Pacific National Bank (Boston, MA)

View Charter #2373 on SPMC View balance sheet

Episode Information

Episode UID
237300983
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
23730 national
Charter Number
2373
Start Date
November 18, 1881
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6e3742528bd8b7bc

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
65.3%
Date receivership started
1882-05-22
Date receivership terminated
1893-06-30
OCC cause of failure
Fraud
Share of assets assessed as good
18.7%
Share of assets assessed as doubtful
40.9%
Share of assets assessed as worthless
40.4%

Description

Multiple episodes: initial run/suspension in Nov 1881, reorganization/resumption, then a later suspension and ultimate receivership; chronology across articles is somewhat fragmented.

Events (8)
1. November 9, 1877 Chartered
Source
historical_nic
2. November 18, 1881 Run
Cause
Bank Specific Adverse Info
Cause Details
Large overdrafts and failure of speculator Theodore C. Weeks whose overdrafts involved the bank; publicity about worthless collaterals and refusals to pay at correspondent (Eliot) prompted withdrawals.
Measures
Payment on small checks continued until about 1 p.m., then payments stopped; directors met and posted notice of temporary suspension.
Newspaper Excerpt
a small run began...the amount paid out was $1,000, mostly small checks, up to 1:10 p.m., when payment was stopped altogether.
Source
newspapers
3. November 18, 1881 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension declared after failures and heavy withdrawals tied to Weeks's overdrafts and bad collaterals; directors closed doors and posted suspension notice.
Newspaper Excerpt
Owing to failures in which the bank is involved, payment is temporarily suspended.
Source
newspapers
4. December 8, 1881 Other
Newspaper Excerpt
There is now little doubt the resumption of business by the Pacific National Bank under its charter...Weeks says he is ready with his $500,000 tomorrow. The directors and stockholders have subscribed their $1,000,000 ... an assessment of 100 per cent. will soon be levied by Comptroller Knox upon the stockholders.
Source
newspapers
5. February 11, 1882 Reopening
Newspaper Excerpt
The Pacific Bank of Boston...has arranged with its heaviest creditors and resumed business.
Source
newspapers
6. May 22, 1882 Receivership
Source
historical_nic
7. November 1, 1882* Suspension
Cause
Bank Specific Adverse Info
Cause Details
A second suspension followed unresolved losses/assessments and contested stockholder liabilities after the earlier reorganization.
Newspaper Excerpt
the Pacific National Bank, which suspended for the second time several weeks ago, are again called upon to pay 100 per cent on their stock.
Source
newspapers
8. January 30, 1883 Receivership
Newspaper Excerpt
Mr. Linus W. Price, receiver of the Pacific National Bank of Boston, is in the city.
Source
newspapers

Newspaper Articles (22)
1. November 19, 1881 New-York Tribune New York, NY
Article from New-York Tribune, November 19, 1881

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BANK FAILURE IN BOSTON. CARRIED DOWN BY A SPECULATOR. THE PACIFIC NATIONAL BANK COMPELLED TO CLOSE ITS DOORS YESTERDAY-THEODORE C. WEEKS ALLOWED TO OVERDRAW HIS ACCOUNTS LARGELY -COMMENTS OF BOSTON BANKERS AND BROKERS. BOSTON, Nov. 18.-At 1:30 o'clock this afternoon the doors of the Pacific National Bank, on Devonshire-st., were closed, and the following note posted there: "Owing to failures in which the bank is involved, payment is temporarily suspended." This was read by some 200 or 300 men, who had been standing in and about the banking rooms for an hour or more awaiting the decision of the directors, which came in the form of the notice above quoted. The Pacific National Bank has from its inception labored under disadvantages. It has never been a member of the Clearing House. A. J. Benyou, its president, was unfortunate, when connected with the Exchange National Bank, in his transactions with the Rev. E. D. Winslow. As a consequence it is said of those transactions the bank, when organized, was not admitted to the Clearing House. For that reason it has been accustomed to meet drafts, etc., through the Eliot National Bank, which 18 a member of the Clearing House. On Thursday, the Merchants' Bank received from a country correspondent for collection a draft on the Pacific National Bank for $2,300. The check was presented at the Eliot Bank for payment as usual, but payment was refused on the ground that the bank drawn upon had no funds there. The check was then taken to the Pacific Bank, where it was stated that it could not be paid there, but would be paid before the close of anking hours. This promise was fulfilled. This morning, however, other drafts coming in under similar circumstances, a similar promise was made, but, unlike that of yesterday, the promise was not kept. The immediate cause of the suspension was the failure of Theodore C. Weeks, who had been allowed to overdraw his account. After the trouble of yesterday a meeting of the directors was called. It was held last evening, and arrangements were made which, it is thought, would tide the bank over its difficulties. The occurrences of the morning overthrew all the arrangements. It is stated that a large number of checks was given out this morning on the Eliot Bank, which merchants, instead of depositing, went immediately to the bank to draw; but the president of that institution stopped payment on such checks. He said that he took the course he did because the Pacific Bank had no funds there, and he was satisfied that it would be unwise to cash the checks. Concerning the general standing and the stability of the Pacific Bank, he did not wish to express an opinion. The payment of the checks having been refused at the Eliot Bank, those holding them presented them at the Pacific, and thereupon a small run began. As nearly as can be estimated, the amount paid out was $1,000, mostly small checks, up to 1:10 m., when payment was stopped altogether. Just previous to that hour a gentleman walked up and, expressing the belief that everything was right, deposited checks to the amount of $15,000, and his example was followed by others with smaller amounts. This morning Prescott & Hersey placed an attachment for $4,000 on the funds of the Pacific Bank, whatever they might be, in the hands of the Eliot. The capital of the bank is $1,000,000, and the following is the statement of its condition made on October 1: RESOURCES

2. November 19, 1881 Wheeling Register Wheeling, WV
Article from Wheeling Register, November 19, 1881

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BUSINESS FAILURES. At Montgomery, Ala. MONTGOMERY, ALA, November 18.Felix L. Marks, merchant, has assigned. Liabilities, $70,000. Rumors at Boston. NEW YORK, November 18.-There is a well authenticated rumor of difficulties in two Boston banks, the names of which have not yet transpired. One of them, it is thought, will go under, and other be supported by the Clearing House. No important mercantile failures are anticipated. Closed Doors. WASHINGTON, November 18.-A private dispatch states that the Pacific National Bank of Boston was in trouble, but has overcome its embarrassment and continues business.

