New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-11
THE MAVERICK BANK TROUBLE.
AN ALLEGED LOAN TO A FORMER DlRECIoh'
WHICH Is NOW ALMOST WORTHLESS
WHAT THE LOSS rs LIKELY TO BE.


Boston. Nov 10 cspedal).-The Maverick Nation"
pank did not open for adjustment OF accounts TO-DAY.
paceiver Peal saws "The bank Will be open for al
insment of its business mt the earliest possible mo
ment but | an not yet ready TO name Tue Jay ~
Is said that among the assets Of the bank loan 10
a former director dead, for SsoOoO. winch mas
back Of 1t collateral worth In the present marHe' DIN
q few dollars. ,.
II Is believed that this is the first time. In the history
n, IN. National Bank act when confidential report
NJ the United States Bank Examiner to the Controller
has been submitted inspection outside the Controe
office Mr. Hutchns OF Hutchns Wheeier' ms
been the counsel Of the Clearing House 'Conih'te al
through this matter. and 1t was he VINO went ~ "',
,Dgton and demanded copy of Mr. Magrnoers fepor'.
lie got II though such thing was unpeceaenVeu anu
for several DAYS and nights in the top OF the sears
pr,,dng the hank presidents constituting the clearing
torso fomnthre examined the assets OF the Ma'erch
papk They were astonished Mt the faithiuiness Vi
Afr Maguder's report They reached the colclueio 'e'
the banks assets had been impaired by @%"oo'o
When at the close Of the Investigation tNe con'n"''eo
confronted Mr. Potter with the three directors DorIo"
,ngs aggregating g., 100000, Mr. Potter deciaf ''
had been some mistake and he did not believe INC sun"
oo,,d have been SO large. Offers Of assistance Oh
$500 600 which were made to the bank were hos
availed Of because the committee peheVeo 'h"'
81 900 900 would not set the bank righ'' anu " We"
better To stop with large available resources rather
than To ieopardi7e creditors by allowing the hsu'u
ton n continue further Had the committee failed 10
secure the copy OF Mr. Magruders report they wono'
under the bylaws of the Clearing House, nave 10
manded an investigation, and failing to have received
a favorable response would have dropped tne oanA
from the Clearing House Association.
Controller Lacey said last night that the chances
OF the depostors were extremely good, for much
larger dividend would be paid than was Mt nrst eA-
pected II is believed that the estates OF the directors
and their collaterals will realize to the bank nearly
81 100000 II upon the total borrowings OF EVANS
and the directors, amounting to A,2O0,OO0, ohy
81 900 is realized and 81 100000 is lost this loss
eats into the assets Of the bank by only SooOooo
beyond the capital and surplus. II is probable that
assessment upon the stockholders, and there will be
some losses in the general liquidation as well as some
expense that altogether at least OOOOoo OF loss
can be looked for. As borrowers having deposits VIII
Offset the deposit against their loans thus practically
becoming preferred creditors and as some shrnkage
in the two bond accounts OF the assets OF the bank
NAV be expected the loss to fall upon the unsecured
creditors may be roughly reckoned at 81 10000
But II this loss borne by 100000 OF unsecured
deposits or about one-half the total deposits the
greatest sufferers would still get rs cents on the dollar
Washington, Nov. 10.-Mr Lacey, Controller OF the
Currency returned 10 Washington to-day from Boston,
He SAID that National banks there, with the single
exception Of the Maverick, were In good condition. ana
In his opinion the creditors OF the Maverick Bank will
receive at least So cents the dollar. He said also
that me Damarlscotta National Bank would probably
be able to resume business in a short time.
The CORY National Bank OF Cory, Penn. Is In q
bad condition, and a receiver Will he appointed In
few days " wind up lis affaire.