19458. Bushong & Bro. (Reading, PA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
private
Start Date
October 9, 1873
Location
Reading, Pennsylvania (40.336, -75.927)

Metadata

Model
gpt-5-mini
Short Digest
18a81c04

Response Measures

None

Description

Articles (Oct 9–10, 1873) report Bushong & Bro., bankers, suspended payments 'for the present' because they could not convert securities to meet extraordinary demands. They explicitly state assets exceed liabilities and intend to settle and pay depositors; no reopening date is reported in these clippings but coverage characterizes the suspension as temporary and confident of eventual payment, so I classify as suspension_reopening (no definite reopening record in provided articles).

Events (1)
1. October 9, 1873 Suspension
Cause
Macro News
Cause Details
Scarcity of money and inability to realize quickly on securities to meet extraordinary withdrawal demands (articles place this in context of tight money/financial strain in October 1873).
Newspaper Excerpt
Finding it impossible to convert our securities so as to meet the extraordinary demands which are daily being made on us, we have determined to suspend for the present. The Bank will be kept open for the purpose of settling and adjusting its affairs.
Source
newspapers

Newspaper Articles (4)
1. October 10, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, October 10, 1873

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Article Text

The Bushong & Bro. Suspension at Reading THE INTERRUPTION BELIEVED TO BE ONLY TEMPOHARY-- THE FIRM ARE FULLY BOLVENT AND POBSESS THE FULL CONFIDENCE OF THE PEOPLE OF READING. The telegrams to the COMMERCIAL, yesterday, announced the suspension of Bushong & Bro., Bankers,at Reading The Eagle, of that city,of yesterday afternoon gives further particulars This morning the Messrs Bushong & Bro., Bankers, caused the following notice to be placed above the window of the "paying teller." NOTICE. "Finding it impossible to convert our securitics 80 as to meet the extraordinary demands which are daily being made on us, we have determined to suspendifor the present. The Bank will be kept open for the purpose of settling and adjusting its affairs. Our securities and assets are largely in excess of our liabilities, and no loss can result to any of our creditors or depositors. Our securities will be collected and converted as soon as can be done." The following notice was posted above the window of the "Receiving Telier :" NOTICE. "No depoeits will be received for the present except for overdrawn accounts and notes falling due." The many steadfast friends of the firm, men who are possessed of extensive capital and are the leading business and financial people of this section. are unanimous in their opinions that this action of the Messrs. Bushong was the very best that could have been done under the circumstances, and what should be still morerefreshing and satisfactory to the people at large, is the fact that all the leading bankers and capitalists of Reading are of likewise unanimous opinion that the Messrs. Bushong will pay every dollar of their deposits as soon as it can be realized from their vast investments in reliable securities and valuable real estate. The Messrs. Bushong are just as solid to-day as they were three months ago. Their property is valued at figures far in advance of the amount they have on deposit. Their investments are safe and reliable, but as every sensible person knows, money is scarce and not to be had at this time. We have the first well-informed man to meet in Reading who is at all alarmed or afraid that his money is in the slightest danger. The Messrs. Bushong have the confidence, respect and esteem of everybody to-day the same as yesterday, last week or last year. They are sound and honest men, and although the scarcity of money, and their inability to realize on their present investments compels them to suspend for the present, there is not a shadow of doubt but that they are able to pay and will pay every dollar to their depositors.

2. October 10, 1873 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, October 10, 1873

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Article Text

READING. PA., Oct. 9. Bushong & Bro., bankers, suspended this morning. The bank will remain open for the adjustment of its affairs. The assets will meet all liabilities. A number of female operatives in Campbell's Mills, at Manayunk, struck in consequence of the reduction of wages, and five days work in the week. They are visiting the mills to induce a general strike. WASHINGTON, Oct. 9. The Tallapoosa arrived last evening, and anchored in lhe stream. No communication is permitted from the shore with the Polaris survivors. EAST PORT, ME., Oct. 9.-Work is resumed at the Pembroke Iron Works. The workmen have been on a strike for two weeks, owing to a reduction of wages. BOSTON, Oct. 9.-The Elliott Black, Newton, Mass., owned by J. W. Bacon, was burned last night. Bacon's loss $35,000; insured for $2,000. Other losses not'stated.

