14120. Mount Holly National Bank (Mount Holly, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1356
Charter Number
1356
Start Date
August 1, 1933*
Location
Mount Holly, New Jersey (39.993, -74.788)

Metadata

Model
gpt-5-mini
Short Digest
56e03127

Response Measures

None

Description

Articles indicate the Mount Holly National Bank was placed (closed) in August 1933 and a receiver was in charge; later discussions of reorganization with the Comptroller and prosecution of the cashier for misapplying funds point to bank-specific adverse information (shortages/embezzlement) causing suspension and permanent closure/receivership. OCR errors corrected (e.g., 'Mt. Holly' rendered as Mount Holly, and date phrasing 'placed August, 1933' interpreted as suspension month). No evidence of a depositor run.

Events (2)

1. August 1, 1933* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Shortages and misapplication of funds by the cashier (George W. Dading) discovered; false profits and missing collateral/withdrawals led to failure.
Newspaper Excerpt
bank placed August, 1933.
Source
newspapers
2. February 1, 1934* Receivership
Newspaper Excerpt
he was continuing efforts through the office of the comptroller of the currency to procure reorganization of the Mount Holly National Bank... he was informed the bank's receiver was securing many makers and endorsers of notes.
Source
newspapers

Newspaper Articles (2)

Article from The Central New Jersey Home News, February 9, 1934

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Article Text

POWERS MEASURE HITS AGE LIMIT Plans to Eliminate Discrimination Against Employes Over 40 By The Associated Press WASHINGTON, Feb. Repre sentative D. Lane Powers of Tren ton said yesterday he was holding daily conference with members of Federal Employes organizations and American Federation of Labor representatives to gain facts to support a bill he intends to introduce this session to eliminate discrimination against employing persons more than 40 years of age because of age alone. The contemplated measure is along the same lines, he said, as the bill he introduced in the New Jersey Assembly in 1928 prohibiting discrimination against the same age group in filling State positions. Details of the bill are not yet complete but are in the formative state, powers explained, but said it would affect not only the government employes of one section, but throughout the entire nation. Powers also said he was continuing efforts through the office of the comptroller of the currency to procure reorganization of the Mount Holly National Bank. He wrote the comptroller, J. F. T O'Connor, several days ago urging the acceptance of the plan submitted by the depositors' committee headed by Mark Reynolds. Yesterday he wrote the comptroller he was informed the bank's receiver was securing many makers and endorsers of notes. He asked that the receiver be requested to withhold such actions pending the outcome of the proposed reorganization plan. He said these actions were causing hardship to those who assumed obligations with the expectation of relaying them over a period of two years.


Article from Courier-Post, August 25, 1934

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Article Text

EXAMINERS BY JUDGE IN MT. HOLLY CASHIER Dading Gets 2 Years as Counsel Insists He Only Tried to Save Bank Trenton, Aug. -George W. Dading, 48, former cashier of the Mt. Holly National Bank, was sentenced to two years in the Federal penitentiary today by Judge John Boyd Avis on charges of misapplying $10,000 of the bank's funds. the penalty Judge Avis when he learned that their reports showed shortages far back as 1931 "I can't understand why bank examiners cannot find out these ages when they occur. When they are found the be closed right away Some day the bank exwill wake plea exoneration of Dading on that he the money "save the bank" and took none of the money for himself, was by Dading's counsel, John H. Cafes. "Profits were built up falsely the bank was money, said Cafes that dividend to the stockholders could continue. Mr. Dading was virtually captain who trying "to save sinking ship. He took none of the money for himself Harold O. Schroder, special agent for the Division of Investigation, that Dading stole collateral of by the bank and put the proceeds into his own count, and that he also took money from accounts of depositors to buy back the securities given as collateral. some cases, the notes "were altoDading came the bank in 1924 from Philadelphia. bank placed August, 1933. Dading was indicted June last, and arrested in Washington, D. two weeks later.