6983. Bank of Richmond (Richmond, KS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 18, 1893
Location
Richmond, Kansas (38.403, -95.254)

Metadata

Model
gpt-5-mini
Short Digest
28ffafe2

Response Measures

None

Description

Newspapers from July 18–22, 1893 report the Bank of Richmond (Franklin County, KS) failed or suspended and were listed among several small Kansas banks that closed in the panic. No article describes a depositor run at this specific bank or a later reopening. State bank examiner notification and coverage grouping with other state/private banks suggest a state-chartered institution. The proximate cause appears to be linkages to failures/suspensions of other Kansas/Kansas City banks (loss of correspondent deposits), not a spontaneous run or bank-specific scandal.

Events (1)
1. July 18, 1893 Suspension
Cause
Correspondent
Cause Details
Reported as failing/suspending as part of contagion from Kansas City/Kansas banks; several country banks had deposits in or were affected by suspended Kansas City banks and clearinghouse failures, producing inability to meet payments or collect funds for settlement with correspondents or clearing-house banks in the region.
Newspaper Excerpt
State Bank Examiner Breidenthal received notice of the failure of the Citizens' bank of Kansas City, the Bank of Richmond and the Farmers' and Merchants' bank.
Source
newspapers

Newspaper Articles (9)
1. July 18, 1893 The Evening World New York, NY
Article from The Evening World, July 18, 1893

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PANIC ON IN DENVER. Four More Banks Close Their Doors To-Day. Runs Started on All the ClearingHouse Institutions. several Kansas Banks Go Down. with One in Ada. Ohio. DENVER, Col., July 18.-The Union National Bank, of which R. W. Woodbury is President, failed to open its doors this morning. The capital is $1,000,000. No statement can be had. A run is now being made on the City National, German National, First National. Colorado National and all the Clearing-House banks. The panic is on. LATER.-The Commercial National Bank has closed its doors. A notice says: "This bank has gone into liquidation by order of the Board of Directors." The National Bank of Commerce has also closed. Ex-Gov. Job A. Cooper is President of this bank. The Mercantile Bank. a private institution with a capital stock of $100,000, closed its doors at noon. The failure was caused by the failure of the Union National Bank, through which it cleared. C. C. Girda, the City Auditor, is President. W. F. Robinson formerly Treasurer of the Republican Publishing Company. one of the oldest and most respected individuals in the State, has been made assignee. President Woodbury is of the opinion that the Union National Bank will reopen and continue business as before. It is one of the oldest banks in Denver, and has always been regarded as one of its solid ones. The failure of the Chamberlin Investment Company a few days ago affected the Union National, the Company having become indebted to the bank about $50,000. The Commercial National Bank was in bad shape. It has a capital stock of $250,000. and only had $2,000 in cash in the bank. TOLEDO, July 18.-The Citizens' Bank of Ada, O., the most prominent one in Hardin County, failed to open its doors this morning. Its owner, Peter Ahifield, has controlled it for over a quarter of a century, and is one of the wealthiest men of that section. No statement of assets and liabilities, or the cause of failure, can be obtained. FORT SCOTT, Kan. July 18.-The First National Bank, of this city, the oldest financial institution in Southeastern Kansas, has suspended payment. TOPEKA. Kan., July 18.-State Bank Examiner Breidenthal this morning received notice of the failures of the Citizens' Bank, of Kansas City, Kan., of the Bank of Richmond and of the Farmers and Merchants' Bank. at Ossawattomie. The concerns all did a small business. Statements are unobtainable. The opinion is expressed that other institutions throughout the State will soon go under. The Denver bank failures reported above are in addition to the three reported in the same city yesterday, which were as follows: People's Savings Bank: assets, $1,125,667.55; liabilities, $966,996.88 Colora do Savings Bank: assets over liabilities, $73,063.62. Rocky Mountain Dime and Savings Bank: assets, $156,803.53; liabilities. $105, 654.32. The seriousness of the situation is quite evident from the collapse of all f these institutions.

