New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-06
FEELING EASIER IN BOSTON.
,-,,r PIN ON THE SAVINGS BANK CEASES
MAVERICK BANK COLLECTIONS = DIRECTOR
vprNcH's FAILURE TO SECURE BAIL.

by TELEGRAPH THE TkIBUSE-1
poston Nov 5.-The the Five Cents Savings
~ con inued up to O'Clock this afternoon. To
.oommodate their unwise depositors the bank was
ron, open long after the regular banking hours yeser>
s.r and extra clerks were employed in paying out
,ns money as rapidly as II was demanded. The Board
:, savings Bank Commissioners has investigated the
,a,tion of the Five Cents savings Bank and report
that the bank has no overdue notes or papers. The
a.noslt In the Maverick Ma ional Bank was s9oo4 10
"a the bank holds two notes-0ne of Asa Potters Tor
$40 600 and one Of Jonas III. French's for $l4,0oo
r,e deposit in the Maverick Bank and these two notes
~ he only questionable assets OF the bank and make
~ accregate OF $4,000 30. To meet that possible
MS the bank has surplus Of 81 53e,964 o. The
rank has no connection, directly or indirectly, with
rrvnr A. Evans & Co, and in no way is IL connected
nth tha firm. The Board says:
rom our examination can state most emphat
Ally that the bank is entirely solvent, is as solid as
eg and here Is no need Of uneasness. The actual
vrnlus is S20S 900 more than Is shown ON the BOOKS
Vine bank building IN senools Is now worm
The management OF the bank has for The most
mart been in the hands Of men OF great financial abil
,,x as a presentation of the names readily shows
Tss hank was incorporated in 1854 Alonzo ii. Evans
nresident has held that Office for many years. lie
., brother of the weknown realestate broker, Brice
9 Evans and has himself long enjoyed the reputation
~ being an expert in realestate matters Its vice
Dppcl0
shusetts and Who up to November 1, was one of the
most successful boot and shoe manufacturers; Roland
washington for many years manager OF 1.-THE Bos on
traveller and ex-Colector Of the Port Edward Ed
runds who is also clerk of the bank; William o.
Grover for many years senior manager OF the Grover
e Baker sewing Machine Company Daniel w. Gooch,
a, rnember of Congress, who died at Melrose on No
vemher l. was vice president; Samuel X. Payson,
retired drygoOds commission merchant and who In that
trade was partner in the old house of Messrs. J. O.
Howe g. Co.. and sylvanus A. Denlo.
The trustees of the bank In addition to the above
an,sd gentlemen are Asa p Potter, Joseph ii. Con-
nel the real estate and insurance man; James A.
Woolscn a partner in Messrs. William Clafin, CosuFh
IN Fustace c. Ftz, OF Messrs. Fuller, Dana Fitz,
ana Of Boston's prominent iron houses Rufus s.
rr,t senior partner OF Rufus s. Frost Co. and an
oxmemher Of Congress, also ex-Mayor of Chelsea J;
Nathaniel n Tnayer, Of Messrs Barry, Thayer q Co. ;
Henry F. Coe, Of the Bowker Fertilizer Company ;
wipism A. Tower senior member of Tower, Giddings
IN Ex-Governor Oliver Ames, Samuel A. Carleton
NJ the firm of David Wilcox d Co.. Leander Beal, OF
Miner Beal Co.: Z. s. Converse, formerly OF Maiden,
whose wealth is estimated in the millions william IL
Nichols. Of Nichols. Dupee Co., the large wool con-
eern William r. Illton, =. T. Mcnois' ia"yer anu
s. H. Davenport.
This list shows that the conservative element has
predominated the composition Of the bank, and these
are men who would attend TO such an important and
responsible duy as their tusteeship of bank holding
nearly $4,000 coo Of deposits. The figures show that
the books Of deposltors would average holdings OF
about S160.
The depostors finally saw the folly Of their course
and the run ceased today. Those who allowed their
money TO remain will be the gamers by securing the
interest that would otherwise have been divided among
a mrger crowd.
