18484. Ashland Savings Bank (Ashland, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 28, 1875
Location
Ashland, Pennsylvania (40.781, -76.345)

Metadata

Model
gpt-5-mini
Short Digest
00d9fc54

Response Measures

None

Description

The bank publicly posted a suspension notice on 1875-03-28 citing lingering effects of the Panic of 1873 and 'damaging reports.' Subsequent reporting (July 27, 1875) describes a $25,000 defalcation by cashier McClay and states the bank is winding up and will not attempt to resume, indicating permanent closure rather than reopening. No explicit standalone depositor run is described in the articles.

Events (2)
1. March 28, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank cited prolonged post-1873 embarrassments and damaging reports; later reporting reveals cashier McClay's large defalcation contributing to insolvency.
Newspaper Excerpt
Since the panic of 1873 the limited resources of this bank have been taxed to their uttermost...we are...compelled, greatly to our regret, to suspend payment.
Source
newspapers
2. July 27, 1875 Receivership
Newspaper Excerpt
The case of McClay, the defaulting cashier of the Ashland Savings Bank, is much worse...McClay's defalcation amounts to $25,000...The bank is winding up its affairs and will not attempt to resume.
Source
newspapers

Newspaper Articles (10)
1. March 29, 1875 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, March 29, 1875

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Article Text

John Weicker, the well known restaurateur of Washington, died yesterday of pneumonia. In the Senate of Ohio, on Saturday, the House bill providing for compulsory education was defeated by BIX votes. The Ashland Savings Bank at Ashland, Pa., suspended on Saturday. Its embarrasements began in the panic of 1873. The Erie Railway bridge near Port Jervis was completed on Saturday afternoon, and a Western bound passenger train was the first to cross it. The furnishing goods firm of Simme Brothers & Co., of Boston, has suspended with liabilities amounting to $350,000. It is believed their creditore will grant an extension. One thousand cars of coal were moved through Potteville on Friday and Saturday by the Reading Railroad This is about the regular quantity for the number of collieries now in operation. At West Point, Mississippi, on Thursday last, Louis A. Middleton, editor of the Times, was shot dead by D. L. Love, editor of the Citizen. because he had published "an offensive article" and refused retraction. The Senate of Virginia, on Saturday, by a vote of 24 to 9 expelled Senator Graham for complicity in the sale of a naval cadetship. A member raised the point that a two thirds vote of all the Senators was necessary to expel. The Speaker reserved the decision.

2. March 29, 1875 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, March 29, 1875

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Pottsville, Pa., March 28.--The - Ashland Savings Bank suspended yesterday.

