8779. Northern Banking Company (Portland, ME)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 1, 1897
Location
Portland, Maine (43.661, -70.255)

Metadata

Model
gpt-5-mini
Short Digest
78077427

Response Measures

None

Description

Directors voted to place the company in liquidation and asked for a receiver (Feb 1, 1897). A receiver (Henry B. Cleaves) is later named (July 26, 1897) and the receiver is selling assets (Aug 3, 1897). No run or depositor panic is described; this is a voluntary liquidation leading to receivership/closure.

Events (3)
1. February 1, 1897 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors voted to place the company in liquidation to avoid complications after prior heavy losses (Fort Payne and Cardiff) and light business; stockholders requested closure and a receiver would be asked for.
Newspaper Excerpt
The directors of the Northern Banking Company of this city have voted to place that company in liquidation and to avoid complications a receiver will be asked for.
Source
newspapers
2. July 26, 1897 Receivership
Newspaper Excerpt
Northern Banking Company. HENRY B. CLEAVES, RECEIVER. jly26-1w Messenger's Notice. Office of the Sheriff of Cumberland County.... jly21&28
Source
newspapers
3. August 3, 1897 Other
Newspaper Excerpt
Sale of Kansas Property by Receiver Cleaves Yesterday. Yesterday morning Hon. Henry B. Cleaves, receiver for the Northern Banking company, sold at public auction at the company's office on Exchange street, all the right, title and interest that the company possessed in the following parcels of real estate ...
Source
newspapers

Newspaper Articles (7)
1. February 1, 1897 The Providence News Providence, RI
Article from The Providence News, February 1, 1897

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Article Text

Will Go Into Liquidation. Portland, Maine, Feb. 1.-The directors of the Northern Banking Company of this city have voted to place that company in liquidation and to avoid complications 8 receiver will be asked for. The company lost heavily by the Fort Payne disaster a number of years ago, and the amount of business transacted since that time has been 80 light that the company has never recovered. Bank Examiner Timbe lake, who last looked into the affairs of the company, authorizes the statement that all depositors will be paid in,full.

2. February 2, 1897 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, February 2, 1897

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RECEIVER ASKED. Northern Banking Co., Portland, Going Into Liqudation. Step Taken to Prevent Complications --Depositors to Be Paid in Full. The Old Fort Payne and Cardiff Slump at the Boltom of the Trouble. Portland, Feb. 1.-At a meeting of the directors of the Northern Banking Co., Saturday, it was voted to place the company in liquidation to avoid complications. A receiver will be asked for. Arrangements will be made to pay depositors as soon as possible. The announcement that the company had asked for a receiver caused great surprise in local business circles, Monday afternoon. A reporter found Bank Examiner F. E. Timberlake in the company's office at 53 Exchange street, poring over the books and documents in company with Cashier L. Marston. "No, there is no evidence or suggestion of irregularity," replied the bank examiner. "The depositors need have no fear of losing a cent. The business of the institution is to be closed up at the request of the stockholders." The Northern Banking Co's. directory contains the names of some of Portland's solid business men. any one of whom can lay down his check. and is awaiting an opportunity to do so, to cancel his share in whatever loss there may be. Its officers are: President. Charles S. Fobes: vice president, Weston F. Milliken: secretary. Charles L. Marston: executive committee. Francis Fessenden, Charles S. Fobes. James E. McDowell, James E. Hewey. W. F. Milliken. The bank. when organized eight years ago, was the financial headquarters for the Maine men who figured in the land, coal and iron syndicates at Fort Payne, Ala., and Cardiff, Tenn. Ex-Gov. Selden Connor was one of its leaders. and was until within a few years president of the company. When the slump came at Fort Payne and Cardiff, this bank got severely bitten and would never have entirely held. though it has been doing well in bonds and securities, collections, loans and a general banking and trust business. The loss sustained years ago, coupled with rather light profits of the last year or two, caused the directors to take steps for liquidation of the company's affairs. Depositors are assured that they will be paid as soon as receivership proceedings can be instituted. The company's capital stock is $50,000. Its annual statement a year ago showed a surplus of $10,400.

