18517. National Bank (Boyertown, PA)

View Charter #2137 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
2137
Charter Number
2137
Start Date
October 18, 1901
Location
Boyertown, Pennsylvania (40.334, -75.637)

Metadata

Model
gpt-5-mini
Short Digest
49961eae

Response Measures

None

Description

The bank closed Oct 18, 1901 after the cashier disappeared and about $165,000 in securities were abstracted; a temporary national bank examiner was appointed receiver. The comptroller authorized turning assets over and the bank resumed business Oct 24, 1901. Newspapers explicitly state there was No run.

Events (5)
1. March 3, 1874 Chartered
Source
historical_nic
2. October 18, 1901 Receivership
Newspaper Excerpt
James B. McDougal, national bank examiner, has been appointed temporary receiver to take charge of the bank.
Source
newspapers
3. October 18, 1901 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure due to disappearance of cashier who had abstracted about $165,000 in securities (embezzlement/peculation).
Newspaper Excerpt
the bank has closed its doors on account of the disappearance of the cashier.
Source
newspapers
4. October 21, 1901 Other
Newspaper Excerpt
It is now said there is a shortage of about $30,000 in missing Cashier Mory's accounts, and a warrant for his arrest may be sworn out after Mr. McDougail has completed his examination.
Source
newspapers
5. October 24, 1901 Reopening
Newspaper Excerpt
The comptroller of the currency has authorized the temporary receiver ... to permit the bank to resume business tomorrow morning. ... the bank is now in a solvent condition and prepared to resume business.
Source
newspapers

Newspaper Articles (15)
1. October 18, 1901 Evening Star Washington, DC
Article from Evening Star, October 18, 1901

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Article Text

BOYERTOWN BANK CLOSED. Cashier Has Disappeared-Receiver in Charge. The controller of the currency is in receipt of a telegram from the president of the National Bank of Boyertown, Pa., that the bank has closed its doors on account of the disappearance of the cashier. James B. McDougal, national bank examiner, has been appointed temporary receiver to take charge of the bank. The following is a statement of the condition of the bank, as shown by its sworn report to the controller of the currency on September 30, 1901: Liabilities-Capital, $100,000; surplus and undivided profits, $108,713; circulation, $25,000; dividends unpaid, $408; deposits, $413,215; total, $6,47,336. Resources-Loans and discounts, $120,128; United States bonds to secure circulation and premium, $25,750; stocks, securities, claims, etc., $423,695; banking house, furniture and fixtures, $8,000; other real estate owned, $15,252; cash on hand, with reserve agents and with treasurer in redemption fund, $54,510; total, $647,336.

2. October 18, 1901 Richmond Daily Palladium Richmond, IN
Article from Richmond Daily Palladium, October 18, 1901

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Article Text

Bank Closed, Cashier Gone. Washington. D. C., Oct. 18.-The President of the national bank at Boyertown, Pa., telegraphed the comptroller of the currency that the bank had closed its door on account of the disappearance of the cashier. A temporary receiver has been appointed. Its deposits amount to $413,215.

3. October 18, 1901 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 18, 1901

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Cashier Missing, Bank Closed. Washington, Oct. 18.-The comptroller of the currency is in receipt of a telegram from the president of the National Bank of Boyerstown, Pa., saying the bank closed its doors today on account of the disappearance of the cashier. National Bank Examiner McDougal was appointed temporary receiver.

4. October 18, 1901 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, October 18, 1901

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Article Text

Cashier Disappears. Washington, Oct. 18.-The comptroller of the currency is in receipt of a telegram from the president of the National Bank of Boyertown, Pa., that the bank has closed Its doors on B.Ccount of the disappearance of the cashler. James B. McDougal, national bank examiner, has been appointed temporaryreceiver. The bank's sworn report to the comptroller of the currency on September 30, 1901, showed its capital to be $100.000; surplus and undivided profits $108,713, and deposits $413,215. The comptroiler has no information as to the amount of defalcation, if any.

