Article Text
RUN ON BANK CLOSED TODAY (Special from United Press. ) Dexter, Me., Jan. 17.-Following a run caused by reports that the bank was in unsound condition, State Bank Commissioner Kellon, today, ordered the Dexter Savings Bank closed.
8700. Dexter Savings Bank (Dexter, ME)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- savings bank
- Start Date
- January 17, 1911
- Location
- Dexter, Maine (45.024, -69.290)
Metadata
- Model
- gpt-5-mini
- Short Digest
d7f800cc
Response Measures
Full suspension
Other: Subsequent takeover/liquidation by a newly organized Dexter Trust and Banking Co. which agreed to take over securities and pay depositors in full.
Description
Extended run by depositors (mill operatives) sparked by reports the bank was 'unsound' (and fear after the Waterville Trust failure) led the State Bank Commissioner to close the Dexter Savings Bank in mid-January 1911. The institution remained closed; a newly organized trust company arranged to take over the savings bank's securities and to pay depositors in full (arrangement reported Feb 23, 1911).
Events (3)
1.
January 17, 1911
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- Extended run by mill operatives alarmed by reports regarding the bank's stability; fear amplified by recent failure of the Waterville Trust Co.
- Measures
- Bank officials attempted to reassure depositors and 'do everything within the power of the bank people to stop the run' but were unable to stem withdrawals.
- Newspaper Excerpt
- run caused by reports that the bank was in unsound condition
- Source
- newspapers
2.
January 17, 1911
Suspension
- Cause
- Government Action
- Cause Details
- Closed by order of the State Bank Commissioner (W. B. Skelton/State examiner) following the extended run.
- Newspaper Excerpt
- State Bank Commissioner Kellon, today, ordered the Dexter Savings Bank closed.
- Source
- newspapers
3.
February 23, 1911
Other
- Newspaper Excerpt
- the Dexter Trust and Banking Co. ... has made arrangement with the trustees of the Dexter Savings bank, which was closed on Jan. 17 as the result of a run by depositors, to take over the securities of the savings bank and pay the depositors in full. (Arrangement reported Feb. 23, 1911.)
- Source
- newspapers
Newspaper Articles (10)
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Article Text
BANK'S DOORS CLOSED AFTER 44 YEARS' EXISTENCE. Scene of the Mysterious Barron Tragedy of 1878 Recalled Dexter, Me., Jan. 17.-After an existence of 44 years, the Dexter Savings bank, the scene of the mysterious Barron tragedy of 1878, closed its doors today, owing about $400,000. The institution was closed by State Bank Commissioner William B. Skelton, following an extended run on the bank by mill operatives, who became alarmed over reports regarding its stability. The depositors were particularly timid, as a number of them had accounts of the Dexter branch of the Waterville Trust company when ot failed two years ago. The assets are listed at $429,272. In a statement issued today, President Arthur P. Abbott said that the institution was in better condition than at any time during the past eighteen years. He said there was absolutely no suspicion of mismanagement, but that the depositors would lose their interest for an indefinite period. For years the name of the Dexter Savings bank was familiar to newspaper readers of the country. On February 22, 1878, John W. Barron was found dead in the vault. His scalp was bruised, a gag was bound over his lips and he was handcuffed, while a rope was loosely tied about his neck. Upon the assumption that a homicide had been committed, although some of the trustees of the bank believed Mr. Barron was a suiside, the neighbo@hood was searched for clues to the murderers, who were supposed to have been bank robbers. Not a solitary bit of information tending to implicate anyone was found until the fall of 1887, when Charles Stain declared that his father, David L. Stain, had confessed to him that he and Charles Stain's brother-in-law, Oliver Cromwell, had attempted to rob the bank and assaulted Barron. Not intending to kill the cashier, they were alarmed when they realized that he was dead. and fied without looting the vault. Stain's account of the confession was corroborated by an ex-convict. who died some years ago. David L. Stain was runing a cobbler shop in Franklin, Mass., and Oliver Cromwell, his son-in-law, was living in Medford, Mass., when in October. 1887, they were arrested. They were tried in Bangor and were convicted on February 22, 1888. of murder in the second degree, and sentenced to state prison for life. In December, 1900, the governor and council heard a petition for the pardon, on the ground that they were not in Dexter the day Cashier Brown was slain. Witnesses testified to the presence of Stain in Medfield on February 22. 1878, and alibis for both men satisfied the pardoning authorities. On January 1, 1901, Stain and Cromwell were released from the state prison by pardon, and they returned to Mas. reachusetts.
