The Providence news. (Providence [R.I.]) 1891-1906, 1891-11-02
LA7ESTNEVS
THAT MAVERICK BANK.
The Effect Of Its Failure on the
Stock Market.
BUT LITTLE ANXIETY FELT.
Boston Securities Bear Up Wen Under
the stroke-Local Banks Not Much
Affected.

BosToN-The failure Of the Maverick Ma
tional Bank bids fair TO prove a mere local
sensation as far as the stock market is
concerned - Its influence was felt this
morning in West End Land which opened
of 2H points at IL, recovering to l5k.
Among the local specialties which
reflected the Maverick Bank trouble
was Appleton, which sold of two points
with a later slight recovery; New York
and New England, which lost ~, and
Thomson & Houston common, which sold
off ] - per cent
Col. j. II. French is preparing TO make
an assignment Of all his property TO II. ID.
Hyde and NJ. +. Dickinson, Jr. On exam
ination il is a pleasure To state that not
one OF the savings banks in Boston owns
stock in the Maverick.
1880 T. Mt Is now pretty definitely
settled that the depositors of the Maver-
lex National Bank will be cared for by
the Boston Clearing House Association.
At a meeting held by the association
this morning the accounts Of the Maverick
National bank were examined and value
fixed by the governing board which they
considered conservative.
From this sum total 20 per cent. was
deducted for contingencies, and upon that
basis the Clearing House voted 20 recon-
mend the guarantee of rs to 80 per cent OF
their deposits
Though il will take a long while to set
tie the affairs, the losses will eventu ally
be of not very serious character to any
one house.
BOSTON, $3.50 p. M.-The bank exami-
ners report Maverick Bank liabilities as
SS,OOO,UO. Cash on hand, 81, 100000.
The Local Effect.
The local effect of the closing of the
doors of the Maverick National Bank is
much less than il would have been had
the failnra "A ken Dlala one xyaak aUO
The banks have with one or two ex-
ceptions been aware Of the pending
trouble for the past few days, and they
have with few exceptions taken the pre-
caution to withdraw a large portion of
their deposits, and in most cases have
transferred all their heavy balances to
New York.
Personal interviews with every local
city bank depositing in the Maverick dis
closes the following facts which can be
relied upon as accurate:
The facts given, are given with view
OF allaying all fear of local depositors, in
banks here The list of local banks de-
posting in the Maverick, includes the At
lantic National, the First National Bank,
the Globe National Bank, the High Street
Bank, the Industrial Trust Co., the Ma
tional Bank of Commerce, the Second
National Bank and the State Bank.
The amounts deposited in a large ma
JOllly OF tne cases are ABOUT So.UUu Inc
largest amount held by any one bank does
not exceed $1,000 and the smallest is
merely nominal.
The guarantee of the Boston Clearing
House to give depositors 80 per cent. OF
their deposits on surrender of their bal
lances will insure local institutions against
all but small losses
The total loss figured by the NEWS from
a knowledge of the exact total Of deposits
cannot exceed $4,000 or Sl7 1000. More
over, the losses that are more than merely
nominal will be sustained by banks that
are more than amply able to stand them.
And in one or two cases the losses are
secured by collaterals so that actual set
tlement of the accounts should show two
or three thousands less loss than the fig
ures given above. Had the failure oc-
Cured week ago the loss would have ex-
ceeded $4,000
As il is the loss is not only merely nomi-
nal but in most cases it will cause not the
slightest inconvenience in the usual tran
saction Of business.