7947. Maverick National Bank (Boston, MA)

View Charter #677 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
677
Charter Number
677
Start Date
October 25, 1891
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
40c93485

Response Measures

Capital injected, Full suspension, Books examined

Other: Receiver appointed; bank expelled from Boston Clearing House; associated banks agreed to advance funds to depositors.

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 experienced heavy withdrawals (a run) after the suicide of Irving Evans and accompanying street talk/rumors, suspended payment Nov. 1, 1891 under direction of the national bank examiner/comptroller, a receiver (Beal) was appointed, and the bank was later opened under the receiver (Dec. 1, 1891) for adjustment and delivery of receiver's certificates. Cause of run/suspension characterized as rumor/misinformation triggered by the Evans suicide and ensuing talk.

Events (6)
1. December 31, 1864 Chartered
Source
historical_nic
2. October 25, 1891 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals followed the suicide of Irving Evans and talk of the street, which magnified the bank's problems and precipitated withdrawals.
Measures
Clearing-house banks organized to advance funds to depositors; offers by associated banks to advance cash to relieve depositors; some banks brought reserves from New York to bolster liquidity.
Newspaper Excerpt
During last week more than $1,700,000 was withdrawn.
Source
newspapers
3. November 1, 1891 Suspension
Cause
Rumor Or Misinformation
Cause Details
Decision to suspend followed large withdrawals driven by talk and the suicide of Irving Evans; examiner/comptroller involvement led to formal suspension.
Newspaper Excerpt
The Maverick National Bank will suspend payment tomorrow morning ... the bank is closed by the national bank examiner, acting under the instructions of the controller of the currency.
Source
newspapers
4. November 2, 1891 Receivership
Source
historical_nic
5. November 2, 1891 Receivership
Newspaper Excerpt
The bank will be put in the hands of a receiver. ... Receiver Beal furnishes the following as the state of the Maverick National Bank ... (Receiver Beal).
Source
newspapers
6. December 1, 1891 Reopening
Newspaper Excerpt
BOSTON, Nov. 30.-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

Click image to open full size in new tab

Article Text

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 2, 1891 The Morning News Savannah, GA
Article from The Morning News, November 2, 1891

Click image to open full size in new tab

Article Text

A BIG BANK SUSP ENDS. The Maverick National of Boston Won't Open To-day. BOSTON, Nov. 1.-The Maverick National Bank will suspend payment to-morrow morning. The decision to close its doors was reached after a protracted conference of the clearing house committee of the Boston National Bank at 1 o'clock this It is morning. stated positively that the failure will not entail any widespread financial evils. The official announcement of the suspension was made by the clearing house committee this evening in & call for a meeting of the members of the clearing house to-morrow morning to take action upon a proposition recommended by the commissioners that all ,the banks composing the association unite in making advances in cash to the depositors in the Maveriok bank. The call states that the object of making these advence is to relieve the temporary embarrasement of depositors, and that the bank is closed by the national bank examiner, acting under the instructions of the controller of the currency. The immediate cause of the bank's suspension was the suicide of Irving Evans and the talk which followed it. The loss to the bank by its dealings with Evans 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 greater. The deposits in the bank ten days ago amounted to more than $10,000,000. During last week more than $1,700,000 was withdrawn. State Treasurer Marden withdrew some $90,000 of the commonwealth's funds, which were on deposit there. Other trust moneys were also taken out. The situation was fully realized by Mr. Potter and his associates. They met is manfully with all the resources at their command, but the pressure became too great.

