7941. Maverick Bank (Boston, MA)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: November 2, 1891
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: 04e334b8

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Receiver appointed and later litigation; substantial embezzlement/misconduct by officers.

Description

Contemporary articles report a run by depositors after adverse revelations (suicide of Evans, suspension of Evans & Co., and misappropriation/speculation by directors). The Clearing House committee closed (suspended) the bank in early November 1891; a receiver (Beal) was appointed and the bank remained in receivership and wound up (creditors later received dividends). Dates are taken from November 1891 reportage; receiver appointment and ongoing receivership appear in early November 1891 and subsequent months.

Events (3)

1. November 2, 1891 Run

Cause: Bank Specific Adverse Info
Cause Details: Run triggered by failure/suspension of Irving A. Evans & Co., withdrawal of State deposits and revelations of misappropriation/speculation by directors (Asa Potter) undermining solvency.
Measures: Clearing House committee decided to close (suspend) the bank; management/receiver paid depositors as funds allowed and pledged to pay depositors as fast as possible; some banks agreed assessment plan though Washington National refused.
Newspaper Excerpt: These events, coming with the withdrawal of the State's deposits and of other trust funds, caused a run of private depositors, and yesterday the Clearing House committee decided that it was necessary to close the bank.
Source: newspapers

2. November 2, 1891 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed by Clearing House committee after heavy withdrawals following discovery of large deficits caused by speculative borrowing and misapplication of funds by directors and related firm failures (Irving A. Evans & Co.).
Newspaper Excerpt: The failure of the Maverick Bank in Boston... caused a run of private depositors, and yesterday the Clearing House committee decided that it was necessary to close the bank.
Source: newspapers

3. November 5, 1891 Receivership

Newspaper Excerpt: Potter has made an assignment to ex-Mayor Heart and H. D. T. P. Beal, president of the National Bank, of Boston, selected as receiver. ... The receiver has deposited with the United States sub-treasury $90,000, making a total of $2,300,000 now standing to the credit of the bank's creditors. (reports Nov. 5 and later).BOSTON, Nov. 9 -... Receiver Beal is preparing a statement to depositors (Nov. 9).The receiver of the Maverick Bank recently deposited $20,000 more... making in all $6,210,367 realized from the assets since the bank failed. (Oct. 14, 1892).
Source: newspapers

Newspaper Articles (22)

1. November 2, 1891 The Providence News Providence, RI

Article from The Providence News, November 2, 1891

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THE MAVERICK BANK. The failure of the Maverick Bank in Boston seems to have been caused in large part by the suicide of Evans and the subsequent suspension of the firm of I. A. Evans & Co. These events, coming with the withdrawal of the State's deposits and of other trust funds, caused a run of private depositors, and yesterday the Clearing House committee decided that it was necessary to close the bank. The losses to individuals will be limited. The conservative estimate of the committee places the probable dividends to creditors at 75 cents on the dollar, while friends of the bank assert that it will pay in full. In either event, the failure will hardly have a very marked effect upon the market, as it has been fully discounted since the Evans failure.

2. November 3, 1891 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, November 3, 1891

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THE MAVERICK BANK FAILURE. How the News of the Suspension Was Received Here. The Maverick bank failare in Boston was the principal topic of conversation in financial and business circles yesterday. The Casco National bank of this city is the correspondent of the Maverick in Portland. A PRESS representative called on Cashier Goding yesterday morning and asked Mr. Goding if the Maverick's troubles would affect the Casco. Mr. Goding said, not in the least. Mr. Goding was asked the amount of the Casco's deposit with the Maverick, and replied that was a private matter and he could not give the figures. He would say this, that sometimes the Casco had no money on depositi in the Maverick, and at other times a large sum. Fortunately the sum on deposit at present is not large. Mr. Goding said if his bank had any idea that the Maverick intended suspending a new correspondent would have been obtained in time to prevent the Casco's checks and drafts meeting with closed doors yesterday mornin Tue Shoe & Leather National has now become the Casco's Boston correspondent and will take care of all checks and drafts on and after today. A prominent bank director said the failure would probably prove annoying to many banks in Maine, east of Portland, because so many transacted business with the Mayerick A despatch from the Boston correspondent of a well known banking firm of this city, received yesterday afternoon, stated that the Boston banks bad'decided to support the Maverick, and that that bank would resume business. These Maine banks have accounts with the Maverick: The Bath National, Bath Savings Institution, Bucksport National, Burrill Nationaof Ellsworth, First National of Ellsworth, Hallowell National, Casco National of Portland, Richmond Savings Bank, Camden Savings Bank. People's National of Waterville, Augusta National, First National of Augusta, First National of Auburn. Merchants National of Bangor and the Bar Harbor Banking and Trust Company.

3. November 3, 1891 New-York Tribune New York, NY

Article from New-York Tribune, November 3, 1891

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A NEWBURG BANK CAUGHT IN THE RUIN. Newburg, N. Y., Nov. 2.-The Quassaick National Bank here had deposits with the Maverick Bank of Boston amounting to $24,646 09. The Quassaick expects to get back the whole or part of its deposits, and in any case can stand the loss without inconvenience. It has a surplus of $200,000.

