6240. Richmond National Bank (Richmond, IN)

View Charter #2090 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2090
Charter Number
2090
Start Date
July 22, 1884
Location
Richmond, Indiana (39.829, -84.890)

Metadata

Model
gpt-5-mini
Short Digest
92576f6c

Response Measures

None

Receivership Details

Depositor recovery rate
75.2%
Date receivership started
1884-07-23
Date receivership terminated
1890-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
60.1%
Share of assets assessed as doubtful
11.8%
Share of assets assessed as worthless
28.0%

Description

The Richmond National Bank (Richmond, IN) suspended operations July 21-22, 1884 due to inability to meet balances/raise current funds; there was explicitly no run upon the bank. A receiver (A. D. Lynch) was appointed July 24, 1884 and the bank was liquidated under the receiver (dividends declared, assets sold). Thus suspension with permanent closure/receivership; no depositor run preceded suspension.

Events (5)
1. March 5, 1873 Chartered
Source
historical_nic
2. July 22, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to raise current funds/realize on securities to meet balances; officers said assets exceeded liabilities but lacked liquid funds, and rapid withdrawal of a large depositor speeded suspension.
Newspaper Excerpt
The Richmond National Bank ... was unable to pay its balances when the banks made their settlements this afternoon, and its doors will to-morrow stand closed.
Source
newspapers
3. July 23, 1884 Receivership
Source
historical_nic
4. July 24, 1884 Receivership
Newspaper Excerpt
The controller of the currency has appointed A. D. Lynch receiver of the Richmond National bank of Richmond, Ind. A. D. Lynch ... took charge of the Richmond National Bank as receiver.
Source
newspapers
5. July 2, 1885 Other
Newspaper Excerpt
Another dividend, this time a 20 per-cent. one ... was to-day declared by A. D. Lynch, receiver of the Richmond National Bank ... this 30 per cent. paid in one year ... assets will yield 50 per cent.
Source
newspapers

Newspaper Articles (22)
1. July 22, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 22, 1884

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ANOTHER BANK SUSPENDS. The Richmond National Has Abundance of Good Assets, but Needs Current Funds. Special to the Indianapolis Journal. RICHMOND, Ind., July 21.-The - Richmond National Bank, of which Charles F. Coffin is president, and his son, Charles H. Coffin, cashier, was unable to pay its balances when the banks made their settlements this afternoon, and its doors will to-morrow stand closed. The officers claim that the assets certainly exceed the liabilities by upwards of $200,000, and that in the end even the stockholders will lose nothing, but that they must suspend for the want of funds to meet current demands. The accounts of a few of the largest depositors were settled to-day by transferring notes to them, and there will be an effort made to settle other accounts in the same way. Before any settlements were made, the deposit accounts amounted to $349,000. In this is included school funds, perhaps $20,000; county funds, said to be over $100,000, and Wayne township funds to an amount not stated. The settlements made to-day reduced the deposit accounts to $188,000. The bills payable amount to $20,000 more, making total lia bilities of $208,000. The officers claim to have good assets, including the notes used in settlement with depositors to-day, as follows: Loans and discounts, $580,000; cash items. $22,500; total, $602,500. There has been no run unon the bank. It had the complete confidence of its patrons, and a premium has been offered for its stock within a few days; yet there are those who have doubted its soundness for months back. Bank Examiner A. J. Hay has been telegraphed, and is expected to-night.

