7001. Pacific National Bank (Boston, MA)

View Charter #2373 on SPMC

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
2373
Charter Number
2373
Start Date
November 18, 1881
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
bf339d022bf9cfd0

Response Measures

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

Other: Directors convened and proposed reorganization (new president, assessments on stockholders) and stockholders discussed providing capital; Comptroller later requested nomination of a receiver when condition worsened.

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

Newspaper accounts report a run and heavy withdrawals on Nov 18, 1881 tied to overdrafts and bad collateral connected to speculator Theodore C. Weeks; the bank suspended payments that day and examiners/Comptroller moved to appoint a receiver later in November. Although there were attempts/discussions of reorganization and some reports of possible resumption, the Comptroller/Associated Banks requested a receiver and the bank was wound up โ€” consistent with suspension followed by closure/receivership. OCR errors in some articles corrected (e.g., Eliot/Elliot correspondent bank; Benyon/Benyow/Benvon spellings).

Events (5)
1. November 9, 1877 Chartered
Source
historical_nic
2. November 18, 1881 Run
Cause
Bank Specific Adverse Info
Cause Details
Large overdrafts and bad collateral tied to speculator Theodore C. Weeks; promises to pay at correspondent bank not kept, leading depositors to present checks and withdraw.
Measures
Bank paid small checks early in the day then stopped payment; directors met and posted notice: payment is temporarily suspended.
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
Directors closed the bank and suspended payments after failures and inability to meet maturing obligations tied to bad loans/collateral and overdrawn accounts (Weeks), and correspondent refusal to cash checks.
Newspaper Excerpt
Owing to failures in which the bank is involved, payment is temporarily suspended.
Source
newspapers
4. November 26, 1881 Receivership
Newspaper Excerpt
the condition of the bank is so unfavorable that the United States Comptroller yesterday requested the Associated Banks to nominate a receiver and wind up its affairs.
Source
newspapers
5. May 22, 1882 Receivership
Source
historical_nic

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 New-York Tribune New York, NY
Article from New-York Tribune, November 19, 1881

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that only the Pacific Bank was seriously embarrassed no further surprise was expressed. The fail ure of that bank has not been unexpected for some months. Its demand certificates of deposit have been negotiated by brokers so extensively that the methods of the institution have been well known. Its certificates have been offered at generous rates, and recently have been difficult of sale. The New-York correspondent of the bank is the Park National Bank, which has bad the account only for a few weeks. An officer of that bank said yesterday that it had made no loans or advances to the Boston bank, and that a small amount of money would be due the Pacific National on settlement. It is understood that the Park Bank refused yesterday drafts amounting to about $50,000, because it had not the necessary funds to the credit of the Boston bank; but it is not known whether this refusal had anything to do with the failure of the Boston bank. The Continental National Bank was formerly the New-York correspondent, but the account was transferred to the Park Bank about a month ago. Officers of both the New-York banks said yesterday that the account of the Boston National was a good one. The first rumors about the failure were that the Central National Bank WAS involved. It is said by persons likely to know that the Central Bank will probably suffer a loss, but that it will be for a small amount. At the First National Bank, which is the New-York correspondent of the Central Bank, Vice-President Fahuestock said yesterday that he bad heard the ramors affecting the Central Bank, but that he had not felt safficient interest in them to make inquiry of the Boston bank. He said that the Central Bank had a large cash balance on deposit with the First National, and that it had been further increased by a large remittance received yesterday. He had received dispatches from the Boston bank during the day, but they referred exclusively to business

5. 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.

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 27, 1881 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, November 27, 1881

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frauds and ballot-box stuffing. There is considerable interest manifested in the matter. What a Physician Says of Gniteau. NEW YORK, Nov. 26.-Dr. Samuel G. Armor, Dean of the Faculty of the Long Island College Hospital at Brooklyn, says of Guiteau : If such men are pronounced irresponsible for their deliberately-planned purposes of murder, society has no longer any safeguard against the worst elements in its population. Compared with such characters insane peopleare comparatively harmless, for they are usually confined. A Conjurer's Victim Hanged. SUMPTER (S.C.), Nov. 26.-Henry Johnson (colored) was hung yesterday for the murder of John Davis, also colored. The execution was private. He had made a full confession during the trial, saying a conjurer had given him a charm to shoot Davis, win his wife and avoid the penalty. He only succeeded in winning the wife. The other charms failed him. Affairs of the Pacific Bank. BOSTON, Nov. 26. - -The Bank Examiners have completed their examination of the affairs of the Pacific Bank. The report is not to be given out for several days, but it is authoritatively stated that the condition of the Bank is so unfavorable that the United States Comptroller/yesterday requested the Associated Banks to nominate a receiver and wind up its affairs. Controller Knox's Opinion of the Pacific Bank Failure. CHICAGO, Nov. 26. - An Inter-Ocean Washington special says: Comptroller Knox thinks the danger is over in Boston. He has never feared any wide-spread financial disaster from the Pacific Bank failure, and now thinks that even that Bank has some show of righting itself and resuming business. The President's Message. CHICAGO, Nov. 26.-The Times Washington special says: The President will not print his message until delivered to Congress, thus observing etiquette.

