8752. Orono Savings Bank (Orono, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
August 10, 1894
Location
Orono, Maine (44.883, -68.672)

Metadata

Model
gpt-5-mini
Short Digest
475a2b94

Response Measures

None

Description

The articles describe the Orono Savings Bank winding up its business, assets being liquidated/auctioned, a receiver in charge, and final distribution to depositors (89% returned). No run is described. Receiver appointment is stated as having been in place since 1894 (Aug 10) in the 1899 article; the bank was being wound up and remained closed.

Events (5)
1. August 10, 1894 Receivership
Newspaper Excerpt
Albert White, the receiver, who had charge of affairs since August 10, 1894, in his statement of receipts and expenditures shows that he has received $86,428.11.
Source
newspapers
2. August 10, 1894 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank decided to wind up its business and liquidate assets; winding up under receiver rather than a depositor run or external shock.
Newspaper Excerpt
Albert White, the receiver, who had charge of affairs since August 10, 1894, in his statement of receipts and expenditures...
Source
newspapers
3. January 13, 1898 Other
Newspaper Excerpt
The Orono Savings Bank, the which decided to wind up its business some time ago, has disposed of the bank's fixtures at auction.
Source
newspapers
4. January 25, 1898 Other
Newspaper Excerpt
Chief Justice Peters filed his order for the final distribution of the assets of the bank, which will be made among the depositors as soon as the amounts due on the various accounts are computed by the receiver.
Source
newspapers
5. 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 (3)
1. January 13, 1898 The Somerset Reporter Skowhegan, ME
Article from The Somerset Reporter, January 13, 1898

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Article Text

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

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

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Article Text

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

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

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Article Text

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