Orono Savings Bank (Orono, ME)

Episode Information

Episode UID
6930846691135
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
693084669 hash
Start Date
July 28, 1894
Location
Orono, Maine (44.883, -68.672)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f755ae0e0ba6a6bc

Response Measures

None

Description

Bank trustees voted voluntary liquidation; insolvency due to western investments.

Events (3)
1. July 28, 1894 Suspension
Cause
Voluntary Liquidation
Cause Details
Trustees voted to go into voluntary liquidation and examiner petitioned for injunction restraining further business.
Newspaper Excerpt
Bank Examiner Chalers R. Whitten has brought a bill in equity against the Orono Savings Bank to compel it to suspend business.
Source
newspapers
2. August 10, 1894 Receivership
Newspaper Excerpt
Albert White of Orono, was appointed receiver of the Orono Savings bank and Samuel Libby and C. J. Dunn were appointed commissioners. The bank went into voluntary liquidation, unfortunate Western investments having impaired its standing.
Source
newspapers
3. January 3, 1899 Other
Newspaper Excerpt
A final settlement of the affairs of this institution has given the depositors 89 per cent of their deposits, making the total loss only $9,043.28.
Source
newspapers

Newspaper Articles (8)
1. July 28, 1894 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 28, 1894

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Bank Examiner Chalers R. Whitten has brought a bill in equity against the Orono Savings Bank to compel it to suspend business. He is satisfied upon examination of its affairs that, owing to its financial condition, its continuance in business would be daugerous to the public'and to its depositors and those having funds in its custody. He asks that a temporary injunction be issued restraining it from doing further business until a hearing can be had and that its business be wound up and its assets distributed.

2. July 30, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 30, 1894

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Bank Examiner Whitten, through his counsel, Leslie C. Cornish, E.q., of this city, has filed a bill in equity, in the supreme judicial court, for Penobecot county, against the Orono Savings Bank, in order to clear up its affairs, the trustees having voted to go into voluntary liquidation. Chief Justice Peters has granted a temporary injunction, and further hearing will be had before him on August 1, at Portland, when a receiver will doubtless be appointed.

3. August 11, 1894 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, August 11, 1894

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Receiver Appointed for Orono Savings Bank. BANGOR, Aug. 10.-At a hearing in the supreme court, today, before Chief Justice Peters, Albert White of Orono, was appointed receiver of the Orono Savings bank and Samuel Libby and C. J. Dunn were appointed commissioners. The bank went into voluntary liquidation, unfortunate Western investments having impaired its standing.

4. August 11, 1894 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, August 11, 1894

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(Special to the PRESS.) Bangor, August 10.-Prof. C. C. Wiloughby and M. J. L. Swantor, a student from Harvard :have Ejust made one of the most extensive finds of specimens ever unearthod in Maine, as the result of two weeks' research about three miles below Ellsworth on the east side of Union river. Scores of arrows and spear heads, chisels, gauges and other implements used by the Aboriginese : were secured and in some places there were tracings of bones nearly obliterated. The strata of gravel and the conditions under which the implements were found both proved that Indian graves had occupied the place, probably one thousand years ago at least. The collection will be placed in the Peabody Museum at Cambridge, and Prof. Wiloughby considers it of much importance from the scientific standpoint. Another Maine institution is reaping the reward of western investments, this time it is a savings bank, a marked exception. to the general rule as the Maine Savings banks, even in times of great financial stringency have been as solid as the hills. but today upon the petition of State Bank Examiner Whitten, Chief Justice Peters decided that the Orono Savings bank, which has been doing business for twenty-five years was insolvent, and ordered a decree issued restraining it from doing any further business in Maine. Albert White, the treasurer, was appointed receiver and Samuel Libbey and C. J. Dunn. commissioners to act upon claims against the bank. The whole trouble is due to western stock investments. The liabilities of the bank are something over $82,000, and the assets figure at present about $82,000. In large banks these losses would be charged off to profit and loss and the amount taken from the surplus. but in this case the surplus was missing, and the standing of the bank was visably affected.

