Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-11-02
MAVERICK BANK
|Oi Boston viii Suspend Pay.
msnt ibis xonday xornlDs,
Failure Grew Out Of Suicide Of The Late
IrIInS ETans.
Sensational Stories Regarding Pres. Asa
Potter's Relations with Evans.

BosroS. Nov. The Maverick Ma
tional Bank will suspeod payment tomor
row moraing. The decision to close ii
doors WAS reached after q protracted con
ference Of the clearing house committee o.
Boston national bxnks at / O'Clock Sunday
morning. II 10 stated positively that th'
failure will not entail any widespread
financial evils
The official announcement OF the suspen
sion WAS uisde by the clearing house com
mittee this evening in = cali for meeting
Of the members of the clearing house
tomorrow morning to take action upon Z
proposition recommended by the committee
unite in making advances in cash to The
deposilors in the Maverick Bank.
The call states that the objsct Of making
these sdvsnces is 10 relieve the temporary
embarrassment of the depositors. and tha,
the bank is closed By the national bank ex
aminer acting under instructions of the
comptroller of currency.
The immediate cause Of the banks sus
pension YVES The suicide Of Irving Evan.
and the talk which followed il. The los,
caused the bank by its dealings with Evans
was not Ia, ge enough 10 seriously injure it,
being not more than $500 600 But the
talk Of the street made lhe banks loss fai
greater.
The stories included ugly rumors about
Asa z. Potter, the president Of the bank
and his relation with Evans. The facts III
the matter are ia no sense discfeditsble tc
MIR. Potter.
More than 3 month ago come of the
principal depositors wi .hdrew their accounts
from the bank. The deposits in the bank
ten Gays ago amounted to more than $l0,-
900 900 Dafirg She last week more than
81, 700, ,060 wss Withdrawn. State Treas
urer MArden wiihirew some $50 900 OF
the commonwealth funds which were on
deposit there. Olher tfust money WAS ALEC
taken out.
The situation was fully rcslized by Potter
and his associates, They met it msnfully
with all the resources st their command,
but the pressure became too great,
A press representative talked with Mr.
Potter today about the failure, but he
would saw very lutte. He said that he had
no idea that the bank would close until
clock this morning.
He stated that no other in.titution would
be imperilled by the suspension, and he
admitted that he should make a personal
assignment, although confident Of his own
solyency. Later 10 the day he deCiiod II
make Tho mas N Hart and Henry D. Hyde
his sstignees-
Col. Jonas S. French, director, and Mr.,
PotteIs associate 10 the management of the
bsnk, will slso make an assig gament tomor-
row 1t is believed. alec, that his aft airs
will prove sound. His sssignees are not
yet named. Col. French was seen this
morning, but would not sky that the bank
was solvent.
II is stated that Bank Ex iminer J ohm w
Msgruder, who has been inves,i eating the
sdsiIs Of the bank, reported to the xuthori-
ties at Washing on. last January, that the
bank WAS iasolvent.
BY the last statement of the bank, Sept
80, it WAS shown that the assets included
the capital Of 500, 900, surplus $500. 900,
and Undivided profits Of lite more this n
$500 COO. 1t is claimed that the cleariu 4
house committee threw out ali the assets
that they considered worthless, deducted 20
per cent from the rest Of the securities
declared the capital, surplus and undiv vided
profits wipad cut, and what was left would
fall shot OF mee,iug the liabilities.
This would Indicate that the iepostors
might expect 70 cent son the dollar. Pfesi
dent Newman Of the National Bank Of the
Commonwealth states that it will give
country banks a credit for the average OF
its sccount with the Maverick, of 400(
shares. Mr.. Potter owned 1900, aud Col
French 1000.