New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-09
THE NAVERICK BANK FAILURE.
CONTROLLER LACEY THINKS A DIVIDEND OF

CONTROLLER LACEY THINKS A DIVIDEND OF
EIGHTY-FIvE PER CENT WILL BE SECURED.
Boston, Nov. q sreclsD.-Control!er Lacey In re-
sponsc to reporters inquiry concerning the Maverick
Bank said he did not close the bank, as has oceh as
serted on information which came TO him OUTSIDE he
Clearing House Committee o: the ha nix examiner lie
said: .The bank examiner began his work last Satur
day. and absut Sunday noon he found that the bank
was insolvent and sent telegram TO me to that effect
I Immediately ordered the closing of the bank Inc
examiner under the instruction OF the United States
Attorney, made the complaint. and then the Depart
ment Of Justice took hold Of it,
what do you think about the probable dividend to
be declared BY the bank3'
at havo no reason to change the opinion which CON
sentative Boston business men have entertained hat
81 per cent would be declared, II not a higher rate
Th, dividends will depend entirely on the time the
depositors prove their claims. The probability is that
nrnaraions will be made before the creditors come
10 prove their clans. Every one having bank-book
Of the Maverick Bank should present his book imme-
diately SO as to be ready when the dividend Is de-
clared"
"Do YOU think 1t is possible that any OF the capital
lists vii! take up the franchise Of the bank and con
tlnue business under the same or new nameF
"Oh no; It would be much more advisable To- take
ont a new franchise with a new name. 1t would be
better than the old one"
How long will Mr. Deal remain In control as re-
cever Of the banki"
Mr. Beal will remain until all available assets are
converted Into cash. There much less litigation than
in most cases; therefore The work can be expeditions
and economical
at IS stated suggested the reporter, that Mr..
Potter said lie had no more idea that
the bank would not be open Monday than
he had Of being struck by lightning within two
minutes and that the accounts Of the bank furnished
no evidence that TIE directors designed to take any
money from tn, bank Immediately before the failure
How about thatl'
THAT is rot strange answered Mr.. Lacey. II
is the policy of the Department not TO allow any
Official Of a bank to know when that bank Is to be
closed You can see the effect Of such Information.
There would be chance for preferred creditors 70 r.
move their mon.y the bank or 10 enter their
DO YOU suppose" continued the reporter, that
Mr. French Mr. Potter and Mr.. Dana had reason To
reason to believe long before you ordered the closing
~ the bank that IL was nsolventl'
mo SIR the Controller replied. \ corporation
cannot commit crim, II Is no crime for director
bank Is tho int gritty Of It's Managers In further
c~nversatIon Mr. Lacey said II unfortunate for
any city to have banks failure magnlti ID or eX
aggerated In the least degree: Many Phhdelphla
The long con tnued excitement about the recent bank
failures there had tn. effect OF Gripping the financial
position Of Philadelphia. - ,o l..
Asa p Potter the Mavericks president Is already
do a brokerage business In the negoation OF merc3i-
/ le paper Mr. Potter is preparing 10 reduce MS
living expenses and c)ntcmplates securing moderate
priced house either in Rrooklinc or Newton. III,
hildr.n who are now In p-vatc schools and have had
special tutors, will finish their education IN the public
schools.