There is about 81 $50 900 in cash in the vaults
Of the Maverick Bank. When its doors were closed by
orders from Washington it had Sl,5o00OO of ready
money hand and so extensive was its business That
5000 more brought in by Mondays mail in
the form of cash collections checks, etc. Tuesday
and Wednesday saw large accessons to the funds and
todays mail added to the amount 1t is believed that
at least 81 $50 900 must have come In since the bank
closed last Saturday. These cash receipts Bank EX-
aminer Ever has not applied 10 the accounts In the
bank as he doubted the legality of such proceeding
The Boston banks have ordinary occasions about
Sl3,OOoOOO in money, and the withdrawal of nearly
one-fourth Of this by the suspension of the Mave
lex is a serious matter. The situation. however, has
been assisted by the influx of several millions from
outside in anticipation of the closing of the Maverick
as well to meet the November payments of the
corporations. 1t stated that the Washington Ma
tona Bank will not sign the agreement to assess itself
per cent of its loans TO relieve the depostOrs OF the
Maverick Bank, but this subsequently denied. The
other banks are expected TO fall into line though some
bankers doubt the success Of the plan.
II Is an open question whether the recent collections
OF the Maverick Bank should be returned TO the dc
posters become part of the assets OF the BANK
Bank Examiner Ever suspended converting them into
the assets Of the bank upon orders f,om Washington
II is upon every depostors book that checks for col
lection are lot cash with bank until paid. The BANK
is only collection agency until it receives the cash.
and IL would seem therefore, that check deposits Of
Saturday must be returned to depostors MI. Ever
made yesterday, under orders from Washington, his
first deposit with the sub-Treasurer SS2s,OOO.
The check deposits in the Maverick Bank on satur-
day for Mondays clearngs We're is sad collected by
the Second National Bank and passed in that BANK
10 the credit of Examiner Ever The Boston bank
presidents examination upon which the Maverick was
closed and expelled from the Clearing liOuae AssOC
uon was All examination only OF the Letter PRES UOr
Of MagrudePs report, previously ON ME WIN C0roner
Lacey. but this report did not snow the f
Of The loan account That nad Ceeh @ last
January. The Controller then knew OF the many
notes with directors dorsementS, ana ne klew nY.n
ing more except that such loans Eau ihcleaseh, WI
he ordered the bank closed last sunday. lhese III.
nctOrs' Endorsements were not upon The notes. Dut
bank presidents however not having The Con
rOller's fun information from Mr. Magruder,
simply sat up nigh.s with the boston
directory and learned whose clerk and whose book,
keeper and whose typewriter were de sscpS Ui n hi
legal 10 per cent Of the banks capital line Heialds
financial article says: ,
Prices were depressed to-day, and for general
rather than specific causes The environments Of spec
uation are Considered temporarily so adverse that a
rally of the market IS out OF the question, and since IL
Is theory Of the street that market which cannot
rise must fall, today's limited operations were lor
decline The depressing factor to-day was Boslonn'
The upon the Five Cents savings Bank continued
The affair Of the Maverick National Bank was sui
much discussed The direct consequence OF TINS aiue
OF the bank brought befo Wall street by te iee
Withdrawal Of Boston funds in that city me estI-
mated withd iawals for the week 50 5000 Ihefe
are no means # determining the amount even ap
Prox nstely Boston banks had TO their credit IN New
YORK. by their state ment OF last Monday, %1o7S23oo
A withdrawal Of 80 100000 would still leave nice
balance TO their credit New-Tork is making per
manent gain Il money by means OF the Maverick BANK
failure. number Of Western banks have transfer ca
their accounts from that bank to New York the present
week But, for the hour. New-York feels the with
oswa Of the Boston reserve, dtesed by the money
rates there today Qaotauons which came 10 notice
were ga per cent with per cent bid at times, and
With END rs disposed TO scrutnfze collateral.