6972. Maverick National Bank (Boston, MA)

View Charter #677 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
677
Charter Number
677
Start Date
November 2, 1891
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
b2fba3acbb09c27a

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension, Books examined

Receivership Details

Depositor recovery rate
90.2%
Date receivership started
1891-11-02
Date receivership terminated
1898-03-31
OCC cause of failure
Excessive lending
Share of assets assessed as good
43.0%
Share of assets assessed as doubtful
49.0%
Share of assets assessed as worthless
8.0%

Description

The Maverick National Bank (Boston) experienced a depositor run and was forced to close/suspend on Nov. 2, 1891; a receiver (Beal) was appointed. Causes cited include the suicide of cashier Irving A. Evans (embezzlement/speculative losses) and large deficient loans/speculation by directors. Associated Boston banks advanced funds to protect depositors but the bank remained in receivership (permanent failure as an independent bank). A receiver later opened the office to transact with creditors (Dec 1) but the bank did not resume independent banking operations.

Events (6)
1. December 31, 1864 Chartered
Source
historical_nic
2. November 2, 1891 Receivership
Source
historical_nic
3. November 2, 1891 Receivership
Newspaper Excerpt
It is stated positively that the failure will not entail any widespread financial loss... The bank will be put in the hands of a receiver. ... Comptroller Lacey appoints a receiver. Receiver Beal furnishes statement of the Maverick National Bank's affairs (Nov. 9).
Source
newspapers
4. November 2, 1891 Run
Cause
Bank Specific Adverse Info
Cause Details
Suicide of cashier Irving A. Evans who absconded with/embezzled ~ $200,000 plus large speculative/insider loans and deficient collateral; revelations triggered heavy withdrawals.
Measures
Boston associated/clearing-house banks agreed to advance money to depositors and arranged committee to provide funds; shipments of reserve from New York to Boston to protect depositors.
Newspaper Excerpt
The decision of the Maverick national bank today to close its doors... The immediate cause of the bank's suspension was the suicide of Irving Evans.
Source
newspapers
5. November 2, 1891 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Following the run and discovery of large losses/deficient loans and alleged embezzlement, the bank suspended operations and was placed into receivership by the Comptroller/receiver Beal was appointed.
Newspaper Excerpt
The Maverick National Bank did not open its doors today ... cards announcing the suspension ... Comptroller Lacey appoints a receiver.
Source
newspapers
6. December 1, 1891 Reopening
Newspaper Excerpt
The Maverick national bank was opened this morning and the book keepers are delivering receiver's certificates to depositors who have proved their claims.
Source
newspapers

Newspaper Articles (23)
1. November 2, 1891 Evening Star Washington, DC
Article from Evening Star, November 2, 1891

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THE BOSTON FAILURE Expelling the Maverick Bank From the Clearing*House. MORE TENNESSEE CONVICTS FREED. Quiet Has Been Restored to Briceville. RUSSIA'S GRAIN PROHIBITION. BOSTON'S BIG FAILURE Expulsion of the Maverick Bank by the Clearing House. BOSTON, Nov. 2-At a meeting of the Boston national banks at the clearing house this morning the following resolutions were unanimously adopted: "Vated-That it is the judgment of the clear ing house that all of the banks constituting the association should at once combine to relieve the necessities of the depositors of the Maver ick National Bank by making the written agree ment among themselves to advance money to such depositors upon the security of the assignment of their claims against said Maverick No. tional Bank. "Voted- That a committee of ten representatives of banks be appointed by the chair, who shall have full power to execute the fore going vote, to arrange. on behalf of the association, all terms and debts in the premises and to call upon the banks of the association for such sums of money as may be necessary. provided that the banks shall contribute in the proportion of their average loans as reported to the clearing house for the month of April, 1891." Every bank was represented at the clearing house this morning when the resolutions concerning the Maverick Bank were unanimously adopted The clearing house committee, consisting of Merats. '11 os. H. Beal, Franklin Haven, jr., A L Newman, Phineas Pierce and Moses Williams and the following named: 8. N. Aldrich, L T. Burr, John Carr. J. B. Case, C. A. Vialie and Geo. Ripley were appointed . committee to carry the resolutions into effect. It was voted that the Maverick National Bank be expelled from the association. The formal papers will be drafted and sent out for bank signatures immediately. The decision of the Maverick national bank today to close its doors reached after a protracted conference of the clearing house committee of Boston national banks yesterday morning It is stated positively that the failure will not entail any widespread financial loss. The immediate cause of the bank's suspension was the suicide of Irving Evans. The loss caused the bank by its dealings with Evane was not large enough to seriously injure it, being not more than €200,000, but the talk of the street made the bank's loss far more. By the last sworn statement of the bank is sued September 30 last, it was shown that the assets of the bank included the capital of €400,000, the surplus of $800,000 and undivided profits of a little more than e200,000. it is claimed that the clearing house committee threw out all assets which they considered worthless and deducted 20 per cent from the other securities and declared the capital. surplus and undivided profits wère wiped out and that what was left will fall short of meeting the liabilities. This would indicate that the creditors might expect a dividend of 75 cents on the dollar. The bank will be put in the hands of a receiver. It is claimed that in good hands the depositors will receive dollar for dollar. The appointment of a receiver will come from Washington. President Cotter has made an assignment of his individual estate to Postmaster Thomas N. Hart and Henry D. Hyde.

