First National Bank - High Bridge, NJ

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5333
Charter Number: 5333
Start Date: January 27, 1913
Location: High Bridge, New Jersey (40.667, -74.896)

Metadata

Model: gpt-5-mini
Short Digest: 26c55a78

Response Measures

None

Receivership Details

Date receivership started: 1932-03-30
Date receivership terminated: 1932-12-12
Share of assets assessed as good: 11.8%
Share of assets assessed as doubtful: 82.9%
Share of assets assessed as worthless: 5.3%

Description

Article (dated 1913-01-27) reports the First National Bank of High Bridge as a closed bank while a U.S. bank examiner investigates large defalcations by cashier Abraham L. Beavers. No run is described; the bank is closed and appears headed toward failure/receivership.

Events (6)

1. May 5, 1900 Chartered

Source: historical_nic

2. January 27, 1913 Other

Newspaper Excerpt: Abraham L. Beavers, the churchgoing cashier of the First National Bank, of High Bridge, whose defalcations may be found to run in the hundred thousands, has not yet found it convenient to surrender himself.
Source: newspapers

3. January 27, 1913 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier Abraham L. Beavers confessed to large defalcations (alleged $82,000; possibly much larger), prompting the bank to be closed while examiner investigates.
Newspaper Excerpt: United States Bank Examiner Alvin L. Fowler is still at work on the books of the closed bank
Source: newspapers

4. March 30, 1932 Receivership

Source: historical_nic

5. December 12, 1932 Restored To Solvency

Source: historical_nic

6. October 28, 1947 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. January 27, 1913 Newark Evening Star and Newark Advertiser Newark, NJ

Article from Newark Evening Star and Newark Advertiser, January 27, 1913

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Article Text

BEAVERS HAS NOT YET SURRENDERED U. S. Marshal Says He Thinks Bank Defaulter Will Do So Tomorrow. Abraham L. Beavers, the churchgoing cashier of the First National Bank, of High Bridge, whose defalcations may be found to run in the hundred thousands, has not yet found it convenient to surrender himself. United States District Attorney Vreeland said today that he thinks the bank official will do so tomorrow. In that event Beavers, according to the schedule he is said to have putlined himself, will present himself at the office of United States Commissioner Richard Stockton in the Prudential building. At least that is what the self-confessed stock gambler is expected to do. Meanwhile United States Bank Examiner Alvin L. Fowler is still at work on the books of the closed bank in an effort to find out how much the peculations of Beavers exceed the $82,000 he is alleged to have confessed to having taken. At the bank it is said that Beavers is thought to be in Brooklyn. He was to have surrendered today, but his counsel, former Governor Foster M. Voorhees, had to go to Washington on urgent business. DistrictAttorney Vreeland is in Trenton attending the United States District Court.