14221. Ocean Grove National Bank (Ocean Grove, NJ)

View Charter #5403 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
5403
Charter Number
5403
Start Date
December 24, 1931
Location
Ocean Grove, New Jersey (40.212, -74.007)

Metadata

Model
gpt-5-mini
Short Digest
38d7eb2c

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
74.5%
Date receivership started
1932-01-26
Date receivership terminated
1940-04-11
Share of assets assessed as good
24.7%
Share of assets assessed as doubtful
67.1%
Share of assets assessed as worthless
8.2%

Description

Heavy withdrawals (linked to other shore-bank failures) caused the Ocean Grove National Bank to suspend at noon on Dec 24, 1931; the Controller of the Currency later placed the bank in receivership (receiver appointed Jan 29–30, 1932). Depositors' committees and reorganization efforts were active in 1932–1934 (campaigns to reopen, RFC loan authorization to the receiver in 1934), but the bank remained in receivership and attempts to obtain a new national charter were refused in Aug 1934. Thus the suspension following a run led to permanent closure/receivership.

Events (8)
1. June 6, 1900 Chartered
Source
historical_nic
2. December 24, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals precipitated by failures and suspensions of other Monmouth County/shore banks (Seacoast Trust Company and other local bank closings) produced runs and heavy withdrawals at Ocean Grove National.
Measures
Board closed the bank at noon to conserve assets; Controller of the Currency to take charge.
Newspaper Excerpt
When it appeared that the withdrawals were continue the board of directors decided to suspend and turn the bank over to the Controller of the Currency to conserve its assets.
Source
newspapers
3. December 24, 1931 Suspension
Cause
Local Banks
Cause Details
Board action to suspend following heavy withdrawals linked to other local bank failures and general unrest in Monmouth County; directors cited conserving assets and Controller of the Currency to take charge.
Newspaper Excerpt
Ocean Grove, N. J., Dec. 24-The Ocean Grove National Bank here suspended at noon. notice posted on the door of the bank announced that the bank had been closed by action of the board of directors to conserve its assets and that the Controller of the Currency would take charge.
Source
newspapers
4. January 26, 1932 Receivership
Source
historical_nic
5. January 29, 1932 Receivership
Newspaper Excerpt
William H. Weart, Bound Brook, been appointed Ocean Grove [National] Bank [receiver]. The comptroller of the currency announcing the appointment ... the closed Bradley Beach National Bank [also].
Source
newspapers
6. June 21, 1934 Other
Newspaper Excerpt
The depositors' committee of the Ocean Grove National bank yesterday signed accounts for First National bank, leaving but 300 accounts be signed ... Every effort will be made by members ... to bring the campaign to a successful close ... to release cash to depositors and represent RFC loan as part of reorganization efforts.
Source
newspapers
7. August 8, 1934 Other
Newspaper Excerpt
Aug. report ... revealed it had authorized loans to New Jersey banks ... The Ocean Grove National Bank, receiver, $188,000; ... (RFC authorization for loan to the bank in receivership).
Source
newspapers
8. August 18, 1934 Other
Newspaper Excerpt
TREASURY REFUSES CHARTER FOR NEW GROVE BANK ... If no further effort made, the committee will secure prompt payment dividend to depositors. The Treasury Department explained ...
Source
newspapers

Newspaper Articles (19)
1. December 24, 1931 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, December 24, 1931

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5 Small Banks Fail to Open Waterbury. Conn., Dec. 24 (AP)Kazemekas & Co., private bankers here since 1908. and capitalized at $100,000. failed to open today. The Merchants Trust Company, which suspended yesterday. was its depository. This, together with heavy withdrawals yesterday caused the suspension, officials said. The bank has deposits of about $300,000 Application for receivers for the Merchants Trust Company and for Sandits & Trauris, private bankers. who didn't open yesterday, was to be made today. Penna. Bank Closed Cornwells State Bank at Cornwells Heights. north of Philadelphia, closed its doors today and announced the business had been turned over to the State Banking Department. A notice posted on the door said the officers decided on the move because of heavy withdrawals and to protect depositors. Ocean Grove National Ocean Grove, N. J., Dec. 24-The Ocean Grove National Bank here suspended at noon. notice posted on the door of the bank announced that the bank had been closed by action of the board of directors to conserve its assets and that the Controller of the Currency would take charge. The bank has resources of $2,263,622 and deposits of $1,975,649. according to its statements on the last bank call day. Jersey Closing Bradley Beach, N. Dec. 24The First National Bank of Bradley Beach closed today in the face of heavy withdrawals. It had opened for business as usual in spite of the fact that heavy withdrawals were made yesterday. When it appeared that the withdrawals were continue the board of directors decided to suspend and turn the bank over to the Controller of the Currency to conserve its assets The First National is the sixth bank to close in Monmouth County within three days. Connecticut Bank Closed New Haven. Conn., Dec. 24 (AP)-The West Haven Bank & Trust Company, with deposits of about $2,700,000, remained closed today The institution was combination of the former West Haven Bank Trust Company and the Home Bank & Trust Company, which merged last April with a capital $100,000. The State Manual listed savings deposits of $1,875,375.38. commercial deposits of undivided profits of $47,777.94 and surplus of $30,770.67. Real Estate Exchange Lincoln BANKRUPTCY PETITIONS SLIPPER COMPANY. 320 and 384 Knickarbocker Ave.: involuntary. Liabilities alKings Highway: involuntary. Liabilities LOUIS LONSTEIN as BESSEL BABY CARRIAGE STORE, 339 Broadway: involuntary. Liabilities alleged. $1,277. NUGENT SHOE COMPANY INC., 77 Hall St.; involuntary. Liabilities alleged. EZRA HODOS as HODOS DEPARTMENT STORE. 140-20 Rockaway Boulevard. South Ozone Park: voluntary Lis. bilities about $7,000: assets. about $3,000. LOUIS HOLLANDER, grocer. 81-91 Bay 22d St.: voluntary. $115 MORRIS KAUFMAN, 6516 Bay Parkway: voluntary. Liabilities, $2. NELSON SPRINGER reporter. 30-01 39th Ave., Long City: voluntary Liabilities, $1,143; assets, $200.