2. November 3, 1891 The World Martinsburg, WV
Article from The World, November 3, 1891

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BIG BANK CRASH. THE MAVERICK NATIONAL BANK OF BOSTON FORCED TO CLOSE ITS DOORS. IT WAS REPORTED TO BE ROTTEN BY THE BANK EXAMINER NEARLY A YEAR AGO-THE LOSS ESTIMATED AT $2,000,000. [Special to THE WORLD.] BOSTON, November 2.-The doors of the Maverick National Bank closed to-day. This means that the most prominent financial institution in New England has been foreed to suspend payment. The blow fell suddenly. It had been anticipated to a certain extent, and for this reason it can be positively stated that the failure will not entail any widespread financial evils. Some idea of the extent of the failure can be gleaned from the fact that ten days ago the deposits in the bank amounted to more than $10,000,000, the bank depositors numbering more than 300, and individual depositors about 1,300. But the most sensational feature of the failure is the announcement that as far back as January last Bank Examiner Magruder reported to Mr. Lacy, Comptroller of the Currency, that the bank was in a bad condition. Again in September Mr. Magruder reported to the Comptroller of the currency that the bank was rotten. In spite of these warnings the bank was permitted to continue in business. It is a reproduction of the infamous Keystone Bank robbery. To-day Bank Examiner Magruder dropped dead of heart disease, incidental to the mental excitement over the pending exposure. The losses of the Maverick National Bank are estimated at upwards of $2,000,000, which wipes out the reported surplus and undivided profits of 81,000,000, the capital of $400,000, and all of the 100 per cent. assessmentthat the shareholders may be called upon to contribute. Asa P. Potter, president, and Col. Jonas H. French and Thomas Dana, directors of the Maverick National Bank, were arrested by United States marshals to-night, the former at his summer residence in Cohasset, and the latter two at their residences in this city. The warrants, it is understood, charge embezzlement and violation of the United States banking laws, which forbid loans by a national bank to any single individual amounting to more than ten per cent. of its capital stock.

3. November 3, 1891 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, November 3, 1891

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LATE TELEGRAMS BOILED DOWN FROM PRIVATE, SPECIAL AND OTHER SOURCES. McBride's gin, near Copperas Cove, burned. The Waelder Dispatch is dead and its editor missing. Fort Worth city bonds bring 90 cents in New York. Domneau and Samuels go under at Dallas for $15,000. |Bonham Rapid Transit company chartered for $15,000. Motto, Italian vice consulat Boston, goes to New Orleans. Fort Worth retrenches and cuts city salaries $16,800 a year. Martin Apodoca gets life sentence at El Paso for murder. Forest fires a mile wideare ravaging Coosa county, Alabama. Striking printers at Berlin superceded by non-union men. Henry Taylor shoots his wife at Riverside, Trinity, Texas. Fire in Lorillard's tobacco factory, J. C., does $45,000 damage. The democratic party in Nebraska has no candidate in the field. Dick Beavers killed near Wylie by Ike McDonold in a knife fight. Greeney's gin burned at Mount Pleasant, with 12 bales cotton. Secretary Foster is quite confident that Ohio has gone republican. The Kansas fight is between the republicans and the third partyites. Austin gossip centers around an extra session of the state legislature. Dallas bar calls out Col. Crawford as flatorial candidate for legislature. Ddward E. Wing, Gainesville, assigns for the benefit of his creditors. Comptroller Lacey places Maverick bank loss, Boston, at over $1,400,000. The Boston banks will advance $1,000,000 to Maverick bank depositors. Edward Strause & Co. Elm street, Dallas fail; attachments run for $8,775. Republicans and democrats alike claim the state of Iowa by about 12,000. Railroad commission makes modifying order concerning cotton shipments. Malone leaves Fort Worth Gazette and Miss Sallie Hoffman takes charge. No new developments in the Chili matter; investigation proceeds at Valparaiso. Affairs of Maverick National, Boston, are not as hopeless as first rereported. Atwood Violet & Co. think cotton maket must improve, on general principles. Washington observers can form no idea of the political situation in the four States. Uncle Sam is projecting for the es. tablishment of fish hatcheries on the gulf coast. C.J. South, of legislative investigation committee testifies in the Woodruff case. Boston associated banks will advance money to depositors in Maverick National. Secretary Tracy says there is no occasion for the sensational reports of war with Chili. Frank Bishop, on trial at Boerne for cattle stealing, Ernest Pfeffer, juryman, suicides Oklahoma sheriff is in North Texas looking for two thieves who assaulted with intent to kill. Tnrkey Creek train robbers, near Canyon City, Col., one month ago, captured and jailed. Travis county commissioners sue the King Bridge Co., for $45,000, violation of contract alleged. Galveston colored ladies sue Mallory !ine for $5,000 damages, insult on steamer Nueces. The ladies pur chased first class tickets and were eje ited from the ining salcon.

