Bank of Ashland - Ashland, KY

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 3, 1857
Location: Ashland, Kentucky (38.478, -82.638)

Metadata

Model: gpt-5-mini
Short Digest: 8ec87ae1

Response Measures

None

Description

Article (New-York Daily Tribune, 1857-10-05) reports the Bank of Ashland, Kentucky were thrown out on Saturday in the context of the 1857 financial disturbances. No mention of depositor run, receivership, or permanent closure; suspension appears to be part of the broader 1857 crisis and likely temporary. I infer date Saturday = 1857-10-03 (newspaper dated 1857-10-05).

Events (1)

1. October 3, 1857 Suspension

Cause: Macro News
Cause Details: Suspension occurred amid the nationwide financial distress/panic of October 1857, mentioned alongside many other failures and suspensions.
Newspaper Excerpt: The Powell Bank of Newburgh, the Windham County Bank of Connecticut and the Bank of Ashland, Kentucky, were thrown out on Saturday.
Source: newspapers

Newspaper Articles (1)

1. October 5, 1857 New-York Daily Tribune New York, NY

Article from New-York Daily Tribune, October 5, 1857

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Article Text

Financial matters looked a little brighter on Saturday than they have done of late. Fewer failures than usual were announced, heavy payments were made with unexpected promptness, and the leading stocks sold at an advance from the depression of Friday. The drafts on the Sub-Treasury failed to arrive from Washington, but will come to hand to-day, and, with the treasure by the Star of the West, will supply the specie of which everybody continues to stand in need. On the other hand, the feeling of merchants is still gloomy, and their confidence in each other faint. The best paper is taken with reluctance. The well known house of Dodge, Clark & Co. has suspended in consequence of heavy advances to their Boston house, J. W. Clark & Co., which had previously suspended. The firms of Bowen. Ely & McCornell and of Gage, Sloan & Slater have also suspended. The Powell Bank of Newburgh, the Windham County Bank of Connecticut and the Bank of Ashland, Kentucky, were thrown out on Saturday. The Hudson River and the Farmers' Bank, the two banks of Hudson, have both suspended. Their bills are fully secured, and the business men of the place have generally agreed to take them at par. The cashier of the Exchange Bank of Lockport, which was reported to have suspended, says that it is solvent and in regular operation. The City Banks, though hard pressed, have no thought of suspending; and Chicago has resolved with Boston to stand by us. The Bank Commissioners of Connecticut are said to be vigilant and faithful The Auditor of Virginia says that notes of all the State Banks will be taken in payment for revenue. The fact that the Reading Railroad's notes have gone to protest will not tend to strengthen confidence in railroad securities. The Long Dock Company and the-Cumberland Coal Company followed suit on Saturday. The Erie paid everything due, and five sixths of the subscription to her $600,000 loan is already made up. In Besten, there was a little change for the better. In Philadelphia, the depression amounts almost to a paralysis. We hear of workmen being thrown out of employment all over the country.