8. November 27, 1881 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, November 27, 1881

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Theemperor of Germany has resumed the transactions of his official business. Elie Schoumoff, for many years the champion chess player of Prussia, is dead. Computation has been made showing that the government cannot without loss buy 4s and 4ga at the present rates. It is stated that the French government has decided to withdraw the decree prohibiting the importation of American pork. The Atlantic & Pacific company on Friday voted to prosecute work vigorously until the line from Rio Grande to the Pacific is in operation. Several additional experts on the subject of sanity, summoned from Boston for the defense in the Guiteau trial, left for Washingtom last night. Geo. F. Brott appeared in the criminal court at Washington yesterday and gave personal recognizance in the sum of $1,000 to appear when wanted in the case of ex-Deputy Auditor Lilly. The Russiam ambassador at Constantinople a short time ago proposed to the porte a territorialarrangement by which the payment of the war indemnity might be extinguished, but the sultan was unwilling to give the proposition favorable consideration. It is understood that Judge Bancroft Davis will enter the state department, with Frelinghusen as assistant secretary, relieving Hitt, who will be given another position, and the vacancy thus created on the court of claims bench will be filled by the appointment of Sec'y Hunt. Ireland is still the bitterest element in the British ministerial programme. The increased outrages during the past fortnight have led the Times and other journals to demand further measures of repression. It is considered that this was foreshadowed in Lord Monk's and Lord Cowper's recent speeches. The Chicago Inter Oeean's Washington special states that Comptroller Knox thinks the danger is over in Boston. He has never feared any widespread financial disaster from the Pacific bank failure, and now thinks even that bank has some show of righting itself and resuming business. The bank examiner has completed the examination of the affairs of the Pacific bank, Boston. Report will not be given out for several days, but it is authoritatively stated that the condition of the bank so unfavorable the United States comptroller yesterday requested associated banks to nominate a receiver and wind up its affairs. Congressman Page, now in Washington, was notified by telegram from the president of the California vine culture society yesterday that he has been appointed a delegate to represent the wine interests of the Pacific coast at the tariff convention to be held in New York on the 29th and 30th instant. He has accepted the appointment, and will go to New York to-night. The committee of confederate bond holders state that their programme is primarily by steady and persevering appeals. first to the public and then to the legislature of the United States, to bring about the opinion that the time has come when the restriction imposed by fourteenth amendment of the constitution should be removed so far it prohibits the southern states from effecting just and equitable settlement of their debts legally contracted. The committee repudiate the idea of embarking in the litigation to recover the confederate property in Europe.

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. November 29, 1881 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 29, 1881

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THE PACIFIC BANK. The Management of the Institution Wantonly Reckless. $1,500,000 NECESSARY TO ENABLE IT TO RESUME. BOSTON, Nov. 28 / -The directors of the Pacific bauk have held an extended session today. The meeting did not adjourn until 10.30 p m. Members of the press were rigidly exseems re cluded. Kuox suspended It the that appointment when Comptroller of the ceiver for one week it was upon condition that Examiner Needham should have charge of the bank in the interim. Mr. Needham would accept the position only upon the promise of the directors that they would immediately and actively engage in the routine work necessary to attain knowledge of the bank's affairs. It was upou this understanding a meeting was held with the object of forming a careful estimate of the cash value of the assets. It is now positively known that $1,500,000 cash will be necessary to enable the bank to resume business. In addition to this the capital stock of one million must be sacrificed. It is thought $500,000 may be realized ou Mr. Weeks' securities of $1,250,000 and the directors hope to raise another million from the stockholders. The incentive for this striving to reorganize the bank is the hope that plenty of time may be had in which to realize upon the "wild cat" securities. It is thought that in this way more can be gained than if the concern is immediately wound up by the receiver. It is stated upon unimpeachable authority that the present condition of the assets shows the management of the institution have been the most wantonly reckless in the history of banking. As an example of the way in which the credit of the bank has been loaned President Benyon a short time before the suspension granted a certificate of deposit for $100.000 payable in ninety days upon bonds to that amount of the Bangor and Katahdin Railroad Company has securisy. The report that the bank was conducting business in this manner called from Comptroller Knox shortly after the last examination an emphatic command for its cessation with which at the time President Benyon promised compliance. The bank examiner explained the nature of the securities to the comptroller last March and urged the directors to examine the bank's affairs. They made a movement in that direction, but upon threatened resignation by the President they abandoned their intention. The nature of the assets shows that Weeks' wild cat securities are only a small part oft he general collection of the same nature. A meeting of the stockholders to-morrow will determine whether or not the amount requisite for continuation of business will be supplied. Investigation into the affairs of the bank today swells Cashier Brecken's unauthorized advances to the amount of $700,000. It is claimed the liabilities are one million. Investigation also showed that the last annual statement presented in March was falsifiod. The bank last year paid a dividend of 8 per cent.