5. August 17, 1894 Essex County Herald Island Pond, Guildhall, VT
Article from Essex County Herald, August 17, 1894

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THE OF DAY. NEWS CONDENSED Brief. Domestic as resigned president the KenMr. Reinhart of the has Atchison company. Bennett of a director Justice Coswell died recently. re-election. He reEdward tucky Chief court of appearination for was arrested having of cently received Mills, a Boston in crook. his merchandise possessson in Chicago, burglars Ill.. tools and "W. lot S. Spaulding. appointed and kit of silverware, White of marked Orono, Savings Me., was Bank, appoint- and Albert Orono were vot ed liquidation. Samuel receiver commissioners. Libbey of the and C. The J. bank Dunn went into county Gen., and untary J. R. Wilson, who the was El captured Paso, has Col., made by a Adjt., con- men fession given with the connected outrage deputy Tarsney sheriff in Missouri, the names of all the the adjutant the quarafter threw general. Henry Russet wife, of cut Ohicago: her throat window. and minutes. Russell with his second story few the Mrs. her then rel out Russell cut of his the throat, died while dying being in a taken to in the cigarette startclub, hospital. An urchin the threw Philadelphin away the grand ball ruined stand and the ing the pavilion bleachers a tire of that further destroyed and wrecked play this and year. Loss, grounds $100,000. for Holt, sexton of the in Episcopalian deventeenth N.Y., Thomas the Atonement Brooklyn. sufferfrom mental of street, killed Church his near of wife Fifth Caroline. differint avenue, He and ballucinations beensuffer O., Elyria, Trust covers ing for The several Johnson weeks. Steel $2,000,00 Company mortgage Company. improve in favor at Lorain, of has the filed the United there entire States plant. O. T land e money and was spent at Pullman, ments for improvement committee vements. of three proposition ininisters from if the back strik- rent A submit H Wicker that to $100,000, Vice- is Ill., to Vice-Presidenmounting to work. President back any rents. of of the OLO largest ers on cancelled, their homes, Wickes they will says return he not propose steamarranged of cancel Representation statives of Japan Columbia have Board the esship with British C., looking line to of fast steamers meeting Victoria, B. transpacitic Canadian Northern Trade tablishment of to or competentic H new with the liners for the has Pacific American and Oriental aggregating trade. county $552,861 Railway clerk's judgement New York Pacitle firm A filed in the of the Union the defunet the senior Wiechers E. M. office in favor and against Co. is been Company Lindly, firm, Field, of forgery.e- now of Field, of which an indictment LUNE distilling 18 The with out membe on ber bail Gr enhut under of thered to Whiah shu down the present at once. stock that corn 60 the about cereal ranging is to no Pres. distillers in the trust cents the bushel. as them at pres- With to make a to ent there much whiskey. child' more Health officers to of Wis. Kellser be for email treated A of 8000 mob riot pox. and women but to the of the Frederick isolation hospital ensued to took which part. a to The cope police with child remove men, were called, and the attempt of the Oliver the mob, temporarily Oliver. Penn., is had General to be Steel Manager Co., statement D. of Pittsburg. turned that the into plant works one of of in the world. the by erned of a by erated Eastern be The will said the the authority Iron compare largest, and for if will the not The soon the settlement deal largest be will tin- be and largely plate is Kentlemen. to beop govstock $500,000 capital, in be the will plant operaof members It tion is expected in a than few months. one-fourth La., city of council the including are two now the in- of the under More Nondictment Orleans, The grand Alderman for bribereturned jury Wm. J. from Kane the his vote president against bribes influence Another contract. of $250 the dietments third ward the for new receiving city of jail portions was F. to B. returned Thriffly of the in bribe receiving of the against 8th ward for same million aores in Court connection the fight with for has several been of Minn. begun It being is in parties land A great in States five Circuit chancery, the Great Northern C. Payne United form of a bill Pacific in and receivers. Oakes, the Henry of the Northern and and the road, C. are Rouse, the the St. recomplainants, Paul, Kennedy Minneapo and polis of James Canada the and York. road, are John York, S. R.B. Company Angus of Pacific THE and Heary Manitoba of Central New Trust New