3. November 19, 1881 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, November 19, 1881

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MONEY MATTERS. NEW YORK, Nov. 19.-The suspended Boston bank was the Pacific National, capital $1,000.000. About $800,000 was paid in. This bank kept open to pay small checks until after 1 o'clock and then closed in suspension. It cleared through the Elliot Bank. The Boston Central National was the other bank in trouble but it was carried through by the Clearing House Association of which it was a member. It was involved by reason of advances on mining stock, the siver Islet being the principal one, and the low price of railroad shares which were being car ried by a speculator named Weeks The tendency of this disturbance in Boston will draw money from here. Already large amounts of stock owned in Boston, but having a market here, have been thrown on this market, and the result was seen in the declining prices in the last half hour. NEWARK, Nov. 19.-The depositors in the Mechanics' Bank are understood to have determined to prosecute the directors and employ Benj. F, Butler and Roger A. Pryor as counsel. BOSTON, Nov. 18.-There is the best authority for believing that the failure of the Pacific Bank to-day will effect no other city banks seriously, Should the mining stock collaterals or deposits with other banks depreciate in value, the banks will probably realize a sufficient sum to meet the major part of its obligations. There was a considerable run on the bank to-day, owing partially to the expressed opinions of prominent bankers and business men that it was shaky, and to the known facts about its worthless collaterals. The bank's capital stock has recently been increased from $500,000 to $1,000,000. Upon the announcement of the failure the eastern railroad stock dropped from 48 to 88. The directors of the Pacific National have been in consultation with Bank Examiner Needham through the evening and have come to no positive conclusion. Another meeting will be held in the morning. The bank will not go on to-morrow morning, but it is reasonable to suppose, as it is within the range of possibility and probability, that means may be furnished to enable the bank to start again. That will be determined to-morrow when the directors will decide whether to surrender the bank or raise the money necessary to carry it through its difficulty. From the present standpoint it would seem impossible for depositors to lose a cent. Week hopes to recoup, and if he does the bank may continue business.

4. November 19, 1881 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, November 19, 1881

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NEW ENGLAND. Massachusetts. The Pacific Bank Failure-Depositors to be Shielded From Loss. BOSTON, Nov. 18.-The Pacific bank fail ure has not affected other banks at all. None have suspended and none 'have experienced a run. To-night a very important meeting of the board of directors was held, at which all the directors except Messrs. Ray and Sewall, both of whom are out of town, were present. Bank Examiner Needham also was present, having been requested to be there by the directors. The case was looked into as thor oughly as possible in the few hours at command, and at the conclusion of the meeting Colonel Needham informed the members of the press that it was absolutely certain that the depositors would get every cent due them, while the stockholders at the worst would realize something on their stock. As far as he could see from the hasty examination he had been able to make, there was a fair possibility that the bank would go on. This point could not be definitely decided until the full statement was ready. He declared that the statement made in one of the newspapers to the effect that the bank had half a million of overdue paper was utterly untrue. Speaking of the board of directors Colonel Needham said he did not know of a more courageous board anywhere. They had shown a fine spirit and were willing to put half a million of dollars into the bank to have it go on. The general though perhaps unexpressed understanding at the meeting to-night was that the government of the bank should be reorganized at least so far as to make Mr. Lewis Coleman president. There was also a sort of misunderstanding that the capital should be reduced to $500,000, though this understanding was not put in any definite form. The probability of the stockholders putting in money to help the bank along was discussed to some extent. At a late hour the meeting came to a close, the directors adjourning until 9 o'clock tomorrow morning. The bank is still in the hands of the directors.

5. November 20, 1881 New-York Tribune New York, NY
Article from New-York Tribune, November 20, 1881

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SOME APPREHENSION IN THIS CITY, EFFECT OF THE TROUBLES OF THE CENTRAL NATIONAL-REFLECTIONS ON BOSTON CREDIT. The early reports from Boston yesterday were reassuring, and the little excitement caused on Friday by the failure of the Pacific National Bank was allayed by the better news. When it was announced that the Central National Bank, the losses of which were supposed to be small, had been obliged to suspend payment in consequence of its connection with the Pacific, there was no little consternation. The amount of money involved in the failure of the two institutions was not large, but the dread of still further complications, the limits of which might not be traced, became very great. The wildest rumors were set afloat in Wall Street, and the credit of banking institutions, believed to be among the most substantial in Boston, was impugned lightly. There seemed to be no little apprehension of further disaster, and the condition of the stock market became at once excited and sensitive, Prices rapidly declined from 1 to 4 per cent, and the depression was general, but a part of the loss was recovered afterward, and at the close there was a steadier feeling. After business hours many brokers admitted that the alarm was greatly out of proportion with the facts. There were not a few who anticipated fresh troubles and a greater decline in values. One veteran member of the Stock Exchange declared the disturbance to be the "m-m-muttering of the c-c-coming s-s-storm." The presidents of many of the leading Wall Street banks expressed the opinion that the effect of the Boston troubles had been greatly magnified : that the condition of the NewYork banks was good, and that there was no need of apprehending disaster in any of them. The later private dispatches received from Boston were encouraging in tone, and indicated that the Central Bank would be carried through its difficulties safely. Officers of the First National Bank. the New-York correspondent of the Central Bank, appeared to regard the condition of the Boston bank as not alarming, although a reorganization was deemed inevitable. The New York bank has still a considerable balance to the credit of the Central Bank, and it can suffer no loss from the embarrassment, however great it may prove to be. On this account the officers of the First National regarded the trouble complacently.