4. November 4, 1891 The Morning Call San Francisco, CA

Article from The Morning Call, November 4, 1891

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THE MAVERICK BANK. The Maverick Bank of Boston, which has just gone to the wall, enjoyed a business and prestige far beyond what its capital warranted. That was only $400,000. A year ago it showed a surplus and undivided profits amounting to about $1,200,000 more. But even this would hardly explain a deposit line seldom falling below ten and sometimes reaching thirteen million dollars. The explanation of the anomaly is the reputation which the bank had acquired during a long series of years for conservative and prudent management. Its decline and fall is the old story. Asa Potter and one friend acquired by purchase 2500 of the 4000 shares of the bank capital, thus giving them absolute control of the institution. They then proceeded to borrow from the bank, and in a short while Potter and his friend had borrowed the whole capital and surplus and something like a million of the deposits. With the money thus obtained they proceeded to speculate. and the speculations turning out badly, as they usually do in such cases, they ran along until a triffing accident a petty quarrel with another bank president-led to an investigation and the catastrophe came. It now appears that the bank owes some five or SIX millions over and above its assets, and besides what may be realized from Potter's property. In Eastern cities the rule is that when a bank fails other banks assess themselves to make good the deficiency in its balance sheet where that deficiency is not too large. But in this case the Boston bankers do not feel disposed to levy an assessment of five or six millions on their stockholders. They will probably let the Maverick down without interference. It will be a blow to Boston pride and a shock to the conservative instincts of Bostonians, but the blow and the shock can be bettor borne than an assessment of five millions. When explosions of this kind occur the public foam at the mouth over the dereliction of duty by Bank Examiners and Bank Directors. As a matter of fact, Bank Examiner Magruder reported, as long ago as last January, that the bank was in an unsafe condition, but the Comptroller of the Currency took no action, and when the failure occurred Mr. Magruder fell down dead. As to Bank Directors they are generally figureheads, who rely upon the President and Cashier for the conduct of the business of the bank. They are chosen because they have been well-advertised in the mercantile community. and are generally esteemed to be men of probity and character. But scarcely one in ten of them ever takes any active part in the administration of the affairs of the bank. He has his own business to attend to, and he is far less familiar with the details of banking than the Cashier who is paid to know them. If the Maverick Bank had been doing business west of the Missouri Valley, its collapse would have been ascribed to wild Western business methods. The Boston papers would have abounded in homilies on the reckless ways of Western financiers, and would have pointed out how differently things are managed in sedate and conservative New England. One can fancy the grave counsel which the Boston Post and Traveler would have served up for our consumption. These New Englanders are now realizing that bank failures are not like social usages, a matter of meridian; and that in the oldest and wisest societies men will try to get hold of other people's money, and if they succeed, will often make away with it. It used to bei said that von could