5. October 19, 1901 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 19, 1901

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Securities Worth $165,000, Taken by the Absent Official, Found with Philadelphia Brokers. LITTLE LOSE WILL BANK CASHIER IS SUPPOSED TO HAVE SPECULATED IN STOCKS. Teller and Bookkeeper of a Lowell, Mass., Bank Missing and an Investigation Under Way. BOYERTOWN, Pa., Oct. 18.-Shortly before noon to-day the doors of the National Bank of Boyertown, located here, was closed. A notice posted on the bank's door stated that it was done because of the disappearance of Cashier Milton A. Morey, who has not been seen for a week. A committee of bank officials has gone to Philadelphia to investigate his alleged doings there. It is supposed he was engaged in speculation. The resources of the bank amount to nearly $700,000. Jones B. McDougall, national bank examiner, has been appointed temporary receiver by the controller of the currency. The committee of bank officials who went to Philadelphia to-day found that Morey had taken $165,000 worth of the bank's securities and these securities were found deposited with S. M. and M. S. Fridenberg, brokers, of that city. What amount Morey had raised on the securities is not announced, but the presumption is that the Boyertown bank officials made good the sum secured as they stated to-night that the securities are again the property of the bank. It is further stated that the banking institution will lose not over $2,000, but the hint is made that some others are caught for considerable sums. Morey was under $30,000 bonds. His wife says that he appeared completely unnerved for the past few weeks, but that he was more cheerful than usual when he left home on Monday. His friends fear he has committed suicide. It is generally understood that he speculated in stocks. READING. Pa.. Oct. 18.-C. H. Ruhl, an attorney of this city who accompanied the bank officials to Philadelphia, authorizes this statement to-night: 'The $165,000 in securities, the property of the bank which was missing, has been found intact. They had been deposited with Fridenberg Bros., brokers, 31 South Fifth street, Philadelphia, in a business transaction and were found safe and secure as deposited and were turned over to the Boyertown bank officials. The officials received a letter from Morey which put them on the track of the securities." PHILADELPHIA. Pa. Oct. 18.-An official of the National Bank of Boyertown, who visited this city to-day. stated that an examination was made after the bank's doors had been closed and not a dollar IS missing. He says the bank probably will reopen in a day or two. It is said that Cashier Morey left home and sent word to his wife from this city that he was in trouble. Acting upon the presumption that Morey referred to the financial affairs of the bank the directors closed its doors. It is intimated that Morey may be insane.

6. October 19, 1901 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 19, 1901

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TELEGRAPHIC BREVITIES The Duke of York received a grand welcome upon his arrival at Halifax, N. S., today. Mother Josephine of the Ursuline convent at Alton Ills. died yesterday from apoplexy. She had been connected with the order for over sixty years. The steamer Manchester Shipper, which went asbore on Petrie Ledge, off Sydney, N. S., Friday was still on the rocks at one o'clock this afternoon. All the passengers are safe. The Hitchins House, a leading hostery at Hoston, Tex, was almost entirely destroyed by fire this morning. One fatality 18 known to have resulted. The hotel was filled with guests. Nineteen burglars raided Mendota, III., last night and secured valuable plunder. Several citizens bad a fight with the burglars. A policeman was killed and another citizen severely injured. Miss Agnes M. Gill, a pretty girl, still in her teens, is performing the duties of Governor of New Jersey while Governor Vorhees and his staff are at Buffalo. Everybody calls her "Governor." A month ago Joseph Wagner, a helper in the Hotel Rathbun kitchen in Elmira, N. Y., received $700 from bis father's estate, This he aquandered in riotous living and last night, rather than face his family with no money, be committed suicide by taking carbolic acid. Because his father refused to furnish him with spending money, G. Wilson Smoyer, a prominent young man of Allentown, Pa., yesterday made an attempt to poison both his parents, Mr. and Mrs. Benjamin A. Smoyer. Both are in a criticalcondition. The doctors have no hope for the recovery of Mrs. Smoyer. Two engines drawing a heavy freight train on the Central Railroad of Georgia, went through a trestle at Leeds, Ala., this morning, falling 40 feet, followed by five cars. Engineer Webster was probably fatally burt, and Engineer Vaughan and Fireman Car" roll badly injured. Fireman Hunter was killed. Mark Wood, a tramp, suffered a broken leg. Cashier Mory, of the closed National Bank of Boyerton, Pa., is still missing, but the directors of the institution are breathing freely. The discrepancy of $2,000 which had appeared just after the $165,000 in bonds were located in Philadelphia yesterday, has also been accounted for and the officials today are certain that not a cent is missing. It is now said the bank will be reopened on Monday, The hotel at Berlin, N.H, was gutted by fire early this morning. The inmates of the house succeeded in getting out in safety with the exception of Albert Clarke, a traveling man of Manchester. Vt., who, finding escape by the stairs cut off, jumped from a window and was fatally injured. The entire family, consisting of seven persons, of Superintendent John Kessler, were chloroformed at their home in Carlstadt, two miles from Passaic, N. J., last night by snesk thieves. The men secured about $500 worth of valuables. There is no clue. Rear Admiral Francis M. Bunce, U. S. N., died at Hartford, Conn., today. In July the admiral was operated on in Boston for cancer on the tongue and since his return home had failed steadily. He leave; & widow and two children. Mr. Wood Benson, aged 95 years, died in the Hampshire county, W Va., alms house Thursday. Mr. Benson wasthe first locomotive engineer to run a regular trip in the United States. The Paris, Ky., court house is burning. A strong wind is blowing and there is no hope of saving the structure. The building is one of the finest in the State and cost $175,000. Mrs. Lena G. Hoey, the widow of "Old Hoss" Hoey, is dead. Mrs. Hoey was one of the famous French sisters.