6. November 21, 1881 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 21, 1881

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THE BANK TROUBLE IN BOSTON. A Run on the Central National. AFFAIRS MORE QUIET. Effect in Wall Street. Nov. 19. There was great appreon State street this after hours. The hension BOSTON, the clearing announcement morning until that all loans between had paid, and was been made promptly Nothing that the there banks had been no material advance. ne. V was made known in to the the and business moved way Pacific, regard in situation its usual at until 11 o'clock, when a run the National was When the doors opened positors. Central after begun heavy by this the upon bank deover $450,000 of due other promptly the balance paid banks. of the maintained, The amount run it, however, was steadily roo ns were crowded and upon its stoppage hour all the the bank morning. After the of an resumed payment. THE EXCITEMENT SUBSIDING. over the Pacific National Bank and the The suspension excitement reported practically embarof the Central Bank has The of no loss be entailed upon subsided. rassment will publicity depositors the fact the that of anxie- the Pacific Bank was sufficient to quell ty which prevailed on Friday, while the amtardy aid, extended to the Central its friends has its The among ple, by though patrons. restored accounts tranquility of by both banks are undergoing careful scrutiny the bank examiners, who will probably report on Monday. for a reorganization is still going and effort to The on, movement every will be the made presiLewis Coleman accept It is not definitely a rewill take nor be dency. have organization Mr. place, decided his that will work. it examiner has If matters as as is to that he a reason until he the finds hope will, completed favorable reorganization there It will take place and the bank will go on. is said that President Benyon favors the proposal to make Mr. Coleman president. THE EFFECT IN NEW YORK. The report of the failure of the Central Bank, right upon the announcement of the crash of the Pacific Bank, created considerable and methods as questionable anxiety include apprehension of banking the bolstering that prevail such in which of certain and large amounts of upon Boston, speculators, capital the mining lending stocks of and railroad stocks of uncertain market value, might not be confined to that city. There was considerable disturbance of loans by reason of the fright, and money on call rose to 1-64 and interest. The market was better during the last hour, and, by heavy of leading the excitement was purchases allayed. Mr. being operators, J. sustained A. Garland, the vice of National of this corressecond Bank president city, which National the is the First Bank pondent of the Central of Boston, said: The latest we have heard is that, by the advice of the bank examiner, the Central National has suspended temporarily until the bank accounts could be thoroughly examined. It looked this morning to us as if the to over would be but I suppose pressure became to great. successful, efforts The Central tide the National it Bank's balance in our bank is not yet exhausted, but, as soon as is. of course we shall out money on It not be for me would stop paying right hands." to its state account. Presi- the amount of its balance in our dent of the Gallatin he did the as a affair, not Tappen regard failure Bank serious said and that its effect would be transient. BOSTON, Nov. 20. It has been learned to day that the entire capital and also a heavy assessment upon the stockholders of the Pacific Bank will be necessary to cover the liabilities. It further appears that,the bank's dealings with Weeks are not by any means the extent of the transactions of the same nature. They have, for instance, been sustaining a large piano manufactursng company. The following is Weeks' method of transacting business: He would deposit to the Pacific his own or another broker's check and receive a certificate of deposit for the amount with the understanding that it should not be returned for payment until a certain numberof days. In this way President Benyon secured the free use of the money for a specified period, (usually from ten to thirty days.) A CARD FROM THE DIRECTORS. We, the directers of the Chntral National Bank, Boston, have causeda examination of its books to be an error found and sinhas and been assets therein, made, and with the not the gle exception of its claims against Pacific National Bank with collateral held to secure the same, will ultimately result in little if any loss to this bank. The bank will be open for business Monday morning, prepared to meet its obligations. Cashier Young's resignation has been demanded, and a new cashier will be on duty Monday morning.

