Richmond Savings Bank (Richmond, ME)

Episode Information

Episode UID
2297949791113
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
savings
Bank ID
229794979 hash
Start Date
September 23, 1892
Location
Richmond, Maine (44.087, -69.799)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f1b9222dbb4fd16a

Response Measures

None

Description

Articles cite both deposit withdrawals from rumors and the bank passing a dividend due to depreciated assets as triggers.

Events (3)
1. September 23, 1892 Run
Cause
Bank Specific Adverse Info
Cause Details
Bank passed its July dividend due to depreciation in value of assets, causing depositors to withdraw funds amid rumors of unsoundness.
Measures
Trustees halted payments; bank stopped paying out to prevent sacrificing securities.
Newspaper Excerpt
The Richmond Savings Bank has suspended, pending an adjustment of its affairs. This situation was brought about by the withdrawal of deposits, caused by rumors concerning the soundness of the bank.
Source
newspapers
2. September 23, 1892 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed heavy withdrawals triggered by the bank passing a dividend due to depreciated assets and resulting loss of depositor confidence.
Newspaper Excerpt
The Richmond Savings bank has suspended because of large withdrawals of deposits caused by the bank's passing its July dividend on account of a depreciation in the value of its assets.
Source
newspapers
3. January 7, 1893 Receivership
Newspaper Excerpt
Mr. M. P. Milliken of Richmond, a former Skowhegan business man, has been appointed receiver of the Richmond Savings Bank.
Source
newspapers

Newspaper Articles (23)
1. September 24, 1892 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 24, 1892

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RICHMOND NEWS. The Savings Bank Has Suspended but the Mill May Start Up. [Special to the Press.T RICHMOND, Me., September 23.-The Richmond Savings Bank has suspended, pending an adjustment of its affairs. This situation was brought about by the withdrawal of deposits, caused by rumors concerning the soundness of the bank. The bank, for several reasons, passed its last dividend, and as a result depositors began calling for their money until the trustees concluded to call a halt It is thought there will be but little, if any loss to depositors. Negotiations are pending looking to the starting up of the long idle cotton mill here. So many reports of a similar character have been started before that this seems like crying "wolf" again, but there is some foundation in this instance to think there may be something in it.

2. September 24, 1892 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, September 24, 1892

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Withdrew Their Deposits. RICHMOND, Me., Sept. 23.-The Richmond Savings bank has enspended be. cause of large withdrawals of deposits caused by the bank's passing its July dividend on account of A depreciation in the value of its assets. The bank officials say the depositors will lose littie and that with patience on their part the bank will come out of its present difficulty solvent.

3. September 24, 1892 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, September 24, 1892

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MAINE BANK SUSPENDS. Depositors Not Likely to Lose Much if They Will Show a Little Patience. RICHMOND, Me. Sept. 24.-The Richmond Savings bank has suspended, such action being made necessary by the heavy withdrawal of deposits. The bank officials say there will be no great loss to depositors. With a little patience on their part the bank will come out of the present difficulty solvent. Owing to the depreciation in value of its assets the bank passed its July dividend, causing a great run upon the bank, in consequence of which payment was stopped. A hearing is to be had on the affairs of the corporation. The bank showed a surplus of $8000 over lia bilities last October. It is not understood that suspension resulted from any fault of the officials of the bank. The trustees are William T. Hall, James R. Cunningham, Thomas C. Maxwell, D. C. Ames. Hiram Smith and J. L. Lake. J. N. Ordiorne is the cashier now in charge, and, although the doors are not closed, no money is being paid out. The deposits aggregate $142,000, and the trustees deemed it wiser to suspend payments than to sacrifice the securities at the expense of the depositors. Judge W. P. Whitehouse of Augusta will make an examination of the affairs of the bank.

4. September 24, 1892 Evening Journal Wilmington, DE
Article from Evening Journal, September 24, 1892

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TELEGRAPHIC BREVITIES. The Chicago Dramatic News has ceased publication. Billings county, N. D., is being swept by prairie fires. The Richmond (Me.) Savings bank has suspended. Governor Flower is making a tour of inspection of the Champlain canal. It is officially denied that the trainmen on the cars wrecked near Shreve, O., were drunk. Governor Russell, of Massachusetts, denies that he will make campaign speeches in the west. Samuel M. Clement, president of the Marine bank, of Buffalo, has been stricken with paralysis. The Buffalo freight committee has decided to advance the coal rate from Buffalo to Chicago to two dollars on Oct. 5.

