gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cfd03766d7b762fe
Response Measures
None
Description
Receiver appointed and bank closed; later liquidation paid creditors in full according to later reports.
Events (4)
1.November 2, 1891Run
Cause
Bank Specific Adverse Info
Cause Details
Suicide of Evans and suspension/failure of the firm I. A. Evans & Co., withdrawal of State deposits and trust funds precipitated heavy withdrawals.
Measures
Clearing house committee decided to close the bank; attempts to pay depositors as funds available were reported.
Newspaper Excerpt
These events ... 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, 1891Suspension
Cause
Bank Specific Adverse Info
Cause Details
Following the run triggered by the Evans failure and large withdrawals (including state and trust funds), the bank suspended payments.
Newspaper Excerpt
The Maverick Bank, of Boston, which suspended Monday morning...
Source
newspapers
3.November 6, 1891Receivership
Newspaper Excerpt
Mr. Beal has qualified as receiver of the Maverick bank, but has not yet taken out his commission.
Source
newspapers
4.November 9, 1891Other
Newspaper Excerpt
Making Ready to Resume Business ... Receiver Beal is preparing a statement to depositors which will be given to the press tomorrow.
Source
newspapers
Newspaper Articles (22)
1.November 2, 1891The Providence NewsProvidence, RI
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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, 1891Daily Kennebec JournalAugusta, ME
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Boston & Maine Had 100.000 There. BOSTON, Nov. 2.-It is reported today that the Borton & Maine railroad had $700.000 on d posit at Maverick bank to COVER the November dividends. General Man. ager Furber this afternoon stated that the road had but $400,000 in the bank at the time of suspension.
3.November 3, 1891The Portland Daily PressPortland, ME
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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.
4.November 3, 1891New-York TribuneNew York, NY
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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.
5.November 3, 1891Evening StarWashington, DC
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Effect of the Boston Bank Failure. DAMARISCOTTA, Mr., Nov. 8.-The announcement of the failure of the Maverick Bank, which held $40,000 of the funds of the First National Bank of this town, caused a run by the depositors and the bank has temporarily suspended payment. The bank is perfectly solvent.
6.November 4, 1891The WorldMartinsburg, WV
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The Maverick Bank, of Boston, which suspended Monday morning, was known as one of the "speculative" banks. Hence it is not necessary to speculate as to the reasons for its going down. Too much speculation in the "eye" is as bad for a bank in these days as it was for a prince in Hamlet's.
7.November 4, 1891St. Paul Daily GlobeSaint Paul, MN
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THE MAVERICK BANK. The collapse of the Maverick bank, in Boston, is an example of the sort of unpardonable failures to which the GLOBE alluded the other day. Banks very rarely fail if they do an honest banking business. No form of modern industry is freer from risks than theirs, or surer of steady profits. The banks of Minnesota, both in the city and country, which are carefully conducted, make from 12 to 20 per cent on their capital: and, while they have losses, they are able to pay their stockholders handsome dividends and put away a comfortable surplus year after year. The Mayerick bank appears not to have been of this sort. It advertised very extensively, and invited people to entrust their accumulations to it. It claimed to have large wealth and to be doing a conservative business. Its deposits aggregated big sums, and its customers were drawn from all classes of society. Many of them were business men who had no time to investigate, and who relied on what was told them, and others were women and children, who could not have investigated because they did not know how to. People on the inner circle, who knew the gossip of the street, were suspicious of the institution, and in private conyersation made wagers as to how long before it would close its doors. But the men. women and children who patronized it never heard this talk, and felt secure because the officers seemed enterprising and able men, popular in the community and prominent in social and church circles. When the crash came these officers said they were very much astonished; that "it was like a clap of thunder in a clear sky." And yet it seems that they have for a long while been engaged in illegal operations. They have used the funds confided to them in all sorts of foolish speculations. They have loaned vast sums to themselves on inadequate security, and on no security at all. They have bought real estate at much beyond its market value under the guise of mortgage paper. They have boomed suburban property with the fortunes of widows and orphans, and have used their standing before the world and their high-sounding advertisements in the religious press as instruments for the pillaging of the credulous and helpless. They have been at the bat for quite a while, and have made a good many runs. Now, however, they are under indictment, and the law is going to have its innings. This is as it should be. There is no crime SO terrible as the crime of those who, by mismanagement or dishonesty, rob their fellows whose confidence they have invited.
8.November 5, 1891The Dalles Daily ChronicleDalles, OR
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Article Text
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.
9.November 5, 1891News and CitizenMorrisville, Hyde Park, VT
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Article Text
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
10.November 5, 1891Crittenden PressMarion, KY
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BOSTON furnishes a bank suspension this week; it was the Maverick bank, and President Potter and Directors French and Dana are under heavy bond to answer the charge of misappropriating the bank's 'und. The only redeeming feature of many of the recent bank failures is that the dishonest officials are landing in the penitentiaries, a place pelculiarly fitted for such ruffled front thieves.
Maverick Bank Receivership. BOSTON, Mass., Nov. 6.-Mr. Beal has qualified as receiver of the Maverick bank, but has not yet taken out his commission.
12.November 10, 1891Daily Kennebec JournalAugusta, ME
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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, 1891The Morning NewsSavannah, GA
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Not the least strange part of the failure of the great Maverick bank in Boston was the fact that at the time of suspension the bank had on hand over $8,000,000 of deposits. It is the owners of that money who are howling for blood-or a little spot cash.