5. November 5, 1891 New-York Tribune New York, NY

Article from New-York Tribune, November 5, 1891

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870 27½ Amer Cotton on 284 27½ 27½ 155 51% 513, Amer Cotton on of 524 52½ 9,730 42½ 42½ 434 12% At Top & S F 2,180 82½ 834 83% Amer Sugar Refs 82½ 12.670 574 Chic Gas Co 57% 58½ 5714 7,530 82% 81% B1% Chic I & P 8212 6,570 984 Chie B & Q 97% 9812 974 10 58 58 58 58 Can Southern 100 3112 31½ 31½ 31½ C H V & Tol 10C 25½ Ches & Ohio 2512 23½ 2512 100 71 71 71 71 CC C & St L 20,960 75% Chie M & St P 75% 761g 751g 50 114½ 114½ Cent of N J 114½ 114½ 5,800 1397g Del L & W 1404 1897g 140% 2,590 79 784 Louis & Nash 78% 784 220 5912 Mo Pecific 59½ 5934 59% 250 93 93 934 98½ Nat Cordage 200 18 18 North Ain Co 18% 18% 700 30 30 29% 303g N Y L E & W 1,200 37½ 37's 38's N Y & N E 38½ 40 274 Nor Pacific 274 27'4 274 4,240 73 73 Nor Pacific 7334 737g pf 200 20 20 19% N Y C & St L 19% 220 19 19 19 19 IN Y o & W 100 19½ 19½ Peo Dec & E 19½ 19½ 10 87 87 37 37 Pacific Mail 5,790 387g 3878 394 8934 Phila & Read 1,060 14 187g 14¹₈ 144 Rich & W Pt 780 11% 11½ 18½ 13½ Texas Pacific 40 5,000 40 40% 40½ Union Pacific 50 28.g 287s 28's 28% Wabash pf 10 82 82 82 82 West Union 100 37% 3734 3734 373, Wheel & L E 100 7714 7714 77% 7714 Wheel & L E pf 89,085 Total shares sold MINING STOCKS. 100 .04 .64 .64 .04 Caledonia B. H 400 .17 .17 .17 .17 Comstock Tun 30 1.50 1.50 1.30 1.50 Eureka con 100 .14 .34 .14 .04 Leadville 500 .50 .50 .55 .55 Mutual S & M 100 .43 .43 .43 .48 A Phenix of 500 0 .40 .40 .40 Robinson .02 2,000 .02 .02 Sroshene ) 100 1.30 1.90 1.90 Union con 250 1.35 1.85 1.35 1.35 Yellow Jacket 4,100 Total sales BC NDS. $23,000 6414 6418 6414 641g Atch & Top S F inc 8,000 884 8314 8814 8314 4s Atch & Top S F 3,000 1014 1014 1014 1014 BC R & N 1st 5,000 107½ 1078 10712 1078g Can Southern 1st 87 87 4,000 87 87 C Hock Valley 5s 7,000 7834 783, 7834 78% Chic & N P 58 10,000 69 69 69 69 Mob & O genl 79 5,000 79 79 79 Mo K & T 1st 3,000 82½ 82½ 82½ 82½ Ner Pac 58 5,000 834 834 8314 834 Phil & Read gen'l 70 4,000 70 70 70 P & R 1st pf Inc 5,000 51 51 51 51 P & R 2d pf inc 5,000 88½ 88½ 38½ 38½ P & R 3d pf ine 2,000 69½ 6912 6912 6912 Peo D & E 2d 4,000 57 -2 5712 57½ 57½ Rich & W Pt 5s 67 5,000 67 67 67 St L South 1st 7,000 29ª 298g 29% 293g St L South 2d 84 7,000 84 8412 84½ Tex Pac 1st 37,000 8014 3014 311₈ 31¹₈ Tex Pac 2d 101 2,000 101 101 101 Wabash 1st $153,000 Total amount CLOSING PRICES OF philadelphia STOCKS. Ask. Bid. Bid. Ask. 6978 50 P & R 1st of 5s 49% Lehigh Valley 5012 5084 P & R 2d of 5s. 487₈ 4834 Leh o & N Co 38 3734 P & R 3d of 5s 544 54 Penn R R 83½ 8314 P&RGM4s WHAT WAS DONE IN STOCKS. Wednesday, November 4-p. m. The dull heaviness of the stock market to-day was the natural consequence of the Maverick Bank exposure in Boston. In the face of this disgrace other events were of little importance. The defeat of free silver coinage in Ohio and of political heresies in other States, the European confidence in American railway securities and the sound basis of increased tariff and earnings-these favorable influences were counteracted by the fact that a large National bank had been robbed by speculative directors. The uncertainty which was caused by the first announcements was heightened by the knowledge that the condition of the bank had been known to the Controller of the Currency for several months. The failure may have been precipitated by the suicide of Mr. Evans, but it was not caused by it. The wreckers of the bank are still alive and although they may be under the care of Federal officers, they are permitted to enjoy their homes. It is no wonder that in such circumstances doubt should be entertained whether the end of the complications has been reached. A run on a Boston savings bank and the temporary suspension of a small National bank in a Maine village may be accepted as indications of the many misfortunes which may follow the collapse of the Maverick Bank. The flurry in the money market was directly attributable to apprehension caused by the failure because shipments of money to Boston have been made necessary to support the reserves of other institutions. legger.

6. November 5, 1891 The Dalles Daily Chronicle Dalles, OR

Article from The Dalles Daily Chronicle, November 5, 1891

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Condition of the Maverick Bank. BOSTON, Nov. 5.-A run on the five cent saving bank was continued this morning. Examiner Ewer reports $2,500,000 in cash in the Moverick bank vaults and collections still coming in. Much of the paper in assest will prove available and is marketable. Outside of the bank there is a crowd of people, mostly foreigners, waiting to get into the bank or selling their accounts to speculators at 95 cents on the dollar. President Evans says they will pay the depositors who desire their money, as fast as possible.

7. November 5, 1891 News and Citizen Morrisville, Hyde Park, VT

Article from News and Citizen, November 5, 1891

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and the receiver will have to whether the clearing house nittee have dealt too rigidly in ating the bank's assets or not. neaviest losses it is understood, on large loans to Mr. Evans, somewhere near $500,000, ollateral for which the clearing committee does not rate very Potter has made an assignto ex-Mayor Heart and H. D. T. P. Beal, president of the National Bank, of Boston, selected as receiver. There not a word been breathed the intergrity of the examinMr. Magruder has been a victim ight's disease for years, and for weeks has been almost totalHe was kept informed as facts of the Maverick's tround there is little doubt that the intensified his malady. effect of the suspension of the has been discounted by the banks, and it is unlikely that ollapse will result in anything temporary financial uneasiAs President Newman says: only is the surp[us ($80,000) but the undivided profits 0,000) and part of the capital. deposits in the bank ten days amounted to $10,000,000. last week more than $1,700,withdrawn. Maverick bank did considerVermont business, and was a correspondent of 21 banks in state. Some of its stock was in Vermont and the holders it was gilt edge investment. Maverick offered special induceto country customers, and its mmodations were so liberal that a good share of the country Many Vermont banks money on deposit at Maverick, is believed no one bank had on deposit there to cause any The Banker's Directory for gives the Maverick as a Boston spondent of these banks in VerBank of Barre, National bank of Barton. nington County National bank of BenNational bank of Bennington National bank of Brandon. ington Savings bank of Burlington. National bank of Chelsea. bank of Chester. National bank of Fair Haven. bank of Lyndon. National bank of Montpelier. National bank of North Bennington. thfield Savings bank of Northfield. Black R. ver bank of Proctorsville. National bank of Rutland

