The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-11-03
MACRupER AND POTTER.
The Dead Examiners Friendship for
the Bank President.

BOSTON, Mass, November 2.-At almost
the very hour that the notice of theprospec-
tive closing of the doors nf the Maverick
Bank was given out to the press of the city,
John w. Magruder, the bank examiner, who
began the examination of the Maverick
Bank, died at his home on Newbury street.
1t was one of the strangest links of the
chain of events leading up to the crash that
has come upon one OF the supposedly strong
est financial concerns in the United States.
Mr.. Magruder has been an intimate friend
of Asa Potter from the day he had come
from Washington to assume his duties here.
Mr. P0tter's influence. He had been enter
tanned and had entertained the president of
the Maverick Bank time after time. They
had been the warmest of friends. both in a
social and a business way, and their rela-
tions so continued until perhaps year ago.
Even before that Mr.. Mag.uder had noticed
the somewhat lax methods of the bank in its
Investments. He had seen the head CT the
pig institution on Water street making close
friends of some Of the rashest spectators
IN IN Beston's 8 financial circles. just before
tne Potter-Lovell affair he frequently no.
Ilced the growing intimacy between Walter
fotter and the bank president, he heard fire.
quent rumors OF common speculative inter-
ests Win poor, daring Irving Evans and
.h .nese with the whispers that tioated out of
Ihe past connecting Asa Potter's name with
the faclnc Bank troubles put Mr.. Magruder
on MS guard, and the inevitable had to come.
Last January Bank Examiner Magruder
sent WORD TO the comptroller of the currency
tnat all was not well with the Maverick. He
dld not then suspect the condition of the
bank. lt was, at this stage the methods
only that he criticised. young clerk had
said some time before that If depositors
could only see how easily money was oh
tanned from the bank, and on what sort of
security, they would never leave another
dollar at its deposit window. These were
evidences enough for Mr.. Magruder that the
management of the bank was beginning to
tread upon dangerous ground. Like more
institutions than the public imagines the
Maverick had begun with solid Investments,
Government bonds first. then municipal
bones. then another link was let out and
water bonds crept inland then perhaps
caution was thrown to the wiuds. Mr..
Magruder saw all this when he criticised the
methods Of the bank and like the faithful.
untiring government official that he had al.
ways been for the 25 years of his service.
sent word at once to Washington.
It was a hard blow to the bank examiner
His friendship for Mr.. Potter in business
way, at least, was over, but as he said again
and agaid in the long, lingering days of his
chronic illness: 'If 1t had been my own
brother could not do but one duty and that
is to call the soundness OF the bank into cues
tion." And he did so at sacrifice, 1t is
certain, since IN all these days of his last
illness the matter had troubled him and he
had spoken of 1t over and over again regret
ing the necessities OF the step. Through the
summer the bank examiner had been at
Poland Springs trying to regain his shattered