2. July 22, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, July 22, 1884

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FAILURES IN BUSINESS. A Private Banking House of Elmira Closes Its Doors at Noon. ELMIRA, N. Y., July 21.-The private banking house of F. G. Hall closed at noon to-day. Inability to realize on real estate and securities is given as the cause. The bank carried about $90,000 or $100,000 in deposits of business men, laboring men and farmers. The amount of the liabilities are not known. A RECEIVER APPOINTED. ST. LOUIS, July 21.-Ethan Hitcheock has been appointed provisional receiver for the St. Louis Ore and Steel Company, which was attached by the Laflin & Rand Powder Company. It is said that the assets are more than ample to meet the liabilities, and time is only needed by the company to realize and resume. The St. Louis Ore and Steel Company has a capital of $5,000,000 and a bonded debt of $2,660,000. The unsecured indebtedness is unknown, but is said not to be large. A BATCH OF FAILURES. NEW YORK, July 21.-Green's Bank, at Jackson, Miss., has failed, and J. L. Power has been appointed receiver. There are no preferences. The bank claims that its assets exceed its liabilities. R. H. Smith, of Richmond, Va., dealer in hay and feed, has assigned, making preferences. Fendell Horn, dealer in wines and liquors, at New Orleans, La., has failed. ANOTHER INDIANA BANK IN TROUBLE. INDIANAPOLIS, July 21.-A dispatch from Richmond, Ind., says that the Richmond National Bank was unable to meet its balances to-day, and will close its doors to-morrow. The officers claim that the assets will certainly exceed the liabilities by $200,000, and that in the end even the stockholders will lose nothing. IN A BAD BOX. CHICAGO, July 21.-Henry Stevens, a paper box dealer, has made an assignment. His attorney says that the assets approximate $100,000, and that the liabilities amount to half that sum. WHEELS CEASE TO REVOLVE. OVID, MICH., July 21.-Schofield & Cooper, one of the largest carriage manufacturers in the State, made an assignment to-day. Their liabilities are about $100,000 and the assets $75,000. BOSTON JOBBERS SUSPEND. BOSTON, July 21.-Tucker, Hammond & Co., jobbers of small wares, have suspended and assigned to Wm. R. Brown, Treasurer of the Boston Water Power Company, with preferences. The liabilities are over $100,000. The assets are nominally the same.

3. July 23, 1884 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, July 23, 1884

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The Usual Promise Which is Never Fulfilled. RICHMOND, IND., July 22.-Late yesterday afternoon the rumor went the rounds of business circles that checks on the Richmond National Bank had been protested in clearance with the other banks of the city, and soon after a sensation was produced by the authentic announcement that the b ank had suspended, as it was well known that it had a large line of deposits, including the City School Board's balance of perhaps $20,000; the Township Trustees' balance of a like sum, and the County Treasurer's balance of perhaps more than $100,000. From a statement furnished by the bank it appears that the total resources are $602,500, nearly all of which it is claimed is good and not including unavailable assets. The total liabilities are $869,000. Their reason for suspending is a failure to raise funds on their securities, and to avoid a consequent run. The depositors are promised payment in full.

4. July 24, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 24, 1884

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THE RICHMOND NATIONAL BANK. The Bank Examiner Reports Its Condition Better than He Anticipated. Special to the Indianapolis Journal. RICHMOND, July 23. -A. G. Hay completed his examination of the affairs of the suspended Richmond National Bank this evening, and reports its condition better than he anticipated, and fully as good as the officers of the bank represented it when they closed their doors. There is little reason to doubt that the bank's creditors will receive all that is owing them, unless some of those who have settled by receiving notes should fail to realize full value or the notes. There is, perhaps, some likelihood of this; but all who are still looking only to the bank and its stockholders are safe. The stockholders will suffer a loss; but whether it will be much beyond their holdings of stock cannot yet be determined. An officer of the bank says that one of the immediate causes of the suspension was the rapid withdrawal of some $20,000 of a $33,000 deposit by M. C. Henley, the rollerskate manufacturer. Some days, perhaps weeks ago, Charles F. Coffin, the officer says, went to Henley to learn when he was likely to want this money, the deposit being large and the bank not wishing to be called upon for it suddenly. Mr. Henley said that he would not want it for some months, and then, a short time after (perhaps becoming a little afraid of the bank), he began to check out in large suns. There has been no unusual demand for money at the other banks today, and there is no excitement or apprehension.