11. 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.

12. 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.

13. December 15, 1881 The Elk County Advocate Ridgway, PA
Article from The Elk County Advocate, December 15, 1881

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NEWS OF THE WEEK. Eastern and Middle States. A PECULIAR disease in the nature of curvature of the spine, which for want of a technical name has been called The Bends," has apthe laborers in the Hudson it is supposed to be river peared tunnel. among caused by working in compressed air. of has additional up instituted THE attorney-general proceedings Pennsylvania in to the break the graveyard insurance business State. JEFFERSON DAVIS arrived in New York the other day on an ocean steamer from Europe. He was on his way with his family to look after his plantation in A COMPANY is forming in Philadelphia to make glucose from cassava, a tuber which grows luxuriantly in the southern part of the United States. A NEW counterfext national bank note has in circulation. a imiof the five dollar note the just tation been put Boston. It issued is good by Boyleston National bank, of THE recently suspended Pacific National bank, of Boston, is to resume business. TACUCENTO, an Italian ragpicker, in a New quarliving PASQUALE squalid York tenement, fourteen reled with his wife, aged only years, shot then killed his and his double followed her dead, up crime mother-in-law, by to deeperately wounding himself in an attempt commit suicide. ONOFRIO MANGANO, a convict at the Sing Sing quarreled a convict Williams and (N.Y.) named prison, stabbed with him colored to death. was a life term his and Williams was Mangano killed wife, serving for the having third person whom he had murdered. W. FORNEY, the JOHN well-known that Philadel- city phia journalist, died at his home in a few aged sixty-four years. Mr. Forbeen clerk of the House of ney days had ago, Representa- Senate of the United States and of the port of collector tives, secretary Philadelphia, and a wide acquaintance among the prominent the At the time of he had men of day. of Progress. his death was editor and proprietor A BOILER burst in the Keystone rolling mill, Pittsburg, Pa., completely demolishing the boiler house, and killing one man and seriously injuring ten more. Fourteenth Street theater, New the well-known comedian, York, AT Haverly's J. K. at Emmet, Niblo's is playing in "Fritz in Ireland; the last nights of the spectacular the " World," are at drama, Garden announced, the "Bond- and Haverly's Fifth Avenue theater man," a new romantic drama, is performed nightly, with John McCullough in the leading part. A TERRIBLE fire which broke out early in the in a frame boarding-house occupied workmen, at Gibson's morning by railroad Fittsburg, resulted station, in eight miles from Pa., the death of ten men and severe injuries one of whom died in to frightful ten others, three the hospital were the night, while two or more not to recover. The A same expected fire explosion originated of in the upsetting and consequent An eye-witness says: Beand 3 o'clock Mr. McCune, tween kerosene 2 lamp. the the kitchen boardkeeper, rose and lighted a lighted lamp on a near fire. ing-house Leaving arouse table his the dining-room door, he went to the servants. In his exoccurred and the was in plosion wife and dining-room absence the with Mr. McCune made his escape and the servant, and flames. his wife shouted In to another those to run for their lives. the flames had enveloped upstairs moment the stairway, for thus cutting off all means of escape the men above through the small opening at and from these the either end, except sliding filled doors with had to be removed. The loft was straw and combustible material used as be.:and only those who were nearest the could make their escape. A was made for these openings by the ding, openings half-crazed rush each f and a for life took place, to crowd the others out as men trying struggle of forced the through way, only one at a time could be on account of Some of the poor fellows, size. the windows seeing their that small all not in this way, and through the to downstairs could escape flames, tried bad not to only dash horrible death. The men even clothe themselves, so was and SO did the fire meet time alarm to a quickly sudden make head- the Those who made their escape 80 the sudden outburst way. bewildered by seemed of flame they cries of their companions that back into the burning atrushod and the building, At this tempting to save their property. mocame. The frail crushed in upon ment by the a flames, crash walls, the unfortunate drowned weakened and their cries for help were in the flames. In a few the men, the roar of moments that folflames were dying away and the scene was terrible Shrieke groans side from the poor lowed up on every and unfortunates went with been burned and scorched. Men of skin and flesh great who had patches peeled in from their their bodies rolled upon the ground Half a dozen to the scene of the as soon as agony. hastened Pittsburg fire physicians word of the sad calamity and did all to alleviate the they in received their power sufferings of the living.

