Brunswick Savings Institution (Brunswick, ME)

Episode Information

Episode UID
52009270919
Episode Type
Run Only
Bank Type
savings
Bank ID
5200927 routing
Routing Number
52-0092
Start Date
July 29, 1876
Location
Brunswick, Maine (43.915, -69.965)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5da196cd0912086f

Response Measures

None

Description

Court decree reduced depositor accounts rather than a suspension or permanent closure.

Events (3)
1. July 29, 1876 Run
Cause
Macro News
Cause Details
Withdrawals triggered by the broader 'savings bank panic' affecting multiple institutions.
Measures
Paying depositors who withdraw 90 cents on the dollar (partial payment to withdrawers).
Newspaper Excerpt
There has been a run on the bank since the savings bank panic,
Source
newspapers
2. September 15, 1877 Other
Newspaper Excerpt
Investigation of the affairs of the Brunswick Savings Institution shows the bank's condition more favorable than expected, and at present marked rates, the assets of the bank would produce about 92 cents to the depositors. Judge Walton intimated that he should issue a decree for a reduction of the bonds to 90 cents on the dollar, in order to enable the bank to go on safely with its business, and to give all the depositors an opportunity to secure their proportion whatever appropriation there might hereafter be in any of their suspended securities.
Source
newspapers
3. December 16, 1878 Other
Newspaper Excerpt
Thirteen of the fifty-nine savings banks now doing business, have had their deposit accounts reduced by decree ... They are Brunswick Savings Institution, ...
Source
newspapers

Newspaper Articles (3)
1. July 29, 1876 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 29, 1876

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Article Text

STATE NEWS ANDROSCOGGIN COUNTY The Journal says physicians state that there is not an unusual amount of sickness in Lewiston at the present time, except perhaps among children. There is less than the usual number of typhoid fevers. The Herald says the barn of Henry Starbird, near Minot Corner, was entirely consumed by fire last Friday, together with twenty tons of hay, one horse and a hog. The Herald says Mrs. Charlotte Pratt of Poland died last Sunday after an illness of only about twenty-four hours. She was one of the oldest inhabitants in the town, having been born in Poland seventy-one years ago. The dwelling house of Abijah Freeman, Esq., at Minot Corner, was slightly damaged by fire last Friday. CUMBERLAND COUNTY. The News says Mr. Samuel G. Chadbourne of Bridgton was stricken with a slight touch of paralysis last Sunday, which will doubtless confine him to the house some days. The Brunswick Savings Institution is paying depositors who withdraw their deposits 90 cents on the dollar. Toere has been a run on the bank since the savings bank panic, and this together with the depreciation in securities, renders it impossible to pay dollar for dollar now. The deficiency will require the passing over of two dividends to make the deposits worth 100 cents. Mr. Bolster finds the accounts kept in the most scrupulous manner KENNEBEC COUNTY. The Journal says that the party which went from Augusta, Tuesday, to purchase lots at Linnekin's Point for summer residences, were much pleased with the place. The land is to be surveyed and the plans will be ready for inspection the first of August. KNOX COUNTY. The Rockland Gazette estimates the damage to ladies' finery in Barnum's tent, by the shower that came up during the performance in that city, at $2000. Bonnets and dresses were drenched in spite of the canvas partition. The Free Press says that two small buildings, owned respectively by Tim Reardon and G, A. Mank, in Rockland, and a barn owned by Thomas Lothrop, were badly damaged by fire Tuesday forenoon. Loss $200 or $300. OXFORD COUNTY. The Register says the house of Mr. Pearl Heath of Gilead was burned last week. Loss about $600. Miss Phebe Holt of Bethel, a maden lady about 65 years of age, broke her leg Friday by falling. through a stable:floor.

