14313. First National Bank (Red Bank, NJ)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
445
Charter Number
445
Start Date
November 23, 1907
Location
Red Bank, New Jersey (40.349, -74.066)

Metadata

Model
gpt-5-mini
Short Digest
95b65946

Response Measures

None

Description

Two separate runs are described: a historical run recounted in 1927 referring to an unfounded rumor about the First National Bank (about 20 years earlier, ~1907) and a heavy run during the 1931 panic described in the Dec 30, 1931 article. Neither description indicates the First National Bank suspended or closed; both accounts state the bank weathered the withdrawals. I corrected the approximate 1907 date from the Twenty Years Ago note in the 1927 article. OCR errors in the 1931 article made exact day unclear, so the month/year is used.

Events (4)

1. May 30, 1864 Chartered
Source
historical_nic
2. November 23, 1907 Run
Cause
Rumor Or Misinformation
Cause Details
An unfounded rumor started a scare; over 200 depositors withdrew funds.
Measures
Local residents redeposited funds to show confidence; offers from local men to meet any emergency; cashier James L. Terhune stated he had enough funds to satisfy every depositor.
Newspaper Excerpt
A scare was started among some of the depositors of the First national bank of Red Bank by an unfounded rumor. Over 200 depositors drew out their money.
Source
newspapers
3. May 23, 1914 Voluntary Liquidation
Source
historical_nic
4. December 1, 1931* Run
Cause
Local Banks
Cause Details
Part of a local panic affecting multiple Red Bank banks; withdrawals and panic in town led to heavy withdrawals at the First National.
Measures
Bank stood up to withdrawals; reported to have weathered the panic and maintained confidence (president Philip Walton congratulated).
Newspaper Excerpt
Among the banks which weathered the ... First National of There was heavy run on that Thursday. time the bank crowded withdrawals deposits.
Source
newspapers

Newspaper Articles (2)

Article from The Daily Register, November 23, 1927

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Article Text

YEARS AGO RED BANK. teachers is the street public Mulford Thorpe of Red Bank went All the they Harrison Shampanore of Little in pen in his yard. Dogs got the and the death. Mr. and Mrs James Allen of Keyport left for St. Peteraburg, Russia, where Mr. Allen had got Miss Fannie Scott, daughter of John Scott of Headden's Corner, died of consumption at the Age of eighteen years. David Bray of Celt's Neck with A party of friends spent a night coon hunting and got three raccoons and eight Mrs. Caroline Thomas, Mrs. Henry Field and Harvey G. Conover were confirmed in Christ church at Middletown. Edward Walling of Navesink cut off three fingers of his left hand while working with a circular saw. Henry 8. White was elected chairman of the Monmouth county Republican executive committee. Jerome Hill, aged five years, son of Whitall S. Hill of Broad street, died suddenly of pneumonia. Elenah Phillips, infant son of John Phillips of Atlantic Highlands, died suddenly from croup. John Maxson of Locust Point was kicked in the abdomen by a horse and was severely injured. Edward McFreely's house at Belford caught fire and was damaged to the amount of $50. Twenty-seven chickens were stolen from Christopher Snedeker of Colt's Neck. Over 140 hogs died of hog colera in Middletown township within two months. Twenty Years Ago. A scare was started among some of the depositors of the First national bank of Red Bank by an unfounded rumor. Over 200 depositors drew out their money. Many of them took the money to the Second national bank to deposit it. Isaac B. Edwards, who was president of the Second national bank, asked all new depositors who came to the bank during the run on the First national bank where the money came from that they wanted to deposit in the Second bank. When he was told that the money had been withdrawn from the First national bank he refused to accept it. He told the depositors that the First national bank was as sound as a dollar, that they should not withdraw their money from that bank, and he told them to go right back and put the money where they had taken it from. Other residents of Red Bank, when they heard of the run on the bank, took whatever money they could get hold of and went in throngs to the First national bank to deposit it in order to give confidence in the bank to those who were taking out their money. James L. Terhune was cashier of the First national bank and a number of Red Bankers went to him with offers of money to meet any emergency, but he replied that he had money enough of his own to satisfy every depositor in the bank. He thanked the men for their generous offer and said he appreciated their kindness and friendship, but that he thought the bank would weather the run all right. Charles VanBrunt of Tinton Falls and a couple of friends from Asbury Park went coon hunting at Pine Brook. The dogs treed a coon and Mr. VanBrunt, who was 86 years old and a veteran of the civil war, was foremost in dislodging the coon and in capturing it. The coon weighed 28 pounds and was the biggest coon said to have ever been caught in that neighborhood. Mrs. Clara Banks Rocap, daughter of Henry J. Child of Red Bank, died at her home at Bridgeton of hasty consumption. She had graduated from Red Bank high school in 1890 and for several years she was a teacher in the Red Bank public schools. Her husband and two small children survived her. Miss Mabel Rankin, daughter of Donald Rankin of Fair Haven, and Myron VanDyke Brown of Red Bank, were married at the Presbyterian parsonage by Rev. Samuel H. Thompson. The couple began housekeeping in Mr. Brown's new home on Harrison avenue. Holly Olmstead gave a roast pig and clam chowder supper at his hotel at Tinton Falls. One of the diners was James Leddy of Red Bank, who ruined a new pair of trousers and scalded his leg very severely by upsetting a dish of hot chowder in his lap. A fair and supper was held at the Colt's Neck Reformed church, and $150 was cleared. There were a number of guessing contests, among the prize winners being Miss Lizzie Soffel, Miss Jennie Foster, Mrs. Edwin H. Statesir and Mrs. Frederick Miss Emma H. Stilwagon, daughter of John H. Stilwagon and Bronson P. Butler, both of Holmdel, were married by Rev. Garrett Wyckoff. The couple made a wedding tour through the South, Joseph Frost of New Monmouth was caught under the body of a wagon which turned over in a runaway. One of his legs was so badly sprained that he was laid up a couple of weeks. William Wilson, the storekeeper at Pine Brook, raised 25 bushels of seed. onions from a half pound of onion T. E. Huyler of Eatontown was appointed truant officer of that children who had been playing bookey ever school Mr. and Mrs. John Giberson of and number of party friends who their farm and bagged great of game Walter A. Hogan of Rector place of nearly year. was 48 years old and left wife and children. who had recently killed himelf, left will in which he left everything possessed to his wife, Emma Harry B. White of Asbury Park, son of Arthur H. White, a former resident of Red Bank, was married to Miss Elizabeth T. Reed of that place, Mrs. Caroline H. Meeker of Oceanic died suddenly of heart trouble and diabetes. She was 64 years old and was found dead in The firm of Porter & Hogan got the contract for paving Broad street and Front street with brick at a bid of $2.51 per square yard. Mrs. J. F. Denninger's house at Middletown caught fire and damage of several hundred dollars was done before the fire was put out Thomas L. O'Brien of Middletown township near Atlantic Highlands gathered 285 bushels of corn from 2 1-2 acres of land. Charles Conover Irons of Port Monmouth died from a complication of diseases. He left a widow and three grown children. Rev. William V. Wilson of New Monmouth, pastor of the New Monmouth Baptist church, celebrated his 96th birthday. Edward Viering and Theodore Jontry of Belford left for Florida, where they expected to work at the carpenter trade. Thomas S. Field bought the William W. Conover farm of 125 acres between Red Bank and Middletown for $80,000. Alfred Hendrickson of Fair Haven spent two days gunning at Colt's Neck and all he shot was a henhawk. Douglas Cook of Belford cut his hand very badly while working on Joseph Havens's new house at that place. Mr. and Mrs. George M. Quackenbush of Little Silver celebrated their 25th wedding anniversary. The Navesink hook and ladder fire company of Red Bank held a fair and cleared $1,360.