14. January 2, 1882 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, January 2, 1882

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NEW ENGLAND. Massachusetts. 1 The Pacific National Bank. BOSTON, Jan. 1.-At a meeting of the directors of the Pacific National bank last evening Mr. Lewis A. Coleman, the most prominent of the directors, was elected president, and he, in the event of the bank's reorganization, will act as such. It is understood that an arrangement has been made with the Central National bank whereby the resumption of the Pacific is assured, and Bank Examiner Needham said to-night that the prospects for a successful resumption are more favorable now than at any time since the suspension.

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 4, 1882 The Daily Dispatch Richmond, VA
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ranged to any e blooded cattle sale of Pickerel, & Smith Thursday at resulted in an aggregate for III., Thomas The of Harristown, 816,830 sixty-nine animals-an average of $244. Some of the Rose of Sharon breed sold for $600 and Constance Ninth for $1,000. The President visited Wallack's Theatre, in New York, Friday night. Among the callers at the Fifth-Avenue Hotel were John II. Starin, John D. Lawson, Thomas MaMurphy, Robert Strahan, Louis Payn, jor Bullard, H. A. Barnum, and others. On Friday afternoon the sloop Alice, of Blue Point, capsized on Fire-Island bar. Captain Ben Abrams and a boy were drowned. The body of Frederick Simendinger, proprietor of a saloon at Jersey City, was on Friday found floating in the Hackensack river. Simendinger is the man who left his place of business on Saturday last, after hat, a quarrel with his wife, and whose coat, collar, and necktie were subsequently found on the bank of the river. Denton Miller. of No. 4 Monroe street, Brooklyn, committed suicide in the Westminster Hotel, in New York, on Friday, by shooting himself in the right temple. He was an entry clerk in Wheeler, Parsons & Hayes's jewelry establishment. He was despondent from family troubles. Mrs. Jordan, an old and respected lady of of Macon. Ga., while waiking on the track the Macon and Western railroad Friday night, was run over and instantly killed by the cars. The engineer blew his whistle, which evidently was not heard by the lady. The trustees of Cornell University have appropriated $20,000 for a new building, to be called The Armory." It is to be of brick, 60 by 150 feet. An annex will contain swimming-tanks, bath-rooms, a gymnasium, etc. The building will be illuminated by the electric light. One of the employรฉs of Forepaugh's cirnow at Lansing, Mich., on going into cus, the lion's cage on Thursday, was attacked by the animal, which fastened its jaws in his arm. The beast was shot, and its jaws pried open to release the unfortunate man. Ten small elephants connected with Barnum's circus escaped on Friday morning while being driven to the show-grounds at Meriden, Ct. They scattered and created much excitement. After hours of pursuit they were captured about five miles from the scene of the escape. No one was hurt. but much damage was done to trees, fences, etc. Two children of James McDonald found railroad torpedo in the yard of their parents' a residence at Troy, N. Y., on Friday it afternoon, and striking it with an axe, exploded. One side of the head of the the youngest child was blown away, and other child suffered a fracture of the skull. One is dying and the other may not recover. The death of General Garibaldi, at Caprera, on Friday, closes the career of one of those sturdy patriots who make events for history, and whose exploits grow into tradition when history is forgotten. In his long and adventurous lifetime Garibaldi played many parts, and all with distinc- in tion. Guiseppe Garibaldi was born Nice, July 4, 1807. Lizzie Price, the actress, has brought sujt against Alexander Kerr, the Philadelphia correspondent of the Dramatic News, to recover $10,000 damages for alleged libel. The trouble grows out of the correspondent's insinuations regarding the complainant's alleged attitude towards the Eighthits Street Theatre and John McDonough, owner. The propeller St. Magaus, the first craft through the Welland cand, arrived at Ckicago Thursday, and is chartered for Exia rope with a large cargo of corn on through rate. She is 180 feet long and 800 tons burthen. This trip is an experiment, on which depends the construction of a line of ten similar steamers to ply between St. Lawrence and Chicago. An important net passed the General Assembly of Rhode Island which will seriously affect electric lighting and telegraph companies. Segeral acts wore introdueed for the incorporation of electriclight companies, but the committee to whom by they were referred inserted a clause which city and town councils may order poles and wires down after a formal notice of thirty days. Recorder Swift, of Detroit, on Friday sustained the validity of the law prohibitthe selling of pools of horse-races, balling games, etc., and fined several persons who had been convicted. If the ease is taken to the Supreme Court there is no probabil- The ity of the decision being reversed. Recorder intimated that he would severely punish any one engaged in pool-selling while an appeal was pending. Those stockholders of the Boston Pacific National Bank who subscribed to reorganization, and subsequently refused to their part of the assessment of $950,- suits E 000, pay have consolidated to combat any the brought by the receiver to recover claim $200,000 which they represent. They Business that owing to the resumption of Receiver the bank they are not liable. I by Price will institute a large number of suits, ii and almost endless litigation will ensue,