3. February 2, 1897 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, February 2, 1897

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was is years of age. London, Eng., Feb. 2-A dispatch to the Daily Telegraph from St. Petersburg announces that the ceariha has been restorea to perfect health. Joliet, III., Feb. 1.-Employes of the Illinois Steel company received notice this morning of a reduction of from 10 to 26 per cent in their wages. Lima, O., Feb. 1.-By the burning of their dwelling at North Baltimore, last night, Charles Russell, aged 70. and his wife, 65 years of age, were burned to death. London, Eng., Feb. 1.-The earl of Kinnoull is dead. He was born in 1827 and is succeeded by his eldest son, Lord Hay, of Kinfauns, a well-known Anglo-Egyptian army officer. London, Eng. Feb. 2-All the daily papers this morning speak in terms of praise of the appearance of Mrs. H. E. Abbey at the Strand theater last night in the play "The Prodigal Father." Queenstown, Ireland, Feb-1.-The British ship Dillon, Captain Stap. which arrived here on Saturday last from San Francisco, encountered heavy weather and sustained deck damage during the gales. Milwaukee, Wis., Feb. 1.-The Bay View mill of the Illinois Steel company, which has been idle for a week, resumed today. The reduction in wages of from 10 to 2) per cent went into effect today. Chicago, III., Feb. 1.-The tug Van Ralie is fast in an ice-floe somewhere in the open lake, and when last seen was drifting rapidly toward the northeast, displaying signals of distress. About ten men are on the tug. St. Louis, Mo., Feb. 1.-The funeral of the late General A. J. Smith took place this afternoon at : o'clock from the church of the Immaculate Conception. It was attended by a large number of the most prominent men in the city. Chicago, III., Feb. 1.-Mrs. Albert Sizka was asphyxiated by coal gas last night. Her husband was also overcome, and although still alive there is no hope for his recovery. The gas escaped from a small coal stove in their bed room. Racine, Wis., Feb. 1.-B. D. Elsendrath & Co's., big tannery was closed today under attachments. The liabilities aggregate $35,000. and the plant and stock are worth $150,000. The firm did a business of half a million dollars a year. London, Eng., Feb. 1.-A special from Vienna says Emperor Franz Josef has decided to accompany Count Golushowski, minister of foreign affairs, upon the occasion of the visit of the emperor to the ezar at St. Petersburg next April. London. Eng., Feb. L-The Rome correspondent of the Daily News says that as a result of the negotiations with England for the cession of the Italian possessions in northeast Africa to Egypt It has been agreed that Italy is to partly retain Kassala. Detroit, Mich., Feb. 1.-Robert C. Allen, the well-known short-stop, formerly with the Philadelphia National League team. has been signed as captain and manager of the Detroit team, to succeed George C. Stal lings, who has gone to the Philadelphia team. Paris, France, Feb. 1.-At the auction today of Henri De Vere's collection of pictures. Daugney's "Boerds de Olse" was pur chased by an American for £120, the biggest price ever paid for any of Daugney's paintings. Messonier's "Staff Officer" sold for £3,800. Portland, Me., Feb. 1.-The Northern Banking company of this city have voted to place the company In liquidation at once. and a receiver will be asked for. All depositors will be paid in full. No statement of assets or liabilities is available today. Pottsville, Pa., Feb. 1.-Hon. David D. Phillips, a prominent Republican politician died today of cancer of the stomach, aged 50 years. He was a member of the house of representatives from 1885 to 1888, and had been delegate from his district to several Republican national conventions. Saratoga, N. Y., Feb. 1.-General Russell A. Alger of Michigan has purchased of exSenator Warner Miller and others the controlling interest in the Lauremtide company of Gaudmer, Que. The company's plant includes a number of big pulp mills and thousands of acres of tember lands. London, Eng., Feb. L-The house today discussed the resolution of Mr. A. J. Baifour, first lord of the treasury, providing state aid for the voluntary schools, The plan proposed Is that the schools shall be relieved from the local rates and supported by grants of in ($1.25) for each child, which is equivalent to & yearly grant of £616,500 ($3,082,500.) Springfield, m., Feb. 1.-Louis C.Evana the manufacturer, shows no ill effects from his attempted suicide, Springfield, III, Feb. 1.-Governor Tanner today issued a requisition on the governor of Texas, extraditing Martin L Jordan, arrested at Corpus Christi, and wanted at Carmi. Iil, for arson. London, Eng., Feb. 2-The Daily ChronIcle says Hon. Thomas F Bayard, United States ambassador, is now confined to his homs with 1 severe cold Lord Ballsbury has accepted an invitation to the dinner to be given by the Prince of Wales, and the queen has commanded Mr. and Mrs. Bayand to dine with her upon her return to Windsor Castle. Ottumwa, la., Feb. 1.-Bradley's bank at Eldon was burgiarized at 3 o'clock this morning. The wafe was blown open with nitro-glycerine, and all the funds taken. The bank officers refuse to state how much was taken, but they usually kept five to eight thousand dollars on hand. The burgiars escaped with a #10len team and buggy THE