2. December 24, 1931 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, December 24, 1931

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Trend Curb Stocks; Trade Quiet CURB EXCHANGE 2:45 P. M. TICKER PRICES See Later Edition for Closing Net 5 Small Banks Curb Bonds High Low Stock share Kirby Pet Kolster DOMESTIC Fail to Open BONDS $1,000 High 37 Lackaw See Alabama 81% 12% Aluminum 25% Lefcourt Kazemekas & Cc., private bankers LoneStGas Am Com 19% 18% here since 1908, and capitalized at 112% Fairly Steady but Net $100,000. failed to open today. High Low Stock share lots High Ticker De- 70 Tendency 43. The Merchants Trust Company, 1% Inv which suspended yesterday. was its Inv in Later Prices 3% Allegheny depository. This, together with MapesCM 3% Allied Mills Mass Exchange heavy withdrawals yesterday caused Curb 224 48 Co. the Aluminum Mavis again today in Am the suspension officials said The British MeadJohn Pow&Lt of the ismajority bank has deposits of about $300,000. Capital approximately 38% AmCP&L 20 Application for receivers for the eased off of AmCP Chain Company Merchants Trust Company and for Aluminum AmComA been constant has Cyana Sanditz & Traurig, private bankers. up around held Equities who didn't open yesterday, was to &Traction Light opening be made today from the Founders Louisiana & Amer 70. losing Penna. Bank Closed at from opened previous sale. Philadelphia, Dec. 24 (P)-The Marcibo Refining Company Fuel& Nat Cornwells State Bank at Cornwells 45%. Ford Mo- Invest around AmStaPS Heights. north of Philadelphia, did numerous fraction as NatP&L including Associated closed its doors today and anCities Service, 3% nounced the business had been NatSecInv AmU&G Share, Gulf turned' over to the State Banking & NatShTrm 8% Appalachian International Petrole- NatSugNJ Department. A notice posted on the Cities Utilities, Niagara Transit door said the officers decided on the 10 Arcturus and United Bradfd Pennroad 6% move because of heavy withdrawals Nat Gas American Cyanamid Arundel and to protect depositors fraction over the previous AssoElInd American Superpower 23% AsG&E M Ocean Grove National 24% 10 AsG&E Electric NiaHPw AssoG&E Ocean Grove, Dec. 24-The International SeNiaHPw AsLaund Ocean Grove National Bank here preferred registered Lobos Md suspended at noon notice posted points from the opening Sec on the the bank announced Standard Oil issues, Atlas Util 8% that the bank had been closed by the outstanding one AviaSecNEng Norden Cor action of the board directors to of nearly point conserve its assets and that the Conprice of yesterday Ind 19 Benef troller of the Currency would take Industries allotment BlissSEW charge The bank has resources of points, opening at Blue Ridge Ohio Copper $2,263,622 and deposits of $1,975,649. loss was recorded 38% 16 BlueRdg Brazil according to its statements on the May. Stern preferred, Brill tast bank call day Light & Power pre- PacG&E of 19% BufNEP 1.60 to around 40, show- Tin Corp Butler Bros. point from Jersey Closing Pandem Oil Bradley Beach. N Dec 24CAMCo Pantepec Gatineau 1-16 the Curb Exchange The First National Bank of Braddull. ParkeDav ley Beach closed today in the face % Canadian Mar. ParkrRusP heavy withdrawals. It had Carib Synd BANK CLOSED PenderGA opened for business usual in Carnat PennroadCp Dec. 23 (AP) The Celluloid spite of the fact that heavy with29% 29% PennP&L and Trust Company 13½ CenHG&E made yesterday When Phoenix near was CenPuSA it appeared that the withdrawals Mor St were continue the board of diby the State BankChain Stck St. statement by PitneyBP rectors decided to suspend and 20% Cities Ser bank said that turn the bank over to the Conthe 35% troller of the Currency to conserve the institution Colt Fire 22 its assets. The First National is withdrawals. Colum Prudential 256% 109 Comwith Ed the sixth bank to close in MonDec. The ComwhEd mouth County within three days. Trust Company here Pyrene today half an hour Connecticut Bank Closed 101 57% ConG&EB 3.60 was opened for busiConGEB 14% Raytheon New Haven. Conn. Dec. 24 (AP)108 taken over by the Reeves The West Haven Bank & Trust 17% of Banking and Reiter Fost Cons Retail Company. with deposits about the request of K. H. Thea Reliance 2,700,000. remained closed today. Cont Sh Reybarn president. 54% The institution was combinaRhodeIPS 2. tion of the, former West Haven 15 Cord Roan Roosevelt Bank & Trust Company and the 22 CorpSecC of governors of the Rossia Home Bank & Trust Company, Corroon Stock Exchange and the RyersonJT which merged last April with a 51% Curb Exchange have 15 Cosden capital $100,000. The State petitions of members 3% Creole Manual listed savings deposits of Regis Dec. 26. Cen Cr $1,875,375.38. commercial deposits Crown Crk Int. SeaboardUt undivided profits of Cuban Allied $47,777.94 and surplus of $30,770.67. Mex Selectd Ind Bank and Trust Dayton & Real Estate Exchange Sentry 44% Deere Shenan High. Sinkey Singer Aircraft Smith DixonJCru Penn Oil Sinkey, Dubilier Cond BANKRUPTCY PETITIONS Durant Mot Southern SOL DEITEL ORCHARD SHOE As 42d South SLIPPER COMPANY 320 and 384 Knick 24 Span who 25 erbocker Ave.: involuntary. Liabilities alSpiegel NatPw&L 5B 2030. Util Edison Br DEUTSCH OLANS. INC., grocers 1507 business Eisler El Kings Highway: involuntary. Liabilities Earle Stuart 108% EIB&S pf 56 Oh LOUIS LONSTEIN as BESSEL BABY last two ears CARRIAGE STORE 339 Broadway: invol has Niagara untary. Liabilities alleged, $1,277. Bro who will be the Stroock&Co Neisner NUGENT SHOE COMPANY, INC., 77 37% Share Stutz Mot Hall St.: involuntary. Liabilities alleged. Share SunrayO Nor 79% EmpG&F Swan HODOS EZRA HODOS EmpG&F New MENT STORE 140-20 Rockaway Boulevard. South Ozone Park: voluntary. LiaEurope Independ'c Evans Taggart Ind PeoGasL&C LOUIS HOLLANDER grocer. 