Article from The Daily Register, December 30, 1931

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Article Text

on Stopped and darted opposite yelling going going fortunate policeman him the him being old his never getting hurhis narrow his would him building National bank and Trust comWednesday morning Regiswas accosted stated that he had the bank who asked whether he safe to there. money I'm not drawing replied the reporter. would take the reportreplied acquaintance walked porter's toward the bank building. those affected by the closAmong woman with Christwas club check drawn on the bank. Holding the check in hand she tried open the bank door when she noticed that the door was and that the closing notice the The bank had been closed less minutes This Christmas club owner will fare the same the which be bad seems probable, will 100 cents on the dollar. Due stormy weather and other unexthe holder pected check had delayed trying cash until days before Christmas. Red Bank had its unrelief fund the bank Merchants Trust company. This withdrawn short money before the bank closed. Bank had much larger stake two banks. about $80,000 deposited with the Secand National bank and Trust com$50,000 the Broad Street bank. Councliman Gopsill made canvass the while the its height. assured the town would not from either reports that found that all of the had loyalty and fidence The officials of all three Red Bank banks, in with porter, said that they could not too strongly express their who had not become stricken and made withdrawThey that from accounts which they had heard about condiRed had been less panicky people of any other place and and loythan the people Frank McMahon and John Parker, the president vice the Second bank and Trust Ed. and Daniel the president the Broad Street National bank, people calling upfor advice Thursday There were few on hectic days that they not The of the two banks likewise had the same experience. The panic had number of curious About so Monmouth county that the bank where he had his money not prosperous should bank question one small resident took all his out the bank placed three banks larger Every one these three banks obliged to close result panic, but small where wellto-do resident originally his money There was no run this bank steadying influence which helped stop the banks was action McClosrector James's church. the Christmas mass, during sermon. urged all the members not withtheir money from the banks. hoped would never report single member church had increased the difficulties banks by making fonso Dare pastor the Methodist spoke similar strain the Sunday morning services in that church. Another incident worthy of menthe action the company paying wages of its employees. Usually made by but in order appearance the paid its ployees cash last week. Banking show that banks" result about the deposits being withdrawn. The the two Red Bank banks less severe than the resented only about five per cent total of addition, both banks have gained many Among the banks which weathered the First National of There was heavy run on that Thursday. time the bank crowded withdrawals deposits. The although smallest in the county, has prestige withstanding Philip Walton, president the bank, has congratulations. many folks who their made