Ashland Savings Bank (Ashland, PA)

Episode Information

Episode UID
4505683890903
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
450568389 hash
Start Date
March 28, 1875
Location
Ashland, Pennsylvania (40.781, -76.345)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7d9788e50a42c6e4

Response Measures

None

Description

Initial suspension March 28, 1875; later reporting (July) describes large cashier defalcation and winding up.

Events (2)
1. March 28, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize securities at reasonable rates after strains from the Panic of 1873 and damaging reports led to suspension.
Newspaper Excerpt
Since the panic of 1873 the limited resources of this bank have been taxed to their uttermost...we are, therefore...to suspend payment.
Source
newspapers
2. July 27, 1875 Receivership
Newspaper Excerpt
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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Article Text

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

3. 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.

4. 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.

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

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Article Text

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.

6. March 30, 1875 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, March 30, 1875

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Article Text

John Welcker, 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 six votes. The Ashland Savings Bank at Ashland, Pa., suspended on Saturday. Its embarrassments 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 Simms Brothers & Co., of Boston, has suspended with liabilities amounting to $350,000. It is believed their creditors will grant an extension. One thousand care of coal were moved through Pottevill 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, Missiesippi, 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 Speaken reserved the decision.

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

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Article Text

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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Article Text

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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Article Text

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.