8722. American Bank (Hallowell, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 15, 1874
Location
Hallowell, Maine (44.286, -69.791)

Metadata

Model
gpt-5-mini
Short Digest
dbf7d27a

Response Measures

None

Description

The articles describe the American Bank's failure, the appointment and actions of receivers, court proceedings against stockholders, sale of bank property, and a final dividend (88%) paid to certificate holders. There is no mention of a depositor run; the bank remained in receivership and was wound up. Dates: receivers and court action referenced in 1874–1876; final dividend paid in 1875. I inferred 'state' bank because the name lacks 'National' or 'Trust' and this is a 19th-century state-chartered bank, but the charter type is not explicitly stated.

Events (6)
1. August 15, 1874 Receivership
Newspaper Excerpt
a matter of considerable interest came up late in the term in the case in equity brought by the Receivers of the American Bank, Hallowell, against the stockholders ... the Judge ... giving the receivers judgment against the stockholders. The amount to be assessed will be about fifty per cent. of the par value of the shares.
Source
newspapers
2. February 27, 1875 Other
Newspaper Excerpt
will be sold at public auction ... the following property of the American Bank ... set off to said Bank on execution against John Atkins ... H. K. BAKER, Receivers. SIMON PAGE, E. ROWELL, THOMAS HOVEY, Auctioneer. Hallowell, December 17, 1874.
Source
newspapers
3. March 23, 1875 Other
Newspaper Excerpt
A Final Dividend from the American Bank. The receivers of the American Bank at Hallowell, after nine years of litigation, are now prepared to pay a final dividend of 88 per cent.
Source
newspapers
4. April 20, 1875 Other
Newspaper Excerpt
final dividend of 88 per cent. on outstanding Receivers' certificates is payable at the office of the undersigned in Hallowell. Bills of the bank are of no value. H. K. BAKER.
Source
newspapers
5. March 19, 1876 Other
Newspaper Excerpt
act authorizing the receivers of the American Bank of Hallowell to pay dividends on lost certificates ... the Receivers will commence paying said dividends March 25th.
Source
newspapers
6. * Suspension
Cause Details
The bank had previously failed and suspended operations; articles discuss receivers and litigation over losses to bill holders and creditors.
Newspaper Excerpt
the losses sustained by them on its failure.
Source
newspapers

Newspaper Articles (10)
1. August 17, 1874 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, August 17, 1874

Click image to open full size in new tab

Article Text

Supreme Judicial Court-Danforth J. Presiding. SATURDAY, August 15th. The court sat till one o'clock and then adjourned without day. The number of divorces granted this term is eighteen, thirteen of which were on the application of injured wives, the alleged causes being generally intemperance, neglect and abusive treatment, and desertion. Amount of fines and costs collected mainly on prosecutions under the liquor law, $617.05. It is understood that considerable more will be paid in in a few days. A matter of considerable interest came up late in the term in the case in equity brought by the Receivers of the American Bank, Hallowell, against the stockholders to compel them to contribute in proportion to the number of shares held by each a sum sufficient to make good to the bill holders and other creditors of the bank, the losses sustained by them on its failure. The case having been before the full court upon demurrer to the bill, which was overruled, the defendants moved the court for leave to file their answers, and thus reopen the case upon its merits. The motion was fully argued by counsel on both sides, J. Baker and Libbey for the Receivers, Bradbury and Titcomb for the Stockholders. The Judge having reserved his decision until the following morning, announced his opinion— denying the motion and giving the receivers judgment against the stockholders. The amount to be assessed will be about fifty per cent. of the par value of the shares.

2. January 12, 1875 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 12, 1875

Click image to open full size in new tab

Article Text

Sale at Auction. order of the Supreme Judicial Couit, will be B' sold at public auction, at the office of H. K. Baker in Hallowell, on Saturday, the twenty-seventh day of February next, at two o'clock in the afternoon, the following property of the American Bank: A lot of land with the buildings thereon, situate at Loudon Hill in Hallowell, bounded westerly by the county road leading to Gardiner, and easterly by a parallel line ten rods distant therefrom; northerly by land of Ezekie! Blake, deceased, and south. erly by a parallel line five rods distant therefromset off to said Bank on execution against John Atkins. A lot of land in said Hallowell, bounded southerly by Union street. westerly and northerly by land of the Hallowell Granite Company and others, and easterly by a line nine inches west of the brick store recently occupied by Frank Allen-set off to said Bank on execution against Mark Means. A lot of land in Wayne, beginning on the westerly side of the county road leading from Wayne village to Monmouth, at a point 105 feet from the westerly end of the northeast corner of the homestead lot of Josiah Norris; thence south-westerly by the picket fence, abaut 52 feet to a stake and stones; thence northwesterly, about thirty -six and a half leet, to a stake and stones on a line parallel with the road: thence north easterly about 52 feet, to the road: thence south easterly by saidroad to the first bound-set off to said Bank on execution against Abel Stevens. Also sundry uncollected executions against stockholders of said Bank, including all executions which may at that time remain uncollected. H. K. BAKER, Receivers. SIMON PAGE, E. ROWELL, THOMAS HOVEY, Auctioneer. Hanowell, December 17, 1874. decl8-flaw&wewtls

