Maverick National Bank
The Maverick National Bank was a bank in East Boston, Massachusetts, established in 1854.[1] and failed on October 31, 1891.[2][3] The bank had extended large loans to its president, Asa P. Potter, who used the funds for speculative investments.[4][5]
Much litigation followed the bank's failure, including Beal v. National Exchange Bank of Dallas and City of Summerville v. Beal. Potter was indicted for violations of the banking law.[6]
Nehemiah Gibson was a president and later a director of the bank.[1][7]
In 1897, the remainder of the bank's assets, which included many worthless stocks and bonds of already defunct companies, were sold at auction by R.L. Day & Co., a Boston-based banking firm resulting in $429 of proceeds.[8]
References
- ^ a b [1]
- ^ [2]
- ^ [3] Journal of Political Economy, 1899
- ^ Inside the Business Enterprise: Historical Perspectives on the Use of Information[permanent dead link], National Bureau of Economic Research Conference Report, 1992. ISBN 978-0-226-79204-0]
- ^ [Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England By Naomi R. Lamoreaux, National Bureau of Economic Research Published by Cambridge University Press, 1994. ISBN 0-521-46096-4]
- ^ [4] 155 US 438 (1894)
- ^ A History of East Boston Archived 2009-09-22 at the Wayback Machine, 1858
- ^ [MAVERICK BANK ASSETS SOLD.; Securities Aggregating $1,095,890 Auctioned in Boston Fetch $429]. New York Times, December 30, 1897
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