4. February 11, 1897 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, February 11, 1897

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pedition in Santa Clara Provnce. The Henry Sears company, wholesal hardware dealers, of Chicago, assigned Assets $80,000; liabilities $50,000. The director of the Northern Bank ing Company, of Portland, Maine, have voter to place the company in liquida tion. An attempt was made to blow up : bank at Hollidaysburg, Pa., by dyna mite. The Jamage was comparativel small. Mr. Charles D. Dawes of Chicago has been selected as comptroller of the treasury under the incoming adminis tration. The joint resolution extending the time for the report of the Greater New York Commission until Feb. 20 was passed. Edward Ivory will be met by friends down the bay on his arrival from Eng land, and is to lecture through the country. Attorney General Harmon order proceedings against the filibustering steamer Three Friends, the charge be ing piracy. At midnight Sunday the thermome registered zero at Knoxville, Tenn. the lowest temperature in that city fo many years. Henry Snyder, a conductor, and G Craston, a brakeman, were killed in a week near Leroy, N. Y. Four other vere injured. Mr. A. S. Trude has withdrawn al democratic candidate for mayor o Chicago and has indorsed Judge Bar ton Payne. Mrs. Maria G. Paret, wife of Rt. Rev William A. Paret, Bishop of the Pro testant Episcopal diocose of Maryland died in Baltimore Bradley's bank, at Eldon. Iowa, was robbed by burglars, who blew open the safe with nitro-giycerine. The amount secured is not known. William Albert Cunning. who mur dered Mrs. Mary Denning at her home in Chicago and then turned his re volver upon himself, died. Francis Wolf, who was suspected o the murder of Mrs. Spinznik in Sar Francisco, killed himself by shooting in that city. At Taunton, Mass., Herbent A Willis, aged 19 years, confessed to the murder of Fred. N. Strange and was sentenced to the penitentiary for life James W. Oakley, of the Walke Oakley Company, tanners, died at hi home in Chicago of paralysis, aged 61 He had been an invalid for some years Thomas H. Stout, who was accuse four years ago by the Holland Trus company of swindling it out of abou $50,000. was arrested in Cincinna According to a Key West dispatel fifteen Spanish gunboats have beer sunk b Cuban Insurgents. One hun dred men are reported killed or miss ing. Gen. A. J. Smith died in St. Louis He was a veteran of the Mexican and civil wars, receiving the brevet o major-general of volunteers in the lat for meritorious service Three Cheyenne Indians were froze: to death during the recent cold weathe in South Dakota. Several others wer so badly frostbitten that they may die Many cattle perished in South Dakota President Clareland save he will vet