2. July 19, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, July 19, 1893

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Kansas Banks Go Under. TOPREA, Kan., July 18. State Bank Examiner Breidentball this morning recoived notice of the failure of the Citisens' Bank of Kaneas City, Kan., the Bank of Richmond and the Farmars' and Merchants' bank of Omawatomia. The concerns all did a small business ONSAWATOMIX, Kan., July 18.-The Farmers' and Mechanics' bank of this city suspended this morning and is now in the hands of the state bank conamia simen. it is claimed that assets are much larger than liabilities Fort Scott. Kan., July 18.-The First National bank of this city failed to open its doers for business this morn. ing at the usual time, and the first inti. mation any one had of the financial con ditice of the bank was when a sotice was put up on the front door at 9 e'clock.

3. July 19, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, July 19, 1893

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Three Small Banks Suspend. TOPEKA, July 19.-State Bank Examiner Breidenthal received notice of the failure of the Citizens' bank of Kansas City, the Bank of Richmond and the Farmers' and Merchants' bank of Osawatomie. The concerns all did a small business.

4. July 19, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 19, 1893

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eastern Kansas. It had a capital stock of $300,000 fully paid in, and has always stood all runs. A run on the People's Savings Bank was started, but the thirty day law was taken advantage of, and the bank was saved from being swamped. Topeka, Kan., July 18.-State Bank Examiner Breidenthal this morning received notice of the fail. ures of the Citizens' Bank of Kansas City, Kan.; of the Bank of Richmond, and of the Farmers' and Merchants' Bank. at Ossawattomie. The concerns all did a small business. Statements are unobtainable. The opinion Is expressed that other institutions throughout the State will soon go under. Toledo, July 18.-The Citizens' Bank of Ada, the most prominent one in Hardin County, failed to open its doors this morning. Its owner, Peter Ablfield, has controlled it for over a quarter of a century, and is one of the wealthiest men of that section. No statement of assets and liabilities, or the cause of failure, can be obtained. Anacortes, Wash.. July 18.-The Bank of Anacortes failed to open its doors yesterday, owing to inability to realize on securities. The liabilities are $29,000 and the assets, $78,000. Depositors will be paid in full. Kansas City, July 18.-Although last night the bankers of Kansas City did not expect to get through to-day without trouble. none came: and the impresston prevails that to-day marked the beginning of the end of the recent financial flurry. There is evidence to-day that the people have stopped to think. It is a notable fact that no man who had money in the bank of Kansas City or the Missouri National has the slightest doubt of getting every cent of it. The banks in Kansas City which have failed are the National Bank of Kansas City. the Missouri National Bank. the Kansas City Safe Deposit and Savings Bank. and the Bank of Grand Avenue, the latter being a State bank. Armourdale, Kan July 18.-The Citizens' Bank sugpended payment to day with assets of $151.000 and liabilities of $126,500. State Bank Commissioner Breiden that took possession of the bank. Among the heavy creditors of the bank is the county of Wyandotto, which had on deposit some $40,000 of its funds.