4. November 3, 1891 The Sun New York, NY
Article from The Sun, November 3, 1891

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THE BOSTON BANK FAILURE. any CAPPTAL THE 40 1927 ONIHION SHI ao President Potter, Cel. Jonas H. French, Irving A. Evans's Estate, and Thomas Dasa Its Heaviest Debtors-The Asso. clated Banks Come to the Aid of the Depositors-President Potter Makes a State. ment Reviewing the Causes of the Failure SQUAT 'V SUINJI THIS "III puw -Another and Startling Side of the Story by the Boston News Bureau-Comptroller Lacey Appoints a Receiver-The Seene on the Beston Stock Exchange. BOSTON. Nov. 2-As was widely announced throughout the country this morning. the Maverick National Bank did not open its doors today to any one except the Bank Examiner and the clerks who are to assist him in straightening out the tangle in which its affairs have become involved. There were no scenes of excitement about the bank. although thousands stopped and staredat the big doors. which were covered with cards announcing the suspension and specifying where different checks and notes would be handled. The general condition of the bank may be enitomized as follows: Four hundred thousand dollars capital stock. $800,000 surplus, $250.-111 SI euo ou euor paptaipun 000 ing to tell whore. but as completely wiped out as though it had never existed. It 16 estimated that the losses will exceed $2,000,000. which will wine out the reported surplus and undivided profits of $1,000,000. the capital of $400.000, and all the per cent. assessment which the shareholders may be called upon to pay. To meet these losses the bank has for debtJO 000'007'1$ #1 80MO OTHA Potter. usy 810 more: Col. Jonns H. French. who owes it more SUJAJI 07 produn LV :000'0008 -*008$ 71 SOMO used Thomas puu '000'00FS 10 puu creditors 000 United States bank officials gave the bank uccounts. edunts 04 which u; squar OMT one Potter. UN quip surport " SEAL there puw was known to have earried it through so many tight places. would be equal to the occasion. His tremendous resources were proved by his paying through the Clearing House within a week the great sum of $3,500,000. but at that to omerials our puu poddoss on sujod -xo 03 ean ou 10 SVM 11 7447 AVUS tend the time further. and 80 they took possession. An investigation discloses the fact that Mr. Potter's property at Cohasset stands in his 4I wo.j 0021 S! puu 'sureu UAAO is estimated that the property has cost him $150,000. but it is not likely that at a forced sale It would realize more than A third of that oum me; DJU ONL 'tuns would care to buy SO extensive a place. The Commonwealth avenue property stands in the name of Mrs. Potter. The property is very desirable and valuable. but. of course. the Potter an 71 godn mup ou 0.104 creditors has n heavy life insurance, the aggregate amount of which is said to be siud '000'009$ JO our up our JO reash orp puoseq S! 0910 creditors. SO that whatever misfortune befalls Mr. Potter personally his family will be well provided for. Outside of his Cohasset propTOU 81 # siy pue horses siy e known that he has any property in addition to his investments in speculative securities. What his equity in these will realize it is too early to predict: in fact. no information has yet been disclosed to indicate what the volume. character. and probable value of these securities one on 5H somethine AJOA Opinions eq HIM amount which depositors will receive. but the best authorities place it at about 75 cents on the dollar. The assets of the bank are said to be of such a nature that the receiver only will be able to tell what they will yield. -08euvu the up pres si 71 ment of the bank have been extending back oqu Billings "W Years. OM7 JO polied U JOJ was Bank Examiner ten years ago, reports that the bank was sound at that time, but there was a tendency to overloaning and to capital on Joj business B quota 001 Sujop Cashier Evans quietly resigned several years ago. According to the law. there should be eleven directors to a bank. and when there is an institution with only nine directors the Comptroller is to notify it to nu the vacancies. Notwithstanding this law the Maverick National Bank has never filled its vacancies. and has maintained its existence with these five directors: Asa P. Potter. Joseph Work. Henry F. Woods. Jonas H. Trench. and Thomas Dana. The bank has been a "oneman bank for years. In this time it has been singularly free from losses. as Mr. Potter is my reduc business 10 sosport best om 10 suo Boston. For almost three weeks Asa P. Potter has -uI Logston UI UVU persijum from the useq gratitude. treachery. and unscrupulous trickery are some of the offences with which Moral he guilt. has

5. November 4, 1891 Evening Star Washington, DC
Article from Evening Star, November 4, 1891

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ANOTHER BANK IN TROUBLE. - The controller of the currency has received information that the First National Bank of Damariscotta, Me., had been forced to suspend payments in consequence of the failure of the Maverick National Bank of Boston. He said that the bank is in good shape and will undoubtedly be able to resume business in a short time.

6. November 4, 1891 The Morning Call San Francisco, CA
Article from The Morning Call, November 4, 1891

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THE MAVERICK BANK. Depositors Will Probably Receive 75 Cents on the Dellar. BOSTON, Nov. 3.-Little information is obtainable as to the actual condition of the Maverick National Bank. although the Directors assert the depositors will be paid in full. Asa P. Potter, the President of the bank, to-day says the loss of the Maverick Bank on account of its deal. Ings with Irving A. Evans will be about $200,000 if the collateral could be judiciously disposed of. "The bank's dealing with Evans can in no sense be considered the direct cause of the suspension," Potter declared. "The real causes of the failure," he says, "are somewhat complicated." Potler declares the Clearing-house committees which examined the assets of the ban k placed their value far below what they are worth. thus showing a large deficit. He added: "If I am allowed to wind up the affairs of the Maveri ick Bank no depositor and no stockholder would lose one dollar. All the facts about the bank's condition and about its management will be made known in the course of time. Pending that I am content to awalt the outcome of events." A member of the Committee of Associated Banks expresses the opinion that depositors of the Maverick National Bank will ultimately receive a dividend amounting to about 75 cents on the dollar. Thomas N. Hart, one of Potter's assignees, expressed the opinion to-day that no other banks would be affected by the failure of the Maverick. This afternoon A. P. Potter was arraigned before Commissioner Hallett. He pleaded not guilty, and was held for trial in $100,000 bail. Dana has secured a continuance of his case, and his bail has been reduced from $75,000 to $60,000, with C. A. Brownell as his bondsman.

