Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1891-11-05

gosroN. Mass, Nov. 2.-The doors OF
The Maverick National Bank were not
onened as usual this morning. Inc I'M
mediate cause of the banks suspension
was the suicide of Irving Evans ana the
talk which followed it. The deposits IN
tha hank ten days ago amounted
to to-, more than $lO,000,0OO. during ing
1 1o week more than $1,700,OO0
was withdrawn. It is expected
the hanks creditors will clear 70 Genus
on the dollar. At meeting OF the
Wearing House to day it was voted tnat
all the banks constituting. the assocla-
ton should at once combine 10 retleHe
the necessities of the deposltors OF the
Maverick National Bank, by making Ine
written agreement among themselves ~ w
advance money to deposltors upon Ine
securitv of the assignment OF their
claims against the Maverick Bank.
The losses of the Maverick National
Rank are estimated at upwards OF
So. 600, 900, which wipes out the reported
surplus and undivided profits OF 81, wv
OOO,i the capital Of $500, 900 and all OF the
100 ner cent. assessment that the
shareholders may be called upon to con-
tribute. But as nearly majority OF the
bank shares were owned by Presldent
Potter. some of which he had pledged
with savings banks, ETC., 1t is douotiul il
the full assessment can be colJected.
The irregularities of the MaVerlck
Bank extend back over period of
more than two years. President Bill
ines saws that when he was bank
examiner ten years ago, the bank
was sound except Tor the 1ault
of Overlooking or dong 100
much business upon its capital.
Cashier Eddy quietly resigned from the
bank several wears ago. While the law
requires eleven directors for bank and
the controller of the currency notifies
banks with nine directors to I'LL their
vacancies, the Maverick Bank has never
filed its board vacancies, except to
maintain the existence Of the bank by
having five directors. All, save one or
two Of the five were practically dunn
mics. 1t has been for many years one
mans bank.
President Potter has made an assign
ment of his individual estate. 1t will
be impossible to get a detailed state
ment for some days, as Mr.. Potter is
sick at his house.
Mr.. Hart, Potter's assignee, this
afternoon said that at present he
has no idea of the extent of
Mr.. Potter's personal assets and
liabilities. Mr.. Potter's property
at Cohassett stands in his own name
is estimated that the property has cost
him $4,000 The Commonwealth Az
enue property stands in the name Of
Mrs. Potter. The property is valuable.
Mr.. Potter has very heavy life
insurance, the aggregate amount of
which is said to be in the neighborhood
of $500,OO0 Outside of his Cohasset
property his bonds and his pictures, it
is not known that Mr.. Potter has any
property in addition to his investments
IN speculative securities.
The liabilities of the Maverick Bank
are $S,00O,0O0 and the cash on hand
81, 400 900.
The Boston banks have voted to as
sess themselves per cent. of tho
amount of their loans. They will raise
about 81, 000,O00 for loan to the Maverick
Bank depositors.
BOSTON. Mass, Nov. 2.-Asa Potter,
president; Col. Jonas H. French and
Thomas Dana, directors Of the MAYER
lex National Bank, which was closed
last night, were arrested by United
States marshals o-night, the former at
his summer residence in Cohassett, and
the two latter at their residences in this
city. The warrants, it is understood,
charge enlightenment and violation of
the United States banking laws, which
forbid loans by national bank to any
single individual amounting to more
than 10 per cent. of it's capital stock.
Although sums mentioned in the war
rant are nominal, it is understood that
the amounts involved will reach ST.
100000 in the case of Potter, $500, 900 in
that OF French, and 100000 in that of
Dana. Mr.. Dana was the only one who
made an attempt to secure bail He
FINISHED sureties in the sum of SIS, 900.
Mr.. Potter's bail was placed at $3.50, 900
and that of Mr.. French at 500 900. The
last two named remained in their resi-
dences in charge of deputy marshals.