New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-03
THE STORY OF THE WRECK.
PROMPT ACTION BY THE BANKERS OF BOSTON
TO RESTORE PUBLIC CONFIDENCE.
IBY TELEGRAPH 70 TIE TRIBuAEI

IBY TELEGRAPH 70 TIE TRIBUsEI
Boston, Nov. 2.-Tlie chief topic in every circle in
Boston to-day has been the failure Of the Maverick Ma
tOnal Bank. 1t had for many years been the best
known bank in Boston, owing TO its large transactions,
the bold financial methods Of It's president and the
liberal Of printers ink in advertising. The Algon-
quin Club Sunday night seemed to be the head
centre OF gossip. action and conjecture about tho
great failure. The leading banks represented
there by their prominent officers and Messrs Butt, of
the Security; Billings Of the Globe, and Aldrch. of
the State, were giving to eager listeners solid financial
counsel. All OF stories floating about the
club rooms, and one startling, but unverifed rumor
burst out that the failure OF such nature rs TO
demand the attention Of the United States District
Attorney and that Mr. Potter, the Mavericks president
and Mr.. Worth, Its cashier. might be arrested.
one of the prominent Congress st. brokers said this
morning that he had loaned the Of his to the
bank Endorsements for large amounts, but he had
been advised by his lawyer that. consideration
had been given received, his liability indorser
nothing This may lead to litigation.
The scene at the Boston stock Exchange at the
opening this morning one OF great animation.
More than the usunl number Of brokers present
with coats thrown of ready for the 10 O'Clock to
give the signal TO begin business. Shouts went up tho
instant the gong sounded and things looked panicky
for q few minutes. The greatest excitement
around Atchison. Boston and Maine the West End
Land and Mexican central poles. These are all Specu-
lave stocks. and would be the first naturally 10
feet any outside financial disturbance. The rush was
of course. To sell. and price less considered than
the ability to sell For fifteen minutes the excitement
intense. But the disturbance had been exaggerated
Twenty years ago occasion Hike this the market
would have fallen from ten to twenty points, although
before night might have rebolnded to something
preaching the opening figures. But the day OF such
fluctuations has passed. They too prolific OF need
less loss and disaster. The failure had not come like
tuIndefbolt out Of clear sky. The stornl-clouds
had been gathering for days and most Of the brokers
had forecast the result Ever since the Evans Suicide
closest attention had been given to the affairs OF
the bank result the brokers had reduced their
balance 10 inin!tesimal figure. One prominent
broker said that his credits there less than $780,
and another large house happened as they put IT, to
have balance Of only SO 20. These facts helped the
market and the acton OF the Clearing House WAS
reassurng. The Boston and Maine Railroad corpora
tion has credited the street with having large
deposit In the Maverick Rank, but its general manager
and vice-prcsldent, Mr.. Furber said today
that he Is In anxious the outcome OF the
suspension. lie sald the only relation Of the road
10 the bank a. IA depositor. It, deposit Is about
81 200 900 month. Its total deposits are large, but
the amount temporarily locked up In the Maverick
Bank was only IA third Of a months receipts. not Of
sufficient magnitude to cause any embarrassment to
the road. special meeting Of tho directors of tho
road held this morning but adjourned without
being one Of entire confidence In the ability Of tho