5. September 24, 1892 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, September 24, 1892

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Bank Failure. KICHMOND. MAINE, Sept. 23-The Richmond savings bank suspended be cause of large withrawals of deposits caused by the banks passing the July dividend.

6. September 24, 1892 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, September 24, 1892

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Savings Bank Suspends. RICHMOND, Me., Sep. 24.-The - Richmond Savings Bank has suspended because of large withdrawals of deposits caused by the bank's passing its July dividend on account of a depreciation in the value of its assets. The bank officia Is say the depositors will lose little, and that, with patience on their part, the bank will come out of its present diffi, culty solvent.

7. September 24, 1892 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, September 24, 1892

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Bank Suspension. RICHMOND, Me., Sept. 23.-The Richmond Savings bank has suspended because of large withdrawals of deposits caused by the bank's passing the July dividend. The officials say the depositors will lose little.

8. January 7, 1893 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, January 7, 1893

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GLANCE BACKWARD. Review of the Many Important Happenings of 1892. Heavy Business Failures, Startling Casualties and Horrible Crines-Industrial, Political and Sporting Events, Disastrous Fires of the Year, Etc. BUSINESS FAILURES. MORE DISASTROUS ONES NOTED-BANKS GENERALLY. Jan. 11-First national bank. of Muncie, Pa. Jan. 23-First national bank of Downs, Kan; $100,000. Jan 85-Bank of Jefferson at Shepherdstown, W. Va Jan. 29-Fall River county bank at Oelricks, S. D.; $30,000 Butler county bank at Chicora, Pa.; $60,000. Feb. 2-Commercial loan and savings bank at Kearney, Neb.: $150,000. Feb. 3-National bank of Silver City, and Feb. 4-Marcy, Geer & McCann's bank at Raton, N. M.; $800,000 First national bank of Deming, N. M. Feb. 6-Western Farm Mortgage Company at Denver; $1,000,000. Feb. 8 - Merchants' bank of Moorehead, Minn.: $175,000. Feb. 26-Newmarket (N. H.) savings bank suspended; $191.000. Mar 1-Lima (O.) national bank. Mar. 21-Painesville (O.) Savings and Loan Association bank. Mar. 24-American national bank of Birmingham, Ala. Apr. 15--Interstate national bank of New York. Apr. 27-Commercial bank of St. Paul, Minn.; $1,000,000. May 25-People's bank of Sea Isle City, N. J. June 4-Platte Valley bank at Central City, Neb. June 25-First national bank at Erie, Kan, Nesha county: losses, $30,000. Sep. 2--Nebraska State bank. at Crete. Sep. 23-Richmond (Me.) savings bank. Seu 21-People's bank at Hope, Ark Oct. 17-Two Nebraska state banks, one at Ainsworth, the other at Springview. Oct. 27-Hot Springs (Ark.) Valley bank (pri-, vate); $80,000. Nov. 5-Continental bankat Kansas City, Mo. Nov 30-Stone City bank, of Joliet, 111., and Jollet Enterprise Co. (barb wire manufacturers); $1,000,000. Dec. 6-Wholesale mercantile firm of Wilozinski & Nelson at Greenville, Miss.; $400,000. Dec. .11-Black Hills national bank at Rapid City, S. D. Dec. 13-Lipman & Co., jute merchants at Dundee, Scotland, failed for $1,250,000. Dec. 15-National bank of Newton, Kan. Dec. 18-Wholesale grocery in Brooklyn, N. Y.; $400,000.

9. August 7, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, August 7, 1893

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times. " The Richmond Savings Bank. A Richmond, Me., despatch to the Boston Herald says: For several days there has been a quiet run on the Richmond savings bank in this village by depositors, when, not being able to realize on its securities, the bank stopped payment and closed its doors. The appointment of a receiver will be asked for. The bank had a similar trouble about a year ago. Reported Saturday. James McLay, Jr., carriage dealer, New Haven, Conn., has made a voluntary assignment. The New Bedford, Mass., Safe Deposit and Trust Company, which is neither a national nor a savings bank, has closed its doors. It was incorporated in 1888 with a capital stock of $200,000 The depositors will be paid dollar for dollar. Manager Charles P. Berry of the Portsmouth Shoe Company, states that he will not run his factory more than three days a week during the present condition of the money market. He employs 100 hands. The Southern Pacific Company, in pursuing a policy of retrenchment, has discharged 1000 employes decreasing its monthly pay roll at the rate of $900,000 annually. At a meeting of the New Bedford, Mass., Clearing House Association held Friday it was voted that the mills having accounts with the national banks be notified that no assurance can be given that money can be furnished for pay rolls beyond the week ending August 12. The W.H. .Livingston Company, retail dealers in dry goods, Sioux City, Ia., went into the hands of a receiver there Saturday. The company has liabilities of $45,000 and assets of $60,000. The Eureka Silk Company, Canton, Mass., are running their mills only three days a week during the present business depression. About 500 employes are affected by the partial shut down. The northern division of the Old Colony system of the New York, New Haven and Hartford railroad discharged 150 men on Friday, the most of them being extra freight brakemen and workmen on two gravel or work trains which are to be discontinued. The Fuller & Johnson Farm Implement Manufacturing Company, Madison, Wis., will shut down for an indefinite period. Two hundred men are rendered idle. The first National Bank, the National Citizens' Bank and the Mankato Bank ot Mankato, Minn., closed their doors in succession Saturday. All claim to be solvent.

