The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-11-02
SUICIDES WORK.
The Maverick National Bank of Boston
Has Suspended. ----A
One Report Says Its Resources Are
Nearly Wiped Out.
A Result Of The Suicide Of Broker
irving A. Evans.

BOSTON, November 1.-The Maverick Ma
tional Bank will suspend payment tomorrow
morning The decision to close its doors
was reached after protracted conference of
the clearing house committee of the Boston
National banks at 1 o'clock Sunday morn
Ing. 1t is stated positively that the failure
will not entail any widespread financial
evils. The official announcement of the sus-
pension was made by the .clearing house
committee this evening in the call for meet
ing Of the clearing house tomorrow morn
ing to take action upon the proposition rec
commended by the committee that all banks
composing the association UNITE in making
advances In cash to depositors in the Maver-
lex Bank. The call states the object in max
ing these advances Is to relieve the Temporal
ry embarrassment of the depositors and that
the bank Is closed by the national examiner,
acting under the instructions Of the comp
trOller of the currency. The immediate
cause of the banks suspension was the sui
eide of Irving Evans and the talk which fol-
lowed 1t. The loss caused the bank by its
dealings with Evans was not large enough to
seriously injure It, being not more than
100000. But the talk of the street made the
banks loss far greater. The stories included
ugly ones about Asa p. Potter, president of
the bank and his relations with Evans. The
facts In the matter are in no sense discredita-
BILE to Mr.. Potter. More than month ago,
some of the principal depositors withdrew
their accounts from the bank. The deposits
In the bank ten days. ago amounted to more
than $lO.0OO.00O. During the last week more
than S1,700.000 was withdrawn. State
Treasurer Marden withdrew some $4,000 of
Commonwealth funds which were on deposit
there. Other trust moneys were also taken
out. The situation was fully realized by Mr..
Potter and bis associates. They met 1t man
fully, with all the resources at their COM
mand, but the pressure became too great.
APress representative talked with Mr.. |
Potter today about the failure but he would
say very little. He said that he had no idea
the bank. would close until one o'clock |
this morning He stated that no other
institution would be In any way imperilled |
by the suspension. He admitted that he |
should make personal assignment, al |
though confident of his own solVency. Later |
in the day he decided to make Thomas N. |
Hart and Henry ID. Hyde his assignees. |
Col. JAS. II. French, director and Mr.. Pot |
ter's associate In the management of the |
bank, Will also make an assignment tomor-
row. 1t is believed also that his affairs will |
prove to be sound. His assignees are not yet
named. Col. French was seen this morning
but would not say that the bank was solvent. |
1t Is stated that Bank Examiner John w. |
MsR uuer, WHO mas Deen investigating the |
affairs OF the bank. reported to the authori- |
ties, at Washington last GJanuary that the |
bank was insolyents-s s.si
By the last statement of the bank, Septem- |
ber 8, 1t was shown that the assets included |
capital Of 100000, surplus of $500, 600, un- |
divided profits of little more than 100000. |
1t Is claimed that the clearing house COM |
mlttee has thrown out all the assets consid- |
cred worthless and reduced 20 |
per cent. from the rest of the |
securities and now declares the capital, sur |
plus and undivided profits wiped our, and |
that what is left will fall short of meeting
the liabilities. This "oaia ~, tbe dollar
depositors may expect rs cents on Ing uoiiai'
examiner Masruder Dead
BOSTON, November John w. Magru
der. United States bank examiner. died here
hodn