5. July 24, 1884 Evening Star Washington, DC
Article from Evening Star, July 24, 1884

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P A RECEIVER APPOINTED.-The controller of the currency has appointed A. D. Lynch receiver of the Richmond National bank or Richmond, Ind. -

6. July 25, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 25, 1884

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Richmond's Suspended Bank. Special to the Indianapolis Journal. RICHMOND, July 24-A. D. Lynch came over from Indianapolis this afternoon and took charge of the Richmond National Bank as receiver. He will proceed to convert the assets as rapidly as may be and pay off the bank's indebtedness. He will be assisted by Benjamin Webb, who has served the bank ever since its organization, and is fully acquainted with its affairs. Mr. Webb is treasurer of the Indiana Yearly Meeting of Orthodox Friends, the society of which Charles F. Coffin is clerk, and as such treasurer be holds about $100,000 of mortgages and bonds belonging to the meeting, These, he desires to have it understood, are in no way involved by the suspension of the bank. The meeting had a small sum of money deposited with the bank, but this has been amply secured to it. The Coffin family held a little over $130,000 of $250,000 capital stock of the Richmond National Charles F. Coffin, the president, holds $115,000. The heaviest part of any assessment that may need to be made upon stockholders to satisfy the claims of creditors, must, therefore, fall upon the Coffins. Then, some of them have been large borrowers from the bank on personal account, and are now indebted to it-probably in a large sum; but respecting this information is carefully withheld. Charles F. Coffin has transferred real estate to the amount of $3,000 and Charles H. Coffin to the amount of $23,000, to the bank, to secure indebtedness; but whether these amounts are the whole of their liability to it is not yet ascertained. Officers of the bank are the principal bondsmen of the county treasurer, P. P. Kern, whose official deposit, when the bank closed, was$102,000, and of the trustee of Wayne township, Mr. Elliott, whose deposit was $21,000. The county commissioners have called upon Kern and Elliott for new bonds.

7. July 25, 1884 New-York Tribune New York, NY
Article from New-York Tribune, July 25, 1884

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WASHINGTON NOTES. WASHINGTON, July 24. 1884. DIVIDEND FOR CREDITORS OF THE MARINE BANK.The Controller of the Currency has declared a dividend of 15 percentin favor of the creditors of the Marine National Bank, of New. York. The checks in payment of the dividend will be mailed to-moitow. The Controller says be expects to be able to make a second dividend in a short time. A. D. Lynch has been appointed receiver of the Richmond National Bank, of Richmond, Ind. THE ABSENT BROKER RETURNS.-Robert Bruce, the broker. of this city, returned to-day, and in a card to The Evening Star says he will publish shortly a statement of his affairs, which will show the baseless character of the reports in circulation about him. He says that be does not owe $500 in all, and that there is due him from his customers ten times that amount. SILVER PURCHASES.-The Treasury Department to-day purchased 315,000 ounces of silver for delivery at the New-Orleans and Philadelphia mints. No MORE STAMPS FOR COLLECTORS.-The PostmasterGeneral has discentinued the practice of supplying specimen postage stamps to collectors, as it has been found unprofitable and a source of annoyance, DUTIES OF THE Commissioner OF NAVIGATION.-The Secretary of the Treasury has issued a circular in regard to the organization of the new Bureau of Navigation, in which the duties and powers of the Commissioner are defined.

