18487. First National Bank (Ashland, PA)

View Charter #403 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
403
Charter Number
403
Start Date
July 1, 1877*
Location
Ashland, Pennsylvania (40.781, -76.345)

Metadata

Model
gpt-5-mini
Short Digest
09f433e2

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1878-02-28
Date receivership terminated
1879-08-05
OCC cause of failure
Losses
Share of assets assessed as good
63.9%
Share of assets assessed as doubtful
24.8%
Share of assets assessed as worthless
11.4%

Description

Contemporary articles (July 1877) report the First National Bank of Ashland, Pa., has gone into liquidation or suspended. Later reporting (Sept 1879) indicates the bank passed into the hands of a receiver (Isaac S. Alden) around 1877 and has since paid depositors in full, consistent with a suspension that led to permanent closure/receivership. No contemporaneous article describes a depositor run on this specific bank, so classified as suspension leading to closure/receivership. OCR errors in some pieces corrected (Torry/Torrey -> William/William Torrey/Torrey; dates inferred from publication dates).

Events (5)
1. April 27, 1864 Chartered
Source
historical_nic
2. July 1, 1877* Receivership
Newspaper Excerpt
which institution passed into the hands of Isaac S. Alden, of Warren, Pa., as receiver, about two years ago, and has since paid off its depositors in full, with interest, and nearly all of its stockholders (Sept 1879 report).
Source
newspapers
3. July 20, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reported recent losses and general depression of business cited as reason for suspension/liquidation in July 1877.
Newspaper Excerpt
Owing to the reported recent losses and depression of business, the First National Bank of Ashland has gone into liquidation.
Source
newspapers
4. February 28, 1878 Receivership
Source
historical_nic
5. August 9, 1878 Other
Newspaper Excerpt
Wm. Torry, cashier of the First National bank of Ashland, which suspended about a year ago, has been arrested, charged with embezzlement and falsifying the books. Torrey has given bail.
Source
newspapers

Newspaper Articles (9)
1. July 21, 1877 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, July 21, 1877

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LATER. Rail. The Infection Indiscriminate Strike of the spreading roaders Aloak All the Lines. a has PITTSBURG, July issued 20. or Governor Hartranft admonishing all juris- good proclamation persons within the against diction citizens of the Commonwealth unlawful proceed- enaiding or all and commanding abetting proceedings persons to disings riotous to force gaged or in military will be This used is now beobedience perse to the the law. form of hand bills the printed distributed line of and posted ears of cattle, strikers ing and will be in are along 130 among the the road. and There sheep ready reported for shipment, to arand hogs 100 cars more the are West. It is berive to-day that from if the Pennsylvania to-day lieved railroad here men hold and out Fort till noon Wayne will in in the in the the Pan Handle strike. The strikers Michigan say join case these and roads Lake join Store roads effort will will Southern also join. and this all strong freights between the be made to and stop West, and so terms. bring The the railroad East companies to of National Eighteenth been Regiment ordered out and at will 11 be Guards taken has to an outer depot o'clock this morning. MARTINSBURG, July 20. just The following proclamation French: has issued by General STATES been HEADQUARTERS UNITED July 20. TROOPS, MARTINSBURG having been given of the by Due proclamation n otification of those the President concerned. the United states thus to warns of all travel persons on undersigned engaged in interruption that the United the B. and O. R. R., not be impeded. States and whoever troops undertakes must it does so at Signed, their own peril. WM. H. FRENCH, States United Army, Brevet Colonel Major General Fourth artillery Commanding. United States soldiers to aid Additional forwarded to Keyser have been of thirteen already the detachment the strikers are in there, and where are taken off the force. Firemen Torpedoes were trains at Keyser. track but did no difficulty damage. placed on the to be little work the There appears obtaining men to trains. thus far Some in strikers have applied to be reinstated. GRAFTON July 20. The strikers have decided to send assistance to MARTINSBURG, Keyser. July 20. this began moving from small here detach States morning Trains in charge of a soldiers. and ment of United to depart as rapidly are as will continue ready. There engines can be got engineers ready firemen and now if they pro seventy willing to run trains will have and are assured that they numbers of strikers along not tection. Large the road in the vicinity permitted of are the get depot, near but enough they are to offer any ob20. July structions to to the trains. OMAHA, Union Pacific employes last night met to The in large numbers in their wages. consider here A Committee a reduction General was appointed Superintendent to express to wishes of the employes. strike Clarke Speakers the strongly resort. deprecated a except as a last WASHINGTON, July 20. train which left the this B. and morn- O. The for the West military ing R. R. was station accompanied by a guard. EAST BUFFAO, N. Y., July at 20. the have been received no stock Orders office to take account Erie shipment shipping East to-day trains on reaching them. of for Hornellsville the Strike. On the the men quietly quit PITTSBURG, July Penn- 20. The strike inaugurated continues, on the and sylvania Railroad occasioned still thereby has excitement intensity by the dethe increased in Railroad termined been efforts remove made by the the blockade. the authorities that to the employes of all in the Rumors roads centering here freely had circulated, joined but movement. were P. M. no such The strikers demonstration up to l o'clock T. had place. in strength. As are hourly increasing their crews, after strikers. taking trainscome join the the in yard, cars trains to the are lying on One thousand loaded Union Depot and the track between while the number This en East Liberty. the number to 1.500. and route number swells is constantly will increasing, soon be all octhe maze of track inert masses of rolling from cupied heavily by laden with goods East. stock. all points of the West and COLUMBUS, O., July Newark, 20. blockade of trains strike at on the in conseque & Ohio, The of the continues. No to Baltimore have been permitted attemptfreight so trains far. Several trains It is go out out, but were stopped. been put ed to get that torpedoes have For the reported track at some points. strikers. on the of intimidating the this morning, the Sheriff purpose read the riot act on the strikers. had no effect refuse to but it and engineers them sym. Conductors strikers, but give county join the The Sheriff of Hocking from the pathy. demanded military aid be r ward has Assistance will are noGovernor. the State officials have done titled. ed as soon The as local authorities all they can. of POTTSVILLE, Pa., July 20. Owing to the general National depression Bank of business the First into liquidation. ately. The Ashland depositors has gone will be paid immediMARTINSBURG, July 20. striker named Davis looking has been for