7. November 5, 1891 Grant County Herald Lancaster, WI
Article from Grant County Herald, November 5, 1891

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in view of the disclosures connected with their arrest makes it doubtful if the 100 per cent. assessment to be levied on the stockholders will yield anything on the 2,300 shares held by those gentlemen. This view of the situation corresponds with that held by others who are posted in the matter. DRAGGED DOWN BY THE MAVERICK. Damariscotta, Me., Nov. 4. -The Maverick national bank of Boston held $40,000 of the funds of the First national bank of this city. The news of the failure of the former reached here Monday morning, and a run was at once started on the First national. It soon suspended payment and closed its doors.

8. November 5, 1891 Wheeling Register Wheeling, WV
Article from Wheeling Register, November 5, 1891

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THE MAVERICK May Show Up Worse Than Was Even Ex pected-Examiner Ewer's Views. BOSTON. Nov. 4.-Examiner Ewer, of the National Bank, says he hopes to get out within three or four days some sort of a statement that will enable the other banks to gauge the advances that shall be made to depositors. They can say nothing at present as to what this will snow, but intimate that it will be a good deal worse than has been anticipated. Experienced banking men think there should be a first dividend, say in two or three months and allowing for possible litigation, that a final settlement ought to be made three years from now. President Evans, of the Five Cent Savings Bank, says he will continue to pay out money till it is deemed advisable to take advantage of the sixty day law. One National Bank has offered him $500,000, and he has received offers of large amounts from other institutions. The bank had $1,027,600 cash at the date of its last statement, October 13, but has been strengthening itself of late. The bank paid out $6,000,000 in the 1875 run, which lasted for a month. The present withdrawals are mostly small accounts. The Journal says: There is nothing in the affairs of the Maverick National Bank of which the clearing house of the Boston Association Banks has not been fully advised. The committee has guarded every point. It arranged was that Mr. T. P. Beale should be the receiver for well considered reasons. The facts regarding the loans of the bank have been in possession of the Comptroller of the Currency since last and it is now intimated that is apJanuary, another comptroller likely to be pointed before long. The general loan account outside of the $2,400,000, due from directors and the Evans loss, is good, and shows good judment and careful banking. Although the Maverick Bank has been known as a speculative bank, no one outside of Mr. Evans and the Bank Directors could have imagined the extent of the speculations. It is now not to be wondered at that when the death of Evans was announced that Presi dent Potter in the Directors room, should have physically collapsed; but it is a wonder. in the light of present revelations that he should for so many days have patched up affairs and stemmed the current. The Boston banks brought over Monday night many millions of their reserve held in New York and are in a stronger financial position than has been for a long time. Money will rule very easy on apporved collateral.

9. November 5, 1891 Democratic Northwest Napoleon, OH
Article from Democratic Northwest, November 5, 1891

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THE sponge industry of the Bahama islands employs 500 small vessels and about 5,000 men. This industry is being rapidly developed on the Florida coast and the sponges of that locality are said to be finer than on the Bahamas. THE Maverick National Bank, of Boston, has closed its doors. Its chashier commited suicide after gett ing away with about $200,000 of the bank's funds. A run was commenced on the bank and it was compelled to close. It is thought depositors will be paid in full.

10. November 5, 1891 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, November 5, 1891

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THE MAVERICK FAILURE. Reckless Speculation Caused the Banks' Run. BOSTON, Nov. 4.-[Special|-TheJournal says: There is nothing in the affairs of the Maverick National Bank in which the clearing house committee of the Boston Associated Banks. has not been fully advised. The committee has guarded every point. It arranged that Beale should be receiver for well considered reasons. The facts regarding the loans of the bank have been in possession of the comptroller of the currency since last January. The general loan account outside of the $240,000 due from the directors and Evans' losses is good and shows good judgment and careful banking. The directors' loans still have considerable collateral behind them. Speculation is the one word that explains all speculation in stocks and grain with Maverick Bank runds backing deals. The great speculation of the Maverick Bank was by French and Potter in New York and New England. It was successful from a pecuniary view, but in that success lay the concealed ultimate ruin of the bank. Although the Maverick has been known as a speculative bank, no one outside of Evans and bank directors could have imagined the extent of the speculations. It is now not to be wondered at, when the death of Irving A. Evans was announced, President Potter, in the directors' room, should have physically collapsed, but it is a wonder, in the light of the present revelations, he should for so many days have patched up the affairs and stemmed the current. Boston banks brought over Monday night many millions of their reserve held in New York and are in stronger financial position than they have been for a long time. Money will rule very easy on approval of collateral.