7. November 21, 1881 National Republican Washington, DC
Article from National Republican, November 21, 1881

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MINING STOCKS 14 Arizona 11/2 Quicksilver 2 60 Caribou Quicksilver pref. 224 1 Standard Excelsior 18 Sutro Tunnel Homestake 138 2 Little Pitts Robinson Mining 81/6 35 Ontario Silver GOVERNMENT NDS-CLOSING QUOTATIONS. 101K@101% United States. per cent. extended 1013 Sales United States? per cent. extended United States 4% per cent. registered United States 416 per cent. coupon 11076 Sales United States 4 per cent. registered United States 4 per cent. coupon United States 4 per cent. C. L 116%@116) 108 District of Columbia 3.658 BANKERS' EXCHANGE. 4811/6 Three-day bills 485% I Sixty-day bills WALL STREET GOSSIP. NEW YORK, Nov. 19. 10 a. m.-There was some disposition among the Stock Exchange fraternity last evening to magnify the importance and extent of the Boston Pacific National Bank disaster, which, it was thought, would probably result in all attempts to crowd the market down to a rather lower basis this morning, but the conservatives thought higher prices and asmart rally would be apt to follow again in the afternoon, provided there was no more unfavorable news. It was reported that Work, Strong & Co. sold about 30,000 shares of various long stocks yesterday for Boston account, of which 10,000 were Northwest common, also a jog of Central Pacific for the New York pool, and that Scranton & Willard sold largely for Boston all day. It was rumored, however, that this concern sold a good many stocks short for Park & Mills. There are said to be large orders in the market here nevertheless to buy Lake Shore on a scale, and it is now reported that the recent large buyer has been John R. Duff, who holds already 25,000 shares. The Osborne buying of this stock yesterday was said to be for Cammack, who is now pretty well covered up. It was reported that Vanderbilt brokers were also picking upstock, but probably not for the Vanderbilt people, who continue very bearish. The New York Central Railroad Company yesterday issued an order advancing local freight rates to all points in this State 40 per cent. Mr. Vanderbilt and Scott have been buying the Reading general mortgages in Philadelphia for several days past and they have risen about per cent. Gowen returns from Europe to-day week. Mr. Camp, the superintendent of the New York clearing-house said last night that the defunct Boston bank had been notoriously weak and mismanaged for a long time, and he had advised friends in Boston from buying any of a new proposed Issue of stock. which was to have been awarded to stockholders at par. The old stock sold at 104 about a fortnight ago. The Hudson River Tunnel Construction Company has just been organized, with a capital of $2,000,000; amount paid latter which is sum all in $750,000, that will be required for six months' work. Trenor W. Park is the president. The directors are Measrs. Park, Francklyn, Senator Jones, and O. and J. G. Mills. At the Windsor last night Trenor W. Park sold H. Kennedy 500 Jersey Central at 95, buyer 60. Azariah Boody made a wager with Park that St. Paul. Central Pacific, Northwestern, and Western Union would each be 1 per cent. higher on Monday than at the close yesterday: $100 on each stock. Park subsequently offered to wager $500 to $400 that he would win all the bets, which was declined. Sage's brokers say he bought the market very largely yesterday afternoon. Boston specials this morning say there is no probability of loss to depositors, and there are strong hopes of an early resumption by the Pacific National. 11:40 a. m. .-Special dispatches received at Chicago report that the Missouri Pacific is rapidly pushing its Nebraska extension, which will finally go to Lincoln. The line will reach Omaha next year. The Rockton and Rockford branch of the Milwaukee and St. Paul road will open Monday. The Wabash and Erle and the Erie and North Shore fast freight lines will be consolidated and run over the Erie Railway, the Great Western of Canada. and Wabash roads January 1. The Denver and Rio Grande road is rapidly extending to Salt Lake City, at which point 1,800 men are now at work. The Wabash Pacific Railway earning for the second week in November were $366,416; comparative increase, $44,842. The Pennsylvania coal Journals report that the anthracite coal trade continues in a very Hourishing condition. The demand for the domestic sizes is still in excess of the ability to meet, notwithstanding the fact that the colliers are being pushed to their full capacity, The good condition of the iron trade affords a ready sale for lump and steamer sizes for use at the blast furnaces, and broken is in fair demand. BANK STAEMEN

8. November 26, 1881 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, November 26, 1881

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THE BUSTED BANK. BOSTON, Nov. 26-The bank examiner has completed his examination of the affairs of the Pacific Bank. The report is not to be given out for several days, but it is authoratively stated the condition of the bank is SO unfavorable that the United States Inspector yesterday refused the As sociated bank to nominate a receiver and wind up its affairs.

9. November 28, 1881 Wheeling Register Wheeling, WV
Article from Wheeling Register, November 28, 1881

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To be Closed. BOSTON November 26.-The bank examiners completed the examination of the affairs of the Pacific banks The report will not be given out for several days, but itisauthoritatively stated that the condition of the banks is so unfavorable that the United States Comptroller to-day requested the associated banks to nominate 2 receiver and wind up their affairs.