81-91 Bay Tampa Technicolor 22d voluntary. Lincoln Tenn Metals Oil Am Shipyd Majestic Bay Parkway: voluntary. Liabilities, $2.Maryland Trans Mass FordMCan NELSON SPRINGER reporter, 30-01 Merch FordMLtd 39th Ave., Long Island City; voluntary. Tubize Foremost Foundtn Nat LEGAL NOTICES 12 Found Cor STATE OF NEW YORK, COUNTY OF do certify that 94 33 conduct GlobeUnd UdL&Pw 186 BroadGoldman Kings Gold UdPortoRico GorhmIn 10 that the real full names of true Verde persons the Dairy 180 Lenox Road GtA&P Dairy USElecPw facob 7337 Austin St., Forest Gulf Oil CHARLES LD. Stand HamiltonG Stand 40. this Hecla me appeared Helena Greenvald Hd and be known and the and they HumbleO duly to me that HydroElSe they JAMES McKENNA Huyler Corp Walker H Notary Hygrade th West Va File 1929) 90 Pw OF THE THE NEW WoolwthLtd .18 the free Wstchester Terr Ford, Eleanor Fin Lillian Gallagher D. see later for sales. Pub Va Srv Insul Inv 100 Isabell Kemp. Mary Bank Stocks Extras. Extras Extras. Eleanor Corrigan (Sister Mary Astor Blanche Pet. Cash share annually. sPayable Thomas Lavinia Securities Dealers Intercent last West 6'44 Genevieve when earned. no regular Int Pet r1/5th share Participating Tex 57% Send 4% Int Prod Corp. and Rights resides Lows previous close. Ex-Dividend Veronica Lafayette from net change. 991 New has preFOREIGN. of Collins & Aikman OHIO BANKS PAYING lately residing Produce Exchange Stocks BONDS Ticker $1,000 Collins & Aikman Corporation Officials of Ohio State Banking and Agr Sales New and subsidiaries report net profit for Department have concluded distriher be Basin Mont Mtg Bk the nine months ended Nov. 30. 1931, bution of the initial dividend totalMissouri therefore and each of you of $1,203,323. as compared with ing $11,500,000 to 137,000 depositors FinInd MtgBk hereby of four banks in Toledo which have Ger Mun $217,245 in the corresponding pe- held the Ger County Kings, on the day riod of 1930. After deducting pre- been closed four months. January in Guan&W Rys 5'58 why such not ferred dividends paid, amounting to Deutsch Tobe be Companies BOND OFFERINGS UP In testimony we caused $405,842, there remained $795,481 West TOTAL SALES New bond offerings during the Mendoza 7½ affixed Dealers available for common or $1.41 per Stock 9,420 George Albert common share, as compared with a past week totaled $48,000,000 against Parana our $19,020,000 in the preceding week the Borough deficit in the 1930 nine months. 21 INVESTORS EQUITY said and $9,897,000 in the same 1930 Gvt the day 1931 In a comparative statement of The Investors Equity Corporation week. earnings for the nine months ended Clerk of the Surrogate Court reports net income for the six Nov. 30, 1931 and 1930, operatmonths ended Nov. 30, 1931, was O. K. WILLIAMSON POST Saxon 21% ing profit of $1,908,068 was reported, $16,574 after expenses and taxes, The Interstate Commerce Comas against $1,196, 706 1930. Interest IN ORDER OF against $182,424 in the like period mission has authorized Frederick E. George gate earned amounted to $82,034, in comthe County notice parison to $44,752 last year. Deduct- Williamson to assume the position the Studeof 1930 Investments carried in the today the JOSEPHINE CORE ing $55,597 reservse for depreciation of director and president of the baker against balance sheet at adjusted cost of James (against in 1930) and $131,- New York Central Railroad and the the Stud they are required exhibit $11,482,070 had market or appraised Studebaker's subsidiary subscribers 000 reserve for taxes (against $15,- affiliate lines. place of Companies 000 in 1930), and inventory write-off value on Nov. 30 of $7,073,305. ling Cleary Studebaker and Pierce vice pr Arrow truckr. 261 Broadwa and City New or before the of $285,967 (against $592,747 in Since May 31, 1931, the company the truck corporation sales Securities GOLD FROM JAPAN manager Studebaker passenger cars. 1930, and adding $185,785 excess of has reacquired additional amounts The Yokohama Special Bank in- ENNIE WISWALL par value of preferred stock pur- of its own debentures to the extent MARRY SNOOK of $1,406,000 Series and $1,655,300 day shipped 30,000,000 yen in gold chased and held in Treasury over Please send check for and. it is understood. will ship 30. attorney cost (against $137,508 in 1930) re- Series B. making total of $4,349.more shortly to the United Eagle's Neediest Cases. reported 100 of both issues reacquired to sulted in net profit as Borough Manhattan York above.