11. November 6, 1891 New-York Tribune New York, NY
Article from New-York Tribune, November 6, 1891

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informed of what was about to happen, said that he had left Instructions with Assistant District-Attorney Wyman. They proceeded to Commissioner Hallett's office and informed him that Mr. French was prepared to offer bail, Mr. Wyman was sent for. but declined to appear. having received instructions from his superior to that effect. Commissioner Hallett said he could not proceed unless the District-Attorney was present. Mr. Allen had also notified Mr. Hallett that he had applied to Judge Colt to have the bail of Colonel French increased from $75,000 to $125,000, and that a hearing had been fixed for 10 o'clock on Friday. Mr. Hyde said he considered such a proceeding an outrage, no notice having been given to counsel for the defendant, so he demanded as a matter of right, that Colonel French be admitted to/ bail, as he was then prepared to offer good and sufficient security. The request was not granted, however. The New-York money market again was disturbed by the calling of money on deposit here by the Boston banks, made necessary to protect the depositors of the Maverick National Bank. Rates on call went to 10 per cent, but the commoner rates were 6@8 per cent. Time loans are reported to be dearer, but there is no active demand for funds. On the easing off in rates a few weeks ago borrowers provided themselves well with time money. The Boston banks, according to their last statement, had $18,782,300 due them from reserve agents, the bulk being in this city. It was estimated that yesterday's shipments amounted to $2,500,000. The previous shipments, according to reports from express-company officials. furnished to Dow, Jones & Co., were $1,600,000 on Wednesday and $2,250,000 on Monday, nothing going away on Tuesday on account of the election. The total amount sent to Boston this week is $6,350,000. This loss is preparing bankers here for an unfavorable statement of the Clearing House to-morrow. Fortunately the New-York banks are especially strong in surplus reserve for this season and there are large sums of gold still on the way from Europe. There is no uneasiness here respecting the run upon the Boston Five Cents Savings Bank. The institution is regarded as too strong to suffer from the present unfounded scare on the part of some of the ignorant depositors.

12. November 6, 1891 The Forrest City Times Forrest City, AR
Article from The Forrest City Times, November 6, 1891

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GENERAL DOMESTIC. In the State elections Tuesday, November 3, the Democrats carried New York by a plurality estimated at 25,000. Ohio went Republican, McKinley's plurality being over 15,000, and the Legislature Republican. Iowa and Massachusetts are Democratic, Boies. and Russell being reelected. Pennsylvania gave a good Republican majority. Maryland is Democratic by 25,000, and Nebraska probably Republican by a small margin. Naturalga been struck near Monticello, III. Murderer Thomas A. Williamson was hanged at Sedalia, Mo. The first blizzard of the season is reported in North and South Dakota and Minnesota. Lee Hunn, president of the Fan-TanTong, the Chinese Gambling Association of New York is dead. Contractors on World's Fair buildings have been ordered to double their forces in order to expedite matters. Marshal Wise of Toledo, Tex., and a friend named Garcia were murdered by a smuggler they were trying to arrest. Pilot Thomas Welch of New York was convicted of manslaughter in causing the death of two people by running down ayacht. The Strowger Automatic Telephone Exchange Company has been incorporated in Illinois. The object is to do away with the need for operators at a central exchange. Senator Quay has telegraphed Comptroller Lacy asking by whose authority or permission the Bardsley certificate of deposit was delivered to the Democratic State Committee, it being one of the documents in the Keystone Bank, which is in the custody of the United States. Evansville's embezzler, John J. Morton, is in jail unable to get bail. Ex Mayor Carter Harrison now owns and conducts the Chicago Times. Charles Blish of Peekskill, N. Y., was shot and killed by H. Betts of Brooklyn. A new poem by Sir Edwin Arnold was read by him before the Lotus Club, New York. At Green Point, N. Y., Mrs. Francis Kiernan was fatally stabbed by her husband with a fork. Thomas Wilkins of Graves County, Kentucky, is a fugitive charged with arson and other crimes. During a recess in a trial at Boerne, Tex., Frank Bishop, one of the jurors, hanged himself. New York school children of foreign birth are being taught to salute the American flag and also the way to vote. A mob of 200 released 200 convicts at Oliver Springs, Tenn. Five hundred convicts are now roaming throughout that part of the State. President Harrison has granted a ninety-day respite to Charles Benson, who was to have been hanged at Leavenworth, Kas., upon Thursday. President Potter and Director French of the defunct Maverick National Bank of Boston were arrested, charged with embezzlement. It is alleged that Potter French, together with Director Dana, who is still at large, owe the bank $2,100,000. The bank has been considered shaky for years. Other banks of Boston have come to the relief of the depositors. The Texas State Fair closed after a very successful seaso , lasting sixteen days. Seventeen of the nineteen flint glass mould factories will be closed down, the remaining two doing all the work required. John J. Morton has embezzled $10,000 from two Evansville building associations. The reported earthquake in Texas County, Missouri seems to have been the genuine article. Several men claiming to represent the Chicago Purchasing Company are swindling farmers in Rice County, Minnesota. The World's Fair delegation were hos pitably entertained at Austin, Tex., but found little enthusiasm for the big show Robbers woke up Cashier Freeze of the State Bank at Homer, Neb., and compelled him to open the safe, from which itsy took $1,600.