7. October 19, 1901 Evening Journal Wilmington, DE
Article from Evening Journal, October 19, 1901

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Article Text

Washington, Oct. 19.-The comptroller of the currency is in receipt of a telegram from the president of the National bank of Boyerstown, Pa., that the bank has closed its doors on account of the disappearance of the cashier. James B. McDougal, National Bank Examiner, has been appointed temporary receiver to take charge of the bank. The following is a statement of the condition of the bank, as shown by its sworn report to the comptroller of the currency on September 30, 1901: Liabilities-Capital, $100,000; surplus and undivided profits, $108,713; circulation, $25,000; dividends unpaid, $408; deposits, $413,215. Total, $647,336. Resources-Loans and discounts, $120,128; United States bonds to secure circulation and premium, $25,750; stocks, securities, claims, etc., $423,695; banking house, furniture and fixtures, $8,000; other real estate owner, $15,252; cash on hand, with reserve agents and with treasurer in redemption fund $54,410; total, $647,336.

8. October 21, 1901 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 21, 1901

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Examining the Books. Reading, Pa., Oct. 21.-The National Bank of Boyertown was not reopened today. Temporary Receiver MeDougall, from the United States Treasary department, is examining the books, which are said to be in a badly complicated condition. It is now said there is a shortage of about $30,000 in missing Cashier Mory's accounts, and a warrant for his arrest may be swore out after Mr. McDougail has completed his examination

9. October 24, 1901 Richmond Daily Palladium Richmond, IN
Article from Richmond Daily Palladium, October 24, 1901

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TERSE TELEGRAMS nt Leo Tolstoi is again seriously ill. other world's record was broken when bon Boy stepped half a mile in 1:1/4 at ohis, Tenn., elegation of Porto Rican merchants are ng this country to inspect some of its great less enterprises. are is a movement in Honolulu to erect a ment in honor of the late president. It is orted by all elements. Morris Park yesterday three horses were di while racing and fatal injuries were dined by Little Oisen, a jocky. news of the incorporation of John W. kay's company to lay a cable across the Pacific is received with delight in Honolulu plant ef the American Washboard Co., at land was entirely destroyed by fire yesterLoss $50,000, partially covered by insur1e steamer Monowai, for Melbourne, is now eek over due from New Zeland and nothing been heard of her. She left Auckland with passengers and a crew of 79 ommander in chief Ell Torrance of the G. A. has issued a circular letter asking contribufor the purpose of erecting at Canton, o., morial to comrade William McKinley. loston police inspectors are co-operating th the United States Marshals office in the arch for Louis H. Swift and Albert G. Smith the Merchants National bank of Lowell. The comptroller of the currency has authorizthe temporory receiver of the National Bank Boyertown, Pa., to turn over the assets of bank to the directors and to permit the nk to resume business. The Cherokee Indian Nation, through its prinpal chief claiming to represent 35,000 CheroIndians, has instituted equity proceedings minst secretary Hitchcock and other officials enjoin them from granting leases of Cherokee nds for mining purposes.

10. October 24, 1901 Evening Star Washington, DC
Article from Evening Star, October 24, 1901

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NATIONAL BANK TO RESUME. Financial Institution of Boyertown, Pa., Now Solvent. The controller of the currency has authorized the temporary receiver of the National Bank of Boyertown, Pa., to turn over the assets of the bank to the directors and to permit the bank to resume business tomorrow morning. The suspension of this bank was due to the abstraction of about $165,000 of the securities by the late cashier, W. A. Mory. The receiver reports that the bank recovered all of these securities except 400 shares of the American Smelting Company's stock, which were hypothecated by the late cashier. The bank will sustain a loss through the cashier's transactions of about $20,000, which amount will probably be recovered from his bondsmen. In all other respects the receiver reports the transactions of the bank to have been regular, and that it is now in a solvent condition and prepared to resume business.