8. July 28, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 28, 1884

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INDIANA AND ILLINOIS NEWS The Daily Chronicle of Happenings of All Kinds in the Two States. Filing of New Official Bonds Necessitated by the Failure of the Richmond National Bank-Serious Fire at Nashville, III. INDIANA. The Failure of the Richmond National Bank Causes the Filing of New Bonds. Special to the Indianapolis Journal. RICHMOND, July 27.-Edgar G. Hibberd, treasurer of the Richmond School Board, and, as such, caught in the suspension of the Richmond National with a balance of $16,000 due on deposits, has filed a new official bond, to take the place of one whereon Charles F. Coffin and Charles H. Coffin were sureties. The new bond is for $90,000, and the bondsmen are James Morrison, Hibberd's brother-in-law, and C. C. Beeler, his business partner. John Elliott, trustee of Wayne township, and, as such, creditor of the Richmond National to the amount of $21,000, has also filed a new bond for $50,000, in substitution of one whereon the Coffins were sureties. But his new bondsmen are very modest or timid men, and have desired the county auditor, who is the custodian of the bond, not to reveal their names. The new bond of Peter Kern, county treasurer, has not yet been filed.

9. August 4, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 4, 1884

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INDIANA AND ILLINOIS NEWS Receiver Lynch and the Affairs of the Suspended Richmond Bank. A Probably Fatal Shooting Affray at Centerton- Prize Fight Near Lawrenceburg-Gleanings in the Two States. INDIANA. A New Phase in the Affairs of the Suspended Richmond Bank. RICHMOND, Aug. 3.-On Saturday it became known that receiver Lynch, of the suspended Richmond National Bank. had demanded, under orders from the Comptroller of the Currency, of several depositors that they return the notes which they had accepted in settlement of their claims against the bank. When Charles F. Cof fin was addressed on the subject he said he had hoped the fact would not become public so soon, as he had negotiations pending to facilitate the settlement of all the bank's affairs, which he desired to have consummated without giving depositors any further trouble or cause of alarm in the event they could, in a quiet way, get Comptroller Cannon to see how much better it would be for him to rescind his order. Continuing, he said they thought the Comptroller wrong in his deduction of the situation, and that they would contest his judgment; that they thought the clause to which he refers is not applicable to the case, and, as their attorneys advised them to the same effect, they proposed to resist his order on that clause. Said Mr. Coffin: "I could take this bank and wind up its affairs in ninety days, with that order rescinded. Parties who have taken notes for their accounts are almost universally pleased with their settlement. I imagine it will make business for the lawyers when the attempt is made to make them return their notes. for there are between one and two hundred such depositors. Having them settled with, we had made arrangements for the First National Bank to pay off our two hundred and sixty-three small depositors, who have credits under $100, and take receiver's certificates, for the payment of which we (the bank officers) were going to give personal security. This would have left less than two -hundred creditors of a class with whom we could bave speedily ad justed matters by other arrangements now in progress. As originally stated, there are plenty of assets with which we could have paid all our depositors that night had it been possible for them to have been there, and with what remained we could have paid stockholders a nominally large per cent.; but I cannot. of course, say what per cent. it would have finally netted them, nor do I know what they will realize under the present regime, Under any circumstances, however. depositors will ultimately fare as well as we have promised 'dollar for dollar), if our surplus of assets and more is not swallowed up in expensive litigation resulting from this order from the Comptroller; but should the receiver have to institute suit against a hundred or more depositors, as he is authorized to if they refuse to deliver their notes, the expense will all have to come off of the bank. With as much live business pa per as we have, we have hoped to make a 50 per cent. divided within three months. which would give the county treasurer and other de positors of tunds enough for current uses. and save them from any embarrassment; but that would have to depend on collections, and they on the condition of the country, in any event; and I do not know what this new phase will re sult in. Our ambition has been to say to our customers whom we could not pay, that we were ready to pay them in full; and I have no doubt of our ability to do it, in a comparatively short time, if the Comptroller would allow us to work out our own salvation. Mr. Lynch, the receiver, is competent. our relations have been harmonious, and I think he has approved of our plans, but he is disposed to submit everything to the Comptroller, who may or may not consent to what is proposed."

