New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-03
CLOSING PRICES OF BOSTON STOCKS.
Boston, Nov. ., 1891.
CLOSING PRICES OF PHILADELPHIA STOCK
THE MAVERICK BANK AFFAIR.


In the Suspension Of the Maverick National Bank
and its expulsion from the Boston Clearing House
Association there have been eliminated from the
financial situation in that city methods Of banking
which have long been the subject of the condem-
nation of conservative men. The bank has been
unique in that its management has been practically
in the control Of one man. whose speculative con-
nections with bold and even reckless operator.
now dead, have been well known among the best
informed men, and yet who was able to secure
an enormous line of deposits upon capital looked
upon as inadequate by prudent bankers What
ever may have ueen the immediate cause Of the
closing of its doors, il is certain that the banks
Suspension represents the results of former and not
development of present conditions. And it IS. N
some aspects, fortunate that liquidation is forced
at O period when the process Is certain To be more
favorable in net results than at any time within
the last year. This fact doubtless contributes TO
the distinct feeling of relief that Boston has at
last rid itself of institution whose methods
were dangerous and whose resources doubtless
were taxed to facilitate interests of its president.
Advices from Boston promise the localization
of the trouble. The bank is in the hands of the
Government and it is safe to assume that a man
of capacity and character will undertake
the winding up. 1t is well TO remember that even
in the cases OF some of the most unhappy failures
Of National banks, the Federal Banking Depart
ment has been able 70 work out liquidation far
more satisfactory than was at first deemed posi-
bic. The prompt action Of the associated Boston
banks in arranging Tor the protection Oh the ; 9e
confidence in the availability of the assets, and
will allay the apprehension that otherwise might
he felt The position Of both the New; YORK ana
the Boston banks is strong enough 70 defend the
money market from disturbance. In itself, the
extinction Of the Maverick Bank IS beneficial, ana
circumstances give assurance that the eXtrane0us
harm will be reduced TO minimum.
WHAT WAS DONE IN STOCKS.
A more active market than had been expected
On the day prior 70 the election was the conse-
quence Of the Boston developments. The recent
dulness Of speculation, the dominance of the pro-
fessional element, and the absence OF a hohuon
market made the position peculiarly susceptible 10
untoward occurrences. Yet the force of the news
from Boston was expended in the first hour, ana
the. disposition of prices was TO re-
spond TO normal conditions AS regards prices,
New-YOrk and w-England showed the greatest
sensitiveness TO the Eastern failure II ended down
! 1.2 per cent, but was dull Atchison was DE.
pressed to Al 3-s, but at AZ S-4, scored q hee
loss of only SIS per cent. Chicago, Burlington
and Quincy ended down ,is per cent %nes
ing figures. Heading ranked third in activity
on the list curiously enough, but the char
acter Of the selling may be detected In the re-
70 g - Is ai ST. Paul fA was wei in
price and down only 3-s per cent at me close
While net declines were general, they seldom ex-
The recovery from the early depression. began
with the word from Boston of the united action
of the banks TO provide for loans 10 depositors OF
the failed institution. Independent influence was
exerted by the declaration Of cash dividend Of 3
per cent for the half year by the Pennsylvania
Railroad. The previous dividend I'm Nay In
voved partial issue of scrip, so that the present
dividend is an increase of l-9 per cent in cash |
over the dividend Of November 1880. There was
an arrival Of over 100000 gold by the foreign |
-. n 10 600 still in transit An important an |
nouncement was that the Russian Government had |
prohibited the export of all cereals excepting |
wheat The September report of the Louisville |
and Nashville showed an increase of more than |
0 per cent In net earnings and the Western New
York and Pennsylvania reported surplus over |
liked charges for the year ended June SO of |
$44s, ls5. II.
TIE DAY N THE BOND MARKET.
Government bonds were entirely neglected, but
quotations. were steady as follows