5. July 19, 1893 Evening Journal Wilmington, DE
Article from Evening Journal, July 19, 1893

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EARLY NEWS SUMMARY. Held Responsible for Deaths in the Cold Storage Fire. THE JURY RENDERS A DECISION. Director of Works Burnham, Fire Marshal Murphy. President Skinner and Secretary McDonald, of the Hercules Iron Company. That Built the Building, Found{Guilty. The coroner's jury investigating the Cold Storage fire disaster held Director of Works Burnham, Fire Marshal Murphy, President Skinner, of the Hercules Iron Company, that built the building, and Secretary McDonald, of the same com pany, responsible for the deaths. 4 Denver Bank Failures, The Union National, National Bank of Commerce, Commercial National and Mercantile banks, of Denver, failed and the McNanara dry good house and several other business houses went under owing to the financial panic there. Crusade Against Colored People. Founder Bradley, of Asbury Park, has begun a crusade against the col ored people who monopolize the seats on the beach and pavilions. A Celebrated Case Decided. Judge Acheson in the United States Circuit Court at Erie decided the cele brated case of the Stonemetz Printing Machinery Company vs. the Brown Fold ing Machinery Company in favor of the former. Paid $600,000 in Gold. The New York Sub-Treasury was debtor at the Clearing House to the extent of $669,000, and Treasurer Jorden ordered that the difference should again be paid mostly in gold. Of the total amount $600,000 was paid over in gold and the balance in currency notes. Oldest Bank in Kansas Falls. The First National Bank of Fort Scott, Kan., the oldest financial institution in Southeastern Kansas, suspended payment and the Citizens' Bank at Kan. sas City, the bank of Richmond and the Farmers' and Merchants' Bank at Ossa wattomie have also failed. Prominent Club Man a Forger. : Lloyd Aspinwall, the New York club man, is confined in Yorkville prison, N Y., in default of $5.000 bail, upon the charge of forgery. It is charged that he forged the name of William Aspinwall in indorsing a check. 1 A World's Fair Tradgedy. Miss Emma Garrett, of Philadelphis, who has charge of the Pennsylvania ex t hibit of the work of pupils in institu tions for the blind at the Fair, became 0 insane from overwork and killed herself f by jumping from the fifth story of a hotel. a Meyer, the Poisoner, Arraigned. Dr. Henry C. W. Meyer, the alleged wholesale poisoner, was arraigned be fore Judge Cowing in New York to plead to the indictment charging him with murder. At the request of Lawyer v Joseph Moss. the prisoner's counsel, the judge allowed the case to go over until Thursday.

6. July 19, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, July 19, 1893

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SOME MORE FAILURES IN KANSAS. First National at Fort Scott Fails to Open -Others Reported. FORT SCOTT, Kan., July 19.-The First National bank of this city has failed to open its doors for business and the first intimation any one had of the financial condition of the bank was when the following notice was put up on the front door at 9 o'clock: "Owing to steady withdrawats of deposits and our inability to collect assets, we deem it to the best interest of all concerned that this bank be temporarily closed. Assets are more than three times liabilities and depositors will lose nothing. By order of directors." The First National was established in 1871 and was the oldest and largest national bank in southeastern Kansas, It had a capital of $300,000, fully paid up and had always stood all runs, TOPEKA, Kan., July 19.-State Bank Commissioner Breidenthal has received notice of the failures of the Bank of Richmond and of the Farmers' and Merchants' bank of Osawatomies and has gone there. A Suspended Bank That Will Not Resume. CHICAGO. July -The Chemical National bank reorganizing committee has made a report to the stockholders and creditors of that institution against the reorganization of the bank. The committee, after careful consideration, has come to the conclusion that at this time further efforts at resumption are useless.

7. July 21, 1893 The Clarksburg Telegram Clarksburg, WV
Article from The Clarksburg Telegram, July 21, 1893

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IT'S AWFUL. Leading Institutions of The West go Under. GLORIOUS DEMOCRATIC ADMINISTRATION. In no period of American history has there been such collapsing of what were supposed to be the strongest banks of the country. Nearly all the banks of the famous city of Denver, Colorado, closed their doors without a moment's warning on Tuesday. The great Union National was first to suspend. Its capital stock was over one million dollars. Next the Commercial National and a little låter the Bank of Commerce went under. Frantic mobs rushed wildly about crying "where will it stop." CALAMITIES STILL COME. DENVER, COL.. July 18.-The McNamara Dry Goods Company. one of the largest institutions of the kind here. failed this morning. The liabilities are placed at $260,000. TOLEDO, O., July 18. -The Citizens' Bank, of Ada, the most prominent one in Hardin county, failed to open its doors this morning. ARMOURDALE, KANSAS, July 18. -The Citizens' Bank suspended payment to-day with assets of $151,500 and liabilities of $126, 500. FT. SCOTT, KAS., July 18-The First National Bank, of this city failed to open for business this 1 morning. It had a capital stock of $800,000, fully paid in and has always stood all runs. TOPEKA, KAS., July 18.-The S State Bank Examiner this morning received notice of the failure of the Citizens' Bank, of Kansas N City, Kansas, of the Bank of 0 Richmond, and of the Farmers' and Merchants' Bank at Ossawate tomie. The opinion is expressed t that other institutions through. out the State will soon go under. 1 BOSTON, MASS., July 18.-The Amoskeag mills which will close for the month of August accordvary ing to a vote of its directors at (1) Manchester, N. H., employes 8,000 hands. It has a pay roll of may $225,000 per month and uses 6, 000,000 pounds of cotton per 1 week. Other mills are likely to follow suit. Amoskeag mills is the largest producer of manufactured goods in the world. All the above dispatches were from the news columns of Wednesdays's Wheeling Register.