10. August 8, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, August 8, 1893

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New England Briefs. The Richmond (Me.) Savings bank has suspended. Theatrical Manager Murphy of Haver hill, Mass, is missing. New Haven's proposed new electric road now an assured fact. John Enos of New Bedford, Mass, cut his throat. and will die. Peter Walters was killed by the accidental discharge of a gun at Springfield, Mass. Edward L. White, general manager of the Waterbury (Conn.) Watch company. is dead. Officials at Manchester, N. H. now be lieve that Cashier Morrill has not left this country. Michael Connelly, aged 25. a 'longshoreman, was found drowned in a dock at Portland, Me. Suspended banking institutions at New Bedford, Mass, will pay depositors dollar for dollar. Pastor Thompson, in a discourse on "Truth" at Brockton, Mass., declared his innocence of charges of immorality and untruthfulness

11. August 17, 1893 Ellsworth American Ellsworth, ME
Article from Ellsworth American, August 17, 1893

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FROM KITTERY TO CARIBOU. Items of Interest from all over the Pine Tree State. The agricultural society of Orrington will hold its fair Sept. 19, 20 and 21. F. E. Witham & Co., produce, of Farmington, have assigned. Liabilities $5,000. An injunction was placed on the business of the Richmond (Me.) savings bank last Saturday. H. C. Sharp & Co., of Monticello, are laying the foundation for an engine, and propose to increase the capacity of their lumber mill from one to three millions of feet. A. W. Fisher of Charlotte has been granted a patent on a thill coupling; E A. Merriam of Madison on an automatic brake: D. W. Palmer, Hermon, on a combined sofa. table and bed. We note that the man who gives away a set of 236 pieces of crockery. worth 815, with every dollar's worth of soap he sells -"crockery to be delivered later"-has been doing a thriving business in Bangor, Brewer and other rustic sections of the State the past week.-Lewiston Journal. C. H. Nelson has decided to go to the Eastern Maine State Fair at Bangor, and has entered his great stallion Nelson for the $1,000 purse offered to any stallion beating the half mile track record of the world. Mr. Nelson feels very confident that he can win this purse, and the way he worked Nelson a mile in 2.10 3-4 at the new track at Scarboro last week would indicate that his contidence is well placed. The last quarter of the above-mentioned mile was trotted To 30 1 4 seconds, a 2.03 clip.

12. August 17, 1893 The Somerset Reporter Skowhegan, ME
Article from The Somerset Reporter, August 17, 1893

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LOCAL MENTION. Ira True of Hallowell, State detective, was in town yesterday. Mr. Ernest Dunton was the guest of Miss Lena Robinson last Sunday. Don't miss trying that Mocha and Java coffer Patterson is selling at 34c. It is the best in the market. Mr. M. P. Milliken of Richmond, a former Skowhegan business man, has been appointed receiver of the Richmond Savings Bank. A. J. Libby's b. g. Stanley, won the free-for-all at Augusta, Wednesday, with Guy C. Edward's b. g. Lewis P., second. Best time 2.21. Mr. Chas. M. Green of the Revere House, Boston, accompained by his wife and his brother, F. W. Green of So. Framingham, Mass., are on their annual vacation at the home of Mrs. Green's mother. Mrs. Annie Danforth. The homestead of the late R. E. Lyon, recently purchased by Wm. Doran, has been undergoing extensive repairs and improvements during the past few weeks, preparatory for its occupancy by Rev. R. B. Mathews. The fence that surrounded it has also been removed, the grounds tastefully laid. out, and new walks are laid, until now it is one of the finest looking stands on the street.

