8751. Orono Savings Bank (Orono, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
July 28, 1894
Location
Orono, Maine (44.883, -68.672)

Metadata

Model
gpt-5-mini
Short Digest
54132243

Response Measures

None

Description

No run is described in the articles. State bank examiner filed suit to compel suspension after trustees voted voluntary liquidation; temporary injunction granted and a receiver (Albert White) appointed Aug 10, 1894. Cause: voluntary liquidation tied to losses from western investments.

Events (3)

1. July 28, 1894 Suspension
Cause
Voluntary Liquidation
Cause Details
Trustees voted to go into voluntary liquidation; examiner filed bill to compel suspension because of impaired financial condition from western investments.
Newspaper Excerpt
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 dangerous to the public and to its depositors...
Source
newspapers
2. July 30, 1894 Other
Newspaper Excerpt
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.
Source
newspapers
3. August 10, 1894 Receivership
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (5)

Article from The Portland Daily Press, July 28, 1894

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Article Text

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.


Article from Daily Kennebec Journal, July 30, 1894

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Article Text

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.


Article from Daily Kennebec Journal, August 11, 1894

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Article Text

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.


Article from The Portland Daily Press, August 11, 1894

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Article Text

(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.


Article from Essex County Herald, August 17, 1894

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Article Text

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