The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1891-11-03
OFFICERS IN LIMBO.
President and Directors of
the Maverick Arrested.
THE EXCITEMENT AUGMENTED.
President Potter Said to Be Involved to
the Amount of $1,500,000


Vote to Make an Assessment to Aid the
Maverick.
Bos TON, Mass, Nov, 3.-Asa p Pot
ter president; Col. J. H. French and
Thomas Dana, directors Of the Maverick
National Bank, were arrested by United
States Msrshals last night. The former
was arrested at his summer residence
at Cohassett and the two directors were
arrested at their residences in this
city.
1t is understood that the warrants
charge embezzlement and the viol alton
of the United States banking laws,
which forbid loans by a National Bank
to any single individual amounting to
more than 10 per cent of its capital
stock.
1t is understood that the amounts in
volved will reach 81, 500, 900 in the case
of Mr. Potter, $780, 900 in that of Mr..
French, and $500, 900 in that of Mr..
Dana.
The men were brought before United
States Commissioner Hallett, who fixed
bail in Dana's case at S75, 000 which was
furnished Potters bail was placed at
$3.50, 600, and French's at $100 600.
A rumor was prevalent yesterday that
the Boston & Maine Railroad Company
had 800, 600 on deposit At the Maverick k
Bank, which amount was to be used to
cover their November dividends. The
officers of the railroad company say
the amount is S4O0 900, and not the fig
/ ures reported.
About So, 900 of the Firemen's Relief
Fund was in the bank, as was also the
John Boyle O'Reilly Fund, amounting
to Sl7, 900.
Promissors Of national bank are
allowed by law to borrow only ten per
| cent. of the capital stock Of the institu-
| tion on the same collateral In this in
stance it is alleged that Asa P. Potter
owes 81, 300 600; Jonas II. French, $780,,
! 600, and Thomas Dana, 54OO, 900, total
| Of 50, 500, 600, although under law only
! $40, 600 could properly be loaned TO any
| one person.
The excitement over the failure of the
| Maverick Bank continues as intense to-
day as it was yesterday.
The friends of Irving A. Evans declare
| that he offered up his life as tribute to
! friendship. They say he was worth
$500, 600 one year ago and gave all that
and more to save his friends Checks
were "kited' by him between n ew York
and Boston and he had enormous arbi-
TRACE trade transactions in both eX-
changes to make clearings between the
two cities aud assist the Maverick Bank
to meet one draft with another When
this strain could no longer be borne, he
overdrew his account at the bank to make
his own clients individually square, de
stroyed all evidence duplicating any
other parties and, declining to return tt
the city to effect a settlement upon hi
own account at the bank, he put him
i 4 lgg.NN
and the bank.
1t was understood by Mr. Evans
family, previous TO his suicide, that Mr.
Evans was insolvent, and that he owe,
the Maverick Bank $780, 600 and ha'
up $500, 600 nominal collateral, an
il was a settlement with the bank tina
his brother had arranged the day befOr
the fatal act. Ii was represented to TN
, bank that the house was only $50, 90
10 under water, and il the bank took the co
lateral Mr.. Evans father and brothe
/ would make the amount good to bh
4 house and liuuidate the creditors on tn
3 basis OF 100 cents on the dollar Thi
r settlement was executed few days atte
< Mr.. Evans death, and the bank direc
d ors voted to release Evans q Co. froi
all liability
IL is probable that the directors di
they were writing off As the collater'
's is worth but little moro than SlOO,OO'
Ii the loss taken by the bank on this a
n count is about $500, 900, but if the ban
10 were otherwise good, this loss shou
r only have reached the surplus by 80 p
ID cent.
L. Mr.. Potter says that at the time
ut the settlement he was offered relea
s. for any personal liability he might ha
Q. with Evans & Co., and he declined it
cause there was no such liability eXistin
nor had Mr. Evans any account up
which he was legally or morally respo
er sible
at Mr.. Tobey, partner of Evans & O
te admits that he never sent stateme
he to Mr.. Potter Of the account upon whi
'c- he believes Mr.. Potter was liable. o.
OF Albert A. Pope said that he had no e.
dence that Mr.. Potter was responsil
for Mr.. Evans suicide but he beliey
it, and If the evidence was good the jo
av account would be collected if it took t
of roof off some institution.
in Asa p Potter was worth 100000
I'd. few years ago.
se An Assessmant Voted.
cd The banking institutions of ost
have voted to assess themselves
cent. OF their loans. Inns VIII IA
about 81, 900, 900 for loan to the Maver
ar Bank depostors.
m President Potter, of the wrecked bal
air has made an assignment Of his in
,ed vidual estate to Postmaster Thomas
NO Hart and Henry d. Hyde. Postmas
Hart said it would be impossible TO ge
detailed statement for some days as
Potter Is sick at his house.
Mr. Hart said that at present he
=. not know who the creditors are nor
~ he any idea of the extent of Mr.. Potte
personal assess and liabilities.
or Potters property at Cohasset stands
49,, his own name aud is free from incu
brances 1t is estimated that the pr
all erty has cost him $780, 600.
nd The Commonwealth avenue prope
til stands in the name Of Mrs. Potter
is valuable. Mr.. Potter has la
re- life insurance, the aggregate amount