13. September 8, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 8, 1893

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Frank E. Southard, Esq., of Augusta. and Frank L. Staples of Bath, commissioners to determine the liabilities and settle the affairs of the suspended Richmond Savings Bank, are in session in town at Mr. Southard's office. They are going over the deposit books and other liabilities obtained at a public session in Richmond last Fuesday. Similar sessions will be held on the first Tuesdays of October and November. Every deposit book or account has to be gone over, item by item, verified and then compared with the books of the bank. It can be seen that this entails an immense amount of work upon the commissioners.

14. May 18, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, May 18, 1894

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RICHMOND. Prosperous Shoe Firm-25 Per Cent. Dividend from Defanct Savings Bank. RICHMOND, May 17.-(Special.)-Business at the factory of the Kennebec Shoe Company is booming. Having increased its capital, the concern has decided to put in another line of machinery to keep up with orders. The machinery belonging to the estate of the Richmond Shoe Co. has been ordered sold by the court of insolvency. The Richards P per Co. of Gardiner, has contracted for all the slabs made by the Richmond Lunber Company during the next five years. M. P. Milliken. receiver of the Richmond Savings Bank, will pay to depositors the first dividend of 25 per cent., June 1st. Bishop Neely of Pottand preached in Grand Army hall, Wednesd-y evening. Rev. Mr Livingston of Augusta was present and as-isted in the evening's exercises. The Eureka finished, Thursday, driving piles for the extension of the Kennebec & Boston Steamboat Company's wharf.

15. June 16, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 16, 1894

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NOTICE OF SALE. Pursuant to the order of Court dated June 4th, A. D. 1894, notice is hereby given that the undersigned Receiver of the Richmond Savings Bank. will sell all the right, title and interest of the said bank in the premises known as the Josiah Weymouth let, as described in deed recorded Kennebec Registry Book 329, page 461, at public auetion on the premises, on the sixth day of July A. D. 1894, at two o'clock in the afternoon. Terms Court. cash. Sale made subject to confirmation by the june15d2w Dated June 11th, 1894. M. P. MILLIKEN, Receiver.

16. June 18, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 18, 1894

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NOTICE OF SALE. Pursuant to the order of Court dated June 4th, A. D 1894, notice is hereby given that the undersigned Receiver of the Richmond Savir gs Bank. will sell == the right, title and intere't of the said bank in the premises known as the Josiah Weymouth lot, as de- crib d in dees recorded Kernebec Registry Book 349, pape 461, at public auction on the premises, OD the sixth day of July A. D. 1894, at two o'clock in the afternoon. Terms Court. cash. Sale made subject to confirmation by the Dated June 11th, 1804. june15d2w M.P. MILLIKEN, Receiver.

17. June 19, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 19, 1894

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NOTICE OF SALE. Pursuant to the order of Court dated June 4th, A. D 1804, notice is hereby given that the undersigned receiver of the Richmord Savings Bank, will sell sll the right, title and interest of the said bank in the premises known as the Josiah Wey. mouth lot, as described in dee1 recorded Keenebec Registry Book 329, page 461, at public auction on the premises, Ou the sixth day of July A. D. 1894, at two o'clock in the afternoon. Terms cash. Sale made subject to confirmation by the Coart. Dated June 11th, 1894. june15d2w M. P. MILIIKEN, Receiver.

18. June 20, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 20, 1894

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NOTICE OF SALE. Pursuant to the order of Court dated June 4th, A. D 1894, notice is hereby given that the undersigned Receiver of the Richmond Savings Bank, will Sal: = the right, title and interest of the said bank in the premises known as the Josiah Weymouth lot, as described in dee1 recorded Kevnebec Registry Rook 329, page 461, at public auction on the premises, on the sixth day of July A. D. 1804, at two o'clock in the afternoon. Terms cash. Sale made subject to confirmation by the Court. Dated June 11th, 1894. une15d2w M. P. MILLIKEN, Receiver.

19. June 21, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 21, 1894

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NOTICE OF SALE. Pursuant to the order of Court dated June 4th, A. D. 1894, notice is hereby given that the und, Ξ“signed Receiver of the Richmond Savi gs Bar k, will sell all the right, title and intere t of the said bank in the premises known as the Josiah Weymouth lot, as described in deed recorded Kennebec Registry Book 329, page 461, at public auction on the premises, on the sixth day of July A. D. 1894, at two o'clock in the afternoon. Terms cash. Court. Sale made subject to confirmation by the Dated June 11th, 1894. june15d2w M. P. MILLIKEN, Receiver.