13. November 10, 1891 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, November 10, 1891

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Comptroller Lacey's Opinions. Comptroller Lacey expressed the opinion that the institution would be able to declare a dividend of at least 85 per cent. and possibly more. "As investigation proceeds," he said, "there is a more cheerful feeling as to the assets of the bank, and the judgment of those best informed is that larger dividends may be realized than was at first anticipated. It is gratifying to me to learn that public confidence has been wholly unshaken as to the solvency of the other Boston banks. In my opinion this confidence is well founded, for I know of no bank which is not fully entitled to it. "The fact that the associated banks have unanimously offered to advance sums to the depositors which may aggregate several millions of dollars, in addition to meeting all the proper demands of their own customers, is evidence that the banks in this city are unusually well prepared for any emergency which may arise. It is also a matter of congratulation that interior banks, so far as has been now ascertained, are not embarrassed by the temporary locking up of the funds by the failure. The settlement of affairs will proceed with the utmost despatch and both myself and the receiver agree that A Dividend Shall be Declared at the earliest practicable moment; and it is to be hoped that every creditor of the bank will promptly present his claim for allowance, in order that a dividend may not be delayed for want of promptness on the part of claimants in making their proofs. "It is evidence of an unusually healthy state of financial affairs generally when so important a failure can occur with so little effect in disturbing public confidence, and without interfering with the facilities granted by banks to their legitimate customers." It is said that there are several Boston capitalists who are discussing the feasibility of re-opening the Maverick bank under a new name. They cite the fact that the location is an excellent one, that the rooms are commodious, and that the facilities for doing a large business are hard to be surpassed. Mr. Potter expresses the opinion that any syndicate with capital could take hold of the plant and make money. Mr. Lacey Vindicated. Secretary Foster denies that he has ever disapproved of the action of Comptroller Lacey in connection with the Maverick National bank or criticized Mr. Lacey's conduct. The secretary further says, speaking of his own suggestion that another examination of the bank be made when he was informed that Potter had borrowed over a million of its funds: "I think the comptroller was very prudent in his suggestion that an examination made so soon after the preceding one would excite comment to the injury of the bank; and, besides, the bank examiner was sick. Of course I did not examine the report of the examiner, but took the truth of it for granted; and I have no doubt that every statement made to me by Comptroller Lacey was absolutely true. "The examiner, it appeared, was of the opinion that the bank was solvent. and that in due time the irregularities would be properly adjusted. That is exactly what was said, as I remember. There was no suggestion on the part of the examiner that the bank was insolvent or that he had any serious question as to its solvency. That is my memory of the statement of the report of Examiner Magruder."

14. November 10, 1891 New-York Tribune New York, NY
Article from New-York Tribune, November 10, 1891

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A STATEMENT FROM RECEIVER BEAL. RESOURCES AND LIABILITIES OF THE BROKEN MAVERICK BANK. [Br TELEGRAPH TO THE TRIBUNE] Boston, Nov. 9.-Controller Lacey, Bank Examiner Ewer and Receiver Beal met at the Maverick Bank early this morning and had a long conference. Thirtyeight of the sixty clerks formerly employed at the Maverick were in their places to-day and the work of getting ready to open the bank for the transaction of business with the receiver will be pushed rapidly. A bank president when asked to-day who the sureties were upon the receiver's bond replied that he did not know and he had heard no names mentioned. but he should not be surprised if James H. heal, the receiver's father, were one, and J. Montgomery Sears another. When asked as to the truth of the statement that it was a not uncommon practice for clerks. typewriters and other irresponsible persons to sign notes, he replied that, to the best of his knowledge and belief, the statement was false. "We do not do business in any bank in that way," said he, "and I believe that if it has been done at the Maverick, as claimed it is a practice that is peculiar to that institution." Receiver Beal furnishes the following as the state of the Maverick National Bank, as shown by its books at the close of business on October 31, 1891: Resources-Time loans, $2,749,981 28; demand loans, $3,416,617 United States bonds at Washington, $50,000); United States bonds on hand, $33,650; sundry bond account, $722,947 85; sundry bond account No. 2, $108,504 73; called bonds for redemption, $100; real estate, $47,028 61; New-York reserve agents, $288,842 05; furniture and fixture account, $42,637 75; sundry banks, $795,582 49; expense account, $12,263 75; interest account, $7,937 21; premium, $4,475 27; SOVereign account, $114 79; exchanges for Clearing House, $331,452 25; specie, $337,838 50; legal tenders, 8597,650; reserve at Washington, 5 per cent fund, $2,250; other bills and checks, $137,972 46; total, $9,687,846 63. Liabilities-Capital, $400,000; surplus fund, $800,000; profit and loss, $110,708 6 discounts, $20,463 61; commission account, 55; profit telegraphic transfers, $212 36; dividends, $100; deposits, $2,951,992 92; certified checks, $48,029 5 certificates of deposit, $110,578 74; banks and bankers, $5,200,756 27; circulation, $45,000; total, $9,687,846 A comparison of this statement with the one issued in September shows that between September 25 and October 31 the bank account was reduced by $117,000, and the loans were reduced by $330,000 from the amount of the loans one month before the failure. The cash with reserve agents had been reduced from $963,000 to $289,000, and the loans to banks have come down from $1,047,000 to $796,000. Exchanges on the Clearing House had been reduced from $635,000 ,to $331,000, and the specie from $647,000 to $337,000. Legal tenders show an increase of from $490,000 to $597,000. Deposits up to date of suspension, including certificates of deposit and deposits of banks and bankers aggregate $8,260,000, as against $9,910,000 five weeks before the suspension, which shows a loss of $1,600,000 in deposits. Of this, $734,000 was a falling off of individual deposits, and $530,000 in banking deposits.

