Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-11-03
THE MAVERICK NATIONAL BANK.
Expelled from the Clearinghouse Asso-
citation OF Boston.
nv ,alegranb ~ tha Dispatch.l


BosToy, Mass. November AIT meet
ing OF the Boston national banks at the
Clearing House this morning tho following reHo-
lutlons were unanimously adopted:
Voted. That II is the judgment OF the Clear-
ing House that ali banks constiIuting this n--o-
citation should at once combine 70 relieve lhr
necessities o. the der0sitCr5 OF tho hn'aiicN
National Bank by making written Rgre"inen'
among themselves 10 advance money to sun
depostora upon TIE security Of the a--ltnihth'
Of their claims against the said Maverick Va
tional Bank.
..VoteG. That a committee OF ten representa-
tives Of the bank be appoint ed by the Char VINO
shall have fun power 20 execute tholotcgVl",
vote, t. arrange on behalfof the association al
terms and details in tho premises, anu 10 c'1h
upon the banks Of the association for such sums
Of money "a may be necessary. PROVIDED una
the hanka ehal. contribute In tho proportion OF
their average loans ~ reported 20 tie Clearing
House for tho month u Aptl, 1871.
Every bank was represented az tn0 tlearllb-
House mseflng wuen tho rcapluti n concerning
the Va erlck Bank were voted. Mfssrs. hon az
T. Bel Franklin Ham, Dr.. 4. T. Newmau
Phineas Pierce, Moses Williams, and the lol-
lowing named: y. Aldrch. I. 4. Burr joseph
Carr, j. Is. Chase, G. 4. WALL and 1eorse Rap
Low were APPOINTED n committee 70 carry the
ro.oluiiou4 INTO effect. IL vas voted that the
Maverick National Bank be expelled from tue
assOGation. Formal papers viii he drnited ana
sent IN for bank signatures Immediately.
Colonel John 3. French says this morning ,hhi
he has not made an assignment. lie l4r'hri
afl toe that be fully believe that II the ahnrs OF
the Maverick National Bank are managed WIN
wisdom and prudence by ther receiver thr
stockholders and deposit r, VIII get DncS AL ih'
money they have ntrustcd 10 the bank care.
LOSES or THE MAVERICK BANK.
Boston. November THE losses Of the Nave
rick National Bank, whose failure wae m
nOunccd Yesterday. are estimated AZ upwards u
S2.OJO, 900, which Will wipe on the reported
surplus ard undivided profits OF 81 ,OOOuuu' the
lot +. fA "A % H.
assessment that tho shareholders may be- called
upon to contribute. But as nearly majority 81
tho banks shares were owned by President fnl-
ter and be had pledged some Of those Hlth
Faviuc= banks etc.. % Is doubtful II the fun A.
scssmcnt can hc collected. The ID sturs. now
ever, should lose only "A fraction o. their dcpo-
Sits
THE FATAL IRREGULARITIES.
Tho Irregularities Of the Maverick Bank OK
tcnl Dnck over period OF moie than two years.
Prc,l tent ba.liug- says that wnen he was bank
examiner ten years ago tho bnnk Was sound OK
cept Tor The fault OF Overcoming or doing 700
much business upon its capital. Cashier EDDY
quietly resigned from the bank several yoars
ago While the law requires eleven directors lot
q l1uk aud the Controller ~ currency npHll"7
bank with nine dire tors 10 il their ya'ancie !,
the haycrick Bank has never nled It's DOafl
vacancies except to maintain the existence 81
the bank by having fiye directors, but all save
one or two ~ the five were practically d1hinlcs.
Ia has been for many years a One-man bank. IL
Mr.. Potter has been accounted the best Judge OF
busiAcss paper IN Boston.
The general opinion is That tho action OF tho
associated banks IN relieving depo.ilOf5 Uy no
yancing on their claims will avert any disastrous
effects.
PRESIDENT POTTER ASSIGNS.
President Potter has, made an assignment Of
Ms individual estate 10 Postmaster Thomas y.
Hart and Henry y. Hyde. Mr. POtter's property
at Cohassct stands Ia his own Fame and 10 fToo
from all incum ORANGES. II H. estimated that the
property has cost him $4,000. Tho Common
wealth-avenue property stands IN the name u
Mrs Potter This property IL valuable. Mr.
Potter has very heavy life Insurance, the az
gregate amount Of which IL said 10 be IA the
neghborhOod Of 100000. Outside OF his Co
hasaet property, his bonds ana his pictures 1t is
not known that Nix. Potter has any property ia
addition to his investments and speculative Sc
curitics.
ASSESSMENT OF THE CLEARINGHOUSE BANKS.
The Boston banks have voted to assess them
selves 3 per cent Of the amount OF the loans.
This will raise about e. 100000 Tor loan 10 tho
Maverick Bank depositors. Dispatches from
var, Us points throughout the state tend 10 show
that the loss by the Maverick Bank din ultiss
will not seriously affect local banks. The vice.
president Of the Lombard Investment Company
said that company would not be affected by the
failure 20 any eXtent
RECEIYFR or THE MAVERICK.
WASHINGTON, November The Controller OF
the Currency this afternoon appointed Mr..
Thomas L. Beall receiver o. tho Maverick Ma
tionAl Bank OF Boston. Mr. Beall Ia president OF
the Second National Bank % Boston and chair
man OF the Clearing House Committee.