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Followed by Closing of Dexter Savings Bank, Action Taken to Prevent Sacrifice of Its Holdings. Bank Made Famous by the Murder of Treasurer Barron. Dexter. Me., Jan 17.-After an existence of 44 years. the Dexter Savings Bank, the scene of the mysterious Barron tragedy of 1878, closed its doors today owing about $400,000. The institution was closed by State Bank Commissioner W. B. Skelton, following an extended run on the bank by mill operatives, who became alarmed over reports regarding its stability. The depositors were particularly timid, as a number of them had accounts at the Dexter branch or the Waterville Trust Co., when it failed two years ago. The assets are listed at $429.272. The bank was organized in 1867 and the present officers are: President, Arthur P. Abbott: vice president, Chas. H. Haines; treasurer, Wesley H. Judkins; trustees, A. P. Abbott, C. H. Haines, W. H. Judkins, J. W. Haines and Amos Springall. President Abbott in a statement to The Associated Press said: "After talking matters over with the bank commissioner the decision was reached that the closing of the doors was the best thing that could be done. Everything within the power of the bank people has been done to stop the run and to reassure the depositors. Owing largely to the fact that the failure of the Waterville Trust Co. two years ago and the closing of its branch here struck many people in this section a hard blow, it was impossible to stem the tide of depositors who were clamoring for their money. Realizing that a continuance of the run méant the disposal of their stocks and bonds on a low market it became necessary for the officials of (Continued on Page Twelve.)
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DEXTER, ME., BANK FAILS. The State Authorities Take Charge of the Oldest Institution After Run by Depositors. Dexter, Me., Jan. 18.-The Dexter Savings bank closed its doors yesterday by order of State Banking Commissioner W. B. Skelton. The closing followed a run on the bank, which is one of the oldest in this section of Maine, being incorporated in 1867. W. H. Carr is president and W. H. Judkins, treasurer. The Dexter Savings bank was incorporated in 1867. Its assets, according to the last report made public, were $222,500.
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RUN CLOSES DEXTER BANK Savings Institution Made Famous by the Barron Tragedy. Dexter. Me., Jan. 17.-After an existence of forty-four years the Dexter Savings Bank, the scene of the mysterious Barron tragedy of 1878, was closed to-day by Will. iam B. Skelton. State Bank Commissioner, owing about $400,000, following an extended run on the bank by mill operatives, who became alarmed over reports regarding its stability. The assets are listed at $429,272. In a statement Arthur P. Abbott, president, said that the institution was in better condition than at any time in the last eighteen years. He said there was absolutely no suspicion of mismanagement, but that the depositors would lose their interest for an indefinite period. For years the name of the Dexter Savings Bank was familiar to newspaper readers of the country. On February 22, 1878, John W. Barron. the cashier, was found dead in the vault. His scalp was bruised, a gag was bound over his lips and he was handcuffed, while a rope was loosely coiled about his neck. Not a bit of information tending to implicate any one was secured until the fall of 1887. when Charles Stain declared that his father. David L. Stain, had confessed to him that he and Oliver Cromwell, the former's brother-in-law, had attempted to rob the bank and assaulted Barron. Stain's account of the confession was corroborated by an ex-convict, who died several years ago. David L. Stain and Cromwell were arrested, tried and convicted on February 22, 1888, of murder in the second degree, and sentenced to state prison for life. In December, 1900, the Governor and Council heard a petition for their pardon on the ground that they were not in Dexter the day Barron was slain. Witnesses testified to the presence of Stain in Medfield on February 22, 1878, and alibis for both men satisfied the pardoning authorities. On January 1, 1901, Stain and Cromwell were released from the state prison by pardon.