2. July 21, 1877 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 21, 1877

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MINOR TELEGRMS. Peter Penwell, who killed his wife, was hanged in Elmira, N. Y. yesterday. James Milleaby alias Wilkins arraigned in the Central District Court yesterday morning for the murder of Mrs. Campbell at Auburn. He pleaded guilty and was committed for trial. The First National Bank of Ashland, Pa., has gone into liquidation. Enquiries relative to alleged great contracts for provision for cavalry horses for the French government in this country, fail to discover any foundation for such statements. It is reported that H. J. Farber of the Universal Life Insurance Co., has fled to Europe, but another report locates him in Hartford. Rev. Robert Scott of Jane Street Presbyterian church, New York, formerly of Canada, died Thursday eveuing of paralysis of the brain, aged 55. The Bulletin says statements that the Lehigh, Wilkesbarre or Susquehanna coal company have stopped running is untrue. The Charter Oak policy holders in Chicago have appointed a committee to go to Hartford. They denounce the company. A violent tornado passed through Elizabeth, N. J., Thursday. Buildings, fences and chimneys were demolished but nobody killed. The suits in favor of the Eastern road against the Great Falls and Conway road amount to $500,000 instead of $5000 s stated by a mistake in Boston papers. At the close of the session of the Grand Lodge of Good Templars at Macon City a prohibition convention was organized. The platform favors the strictest prohibition, free ballot, election by popular vote and paper money. A state ticket will be nominated. The New York World says ex-Marshal Pitkin of Louisiana, now in Washington, is indignant at the statement from New Orleans that he is not willing to let the boxes of documents deposited by him in the custom house be opened. He declares he has no objection to a full investigation of everything connected with the election in Louisiana and the declaration of the result. Frank Kohler cut his wife's throat in the woods near Plainfield, N. J., Thursday morning, tore nearly all her clothes off and left her to die. She was discovered and taken to a house, but she cannot live. The husband fled. It is stated that a public building formerly used as a sugar refinery in New York and now leased to the government at $100,000 per annum, and occupied by the appraiser's department, was offered at $35,000 per year and the members of the so-called custom house ring made the lease to the government and received $30,000 per annum as payment for the job.

3. July 21, 1877 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, July 21, 1877

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Bank Suspension POTTSVILLE, PA., July 20-Owing to the reported recent losses and de. pression of business, the First National Bank of Ashland has gone into liquida. tion. The depositors will be paid immediately, and the stockholders as soon as possible.