10. August 5, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 5, 1884

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To the Democrats. Only waiting till the battle Of the ballots does begin; Only waiting till the rattle Of the politician's chin Stops its quiver. Only waiting, they remember Every promise of the past; Only waiting till November Blows them with a bitter blast Up Salt river. ->ew York Morning Journal. THE RICHMOND NATIONAL BANK. Embarrassing Position in Which County Treasurer Kim Is Placed by Its Failure. Special to the Indianapolis Journal. RICHMOND, Aug. 4-The feature of interest to-day in the affairs of the suspended Richmond National Bank has been the appearance of Peter P. Kim, county treasurer, before Judge Kibbey, of the Circuit Court, on a citation to show cause why he should not provide additional security on his official bond. The bond is $200,000, and the bondsmen are Charles F. Coffin. president of the Richmond: National Bank; Charles H. Coffin, cashier, and D. J. Hoerner and Elwood Patterson, directors. It will be remembered that at the bank'ssuspension Kim had an official deposit there of $103,000. Shortly after the suspension the County Commissioners called on him for a better bond, and he had arranged with the Second National Bank here to give it his account in consideration of its providing him with the needed bondsmen. But when Kim's affairs. and the affairs of the Richmond National were looked into, it appeared that Kim's deposit would come back to him only in the slow course of general settlement of the bank's business, and any large demands made on the county treasury in the meantime would have to be met by him personally, or by his bondsmen. It also appeared that the new bondsmen would have to face these demands on an equality with the old bondsmen. The prospeet made the Second National people pause indeed, back quite out: and thus Kim was left without hope, and he could not comply with the commissioners' order. In the trial to-day it appeared that not one of the old hondsmen is solvent except Hoerner, who testified that he owned about $21,000 real estate, free of ineumbrance. Neither Charles F. nor Charles H. Coffin, it appears, owns any realty over and above indebtodness secured by it; and Elwood Patterson's real estate is all mortgaged to its full value. Patterson, by the way, who is a manufacturer, has just assigned the personal effects in his business to his son-in-law, Omar Hittle, and seems to be in pretty bad shape all through. Judge Kibbey ruled that Kim must file a new bond within ten days. Kim took an appeal, as the statute allows, from the judge to the Circuit Court; and the case will now rest just where it is until September. Then, if Kim should not have found new bondsmen, and Judge Kibbey should still insist on them, as he must. Kim's position will be most unfortunate. The commissioners will have to declare his office varant, and appoint some one to administer it until Kim's duly-elected successor comes in. Then Kim will have to make up the $103.000 as best he can. He is a perfectly honest and most worthy man, and his official record is perfectly clear. He is also an old soldier. and hears enduring proof of it in having but one leg. Though his deposit in the Richmond National will probably all come back to him one day. yet the delay in getting it, and the cost of making the "tarns" meanwhile. promises to absorb about all his office has yielded him.

11. August 9, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, August 9, 1884

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BRIEF MENTION. There will be a special "Two Orphans" matinee at the Grand Opera-house this afternoon at 2 o'elock. A camp meeting began to-day near Mitchel, under the direction of Elder Sweers, of the Zion A. M. E. Church. Among the assets of the Harrison bank, it is said, is a note for $153,800, given by John C. S. Harrison to the bank in December last. Katie Slaven has brought suit for divorce from George Slaven, on the ground of cruel treatment, failure to provide, and abandonment. The United States Railway Passenger Conductors' Accident Association filed articles of incorporation with the County Recorder, yesterday. Arrangements are complete for the Emmet Guards' excursion to Crawfordsville to-morrow. Indications point to a grand success for the Guards. Suit has been filed in the federal court against Elwood Patterson by A. D. Lynch, receiver of the Richmond National Bank, demanding judgment on notes for $14,000. George W. Lawrence, formerly a merehant and banker at North Manchester, who has been an inmate of the Insane Hospital, escaped from the institution last Wednesday, and has since been at large. The Indianapolis Bridge Company has been awarded a contract for a large and handsome bridge across White river, at Rockford, Jackson county. The bridge will be of iron, 420 feet long, with a double roadway. Flora Wing, aged fifteen years, who has been for some time an inmate of the Female Reformatory, was yesterday declared to be of unsound mind. Papers were made out for her commitment to the Hospital for the Insane. A large delegation is expected to go from this city on the morning of Thursday, August 21, to Jefferson county, to attend the annual meeting of the old settlers of that county. The meeting will be held at Liberty Church, Monroe township.