10. December 3, 1881 New-York Tribune New York, NY
Article from New-York Tribune, December 3, 1881

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in the hands of the receiver on November 2 last. It had a capital of $500,000, a surplus of $400,000, and deposits of over $2,500,000. The capital and surplus are lost through the criminal conduct of the cashier, and the stockholders are personally liable for an amount equal to the capital stock. The depositors will, it is estimated, receive at the outcome from 60 to 80 per cent of their claims, depending upon the amount collected from the stockholders and that received from the estate for whose benefit the funds of the bank are alleged to have been abstracted, which estate is also now in the hands of a receiver appointed by the court. This bank was many times examined by skilled accountants of great experience. Either of these examinations would have disclosed the robbery of the cashier, if the examiners had not been deceived by forgeries which would have been likely to mislead the most thorough experts. Such disasters do not exhibit the weakness of the banking system, bat rather the weakness and wickedness of human nature. The system is strong, and carefully and elaborately guarded. Private companies and individuals are continuously suffering from embezzlements and forgeries. The Pacific National Bank of Boston suspended on November 18 ultimo. The last report of the examination of this bank gave what seemed to be a thorough exhibit of its affairs. A long communication was addressed by the Controller to the directors of the bank on February 19 last, informing them of such irregularities as then existed in the conduct of is business. They were specially informed that the irregular and illegal practice of loaning the credit of the back by the issue of certificates must be discontinued. The directors thus had full information in reference to the irregular and illegal methods of the bank which have since caused its ruin. Such a letter, in any properly conducted bank, addressed by the Controller to a board of directors composed, as was the case in this instance, of prominent merchants and business men, should have been sufficient to correct the abuse and save the bank from the disaster which has occurred. The law should certainly LC 30 amended as to make it a criminal offence for an officer of a bank clandestinely to make loans either by the use of certificates, as in this case, or otherwise. The first Information ever given upon the subject of the proportion of bank checks used in this country was complied in 1871 by the late President Garfie d, who was well known as % careful investigator of economic subjeets. This inquiry embraces the operations of fifty-two carefully selected banks. The total receipts were $157,000,000, 01 which it was found that 12 per cent was in casa and 88 per cent in checks and drafts." The receipts of all the National Banks, 2,132 in number, on September 17 were $295,233,779. Of this sum $4,078,044 consisted of gold coin, $500,301 of silver coin. and $13,026,570 of paper money. The remainder, amounting to $277,623,862. consisted of checks and drafts, and$6,592,337 of Clearing House certificates. The gold coin equalled 1.38 per cent of the total receipts: the silver coin. 0.17 of one per cent; the paper money, 4.36 per cent, and the checks and drafts 1.85 per cent, walle the checks, drafts and Clearing House certificates together were equal to 94 09 per cent of tue whole. On September 17, tuerefore, the total per centage of cash was 5.91 per cent only. The checks received by the banks in New-York City, including both State and National, on the 30th of June, 1881, and which were cleared on the following day, amounted to $141,000,000. Of this amount, $113,000,000 were creared oy 23 banks, all of watch wave relations to a greater or less extent with brokers. From an examination 01 the clearings or each or these 23 banks, it was found that the total of certified checks on that day amounted to about $80,000,0000, of which it 18 procable that at least 90 per cenc, or $72,000,000, represented stock transactions. About 10 per cent of this amount should be allowed for the daily payment and reborrowing of loans by brokers, which is accomplished by means of certified checks. It is therefore estimated by those who are conversant with these subjects that of the $141,000,000 of exchanges about $05,000,000 represent stock exchange transactions.

11. December 8, 1881 Edgefield Advertiser Edgefield, SC
Article from Edgefield Advertiser, December 8, 1881

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Even the North is becoming unfortunate in failures and defaulters. Within a few weeks two National Banks have closed their doors, caused by the dishonesty and unfortunate speculations of their principal officers. And now another blow is struck at the people's confidence in these moneyed institutions by the suspension of the Pacific National Bank of Boston. Of course these financial disasters produce a momentary flutter in business circles, but it will soon blow over, and give place to another and perhaps a more startling nine day's wonder.

12. December 9, 1881 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 9, 1881

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THE PACIFIC BANK To be Reorganized.-Ar Assessment to be Levied. BOSTON, Dec. 8. There is now little doubt the resumption of business by the Pacific National Bank under its charter, with, however, an entire change of management. Weeks says he is ready with his $500,000 tomorrow. The directors and stockholders have subscribed their $1,000.000, and $250,000 has been raised on $750,000 of debts classed by the Examiner as "bad." An assessment of 100 per cent. will soon be levied by Comptroller Knox upon the stockholders. At a meeting of the directors of the Central and Pacific Banks this afternoon, the following plan in connection with this assessment was adopted: The million dollar syndicate mentioned above will take the stocks and assume the assessments of such as are unable or unwilling to pay, and give such stockholders the right to repurchase at the end of eighteen months on the basis of the 100 per cent. assessment. The committee on behalf of the bank. appointed by the directors, went to Washington this evening, for the purpose of conferring with Comptroller Knox in regard to the plan of reorganization. The executive board of managers for the bank under the reorganization has been substantially arranged. It is learned on reliable authority that Col. Needham found in his examination that three days before the suspension, President Benvon insured himself for $15,000 and his son for 85,000, using the funds of the bank to pay the policies, and his excuse being the Insurance company threatened to withdraw their deposit if this was not done.