8. November 6, 1891 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, November 6, 1891

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COL. FRENCH IN JAIL. His Wealthy Friends Will Not Come Forward. BOSTON, Nov. 5. - Col. Jonas H. French, in default of $75,000 bail, has been committed to Charles street jail. Since his arrest on Monday he has been in the custody of the United States marshal, and has been making strenuous efforts to obtain bail, but the man who a short time ago was surrounded by influential, financial, political and social friends found his closest associates SO far out of his reach when disaster came that not even the few thousand dollars needed to keep him out of jail could be found by himself or his counsel. But two men presented themselves to sign the bond of $75,000 required to secure him his liberty, and neither was nearly qualified to assume the responsibility. During the day John Stetson was applied to by a friend of Mr. French and he said be would furnish bail providing $75,000 in good securities were placed in his hands as an indemnity in case French forfeited his bonds, The friends of Col. French, who were willing to give an indemnity bond, have been engaged nearly all day in efforts to comply with Mr. Stetson's requirement but were unable to make the necessary arrangements and the commitment was made early this evening. The run on the Five Cent Savings bank is more apparent outside than inside the bank. About fifty people only are admitted to the bank at one time. Outside of the bank there IS a crowd of people, mostly foreigners, who are waiting to get into the bank or are selling their accounts to speculators at 95 cents on the dollar. President Eavns says that the trustee met last night and decided to take no action on the sixty-day clause, and they will pay depositors who desire their money as fast as possible. The bank is paying its depositors practically in gold. Examiner Ewer reports that there is now $2,500,000 in cash in the Maverick bank vaults, and collections still coming in. Much of the paper in the assets will prove available and marketable. The Washington National bank will not sign the agreement of the Boston banks to assess themselves 3 per cent of their loans, to relieve the depositors of the Maverick bank. The other banks will probably all sign. There is a diversity of opinion among bankers as to the practical working of the plan. The firm of Thomas Dana & Co., wholesale grocers, dissolved yesterday, owing to the Maverick bank complications. It is stated that of the $400,000 borrowings of Dana & Co. of the Maverick bank, Mr. Dana received only $100,000. The rest was received by the company, which will pay in full. Saving Bank Commissioners Chapin and Locke addressed the crowd that was gathered in and about the band today, assuring the depositors that they were only injuring themselves by withdrawing their money; that the bank was solid as a rock, and that the commissioners knew from personal investigation that if every depositor was paid in full the bank would have $1,500,000.

9. November 6, 1891 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, November 6, 1891

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Smith K. Randall has transferred the livery stable property at Springfield, occupied by Hart & Dodge to Isaac Dodge, who has deeded it to Adna Brown, in behalf of the hotel company, by whom it will be remodelled and run in connection with the hotel. The price was $2700. C. E. Richardson, president of the First national bank at Springfield, has gone to Boston to look after the interests of that institution, which had $10,000 deposited in the defunct Maverick bank. Thomas Dana, one of the directors who has been arrested, is the nephew of B. F. Dana of Springfield. J. Goux had his leg broken above the knee while cutting logs on the mountain at Bondville one day last week. Hiland Babbitt of the same town has recently been taken to the insane asylum at Brattleboro. It is estimated that 200 perch of stone will be used for the foundation of the new hotel at Springfield. A fine quarry has been opened on the old Johnson farm about two miles from the village, from whence the stone will be hauled. In opening this quarry it is said that fine flagging stone have been found about four inches in thickness and nearly as smooth as if hewn. It is now proposed that these stone be used for sidewalks, in preference to cement or concrete. The marriage of Carl Sidney Bishop, general secretary of the Fitchburg, Mass., Y. M. C. A., and Miss Jennie F. Maynard of Keene, N. H., took place in the First Congregational church at that place on Wednesday afternoon of last week. Mr. Bishop is the son of Capt. Bishop, a former station agent at South Vernon. The young man fitted himself for his present work by several years' study at Mt. Hermon. Charles Tuttle has sold his farm in the south part of Manchester and moved to Somerset, where he has a job drawing logs. C. M. Ward of Cavendish succeeds J. M. Whalen as station agent at Vergennes. Curtis Quimby, who has lived in Lyndon for 43 years, has recently moved to Springfield, where he is to work at his trade as blacksmith. J. M. Sheehan, a grocer at Proctorsville, is financially embarrassed, his liabilities being about $1200.

