Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-11-05
MAVERICK NATIONAL BANK.
President Porter and TWO Dlrec-
tors Put Under Arrest.


Traced to the Suicide of Irving A.
Evans and the Collapse vr His Firm.
BosToy, Nov. 2-Thc sensational in the
Maverick hank failure was reached to.
night in the arrest of President Asa r.
Potter aud also in the arrest of John II.
French, the managing director, and
Thomas II. Dana, the third director, in
whose hands the active management Of
the bank rested
bonds, but esch is likely to- Tho charge
is that of swearing to the returns of the
banks condition, knowing them to be false.
1t is generally believed that Potter has
speculated heavily with the banks funds,
and other charges may be the outcome of
further investigation.
The doors of the bank were closed to-day
and the bank examiner began his work.
lie estimates tho loss at s2.0tO00O.
The Maverick was this morning expelled
from the Clearing House Association and
the other banks voted that in the indg-
ment of the clearing house all of the banks
constituting the association should at once
combine to relieve the necessities of the
depositors of the Maverick National Bank
by making written agreement among
themselves TO advance money to such de-
positors upon the security Of the assign
ment of their claims against the Maverick
National Bank. This action alone pre-
vented panic here to-day
The Maverick was the depository of
many country banks, and word CAME to-
night that the First National OF Damaris-
Gotta, Maine, was forced to close its doors
this afternoon. Outside of this instance no
further crash has been reported. Many of
the banks saw the turn the tide was taking
IL time and for the most part Withdrew
their funds.
In this connection the friends Of Irving
a. Evans declare that he offered up his
life as tribute TO friendship; that he was
worth 100000 one year ago and gave ali
That and more to save his friends; that he
kited checks between Boston and New
YORK; had enormous arbtrage transac-
tions in both exchanges to make clearings
between the two cities and assist the
Maverick National Bank to meet one draft
with another; then when the strain could
no longer be borne, he overdrew his ac-
count ut the bank to make his own clients
individually square, destroyed all evi.
dences duplicating any other parties and
declining to return to the city to effect a
settlement upon his own account at the
bank, put himself out of this world to save
Mr.. Potter and the bank
Before Mr.. Evans shot himself his
family understood that he was insolvent,
and that he owed the Maverick Bank
100000, with 100000 nominal collateral,
and it was settlement with the bank that
the fatal October 10th.
Irving A. Evans was to come down upon
that day, and finish the settlement with the
bank. 1t was represented to the bank that
the house was only $4,000 under water
for If the bank would take the collateral
and sign release to the house Mr.. Evans
father and brother would make that
$4,000 good to the house and liquidate
the creditors on the basis of 100 cents on
dollar.
This settlement was.executed few DAYS
after Mr.. Evans death, and the bank
directors. voted TO release Irving A. Evans
Y Co.. from all liability, amounting to
about S60O,0OO.
1t is probable that the directors did not
know the amount of the liability they
were writing of, for they were assured
that with this loss taken the bank shares
would still be worth $3.50 As the collateral
IS worth little more than 100000. The loss
taken by the bank upon this account Is
about 5000, 900, but if the bank was other
wise good this loss should have only re-
duccd the surplus by so per cent. Opinion
III financial circles is that the bank IL
hopelessly wrecked.
President Asa Potter was allowed to re-
main at his home tonight in company
with q United States deputy marshal. He
VIII be arraigned in the morning before
Commissioner Hallet, the charge being
embczzlemcnt and the INSTRUMENTATION of
funds of the Maverick National Bank
Jonas French was arraigned tonight and
released on bonds of 100000, and Director
Dana gave SIS, go bonds, the charge being
as in the case Of Mr.. Potter. The collapse
OF the bank is traced directly to the de-
funct firm Of Irving A. Evans g. Co.
1t was reported to-day that the Boston
& Maine railroad had 800. 900 on deposit
at the Maverick Bank 10 cover their M.
vember dividend. General Manager Furber
this afternoon denied that the amount
would reach this figure. but stated that the
road had S40O.0 900 in the bank at the time
of its suspension.
BY lawth promissors of a national banl,
are allowed to borrow only at 10 Der cent
of the capital stock Of the institution on
the same collateral. In this case it is said
II. French $500 900 and Thomas Dana
$4,000 or total of $500, 600, although
under the law only $4,000 could properly
NC iphheu 70 my one person.
was ,I"ced viii t H. i Mernr rsiieI l4na
he hnir Of 10 fun AZ II m s,. iik, nut
in the city treasurers safety wallis IL N
the Maverick was also the .Tohn Boyle
O. Reilly fund, amounting to some S17. 6O0
The most sensational feature OF the
failure is the announcement that as for
nneK ~ January January iast bank Examiner
Sr ef tbn . rrac ~ ,h Mr; lacy comptro
bad condition and oSain in sen mas IL y
Mr.. Magruder reported to ire comptroller
Of the currency that the bank was rotten.
In spite of these warnings the bank was
permitted to continue in business.
II IL u Ppeproduetion OF the infamous
icaSn tI,e i' f roo99ery ~ "lch hepun-
mariner in pbiIsdeIuhia Vns ~, u,sI na
Examiner Magrnder dronned dead If bea,t
disease, incidental to tie mental excite.
ment over the pending exposure. His life