3. March 29, 1875 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, March 29, 1875

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MINOR TELEGRAMS. The crew of the bark J. R. Rea, abandoned at sea, have arrived at London. California Democratic state convention will be held at San Francisco, June 29. The report of the loss of a steamer in Puget Sound is contradicted. The President and wife will accompany Fred. Grant and wife to New York, Thursday. The Methodist Episcopal Conference of Philadelphia, having appointed Rev. Geo. McLaughlin to look after the welfare of Hancock street church, cotwithstanding the protests of the trustees, the latter have closed the church, and a conference will be held this week to settle the matter. Carruth's condition is improving. John Mullins has been bound over at Manchester, N. H., for perjury in declaring himself a naturalized citizen. A well known New York lawyer named Abe Hummel has been disbaired for bribing a magistrate. The Pottsville miners have become turbulent, and are destroying property. The bill passed by the Delaware Legislature to meet the civil rights bill has become a law. It does not mention color, but provides that hotel keepers, railroad companies, sleamboat owners and others may provide separate accommodations for any class of persons ob. noxious to their customers or passengers. J. W. Steventon has been arrested at Harrisburg, Pa., charged with inhuman treatment of his wife and the brutal outrage of his daughter, aged fifteen years. Among those invited by Senator Cameron to accompany the Mexican excursion party are Senators Morton, Allison, Anthony, Ransom, and Vice President Wilson. The schooner Early Bird, from New York to St. Augustine, Florida, is ashore on the beach at Townsend's Inlet, New Jersey. L. Bryan, who was to have been hung Friday at Morehead City, was respited till September by the Governor of North Carolina. All the officers in the county had resigned rather than do the hanging. The furnishing goods house of Simms Brothers & Co. of Boston has suspended; liabilities, $350,000. An extension is probable. Van Velzer, who absconded with $33,000 belonging to the Hndson River Railroad, has been brought to New York. Patrick Rook has been convicted of murder in the first degree at Virginia City, Montanathe first conviction of the kind in Montana. Frazier, a negro murderer, has been respited from hanging by the Governor of South Carolina. The friends of Gov. Osborne of Kansas deny that his business in coming east is to sell fraudulent county bonds. Gov. Osborne is in Washington solely for the purpose of trying to secure the removal of Indian Suporintendent Hoag of this district, and this charge of complicity in bond frauds was probably made against him at this particular juncture to embarass him in this undertaking. The general passenger agents held a meeting Friday night in Chicago,and agreed to meet their managers at Cleveland the 30th inst. The Lemoyne-Farwell contested election case in Illinois has been dropped, and Mr. Farwell remains the Representative from the third Congressional district. One night last week the court house at Galena. Mo., was broken into and all the indictments stolen. The sheriff undertook to arrest a number of men supposed to have been engaged in the affair, but after a fight, in which one man was killed, the sheriff desisted. The two parties are now watching each other. Louis A. Middleton, editor of the West Point Miss., Times, was shot and killed by D. L. Lowe, editor of the Citizen, whom he had libelled. The Virginia Senate has voted to expel Graham, implicated in the naval cadetship scandal. Ship Thomas Boyne of Halifax, has bee lost at sea. Steamer Lizzie Rea struck a snag and sunk at Shreveport Saturday. Vessel and cargo a total loss. The second engineer was drowned. Orders for the arrest of ten more ku-klux in Todd county, Ky., have been issued and the sheriff has gone to execute the orders. Gen. Augur has assumed command at New Orleans. W. S. Graves and Dr. E. B. Sparkam were arraigned at Brockville, Can., for murder by an attempted abortion. The interest on the coupons of the Wilmington & Reading railroad due April 1st, will not be paid. James Crombie, a well known Nashua builder, died yesterday. The grand jury has found four indictments against Harris, charged with setting the recent fire at the Lebanon Shaker settlement. The Ashland, Pa., Savings Bank has suspended. Tony Dixon, an old negro gardener of Memphis, Tenn., was shot Saturday by a colored boy named Nathan Hackett, whom he bad Vischarged. Another man attempted to interfere when he was shot and fatally injured. A crowd of negroes then gathered and shot Hack: ett and then arrested him. John Hagenback, a Bowery bar tender, was fatally stabbed Saturday night by an unknown man. The waste mill of P. G. Cheney & Co., at Amoskeag, E. H., was damaged by fire yesterday. Loss $1500.

4. March 29, 1875 New-York Tribune New York, NY
Article from New-York Tribune, March 29, 1875

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Article Text

TRIPLE SHEET. Deputies of four provinces occupied by the Carlists have informed Don Carlos that the country is exThe Carlist and Alfonsist troops are hausted. fraternizing. = The Italian Government will give limited assistance 10 Italians desirous of exhibiting goods at the Philadelphia Exhibition. = There is to be a Catholic Conference at Fulda on Tuesday. At a large meeting in Syracuse, the action of the Governor in regard to Canal Reform was enthusiastically approved. ========================= The members of the Schuylkill Haven Branch of the Miners' and Laborers' Benevolent Association, connected with the Philadelphia and Reading Railroad. have renounced allegiance to that organization, and will resume work to-day. = The Asbland Savings Bank, at Ashland, Schuylkill County, Penn., has suspended payments. === A flood is expected soon on both the North and West Branches of the Susquehanna River. Precautions have been taken to render the damage as light as possible. Easter was celebrated by the Episcopal and Roman Catholic Churches. - A German bartender in the I A Teuth Ward was fatally stabbed. well-plauned attempt to rob the Long Island Savings Bank failed. - A Catholic Committee had been appointed to confor with the Board of Education in regard to combining the parochial and the public schools. - Thermometer, 36°, 40°, 38°. I Gold, 116g, 1161, 1161. Gold value of the legal tender dollar at the close, 86 1-10.

