Freehold Trust Company - Freehold, NJ

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: trust company
Start Date: January 7, 1932
Location: Freehold, New Jersey (40.260, -74.274)

Metadata

Model: gpt-5-mini
Short Digest: 9f8a4b6a

Response Measures

Full suspension, Books examined

Other: Placed affairs in hands of state Department of Banking and Insurance; later reorganized and reopened.

Description

January 1932 newspaper reports the Freehold Trust Co. placed its affairs in the hands of the state department of Banking and Insurance after a period of heavy withdrawals (run leading to state intervention/suspension). September 1932 articles list the Freehold Trust Company among re-opened banks in New Jersey, indicating it later resumed operations.

Events (3)

1. January 7, 1932 Run

Cause: Local Banks
Cause Details: Heavy withdrawals amid regional bank closings and runs in nearby cities (generalized run contagion following other bank failures).
Measures: Placed affairs in hands of the state Department of Banking and Insurance (state intervention).
Newspaper Excerpt: The Freehold Trust Co. of Freehold, Monmouth County, New Jersey placed its affairs in the hands of the state department of Banking and Insurance after a period of heavy withdrawals.
Source: newspapers

2. January 7, 1932 Suspension

Cause: Government Action
Cause Details: State department assumed the bank's affairs after heavy withdrawals (state intervention/suspension of normal operations).
Newspaper Excerpt: placed its affairs in the hands of the state department of Banking and Insurance
Source: newspapers

3. September 1, 1932* Reopening

Newspaper Excerpt: The re-opened banks the Freehold Trust ... (listed among banks re-opened in New Jersey during the past year).
Source: newspapers

Newspaper Articles (5)

1. January 7, 1932 The Daily Worker New York, Chicago, NY

Article from The Daily Worker, January 7, 1932

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Article Text

HARTFORD BANKS SHAKEN BY LONG RUNS ON MONDAY Savings Banks, Gov't Postal Savings Are Stormed In City HARTFORD, Conn. - Following the closing of the city bank and trust Co., the East Hartford Trust Co. Saturday, a run of major proportions developed here Monday when depoitors of all savings banks and governmental postal savings stormed the banks and formed long, insistent lines until the Federal Reserve Bank of Boston rushed $1,000,000 to meet the demands of the depositors. Banks thruout the city immediately invoked the rule of ninety days notice for withdrawals. All day Monday anxious crowds formed in front of all savings banks here, as well as the postal savings, calling for a return of their deposits. Bank officials are seeking to cover up the seriousness of the situation by the usual promises of "rehabilitation" and "need for confidence." . * The Freehold Trust Co. of Freehold, Monmouth County, New Jersey placed its affairs in the hands of the state department of Banking and Insurance after a period of heavy withdrawals. Depositors Try Recover Money. Desperate because of the closing of the People's State Bank of Monck's Corner, S. C., two depositors forced an entrance into the closed bank and took $2,000, a sum equal to that which they had in deposits at the time of the bank closing. The two depositors later surrendered to the sheriff, after burying the money they took.

2. April 19, 1932 The Daily Record Long Branch, NJ

Article from The Daily Record, April 19, 1932

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Article Text

AN OPTIMISTIC OUTLOOK Business improving over Monmouth County financial condition during the Great improvement the country's noted less an authority than Col. first of the year by no quarter and vice president of the CleveLeonard Ayres, business analyst Trust company. have almost ceased, and Mr. Ayres observed that bank suspensions held idle being returned in steady flow to that being is money the banks, and thus being put back into circulation. "All over the country," says Colonel Ayres, "banks are paying down to the banks, and credit conditions are steadtheir indebtedness reserve Nevertheless, bank loans and deposits continue becoming easier. to shrink because of business inactivity, and so we have the anomalous condition continued credit when credit expansion is needed, and under conditions which should stimulate credit expansion. "There little evidence of the normal spring expansion in business activity," Colonel Ayres found, but concerted and courageous drive for new business being made everywhere by the manufacturers of low priced automobiles." Opening of the New Jersey Trust company in Long Branch and the expected opening of the Freehold Trust company has done much inject optimism into business.

3. September 8, 1932 The Record Hackensack, NJ

Article from The Record, September 8, 1932

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Article Text

REVIVED BANKS TO YIELD STATE CASH Jersey Income Jumps As They're ReOrganized. re-openings banks closed in New Jersey during the past year are leasing state the Treasury need adequate revenues for Records of the Treasurer's office has repaid and added to the state's curtailed income The largest deposit affected by closing. held by the Peoples' National Bank and Trust the Elizabeth Trust Company. Reof $330,000 made and payment the balance Approximately $10,000 of deposits totaling in repaid of five banks released The re-openbanks the Freehold Trust First National Bank Merchantville Trust First National Bank Ocean City, the Port Newark National In fifteen closed banks however none which been Among Jersey Nabanks Bank and Trust Company, tional Newark. closed recently, with deposit of $180,000.

4. September 8, 1932 The Record Hackensack, NJ

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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

5. December 22, 1932 The Jersey Journal Jersey City, NJ

Article from The Jersey Journal, December 22, 1932

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Article Text

FALLON (Continued) but told of the information he received from the Fallon Steneck together to put this thing The witness also said he made freTrenton and quent tice settle North Bergen Township affairs and secure old North notes there decision Circuit Court Brown appeals of prop Probe Counsel Shelton Pitney called probe stand about by Henry He Trust New built up had balance In deposits of the which the Fnishing ship and matter the sade made the He said Jan 1932 Frank paid arrears garage 589 Park West from the personal account and after the hundred The for the benefit property by which property and Fallon held mortgage the this CounPitney turned his direct examination matters volving Hetfleld judge the Court of Appeals, Banking given by Judge told he celved in bank liquidation some which approved Smith general counsel for ComFebruary 1932 to totaling pending time $40 day judge the Court of Errors and Appeals The first allowances he told about $15,000 the Morsemere Bank paid to Lawyer Patrick H. Hickensack services an addition of this case bringing matter Questioned the amount time he the case answered tended many conferences did much securing indictments against officials kept no record his In the People's Bank and Trust Judge Hetfield received ances by ViceBuchanan He said the not Other testified to were in the Lyndhurst Trust which approved by Vicethe South the Jersey Trust Company Long Branch matter in which the fee was small from the and Mortgage Hetfield said he was named counsel the of the Steneck Trust Jersey City and Trust but that he Judge Hetfield he sug. geste. Commissioner Smith that another counsel appointed because he said felt that getting overloaded and besides banks North Jersey. Judge Hetfield Hetfield that Judge Brown recelved fees each but Judge Brown paid him me were not by "Judge Brown called me and said he wanted me for the which had done the month before he was Judge told of receiv$750 the Freehold Trust which he ceeded John Milton counsel. He this bank has since opened. The witness was quoted having agreed with Judge Carrick there doubt priety member Court of Appeals judges cisions might be appealed in his Fallon's letter to Advisory Master Carrick the discussed feature today session being freely predicted the make during master predictions based on the letter which pointed out failed specifically that ViceChancellor would appear and take Regarding any probability that the the which might indicate lead to the belief would ap. assure will acquaint myself the tranenable reply thereto by Friday of next letter follows "Owing the necessity of my devoting my attention this unable read much the transcript which Hoboken Monday take the ter tomorrow for continued presume will receive from Saturday transcript of the proceedings had and such had before be the latter respect thereto Wednesday assure strive acquaint myself transcripts enable thereto by Friday reported today Hudson County come discussion attempt would made that the