3. December 29, 1931 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, December 29, 1931

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DUFFY GANGSTERS NATIONAL BANK RECEIVERS Grossman and Skale, Murder Witnesses, Men Arrested. FIND ONE WAS SLAIN WITH OTHER'S PISTOL Dec. (AP) Whether Sammy Grossman and Albert paid the gangland penalty for the Mickey their died fighting between themquestion for which police today sought an answer. today that the five bullets killed Albert last night came from pistol of Samuel Grosskilled almost instantly. He shot lice arrived the shooting his weapon. One cartridge was still ploded. fusillade of shots which rang out yesterday gambling den left slumped swivel chair his five his head. and Skale blood front window seriously wounded he died short gangsters been free in material witnesses in the Duffy which occurred in Atlantic City hotel summer. Six police are known have participated the garded some land execution. Five them are custody known authorHerman was being sought. Two those held, Harry Blum Raymond Boyne, hospital broken suffered leaping from the building in which the shooting occurred. The other three are Max Rice. keeper the gaming Whitey and Harry Silberberg, picked up Dying Involves Prisoner Both and the latter brother rival (Continued on Page Two) Considering Action For Three Institutions Closed Along Jersey Shore. EXAMINERS TO SUBMIT REPORT ON THE The work of rehabilitating suspended banks in the shore section going quietly today, With Comptroller John Pole considering the appointment of receivers for the national institutions and examiners of the state department banking and insurance ing thru the records of those under jurisdiction. The national banks are the Citizens National Long Branch: National Bradley and the Ocean Grove National The thoro examination of all books exhaustive task, pointed out especially the case the Asbury Park Ocean Grove and unlikely that the state examiners submit report Commissioner Frank Smith several board its conferences with view definite plan which may presented with the ports the examiners for the considerthe Deposits shore including funds which had been from various mount high and many banks were busy with new accounts. Pole Considers Appointments pointment receivers for three nationbanks in county by the comptroller the currency is expected within few At the office Comptroller Pole It (Continued on Page Two)

4. December 29, 1931 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, December 29, 1931

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NATIONAL (Continued from One) said today that consideration the ceivers for the First Bradley the Ocean National Grove, and the Citizens Long Branch These banks closed doors on Dec. procedure, was would the carry busines banks until disposition deposits could be settled. LONG DE MOLAY ELECTS LONG Dec. Wilbur elected master Monmouth chapter. Order of DeMolay its annual last night in Masonic temple. Wilbur succeeds Richard Robinson. Francis Takonis the senior Walter Lulken the junior Other officers committee the officers place in temple,

