8750. Orono Savings Bank (Orono, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
October 22, 1877
Location
Orono, Maine (44.883, -68.672)

Metadata

Model
gpt-5-mini
Short Digest
a2493322

Response Measures

None

Description

Newspaper items (Oct 22–23, 1877) report the Orono Savings Bank had deposits reduced to 75% and that no further withdrawals were allowed until further court decree. This indicates a suspension of payments under court control consistent with insolvency; no reopening is reported, so classified as suspension leading to closure. OCR of 'Orone' in one article corrected to Orono.

Events (1)

1. October 22, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Court decree reducing each depositor's amount to 75% and forbidding withdrawals indicates insolvency/insufficient funds of the bank leading to suspension under court supervision.
Newspaper Excerpt
Orono-Orono Savings Bank. The deposit amount of each depositor is reduced to 75 per cent. of the amount due on the same; no further sum to be withdrawn till further decree of court.
Source
newspapers

Newspaper Articles (2)

Article from The Portland Daily Press, October 22, 1877

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Article Text

FAILURES.-The following recent business failures in this state are reported: Portland-G A Whitney. furnitute, owes about $22.000, with astets $16,000 or $17,000 A great proportion of creditors are Boston parties. W. D. Deering & Co, retail grocers. Liabilities $1180, assets $375. Offer 25 cents. Davis & Co., offer a composition of 25 Cents. Seth C. Gordon et al. VS. John E. Davis, involuntary bankruptcy. Lewis & Co., retail clothing. reported sus. pended. John Massure, confectioner, reported failed. Philip B. Hughes, carpenter, reported failed. Almon S. Allen, Adams House, reported failed. Chas. E. Littlefield, reported failed. Orono-Orono Savings Bank. The deposit amount of each depositor is reduced to 75 per cent. of the amount due on the same; no further sum to be withdrawn till further decree of court. Wellington-W. N. Hatch & Co., merchants and peddlers, reported failed. Rockland-J. Shaw & Co., general store, trying to compromise at 25 cents. North Auson-C. W. Seward, general store and lumber, voluntary bankrupt. Lewiston-S. B. Scribner, grocer, bankrupt. North Berwick-W. C. Watson, dry goods, reported failed. Bluehiil-G. W. Collins, country store, reported failed. Waterville-H. P. Robinson, men's furnishing, reported failed. Sebago Lake-John W. Welch, lumber, bankrupt. Fairfield-O M. McIntire, grocer, assigned. Parkman-N. M. Cobb, reported failed. Auburn-Leopold Lemay, reported failed. Stetson-G. W. Brown, reported failed. Otis-A. B. Hillier, reported failed.


Article from Daily Kennebec Journal, October 23, 1877

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Article Text

STATE NEWS. The veteran soldiers of Piscataquis county held a grand muster last week at Abbot village. There was music, speeches, battalion and company drills and sham fights. There is a movement for the pardon of Allen P. Lincoln, who is serving his sentence for an assault with a curling iron upon one E. H. Johnson of Lewiston. Union hall in Islesboro', was dedicated Tuesday evening with appropriate services. Rev. C. M. Rhodes delivered the dedicatory address. The enterprise was started by the Good Templars, they not having a suitable place to hold their meetings. Mrs. Ivory H. Jordan of Foxcroft, died on Wednesday afternoon, of heart disease. She was in her usual until about half past three, when she was taken sick and died at five. Potatoes are now selling very low-in Bangor market at less than forty-five cents and in Dover at thirty cents. Potatoes sell in Houlton for one dollar per barrel. Rev. James Trimble, Methodist minister residing at Princeton, Maine, has been offered fifty thousand pounds sterling to withdraw the case which he has in chancery in one of the courts of Ireland to recovery property to which he and his two sisters are the lawful heirs, but for some years has been held by other parties. His sisters have been offered ten thousand pounds sterling each to withdraw their claims. That's what "they say." Quite a business is done in Bangor and vicinity in shooting woodcocks for the Boston market. Sportsmen get about sixty cents apiece for them there. During the year commencing April 1st, 1876 and ending March 31st, 1877, two hundred and forty-six births were recorded in Bangor. This number exactly corresponds with the number of deaths during the same time. The following recent business failures in this State are reported: Portland-G. A. Whitney, furniture, owes about $22,000, with assets $16,000 or $17,000. A great proportion of his creditors are Boston parties. W.D. Deering & Co., retail grocers. Their liabilities are $1180, assets $375. They offer 25 cents. Davis & Co., offer a composition of twenty-five cents. Seth C. Gordon et al. vs. John E. Davis, involuntary bankruptcy. Lewis & Co., retail clothing, reported to have suspended. John Massure, confectioner, reported to have failed. Philip B. Hughes, carpenter, reported to have failed. Almon S. Allen, Adams House, reported failed. Charles E. Littlefield, reported failed. Orone-Orono Savings Bank. The deposit amount of each depositor is reduced to seventyfive per cent. of the amount due on the same no further sum to be withdrawn till further decree of court. Wellington-W. N. Hatch & Co., merchants and peddlers, reported failed. Rockland-J. Shaw & Co., general store, trying to compromise at twenty-five cents. North Anson-C. W. Steward, general store and lumber, voluntary bankrupt. Lewiston-S. B. Scribner, retail grocer, bankrupt. North Berwick-W. C. Watson, dry goods, reported failed. Bluebill-G. W. Collins, country store, reported failed. Waterville-H. P. Robinson, men's furnishing. reported failed. Sebago Lake-John W. Welch, lumber merchant, bankrupt. Fairfield-O. M. McIntire, grocer, assigned. Parkman-N. M. Cobb, reported failed. Auburn-Leopold Lemay, reported failed. Stetson-G. W. Brown, reported failed. Otis-A. B. Hillier, reported failed.