The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-12-30
OFFICE BOYS SIGNED THE NOTES.
Closing Up the Affairs of the Maverick
National Bank of Boston.


Boston, December 2e-By order of the
United States District court the remain
ing assets of the defunct Maverick
National bank were sold at auction today
by Day 81 Go. The securities which were
| in the nature Of unpaid notes, and judg-
ments amounting to 81, O95, 800, brought
just S429.
Some of the notes ranged as high as
$40, 600 and one was for 1902, 236, which
after selling the collateral had been re-
duoed by the receiver to 1916. 900. Many
or the notes were signed by office boys
and persons of no financial responsibility.
Among the assets put up at auction
| were SIS, 900 in claims for assessments on
the stock of the bank which have not been
paid.
A large number of securities which the
bank took as collateral, consisted of bonds
and stock of defunot companies all over
| the country, with face value of many
thousands of dollars, were also sold today
for a mere nothing.
| The Maverick bank was closed by the
| national bank examiner in November
1891, and the president, Asa P Potter,
with two directors and the cashier, j. W.
| Worth, were subsequently arrested on
charges of violating the national banking
| laws.
Potter was the only one tried under the
Indictment found againr all four and al
though found guilty of embezzlement, tae
| Supreme court set aside the verdict and
the case together with the others was
placed on file.
When the bank failed it had capital
of 81 200, 900 and had a surplus of as much
more. Since the failure the depositors
have been paid about 95 per cent.
The failure was the heaviest bank
disaster in the history of the city.
Thomas P. Beal, receiver of the bank,
said after the sale that 1t had fully come
up to his expectations. This sale is one
of the final steps in winding up what
little remains of the affairs of the
Maverick National bank.
SETTLING CHESTNUT STREET
BANK FAILURE.
Philadelphia. December 29.-Depositors
and shareholders Of the Chestnut Street
national bank, and the Chestnut Street
Trust and Savings Fund company, con-
t1nue to sign agreements declaring their
approval of the plan of voluntary liqui-
dation of the affairs of the two institu-
tions devised by Messrs. Earle and Cook,
the assignees of the Trust company. Quite
number of depositors called at the bank
today and signified their willingness to
accept the plan. Deputy Comptroller
of the Currency Coffin says that the sig
natures of more than two thirds of the
share holders required by law before
bank can go into voluntary liquidation
have already been secured. A s result
of conference today between assignees
Earl and Cook and Bank Examiner Hardt,
Deputy Comptroller Coffin and President
Singerly, ia committee of the bank presi-
dents was selected to consider any amend
ments which may be offered by depositors
of the plan of liquidation presented a few
days ago by Messrs. Earle and Cook.
BANK FAILURE IN GEORGIA.
Atlanta, Ga, December ga special
to the Journal from Brunswick, Ca,
says:
The Merchants and Traders bank of
this city failed to open it's doors this
morning. The capital stock of the bank
is 500, 600. Some months ago there was
plan to put the bank in the hands of
receiver and ever since the depositors
have been Withdrawing and the bank
has been losing outside business to such
an extent that it was finally determined
to close. DR.. j. M. Maddox is president,
and Mr.. A. H. Lane vice president of
bank. A proposition has been made by
the directors to raise sufficient cash to
pay all depositors on liquidation.
BANK OFFICERS ARRESTED.
81 Rene, Okla, December 29.-Gustay
Tholan, president of The stock exchange
band, Michael Eychof, cashier, Charles |
A. Newman, assistant cashier, and Ey-
choff, a member of the board of direc-
tors. have been arrested on the charge
of receiving deposits when the bank was
known to be insolvent.
The bank had $4,000 on deposits when
it went under, but will probably not pay
more than 25 cents on the dollar.