New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-03
ITS EFFECT IN THIS CITY.

THE FAILURE OF THE MAVERICK HAD LITTLE
INFLUENCE HERE-SOME STRONG CRITICISM
The failure Of the Maverick National Bank did nos
have the effect In this city that would usually be eX
pected from a crash Of such magnitude. In the first
place. the Street had been filed with rumOrs OF the
impending trouble OF the bank result Of
the failure and suicide OF Irving 4. Evans. 1t was
known that Asa Potter the president OF the institu
tion had been closely connected with Evans In some
OF his boldest ventures and had not out seattle
less. Evans n debtor of the bank TO the extent
OF almost 100000, and the story Of his troubles
turned attention at To the Maverick Bank. Sus-
picion allayed somewhat last week, by kilograms
from Boston stating that the bank In question had
Increased the baa" ces 10 its credit in that city.
Nevertheless, the Maverick National was known to
be one-man" bank and It's methods were considered
to he not at all those Of conservative Institution The
liberal c,5counting Of commercial and accommodation
paper, the unusual methods taken to gain business the
heavy expenditures Ct the Institution. and the lavish
manner of life Of It's president were all pointed out as
fatal weaknesses at least grounds OF strongest
lection. As consequence, little astonlshnent was
manifested yesterday when the Of the failure be
came generally known. In all their vicissudes the
spectators OF the Maverick National had never been
large borrowers, so far as is known from New York
financial institutions Balances to their credit were
found at al the banks In this city that were core
spondents for the Maverick and the Of the failure
was not deemed worthy official notice from the Finance
Committee OF the Clearing House Association There
was, If anything, feeling OF relief that the financial
world had gotten rid Of an institution that could com
bne methods contrary to usual banking standard,
with marked in getting together en- enormous
business.
Tie effect Of the failure on the stock market was
most marked during the first hour when there was
general decline. averaging per cent The action of
the Boston banks however. with several outside inan
ences, sufficient to effect recovery that reduced
the general net decline to a small fraction Some
stocks I'm which BOst operators had been largely I'm
teresed were the most affected. New York and New
England showed loss OF l =. and AtchisOn Toneb,
and Santa Fe net loss OF 5s Chicago Burlington and
Quincy ended wn -. and Philadelphia and Reading
rallied 10 30 after early break TO 3sl- There
was general activity in the market selling orders
from Boston being strong influence.
The New-York correspondents Of The Maye,ic, M
tlOaal iIank the First National the Chase \,
tiOnal, the United states National and the NatIonol
Bank Of the Republic George +. Baker the president
Of the First National said yesterday that the Maverick
had large balance Ia ts credit In that institution I'm,
that It did reach S500.oOO a. reported The
balances Of the suspended Boston Institution with H.
oher New-Yorlt respondents were small Tho
failure had a slight effect only the banks OF this
city. The Finance Committee Of the Clearing IIou,e
Association talked over the case informally end de-