10. November 7, 1891 Passaic City Record Passaic, NJ

Article from Passaic City Record, November 7, 1891

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LATER NEWS. FREEHOLDERS MULLEN and McGinnes, of the County Board, were struck by a fast Pennsylvania train while driving across the Market street crossing, in Newark, N. J. The carriage was smashed to flinders. Mullen was hurled a distance of thirty feet and instantly killed, and McGinnes had a leg taken off. He was removed to the hospital, where he died that night. DESTRUCTIVE forest fires raged in the Connecticut woods, extending from Wilton to New Canaan. Several hundred acres have been burned over, doing a great amount of damage. An extensive forest fire burned for two days in East Concord. Conn., doing much damage. THE failure of the Maverick Bank has caused a run on the Five Cents Savings Bank of Boston, Mass. CAPTAIN ARTHUR R. YATES, United States Navy, died of heart disease at the Portsmouth (N. H.) Navy Yard. Captain Yates was commandant of the Portsmouth yard, where he had been stationed a little more than a year. WILLIAM Cox and his son of Wapella, III., attempted to deepen an old well. Both were overcome by gas and died. Six persons, including the captain, were drowned when the British ship Strathblane, from Honolulu, went ashore twenty-five miles north of Astoria, Oregon. Ex-Governor ALBERT S. MARKS, of Nashville, Tenn., died a few days ago. He was born in Daviess County, Ky., on October 16, 1836. THE Republicans won a sweeping municipal victory in Chicago, III. A STATEMENT prepared at the Treasury Department shows that there was a net increase in circulation during October of $33,810,125, and a net increase of $9,182,403 in the money and bullion in the Treasury during the same period. NOTICES of intention to contest the right to the seats of six members-elect to the House of Representatives in the Fifty-second Con gress have been filed with the clerk of the House. ADVICES from Yokohama, Japan, say that by the violent storm of September fifty-two lives were lost and thirty-seven hundred houses damaged. Seven hundred and eighty vessels were sunk. Great damage was done to crops. The loss to property is estimated at $1,000,000. A DISPATCH from Rio Janerio, the capital of Brazil, brings news of what seems to be little less than another revolution. Congress has been dissolved and martial law has been proclaimed at Rio Janeiro and throughout the provinces. The dispatch also announces that a dictatorship has been established in Brazil. THE run on the Five Cents Savings Bank of Boston, Mass., ceased. Colonel Jonas H. French, Director of the Maverick Bank of Boston, being unable to secure bail, was taken to jail in that city. FOURSTOCKMEN were killed and an engineer injured in a collision between two sections of a stock train a few miles south of Waco, Texas. THE Bank of Caledonia, Minn., has been robbed. About $6000 in cash was secured, besides notesand papers. The burglars stole horses and a carriage belonging to Asa Duprague, the head of the bank, and fled. THE "oldest man on earth," Hiram Lester, was married a few nights ago in the Opera House at Atlanta, Ga., a fee of twenty-five cents being charged to all who witnessed the ceremony. Hiram is 124 years old, and his bride, Mrs. Mary Mosely, is eighty-one. The old man fell in love with the old woman, who was matron of the Poor House when he was sent there ten years ago. He fell into the hands of fakirs, who hit upon the scheme of having them married in the Opera House, they sharing in the profits. DR. MOTT SMITH, of Hawaii, has arrived in Washington, and will represent Hawaiian interests there until a duly accredited Minister is appointed. THE Navy Department has concluded to use nickel-steel in the manufacture of all armor hereafter for vessels of war. SECRETARY F ROCTOR formally resigned his place in the Cabinet before leaving Washington for Vermont a few days ago. He has been appointed by Governor Page to serve the remainder of Mr. Edmunds's term in the Senate. PRESIDENT FONSECA has proclaimed himself Dictator of Brazil. Troops patrol the streets of Rio Janeiro. Many persons were killed in the riots. There is a disposition in certain districts to start an uprising. TYPHUS has killed 2000 of the Russian troops on the Pruth. FIVE railway employes and five British (soldiers were killed and thirty-one soldiers and four natives injured in a railroad accident between Bombay and Nagpur, India, caused by the breaking of a tire on the driving wheel of the locomotive. THE Liberal party in Chili won a sweeping victory in the recent elections. The Liberal electors met in caucus several days ago and nominated for President of Chili for the ensuing five years Admiral Jorge Montt. The nomination is equivalent to an election. Admiral Montt was a pronounced opponent of President Balmaceda.

11. November 8, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, November 8, 1891

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# The S # K # BANK False R tion KANSAS Company this morning. F. Blanchard cally the business $53,000 capital organized tors: A. B. A. Hare B. Watts and the East side to be in ness among of the directors telegraph bezzlement whole case Clark charge of property own, delivered B. A. Hare of money Blanchard priating Lucock, that $10,000 the college money came COREY. here this Corey Nat and create was believed vealed the by the order charge. statement deposits and due almost bank has paper for and in the able to meet in Pittsburgh source of comptroller up, in accordance branch bank deprive the ness and was present condition a run there depositors. NEW YORK national bank correspondent Chicago, made this morning tion to announce the credit "The writing ishly made. I note that government liabilities that activity and punish extent of the of a financial bank of Chicago bank is as BOSTON morning. Washington tion obtained knows nothing tional bank The run has ended. Thomas 000 and both Examin ing-houses financial erick bank progress Maverick committee ST. JOSE

12. November 10, 1891 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, November 10, 1891

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MAVERICK BANK Making Ready to Resume Business Preparing a Statement. BOSTON, Nov. 9 -Comptroller Lacey, Bank Examiner Ewer and Receiver Beal met at Maverick bank early this morning and had a long conference. Thirty-eight of sixty clerk formerly employed at the Maverick are in their places today. and the work of getting ready to open the bank for the transaction of business with the receiver will be pushed rapidiy. Receiver Beal is preparing a statement to depositors which will be given to the press tomorrow.