5. January 1, 1932 The Keyport Weekly Keyport, NJ
Article from The Keyport Weekly, January 1, 1932

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STATE WOULD COMPEL PLANT (Continued from first page) Irom which a revenue could be derived and that the return would barely pay the interest on the cost of making the extension. He said that would be necessary to celve at least 10 per cent return on the principal invested. We are quite willing. said Mayor Wyckoff, "to water at a profit and if you can show us a guarantee that will warrant making the extension the proposition will be considered. It was suggested that the Matawan Township Committee submit to the Borough Council a statement of what would Councilman Smith chairman of the Water Committee, in reporting on the feasibility of rebuilding and extending water mains on a portion of Fulton and Eighth Streets sug. gested that the Council as whole look over the situation and It was decided that this would be done Councilman Van Pelt reported progress on the matter of introducing ordinances providing for merchantile licenses and prohibiting the distribution of circulars The introduction of such ordinances had been requested by the Keyport Chamber of Commerce Mayor Wye. koff suggested that the Council have a conference with the Cham ber of Commerce on the matter and that the merchants of Keyport be invited to attend a meeting of the Council and express their individual opinions of the needs of such ordinances The matter of a compromise of tax liens on the George Crawford property was presented by Borough Attorney Howard W. Roberts The property was bid in at tax sale by Attorney Ezra W. Karkus for the benefit of the heirs to the estate Allen Poling represented the heirs at the meeting Monday night. The matter was referred to a committee consisting of Councilmen Camp. Smith and Van Pelt The financial statement of Collector Charles R. Davison showed that there was a balance of $8,896.71 in the general fund. $437.03 in the water account and $834.14 in the capital and trust account Bills to the aggregate sum of $7.977 45 were approved for payment. By resolution, an emergency appropriation of $284.20 was made for the care of the poor A water anticipation note for $1,300 was authorized. This note, given for three months. is payable at the Peoples National Bank An unexpended balance of the street appropriation of $843.62 the sum of $446.02 was transferred to the police appropriation and $397.60 to the sewer appropriation. accounts All excitement has entirely subsided. Many deposits were made to express confidence in the institution and a cial confidence was manifest in large private deposit made the first the Hon, Henry E. Ackerson, president of The Peoples National Bank when interviewed said, "We are deeply appreciative of the splendid confidence manifested at this time by the people of the community in the integrity and stability of the Borough's financial institutions The Matawan Bank is the eighth Lanking institution to close Monmouth County in less than week. The Seacoast Trust Company of Asbury Park was the first to close on Tuesday afternoon last week. The following day the Merchants Trust Company of Red Bank the New Jersey Trust Company and the Citizens National Bank both of Long Branch, were closed The fifth bank to suspend business was the Asbury Park and Ocean Grove Bank of Asbury Park and the following notice signed by George Compton a bank examiner was posted on the The of Banking and Insurance has taken of the business and property of the Asbury Park and Ocean Grove Bank The bank is state institution and is the largest in Monmouth County in the matter of resources which total more than $12,000,000 The combined resources of the other four banks according to the financial statements filed with the State Department of Banking and and Insurance on September 29 last amounted to $11,361,326 Bank depositors continuing their heavy withdrawals from Monmouth County banks forced two more of the institutions in the Asbury Park district to close immediately after the Asbury Park and Ocean Grove bank suspened business These were the First National Bank of Bradley Beach and the Ocean Grove National Bank The officers and directors of these banks said the institutions were sound. that the closings were necessary to conserve assets and that the banks would be reorganized at once and pay all demands in full They attributed the heavy withdrawals to the failure of the Seacoast Trust Company and the withdrawals from other banks that resulted. The general unrest was probably largely responsible for the closing of all the banks. along with the inability to realize on loans due to the depression and that business was suspended in the interest of depositors

6. January 7, 1932 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, January 7, 1932

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WHEN MEDDLING IS DANGEROUS to disrupt Neptune Township's The movement for commission system government by petitioning at less critical times, might be regarded favorably So it is far from appropriate. but for the present satisfactorily the present handling could be affairs, and little promise Neptune's the agitation for from that expected proposal should vote the commission government be frowned upon. complaint with the existThere apparently no the customary dissatisfacing government except seekers. And since their of disgruntled office tion enthusiasm over chronic hardly inspires protest embarrass the township comtheir monoeuvre to for change in mittee by circulating petitions much whether under norThe question is not so commission government would conditions township to be but whether Neptune preferable, confusion while group of placed in influence in the township's to increase their tempt be doubted that they will be affairs. It is to successful, but unless checked they will disrupt the business life of the community even political their efforts futile. should prove required on the petitions to But names are election the proposal to substinecessitate an over tute commission form of government for the presThe election would cost taxtownship system. payers several thousand dollars for the privilege of to the polls and probably voting against an going untimely proposal. Meanwhile. for period of weeks, the fiscal operations of the township would halted and serious contingencommittee pointed out that the Ocean Grove cies invited. for the past few weeks, National suspended the township and that in holds large notes against the bank to business these must be order for resume in the process is now funded. Satisfactory progress reported. but should the petitions be filed funding halted and the position of the operations would be weakened. Hundreds of depositors, bank greatly businessmen whose establishments including many in the life of the township, would play vital part and the net result would be costly thereby suffer, confusion. township experimented with freak proNeptune in its school system last year posals for finds its schools suffering from lack and today of funds with which to teachers. By tolerating pay the of few unsound leaders taxpayers in the folly have impaired the efficiency of their township schools and assessed themselves an estimated waste hardly afford another misstep. of They can of the commission form of governproponents are interested in the welfare of ment in Neptune the rather than their personal vancement they will withhold their petitions for costly election and the damage that entails until time. Meanwhile they will more propitious plain their plan and thoroly acquaint voters with before asking them heedlessly adopt it. During they should rejoice in the the present emergency fact that their present government is providing satisfactory administration. It utter folly to with proposal that promises nohing but tamper and which complidanger, possesses cate the township's banking situation. Those who the petitions for referendum on commission sign government at the present critical time must shoulder the blame if their untimely efforts prevent the bank from resuming business.

7. January 18, 1932 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, January 18, 1932

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PLEDGED Association Will Campmeeting Assist Reopening By Taking Over Tax Notes. NEW PLAN; OCEAN BANK IS CLOSED Concrete steps toward reopening of the Ocean Grove National bank, suggestion plan for reopening the Asbury Park and Ocean Grove and suspension business by the Point Pleasant National bank this today marked the banking situation the shore section. The Point Pleasant institution was closed meeting the directors assets for the protection depositors." The plan reopen the Ocean Grove depends upon acceptance offer Ocean Campmeeting association to Neptune tax notes now held by the bank. Would Give Bank Cash The campmeeting association would banks for the notes, would then apply the notes against township taxes when they come due June. The plan for reopening of the Asbury Ocean Grove bank, submitted Louis Croce, soft drink merchant. similar that considered by several other closed institutions. entails agreement depositors more than the bank not withdraw than percent specified period. Ocean plan Dr. Melville superindentthe campmeeting Dr. Snyder said the offer was made understanding bank will reopened The campmeeting association willing over the tax held the Ocean Grove National bank assist the emergency by makaccessible the bank of the Grove's money, Dr. Snyder said. Ocean Grove has available cash from the collection its 1931 taxes. Directors officers of Ocean (Continued on Page Two)