3. November 2, 1891 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 2, 1891

Click image to open full size in new tab

Article Text

A CREDITABLE FAILURE. The Maverick National Bank of Boston Suspends. BOSTON, Nov. 1.-The Maverick National bank will suspend payment tomorrow morning. The decision to close its doors was reached after a protracted conference of the clearing house committee of the Boston National bank this morning. It is stated positively that this failure will not entail any widespread financial evils. The official announcement of the suspension was made by the clearing house committee this evening, in a call for a meeting of the members of the clearing house tomorrow morning, to take action upon the proposition recommended by the committee that all the banks composing the association unite in making advances in cash deposits in the Maverick bank. The call states that the object of making these advances is to relieve the temporary embarassment of the depositors until the bank is closed by the national bank examiner, acting under instructions of the comptroller of currency. The immediate cause of the suspension was the suicide of Irving Evans, and the talk which followed it. The loss caused the bank by dealings with Evans is not large enough to seriously injure it, being not more than $200,000, but the talk of the street made the loss far greater. The facts in the matter are in no sense discreditable to Mr. Potter. The deposits in the bank ten days ago amounted to more than $10,000,000. During the last week more than $1,700,000 was withdrawn. Friends of the bank's management assert that it will pay the depositors dollar.for dollar. A receiver will be appointed.

4. November 3, 1891 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 3, 1891

Click image to open full size in new tab

Article Text

Surprise in Philadelphia. PHILADELPHIA, Pa., November 2.-The Maverick National Bank transacted business with a number of Philadelphia banks. The news of its suspension caused some surprise. There were rumors last week to the effect that a Boston bank was in trouble. Some Philadelphia bank officers thought the Maverick of Bostou was solid and could not be hurt much by the speculative operations of the late Irving A. Evans. It was said today that none of the Philadelphia banks lose heavily, through the suspension. One prominent bank is a creditor for a considerable amount.

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

Click image to open full size in new tab

Article Text

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.

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

Click image to open full size in new tab

Article Text

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.

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

Click image to open full size in new tab

Article Text

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.

8. November 5, 1891 The Globe-Republican Dodge City, KS
Article from The Globe-Republican, November 5, 1891

Click image to open full size in new tab

Article Text

THE EAST. THE Massachusetts supreme court has set aside the famous Andover heresy verdict against Prof. Smythe on the ground that the trustees were not made parties. IT is announced in New York that the Tilden heirs have decided to devote $2,000,000 to the New York library proposed by the statesman. IMPRESSIVE ceremonies marked the consecration of Rev. Isaac Lee Nicholson to the bishopric of Milwaukee. The event took place in the Episcopal church of St. Mark's at Philadelphia, to which parish the newly made bishop has ministered for many years. THE American institute of architecture began its twenty-fifth annual convention in Boston on the 28th. C. B. STODDARD, who forged his way out of a Tennessee prison, has been caught at Jersey City. He is wanted at various points on different charges. CAPT. ERBEN, of the Brooklyn navy yard, declares that the United States L more than able to cope with Chili on the sea and not use half its navy. I SENATOR QUAY has ordered the initiation of libel suits, both civil and criminal, in connection with the Bardsley Keystone bank certificate publication. NATIONAL Trade District assemby No. 226, Knights of Labor, composed of New York street railroad employes, has resolved to withdraw from the order. CHARLES GILPIN, who was twice elected mayor of Philadelphia, died recently, aged 86 years. He was appointed United States attorney by President Lincoln in 1864 but was removed in 1868 by President Johnson. NEW YORK merchants interested in the Chilian trade look on the present trouble with grave misgivings. Some believe that England is behind it all. MICHAELIS SIMPSON and Theodore Weiss (known as Simpson & Weiss), cloak manufacturers of New York, have failed, with liabilities estimated at $180,000. The firm began business in 1870. CLINTON, Hunterdon county, N. J., was visited by a destructive fire, nineteen buildings, including society halls, store houses and dwellings, being burned. The loss was estimated at $100,000. A FIVE story flat occupied by six families in New York city was destroyed by fire. Loss $30,000. There were several narrow escapes. CAPT. ALGERNON HORNER, supposed to be connected with the British secret service, committed suicide in a New York hotel. THE New York immigration bureau officials were responsible for the marriage of a German brother and sister, though not knowingly so. SERIOUS charges are preferred by a committee of the council of Allegheny City, Pa., against Mayor Wyman of that city. THE Maverick national bank of Boston has suspended payment. BEVERLY, Mass., has suffered from a $200,000 fire. SENATOR QUAY has instructed his attorneys to sue the chairman of the democratic central committee of Pennsylvinia for $100,000 for libel in connection with the Bardsley certificate. H. A. P. CARTER, Hawaiian minister, died at New York on the 1st.