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DEXTER (ME.) BANK IS CLOSED State Examiner Takes Charge of Savings Institution-Depositors Are Mostly Mill Operatives. I Dexter, Me., Jan. 18.-The Dexter Savings bank was closed by order of the state bank examiner. The bank recently lost many of its depositors through a run. It was incorporated in 1867. Its assets are valued at $429,469. The deposits are nearly $400,000, mainly the property of mill operatives and minors, Arthur P. Abbott is president of the bank and Wesley H. Judkins treasurer.
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BANK WITH MYSTERY FAILS CLOSES DOORS ON SCENE WHERE CASHIER WAS FOUND DEAD. Dexter, Me., Jan. 19.-After an existence of 44 years, the Dexter Savings bank, the scene of the mysterious Barron tragedy of 1878, closed its doors yesterday, owing about $400,000. The Institution was closed by the state bank commissioner, William B. Skelton, following an extended run. The assets are listed at $429,272. In a statement issued today the president, Arthur P. Abbott, said that the institution was in better condition than at any time, during the last 18 years. He added there was absolutely no suspicion of mismanagement, but that the depositors would lose their interest for an indefinite period. John W. Barron, the cashier, was found dead in the vault on February 22, 1878. His scalp was bruised, a gag was bound over his lips, he was handcuffed, and a rope was about his neck. Some of the trustees of the bank believed Mr. Barron had killed himself, while others held the theory of murder. The case was a mystery until the fall of 1887, when Charles Stain declared that his father, David L. Stain, had confessed to him that he and Oliver Cromwell had killed Barron when attempting to rob the bank. They were tried in Bangor and were convicted in 1888 of murder in the second degree and sentenced to state prison for life. Afterward, upon the production of convincing alibis, the men were pardoned, leaving the mystery of Barron's death unsolved.
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Maine News Notes. The members of the Sturgis Commission were removed from office by Governor Plaisted on Wednesday. A post office has been established at Plaisted, Aroostook County, named after Governor Plaisted, with Odile Binette as postmaster. The figures for the population of the city of Rockland according to the 1910 census, 8174, by a peculiar coincidence are identical with those of the 1890 census. The population of the city in 1900 fell back to 8150 and the present census restores it to the figures of 20 years ago. By order of the state bank commissioner, following an extended run on the bank, the doors of the Dexter Savings Bank were closed Tuesday. It is thought that the bank is solvent, but the run has made closing necessary. The bank has been running forty-four years, and acquired almost national note by reason of the tragic death of Cashier Barron, and the subsequent conviction of Stain and Cromwell for murder, with their pardon later.
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Will Liquidate Dexter National Bank. The Dexter Trust and Banking Co., recently organized. is to take over the stock of the First National bank, according to information obtained Saturday and the affairs of that institution will be liquidated within a month or six weeks if a majority of the stock is acquired. The next trust company has made arrangement with the trustees of the Dexter Savings bank, which was closed on Jan. 17 as the result of a run by depositors, to take over the securities of the savings bank and pay the depositors in full. C. M. Sawyer, cashier of the First National bank, has been elected president of the New Trust Co., and S. M. Leighton, who formerly was in charge of the Dexter branch of the Waterville Trust Co., which was closed two days ago, will be the cashier. The amount of the capital stock is $50,000.