17. June 9, 1882 Vermont Phล“nix Brattleboro, Bellows Falls, Ludlow, VT
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Those stockholders in the Pacific national bank of Boston who subscribed to the so-called new stock at the time of the reorganization and who subsequently refused to pay their part of the assessment of $950,000, have consolidated their interests to combat any suits which may be brought by the receiver to recover the $200,000 which they represent. They claim that the bank's resumption of business rendered them not liable. Mr. Price says he will pay no attention to the combination, but, unless ordered to act otherwise by Controller Knox, will bring suits in all cases where a refusal to pay is made.

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
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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. 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.

22. April 14, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, April 14, 1884

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# Statement from Mr. Knox. WASHINGTON, April 12.-The committee on banking and currency has called on Comptroller Knox for all papers and correspondence in his office relative to the Pacific National Bank, Boston. A number of charges against Knox have been placed before the committee since the recent investigation by the secretary of the committee of shareholders of the Pacific Bank. A copy of these charges was handed the Comptroller to-day in order that he might answer them. A member of the committee says that, with a few exceptions, they are similar to those previously filed before the committee, and that the new charges are that Benyon, president of the defunct bank, was a defaulter when appointed, and that Knox knew that the bank was insolvent when the capital stock was increased in 1879 and again in 1881. The Comptroller said to a reporter of the Associated Press to-night: "I have to-day received a communication signed by the secretary of the committee of shareholders of the Pacific National Bank. It is somewhat extraordinary that the communication does not bear the signature of a single shareholder. There is not a single allegation, though they are fourteen in number, that has not already been answered in the pamphlet containing my statement. There is no proof whatever accompanying the allegations. They are simply a repetition of the statement made by the attorney of the stockholders before the banking and currency committee. The first allegation refers to the fact that Benyon, president of the Pacific Bank, was formerly president of the National Exchange Bank, Boston, and that he was obliged to resign from that office. This fact was fully stated in my reply before the committee; and I also stated that, notwithstanding the fact of Benyon's disgrace, he associated with him for the purpose of the organization of a new bank persons in Boston and in the State of Maine who were recommended by members of Congress as being persons of the highest character and standing. After the organization of the Pacific Bank, notwithstanding he had been obliged to retire from the presidency of the Exchange Bank, he was for two succeeding years elected a director by the shareholders and president by the directors of the Pacific Bank, although he held but $1,000 stock at one time. There is nothing in the law that prevents shareholders from electing any man a director, or the directors electing any man president, providing he holds the requisite amount of stock. The Comptroller has no authority to prevent the organization of a bank by any class of men, provided the capital stock is paid up and other restrictions of the act complied with. One of the allegations is that I did not bring suit against the directors. Mr. Ranney, a member of Congress, who is attorney for the receiver, stated before the banking and currency committee that the delay had been occasioned by the attorney of the shareholders, who is associated with him in the suit. Another charge is that the committee did not have all the papers and correspondence in my office. The whole correspondence has been furnished to an attorney in Boston, and every material fact printed for the use of the court. Since that time I have given everything in my statement before the banking and currency committee. It would be much more manly for the shareholders who are hiding in the dark to place their names to these allegations. My whole action in reference to the officers of the Pacific Bank was based on the reports of the bank examiner and chiefly on the reports of the directors themselves, who are the agents of the shareholders. The only question which can arise is in reference to my construction of the law, and that is for the courts to decide. The complaints of the shareholders have arisen from the fact that the suits are being prosecuted as vigorously as possible, as the law requires."