7985. Pacific bank (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 27, 1885
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
82c0c723

Response Measures

None

Description

Articles from Oct 27–28, 1885 describe the Pacific Bank of Boston as collapsed with a receiver (Receiver Price) taking charge; charges of embezzlement against individuals connected to the bank are cited. No article describes a depositor run or heavy withdrawals; the event is best classified as a suspension/closure with receivership driven by bank-specific adverse information (embezzlement/insolvency).

Events (2)
1. October 27, 1885 Receivership
Newspaper Excerpt
When Receiver Price took charge of the wreck he said this note, and its security could not be found, and there was no record of any payment by Mr. Best as trustee.
Source
newspapers
2. October 27, 1885 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank collapse/failure associated with alleged embezzlement by W. J. Best and large bad loans (note on missing collateral and insolvency).
Newspaper Excerpt
the collapsed Pacific bank, of Boston ... When Receiver Price took charge of the wreck
Source
newspapers

Newspaper Articles (3)
1. October 28, 1885 Savannah Morning News Savannah, GA
Article from Savannah Morning News, October 28, 1885

Click image to open full size in new tab

Article Text

CHARGED WITH EMBEZZLING. W. J. Best Accused of Appropriating $75,000 of Bank Funds. BOSTON, Oct. 27.-William J. Best, as financier who was prominently connected with the affairs of the collapsed Pacific bank, in this city, was arrested in New York to-day, charged with embezzling $75,000 as trustee of the will of the late Francis W. Carruth. Mr. Carruth left a fund of $75,000, the income of which was to go to his son, W. W. Carruth. Before the Pacific bank failed young Carruth borrowed $70,000 from the bank on his personal note, and as security for the loan transferred to the bank the income of this fund. After the first failure of the bank Mr. Best, as an expert, was employed in practical charge of the bank's affairs. When Receiver Price took charge of the wreck he said this note, and its security could not be found, and there was no record of any payment by Mr. Best as trustee. The evidence was strong that Mr. Best had used a portion of the securities in speculation, and had sold the remainder outright.

2. October 28, 1885 Evening Star Washington, DC
Article from Evening Star, October 28, 1885

Click image to open full size in new tab

Article Text

# Arrest of a Boston Financier. CHARGED WITH EMBEZZLING $75,000 OF WHICH HE WAS TRUSTEE. Wm. J. Best, a financier, who was promi- nently connected with the affairs of the col- lapsed Pacific bank, of Boston, was arrested in New York Tuesday charged with embezzling $75,000 as trustee of the will of the late Francis W. Carruth. Mr. Carruth left a fund of $75,000, the income of which was to go to his son, W. W. Carruth. Before the Pacific bank failed young Carruth borrowed $70,000 from the bank on his personal note, and as security for the loan transferred to the bank the income of this fund. After the first failure of the bank Best, as an expert, was employed in practical charge of the bank's affairs. When Receiver Price took charge of the wreck he found this note and its security, and no record of any payment by Best as trustee. The evidence was strong that Best had used a portion of the securities in specula- tion and had sold the remainder outright.

3. November 6, 1885 The Middlebury Register and Addison County Journal Middlebury, VT
Article from The Middlebury Register and Addison County Journal, November 6, 1885

Click image to open full size in new tab

Article Text

NEWS SUMMARY. Eastern and Middle States. TEN trackmen while being conveyed to their work on a flat car were swept off near Oakdale, Mass., and all badly injured, one dying soon after and several others losing a leg by amputation. MRS. BRIDGET FARLEY, born in Ireland in 1781, has just died at Bridgeport Conn., leaving two children, twenty-five grandchildren and twenty-one great-grandchildren. A SEAT in the New York Stock exchange has just been sold for $34,000, the highest price on record. SARAH CURRY, aged nineteen years, a girl of Scotch-Irish parentage residing at Dover, N. H., has received a cablegram announcing that by the recent death of an uncle in Scotland she inherits $1,000,000. A CONNECTICUT life insurance company took possession of the water works at Evansville., Ind., on account of default in payment of interest on bonds. WILLIAM J. BEST, who has been prominent in New York business circles through his connection with various broken institutions as receiver, was arrested on a requisition of the governor of Massachusetts and taken to Boston. He was charged with embezzling $75,000 of trust funds belonging to the Pacific bank, of Boston, of which institution he had been a trustee. The charge is denied by Best. Notwithstanding the hubbub of an exciting election canvas the people of New York city have been greatly interested in the trial of Ferdinand Ward and the appearance on the witness stand of James D. Fish, late president of the broken Marine bank. and now an inmate of Auburn prison. Fish's testimony concerning the financial operations of his former partner in fleecing the public was very damaging to Ward. ROBERT J. COOK, business manager of the Philadelphia Press, had his skull fractured by a hatchet blow struck by Stephen Macpherson, the colored janitor, whom he had just discharged. Macpherson was arrested, and Cook, who is best known as a once famous Yale college oarsman, was taken to a hospital. FERDINAND WARD'S trial in New York for grand larceny ended in a verdict of guilty, the testimony of Fish, the imprisoned expresident of the Marine bank, telling heavily against the head of the once famous firm of Grant & Ward. UP to recent date the Grant National Monument fund bad reached $92,500. PRESIDENT NOAH FORTER, of Yale college, has resigned, his resignation to take effect next June.