8. January 29, 1932 The Central New Jersey Home News New Brunswick, NJ
Article from The Central New Jersey Home News, January 29, 1932

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BOUND BROOK MAN IS BANK RECEIVER (By The Associated Press) Jan. WilH. Weart, Bound Brook, been appointed Ocean Grove tional Bank. The comptrolire of the currency announcing the appointment E. Bower of also said York been closed Bradley ceiver Beach National Bank. CARD PARTY HOSTESS Jan. Mrs. Middlesex, chier Miller lady Beaver Lady Beavers Lodge, was hostess card home. party evening at her held The Mrs. Otto Kruger, Mrs. Lewis Mrs. Ada Mrs. Ruth Skvorecz, Ella Smalley, Mrs. Mary Mrs. Millie Mrs. Fisher, Anacker Misses Mary Eliza Betty Smalley. and the Prizes closed with the serving refreshments.

9. January 30, 1932 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, January 30, 1932

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Curb Bonds Stock Exchange Bond Prices Sweden to Halt Automobile Imports The Swedish Cabinet has voted to decree prohibiting importation of automobiles, silk, coffee and COCOA, effective Monday. The action understood to be preparatory to increase in duties on those commodities. Produce Exchange Stocks High. Admir Basin Mont Globe Mid Tobe Western 1% TOTAL SALES. Stocks 3,600 BANK RECEIVERS NAMED William H. Weart. Boundbrook, N. J., has been appointed receiver for the closed Ocean Grove National Bank. The Controller of the Currency in announcing the appointment also said that E. J. Bower of New York had been appointed receiver for the closed Bradley Beach National Bank. EXPORT COPPER SALES UP Following reduction of one-half cent a pound by custom smelters in export copper sales of foreign copper yesterday totaled about 1,800.000. DOMESTIC UNITED STATES BONDS 11:30 BONDS $1,000 High Low a.m. BONDS $1,000 High Sales in Goody Alabama 77 BONDS High Grand Aluminum 93% 93% Liberty 98.4 Grand Trunk Am Liberty 160 Great 93 Am Hud&M 100.12 III Central UST3% 3% Asso USTreas3% Asso FOREIGN BONDS Int BONDS High Antioquia Argentine Cen Belgium Liggett&Myer Cities ComwithEd EdisEl 44% Fed Fla Gatineau Pow 6'41 Gen Georgia Gillette Grand Hygrade Nor III Pow&Lt Ind Inter Montecat Int Int Queensland Leh Man Mass Riv Miss Mont New Eng Industrial Bonds Railroad Ohio Ohio Un Pac Am Cyanamid 5'42 Roch 83% Stand 93% 93% 59 59 59 Stand Super : Chain Store Realty Swift Committee Formed Tex Gas Tex A protective committee has been formed to protect the interests of Un holders of the first mortgage leasehold guaranteed 6 percent sinking fund gold bonds the Metropolitan Chain Stores Real Estate CorWest poration, according to an announceWise 84% just made. bondholders were requested FOREIGN to deposit their bonds, the BONDS $1,000 High coupons maturing June 15, 1932, and BuenosAires 5 also subsequent coupons attached. Cent with the Guaranty Trust Company CanPac Chile Mtg of New York, which has been pointed depository. This action follows the voluntary petition in bankEur ruptcy recently filed by this corFinInd MtgB Ger Mun poration and its parent company, the Metropolitan Chain Stores, Inc. F. Schluter, president of Schluter Ital & Co., Inc., is chairman of the committeed. Prussian in Chi Sauda Denies I. C. C. Right Stinnes To Railroad Funds Counsel for the Atchison, Topeka & Santa Fe told the House Interstate Commerce Committee that the United States no property right in the $10,000,000 fund of excess earnings payments which have been made to the Interstate Commerce Commission, since it is reasonably certain from reports of the comCleve mission that the purposes for which the recapture trust fund was created cannot be accomplished. Westinghouse Gets Contain'rCorp Big Elevator Order Crown The Westinghouse Electric Elevator Company, subsidiary of the Westinghouse Electric & ManufacDen turing Company, has been awarded Det contract for 74 elevators to be installed the central 70-story structure between and 50th Sts. by the Metropolitan Square Corporation This is the largest number of elevators to be Erie placed in an office building. Emanuel announce the admission lien Frederick Heimerdinger and partners Fisk Baking general was associated with Speyer Gen years with be Gen

10. January 30, 1932 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, January 30, 1932

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BANK RECEIVERS NAMED William H. Weart. Boundbrook, N. has been appointed receiver for the closed Ocean Grove National Bank The Controller of the Currency in announcing the appointment also said that E. J. Bower of New York had been appointed receiver for the closed Bradley Beach National Bank.