4. July 27, 1877 The Emporia News Emporia, KS
Article from The Emporia News, July 27, 1877

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CHICAGO, July 19.-The run upon the State Savings Bank this morning considerably increased, and unusual activity was also noticed at the counters of one or two other institutions, so that by ten o'clock all the savings banks bad, by agreement, posted notices that the thirty days' rule would be enforced. POTTSVILLE, Pa., July 20.-0 wing to the reported recent losses and general depression of business, the First National Bank of Ashland has gone into liquidation. PATERSON, N. J., July 18th.-There was a heavy run to-day on the Paterson Saving Bank. DES MOINES, July 18th.-The private bank of F. R. West & Sons, of this city, suspended this morning. Liabilities about $130,000. The assets consists almost entirely of real estate, and are variously estimated at from $40,000 to $60,000. It Is thought that the depositors will by careful management realize from 30 to 40 per cent.

5. July 28, 1877 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, July 28, 1877

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Weekly News Summary. Domestic. Ex-Gov. Tilden sailed for Europe on the 18th. First National Bank of Ashland, Pa., suspended. George Kuntz fatally stabbed Jas. Murphy in New Orleans. The cotton worm has appeared in various portions of Texas. A barrel of offal exploded at Philadelphia, killing a workman. A Pittsburg foundry and machine shop burned; loss $300,000. The Fire Insurance Company of Patterson, N.J., is bankrupt. New Orleans subscribed for $205,600 of the new 4 per cent. bends. Charles Sprule, a New Orleans baker, hung himself with a sheet. Another $10,000,000 of government bonds of 1865 have been called in. Gov. Hampton visited Salem, Va., and was tendered a hearty publie reception. Chicago savings banks checked a run by enforcing the thirty days' notice rule. Members of the Republican National Committee holding civil offices, have all resigned from that body. Gen. Sharpe, Surveyor of the port of New York, was knocked down and beaten by a dismissed employee. President Hayes and Cabinet have accepted an invitation to visit the Louisville exhibition September 27. Brutus Ducommun, a young New Orleans portrait painter, committed suicide by shooting himself while intoxicated. The steamboat I. N. Camden exploded both boilers near Wheeling, killing Wm. Barnard, pilot, and four of the crew. Indians killed three men and a girl on Cow Creek, W. T. Another band murdered a party of thirty-one Chinese miners. Wm. Anderson's residence near Worthville, Ky., was fired while the family were asleep. Anderson's danglter aged 16, went to the front door, and was fired upon by concealed parties and killed.

6. July 28, 1877 Northern Tribune Cheboygan, MI
Article from Northern Tribune, July 28, 1877

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THE WIDE, WIDE WORLD. The First National Bank of Oakland, Pa., has suspended. The First National Bank of of Ashland, Pa., has gone into liquidation. Hard times. It is rumored that H. J. Furber, of the Universal life insurance company. his fled to Europe. The Hon. E. Rumsey Wing. late Minister to Ecuador, was buried at Owensboro, Ky, on the 20th. The Union Pacific railroad employes have appointed a commission to confer with the superintendent concerning the recent reduction of wages. A loan and mortgage association is talked of at St. Johns. N. B., with the objeet of raising money in England at a low rate of interest for the rebuilding of the city. The project will haye the indorsement of the local government and the city council. A loan of $2,000,000 is destred. A little girl at Clarksburg, O., was told by the misstress of the house to pour eoal oil on the tire to make it burn, and she did so. The flames exploded the can, threw the fluid over and burned her to death. The flesh on her abdomen was charred so that it dropped off and disclosed the intestines. banimala0 Uriah Saunders, " ho just died at King ston, N. H. was the liero of 500 lawsuits. Litigation had strange charms for him, and he sank a fortune in its pursuit. He had a law suit against Bob Harper, which lasted 20 years and ended only with Bob's death. When Uriah was about to die, he said he was "going to meet Bob," and departed in the blessed hope that the suit would be taken up in eternity where it left off on earth.