13. February 12, 1882 New-York Tribune New York, NY
Article from New-York Tribune, February 12, 1882

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TELEGRAPIC NOTES. IMPORTING POTATOES FROM EUROPE. BOSTON, Feb.11.-The steamer Manatoban, which arrived to-day from Glasgow, brought 7,977 bags of potatoea. COTTON ROLLERS ON STRIKE. NEW-ORLEANS, Feb. --The Cotton Rollers' Association is on strike, and is demanding the discharge of all employes not members of the association. IMPORTING CLYDESDALE HORSES. BOSTON, Feb. 11. - -The steamer Monitoban, from Glasgow. brought seventv-seven Clydesdale horses in good condition. Six horses died during the passage. DROWNED WHILE RETURNING FROM A WAKE. SYRACUSE, Feb. 11. -The body of Jeremiah Doody, who was drowned in the canal last night, while returning from a wake. was recovered this morning. FATAL SHOOTING AFFRAY IN TEXAS. GALVESTON, Feb. 11.-A dispatch from Gatesville says M. McCord shot and killed William Culp. and loadly wounded Joseph Culp, at Sugar Loaf, on February 8. KILLED BY MORPHINE. ST. LOUIS, Feb. 11.-A dispatch from Dallas, Tex. says E. Q. McCanlish, agent of the Missouri Pacific and the Texas and Pacific Railroad, died last night from the effects of morphine, KILLED BY A PASSENGER TRAIN. NEW-BRUN WICK, N. J., Feb. 11.-At Plamsborough, on Friday night, James Higgin age forty, of Davton, Ohio, was killed by a west-bound passenger train on the Pennsylvania Railroad. A FIREMAN INJURED IN A RAILWAY COLLISION. ALEXANDRIA, Va., Feb. 11.-In a collision between two freight trains on the Virginia Midland Railroad. this evening, near Springfield Station, the fireman on the north-bound train wasinjured and several cars were smashed. SCOTT WILLIS SENTENCED. POILADELPHIA, Feb. 11.-Scott Willis, recently convicted of murder in the second degree in killing John Mossley. an old man, in August last, was sentenced to-day to an imprisonment of three years in the Eastern Penitentiary at hard labor and solitary confine ment. HARVARD PROFESSORS APPROVED. BOSTON, Feb. 11.-At a special meeting of the Board of Overseers of Harvard University to-day. the Board concurred in the election by president and fellows of Oliver Wendell Holmes, jr. as Professor of Law. and Ephraim Emerton, Ph. D., as Winn Professor of Ecclesias ica! History. THE PACIFIC NATIONAL BANK BOSTON, Feb. 11. - -The Journal savs it is to-day announced that the Pacific National Bank must resume business next week or go into the hands of a receiver. The provisions of the general banking law are that any bank suspending payment for three months shall be given in charge of a receiver. A MAIL CARRIER SHOT AND ROBBED. CINCINNATI, Feb. 11. dispatch from Charleston, W.V., says a mail-carrier on the Short Creek Route, in Boone County, was stopped on Tuesday night, and shot at four times, and the mail bags were captured and rilled. A man named Jarrell is charged with the crime. No arrests have been made. THE PHILADELPHIA TAX FRAUDS. PHILADELPHIA, Feb. 11.-It has been discovered that Samuel B. Eastburn, the ex-tax clerk, who has been ar. rested and held for trial on charges preferred against him by Auditor Bell, was concerned in overcharges of taxes of prop. erty in the Twenty-second Ward, belonging to the Reading Railroad Company. SPARRING EXHIBITION AT A RAILWAY STATION. TROY, N. Y., Feb. The Troy men who attended the Ryan-Sullivan fight make grave charges against Ryan and his trainer, Roche The Green Island sporting men. outhelr return this morning, formed a ring on the station platform with their satchels, and two of them gave a sparring exhibition. A VOYAGE TO EUROPE POSTPONED. PHILADELPHIA, Feb. 1.-James M. Burns, cashier in a lodging-house kept by F. L. Conroy, on Market-st. was arreated this morning on complaint of James B. Barnes, of Montana, who said $1,030 had been stolen from ander his pil low. Burns was discharged. there being no proof against him. Barnes had intended to sail for Europe to-day.

14. March 21, 1882 The Weekly Floridian Tallahassee, FL
Article from The Weekly Floridian, March 21, 1882

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-While the post-office appropriation bill was under discussion in the Senate last Thursday, an amendment was offered by Mr. Edmunds and adopted by a vote 40 to 15 which restores to a large extent the franking privilege. It allows the secretary of the Senate and the clerk of the House to use official envelopes for all official business, and authorizes senators and representatives to send through the mail any letter or package containing only printed or written matter not exceeding two ounces in weight identified by his autograph signature, without the pay. ment of postage. The House will no doubt conour. -The Pacific Bank of Boston, which recently suspended and was thought to be a disastrous failure, has arranged with its heaviest creditors and resumed business.

15. May 23, 1882 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, May 23, 1882

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EASTE RN. ASSOCIATED PRESS DISPATCHES A Good Rule. Cancago, May 22.-By viva voce Trade today with scarcely Board of voice adopted the follow which is preon contracts for corners designed higher future grade to de the tender of a of Harry; kind kind of grain than the one coninvoted for shall be deemed sufficient, contracts for future delivery of on and after specially otherwise what made anda agreed June understood by 1882, the parties, shall be of and tender of Minr No.2 wheat contracting or winter variety, either sufficient the tender spring No. ml shall be deemed a infulfilment of such contract. This merale proposed about ten days ago. Cause of Bank's Failure. Borrow, May 22.-The immediate - the suspension of the Pacific Bank was the maturing of $500,000 Saturday, which the bank was unable It and which went to protest. understood to pay, that all deposits will be in full, but the original stock williers will gold have their investment of $2,000,000 washed out. Wretched Children. MUSCATINE, May 22.-There are new and startling developments in the Manormon fratricide, twelve miles west where. The girl, Mary, who on Satur day declared she shot her father in self defense, has been found to have lied. Her brother and her elder sister are here in jail. The Daily Journal has full confession from the two girls, showing the murder was committed by their brother in order that the children might have things their own way at home, and that it was arranged that the youngest sister should acknowledge the abooting with the idea of a plea of self-defense, and her extreme youth and her from punishment, and thus her sister and brother escape punishmont also. There is much excitement over the case here. A Good Crop Report. Sr. LOUIS, May -From over two hundred reports received by one of the beding and most reputable grain commission houses of this city, from all nations of this State, respecting crops, the following condensation is made With three or four exceptions the reports indicate that neyer before were the wheat prospects so promising at this meason of the year. The late cool weather has checked the rank growth and at the same time put a stop to the progress of chinch bugs, of which there quite a number, but they have thus tar done no injury. The army worms have been feared in the southeastern counties, but have done no damage yet At one point the Hessian flies have shown theuselves, but in too small numbers cause any damage. Rust has done no injury, the wheat not heading out,and the generally expressed opinion in that wheat is too far advanced to suffor by insects of any kind, even if the young chinch bugs should appear, which seems very improbable. After the recent calm weather the acreage of what sown was much larger than was harvested last year. Harvesting begins early in June, if the weather is favorabla. Corn is about all planted, and the southern and central counties show very good standing for the time of year In some sections it has received two plowings. The oool weather kept it backward somewhat, but on the whole it looks very well. The acreage larger than in 1881. No fears of dam age by chinch bugs are anticipated, un less the weather during June should be hot and dry. The oats acreage is large, and the crop looks exceedingly well. With good weather harvesting will be gin June 1st. The farmers are happy From Kansas reports are numerous and universally good, and while the area sown is probably 15 to per cent. less than sownlast season. a larger yield per acro is expected. Chinch bage have decreased considerably since the cold weather set in, but they are still numer ous. The damage occasioned by them in the northern counties, if hot kdry weather occurs, may be serious, and wheat may suffer by their work. Har vesting will begin in the southwestern counties from May 25th to June 1st, the weather remains favorable. Pleadings Filed. May 22.-Hallet Kilbecome's amended pleadings, in the case against ex-Sergeant-at-Arms Thomp mater false imprisonment, have been Sind, in which he claims $35,000 dam. - Thompson has employed Judge McSweeny, of Wooster, Ohio, and Sensal 8. Shellabarger as additional Horse Thieves Lynched. Larras Rock, April 22.-A band of vigiliates have been chasing eight horse Missouri for over two weeks Three have been captured near Kirby and lynched. The other five as caped, but one has been since killed One was mortally shot, the third eap fared and in jail, and the other two www.hamnied in on White river, and and lynched. Trespassers on Indian Lands CHECAGO, May 22.-In a letter dated Agell 29th the Secretary of the Interior by Mr. of Parsons, Kansas, that a settle made being made in the Oklahama district by the followers of Captain Payme, and he requests the Secretary Werto take steps for their removal Hambly places the number of these w Capt. Carroll made an in malligation, and finds Mr. Hambly's Mailment incorrect. The Oklahama