12. August 11, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, August 11, 1884

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Not So Lucky as They Thought. Indianapolis, Ind., Aug. 11.-The day of the failure of the Richmond National bank the officers settled with heavy depositors, whose claims aggregated $86,000, by giving them paper held by the bank. This settlement-a preferment-was attacked and set aside by the controller of the currency, and the receiver was ordered to call in the paper and place the holders on a par with other creditors of the bank. This will lead to much dissatisfaction, as some of the notes have been paid, and the depositors will not want to put up the money received for them, but there is no alternative. A. D. Lynch, receiver of the bank, brought suit in the United States court against Elwood Patterson. one of the directors of the bank, for notes amounting to $14,000.

13. August 13, 1884 Morris Tribune Morris, MN
Article from Morris Tribune, August 13, 1884

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Not So Lucky as They Thought. INDIANAPOLIS, Ind., Aug. 11.-The day of the failure of the Richmond National bank the officers settled with heavy depositors, whose claims aggregated $86,000, by giving them paper held by the bank. This settlement-a preferment-was attacked and set aside by the controller of the currency, and the receiver was ordered to call in the paper and place the holders on a par with other creditors of the bank. This will lead to much dissatisfaction, as some of the notes have been paid, and the depositors will not want to put up the money received for them, but there is no alternative. A, D. Lynch, receiver of the bank, brought suit in the United States court against Elwood Patterson, one of the directors of the bank, for notes amounting to $14,000.

14. September 30, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, September 30, 1884

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On Account of an Overdraft. Receiver Lynch, of the defunct Richmond National Bank, filed suit in the federal court, yesterday, against Benjamin Maag, and instituted attachment proceedings to recover $600, which, it is claimed, is due from the defendant on an overdraft.

15. March 14, 1885 The Indianapolis Sentinel Indianapolis, IN
Article from The Indianapolis Sentinel, March 14, 1885

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The Mischief Done by the Coffin Family. Specialito the Sentinel. RICHMOND, Ind, March 13.-The Controller of Rhe Currency has just notified the unfortunate stockholders of the late Richmond National Bank, controlled by the Coffin family, who have now left Richmond for the good of the city, that an assessment of 100 cents on the dollar is now due, and has directea A. D. Lynch, Esq., the receiver, to enforce the claim by suit or otherwise. Competent business men estimate the amount to be received from this source at $75,000 with which to meet a liability of

16. April 1, 1885 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, April 1, 1885

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The County Commissioners of Wayne county, Ind., have decided to hold an extra session to devise means for protecting the county's interest in the property of Charles T. Coffin, late president of the defunct Richmond National Bank, who was one of the bondsmen of P. P. Kird, late County Treasurer, who had $109,000 of the county's funds in the bank when it suspended.

17. May 5, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 5, 1885

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INDIANA AND ILLINOIS NEWS The Daily Chronicle of Happenings of All Kinds in the Two States. The Coming Sale of the Real Estate of the Richmond National Bank-Municipal Elections Yesterday-Gleanings. INDIANA. Affairs of the Richmond National Bank-The Sale of the Real Estate. Special to the Indianapolis Journal. RICHMOND, May 4.--A. D. Lynch, receiver of the suspended Richmond National Bank, to-day issued circulars announcing that the real estate belonging to the effects of said bank will be sold to the highest bidder, at the court-house door, in this city, on. Wednesday, the 20th inst., he reserving the right to reject all bids. The real estate is represented to be worth about $100,000, and consists of several farms in Indiana, Illinois and Ohio, besides numerous properties in this city. In his circular the receiver says depositors and others having claims may apply their certificates in payment for purchases at 40 cents on the dollar, which insures the bank paying 50 cents on the dollar, a ten percent. dividend having already been paid, while he admonishes them that it may pay more than this 40 cents, which is all they will get if they thus surrender their certificates.

