News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1891-11-05
The Maverick Bank Suspends.


The Maverick National Bank of
Boston has been closed by the order
of Comptroller Lacey. It's losses are
very large and are almost, if not
directly, tracable to Irving A. Evans
recent financial disaster and conse-
quent death. The clearing house
committee, which has been examin-
ing the state of affairs for several
days, estimate the resulting losses at
two millions, if not more. The in
debtedness of Asa p. Potter, it's pres
ident, to the Maverick National
Bank is placed at about 81 100000.
Jonas French, director, is indebt-
ed to the bank about 100000 The
liabilities of the bank are 50, 100000;
cash on hand 81 100000 President
Potter and Col. French, on the other
hand, declare that with proper
management the depositors will not
lose anything" Both men have
made personal assignment, how
eyer, and the receiver will have to
I ucUcI InIne WIlGGIIer UIIe Clearing mouse
I committee have dealt too rigidly in
estimating the banks assets or not.
The heaviest losses it is understood,
were on large loans to Mr.. Evans,
estimated somewhere near $500, 900,
the collateral for which the clearing
house committee does not rate very
high.
Pres. Potter has made an assign
ment to ex-Mayor Heart and H. ID.
Hyde. T. p. Beal, president of the
Second National Bank, of Boston,
has been selected as receiver. There
has not a word been breathed
against the integrity of the examin-
ers. Mr. Magruder has been a victim
of Bright's disease for years, and for
several weeks has been almost total
ly blind. He was kept informed as
to the facts of the Mavericks trou-
BILE, and there is little doubt that the
excitement intensified his malady.
The effect of the suspension of the
bank has been discounted by the
other banks, and it is unlikely that
the collapse will result in anything
beyond temporary financial uneasi-
ness. As President Newman says:
" Not only is the surplus ($S0,00O)
gone, but the undivided profits
/ ($200,000) and part of the capital.
The deposits in the bank ten DAYS
ago amounted to $4,000, 900.
During last week more than ST, 7OO,-
| 900 was withdrawn.
The Maverick bank did consider
able Vermont business, and was
! Boston correspondent Of 81 banks in
/ this state. Some OF it's stock was
held IN Vermont and the holders
thought it was gilt edge investment.
The Maverick offered special induce
ments to country customers, and its
accommodations were SO liberal that
it got a good share of the country
collections Many Vermont banks
had money on deposit at Maverick,
but it is believed no one bank had
enough on deposit there to cause any
trouble. The Bankers Directory for
1891 gives the Maverick as Boston
correspondent Of these banks in Yer
mont:
| National Bank of Barre.
Barton National bank of Barton.
| Bennington County National bank of Ben
| nington.
First National bank of Bennington
First National bank of Brandon
burlington Savings bank Of Burlington.
First National bank of Chelsea.
! National bank of Chester.
| First National bank of Fair Haven
National bank of Lyndon.
First National bank of Montpelier
| First National bank of North Bennington
Mortified Savings bank of Northfeld
National Black RIVER bank OBJECTIONABLE.
Baxter National bank of Rutland.
Rutland County National bunk of Rutland.
First National bank of Springfield
Farmers National bank of Vergennes
National bank of White River Junction
Windsor Savings bank of Windsor.