20. June 26, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 26, 1894

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NOTICE OF SALE. Pursuant to the order of Court dated June 4th, A. D 1804, notice is hereby given that the undersigned Receiver of the Richmond Savings Bank, will S: 1 F11 the right, title and interest of the said bank in the premises known as the Josiah Wey. mou h lot, as described in deed recorded Kennebec Registry Book 329, page 461, at public auction on the premises, on the sixth day of July A. D 1894, at two o'clock in the atternoon. Terms cash. Sale made subject to confirmation by the Coort. Dated June 11th, 1894. june15d2w M. P. Milliken, Receiver.

21. June 28, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 28, 1894

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NOTICE OF SALE. Pursuant to the order of Court dated June 4th, A: D. 1804, notice is hereby given that the undersigned Receiver of the Richmond Savings Bank, will seilall the right, title and interest of the said bank in the premises known as the Josiah Weymouth lot, as described in deed recorded Kennebec Registry Book 329, page 461, at public auction on the premises, OD the sixth day of July A. D. 1894, at two o'clock in the afternoon. Terms cash. Court. Sale made subject to confirmation by the Dated June 11th, 1894. june15d2w M. P. MILLIKEN, Receiver.

22. September 18, 1895 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 18, 1895

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RICHMOND NEWS. Items of General Interest From Down the the River. Richmond, Sept. 17.-(Special).-George B. Jenkins, Charles Donnell, Frank Lan. caster and George Page have been drawn to serve as jurors at the United States circuit court at Portland, this month. M. P.Milliken, receiver of the Richmond Savings Bank, began paying depositors a second dividend of 25 per cent., Monday. Mr. F. E. Corey of Boston, is visiting at the home of Mrs. Corey's mother, Mrs. Mary Marble, on Main street. The Richmond fair will be held, Tuesday, Sept. 24. Plate glass for the show windows of the Stuart block arrived by boat, Tuesday morning. Frank Crosby of Lynn, formerly of Richmond, is visiting relatives in town. The ladies of the Universalist Society will give a 5 o'clock tea in Merrymeeting hall, Thursday. Mrs. J. L. Pushard, who has been seriously ill of bilious typhoid, is convalescing.

23. March 21, 1900 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 21, 1900

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think there is no blood Scrofula. puritier like Hood's." MRS. HARVEY DICKERSON, 14 Townly Ave., Cortland, N.Y. FINAL DIVIDEND ORDERED. Depositors of the Defunct Richmond Savirgs Bank Receive 10 Per Cent. A final dividend of 10 per cent. will be paid the depositors of the Richmond Savings Bank This winds up the affairs of the institution. Although it was thought at one time that the depositors would lose the greater part of what they had in the bank it turns out that the loss will be very slight. Since the bank's affairs were put in the hands of the receiver. M. P. Milliken of Richmond, he has figured every way by which he might save as much as possible to the depositors. From time to time he has gained the permission of the court to dispose of certain securities. By taking advantage of the conditions of the market he has been able to pay dividend after dividend to the depositors. This continued until before the last amount was paid thesum amounted to 78 per cent. of the amount deposited. With the payment of the last dividend which was ordered by the court. Monday. the depositors will have received SS per cent. of the full amount deposited. making their loss only 12 per cent. By those who are familiar with the situation, the saving is considered remarkable. Mr. Milliken. the receiver. has managed the affairs in a most careful manner and through his efforts much more was saved to the depositors than was at first supposed would be possible. The settlement affects not only the people of Richmond but all those who were among the depositors. The bank was closed in 1893 through the efforts of Bank Examiner Charles R. Whitten. After making an examination of the bank's condition he found that it WIS not such that it would warrant the institution's continuance in business. Accordingly he petitioned Judge Libbey and an injunction restraining the bank from continuing business was granted. At the hearing on the injunction held in Bath, the securities were examined and Judge Libbey placed the bank in the hands of a receiver. M. P. Milliken being given the appointment. With him has been associated G. B. Randlette of Richmond, as assistant, and H. M. Health of Augusta, as counsel. The circumstances leading to the closing the bank were due. largely to a lack of confidence on the part of the depositors who withdrew their deposits. This lack of confidence was caused by the fear that the bank would lose a large amount on certain loans and investments of long standing. At the time the investments were made they were of such a character that the trustees of the bank had every reason to believe that the securities were as good as could be obtained. The deposits in the bank in 1892 were sealed to SO per cent. and it was believed at that time that the depositors would receive the full amount to which the deposits were reduced. That the affairs of the bank have been well managed is shown by the fact that the final dividend makes the full amount received. 88 per cent. of the amount of the original deposits. As the deposits were $85,462.19 it will be seen that the depositors recover $75,206.63. The sums belonging to depositors who cannot be found will. in accordance with a provision of law, be deposited in the State treasury until their representatives can be located.