16. June 3, 1882 Daily Globe Saint Paul, MN
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Schemes of Stockholders. BOSTON, June 2.- - The stockholders of the Pacific National bank who subscribed to the so-called new stock at the time of the re-organization and who subsequently refused to pay their past assessment of $950,000 levied, have consolidated their interests to combat any suit which may be brought by the receiver to recover the $200,000 which they represent. They claim that owing to the resumption of business by the bank they are not liable.

17. December 6, 1882 New-York Tribune New York, NY
Article from New-York Tribune, December 6, 1882

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ANOTHER ASSESSMENT LEVIED. !BY TELEGRAPH TO THE TRIBUNE.] BOSTON, Dec. 5.-The unfortunate stock. holders of the Pacific National Bank, which suspended for the second time several weeks ago, are again called upon to pay 100 per cent on their stock. When the bank first failed a like assessment was levied and many of the stockholders paid it. A few, preferring to incur the expense of a law suit, declined to pay. After its reestablishment the law recognizes the bank as a new institution and the unpleasant process of assessment must be again submitted to.

18. January 13, 1883 The Indianapolis Journal Indianapolis, IN
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All but one of the shareholders of the defunct Pacific Bank of Boston have entered into a combination, which is formed for defense against the suits of the receiver for aggressive action against the directors.

19. January 30, 1883 Evening Star Washington, DC
Article from Evening Star, January 30, 1883

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# PERSONAL Mr. Robert R. Bishop, who ran against Ben Butler for governor of Massachusetts, arrived in town this morning, and is at the Riggs. Mr. J. F. Secor, jr., of Vallejo, Cal., is at the Metropolitan. Commodore Wells, commandant of the Portsmouth navy yard, is at the Ebbitt. Mr. Linus W. Price, receiver of the Pacific National Bank of Boston, is in the city. Senator Butler, Representatives Pound and Walter A. Wood, and Gen. Williamson, of Washington, were registered in New York last night.

20. July 31, 1883 Daily Republican Wilmington, DE
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# FOURTH EDITION. ### Large Shoe and Leather Failure BOSTON, July 30.-The Journal says: F. Shaw & Brothers, the largest tanners in the world, made an assignment today to F. A. Wyoman. They were creditors to Charles W. Copeland & Co. to the amount of $200,000. The first news of the embarrassment on the street came from the return of the firm's checks from the Clearing House, endorsed, "No funds." One hour's time after the regular settlement hour was asked and granted, but though the funds at hand almost sufficed to cancel immediate obligations, it was found to be impossible to permanently tide over the firm's embarrassment. The liabilities of F. Shaw & Co. are stated by counsel of the firm to be $3,500,000, and the nominal assets $5,000,000. The assets include tanneries in Northern Maine, New York, New Brunswick and Quebec, and one and a half million acres of land in Maine. There were from 10,000 to 15,000 people employed by the concern. The immediate cause of the failure was the suspension of Copeland & Co., who owe the Shaw Brothers $400,000. The failure can be traced to the suspension of the Pacific Bank, a year ago. The Shaw Brothers at the time the bank collapsed held a number of shoe and leather firms above water and have been carrying them ever since, and those firms will probably be heard from in a few days. The creditors of Shaw & Co. are chiefly Maine, Boston and New York banks and some of the largest hide and leather houses in this city. The tanneries of the firm will be kept running to work up the stock, which is six months behind on orders. BOSTON, July 30.-The Journal says that Charles W. Copeland & Co., shoe manufacturers, have indefinitely suspended, and that their liabilities will amount to $750,000, which the firm says it has sufficient assets to cover. The firm has several New York connections, and some of the liabilities are due in that city. The failure is said to be due to the sudden pressure of several large obligations, and the firm, in justice to its creditors, decided to suspend operations until an understanding can be arrived at.

