Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1891-11-02
A BAY STATE BANK CRASH
The Maverick National, of
Boston, Goes Under.
CAUSED BY BRoKEREvANs SUICIDE

over 81 roo. 600 In Cash withdrawn from
the Institution and the Controller OF the
Currency Closes the Doors-BAnk Ex-
Aminer nIagruder Dies in the Harness,
BosToN, Nov. 2.-The Maverick National
bank suspended payment today. The de-
cision to close its doors was reached after
a protracted conference OF the clearing
house committee OF Boston national banks
on Sunday morning II is stated positive
ly that the failure will not entail any
widespread financial loss The official an
nouncement Of the suspension was made
by the clearing house at a meeting Of the
members OF the clearing house to take
action on a proposition recommending
that all the banks composing the associa-
tion unite in making advances ia cash to
the depositors Ia the Maverick bank. The
| deposits in the bank ten days ago amounted
TO more than $1,000, 900 The last week
more than fl, 100000 was withdrawn.
Treasurer Marden withdrew some 500, 600
Of the commonwealth money on deposit
there. Other trusts were also taken out.
No Other Institution ImperiIed.
Aut ilhHltllhlt CAUSE Oh Aut DAnh \ Nl1~
! pension was the suicide Of Irving Evans.
I The loss caused the bank by its dealings
with Evans was not large enough 70 seri-
J ously iniure IL. being not more than S20O,-
600, but the talk Of the street made the
banks loss far more The stories included
ugly rumors about President Potter aud
his relations with Evans. Potter says no
other institution will be imperiled He
has personally assigned to Thomas Hart
aud Henry ID. Hart Colonel J. :. French
a director OF the bank, will also make an
assignment His assignees have not yet
been named Colonel French was seen,
but would not say that the bank was SOL
vent Il is stated that Bank Examiner
| Magruder, who has been investigating the
affairs Of tho bank and who died Sunday,
reported to Wa8hington that the bank
was insolyent.
BY the last sworn statement Of the bank,
issued Sept 80 last, It was shown that the
assets Of the bank included the capital Of
s40O, 600, the surplus OF $500, 900 and undi-
yided profits OF little more than 5000 900.
II IS claimed that the clearing house
committee threw out all assets which
they considered worthless and deducted
20 per cent from the other securities, aud
declared the capital, surplus and undi-
Nlded pr0hts were wiped out, aud that
what was left will fall short Of meeting
the liabilities This would indicate that
the creditors might expect a dividend oi
seventy-dve cents on the dollar. IL /.
claimed that In good hands the deposition
will receive dollar for dollar
DIed in Harness.
The faithful bank examiner, John W
Magruder, who examined IL regularly, auc
who in January last reported its condition
to his superiors, died Of heart disease q
few hours after the decision TO suspend
was reached.
To Meet the Strain.
The banks Of the city, at a meeting oi
their officers at the Algonquin club voted
TO combine against the panicky feeling
which is likely TO seize upon the public
to advance money TO the Mavericks de
positors and to assist each other
They have plenty Of money wherewith
TO do 1t, so that no serious results are ex-
pected. This is the opinion OF score oil
finRnciers who have been talked with upon
the situation The Maverick bank wa.
established in 1854 It's location az the
corner Of Water and Devonshire streets is
a conspicuous one and its banking room.
are unsurpassed in size and elegance. Its
customers and depositors in Maine and
New Hampshire are a multitude.