First National Bank (Ocean City, NJ)

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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

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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

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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.

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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.

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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.

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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

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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

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THOUSANDS CELEBRATE G.O.P. NIGHT AT FETE

Several thousand persons last night attended "G. O. P. night" celebrated at the St. Joseph's Church carnival being held at Twenty-ninth street and Westfield avenue.

Among the speakers were: Commissioner Clay W. Reesman, Mrs. Florence Baker, state committeewoman, and Fred von Nieda and Edwin G. Scovel, candidates for assembly. George C. Helker and Raymond J. Jubanyik headed the committee in charge of last night's celebration.

The carnival which began Wednesday will be concluded tonight. Among the features will be the auctioning of a boxing glove containing the signatures of Primo Carnera, Jack Dempsey and Max Baer.

CLASS REUNION TO HONOR SCHOOL'S FIRST TEACHER

Mays Landing, July 14.—Miss Mary E. Harris, who was an instructor at Franklin School, Hancocks Bridge, half a century ago, will be an honored guest of the school association at its annual reunion on July 21.

The reunion will be held in the Methodist Episcopal Church, adjoining the school, and more than 100 former pupils are expected to attend.

Among those assisting in the program will be T. B. Reed Pancoast, surrogate of Salem county, a former student. An old-fashioned spelling bee and an exhibit of work done by pupils will be part of the program.

SHORE BANK'S RECEIVER REPORTS LOSS OF $11,000

Ocean City, July 14.—The quarterly report of the receiver of the First National Bank of Ocean City, released yesterday, brought the bad news to depositors that an $11,000 operating loss was incurred within the past six months.

Six months ago the report showed earnings of $4346 more than liquidation expenses. The report for the quarter ended June 30 showed that operating expenses have cut into the capital for $6626.

Cash on hand was reported at $183,156. A total of $614,079 has been collected since liquidation started in 1932, but no dividend has been paid on deposits of $1,500,000.