The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-11-03
rAuuRF OF THE MAVERICK BANK.

BOsToN. Nov. 2-The doors of the Nav
erick National bank bore two notices this
morning. One read: CLOSED by order OF
National Bank Examiner Ever" lmme-
diately beneath this was the following;
'Notes due at this bank today Will be
found AT the Second National bank" The
losses of the Maverick National bank are
estimated at upwards of S2,00O,OOO which
wine oui the reported surplus and undl-
yided profits of $1,000, 000 the capital
Of 5000. 600, and all of the 100 per cent. as
sesSment that the shareholders may De
rallied upon TO contribute. The lrregularl-
ties of the Maverick bank extend back over
a period of more than two years.
WASHINGTON Nov. 2.-Mr. Lacey, comp
troller of the currency, received informa-
ton this morning that the Maverick
National Bank of Boston had closed its
doors He said that an examiner was IN
charge of the bank and that receiver
would be appointed TO wind up its affairs.
He said that while the exact loss was not
definitely known, 1t was clear that the
bank was insolvent and that as its capital,
surplus and undivided profits amount to
81 100000. it followed that the loss ex-
ceeded that amount. He added that he
did not believe that any other bank was
involved in the failure.
Subsequently, the comptroller was in
formed OF the action of the clearing house
commission IN favor of the Maverick bank.
"This action.n he said, was wise and
salutary measure and betokens proper
spirit or the part of the associated banks.
Il will undoubtedly tend to restore comb
dence and afford relief to the depOSitors
whose funds are temporarily locked up by
the banks failure"
The report received from the examiner
shows that the liabilities are SS,OOO,OOO and
the cash on hand 81, 4000O0
BOSTON, Nov. ASA Z. Potter, presl-
dent. and Colonel Jonas H. French and
Thomas Dana, directors, of the Maverick
National bank, which failed today, were
arrested tonight 10y the United States
marshal The charge Is embeZzlement
and a violation of the United States bank
ing laws. BY law the promisors Of a
national bank are allowed to borrow only
10 per cent of the capital stock of the IN
stitution on the same collateral. In this
case, it is said, Potter owes S1,5OO,O 600;
French, 5000 600, aud Dana, S3G0,OO0
A Boston news bureau prints the state
ment that Irving A. Evans and Potter
were interested in joint account which
WAS Overdrawn to the extent of 5000 UOO. A
settlement was effected for SS5O,00O, and
the directors who voted Tor the release did
not know the amount of the liability they
were writing off. Evans, however, before
his death denied that Potter was interested
j
also denies that he was.
Evans friends declare that he offered
up bis life as a tribute TO friendship; that
q year ago he was worth SS00O00; that he
gave all this and more TO save his friends
and 70 assist the Maverick bank to meet
one draft with another; that when the
strain could no longer be borne he over
drew his account at the bank to make his
own clients individually square, destroy
ing all the evidences duplicating other
parties, and, declining 10 returu 10 Boston
60 efftct a settlement, put himself out OF
this world 90 save Potter and the bank.
pITTSBUEG, Nov loving to inability
to raise ready money, J. = Mitherow, the
extensive furnace builder of Newcastle,
Pa, is EN- barrasSvd, aud VIII apply tomor-
row for a receiver Tn ssets are 81, ILL.,
OOO. with liabilities o 1914 600
CHICAGO. Nv. 2-1he appellate court
today reversed the decIsion of the county
court. which held that Spooner T. Howell,
the ex-lumber king. had made voluntary
assignment to the First National bank of
Chicago The decision l. a setback for
creditors other than the bank
Forty years of constant use-and still