3. March 18, 1875 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 18, 1875

Click image to open full size in new tab

Article Text

American Bank. OTICE is hereby given, that the Receivers of N the American Bank having made their final report, the Supreme Judicial Court has ordered a final dividend of eighty-eight per cent. to be made on the outstanding certificates issued by said Receivers for bills of said Bank filed with them. This dividend will be payable on presentation of the certificates, properly receipted, at the office of H. K. Baker in Hallowell, on and after Tuesday, March 23d. All certificates must be receipted by the holder. Parties who have lost their certificates will be required to file an affidavit of the fact, stating the amount of bills filed, and that the certifi cate has not been sold or given away, but actually lest or mislaid, and has not been found after diligent search. Forms of affidavits will be furnished on request. Such claims will not be paid, until a reasonable time has been allowed for the certificates to be presented, if in other hands. H. K. BAKER, Receivers. SIMON PAGE, } E. ROWELL, Hallowell, Mar. 17, 1875. marls-: &wtf

4. March 24, 1875 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, March 24, 1875

Click image to open full size in new tab

Article Text

THE CARSON MURDER TRIAL. Opening for the Defence. BANGOR, March 23.-At noon to-day the government testimony in the Carson murder trial was concluded. The evidence of the closing witnesses related to the blood found in the boat and statements made by Carson in explanation of the drowning of Brawn. The skull of the man claimed to have been murdered was brought into court, but shows no fractures or marks of violence. This afternoon Abner Knowles, Esq., counsel for the prisoner, opened the case for the defence, occupying an hour in reviewing the more important points. The first witnesses for the defence will be called to-morrow morning. Meeting of the Governor's Council. The Governor and Council commenced a session to day. April 8th was designated for fast. The European & North American Railroad land case will come up to-morrow. Mr. Stetson will represent the road, and Mr. A. W. Paine the state. A Final Dividend from the American Bank. The receivers of the American Bank at Hallowell, after nine years of legislation, are now prepared to pay a final dividend of 88 per cent. |Penobseet Bay & River Bailroad. ROCKLAND, March 23.-President Moses and several of the directors of the Knox & Lincoln Railroad held a conference here this afternoon wilh Gen. Ledlie, the contractor, and Hon. Win. McGilvery, President of the Bay & River Railroad, concerning the prosecution of that enterprise, and a second meeting is to follow in a few days. The prospect is hopeful for the undertaking, but the results of the confereuce cannot yet be definitely announced.

5. April 20, 1875 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 20, 1875

Click image to open full size in new tab

Article Text

American Bank. final dividend of 88 per cent. on outstanding A Receivers, certificates is payable at the office 01 the undersigned in Hallowell. Certificates may be presented for payment by the holder; or if sent by mail or by third parties, must have a receipt indorsed on them in substance as follows:- Received a final dividend of 88 per cent, in full for this certificate," signed by the holder. Bills of the bank are of no value. H. K. BAKER. apr20-t&wtf Hailowell, April 20, 1875.

6. April 21, 1875 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 21, 1875

Click image to open full size in new tab

Article Text

American Bank. final dividend of 88 per cent. on outstanding A Receivers, certificates is payable at the office of the undersigned in Hallowell. Certificates may be presented for payment by the holder; or if sent by mail or by third parties, must have a receipt indorsed on them in substance as follows:-"Received a final dividend of 88 per cent, in full for this certificate," signed by the holder. Bills of the bank are of no value. II. K. BAKER. apr20-t&wtf Hailowell, April 20. 1875.

7. May 4, 1875 Oxford Democrat Paris, South Paris, ME
Article from Oxford Democrat, May 4, 1875

Click image to open full size in new tab

Article Text

-After nine years of litigation, the receivers of the American Bank of Hallowell have made their final report. The certificates outstanding are reported at $30,190. In the hands of the receivers, after paying costs and expenses up to the time of making the report, was $27, 052.80. The court ordered a final dividend of 88 per cent. to be made on the outstanding certificates, when presented. This is saidto be the first instance in this State, in which the receivers of an insolvent bank have carried the process through all its stages, so as to pay a final dividend.

8. February 24, 1876 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, February 24, 1876

Click image to open full size in new tab

Article Text

BANKING. The following embraces the topics of legislative action relative to savings and other banks. Act revoking all charters granted to savings banks not yet organized or shall not have been organized prior to August 1, 1876. Act authorizing the receivers of the American Bank of Hallowell to pay dividends on lost certificates. For general law for organization of savings banks, see "general laws."

9. March 20, 1876 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 20, 1876

Click image to open full size in new tab

Article Text

American Bank. having passed an act which Tue last of March. authorizing the Receivers of the American Bank to pay dividends on lost certificates, upon proper proof, the Receivers will commence paying said dividends March 25th. All persons who have lost their certificates, by sending notice thereof to the subscriber by postal card or otherwise, will have a form of affidavit and receipt sent to them. on the return of which the dividends will be paid. II. K. BAKER. Hallowell, March 19, 1876. mar20 I&wif

10. March 24, 1876 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, March 24, 1876

Click image to open full size in new tab

Article Text

American Bank. having passed an act which last or March, authorizing the Receivers of the American Bank to pay dividends on lost certificates, upon proper proof, the Receivers will commence paying said dividends March 25th. All persons who have lost their certificates, by sending notice thereof to the subscriber by postal card or otherwise, will have a form of affidavit and receipt sent to them, on the return of which the dividends will be paid. H. K. BAKER. Hallowell. March 19, 1876. mar20I&wif