The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-11-03
THE MAVERICK BANK
1t Makes an Assignment for the
Benefit of Creditors.
PRESIDENT POTTER ARRESTED
The Clearing House Comes to the Rescue
Irving Evans Suicide Was Due to
Transactions With the Bank.

Boston, Nov. AT a meeting of the
Boston national banks at the clearing house
this morning resolutions were unanimously
adopted that all banks IN the association |
should at once combine to relieve the neces-
sites OF the depositors of tine Maverick !
National bank by making an advance to |
such depositors upon the security of an as
signment of their claims against the Nav |
erick bank. A committee was then APP |
pointed to carry the resolutions into effect. |
1t was voted that the Maverick bank be |
expelled from the association. Colonel |
French says this morning he has not made |
an assignment. He states he fully believes
if the affairs of the Maverick National
bank are managed with wisdom and pru-
dence by a receiver, the stock holders and
deposltors will get back all the money they
intrusted to the banks care.
The doors of the Maverick bank bore
two notices this morning. One read
''CLosED BY NATIONAL BANK EXAMINER
EVER"
Immediately beneath was the following:
"Notes due at this bank to-day will De
found at the Second National bank"
Two policemen who stood at the entrance
and but few people seeking entrance to the
banking rooms.
Lewis Lombard, second vice president
and eastern manager of the Lombard In
veStment company, says the deposit OF that
company in the Maverick bank is i'm
material and that the concern will not be
affected by the suspension of the bank eI-
cept a temporary inconvenience in the
matter Of keeping accounts. All customers
who held checks on the Maverick bank On
return of the same will be given checks on
other banks in which the LON bard company
deposited. Several such checks were pre-
sented this morning and redeemed.
THE DIFFERENT NATIONAL BANKS
will Immediately call meeting of theiI
directors to ratify thd vote of the clearing
house association. Arrangements will
soon be made that checks against deposit
tors in the Maverick National bank will be
honored at some convenient bank where
the committee will make its headquarters.
The losses of the Maverick National
bank are estimated at upwards of s., 100000
which will exceed the surplus and I'M
divided profits 100000. The capital is
100000 and all of the 100 per cent. assess
ment holders may be called upon to con-
tribute but as nearly a majority of the
bank shares are owned by President Pot
ter it is doubtful if the full assessment can
be collected. Depositors, however, should
ONLY LOSE FRACTION OF THEIR DEPOSITS.
Theirregularities of the Maverick bank
extend back over period of two years.
The general opinion is the action of the
associated banks in relieving depositors by
| advancing on their claims will avert any
| disastrous effects from the failure. The
amount SO advanced may be 30 per cent. or
more of the net deposit, dependent on the
strength of the borrower. Loans due the
bank by depositors must first be adjusted.
PRESIDENT POTTER HAS MADE AN ASSIGN
OF his individual estate, but it is impossible
to get detailed statement for some days,
as Potter is sick at
Dispatches from various points through
out the state tend to show the loss by the
Maverick bank difficulties will not seri-
ously affect banking houses. Potter's
assignee says at present he has no idea OF
the extent Of Potter's personal assets and
liabilities. Potter's property at Cohasset
! is estimated to be worth $3.50, 900. He also
has a very heavy life insurance the aggre-
gate amount is said to be $780, 100. Outside
of this and his bonds and his pictures, it is
not known Potter has any property.
A. P. Potter, president, Jonas II. French
and Thomas Dana, directors of the bank
were
ARRESTED BY THE UNITED STATES MARSHAL
tonight. The warrants upon which the
arrests were made charge "embezzlemeni
, and misappropiation Of the funds of the
Maverick National bank" Although the
, sums mentioned in the warrants are
nominal and comparatively small il
is understood the amounts involved
will reach S1,500000 in the case
, of Potter, $780, 200 in that of French, and
q 500, 900 in that of Dana. The arrests were
: quite late and Dana was the only one WHIT
a made an attempt TO secure bail. He wa.
y brought before United States Commits
0 sioner Hallett and furnished sureties in uht
sum of $4,000, but the names of his bonds
men are withheld. In Potter's case the
bail was placed at S150,000 and that 81
o French at $1,000 The two latter remain
= in their respective residences to- night il
= charge of deputy marshals and will com,
i before Commissioner Hallett tomorrow
= ! noon.
i 1t was reported to-day the Boston {
Maine railroad had 100000 on deposit t.
cover the November dividend. Genera
Manager Euber this afternoon stated tn
road had 100000 in the bank at the tim
E of it's suspension. BY law promissor
+ Of national bank are allowed T.
l. borrow only 10 per cent. of tn
q capital stock of the institution OF
t the same collateral. In this case, it is said
f A P. Potter owes 81 300, 600, Jonas Frenc
v $500, 600 and Thomas Dana s400,000 or
e total of 81, 500, 600. although under the Law
s only $4,000 could be proper y loaned to an
C one person. About 5000 of the firemen'
J. relief fund was placed with the bank, ais
:, the
JOHN BOYLE o'REILLY FUND,
p about SIT 900.
The Boston news bureau prints the TO
y, , lowing: Friends of Irving @. Evans d,
Il clare he offered up his life as a tribute
y friendship; that he was worth 500, 900
'; year ago. and gave all that and more t
81 save friends; that he issued checks oetwee
New York and Boston; had enormous Al
bitrage transactions in both exchanges
20 make clearings between the two cities an
10 to assist the Maverick bank to meet or
J. draft with another that when this strai
u could no longer be borne, ne overdrew b
is account at the bank to make his own draf
CT individually square, destroying all ev
a. dence duplicating other parties and decli
IN ing to return to the city to effect settl
re ment upon his own account at the bank
sUICIDED TO SAVE MR.. POTTER
ic and the bank Evans pistol shots, thouS
g. they missed his own heart, went straig
is through the bank. His dying words to h
wife were, Don't blame Asa" When h
body was cold his hand was found bare
g handsome gold ring which he had wo
an for long time. and which was gift fro
- Mr.. Potter. He had taken it off the d.
previously, aud throwing it in her hal
ts remarked to mis- aunt, This means not
Ut ing to me now, for
te. 81 HAVE NO FRIENDs.n
ed "Upon Evans books are five joint a