand dollars' worth of the mortgage certificates. Robert K. counsel for the that the bank has cash hand of $16,000 collected since closed for the second time last No. He said that prior to its the bank had advanced 000 to
20.March 31, 1934Press of Atlantic CityAtlantic City, NJ
Article Text
May Pay Fund In Closed Bank
Receiver of Ocean City Institution Asks Court Permission to Distribute Trust
UP IN 1926 SET
CAMDEN. March Bower, receiver of the closed First National Bank of Ocean City in action filed in Federal Court here, asks permission to distribute the sets of $6000 trust fund set up in 1926 by Mrs. Amelia Feather for her three Because two of the three recipi ents the trust are minors, Judge John Boyd Avis named William Kramer Jr., deputy clerk of the District Court in Camden, guardian ad litem. The appointment of Kramer, was explained by Robert K. Bell, Ocean City, counsel for Bower, necessary for the purpose of defending the suit as far as the two minors are concerned. They are Evelyn, 12. and Ethel Feather, 19. sisters, and daughters of William Feather retired manufacturer, Collingswood, and Summer resident Ocean City. The other grandchild mentioned in the trust Miss Viola Dowman. of Boothwyn, Pa., who is over 21 years of The papers set out that on April 29, 1926. Mrs. Feather paid the First National Bank $6000 which was to be invested together with the income during the lifetime of Mrs. Feather Upon her death. Mrs Feather provided in her trust. the bank was pay divide equally the principal sum together with acinterest to the three girls. all of whom were her grandMrs. Feather died March 29. but the trust was not distributed according to the agreement. Bower sets up in his petition. The bank was closed by the Federal Comptroller of Currency Nov. 17. 1932 The trust consists at the present time of 60 shares of stock in an apartment house in Newark known as "No. Court Street, Inc.' Also in possession of the receiver is $25 of the original principal of $6000 and which has accumulated in cash income from the investment. Ernest Bartlett counsel for the Feather girls, while State Senator Rusling Leap, of Salem, represents Miss Dowman.
21.March 31, 1934Press of Atlantic CityAtlantic City, NJ
Article Text
May Pay Fund In Closed Bank
Receiver of Ocean City Institution Asks Court PerDistribute Trust mission to
UP IN 1926 SET
Bower, of the closed First National Bank of Ocean City, in an action filed in Federal Court here, asks distribute the of $6000 trust fund set 1926 by Mrs Amelia Feather for her three grandchildren. Because two of the three recipients the trust are minors, Judge John Boyd Avis named William Kramer Jr., deputy clerk of the District Court in Camden, as guardian ad litem. The appointment of Kramer, was explained by Robert K. Bell, of Ocean City, counsel for Bower, necessary for the purpose of defending the suit as far as the two minors are concerned. They are Evelyn. and Ethel Feather, 19. sisters. and daughters of William H Feather, retired manufacturer, of Collingswood, and Summer resident Ocean City The other grandchild mentioned in the trust Miss Viola Dowman. of Boothwyn, Pa., who is over 21 years of
The papers set out that on April 1926. Mrs Feather paid the First National Bank $6000 which was be invested together with the income during the lifetime of Mrs. Feather Upon her death. Mrs Feather provided in her trust. the bank was pay and divide equally the principal sum together with to the three cumulated girls. all of whom were her grandchildren Mrs. Feather died March 29. 1931 but the trust was not according to the agreement. Bower sets up in his petition. The bank was closed by the Federal Comptroller Currency Nov 1932. The trust consists at the present New time of 60 shares of stock in an apartment house in Newark known as 'No. 91 Court Street, Inc." Also in possession of the receiver $25 of the original principal of $6000 and which has accumulated in cash income from the investment Ernest Bartlett counsel for the Feather girls, while State Senator Rusling Leap, of Salem, represents Miss Dowman.
22.April 19, 1934Courier-PostCamden, NJ
Article Text
DECISION RESERVED SHORE BANK SUIT
Receiver for Ocean City First National Disputes $50,000 Loan Action
Federal District Judge Boyd terday reserved suit by against closed Bank of Ocean the Jersey Company Company subsidiary of City Electric Agincourt Land ComCompany the CenLight and the Each November 17. time the for the of needed money ? to four the bank mention
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.