8. July 22, 1893 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, July 22, 1893

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MANY BANKS FAIL. Four in the City of Denver Forced to Close Their Doors. Anxious Depositors Crowd the Streets-Mercantile Houses Pulled Down-Seve al Kansas Banks in Trouble-Failures at Other Places. BAD DAY FOR BANKS. DENVER, Col., July 19.-No such scene was ever witnessed in all the west as could be seen here Tuesday morning shortly after 10 o'clock, when the banks were supposed to open their doors for business The failure of three savings banks Tuesday had excited the masses and the streets were crowded with anxious depositors. The eleven clearing-house banks, located within four blocks of each other, were surrounded, and far into the streets the crowd gathered until officers and special police were called out to clear the way for traffic. STARTED THE RUN. The Union national, with a capital of $1,000,000, posted a notice that they would not open their doors. This started the panic, and, following quickly, the Commercial national posted a similar notice and then the National bank of commerce. The Commercial national bank closed its doors within a few minutes after opening, for it became apparent from the size of the crowd in front of the bank that a run was to be inaugurated. The bank was in bad shape. It has a capital stock of $250,000 and only had $2,000 in cash in the bank. The Mercantile bank, a private institution, with a capital stock of $100,000, closed its doors at noon. The failure was caused by the failure of the Union national bank, through which it cleared. BUSINESS HOUSES CLOSED. The McNamara Dry Goods company, one of the largest institutions of the kind, failed Tuesday morning. The liabilities are placed at $260,000. The failure was brought on by an attach ment served at 1 o'clock Tuesday morning by the Union national bank, which failed to open its doors, for $71,780, and the Colorado national for $20,847. Following the failure of the big McNamara dry goods house several other mercantile failures were quickly announced. One was the John Mouat Lumber company on an attachment from the German national bank for $155,200. Albert Nelson's restaurant and saloon went down with the National bank of commerce. His assets are placed at $111,510. with liabilities of $96,725. M. S. Noah. installment furniture house. Assets, $40,000: liabilities, $16,000. Three other firms with liabilities of $20,000 each were announced as having failed Tuesday afternoon. They were all caused by the bank panic. TROUBLE IN KANSAS. TOPEKA, Kan., July 19.-State Bank Commissioner Breidenthal was notified Tuesday afternoon of the failure of the Citizens' bank of Kansas City, Kan.; the Citizens' bank of Armourdale, the Bank of Richmond, Franklin county, and the Farmers' and Merchants' bank of Osawatomie. All of the banks were doing a small business. FORT SCOTT, Kan., July 19.-The First national bank of this city failed to open for business Tuesday morning, owing to steady withdrawal of deposits and inability to collect assets. The officers claim that the bank's assets are more than three times its liabilities and depositors will lose nothing. QUIET AT KANSAS CITY. KANSAS CITY, Mo., July 19.-The impression prevails that the recent financial flurry is at an end. All was quiet on Tuesday. The banks in Kansas City which have failed are: The National bank of Kansas City, the Missouri national bank, the Kansas City Safe deposit and savings bank and the Bank of Grand Avenue, the latter being a state bank. COUNTRY BANKS SUSPEND. TOPEKA, Kan., July 18.-State Bank Commissioner Breiden thal was on Monday notified of the suspension of six state and private banks in Kansas, all due to the suspension of Kansas City banks in which they had deposits. The banks reported are the Bank of Johnson City the Bank of Weir City, Hood & Kincaid's private bank of Pleasonton, Caney valley bank of Caney, Ritter & Doubleday's private bank of Columbus and the Bank of Meade of Meade Center. Robbed of a Big Sum. NASHVILLE, Tenn., July 18.-W. H. Wallace, a prominent citizen of Lebanon, Tenn., who had been to St. Louis, the

