The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-05
B0STON'S BROKEN BANK.
a Run ON a SAVINGS INsTITU-
TON FOLLOWS.

The Savings Bank Solid and Able 70
Meet All Demanos-Phe Maverick
Ruined by the speculations of Its
Pres.d snt and Directors Its Deals
on an Immense Scale.
Boston, MASS. Nov. 4.-There was a
run to-day on the Five Cent Savings Bank.
which has immense deposits. The banking
room was crowded, mostly with women.
The state savings hank commits
sioners say they have carefully ex-
amined the affairs Of the institution and
find it is perfectly sound. President Potter,
Of the failed Maverick Bank, was a simply
director OF the institution, and had no
other official D sitiOn and absolutely no
voice in tho management Of its affairs
other than as a member of the board
President Evans Of the bank says be will
continue TO pay out mo- ey until it is
deemed advisable to take advantage Of the
sixty-daY law.
OFFERED a LOAN OF $500, 900.
One national bank has offered him $780,
600. and he has received offers of large
amounts from other institutions. The bank
had 81 or 900 in cash at the date of the last
Otatement, Oct IS, but has been strength
eninR itself of late. The bank paid out
| $4,000, 900 in the 1875 run, which lasted for
a month. The present Withdrawals are
mostly small accounts.
RUIN OF THE MAVERICK.
The Journal saysi There is nothing in
the affairs 4 the Maverick National Bank
In which the clearing house committee Of
the Boston associated banks has not been
fully advised. The committee has guarded
every point II arranged that Mr.. Beale
should he a receiver for well-considered
! Naan H.
| OF the bank have been in tho
possession of the controller of the currency
since last January. The general loan &C.
count. outside of the So, 100000 due from
the directors and the Evans losses, is good,
and shows Judgment and car egul banking.
The Director loans have still considerable
collateral behind them. Speculation is the
one word that explains all-speculation in
stocks and grain, with the Maverick bank
funds backing the deals.
THE FIRST PLUNGE.
The first great speculation OF the
| Maverick Bank was by Messrs. French and
| Potter in the New York and New England
railroad. IL was successful from pecu-
mary point of view, but in that success lay
! concealed the ultimate ruin of the bank.
In the New YORK and New England
mystery deal the bank funds were used
to a startling degree and the system OF
operations then begun eliminated in the
ruin of the bank and all its directors.
Although the Maverick has been known as
a speculative bank, no one outside Of Mr..
Evans and the bank directors could have
imagined the extent Of its speculations.
THE ONLY WONDER.
a. 1t is now not to be wondered at that when
the death Of Irving A. Evans was announced
that President Potter, in the directors
room. should have physically collap ed; but
it is a wonder, III the light of pres.
emit revelations, that he should for
| 30 many days have patched
up affairs and stemmed the current. The
Boston banks brought over Monday night
many II illions of their reserve held in New
York. and are in a stronger financial posi-
ton than they have been in long time.
Money will rule very easy on approved COL
| LATERAL