5. February 11, 1897 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, February 11, 1897

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NEWS OF THE WORLD. AT HOME. Pennsylvania's capitol was burned. The national debt increased $14,078, 735 during January. Alben Grace, of Cambridge, Md., his wife and a man he found in house. James B. Inks, who murdered John Paterson in 1895, was hanged at OreMo., The high-school building in Kalamazoo, Mich., was burned; loss, $40,000 insurance, $20,000. Judge Freeman, at Chicago, has appointed Ralph Metcalf receiver for the Dime Savings Bank. John Addison Porter, editor of a Hartford paper, will be President McKinley's private secretary. Representatives of an English sundihave secured options on sixteen Ohio breweries for $9,000,000 The Cubans are reported to have early annihiliated a Spanish river exedition in Santa Clara Provnce. The Henry Sears company, wholesale ardware dealers, of Chicago, assigned. Assets $80,000; liabilities $50,000. The director of the Northern BankCompany, of Portland, Maine, have to place the company in liquidaAn attempt was made to blow up a at Hollidaysburg, Pa., by dynaThe Jamage was comparatively mall. Mr. Charles D. Dawes of Chicago has selected as comptroller of the reasury under the incoming adminisration. The joint resolution extending the for the report of the Greater New York Commission urtil Feb. 20 was assed. Edward Ivory will be met by friends lown the bay on his arrival from Engand, and is to lecture through the country. Attorney General Harmon orders proceedings against the filibustering teamer Three Friends, the charge bepiracy. At midnight Sunday the thermomeregistered zero at Knoxville, Tenn., he lowest temperature in that city for years. Henry Snyder, a conductor, and G. traston, a brakeman, were killed in a reck near Leroy, N. Y. Four others injured. Mr. A. S. Trude has withdrawn as emocratic candidate for mayor of thicago and has indorsed Judge BarPayne. Mrs. Maria G. Paret, wife of Rt. Rev. Villiam A. Paret, Bishop of the ProEpiscopal diocose of Maryland. in Baltimore Bradley's bank, at Eldon, Iowa, was obbed by burglars, who blew open the with nitro-giycerine. The amount ecured is not known. William Albert Cunning, who murMrs. Mary Denning at her home Chicago and then turned his reolver upon himself, died. Francis Wolf, who was suspected of murder of Mrs. Spinznik in San Trancisco, killed himself by shooting that city. At Taunton, Mass., Herbent A. Villis, aged 19 years, confessed to the aurder of Fred. N. Strange and was entenced to the penitentiary for life. James W. Oakley, of the Walker akley Company, tanners, died at his in Chicago of paralysis, aged 64. had been an invalid for some years. Thomas H. Stout, who was accused years ago by the Holland Trust ompany of swindling it out of about 50,000, was arrested in Cincinnati. According to a Key West dispatch fteen Spanish gunboats have been b Cuban insurgents. One hunmen are reported killed or missGen. A. J. Smith died in St. Louis.

6. July 28, 1897 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 28, 1897

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Northern Banking Company. HENRY B. CLEAVES, RECEIVER. jly26-1w Messenger's Notice. Office of the Sheriff of Cumberland County. State of Maine, Cumberland SS. July 20th, A. D., 1897. THIS is to give notice, that on the 16th day July A. D.. 1897, a Warrant in Insolvency was issued out of the Court of Insolvency for said County of Cumberland, against the estate of GEO. W. TURNER, of Portland, adjudged to be an Insolvent Debtor, on petition of said debtor. which petition was filed on the 16th day of July, A. D. 1897, to which date interest on claims is to be computed. That the payment of any debts to or by said Debtor, and the transfer and delivery of any property by him are forbidden. That a meeting of the creditors of said Debtor, to prove their debts, and in case there authorize to are sufficent Assets the same, to choose one or more assignees of his estate. will be held at a Court of Insolvency to be holden at Probate Court Room, in said Portland, in said County of Cumberiand. on the 6th day of September, A.D., 1897. at 10 o'clock in the forenoon. Given under my hand the date first above written. C.L. BUCKNAM, Deputy Sheriff, as Messenger of the Court Insolvency for said County of Cumberland. jly21&28

7. August 4, 1897 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, August 4, 1897

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NORTHERN BANKING CO. Sale of Kansas Property by Receiver Cleaves Yesterday. Yesterday morning Hon. Henry B. Cleaves, receiver for the Northern Banking company, sold at public auction at the company's office on Exchange street, all the right, title and interest that the company possessed in the following parcels of real estate [situated in the State of Kansas. There was a small attendance and the bidders were all Kansas men. West 1-2 South West 1-4 and West 1-2 North West 1-4 Section 12, Township 8, Range 10, Mitchell county. Sold to W. F. Guthrie, Kansas, $50, subject to liens and taxes. Quarter section No. 19. Township 5, Phillips Co., to W. H. Stewart, Kansas, $50, subject to liens and taxes. Half of quarter section No. 20. Township Portland. 2, Phillips Co., to C. F. Marston, Quarter section. Township 9. Ottawa Co., to W. F. Guthrie, $90, subject to liens and taxes. Quarter section No. 16. Township 9, to W. F. Guthrie, $85, subject to liens and taxes. Quarter section 160 acres in Ottawa Co., to Morrill M. Drew, Portland, $85, subject to liens and taxes. Also twenty-two city lots situated in what is known as Challis Addition in the city of Atchison, Atchison county, State of Kansas and known as the Challiss lots for $21, to W. F. Guthrie, subject to liens and taxes amounting to over one thousand dollars.