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

Click image to open full size in new tab

Article Text

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.

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

Click image to open full size in new tab

Article Text

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.

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

Click image to open full size in new tab

Article Text

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.

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

Click image to open full size in new tab

Article Text

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."

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

Click image to open full size in new tab

Article Text

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.

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

Click image to open full size in new tab

Article Text

TWELVE PAGES. THE NEWS THIS MORNING. Foreign.-Lord Salisbury spoke on foreign afThe fairs at the Lord Mayor's banquet. Province of Rio Grande do Sul, Brazil, has de clared its independence; discontent is general throughout the Republic. - The Italian Premier, Marquis di Rudini, made an important A cyclone which passed speech in Milan. over the Andaman Islands, in the Bay of Bengal, caused the loss of 137 lives. The Prince of Mr. Wales celebrated his fiftietà birthday. Edmund Yates writes of the World of London. Domestic.-The Democratic Boards of Supervisors in several counties of the State, it is expected; will refuse to count the votes for RepubliArguments can candidates for Senatorships. were heard by the Supreme Court at Washington on the Sayward case. Receiver Beal issued a statement of the resources and liabilities of the The Maverick National Bank of Boston. statement of the Bank Superintendent, Charles M. Preston, on the Ulster County Savings Bank, shows that its assets are 85 per cent of the liabilities. City and Suburban.-A band of bold and clever Exletter-box thieves was discovered. State Senator Thomas F. Grady was appointed Police Justice to succeed Henry Murra. The new building of the Mercantile Library was A lawyer living in Flatformally opened. bush, L. I., was shot and dangerously wounded by a crazy relative. Stocks were depressed by bear selling, based on fear of European complications; foreigners were inclined to buy and the closing was at a rally from lowest points, but unsettled in tone. The Weather.-Forecast for to-day: Warmer and partly cloudy, followed by rain. Temperature yesterday. Highest, 55 degrees; lowest, 45; average, 50 3-4.

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

Click image to open full size in new tab

Article Text

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.

16. November 13, 1891 The Forrest City Times Forrest City, AR
Article from The Forrest City Times, November 13, 1891

Click image to open full size in new tab

Article Text

HAD OVER EIGHT MILLIONS. Big Deposits in the Maverick Hank When It Went to Pieces. BOSTON, Mass., Nov. 11.-Receiver Beal furnishes a statement of the Maverick National bank, showing that according to its books at the close of business, Oct. 31, its resources were $9,687,846. As compared with Sept. 25 loans had decreased in the month before the failure by $330,000. The bond account was reduced by $117,000. The ash with reserve agents had been reduced from $963,000 to $289,000 and the loans to banks had come down from $1,047,000 to $796,000. The deposits at the date of the bank's suspension, including certificates of deposit and deposits of banks and bankers, aggregated $8,260,000, as against $9,910,000 five weeks before, a loss of $1,600,000 in deposits, of which $734,000 was a falling off in individual deposits and $500,000 a falling off in bank deposits, The Maverick had a very large business, its outward mail averaging from 600 to 800 letters a day, and the posting of 1,000 letters was not an unusual occurrence, but everything is found ithus far to have been systematically conducted and all accounts balance upon the books. The only difference thus far announced is the inadequate collateral behind loans to the directors. There was no blanket indorsement on file, as has been statedAll the notes and indorsements were properly and regularly made within the letter of the law.