3. October 11, 1873 Delaware State Journal Wilmington, DE
Article from Delaware State Journal, October 11, 1873

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Article Text

THE READING SUSPENSION. Bushong & Bro.'s Notice to Debtors and Crediters-The Bank to by Kept OpenNo Excitement, and no Just Cause for Alarm. . This morning the Mesers. Bushong & Bro., bankers, caused the following notice to be placed above the window of the paying teller:' " Fit ding it impossible to convert our securities 80 as to meet the extraordinary demands which are daily being made on us, we have determined to suspead for the present. The bank will be kept op n for the purpose of Bettling and adjusting is affairs. Our securities and assets are largely in excess of all our liabilities, a and no loss can result to any of our cred. itors or depositors. Our securities will 1 be collected and converted as soon as can be done." The following notice was posted above the window of the 'Receiving Teller: " 'No deposits will be received for the present, except for overdrawn accounts and notes falling due.' The many steadfast friends of the firm, I' men who are possessed of extensive cap 0 ital and are the leading business and financial people of this section, are unanimous in their opinions that this V action of the Messrs. Bushong, was the d very best that could have been done under the circumstances, and what should be still more refreshing and satisfactory to 0 the people at large, is the fact that all the e leading bankers and capitalists of Read ing are of likewise unanimous opinion that the Messrs. Bushong will pay every dollar of their deposits as soon as It can be realized from their vast investments in e reliable securities and valuable real estate. The Messre. Busbong are just as solid to-day as they were three months ago. Their property IS valued at figures far In e advance of the amount they have on deposit. Their investments are safe and as scaree reliable, knows, money but is every and sensible not to he person had e at this time. We have the first wellinformed man to meet in Reading who is 1 at all alarmed or afraid that his money is in the elightest danger. The Messrs. 0 Bushong have the confidence, respect and esteem of everybody to-day the same as yesterday, last week or last year. They are sound and honest men, and although S the scarcity of money, and their inability to realize on their present investments S compels them to suspend for the present, V there Is not a shado N of doubt but that d they are able to pay and will pay every dollar to tbeir depositors.-Reading Eagle of Thursday. n

4. October 18, 1873 Delaware State Journal Wilmington, DE
Article from Delaware State Journal, October 18, 1873

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Article Text

A stupid and unfair rule of excluding women no matter how competent, from the position of principal of male gram mar schools has just been repealed in Philadelphia. It is astonishing that such a rule should ever have been established in the Quaker city. The large number of suspensions and expulsions from our public scheols, reported by Superintendent Harlan, will strike most people with surprise Dr.Maull will be welcomed back to the Board of Education of which he was a useful member for BO long a time. When George Francis Train went to Europe last he said he would never come back alive. We suppose then it trust be his corpse that has just arrived in New York. Immediately after the announcement of the suspension of Bushong & Bro., in Reading, there appeared in the Reading papers long strings of advertisements from responsible parties, offering valuable real estate for sale for which the owners would accept checks on the suspended bankers. Such an exhibition of confidence must have been cheering to the bankers and somewhat of a "rebuke to those whose fears had caused the panic. We do not publish anonymous communications, and this applies with especial force to notices of marriages. All such must be vouched for over the signature of, or be presented by some one we know. There is no more cruel slander than to falsely accuse one of getting married. The President has issued his Thanks giving proclamation and we print it in full elsewhere. The Philadelphia Age charges that perfectly eutrageous frauds were perpetrated by rounders and repeaters in that city Tuesday. It declares: Gangs of men were piloted from division to division, in one instance by 8 "Ring" candidate for the Legislature, and voted upon names given them by their employers Well-known citizens were personated by loafers and vagabonds, and when that fact WAS pointed out to the "Ring" officers, they disregarded the information and insulted those who sought to prevent illegal votes from being polled. All day in all parts of the city this disreputable game was carried out by the "Ring" officials. If these charges be true, and the decent newspapers and honest people of Phila delphia do not join in denouncing the crimes and securing the punishment of the criminals, then is that city indeed lost to shame and decency. If they be false, the press and people of the city owe it to their city's reputation to prove their falsity and rebuke the slander. They cannot afford to Ignore them. The Tammany Hall Democrats of New York have passed resolutions opposing the proposed change in the constitution of that State vesting the appointment of judges in the Governor. That is only natural. Tammany Hall has even stronger reason than the thieves and murderers of the metropolis for liking, and desiring to retain, an elective judiciary. It obtained from elected judges power and profit as well as protection. Close upon the adjournment of the Evangelical Alliance comes the meeting in New York of the Free Religious Asso ciation, and the reporters who have been plodding along recording the utterances of Orthodoxy and the aspirations of faith, find their pens now run with equal facility, freighted with heterodoxy and the exaltation of human reason. Truly all is grist that comes to a newspaper mill. The letter from Lewisville to the West Chester News, which we publish elsewhere, is encouraging to those who hope for an extension of the Wilmington and Western Railroad to Oxford.