6. January 13, 1898 The Somerset Reporter Skowhegan, ME
Article from The Somerset Reporter, January 13, 1898

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STATE AND GENERAL / Walter D. Stinson has been appoint stmaster at Augusta. Tonathan, better known as rling, the famous guide and bunter ine, died at his home in dnesday. The Westbrook cotton mills, 80 e, are to be utilized by the Haskell . in the silk industry. Twenty-fe % looms will be put in immediat I that number increased as dema rrants. The Lewiston Sun reports that 8 of Lewiston and Auburn, y enthusiastic over the Maine ony concert, given there Friday . Blauvelt, as usual, was beauti look upon and sang divinely. Edward Green, a young man of on, has received an appointment , Capitol under the sergeant-at-arr is understood he will be assigned e library of the Senate. His appoi nt is due to the good offices of - Frye. There will be a meeting at Lewis is week of the managers of the ate Fair and Eastern Fair with a arranging the dates for the fair 98 amicably. Representatives of w England Fair will also be in adance. A reduction of wages to take nuary 17 was announced Friday t tices posted in the mills of the anufacturing Co. The amount of duction is not stated, but it is sed to be in line with cut downs her mills. About 1500 operatives affected. The Ward Line steamer hich arrived Saturday from Cieni 8, etc., brought the first consignm sugar from the south side of nce its shipment was prohibited en. Weyler. The number of ought is 4.050. The Niagara ought 206 bales of leaf tobacco. Massachusetts is going the wrong respect to the State debt. Gover olcott in his inaugural address at the debt has increased from 3 in 1895. to $12,462,378 in 1896crease of nearly threefold in ars. But the money has gone cessary public buildings and impre ents. The Orono Savings Bank, the which decided to wind up its busin me time ago, has disposed of nk's fixtures at auction. Among curities sold were a number of 8 bonds of a face value of a thous ch. The bonds brought $51 each. imber of bonds will be disposed ter and the affairs of the bank 2. The directors of the new Frank merset & Kennebec railway are

7. January 25, 1898 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 25, 1898

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ourt. Peters, J., presiding, Saturday, he court dismissed the appeal of Woodbury, appellant, from the decision f the Penobscot court of probate, alwing the will of Salome B. Chase, a compromise having been effected. In he case of Charles R. Whitten, bank xaminer. VS. The Orono Savings Bank. hief Justice Peters filed his order for be final distribution of the assets of he bank. which will be made among he depositers as soon as the amounts ue on the various accounts are comuted by the receiver, Nothing remains in the bank case but the final ecree of the court. following the distibution of accounts. Commencing Monday morning, the angor News reports several changes 1 postal clerks on the Portland & Bangor. and Bangor & Boston night nes. The crews will be made up of free men transferred from the Banor & Boston night line. Clerks Walr D. Stewart of Bangor. E. H. Poss f Portland and Eli Merriman of Waerville. Clerks C N McCrillis of Bangor and C. F. Ingraham, hereto are holding acting appointments nly, have received regular appointents. McCrillis will take the place f Robert Bannerman of Waldobors n the Portland-Bangor run as city erk. and Bannerman with Ingraham. ho has also received a regular apointment. and G. A. Russell, will fill e vacancies on the night line. A sensational and exciting episode rowing out of the bitter so-called rum ar in Lewiston occurred on Lincoln reet. Saturday night. Special Liquor onstable Elmer C. Teague drove into incoln street to search the place of busless of a man named Beliveau. who, it alleged. is in the liquor business. eague left his team in charge of a boy. nd it is reported that several roughs ulled the boy out of the sleigh abused m and threw bricks at the horse. When eague came from the Beliveau place the owd ran away. and as soon as the conable learned of the facts he drew two volvers and started in pursuit of a man thom he thought was engaged in asaulting the boy. Teague. thinking the an had entered a building a few doors low. kicked in the door of the house 10 as soon as he was-inside. discharged e of the revolvers at Abram Charlotte ho was on the stairs. The bullet enred the wall about six feet from the or and if the man. who was an inmate ' the house and in no way connected ith the affair. had not been partially reened by a turn in the stairs. he would rtainly have been shot. The firing 01 revolver brought together a crowd of veral hundred people. mostly French id for it time there was a scene of wild infusion and talk of summary punishent for the constable who had fired the lot. Charlotte intends to get out a warnt against Teague. who has kept pretty net. but who justifies his part in the fair on the plea that he has been asulted before and that his life has been treatened. Joe D. Socobasion the Indian polici ficer at Pleasant Point. Indian village a TEN. seven miles from Eastport had rerow escape again. early last week. on the revenueful hand of some unLOW tred man :11 his village who will tobably give the burly officer consider to trouble before caught. The Indians " occusionally addicted to the 100 free e of liquor and when intoxicated are metimes troublesome and noisy. Often e is called upon to arrest a "brave 10 attempts to run the village regardis of the fact that then are nearly 500 opto living there. Often these men are ked up and fined. so that when it is id that Socobasion has many enemies nong the rougher set it is easily underand. In the year of Officer Socobasion's Hage home is his small pile of store nod. cut in lengths and ready for use : the kitchen fire had gone out. his wife nt the small boy out to gather up some lips. and he began chopping up several the hardwood pieces. One of about IS ches he found on the doorstep. and th the others was split in two The withful Indian was astonished when a antity of coarse gunpowder fell out it S feet. and be called Secobasion. The tter discovered that the piece of wood ut been bored out at the end about ght inches, nearly two pounds of pow1 poured in the orifice. the end covered er by a wooden plug. and over this as rubbed mud to prevent the powder om escaping or being seen by the effii and family. It was evidently left on i to out in the stove first