11. January 30, 1932 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, January 30, 1932

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Stock Exchange Bond Prices The Swedish Cabinet has voted to decree prohibiting importation of automobiles, silk, coffee and cocoa, effective Monday The action is understood to be preparatory to increase in duties on those commodities. William H. Weart, Boundbrook, Edis N. J., has been appointed receiver for the closed Ocean Grove National Det Bank. The Controller of the Cur- Det Edis rency in announcing the appoint- Dodge ment also said that E. J. Bower East Tenn of New York had been appointed Erie 96 receiver for the closed Bradley Beach National Bank. Erie fdg Following reduction of one-half Fisk Rubber cent pound by smelters in Gen Baking export copper sales of foreign cop- Gen per yesterday totaled about 1,800.000. Gen Thea 3½ 3½ 3½ ColGas&E Produce Exchange Stocks High Low Col Admir Alas G. Basin Mont Tel Mid Cont ConsGasNY Tobe Deutsch Western Tel 1% TOTAL SALES Stocks 3,600 Del Den BANK RECEIVERS NAMED

12. May 27, 1932 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, May 27, 1932

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LEEDS IS RECEIVER FOR CITY HOTELS Appointed to Handle Affairs of Two Foreclosed By Building and Loan. BANK RECEIVER TO END PROPERTY TRUST (Long Branch Bureau of The Press) LONG BRANCH, May 27 --William Leeds, Asbury Park, was appointed receiver in two Asbury Park hotel mortgage foreclosure actions before Vice Chancelor Maja Leon Berry in chancery court here yesterday. Application for appointment of a receiver was also made in another similar action in which Michael Murphy, of 34 Drew street, New York, seeks to foreclose $120,000 mortgage against the premises of Louis Karagias, at the northwest corner of Seventh and Ocean avenues, also Asbury Park Mortgages on the two De-1 phian, located at the southwest corner of First avenue and Kingsley street, and the other located at the southeast corner of Seventh and Park avenues -are being foreclosed by the Asbury Park Building and Loan association. Leeds was appointed receiver for both places. The latter place is owned by Mr. and Mrs. Samuel Schulman. On the Schulman property. according to the bill of complaint of the building and loan, there is due on two $35,000 mortgages, made on Jan. 16 and Feb. 16, 1930, respectively. Taxes are in arrears also, the bill says. The Delphian, owned by the Delphian Holding company. according to the building and loan, has a $44,300 mortgage against it on which no interest has been paid since the mortgage was executed last March. No amount has been paid on the principal either. the complainants charge. There is $8,050 interest due on the $120,000 Karagias mortgage. which was made in April. 1926. Murphy also charges that Karagias is in arrears in taxes amounting to about $4,000. The order for a receiver in this case is returnable in Newark before Vice Chancelor Berry Tuesday Karagias' place is used during the summer as pony concession, operated by William Other receivers appointed were: Walter Reid, Allenhurst realtor. for Ruth C. Hoffman, Neptune, who is foreclosing a mortgage held in a home on Hoover road there by the Colonial Terrace Realty company; Frank H. Smith, for property at 807 Bond street. Asbury Park owned by Mrs. Ida F. Stern. whose mortgage is being foreclosed by the Monmouth Title Mortgage and Guaranty company, and Anna Michael, of Ocean Grove, receiver for Mrs. Louis Stanton Stout, on premises at 26 Webb avenue, Ocean Grove, on which small mortgage is also being foreclosed. On motion of J. Victor Carton, Vice Chancelor Berry signed orders limiting creditors of the Bernard Decorating company. of Asbury Park, in receivership, and I. Schwenk and company, a:both businesses. Creditors have 30 days to file their claims against the Bernard studios, and 60 days against Schwenk. James Wilcoxen and John Rutkin were appointed appraisers for the Bernard studios. Public sale of chattles there was also authorized in another bill signed by Vice Chancelor Berry William H. Weart. receiver for the Ocean Grove National bank. by virtue of stipulation signed by the court. was authorized to surrender the trust he exercised for the bank for George W. Pittenger, Asbury Park street commissioner, and Nathan Taylor, on piece of property formerly owned by the Interlaken Development company. The action to revest the title in Taylor and Pittenger. An order was also signed for Ethel Frances Schaefer, of Keyport. to show

13. June 21, 1934 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, June 21, 1934

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Need 300 Accounts In Bank Reopening Committee Hopes To Close Ocean Grove Campaign Tomorrow Night. The depositors' committee of the Ocean Grove National bank yesterday signed accounts for First National bank, leaving but 300 accounts be signed before end the week. Every effort will made by members of the bring the campaign to a successful close tomorrow John Reid, chairman, today requested those not signed over accounts call the bank today. The committee will meet again morrow night which time hoped the goal 5,000 shares will been reached Reid made clear that 000 in cash will he released to depositors and percent RFC loan be represented the $75,000 capital stock the bank. Depositors will ceive cash soon the new bank opened which may be prior to Aug. Dance Friday With Tony Trebino Neptune Community Club, Summerfield. Adm. adv146-147 Sleepy Hall Jenkinson's Pavilion, Point Pleasant Beach. Dancing every evening

14. June 23, 1934 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, June 23, 1934

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Need 75 Shares to Reopen Bank Lacking only 75 shares to assure reopening, John Reid, chairman the depositors committee of the closed Ocean Grove National bank, began drive today complete of the 5,000 shares needed when reorganization plans instituted. The remaining shares, Reid said, from either money from funds tied within the institution. They $15 each. Today's efforts drive several weeks to liquidate the At 9.45 tonight Reid will speak radio station WCAP and give resume of work by the reorganization and what the opening of the Ocean Grove will mean to this district.