5. March 29, 1875 The New York Herald New York, NY
Article from The New York Herald, March 29, 1875

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Article Text

SUSPENSION OF A SAVINGS BANK. THE MISFORTUNE CAUSED BY THE PANIC OF 1873. POTTSVILLE, Pa., March 28, 1875. The following notice of suspension was placed on the coors of the Ashland Savings Bank yesterday, at Ashland, in this county:Since the nanic of 1873 the limited resources of this bank have been taxed to their uttermost. This resulted partly from the insecurity naturally felt by depositors during the crisis, but was aggravated by damaging reports. The protenged panic troubles have made it more embarrassing. Unable to realize from our securities, except at ruinous rates, we are, therefore, compelied. greatly to our regret, to suspend payment. Such action as may be taken or proposed will be indicated as soon as practicable. No additional particulars have been obtained.

6. March 30, 1875 Evening Star Washington, DC
Article from Evening Star, March 30, 1875

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GONE UP.-The Ashland Savings Bank, Schuylkill county, Pal, on Saturday posted a card on its doors stating that for reasons given they were compelled, greatly to their regret, to suspend payment, and adding that such action as may be taken or proposed will be indicated as soon as practicable.

7. April 1, 1875 The Jeffersonian Stroudsburg, PA
Article from The Jeffersonian, April 1, 1875

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SUSPENSION. The Ashland, Pa., Saving Bank Closed. POTTSVILLE, Pa., March 28.-The following the doors notice of of suspension was placed the Ashland Savings Bank on yesterday, at Ashland, in this county:"Since of the this panic of 1873 the limited :sources bank have been taxed to reuttermost. This resulted partly from the the insecurity the naturally felt by depositors dur. ing crisis, but was aggravated troubles damaging have reports. The prolonged by made it more embarrassing Unable to realize from our securities. cept at ruinous rates, We are, therefore, excompelled, greatly to our regret, to suspend payment. Such action as may be taken proposed will be indicated as soon as possi- or ble. Ashland Savings Bank, Ashland." tained. No additional particulars have been ob-

8. April 1, 1875 Delaware Tribune Wilmington, DE
Article from Delaware Tribune, April 1, 1875

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In the Senate of Ohio, on Saturday, the House bill providing for compulsory education was defeated by six votes. The Ashland Savings Bank at Ashland, Pa. suspended on Saturday. Its embarrasements began in the panic of 1873.