8. January 3, 1899 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 3, 1899

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LOAN AND BUILDING ASSOCIATIONS. There are now 32 associations, the Rumford Falls Loan and Building Associations having retired. The comparative statement of liabilities and resources of the years ending October 29. 1898, and November 6. 1897, show that there is now $3,009,998.77 against $2,912,963.63. I Regarding other statistics: 1897. 1898. 8,230 No. of shareholders, 8,156 45,4691/2 No. of shares outstanding, 44.7581/2 3,042 2.966 NO. of borrowers, 3.694 3.647 No. of loans, $173,744.81 $213,395 74 Amt. of div. paid, Tais is an increase of $83,231.07 in the amount of accumulated capital and advances, and $97,035.14 in the total assets: and a decrease of seventy-four in the number of shareholders. and of 711 in the number of shares outstanding. The average rate of dividends paid shareholders for the present year is 6.50. and the average premium charged borrowers 1.35, as against 6.71 and 1.47 respectively in 1897 The decrease of $39,650.93 in the amount of dividends paid is due in part to the faot that n°1897 one loan and building association. for the purpose of readjusting its accounts. charged off all dividends previously paid, and declared a new dividend upon all of its outstanding shares. This materially increased the aggregate dividends for that year. This decrease in earningsis due in some degree to the fact that loan and building associations like all other institutions that depend upon the investment of money for their income, are compelled to accept less rates than formerly. The shareholders, like dépositors in banks, must expect smaller dividends in the future. The amendment of 1897, requiring the associations to carry a larger percentage of their earnings to the guaranty fund. was passed none too soon It would have been a wise policy for these institutions to have accumulated larger reserves while they were able to pay from 7 to 9 per cent dividends. Had such a polMcy been adopted it would have given them present strength, and added to their stability and success in the future. Even now the earnings and dividends are larger than they are Likely to be in the I years to come. The institution that will t in some degree forestall these conditions and reserve such a portion of their present earnings as it N possible to spare, will be the most successful. We are pleased to report a noticeable improvement in this respect in many of the institutions, and trust this policy may be adopted by all in the future. REPORTS OF RECEIVERS. The following is a synopsis of all re) ports of receivers made 4, this department as of October 29. 1898, and a brief statement of the condition of the affairs 5 of each insolvent banking association in the State. NEWPORT SAVINGS BANK 1 In December, 1897, the receiver, John W. Hobart, made his final statement. The total amount realized was $85,700.68. The e dividends were paid depositors amounting to 81 7-40 per cent. ORONO SAVINGS BANK. Albert White, th receiver, who had charge of affairs shice August 10, 1894, in his statement of receints and expenditures shows that he has received $86,428.11. A final settlement of the affairs of this institution has given the depositors 89 per cent of their deposits, making the total loss only $9,043.28. This is much better than was at one time anticipated. The receiver is entitled to credit for this favorable settlement of the affairs of the institution, and for the large dividend received by depositors. RICHMOND SAVINGS BANK. There has been but little change in the affairs of this institution during the year. The receiver still holds about $17,000, par value, of assets, the most of which could not be disposed of without great sacrifice. He reports that an effort will be made during the year to dispose of the remaining assets, pay a nal dividend and settle the affairs of the institution. It is estimated that these assets will net about 10 per cent more to depositors. LUBEC SAVINGS BANK. Samuel D. Leavitt of Eastport. receiver of the Lubec Savings Bank, reports a full settlement of the affairs of that institution with the exception of a small balance held for the payment of expenses. The total amount of deposits, as shown by the report of the commissioners, was $24,713.20; and the amount of receipts from all sources, $6,783.23. There were preferred claims amounting to $127.48 leaving a balance of $6,655.75 for the payment of depositors and expenses. June 27, 1898, S the depositors were paid a dividend of 25 per cent, amounting to $6,178.30, leaving a