14.November 26, 1891The Morning CallSan Francisco, CA
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Heavy Failure. BOSTON, Nov. 25.-Colonel J. H. French has assigned. A prominent banker says he owed the Maverick Bank $800,000 and held $258,000 of its stock, which is valueless. His liabilities will amount to at least $900,000. His assets are large, but not suf ficient.
15.December 3, 1891Delaware Gazette and State JournalWilmington, DE
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A Maverick Cripple Resumes. Damariscotta, ME., Nov. 30-The First National Bank, which closed its doors on account of the suspension of the Maverick Bank of Boston, has resumed business and is transacting its affairs as usual.
16.December 6, 1891New-York TribuneNew York, NY
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NO MAVERICK BANK DIVIDEND TILL JANUARY. Boston, Dec. 5.-It is stated that the first dividend to Maverick Bank creditors will not be declared before January 1, The receiver deposited $50,000 with
17.July 27, 1892Evening JournalWilmington, DE
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Receiver Beal Wins. BOSTON, July 27.-Judge Colt dismissed the bill brought by the city of Boston against Receiver Beal, of the Maverick bank, to recover $12,000 taxes.
18.February 18, 1893The Neihart HeraldNeihart, MT
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Friday, Feb 10. Fire damaged Clarksville, Tex to the extent of $150,000. Four persons were cremated in a hotel fire at Cincinnati. Miss Mittens Willett, the actress, died at New York Thursday night A company to furnish Duluth and Superior a new terminal and transfer system is to be incorporated. Asa F. Potter, president of the bankrupt Maverick bank. Boston, has been convicted of false certification of checks. Minister Egan is making an effort to obtain from the Chilian government the privilege of running express cars on the state railroads. Senator Pettigrew has introduced a bill to ratify the agréement between the Rosebud and Lower Brule Indians in South Dakota, which, if passed. will have the effect of making the -Brules a part of the Rosebad agency.
19.May 23, 1893The Evening HeraldShenandoah, PA
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Negotiating for a Settlement. BOSTON, May 23.--The assignees of the estate of Irving A. Evans & Co. are negotiating with the receiver of the Maverick Bank for a settlement of the bank's claim, in preference to continued litigation.
Negotiating for a Settlement. BOSTON, May 23.-The assignees of the estate of Irving A. Evans & Co. are negotiating with the receiver of the Maverick Bank for a settlement of the bank's claim, in preference to continued litigation.
21.August 3, 1893Santa Fe Daily New MexicanSanta Fe., Santa Fe, NM
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Questions for Comptroller Eckels.
We would ask Mr. Eckels when any failure has occurred in the west that was so complete and disreputable as that of the Maverick bank of Boston, which occurred a year or two ago, or the Spring Garden and several other banks of Philadelphia, and what he has to say of the Plankinton in Milwaukee, and the other failures in that city and Louisville and other central points, and how the New York banks themselves would have gotten along if they had not resorted to the clearing house certificates. The west gots tired of these unwarranted flings and tells Mr. Eckels that had it not been for the disturbances caused by the collapse of the fraudulent "trusts" in New York and had eastern politicians and their western allies not undertaken their "campaign of education" by getting up a financial scare, there would have been no panic either in the east or west.—Kansas City Journal.
22.September 22, 1893The Providence NewsProvidence, RI
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THE acquittal OF asa POTTER. The acquittal of Asa P. Potter, president of the wrecked Maverick bank of Boston, by order of the judge of the federal court of appeals, ends the first and most important chapter of a most remarkable affair. The wrecking of the Maverick bank in the light of the facts that the charges of criminal acts brought against its officials could not be sustained and that the bank has paid 100 per çent. to its creditors, was apparently a useless piece of financial vandalism. Two district attorneys have labored zealously to convict Mr. Potter, and both have failed, chiefly because they could not prove the allegations upon which the indictments were drawn. Judge Putnam once ruled that the indictment against Mr. Potter was loosely and faultily drawn, and threw the case out of court, and again instructed the jury to find the defendant not guilty because the government had conspicuously failed to prove its case. The history of this case is replete with interest, and interesting theories. It is, for example, claimed by a large faction that the whole process of ruining the Maverick bank was the result of business jealousy. Certain bankers of Boston were displeased with the vigorous growth of the Maverick and determined to wreck it at all hazards. This seems a strange, almost preposterous, theory, but has much to support it. The raid that was suddenly made upon the Maverick seemed at the time unnecessary, and is now shown to have been unjustified, as the bank has met its obligations in full in liquidation. There is another theory, seeking to account for the failure of the prosecution of Mr. Potter. It is alleged that the present administration took up his cause and, through the kind offices of Hon. Frank Jones of New Hampshire, the appointment of Mr. Olney by the president as attorney general, the appointment of Mr. Sherman Hoar as district attorney has connived at the escape of Mr. Potter from the toils of the law. Neither of these theories are such as good citizens like to accept. It is not in the general interests of business to have one portion of a business combine to wreck another. It is opposed to all principles of good government to TaMipulate official appointments for the purpose of obstructing, or even directing, the course of justice. From whatever point of view it is approached the Maverick bank affair is a lamentable blow upon the fair business record of the city of Boston, and it seems all the more lamentable now that it appears that the bank was not insolvent and its wrecking was not inevitable or necessary.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