17. November 15, 1891 Tombstone Epitaph Tombstone, AZ
Article from Tombstone Epitaph, November 15, 1891

Click image to open full size in new tab

Article Text

£28,000. This added to the £32,000 pounds he won in July makes a total of £60,000. On Friday last he cleared no less than £10,000 and broke the bank five times during the evening. Unlike most other players he never lost his head. MANERICK BANK. Boston-The Maverick National Bank did not open for adjustment of accounts today as has been stated. Receiver Beal says: "The bank will be open for adjustment of its business at the earliest possible moment, but 1 am not ready to name the day." WRESTLING MATCH. SAN FRANCISCO The Occidental Athletic Club has matched Bob Fitzsimmons, the prize fighter, and Joe Acton to wrestle for a purse of $1,000 on Nov. 30. INJURED. ROME-The bull fight at Castellamare, a city on the Gulf of Naples, was marred by a horrible accident. A stand containing 500 people collapsed One hundred of these wese badly injured and several it is feared will die. PREPARING WAR VESSELS FOR SEA. NEW YORK-Work on the men of war which are getting ready for sea at the Brooklyn Navy yard is progressing rapidly, and it is thought that the Atlanta, Bennington and Concord will be in readiness by Saturday night. SEAL FISHER'S CASE. WASHINGTON-The hearing in the Behring sea sealeries case in the Supreme court was resumed this morning. Solicitor General Traft continued his argument, Attorney-General Miller interrupted Mr. Taft in the course of his remarks to announce that it had been agreed to submit the controversy between the United States and England as to the seal fishery to arbitration and that official announcement of that fact would soon be made. SERIES OF BLUNDERS. LONDON-A Times special from Val paraiso says oi the recent war cloud hovering over Chili and the Unite States: The preparation of the Baltimore for action at midnight in a friendly port was an insult to the dignity and good faith of Chili and more so still are the declarations that Commander Schlev has just made in several quartere that war between the U. S. and Chili is viewed inevitable. There is absolutely no hostile feeling in Chil against the United States, but such a feeling may be brought about unless more prudence be displayed. The Cap tain of the Itata speaks with enthusasm of the public sympathy he received in California, in strong contrast with the vexatious conduct of th

18. December 8, 1891 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, December 8, 1891

Click image to open full size in new tab

Article Text

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

Click image to open full size in new tab

Article Text

# 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. December 27, 1891 The Sunday Morning News Jersey City, NJ
Article from The Sunday Morning News, December 27, 1891