7. August 10, 1878 Daily Globe Saint Paul, MN
Article from Daily Globe, August 10, 1878

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CRIMES AND CASUALTIES. Illicit Distillers by the Hundred-Boiler Explosions-An Embezzling CashierKerosene Explosions-Railroad Accldents, etc. CHICAGO FATALITIES. CHICAGO, Ang. 9.-Andy McGlenn, fireman on the engine of the passenger train which ran into a freight train at Riverside this morning, died this evening from injuries there received. The coroner's inquest in the case of George Ryn, who was killed in the collision between a hose cart and fire patrol yesterday morning, rendered a verdict exonerating the fire patrol from criminal intent, but censuring them for careless driving and recommending that the city council give the right of way to fire companies as against the patiol. COLUMBIA. S. C., Aug. 9.-The Republican convention to-day appointed a county chairman and adjourned sine die. A RESPITE. NASHVILLE, Tenn., Aug. 9.-A special to the American says that George Howells, sentenced to be hanged to-day at Greenville, is respited until Sept. 5th. SPILLED MILK. CHICAGO, Aug. 8.-A passenger train on the Chicago, Burlington and Quincy railroad, coming north, at Riverside this morning struck a milk train which was switched on a side track at that point. Several persons were injured, but none seriously, except Holden, the baggage man, who had both legs broken. The cause of the accident was a misplaced switch. KEROSENE EXPLOSIONS. NEW YORK, Aug. 9.-A barrel of kerosene exploded in Sleiger's grocery store, on Barclay street, this morning, injuring one of the employes and setting the building on fire. While the firemen were at work subduing the flames another barrel exploded, severely injuring five of them. NOT SERIOUSLY HURT. NEW YORK, Aug. 9.-An accident occurred on the Manhattan Beach railroad yesterday, and four people were injured, Miss Elizabeth Johnson, of Chicago, Mr. Parsons, Rev. Mr. Hicks, and Mrs. Fish, of New York. None seriously. NOT GUILTY. INDIANAPOLIS, Ind., Aug. 9.-The jury in the case of J. G. Vaas, on trial for the murder of Werture, a colored man, in July last, returned a verdict of not guilty. A POSITIVE DENIAL. BOSTON, Aug. 9.-John G. Sinclair, of New Hampshire, positively denies the Journal's story alleging irregularities and challenges any one to produce a dollar of his paper with forged or illegal indorsements. STEAMER EXPLOSION. COLUMBUS, Miss., Aug. 9.-The Fanny W., a little steamer on the Big Bee river, exploded her boiler to-day near Waverly. The captain and engineer were fatally injured, and eight others badly scalded. CUT TO PIECES. LOUISVILLE. Ky., Aug. 9.-J. C. Downey, formerly conductor on the Baltimore & Ohio road, fell off a freight train of which he was brakeman and was literally cut to pieces, last night. Deceased was on the Louisville & Nashville line. He was from Ohio. MILL BOILER EXPLOSION. SUNBURY, Pa., Aug. 9.-By the explosion of a boiler in the saw mill of John Gross, at Shamokin dam, the proprietor, Charles Elliott, en_ gineer, and Charles Freymeyer, a boy, were instantly killed, and Wess Freymeyer, Isaac Fader and another man were probably fatally injured. BY THE HUNDRED. CHARLESTON, S. C., Aug. 9.-Since the opening of the United States court in Greenville, 267 cases of illicit distilling have been disposed of. A number marched in to-day from the mountains and pleaded and one hundred more are/expected Monday. CASHIER ARRESTED. POTTSVILLE, Pa.. Aug. 9.-Wm. Torry, cashier of the First National bank of Ashland, which suspended about a year ago, has been arrested, charged with embezzlement and falsifying the books. Torry has given bail. RAILROAD REPAIR SHOPS BURNED. DUBUQUE, Iowa, Aug. 9.-The Illinois Centra car repair shops here, a frame building, was burned to the ground with eight freight cars which stood on a side track to the windward By hard work many cars and much freight wer put out of the way, and many thousands o dollars saved. The loss is probably abou $12,000. The cause is supposed to be spark from a locomotive. TO BE LYNCHED. NASHVILLE, Tenn., Aug. 9.-A special to th American from Greenville says Howell will probably be lynched to-night. Precautionar measures have been taken to prevent it. of of A FATAL BLOW. CINCINNATI, O., Aug. 9.-During the Dem