13. November 13, 1891 Shenandoah Herald Woodstock, VA

Article from Shenandoah Herald, November 13, 1891

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THE NEWS EPITOMIZED. Eastern and Middle States. FREEHOLDERS MULLEN and McGinnes, of the County Board, wera struck by a fast Pennsylvania train while driving across the Market street crossing, in Newark, N. J. The carriage was smashed to flinders. Mullen was burled a distance of thirty feet and instantly killed, and McGinnes had a leg taken off. He was removed to the hospital, where he died that night. DESTRUCTIVE forest fires raged in the Connecticut woods, extending from Wilton to New Canaan. Several hundred acres have been burned over, doing a great amount of damage. An extensive forest fire burnel for two days in East Concord, Conn., doing much damage. THE failure of the Maverick Bank has caused a run on the Five Cents Savings Bank of Boston, Mass. CAPTAIN ARTHUR R. YATES, United States Navy, died of heart disease at the Portsmouth (N. H.) Navy Yard. Captain Yates was commandant of the Portsmouth yard, where he had been stationed a little more than a year. THE run on the Five Cents Savings Bank of Boston, Mass., ceased. Colonel Jonas H. French, Director of the Maverie's Bank of Boston, being unable to secure bail, was to jail in that city. was J. GREGORY SMITH, Presiden mont Central Railroad, died O at his home in St. Albans, a few nights Vt.. of heart disease He was born in St. Albans on July 22 1818.

14. November 13, 1891 The World Martinsburg, WV

Article from The World, November 13, 1891

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# MAVERICK BANK CREDITORS. The Assets Are Impaired To The Extent Of $2,000,000. [Special to THE WORLD.] BOSTON, November 13.—The report of the bank examiner on the Maverick Bank to Controller Lacey shows that the bank's assets are impaired to the extent of $2,000,000. It is believed that the estates of the Directors and the bank's collateral will realize $15,000,000. By assessment on the stock-holders it is not expected that more than $100,000 can be collected. A rough calculation of the probable loss to unsecured creditors places the sum at about $100,000—not more than 75 cents each. The total amount received since the suspension and now in the United States Sub-Treasury is $1,1371,000. The bank had about two thousand accounts.

15. November 14, 1891 The Sun New York, NY

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# President Potter Beginning Life Anew in a Modest Way. BOSTON, Nov. 13.-Mr. Asa P. Potter has leased a $900 house in Brookline. He will withdraw his children from the private and send them to the public schools. He expects to engage in the brokerage business, for which his long experience with all kinds of commercial paper has admirably fitted him. A week from to-morrow all of Mr. Potter's stable outfit, horses, carriages, and harness, and even his setter dog, will be sold by auction. At the time of the suspension of the Maverick Bank Mr. Potter held 1,482 shares, of which he is said to have bought twenty during the week preceding the failure. Mr. French held 975, all of which were pledged as security for loans. Mr. Woods had sixty and Mr. Dana forty-two shares. With ten shares for Mr. Work, the minimum required for qualification as a director, there are accounted for 3,008 of the 4,000 shares. Of the remaining 902 shares 154 were held outside of Massachusetts and 748 by 100 small holders.