15. August 8, 1934 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, August 8, 1934

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REPORTS ON LOANS TO BANKS Avon National Got $65,000 and Ocean Grove $188,During May. FUNDS SUBSCRIBED FOR PREFERRED STOCK ISSUES Aug. report of activities May revealed had loans New Jersey banks and trust $438,250, no which had been disbursed up to The authorized loans were follows: First National Margate Trust company, the Ocean Grove National bank, receiver, $188,000; the First National bank Somers receiver, the First National New York, receiver, $100,000. Three loans were authorized to company Jersey totaling none of which disbursed up May funds for subscriptions for preferred stock in New Jersey which disbursed May were: Asbury Park National Bank Trust company the Atco National bank, $25,the First National bank BordenWest Jersey Trust company, the Merchants Nationbank Cape May, the DuNational bank, the First National bank Dunellen, the First National bank Englishtown, the Peoples National bank Keyport, $115,000; Merchantville NaBank and Trust company, $125,the First National bank Milford, $125,000; Fidelity Union Trust comthe Peoples National Brunswick, the Second National bank Paterson, $250,000; Citizens First Bank and company Ridgewood, $400,000; the First National Bank and Trust company Summit, $150,000; Ventnor National bank, and Woodstown National Bank and Trust company,

16. August 8, 1934 The Central New Jersey Home News New Brunswick, NJ
Article from The Central New Jersey Home News, August 8, 1934

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LOAN LIST Total Authorized in State For May, None Disbursed Associated Press Aug. construction Finance Corporation, report its activities in made public, revealed had authorized loans New Jersey banks trust totaling no which had been part disbursed 31. The authorized loans were First National Bank Avonreceiver, MarTrust Company, $8,250; The Ocean Grove National Bank, ceiver, $188,000; The First National Bank Somers Point, receiver, First National Bank West New York, receiver, $100,Three loans authorized the Manufacturers Loan Company Jersey totaling which was disbursed May Authorization of funds for subscriptions preferred stock New Jersey institutions, which up to May Asbury Park National Trust Company, The Atco National Bank, $25,000; First National Bank Bordentown, $50,000; West Jersey Trust pany, $300,000; The National Bank Cape May, $100,000: The National Bank, First National Bank Dunel$25,000; First National Bank Englishtown, $12,500; The Peoples National of Keyport, $115,000; Merchantville Bank Trust Co., $125,000; The First National Bank $125,000; Fidelity Trust pany, The Peoples National Bank New Brunswick, Second National Bank Paterson, Citizens First and Company $150,000; Ventnor National Woodstown National Bank Trust Company, $50,000.

17. August 8, 1934 The Millville Daily Millville, NJ
Article from The Millville Daily, August 8, 1934

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R.F.C. HAS LOANED MUCH TO BANKS Report Shows Loans to Banks Total More Than $438,000 AUTHORIZED BONDS Washington, Aug. Reconstruction Finance Corporation. in a report of its activities in May just made public, revealed it had authorized loans to New Jersey banks and trust totaling $438,250 no part of which had been disbursed up to May 31st. Included among the authorized loans were: The Ocean Grove National Bank, receiver. $188,000; first National Bank of Somers Point, receiver. $67.000. Authorizations of bonds for subscription for preferred stock in New Jersey none of which was disbursed up to May 31st, included: Asbury Park National Bank & Trust Co., $300,000; The Atco National Bank, $25,000; Merchants National Bank of Cape May, $100,000; Dumont

18. August 9, 1934 Press of Atlantic City Atlantic City, NJ
Article from Press of Atlantic City, August 9, 1934

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Loans In May $8250 Margate Trust, Ventnor National Adances Cited Aug. Reconstruction Finance Corporation, in report of its activities in May, just made public, revealed had authorized loans to New Jersey Banks and trust companies totaling no part of which had been disbursed up to May 31. The authorized loans were follows: First National Bank in Receiver, $75,000; Margate Trust Company $8,250; the Ocean Grove National Bank, Receiver, the First National Bank of Somers Point, and the First National Bank of West New York, Reseiver, 000. Three loans authorized to the Manufacturers' Loan Company, of Jersey City, totaling none of which were disbursed May 31. Authorization of funds for subscriptions for preferred stock New Jersey institutions, none of which disbursed up to May Asbury Park National Bank and Trust Company, the National Bank, the First National Bank of Bordentown, West Jersey Trust the National Bank, $100.Dumont National $50,000; the National Bank Dunellen, First tional Bank $12.the National Bank National Bank and Trust the First Fidelity Union Trust the Peoples National of New wick, $250,000; the Second tional Bank of Citizens First National Trust of $400.the First Bank and Trust of Summit, $150.the Ventnor City National Bank. and the Woodstown National Bank and Trust Company, $50,000.

19. August 18, 1934 Asbury Park Press Asbury Park, NJ
Article from Asbury Park Press, August 18, 1934

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TREASURY REFUSES CHARTER FOR NEW GROVE BANK (Continued from expects definite decision made within the several days whether any further efforts should be expended secure charter. no further effort made, the committee will secure prompt payment dividend the depositors. "Only thru the efforts of your committee dividend fifteen permade possible two letter to your chairman the treasury department explained was ing loan $188,000 because interest assisting in every way possible the opening closed bank. course, being paid this the (Signed) Depositors mittee, Ocean Grove National Bank