The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-07-16
WEDNESDAY MORNING, JULY 10.
The Maverick National Bank.

What It has Accomplished in Six Years
a Long Step Forward in American
Banking-The story OF tile Four Per
Cents.-The Mavericks Enlarged Head
Quarters.
EYerywheIe among mercantile and trading
peoples the necessity of stable and efficient
banking system has long been recognized The
currents of commerce, the ebb and flow of
trade the development of speculative enter
prises, the subjugation Of the worlds wilder
nesses by colonization, the connection of the
remote corners of the earth by steam-power on
land and sea, and even the dread decisions of
peace and war, involving the fates of nations
and vitality changing the courses of history, are
one and all conferred, controlled and directed
from the bank parlors of Christendom.
The first bank ever established, that at Ven
ice, which opened its doors in the year HI,
sprang into existence out of the necessities of
the European governments engaged in the
crusades, and from that time to this the tie
between governments and bankers has
grown steadily closer. No European war is
commenced without consultation with the
Old Lady of Threadneedle street, and the Yer
rible Eastern question has more than once
hung upon the yes or NO. of the Roths-
childs. Hardly less important factorin Ameri-
can history is the modern banh.To Boston be-
longs the honor of having established
THE FIRST REGULAR BANK,
i'll the year 1884, seven years before Alexander
Hamilton's United States Bank was chartered.
From that time it is not too much to say
that from this city have come nearly all the
important advances in the science of banking
which have made our banks to-day not only Of
such immense service to the business commu-
nifty, but also to the national government in
the management of its vast financial operations
growing out of the war. Nor has the end of
Boston's influence upon American banks and
banking methods yet come. The recent
achievements of the Maverick National Bank,
comparatively young corporation, dating no
farther back than 1854, seem to foreshadow an
other long step forward. Much comment has
been excited in bank circles by the rapid
growth of this institution, and brief sketch of
what it is, and what it has done within few
years past, has public interest.
THEN AND NOW.
The beginnings of its present uneXampled
prosperity, strikingly shown by the fact that
its stock stands A 1 on the list of Boston bank
stock quotations, dates back six years. In 1868
it had $50 individual bank accounts represent
ing aggregate deposits to the amount of $780,
900, and it had no country bank accounts To-
day it has over seven hundred individual de-
positors whose accounts foot up $500 000 and
its country bank accounts aggregate $780,
hI1cin In, 2k,aco 1la oc;lx yIn,,o
ten clerks in small second story room on De-
Nonshire street. A change in the stock of the
Corporation at that time brought the present
able and energetic President to the front, sup
ported by a directorate, prominent among
whom was Hon. Jonas FL. French, that shared
with him the belief that the time had arrived
when a new departure in banking could be
safely and proftably undertaken. The present
commanding site on the corner of Congress and
Water streets was secured for new head-uuar-
tiers at a rent far in advance of that paid for
the old Devonshire-Street office; and SO large
that timid conservatism did not hesitate to Re-
gard the move as imprudent. Events have
amply justified it. In place of the ten clerks
that formed its working corps then it now
keeps thirty-four constantly busy, and so great
has been the increase of its business of all
kinds--deposits, discounts, loans and bonds
that it has now been compelled to materially
enlarge its quarters to provide for its expedi-
tiouS transaction.
THE SECRET OF SUCCESS.
The new policy, adopted six years ago and
which has led to these results, has nothing in
comprehensive about it. 1t was based on
recognition of certain obvious business facts
and the application of certain commemorative
banking principles. A bank is a public con-
venlence, the ready handmaiden of commerce.
the willing servant of trade. If it is not ali
these things then, as the French would say, it
has no Tdison a. etfe. 1t occurred to the man.
agement of the Maverick that it was possible
70 ,Ioro 4hai.
scope of its services to the merchants and trad
ers of Boston, They asked themselves whether
all had been done that could be done by a
bank to serve and accommodate its patrons,
and answered NO" The footing on which |
the depositor and his banker met, it seemed to |
them, was susceptible of broadening The old !
conservative banker, it was Just possible had
borne himself toward the depositor more stiffly
than need be, and had not readily granted
those accommodations which every man is
likely on occasion to need. There was a sort
OF circumlocution office established in the bank
and the customer was told to "call again. and
promised that 1T shall be laid before the di-
rectors'' when he might as we'll have either |
been accommodated or denied accommodation
on the spot In sentence, the Mavericks new |
departure may be summed thus: to treat |
money and security exactly as the wool mer-
chant treats wool, and grant to its customers |
ready accommodation ON that strictly business |
basis, without the slightest pretense of grant |
ing favors. and without, also, any needless cir
cumlocution. The wonderful growth of its |
business since it adopted this policy sufficiently |
attests its wisdom.
THE STORY OF THE FOUR PER CENTS.
A survey of the Mavericks progress to its
present leading position would, however, be |
very incomplete, if it omitted to note the |
remarkable and creditable part which it played |
in placing the government four per cent bonds |
on the market. The bank had something to
sell which the people wanted, and with an en- |
and nprSiStanoa which do
for business men generally to initiate, they |
went TO work and told everybody far and near |
what they had to sell. There never was bet
ter indication of the power of skilful advertis-
York bank, it has done more to sustain the
Secretary OF the Treasury in his gigantic task
OF refunding than any institution iu the coun-
try. In its characteristic spirit of enterprise
the Maverick responded readily to the call of
the government for BIDS and with a confidence
in the popularity of these securities which the
event more than vindicated, at once subscribed
for "a large amount. This was regarded as an
other innovation in banking, and again con-
servatism looked askance There was the
doubt whether the bonds would readily be
taken by the people, and as to how the carry
ing OF large quantity of them would affect
the general business of bank. The Maverick
measured the risk and accepted them. In the
result it has sold more than million dollars
worth OF per cents. in one day, and has ham
died within the thirteen past months over
$100,000,000 of United States securities. At
the present time its government deposit is
about six millions, it has been as high as
twenty-five millions. For the future the d.
rectors have determined to maintain a bond
department as a distinct branch of its business.
AS above stated, the bank has now been COM
PEELED to further enlarge its quarters and
glance at its internal arrangements as thus
improved is interesting
THE RECENT ENLARGEMENTs.
The side entrance has been changed from
Congress to Water street, and an additional
room 22a by 235 feet has been taken in.
The DnecGHs and Presidents rooms have
been arranged so that there is direct passage
from one to the other. The Presidents room
is furnished with electric bells and telephone
wires, communicating with every desk in the
bank. The total area, as enlarged, of the
main floor, is 60 by As feet, and an additional
vault has also been secured below The new
bond department will be reached from the cor
ner of Congress and Water Streets and the
Water street entrance will serve for the regu-
lar banking business.
The desks are now placed at right angles to
the counters, for the convenience of customers
In the Congress street corner is the Cashiers
room, which is richly designed and provided
q q nj Bln CTfrrRaI