9. July 27, 1893 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, July 27, 1893

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BUSINESS OUTLOOK. The Country Passing Through an Extraordinary Strain. Record of Bank Failures in Kansas and Colorado-A Milwaukee Bank Closes -Big Mills and Factories Ceasing Operations. WEEKLY TRADE REVIEW. NEW YORK, July 22.-R. G. Dun & Co.'s weekly review of trade says: "This week the country has withstood surprisingly well an extraordinary strain. The failure of many banks and firms have come despite the relaxation in eastern and in some southern and western money markets. Denver banks were overthrown largely by the crazy actions of the people, but in most cities statements show the banks in a healthy condition, and there has since been noticed more readiness to extend accommodation. Under all the conditions it is astonishing that business has been so well maintained with so little evidence of unsoundness. "The stagnation in iron has closed some mag. netite mines in this state and New Jersey and most of the mines in Michigan. Coke is moving downward, pig iron is inactive, and though dealings in bar and structural projects are somewhat larger prices are the lowest ever known. "Wheat has fallen 2 cents, corn 1 cent. Pork products and oil are lower. In place of the expected advance in sugar a decline has come and cotton, after some advance, recedes again. Western receipts of wheat are moderate and exports fairly large, but unprecedented stocks press for sale. The stock market closed last week hopefully, but by Wednesday had reached the lowest average of prices since 1884. London and short sellers then bought and some recovery has followed. "At Philadelphia banks are holding currency and strengthening themselves. An easier feeling prevails at Pittsburgh in ircn. The Cincinnati money market is easier and Cleveland reports grocery trade good, but iron wholly inactive. Toronto notes better feeling. Indianapolis no improvement but banks in strong position, and Detroit a quiet business with the outlook not very cheerful "At Milwaukee the closing of some manufactures and reduction of wages in others and the failure of the great iron syndicate are noticed. At St. Paul trade is restricted; at Minneapolis lumber sales are reduced and sales of flour below the output Omaha trade is good and St. Joseph fair. Receipts of cattle light at Kansas City. Denver trade is demoralized, but now more hopeful, and many reported assignments are regarded as a measure of protection. St. Louis reports business good. in volume and character. but trade checked by closeness of money, banks fortifying themselves. "The treasury has been paying gold to the banks, but on the whole increasing its holdings. Exports of products are a little larger than a year ago, but imports a so large. "The failures during the past week number 467 in the United States, against 168 last year, and twenty-five in Canada against nineteen, two of the failures exceeding $500,000 and 101 others exceeding $5,000 each. Last week the failures in the United States numbered 374." KANSAS BANK FAILURES. TOPEKA, Kan., July 2.-During the past week the following banks in the state have closed their doors: Bank of Johnson City, Bank of Weir City, Caney Valley bank of Caney. Bank of Meade, Meade county, First national of Fort Scott, Citizens' bank of Kansas City, Bank of Richmond, Farmers' and Merchants' bank of Ossawattomie, Citizens' of Armourdale, First national of Anthony, Bank of Belleville and the Hutchinson national of Hutchinson. -COLORADO BANKS. DENVER, Col., July 22.-Seven banks in this city suspended during the past week. Throughout the state suspensions were reported as follows: The Bank of Sterling, the Bank of Loveland, First national and Union at Greeley, National at Grand Junction, First national at Canyon City and the Bank of Crested Butte. A MILWAUKEE BANK ASSIGNS. MILWAUKEE, Wis, July 22.-The Commercial bank has made a voluntary assignment. The assignee named in the papers filed is A. B. Geilfuss, the cashier of the bank, and his bond is placed at $1,700,000. The entire fund of Milwaukee county, amounting to $310,624, was deposited in the Commercial bank. Another big depositor was the newly-organized Milwaukee Electric Railway company, to the extent of $200,000. The last statement of the bank showed demand deposits amounting to $557,748 and time deposits $528,919. The bank had a capital of $250,000. The liabilities of the bank® are estimated at about $1,500,000 and the assets at about $1,700,000. BIG MILLS TO CLOSE. MILTON MILLS, N. July 22.-The