21. October 31, 1883 The Vermont Watchman Montpelier, VT
Article from The Vermont Watchman, October 31, 1883

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Other Localities. DIPHTHERIA, in Greensboro, N. C., after carrying off three hundred children, is now abating. THE Chinese restriction act has had the effect to increase wages from fifteen to twenty-five per cent in California. THE owner of Jay-Eye-See has refused an offer of $60,000 for him and says he will take nothing short of $100,000. The pacer, Johnston, has been sold for $25,000. THE hundred mile bicycle race at Washington, D. C., October 26, was won by Midgely of Worcester in seven hours and twenty-five minutes. Foster of Baltimore was twenty miles behind. SINCE September 1st the post-office department has furnished to postmasters 290,926,000 postage stamps, 86,359,000 stamped envelopes and 74,985,000 postal cards, the aggregate value being $8,520,000. JUDGE FREEMAN, attorney-general for the post-office department, has prepared an order requiring newspaper publishers to number the pages of their supplements in order with the pages of the regular issue. THE receiver of the Pacific National bank of Boston, reports that about $1,500,000 was obtained from the bank by prominent citizens on securities which they knew must be worthless. The suits against the stockholders will be pushed. THE commissioner of pensions has discovered irregularities in the practice of Belva A. Lockwood, the female lawyer who has a large number of cases pending before the pension bureau, and it is understood that the question of suspending her from practice before the bureau is now being considered by the commissioner and secretary of the interior. THE Hon. T. H. Murch, ex-congressman from Maine, is fitting up a gorgeous liquor store on Essex street, Boston, which he will open in a few days and run in rivalry with John L. Sullivan's place, around the corner. Mr. Murch is spending $8,000 or $10,000 in fittings, and expects to make his establishment as popular as that of the champion pugilist. There will probably be a grand opening next week. AN officer accompanying President Arthur during his western trip says that the President never killed more game than could be used in camp, and, furthermore, that in breaking camp his orders were imperative to extinguish every

22. November 23, 1883 The Times Owosso, MI
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The 96th birthday of Solidor Milon, one of the old guard, who remained with Napoleon at St. Helena until his death, was made the occasion of a banquet to the veteran by the Philadelphia Musical association. Milan has a parchment commission as second lieutenant bearing the seal of Napoleon. At the weekly meeting of the Baptist clergymen of Chicago, Rev. Duncan McGregor read a paper on "Readjustments" which startled his hearers. He put forth the claim that miracles will more and more come to be regarded as revelations of the spirit of Jesus rather than evidences of His power. Holders of claims against the Pacific National bank of Boston to the amount of $1,500,000 have agreed to a plan of settlement by which assets will be distributed as fast as realized upon, and the directors will be released by paying $100,000 and returning to the receiver securities worth $150,000. John W. Benway, of Dedham, Massachusetts, who was on the verge of delirium tremens, revenged himself upon John Long by placing a keg of powder on the piazza of the latter's house and firing it by a slow fuse. The explosion shattered the windows, but injured no one. Anton Rickert, a moulder of St. Louis has been industriously engaged in manufacturing silver dollars in plaster molds. He sent a small boy out with some samples, and the police held the lad until his parents came for him, when they were arrested. A package of counterfeits was found buried in the cellar. The Irish giant and the German giantess were married Tuesday in a Pittsburg church, in the presence of the mayor and councilmen. The wedding-cake was nine feet in circumference and three feet in diameter. The couple weigh 549 pounds, and their combined height is fifteen feet three inches. The striking miners at Iron Mountain, Michigan, although confronted by eighty special deputies from Chicago and Milwaukee, induced the engineers and pump-runners to leave their posts, and within one day the mines will be completely flooded. The strikers have been informed that they will be paid to date and discharged for the winter. Hon. Franklin Haven has resigned to his son the presidency of the Merchants' National bank of Boston, after a connection of half a century. H. Victor Newcomb has transferred to a New York syndicate a controlling interest in the United States National bank, at $150 per share, and Logan C. Murray will be elected president. The coroner's jury at Streator, Illinois, places the responsibility for the accident on the Burlington road, last Friday, on the shoulders of Conductor William H. Doyle and engineer Henry Young, of the extra freight train, besides centuring certain officers of the road. Five men will be arrested upon the finding. The chief culprits resides in Aurora, Ill. The citizens of Grand Haven, Michigan, held a meeting Monday night to express their appreciation of the heroism of the crew of the schooner Driver in rescuing the men of the propeller Akely. Seven lumbermen gave $100 each, and others raised the sum to $1,185. The sum of $220 was also contributed for the widow of Captain Struhl. The freight sent eastward by rail from Chicago last week was 52,048 tons, an increase of 1,598 over the preceding seven days. George W. Ristine, commissioner of the Transcontinental association, will receive a salary in excess of $12,000 per annum. A car-load of merchandise was recently sent from New York to Denver in six days and twenty hours over the Burlington road. Sullivan, the pugilist, likes nothing better than to amuse himself with a darky. It has transpired that he met his match, Saturday night, in the Tremont house bar-room in Chicago. He picked up a colored waiter at the counter and laid him on the floor, but in the attempt to have further fun with him was himself thrown upon his shoulders on the tiles. The negro, when he stopped to realize what a feat he had accomplished, went out of doors like a flash. An elopement in high life is the sensation of the hour at Springfield, Ohio. The wife of Harvey McClintock, is the important personage in the escapade. On Friday night McClintock came home to supper and found his wife gone and the house deserted. On a table in the parlor he found a note from his wife explaining that she had left for parts unknown with another man, whom she loved "better than life itself." There is much mystery surrounding the affaiir, which only adds to the circulation of the scandal. Nearly one thousand iron miners are on a strike near Norway, Michigan. On Saturday they formed a procession, secured a brass band and some flags, and paraded the streets until thoroughly chilled. Then they made a demand upon the superintendent of the Ludington mine for an advance in wages, and assaulted and threatened him until he complied. The chief officer of the Chapin mine took a train for Milwaukee, and the strikers say they will stop the pumps unless they are given more wages. The sheriff has been sent for, and militia will probably be called out. WASHINGTON.