15. November 10, 1891 Evening Journal Wilmington, DE
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The Maverick's Affairs. BOSTON, Nov. 10.-Receiver Beale furnishes a statement of the Maverick National bank's affairs, *which shows that there were less than $3,000,000 of individual deposits, outside of deposits of banks and bankers, at the time of the failure. The comptroller says that it was a mistake to attribute to him the statement that depositors would receive 85 per cent. of their deposits; what he did say was that the average dividend of all the banks he had settled was 85 per cent. The Maverick had a very large business, its outward mail averaging from 600 to 800 letters per day, but everything is found, so far as examined, to have been very systematically conducted. The only difference thus far announced is the inadequate collateral behind loans to the directors, All the notes and indorsements were properly and regularly made within the letter of the law, there being no blanket indorsements, as has been stated. Receiver Beale hopes to declare & satisfactory dividend without unwarranted deday.

16. November 11, 1891 Evening Star Washington, DC
Article from Evening Star, November 11, 1891

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The Controller and the Suspended Banks. Mr. Lacey, controller of the currency, returned to Washington yesterday from Boston. He said that the national banks there, with the single exception of the Maverick, are in good condition and that there is no prospect of any further trouble. In his opinion the creditors of the Maverick Bank will receive at least 85 cents on the dollar. He said also that the Damariscotta National Bank will probably be able to resume business in a short time. The Corry National Bank of Pennsylvania is in a bad condition and a receiver will be appointed in a few days to wind up its affairs.

17. November 12, 1891 The Sun Morris, MN
Article from The Sun, November 12, 1891

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MISCELLANEOUS, THE Endicotts buy the Aberdeen hotel, St. Paul. THE New York presbytery dismisses the charges of heresy against Dr. Briggs. SNOW completely blocks threshing operations in North Dakota. A NEWLY arrived German girl in New York marries her brother under very peculiar circumstances. THE question of the state boundary line between Ohio and Indiana is in litigation. THE Maverick National bank, Boston, fails, owing $8,000,000. Of the assets $2,000,000 are missing. The president and two directors are arrested. THE Executive committee of the National Educational association has decided to hold the next annual convention at Saratoga Springs, N. Y., July 12 to 15, 1892. JUDGMENT for $125,180 was entered against the Scranton Steel Company, of New York, in favor of John A. Nichols, on promissory notes for pig iron furnished by W. R. Hart & Co., of Philadelphia. ABRAHAM BACKER, the New York note broker who assigned on Aug, 3, allowed judgment to be entered against him for $102,471 in favor of George F. Baldwin and others. J. P. WITHEROW & Co., the extensive furnace builders of New Castle, Pa., will apply to the court for the appointment of a receiver. The assets are placed at $1,111,000, and the liabilities at $374,000. THE annual meeting of the American Shropshire Sheep Breeder's Association was held at Buffalo. The society accepted 11,512, and rejected 8,100 during the year. The election of officers resulted in the choice of Hon. John Dryden, of Brooklyn, Ont., as president; Prof. W. C. Latta, of Indiana, vice-president; Mortimer Levering, re-elected secretary, and the following elected on the executive committee; W. J. Garlock, Michigan; Richard Gibson, Ontario; R. R. Clough, Ohio: John T. Thompson, Indiana; Frank D. Ward, New York.

18. December 8, 1891 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
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THE LATEST NEWS. parks from the Wires--Most Important Events Throughout the World for a Week. NEW YORK. Dec 1.-Phy sicians say yrus Field may not live through the ay. Three members of the Field re under arrest. TACOMAH. Wash., Nov. 30.-Distinct hocks of earthquake were felt in this ity yesterday afternoon. Port Townend and Olympia also report shocks. To damage done. BOSTON, Nov. 30.-The Maverick ational bank was opened this ng and the book keepers are deliverng receiver's certificates to depositors ho have proved their claims. GALENA, Ill., Nov. 30.-The mercury ast night fell to 15 degrees below zero. The Mississippi river, which was clear f ice Thursday, is now frozen from hore to shore. The weather is the oldest ever known here in November. RIO JANERIO, Dec. 1.-There is larming increase of yellow fever his port. The disease has assumed erious a form that the embarkation f government troops for Rio Grande o Sul and Santa Catalina has been emporarily suspended. Mrs. Duncan, of Washington, D. C., T S A., whose husband, an American, ttempted to murder her last May ear Bettwsy Boed, in Wales, and who as remained at Festinog since the age, has just been delivered of a oth mother and child are doing well JACKSON, Miss., Nov. 30.-Bill Nye, he famous humorist, who fell from he opera house gallery into a pile of umber at Yazoo City Saturday night, as considerably shaken up, but not eriously hurt. He passed through his city yesterday morning en or New Orleans, where he is billed to ecture. NEW ORLEANS, La., Nov. 30.-The hain building of a frame structure sed as a library, and several small uildings, belonging to Straight ersity for colored people, were troved by fire this morning. Theloss ; $30,000; insurance unknown. The uildings were owned by the American Issionary Association of New York. ODESSA, Russia. Nov. 30 ---- An outcry as been raised that Zemstvo agents re paying fancy prices for rye that 0 adulterated with sand and other aterials that it is unfit to eat. and lso that they are buying wheat rices above the market rate. It eared that the outery will put a ) the contributions of people charit bly inclined. Damage reaching $150,000 was inlicted last night by a fire in the ently constructed building of the Chicago Arc-Light and Power any at Washington street bridge, Chicago. The blaze was started wo electric light wires sagging ach other. The Excelsior Cork Cut ing Company was a considerable y the conflagration. RONCEVERTE. W. Va., Nov. ead end freight collision occurred he west end of town this morning o'clock, which resulted in thedestruc ion of two engines and several nd the death of Freman W. M. Carter, f Hinton, and the engineer of rain was pretty badly scalded. Sev ral brakemen were injured. perator's carelessness caused vreck. LEXINGTON, Va., Nov. 30.-A shoot ng affray occurred here Saturday ight in a disreputable house. nan unknown was shot in the 'he parties have been arrested,