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Maine News Notes. Work has been resumed on the sonstruction of the Portland, Gray and Lewiston electric railroad, which it is expected to have in operation this season. Twenty-one lots of goods have been identified in that plunder depository of "Dr." Fred E. Snow in Dayton, and much more still awaits identification. John Barlow of Lewiston, 71 years of age, died Thursday evening as the result of injuries received in a runaway accident that afternoon. He was thrown from his team and his skull was fractured. The annual outing of the Maine Sportsman's Fish and Game Association is to be held this year at Kineo, as usual, the dates being July 3.4. Good attractions have been secured for the event. On Tuesday the committee in charge of raising the fund for the Children's Hospital in Portland announced that not only bad the desired $25,000 been raised, but it had already been exceeded by about $1000. At Millinocket Friday Clarence Tibbetts fell across a circular saw in a wood sawing machine, and his body was cut from the left arm to the right side, the saw barely missing bis heart. He has a fair prospect for recovery. George W. McKenney, a farmer about 70 years of age, living at North Limington, was badly burned Saturday while trying to remove a tool chest from his barn which had ignited from a rubbish fire, and is reported to be in a serious condition. Organization papers have been filed for a telephone company to embrace a large territory in the great Maine woods north from Bingham. The present capital of the company is $10,000, which would build several miles of the several hundred miles of line proposed. Many grass and brush fires have got away from those who purposely or accidentally started them, and a few sets of buildings have been burned in different places in Maine by them, during the past week or two. The rainless weather since the snow went off has made conditions dangerous. The First National Bank of Dexter has been merged in the new Dexter Trust and Banking Co. The trust company has also taken over the securities of the Dexter Savings Bank which closed its doors January 17, following a run. It is announced that depositors of the closed bank will be paid in full. It is understood that the Edwards Co. has under consideration the project of raising the height of the Kennebec dam at Augusta and that while it is not certain that the work will be done during the coming summer there is a probability that it will be. It is expected that the amount to be expended in the contemplated improvement to the dam will be in the neighborbood of $24,000. There is much speculation as to whether Governor Plaisted will reappoint Judge Albert R. Savage of the Supreme Judicial Court, whose term expires on the 19th of May. Several other appointments are to be made by the governor at an early date, among them that of a live stock sanitary inspector, who takes the place of the former cattle commissioners. This office pays $1500 a year and expenses, and there are abouta dozen candidates for it. There was much interest in the trial at Auburn last week of a suit for slander brought by Frank A. Millett of Mechanic Falls, treasurer of Androscoggin County, against George S. McCarty, a Lewiston lawyer. The action was based upon statements made in a campaign speech last summer by Mr. McCarty, who was a Republican candidate for office, with regard to certain entries on the treasurer's books The trial was short, and the jury, after being out forty-five minutes, returned a verdict of one dollar for Mr. Millett. A prominent Bath citizen a few mornings ago started out for his summer camp arrayed in his comfortable outing regalia. Thus attired he attracted the attention of an out-of-town visitor who was looking for snapshots for his collection. The Bath man was rather pleased at the stranger's request for bis picture until the man with the camera informed bim that he bad been looking for a long time for a typical Maine farmer and that the Bath man filled the bill to perfection. It is needless to say that the man with the camera did not get the much desired snapshot. Dover and Foxcroft are looking for a new source of water supply, and sentiment seems to favor Salmon Pond in the town of Guilford. This pond lies about six miles from the pumping station of the Dover and Foxcroft water district. It is located in the hills and is far removed from contaminating drainage of any nature. The pond lies in a position which would give a powerful gravity system and allow high pressure in any part of either Dover or Foxcroft. Other possible supplies have been carefully considered, but the pond named above seems to look best to investigators at the present time. The Board of Trade is pushing the matter. A sensational turn was given to the trial of George H. Bangs, a citizen of prominence in Augusta, on the charge of defacing ballots cast in the recent city election. Suspicion was directed to Charles A. Wadsworth, who has been a clerk in that ward for ten years, and under pressure he confessed to defacing the ballots for which Mr. Bangs bad been indicted. Mr. Bangs was dis-