11. October 24, 1901 Daily New Dominion Morgantown, WV
Article from Daily New Dominion, October 24, 1901

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NEWS OF NATIONAL CAPITAL. List of Philippine Casualties Sent by Chaffee-Secretary Root Returned to His Duties. Washington, Oct. 24.-Adjutant General Corbin has received the following mail report from General Chaffee, giving a list of the casualties in the Philipp.nes reported to him since his last communication, dated Sept. 3d: In engagement at Rio Katubig, Samar, July 19, 1901-McGrew, Judson, private, B, First infantry, right thigh, severe. In engagement at Santo Tomas, Luzon, Aug. 27, 1901-Bethea, Tristram, private, B, Twentieth infantry, left leg, moderate; Murray, James R., private, B, Twentieth infantry, left arm, slight. In engagement at Sulat, Samar, Aug. 1, 1901-Devol, Harry O., private, D, First infantry, arm, shoulder, severe; Price, William T., private, D, First infantry, left forearm, severe; Manley, Charles F, private, D, First infantry, left leg, severe. Bank to Be Allowed to Resume.-Comptroller of currency authorized temporary receiver of National bank of Boyertown, Pa., to turn over the assets of bank to directors and permit bank to resume business Thursday morning. Do Not Expect Serious Rebellion.— While officials of the war department are watching with keen interest the developments in Samar they do not anticipate the outbreak will reach any serious stage. Root Resumes Duties.-Secretary Root resumed his official duties at the war department, after an absence of several weeks. Missionaries Sure of News.-The state department has heard nothing from any official source to confirm the Austrian reports of the killing of the brother of Madame Tsilka by Turkish troops or the death of that lady herself. It has SO far been unable to get in, touch with the brigands. Missionaries have been the principal source of information. New York at Samar.-Admiral Rodgers cabled navy department his arrival on flagship New York at Catbalogan, Samar, with marines, to co-operate with army in suppressing insurrection.

12. October 24, 1901 New-York Tribune New York, NY
Article from New-York Tribune, October 24, 1901

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BOYERTOWN BANK TO RESUME BUSINESS. Washington, Oct. 23.-The - Controller of the Currency to-day authorized the temporary receiver of the National Bank of Boyertown, Penn., to turn over the assets to the directors and permit the bank to resume business on Thursday morning. The suspension of this bank was due to the abstraction of about $165,000 of the securities by the late cashier, M. A. Mory. The receiver reports that the bank recovered all of these securities except 400 shares of the American Smelting Company's stock. which were hypothecated by Mory. The bank will sustain a loss through the cashier's transactions of about $20,000, which may be recovered from his bondsmen. In all other respects the receiver reports the transactions of the bank to have been regular, and that it is now in a solvent condition and prepared to resume business.

13. October 26, 1901 Martinsburg Herald Martinsburg, WV
Article from Martinsburg Herald, October 26, 1901

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BANK RE-OPENS. Reading, Pa. Oct 24. -The National Bank at Boyerstown re-opened today. No run.

14. October 30, 1901 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, October 30, 1901

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Cashier's Queer Action. The National Bank of Boyertown, Pa., suspended because of the disappearan e of the cashier and $165,000 in securities. He wrote where the securities were, they were recovered and the bank resumed, but he is still missing and his mind is thought to be affected.

15. October 31, 1901 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, October 31, 1901

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that the institution raises a simiamount. Kuhn, Loeb & Co. and Speyer & of New York, took the $2,000,000 of Pennsylvania railroad 3½ per bonds. is said that the vote on the new nstitution for the Methodist Episcochurch to date is 7,378 for and 150 against. The new headquarters of the tional spiritua" its association was dicated yesterday in southeast ashington. Wall street was interested in a reof the rumor of the purchase of White Star line by the J. P. Morinterests. The National Association of Manucturers will hold a reciprocity conin Washington, beginning ovember 19. Professor Hill of the geological surreported that Texas is fairly flowover with prosperity as a result of discoveries. The German Industrial union held a eeting at Berlin and indorsed a proEuropean trade alliance against United States. W. Hackett, assistant secretary the navy. will resign and be sucby Judge Charles H. Darling, Bennington, Vt. Mr. Ingram, of Eau Claire, has of to be one of ten to pay the $50,still lacking to secure Miss Ellen Stone's release. The white house is enlivened by the ildren of the president, who have parted to the historic mansion a melike atmosphere. Missionaries sent out from Constanople have failed to find and open gotiations with the brigands who inapped Miss Stone. Friends of reciprocity, after many nferences, fear that treaties will be layed for some time owing to the opposing interests. Patrick McHugh, member of parliafor Leitrim, was released from after six months' imprisonment seditious publications. Miss Mary French Field, daughter the late Eugene Field, was rried at Chicago to William C. Engformerly of Maryland. Woman's club committee is seekthe spot where the Lincolnuglas debate took place in order to the spot with a tablet. So many applicants for office have eged that promises were made to that the president is investigatsuch claims before acting. King Edward declined the suggesthat he preside at meetings of the ninet council. He will let the reonsible ministry run things. The National Bank of Boyertown, closed its doors because of the appearance of the cashier, whose counts, however, are straight. Nicholas Senn, Professor Brower, Dr. Frank retuned from a trip the world. Dr. Senn praised medical scientists of Japan. Rear-Admiral George W. Millville's shows that the combination of. and engineer officers has resulted serious damages to warships. Cornelius Vanderbilt has just been three new patents, one of is for a brake beam to be keted in opposition to the trust.