Click image to open full size in new tab

Article Text

BUSINESS FLUCTUATIONS Some of the Most Notable Collapses of the Financial World. JANUARY. 5. Failure of Dueber Watch company. Canton. O.: liabilities, $450,000. 14. Failure of O'Donnell, Spencer & Co., lumber dealers at Saginaw, Mich.: $100,000. 20. Failure of the American National bank of Kansas City for $300,000. FEBRUARY. 18. Suspension of the American Loan and Trust company of New York: deficit of $656,000. MARCH. 20. Suspension of the Keystone National bank of Philadelphia. Failure of the banking house of Theodore Schwartz & Co. at Louisville; liabilities, $750,000. 23. Suspension of the Washington National bank in New York city; shortage. $148,000. MAY. 4. Failure of J.H. Lippincott, of the American Graphophone company and North American Phonograph company, for $100,000. 8. Suspension of the Spring Garden bank and the Penn Trust and Safe Deposit company in Philadelphia. 12. Failure of Levy Bros. & Co., clothing manufacturers, in New York, for nearly $1,000,000. 19. Failure of Satterlee, Bostwick & Martin. insurance brokers, in New York, for over $100,000. 20. Assignment of the Davis Shoe company at Richmond, Va.: liabilities, $3,000,000. 25. Failure of Potter, White & Bayley, shoe manufacturers, in Boston, for $1,000,000. JUNE. 4. Assignment of the Connell-Hall-McLester company, dry goods house, in Nashville; liabilities, $464,000. 12. Failure of the London and Liverpool Clothing company and Mack & Co. in New York; liabilities over $250,000. 22. Failure of Sax Bros., bankers, in Nashville, for $600,000. 25. Assignment of the wholesale shoe firm of Emile Marqueze & Co., in Boston; liabilities, $460,000. JULY. 11. Failure of Hard Bros. & Co., spring bed makers, in Oneida, N. Y., for $125,000. 13. Failure of R. M. Bingham & Co., wagon makers, in Rome, N. Y., for $225,000. 20. Suspension of the Merchants' National bank of Fort Worth, Tex.; liabilities, $500,000. AUGUST. 2. Assignment of Abraham Backer, commission merchant and note broker, in New York: liabilities, $4,000,000. 8. Assignment of the Masonic Savings bank in Louisville, owing $1,000,000. 19. Receiver appointed for the American Wheel company, of Chicago, which has plants in six different states; liabilities, $1,800,000. 21. Seizure of the assets of the Mexican Northern railway in New York on a claim for $109,000. 22. Failure of S. V. White & Co., grain speculators of New York and Chicago, for nearly $3,000,000. OCTOBER. 19. Assignment of Jonathan Stewart, of Trenton: liabilities, $329,000. 22. Assignment of the Bank of Lewisburg, Tenn. NOVEMBER. 1. Failure of Maverick National bank in Boston; liabilities, $8,000,000. 7. Supension of National bank of Corry, Pa.: liabilities, $740,000. 10. Assignment of C.B. Paul, Louisville, lumber dealer, for $200,000. 12. Assignment of H. B. Smith & Co., New York ship brokers, for $800,000. 13. Failure of Louis Adler, New York cloak manufacturer. for $150,000. S. N. Stroube, California horse breeder, failed for $150,000. 15. Failure of Bonner & Bonner, bankers, for $500,000, in Tyler, Tex. 20. Shortage of $133,000 causes closing of Milford (Mich.) bank 25. Failure of First National bank, Wilmington, N.C. 27. Assignment of New York banking firm of Field, Lindley, Wiechers & Co., with liabilities of over $1,000,000. DECEMBER. 1. Receiver appointed for Richmond, Nicholasville and Beattyville railroad, Kentucky; debt. $3,000,000. 11. $250,000 assignment by Francis H. Baker & Co., dry goods dealers of New York.

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

Click image to open full size in new tab

Article Text

# 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.

22. August 19, 1892 Pittsburg Dispatch Pittsburgh, PA
Article from Pittsburg Dispatch, August 19, 1892

Click image to open full size in new tab

Article Text

BUSINESS BREVITIES. THERE is a bad glut of grain at Buffalo. RUSSIA is about to remove all restristions on the exportation of grain. THE Canadian Government is hurrying up work on its own "Soo" canal. THE Tudor Iron Company, of East St. Louis, has signed the Amalgamated scale. DANIEL ENDSER, of New Brighton, Pa., has assigned. Of his creditors' claims of $6,000, one-half is due to his father. THE City Council of Battle Creek, Mich., has passed a resolution to cancel any municipal bridge contract where Carnegie material 1S used. CHARTERED yesterday: The American National Savings Fund Building and Loan Association of Erie, capital $1,000,000; the Iron Economy Fire Roofing Company, of Pittsburg, capital $50,000. AT yesterday's session at Boston of the United States Senate Committee investigating the failure of the Maverick National Bank, Chairman Chandler announced that the committee had decided that Asa P. Potter, ex-President of the bank, would be examined on matters not of a private nature. Mr. Potter admitted that he loaned money whereby Mr. Magruder made $30,000 a day in a sugar deal. Witness said: "I advanced money on a note signed by a friend of his, and he bought 1,000 shares of Sugar Trust for Mr. Magruder without knowledge of the latter. The loan was $65,000.

23. September 15, 1892 The Evening Herald Shenandoah, PA
Article from The Evening Herald, September 15, 1892

Click image to open full size in new tab

Article Text

# 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.