18. May 21, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 21, 1885

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Failure to Sell Bank Property. Special to the Indianapolis Journal. RICHMOND, May 20.-All bids on the real estate in the assets of the suspended Richmond National Bank, aggregating over $100,000, were rejected at the sale to-day by Hon. A. D. Lynch, receiver, except one, and that was only received to be submitted to the comptroller for approval. It was a bid of $9,600 on the bank building, held at $12,000 by the receiver, and was made by Jesse Cates, of the Centerville National Bank, which will probably be removed here if the bid is approved. President Lovett, of the Greensburg National Bank, bid $8,000, and a committee of the Common Council, by whom it was wanted for city buildings, bid $9,500, and both have since been viewing the premises, leading to the suspicion that they will each send in a private bid. It is not known whether Lovett proposed to move the Greensburg bank here or organize another.

19. May 22, 1885 The Indianapolis Sentinel Indianapolis, IN
Article from The Indianapolis Sentinel, May 22, 1885

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Verdict for Damages-Bank Will Pay 50 Per Cent. Special to the Sentinel. RICHMOND, Ind., May 21-A jury in the Circuit Court here awarded George W. Goodwin $1,200 damages against Bradbury & Bon for his loss of a foot in moving an iron safe dewn stairs. The 0810 has occupied the Ocurt about A week and terminated by the above verdict last night. Receiver Lynch, of the def not Richmond National Bank, offered for sale real estate of said bank at auction yesterday, there were few bidders and no sales except the bank building, which was bought by Jease Cotes, President of the First National Bank of Centerville, for $9,600. The bank will probably pay fifty cents on the dollar to its creditors.

20. July 3, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 3, 1885

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Richmond National Bank Dividend. Special to the Indianapolis Journal. RICHMOND, July 2.-Another dividend, this time a 20 per-cent. one-double that of a former one-was to-day declared by A. D. Lynch, receiver of the Richmond National Bank, and this afternoon the counting-room resumed its old-time lively appearance. This 30 per cent. paid in one year is more than many expected in all, but is probable that the assets will yield 50 per cent.

21. July 9, 1885 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, July 9, 1885

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Assets $250,000, Debts $180,000. RICHMOND, IND., July 2.-A petition was filed in the United States court at Indianapolis last evening asking for a receiver for the business of Haynes, Spencer & Co., manufacturers of school and church furniture. William F. Spencer, secretary and treasurer of the firm, has been appointed, subject to the approval of the comptroller of the currency at Washington, to take charge of and not only liquidate, but carry out all existing contracts, manufacture stock and carry out the business upon the same plan heretofore pursued by the company. This is a result of the failure of the Richmond National Bank. C. H. Coffin, cashier of that institution, was a stockholder in the manufacturing company to the amount of $25,000. When the bank failed it was found that it has been virtually carrying Haynes, Spencer & Co. in their business and that they owed the bank $100,000 the first payment of which is due in October, which accounts for the present action. The total of the firm'sindebtedness is $180,000. Their assets are given at $250,000.

22. July 11, 1885 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 11, 1885

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A New Bank at Richmond. Special to the Indianapolis Journal. RICHMOND, July 10.-The $9,600 bid made by Jesse Cates, president and almost sole owner of $50,000 stock of the Centerville National Bank, for the property of the suspended Richmond National Bank, at the sale recently made by A. D. Lynch, receiver, has been approved by the Comptroller of the Currency. and the conveyance made. But the Centerville bank will not be removed here, as first designed. A new banking company, with double that amount of capital stock, will be organized to resume business at the Richmond National stand, which will provide the coveted place for Mr. Cates's son, now at Centerville; and if the Centerville bank does not pay under his successor it will be liquidated and a small private bank established in its place.