October 19, 1901: National Bank of Boyertown Fears Run on Bank


By Margaret Leidy Harner from her book One Day at a Time: A Social History of Boyertown, PA

October 19, 1901: The National Bank of Boyertown has closed its doors and Cashier Milton A. Mory has disappeared. A notice was posted on the door at 10 a.m. yesterday.

The news spread like wildfire and the town is in shock. Mory had left Boyertown five days ago for Philadelphia, where he was to convert securities into cash for the bank.

When he had not returned the next day as planned, officials became suspicious. They contacted his wife, who had just received a letter from Mory, stating that he was ruined and would not return home.

It is surmised that Mory had been speculating heavily with bank securities and lost considerable money. The bank examiner has determined that there is about $20,000 missing, and the Board of Directors anticipates a run on the bank when its doors open on Monday.

They have plenty of cash on hand to meet every demand, and that fortunately proved to be unnecessary. There was no run.

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