8. August 11, 1878 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, August 11, 1878

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# TELEGRAPHIC BREVITIES. -Geo. Howell, sentenced to be hanged Friday at Greenville, Tenn., was respited till September 5. -At Newport, R. I., a brilliant reception was given Mrs. President Hayes Friday evening by Mrs. Gen. F. W. Cullom. -At Indianapolis, the jury in the case of J. G. Voss, on trial for the murder of Minturn, a colored man, in July last, returned a verdict of not guilty. -Hon. C. L. Cobb, member of the Forty-first, Forty-second and Forty-third congress, is announced as the Greenback candidate for congress from the First North Carolina district. -A Yuma, Arizona, dispatch says apprehensions of an Indian outbreak are subsiding, but a patrol is still kept up. Two companies United States troops are en route for Arizona. -The Fanny W., a little steamer on the Bigbee river, exploded her boiler Friday near Waverly, Miss. The captain and engineer were fatally injured and eight others badly scalded. -The Union Pacific railway having increased rates on freight, directors of the Pacific Mail Steamship company Friday considered the subject and referred the whole matter to President Babcock. -William Torrey, cashier of the First National bank of Ashland, Pa., which suspended about a year ago, has been arrested, charged with embezzlement and falsifying books. Torrey has given bail. -John G. Sinclair, of New Hampshire, positively denies the Boston Journal's story alleging irregularities, and challenges any one to produce a dollar of his paper with forged or illegal indorsements. -An accident occurred on the Manhattan Beach R. R. on Thursday. Four people were injured, Miss Elizabeth Robinson, of Chicago, Mr. Parsons, Rev. M. Hicks and Mrs. Fash, of New York; none seriously.

9. September 25, 1879 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, September 25, 1879

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SLAVERY IN CUBA. TROOPS SENT TO CUBA, AND THE CORTES FIRMLY RESOLVED TO ABOLISH SLAVERY. LONDON, September 24.-A despatch from Madrid announces that the Spanish government has decided to send 500 troops to Cuba forthwith. Several deputies are resolved to move in the Cortes the immediate ablition of slavery in Cuba without indemnity to the slave owners. A private telegram received at Madrid from Havana states that three slaveholders, owners of 4,000, 1,200 and 800 respectively, have emancipated them, and contracted with them for their services for five years, and that other slaveholders intend following their example. HANLAN'S PLANS. TORONTO, Ont., Sept. 24.-Hanlan, the oarsman, will go to Chautauqua Lake to-morrow morning. He will take the new Wharin boat with him and also the Toronto and Duflerin boats, both built by Swaddle & Winship. Mr. Ward will not go to Chautuaqua this week, but a competent trainer has been se.ured. The postponment of the race with Courtney was determined upon as a malter of necessity. At a meeting of Hanlan's friends held here yesterday it was stated that Hanlan will not accept the Elliott's challenge, but will return the Sportman's Challenge Cup. A Mining Tragedy. LEADVILLE, Col., Sept. 24, 1879-The Buckeye Mill Mine, which was the scene of a lively skirmish a few weeks ago, was the theatre of a tragedy last night. Two contencing parties had occupied different parts of the ground, and had erected forts Hell and Damnation. The leaders were negotiating, and had practically arrived at a settlement, when Fort Hell opened fire on Fort Damnation, and one Connors was instantly killed. A flag was raised and the body removed to an undertaker. Great excitement prevails. COAL PRICES DECLINING. NEW YORK, Sept. 24.-The Delaware, Lackawanna and Western Railroad Compaby sold 100,000 tons of Scranton coal at auction to-day. The bidding lacked spirit, and there was a slight falling off in prices instead of the advance that was expected. CHARGED WITH EMBEZZLING $20,000. POTTSVILLE, Sept. 23.-One of the bitterest legal tilts which has occupied the attention of Judge Pershing since his taking the bench in this county began here two weeks ago yesterday and closed to-day. It was the case of Commonwealth versus William Torrey, former cashier of the First National Bank of Ashland. which institution passed into the hands of Isaac S. Alden, of Warren, Pa., as receiver, about two years ago, an't has since paid off its depositors in full, with interest, and nearly all of its stockholders. The charge against Torrey, was embezzlement and S the sum as laid in the indictment was $20,000. The jury took the case at 4.30 this afternoon, and will not agree to night. It is reported that they stand el ven for acquittal and one for convic tion. DIED IN BALTIMORE. 1 Mr. Thomas Tiegh, a former residen of this city, died in Baltimore,yesterday S, after suffering for some time past with consumption. Mr. Tieth was we'l know