2. September 15, 1877 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 15, 1877

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Article Text

STATE NEWS. ANDROSCOGGIN COUNTY. David Sevens, who has just been committed to Oxford county jail for bigamy, has a record in Lewiston police annals. Two years ago he was found guilty of breaking and entering a Park street stable. Judge Walton gave him a round sentence, and he began duty in Auburn work-shop. Soon he fell ill, ostensibly. and a lady called to see him. "Why are you?" asked the jailor. "The wife of David Stevens," said she-and was admitted. A few days after another lady called to see him. "Who are you?" asked the jailor. "The wife of David Stevens," replied the woman. "I don't exactly see, but I suppose it's all right," said the sarcastic jailor, and she was admitted. Meantime Stevens was reputed to be ill of consumption, and in course of time he was pardoned out. Now he turns up as a quack doctor, married again in Norway, not so consumptive as he might be. The Sophomore class of Bates College have chosen the following officers for the ensuing year: President, I. F. Frisbee; Vice President, O. W. Foss; Secretary, C. H. Deshon; Treasurer, C. B. Rankin; Orator, R. C. Gilbert; Poet, H. L. Merrill; Historian, J. A. Palmer; Prophet, M. P. Judkins; Toast Master, M. T. Newton; Odist, E. G. Moore; Chaplain, C. A. Holbrook; Committee, W.A. Purington, A. L. Woods, E. L. Richards. The Auburn jail workshop is now making paste work, inner soles, &c. The county commissioners have disposed of all unsold shoes made in the workshop for $4500. When business shall have sufficiently improved, the manufacture of shoes will be resumed. There are now about thirty prisoners employe in the workshop. AROOSTOOK COUNTY. Hadley Fairfield's majority for Register of Deeds in Southern Aroostook is about 500. CUMBERLAND COUNTY. Mr. Robert Pennell of Brunswick, Saturday attempted to pass through an entry way to another room in the dark, mistook the door, and fell down cel'ar receiving injuries from which he died Tuesday. Investigation of the affairs of the Brunswick Savings estitution shows the bank's condition more favorable than expected, and at present marked rates, the assets of the bank would produce about 92 cents to the depositors. Judge Walton intimated that he should issue a decree for a reduction of the bonds to 90 cents on the dollar, in order to enable the bank to go on safely with its business, and to give all the depositors an opportunity to secure their proportion whatever appropriation there might hereafter be in any of their suspended securities. KENNEBEO COUNTY. Wednesday night last, between eleven and twelve o'clock, the sleeping apartment of Mr. Daniel Hanscom of Hallowell, was entered, and his wallet, containing upward of one hun-

3. December 16, 1878 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 16, 1878

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Article Text

THIRTEEN OF THE FIFTY-NINE SAVINGS BANKS NOW Thirteen of the fifty-nine savings banks now doing business, have had their deposit accounts reduced by decree of court, under the provision of section thirty-six of the act to revise and consolidate the laws relating to savings banks, approved February 9, 1877. They are Brunswick Savings Institution, Thomaston, Orone, Camden, Bangor, Androscoggin County, Pembroke, Calais, Skowhegan, Bridgton, Auburn, Dexter, and Franklin County Banks. It is believed that ultimately there will be no loss to depositors in the Auburn and Bangor banks; that the losses in the others will range from two to ten per cent., except the Thomaston which will be about twenty per cent. The losses in these banks, with one exception, are comparatively small, and are all the result of shrinkages that could not be foreseen, many of which are temporary. The Examiner strongly condemns the efforts which have been made to bring Savings as well as National banks into disrepute and says this effort has contributed very much to strengthen the ruinous and senseless panic of the past year, which for a time threatened the stability of our savings institutions. The banks that have been compelled to apply to the courts have been brought to this largely by this panic. So far from the assertions as to the rottenness of our savings institutions, which contributed to this panic, being true, the savings banks have with rare exceptions been well managed and prudently conducted. Their capital has suffered much less depreciation than a like amount of capital invested by the best business men of the country, since the inauguration of our civil war. The Examiner says that the result of the law of 1877, authorizing the court to reduce accounts of depositors, so as to divide losses pro rata among them has been beneficial to all concerned and the law has prevented much evil that might have resulted from runs upon the banks. The Supreme court having ruled in the matter of the Newport Savings bank that under section 36 of the Savings bank act, if the point was taken and proved that a bank had exceeded its powers or failed to comply with any of the conditions or restrictions of the act the petition must be denied, the Examiner suggests that the section be so amended that the court be empowered to reduce the deposit account, and thereby avoid a dissolution of the bank, if the loss did not arise from dishonesty on the part of the managers of the bank. The deposits and profits of the fifty-nine banks doing business on the 4th day of November last, were $23,173,112.22. The assets, as compared with 1877, are as follows: Assets. 1817. 1878.