9. April 3, 1875 The Carbon Advocate Lehighton, PA
Article from The Carbon Advocate, April 3, 1875

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depot, a lady's new satchell. The finder will be liberally Lewarded on returning it to the Rev. A. F. Leopold, Weissport. -The trial of William Gouldstraw for the shooting of Oliver Richards in selfdefence on the night of Dec. 21, 1874, at Audenried, was concluded in Mauch Chunk, on Friday of last week, and the jury rendered a verdiet of not guilty. -On Friday aftermoon last week, Mr. Simon Weidenheimer, of this place, was stricken with palsy. We are pleased to state that he is somewhat better. -Maria wife of Harry J. Hunsicker, and only daughter of C. S. German, of this place, on Sunday afternoon. The funeral took place on Wednesday morning, and was very numerously attended, Rev. E. A. Bauer, of Hazleton, and Rev. A. Bartholomew officiated. -Now you go on wheels, and David Ebbert's buggies and carriages have been beautifully fixed up for theseason. and his horses are unsurpassed by those of any other livery in the county. Terms low. -The Allentown Rolling Mill, on Saturday morning last, received 148 car loads of bituminous coal from the vi. cinity of Pittsburgh. -The chimney and ceiling of a public school at Kingston, near Wilkesbarre; tumbled down Friday of last week, during the session of the school. Thirty-five boys were in the room, but only one was injured by the falling bricks, which smashed the desks. Another, who jumped from a window without raising thesash, was cut slightly in the head. The disaster is attribut ed to the improper construction of the chimney. -The Ashland Savings bank at Ashland, Pa., suspended on Saturday. Its embrassments began in the panic of 1873. -The law allows you to luxuriate on trout now-if you know how to catch 'em. -The Centennial tea party, at the Mansion House, Mauch Chunk, on Wednesday evening, was well attended, about 1000 persons being present. The hotel was elegantly decorated with flags. The music was furnished by the Eureka Orchestra of Allentown. -Have you heard Liniment Jake" spread himself in regard to the virtues of his wonderful liniment? If you have not, call at D. Krock & Co's bakery, buy a bottle of the Nniment, and ask Jake for his opinion of it. -Read Mrs. Fath's new advertisebonnet. men, and then go and get your spring -On Wednesday evening, Mr. Lewis Weiss, of Weissport, was taken sick very suddenly. -J. W. Raudenbush, has taken possession of the Eagle Hotel, in this bor. ough, and is now engaged giving it a thorough overhauling and renovation, when finished it will be, undoubtedly, one of the best houses in the county. Host Raudenbush has fully demonostrated the fact that he "knows how to keep a hotel," and accordingly invites his friends to give him at least a pas. sing call, if they don't desire to stop over with him. Courteous treatment,a well filled table and moderate charges, is the rule of the house. -The penalty for catching bass in the Lehigh and other streams of Pennsylvania, between the 1st of March and the 1st of June, is $25. Fishermen, be on your guard. -An outbreak of miners occurred Monday night at Buck Mountain, Eckley, Drifton, Jeddo, Ebervaleand Hazleton. The rioters were armed with muskets and cudgels. At Jeddo they shot one policeman and beat another. At Buck Mountain they disarmed the special police from Philadelphia. At last accounts they were disbanding at the request of Father O'Hara, of Hazleton. -Dr. N. B. Reber showed us a copy of "The New England Weekly Journal," published in Boston, dated Monday, April 8,1728, or one hundred and

10. July 27, 1875 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, July 27, 1875

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EASTERN DISPATCHES. SPECIAL TO THE GOLD HILL DAILY NEWS. DOMESTIC NEWS. Fears of a Riot in a Louisiana Parish. CINCINNATI, Ohio, July 27.-A New Orleans dispatch states that a riot is ap. prehended at East Feliccuna, where the negroes have assumed the offensive, and are collecting and arming through the parish for the supposed purpose of capturing the town of Clarion. Great ex. citement prevails throughout the parish. A number of whites have armed and are congregating to protect the town. Bad feeling has existed between the races in that parish for some months. Attempt to Oust the Commissioner of Patents. CHICAGO, July 27.-A Washington special says an attempt is being made to secure a change in the office of Commissioner of Patents. Thatcher, the present incumbent, has displeased n number of local attorneys, who are opposing him, and political influences are being used in favor of R. H. Duell, exmember of Congress from New York. The indications are that Duell will receive the place. Swimming Match. CHESTER, Pa., July 7.-Arrangements have been completed for another swimming match between Johnson and Coyle, to swim ten miles, from here to Red Bank, for $2,000 in August next. Nevere Storm and Fatal Accident. LACROSSE, Wis., July 27.-There was a severe wind and rain storm in this vicinity yesterday, tearing up trees, fences and shrubs, blowing down a circus tent during a performance, and causing n panic. Quite a number of persons were injured; one man fatally. Bank Suspension. NEW YORK, July 27.-A special from Pottaville, Pa., says the case of McClay, the defaulting cashier of the Ashland Savings Bank, is much worse than at first supposed. The investigation is still unflnished, but it is known that McClay's defalcation amounts to $25,000. The bank's liabilities amount to $75,000 and the assets are $210,000, but these are so manipulated by McClay that they scareely raise $70,000. The bank is winding up its affairs and will not attempt to resume. McClay's whereabouts are unknown. Burgiaries and Robberies in South. ern New York. NEW YORK, July 27.-A special from Erie, Pa., says the brigands operating ju the southern counties of New York have extended their field and are now depredating in the counties bordering on Pennsylvania, Several houses in Jamestown were recently rifled of their valuables. The residence of Chas. Peterson, who was believed to be possessed of a large amount of money was entered and ransacked. The thieves failing to find the treasure, threatened his life unless he informed them of the whereabouts of the money. Peterson said he had none. The robbers finally left him bound. Citizens are getting together and have armed themselves for mutual protection.