16. December 9, 1891 The Enterprise Wellington, OH

Article from The Enterprise, December 9, 1891

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into the rear end of a gravel train that was standing on the main track. THE southbound express on the East Tennessee, Virginia & Georgia railroad was held up on the 3d ard robbed by two masked men three miles east of Rome, Ga. The robbers secured $1,000 from the express car and escaped. FIRE started in a coal and lumber yard at Plainfield. N. J., on the 3d, and all the stock was destroyed, involving a loss of $100.000; insurance about $60,000. A dozen houses took fire and were more or less damaged by the flames. The total loss will probably foot up $150,000. LOUIS HARRIOr, the slayer of Mrs. Charles T. Leonard, who is now incarcerated in the county jail at Freehold, N. J., for the foul crime he committed near Atlantic Highlands a few days sgo, has at last confessed his guilt. Surr was entered against ex-Mayor Richard Pearson, of Allegheny, Pa., on the 3d for embezzlement. He is charged with retaining $794 of jail and workhouse commitments. THE 551 claims proved at the Maverick bank, Boston, aggregate about $1,800,000. The receiver has deposited with the United States sub-treasury $90,000, making a total of $2,300,000 now standing to the credit of the bank's creditors. JOHN T. STAPLER, a wealthy cracker manufacturer of Trenton, N. J suicided on the 3d by shooting himself, while making preparations to go on a pleasure trip to Bermuda with his wife. J. M. BENSON, treasurer of Bladen county, N. C., has absconded with $6,000 of the county's money and about $10,000 belonging to farmers in the county, which they had placed with him on deposit. BENSON C. HAZLETON, treasurer of the Order of the Royal Ark, which recently failed, and L. G. Powers, secretary of the same concern, were fined $200 and $400 respectively at Boston on the 3d for violating the insurance laws. Judge Sherman said he regretted that the law did not allow him to send them to prison. THE principal business block in Argyle, Mich., was destroyed by fire on the 4th. The loss was $100,000; insurance light. At St. Paul, Minn., on the 14th, the wall of a burned building fell upon fifteen workmen who were engaged in removing the debris from the scene. Seven of the laborers were killed and the remainder were terribly injured. THE strike among the miners at the Colorado Coal & Iron Company's mines at Crested Butte, Col., is still on, with no prospect of their going to work. Everything is shut down and the coke ovens are closed. Two hundred and fifty men are idle by the strike. EIGHT buildings were destroyed by fire at Blair, Neb., on the 4th, causing a loss of $100,000. AT Johnson, Neb., on the night of the 3d. a mob of masked men called at the office of Dr. P. H. Welfiey and after blindfolding and binding him, took him to an unused house and liberally laid on a coat of tar and feathers and gave him twenty-four hours to leave the town. He left. TWELVE barges loaded with brick, in tow of the tug Townsend, of the Cornell Towing Company, were upset when opposite Croton Point, N. Y., on the 4th and thirty persons are supposed to have been drowned. A TERRIFIC explosion occurred on the 4th in the Union Trust building in New York City. It was caused by a dynamite bomb exploding in the office of Russell Sage, the well-known financier. Mr. Sage was badly hurt, but will live. The man who threw the bomb, one of Mr. Sage's clerks, and two others were killed and many persons injured. The explosion was the work of a fiend who went to Russell Sage's office and demanded $1,300,000 from Sage and on being refused threw the bomb. THE business failures during the week ended December 3 number for the United States 304 and Canada 26, a total of 330, as compared with totals of 295 the previous week. For the corresponding week of last year the figures were 312. By an accident on the New England road near Boston on the 4th caused by a passenger train running into a freight train at a crossing, five persons were killed outright and another burned to death in the smoker, which took fire and was consumed. The passenger train on the Long Island road was passing on a track alongside at the time of the accident and it too crashed into the wreck, piling up three trains together. THE annual report of W. W. Farnam. treasurer of Yale university for the year ended July 31, 1891, shows that the university had received $343,734 in gifts during the past year. HARRY TAYLOR, a saloonkeeper, and Chris Yager, a farmer, were arrested at Port Huron, Mich, charged with counterfeiting. A quantity of the spurious coin, together with the metals used in its manufacture, were found on Taylor's premises. After the arrest Taylor confessed, implicating a number of others. MRS. CHARLES P. JOHNSON, of Wyandotte, Kan., has organized a band of adventists who have fixed Christmas day as the end of the world. She has about 800 followers already and has fitted up a residence magnificently, where she receives her friends and holds seances. An attempt was made on the 4th to

17. December 10, 1891 The Sun New York, NY

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# WHOLESALE INVESTIGATION. Boston and Maine Stockholders Want to Know About Some Leases. BOSTON, Dec. 9.-At the annual meeting of the Boston and Maine stockholders to-day. William C. Whitney and G. G. Havens of New York, Joseph H. White of Brookline, Mass., and Walter Hunnewell of Boston were elected directors in the place of Messrs. Sinclair, Sewall, and Potter. The other members of the Board were reëlected. A committee was appointed to investigate the lease of the Nashua and Rochester and Manchester and Lawrence railroads, and ascertain in whose control the roads were prior to the lease, who were the principal beneficiaries, and whether the Boston and Maine paid more than the earning capacity of these roads. The committee will report at a special stockholders' meeting to be called in Boston prior to the next annual meeting. The same committee will investigate the lease of the Upper Coos and Knox and Lincoln railroads, which are leased to the Maine Central, to ascertain whether said leases will not reduce dividends paid by the Maine Central. The committee will further investigate the circumstances of the large deposit in the Maverick Bank at the time of the failure and ascertain if the directors, in the exercise of proper care, shouldn't have withdrawn the deposit before the failure. The agreement of June 22, 1887, between the Boston and Maine, Boston and Lowell, and Nashua and Lowell roads was approved.

