Telegram-herald., 1891-11-03
ITS DOORS ARI CLOSED
The Maverick National Bank Of
Boston saspsnds Payment
IT'S LOSSES ARE OVER s1,ooo.OOo
a Dsssss's ssfesds PrssiDisatss the
Dtsasssr-Dspssftsrs Asy Get seventy
Dive cssss ss ths Dsiisr--Hss .
Wiasspsssa Caisaity.


sisios ~ close it, doors vas reached
after . pretFSetsd conference Of the
clearing house con Eaittse Of she Boston
national e4aks at I o'clock sunday
Dssning. IL 10 stated pesisiveiy that
the failure viii net sntAu any wide
spssaA easssial evils The official an
BsasssRsat OF the suspsnsioa WAS
0a4s ~ the els.r AZ house committee
In call fer meeting Of
the mem bsrs the clearing
ing house - take action upon . propo-
sition recommended oy the committee
thai all the banks composing the as-
sociation unite in making advances
In eash ~ the dspositors In the Aaver-
tek bank.
The call states that the object Of
uahing these advances 10 to relieve the
temporary en- sArrassmeat Of the de-
positors and that tae bank u closed by
the national bank examiner. acting
under the instructions of the comp
sroller sf the currency. The immediate
cause Of the banks suspension was the
suicide sf Irving Evans sad the
talk which followed II The
loss caused the bank by it, deal
tngs QwitA Evans was not large
enough 70 seriously injurs il being not
more than 500. seS But shs talk Of
the street made the banks loss far
greater.
The fActs In the matter Are In no
deposits in the bank ten days ago
amounted to more than oi0. coo. 900.
During last week more than 81, TOO, o0e
was withdrawn. State Treasurer
Marsdsn withdrew some 800, 900 of the
commonwealth funds which wore On
deposit there Other trust moneys
were also taken out
BY the last sworn statement Of the
bank. ISSUED September % last, it was
shown that the assets Of the bank in
cluded the capital Of $500. 900. the sur.
plus Of $500, 900 and undivided profits Of
. little more than e2o0, 0os. II Is claimed
that the clearing house threw out all
assets which they considered worthless
and deducted % per cent from the rest
of the sscurities aad declared that the
capital, surplus and undivided profits
were wiped ont and that what was
left would fall short of meeting the
liabilities This would indicate that
the depositovs might expect . dividend
Of seventy 1--we cents On the dollar. The
bank will b put in the hands of re-
ceivsr II u elaised By friends of the
management that in good hands the
dspositors win receive dollar for dol
Lar. The appointment Of . receiver
will come from Washington.
The Losses Of the Maverick national
bank are estimated ut upwards of Sa.-
200 coo. which wipes ont the reported
surplus and undivided profits Of 81. oo0.-
eoo ths capital Of 100000 and al Of
che 100 Per cent assessment that the
Shareholders may be called upon 70 con-
tribute. Al . meeting Of Boston
national banks resolutions were
adopted plsdgin9 all to st once combine
20 relieve the necessities Of tho depos-
itors Of the Maverick bank BY advanc-
ing money 70 sush depositors upon the
security of the assignment Of their
claims against the institution
The irregularities Of the Maverick
bank extended back over period Of
more than two years. President Bill
sngs says that when he was bank ex-
aminsr, ten years ago. the bank was
sound except for the fault of
ever loaning or doing too much
business upon its capital Cashier
Eddy quietly resigned from the bank
several years ago While she law re-
quirss eleven directors for bank and
the comptroller Of the currency noti-
fes banks with nine directors to fill
their vacancies. the Maverick bank has
never filed its board vacancies, ex-
cept TO maintain the existence of the
bank by having dve directors, but all,
save one or two Of the ave. were prac-
tically dummiea IL has been for many
years . one-man bank. 1t has been
singulariy free from known losses, and
Mr.. Potter has been accounted the
best judge Of business paper in Boston
The immediate cause Of the disas-
ter said one who should know, was
the shortage of e<so. ooo that Evans
owed the Maverick and that was lost
BY his failure News of that spread
saA caused . run by the depositora"
Thirty thou and men are affected by
che strike Of the engineers la Englsnd
william Center. San Trsaoisco cap
ttaiisA commisteA suicide airing two
shots through HE hssA
Joseph Mihn. Of PissA. H.. was
thrown from his buggy and crushed to
death under The horses feet
The bodies Of nins victims Of the
dis.sser shst bsfsil the steamer Oliver
Deirne ~ Milleksn's Bend La. have
been recovered.
There sre said 70 bs lee. oo9 fallen
somes il BerliA Emperor william
proposes ~ waGs . war On the social
evil in Germany.
usnry Csssle. . fT-ysar-oid boy Of In
lianapoiis. Ind. died sunday from .
knife wound Indicted ~ William
JsssA . bootblack-
An spknS~s vesssl - reported By
Capt Spsuld nx 70 have sunk ia Chssa-
peake bay On October ~. bsr crew 20
ing down vita her.
Bv An order issued Saturday Ne ssc-
rssary Of war he's reduced fron ~ to
- years the nasinum aee ~ which rs-
a.