19. December 10, 1891 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 10, 1891

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# THE LAWRENCE MEETING. Detailed Account of the Proceedings of the Boston & Maine. LAWRENCE, Mass., December 9.-At the annual meeting of the stockholders of the Boston & Maine Railroad in City Hall today, Lawyer C. S. Hamlin of Boston, representing stock and security holders to the extent of 4000 shares, offered the following motion: "Moved, that a committee of three stockholders be appointed to investigate and inquire into the circumstances of the large deposit of our funds in the Maverick National Bank of Boston, and to seek to ascertain whether or not our directors, by the exercise of proper care and diligence, should have withdrawn said deposit from said bank prior to its failure, said committee to report at a special meeting of this company to be held on February 1, 1892 in Boston. Moved, that a committee of three stockholders be appointed to investigate the accounts of the company, and to examine into the matter of leases of the Nashua & Rochester and the Manchester & Lawrenee railroads to ascertain in whose control these railroads were at the time these leases were entered into, who were the principal owners of the stock in the said roads at said time, and who were the principal beneficiaries under said contracts, and to ascertain who, whether or not, paid for said leases more than their fair earning capacity, said committee to report at a special meeting of this company, to be called on February 1, 1892, at Boston. "Whereas, our road owns more than half the stock of the Maine Central Railroad, and is, therefore, responsible for its past and future management and chooses its directors, it is moved that a committee of three stockholders be appointed to investigate and examine into the leases of the Hereford, Upper Coos and Knox & Lincoln and other roads by said Maine Central railroad with a view to aseertaining whether or not said leases will reduce the net earnings of said Maine Central and thus impair the dividends on our stock which have hitherto added over one hundred thousand dollars annually to our income account, said committee to report at a special meeting of this company to be called on February 1, 1892, at Boston." These motions were subsequently amended to read so that the investigating committees shall report at the special meeting designated or at the next annual meeting. The motions were adopted. The balloting for directors resulted as follows:

20. January 9, 1892 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 9, 1892

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Maverick Bank Cash Collections. BOSTON, Jan. 8.-The cash collections of the receiver of the Maverick National bank deposited with the assistant United States treasurer, for the benefit of the creditors, amount to 38.3 per cent of the deposits at the time of suspension.

21. February 19, 1892 The Providence News Providence, RI
Article from The Providence News, February 19, 1892

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What's in Potter's Trunk. BOSTON, Feb. 19.-Receiver Beal of th Maverick National Bank has filed his answer to the suit of Asa Potter in the United States Circuit Court, clerk's office. He claims that it is his duty, as he is advised, to examine the contents of the trunk to ascertain if there is any property of the bank or papers pertaining to its affairs in it. The key to the trunk he states he is informed is in the possession of the plaintiff or his attorneys.

22. July 27, 1892 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 27, 1892

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# MAVERICK BANK ASSETS. Court Decision Against the City of Boston's Right to a Share. BOSTON, July 27.-A tax of $12,096 levied by the city of Boston on Maverick National bank stock on May 1, 1891, and due Oct. 1 of that year, does not entitle the city to share in the assets of the bank in the hands of Receiver Beal. Justice Colt has given a decision in the United States circuit court dismissing the complainant's bill. The court, in an interesting opinion, says: It appears that as the time this suit was brought the assets of the bank were in the hands of a receiver, and that the property representing the capital stock had been swept away. This tax, therefore, if held to be valid, is not a tax upon the shareholders (such as the state is authorized to make) but a tax upon the assets of the bank, which belong to the creditors. If the tax is paid by the bank it can have no lien upon the shares of stock for repayment, as provided by section 10 of chapter 13 of the public statutes of Massachusetts, because the property representing such shares has ceased to exist. Under these circumstances I do not think that the receiver can be held liable for this tax, or that it is a provable claim against the assets in his hands. If the action against the bank under the statute makes the bank the agent of the city to collect the tax, or if the action is to be considered as a form of trustee process or attaching the funds of the shareholders in the hands of the bank, it is too late to bring suit after the funds are no longer in existence from which the bank can reimburse itself. Bill dismissed with costs.

23. September 15, 1892 The Evening Herald Shenandoah, PA
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# PRESIDENT POTTER'S TRUNK. Asked That it be Taken from Custody of the Clerk of the Court. BOSTON, Sep. 15. - Senator William E. Chandler, Chairman of the Senate Bank Investigating Committee, has written to Thomas P. Beale, Receiver of the Maverick National Bank, formally asking him to apply at once to the court for a revocation of its order placing President Asa P. Potter's trunk in the keeping of the clerk of the court. Testimony is cited in proof that a written engagement was entered into between Mr. Potter and his counsel by which Mr. Beale and Mr. Hutchins are to have at all times access to all the papers in the trunk. The committee do not understand that any agreement made in behalf of the United States by which the receiver and his counsel may examine this trunk and its contents while the Comptroller of the Currency and a committee of Congress are excluded therefrom. The Senator, therefore, asks Mr. Beale to procure access to the trunk, and allow an inspection of its contents by the committee.