18. March 10, 1892 Bellows Falls Times Bellows Falls, VT

Article from Bellows Falls Times, March 10, 1892

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MASSACHUSETTS. An accumulation of wood gas in one of the large brick charcoal kilns at the Richmond iron-works furnace at Cheshire caused an explosion and the kiln was entirely demolished. John Hayes and Michael Larkin of Worcester, who were excavating a cellar March 2, were completely buried by the caving in of an embankment. They wer rescued finally and will recover. Four burglars were arrested at Weston after breaking into the grain store of Keefe brothers. The men were taken to Waltham and were held in $3000. They gave names as follows: Henry Evans of Middletown, Conn., Frank Carter of Rochester. N. H., Fred Carter of Eno, O., Frank Warren of Newton. Corporation Counsel Babson of Boston appeared before Judge Colt in the United States circuit court on a motion to have the case of the city of Boston against Receiver Beals of the Maverick bank set down for a hearing. The court assigned the case for the 12th. The city seeks to recover $12,500 for taxes on the bank's capital for 1891. The North Amherst church is to be equipped with new furnaces, and half the cost will be borne by Mrs. Fisher, wife of Rev. G. E Fisher. It was only two years ago that Mrs. Fisher gave this church a beautiful new organ from Steere & Turner, and painted the church. Mr. Fisher also offers $500 for a new library building for the village.

19. March 17, 1892 The Helena Independent Helena, MT

Article from The Helena Independent, March 17, 1892

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The Maverick Bank Muddle. BOSTON, March 16.-Another sensational litigation, in which the affairs of the Maverick bank and Irving A. Evans & Co. figure prominently, was started to-day in the United States circuit court, by the filing of a long bill in equity. Thomas P. Beal, receiver of the bank, is plaintiff, and Albert A. Pope. Paul H. Kendricks, William S. Bliss, of this city, Austin B. Tobey, of Cambridge. and Wilmot R. Evans. of Everett, defendants. The bill is the outgrowth of one of the indictments recently found against Asa P. Potter, wherein he is charged with misapplying and misappropriating, for his own use, several checks, notes and guarantees bearing the name of Irving A. Evans & Co., and amounting to several hundred thousand dollars. It is asserted in the bill that the total liabilities of the firm of Evans & Co. to the Maverick bank amounted to $641, 325. As collateral security the bank holds notes, bonds and securities.

20. July 14, 1892 Crawford Avalanche Grayling, MI

Article from Crawford Avalanche, July 14, 1892

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THERE WAS NEVER A QUESTION THERE was never a question as to the guilt of the officers of the wrecked Maverick bank of Boston. Proofs were abundant that they had used their positions for the purpose of looting the bank, and that they had rendered themselves liable to the penalties provided in such cases by the national banking law. The amount involved was more than $1,000,000 and there was proof that the inculpated officers had made sworn statements to the Treasury Department that were clearly false. There were unpleasant rumors at the time of the bank's suspension that the guilty parties had made their peace with the United States attorneys having the prosecution in charge. These have been justified by the recent dismissal of the whole case against the officers of the defunct bank on a demurrer raised to the pleadings of the Government counsel. It should be said that the attorneys whose complaint was thus successfully demurred to have asserted that the criminals will be once more brought to bar and their punishment made certain. But this is the speech of lawyers who had full knowledge of the case and displayed their inability or unwillingness to give such careful attention to the complaint as to have prevented the present disgraceful outcome. These gentlemen are warned that the very statement of the amount involved and the prominence of the guilty parties make the case the more serious so far as the honest purpose of the prosecuting attorneys is concerned. Because of this miscarriage of justice it will occur to many that not all the million dollars lost to the depositors and stockholders of the ruined bank was out of the control of the wreckers. They have probably placed some of it where it would do the most good to themselves.

21. July 16, 1892 The Providence News Providence, RI

Article from The Providence News, July 16, 1892

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News Condensed. An average crop is expected in Russia. Sir Charles Dilke waselected to Parliament. Orme won the Eclipse stakes of 10,000 govereigns. An incendiary fire caused $5000 loss in Newbury, Mass. Navajo Indians are destroying settlers' property in Manuelito. D. E. Lyons was appointed postmaster at North Windham, Conn. There is a strict quarantine in Puget Sourd against British Columbia. A receiver is to be appointed for the Vincennes, Ind., National Bank. The dynamite cruiser Vesuvius isashore on Sunken Meadow, East river. Two men were killed and five others injured by a boiler explosion at Hague, Florida. Mrs. Laura Westgate of New Bedford, who was so badly burned yesterday, died of her injuries. An assessment is to be levied on the stockholders of the defunct Maverick Bank of Boston. A little son of Joseph Mitchell of Old Orchard, Me., who was bitten in the face by a monkey, is in a critical condition. The Bagnol forests, covering a district seven miles long and four miles broad, near Cannes, France, have been burned. At. 12.30 o'elock yesterday Peter Daniels, colored, was hanged in the jail yard at Atlanta for the murder of Silvia Lyle. Louis Marshal was drowned while gathering driftwood at Waterville, Me. His body was recovered. He leaves a large family. The President has withdrawn the nomination of W. D. Crum to be postmaster at Charleston, S. C. The nominee was a colored man and his confirmation had been strongly resisted.

22. October 15, 1892 The Sun New York, NY

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Maverick Bank Creditors Sure of 84 Per Cent. BOSTON. Oct. 14.-The receiver of the Maverick Bank recently deposited $20,000 more at the Sub-Treasury on account of the bank's creditors, making in all $6,210,367 realized from the assets since the bank failed. The amount on balance now after payment of the 80 per cent. declared in dividends is over $300,000. This is more than enough to pay a 4 per cent. dividend.