New-York tribune., 1881-11-20
CONFIDENCE RETURNING.
THE BANK EXAMINER AND A COMMITTEES rLA

Ihf BhNh Examiner AND COMMITTEE PLACED
IN CHARGE of THE PACIFIC BANKS AFFAIRS.
Boston, Nov 19.-There was great apprehension
on Safest this morning until after the Clearing
House meeting. The announcement that all loans
between banks had been promptly paid, and that
the rate had not materially advanced, greatly al
laycd the general anxiety. The Boston stock market
opened fairly steady 80 being bid for Eastern rail
road stock.
After a long and exciting session the directors of
the Pacific National Bank resolved unanimously
this forenoon to turn its affairs to Colonel Need
ham, the bank examiner, and a committee Of the
directors, with Lewis Coleman at its head. he ex
animation was nj once begun, and will probably
take a week or more.
Mr.. Benyon regrets the movements he made as
deeply do his directors, but says that he
was gradually drawn into it little by little.
lie did not dare disclose his transactions to
the directors until the imperative circumstances of
the case demanded disclosure. Ills transactions
with Weeks began about the middle of last August,
when the lat ers notes thrown out of the Ell
lot Bank.
Mr.. March, one of the directors stated that Colo
rcl Needham had approved his action in withdraw
ing the S9O,O in funds of the Union Market Ma
tonal Bank at Watertown from the Pacific Bank.
He was asked this noon as 10 his opinion regarding
the honesty OF MT. benyOn, anu Hc Iepllch
that he considered SIR Benyon perfectly honest.
lie said that MIR. Weeks had conferred with the di-
rcctors this morning and endeavorcd to inspire them
with confidence ly the promise that if the bank
would give time he would pay every dollar he owed.
Mr.. March thought the condition of the affairs of
the bank this morning more favorable.
Nr. Needham declares the presidents action in ref
erence to the banks business with Weeks wholly
unwarrantod In regard To Weeks's promises to the
Board Of Directors this morning. Colonel Needham
expressed All opinion that his ability to pay up
would depend wholly upon the condition of mar
gins He also expressed himself satisfied that the
banks affairs looked better than was the case last
night.
MORE LIGHT on THE FAILURE.
The Er,uing star, which is edited by ex-CollectOr
Summons wuo Is a largo deposItor in the Pacific
Bank. tonight states that the directors
OF tho bank were called together on
Thnrday by President Benyon. who told
them that Wc.ks owed the bank S750000, and
that Weeks must pay in $ljO.OO0 before noon or
the bank would fail At the request of the directors
Weeks IN led over that sum and gave assu; ance
that all his indebtedness TO the bank would be
met as soon as matured Immediately after
Weeks had paid the money to the
Directors il Is alleged by The star, he went 10 the
bank and took Sl5OOOO In c'riiiisates which were
already signed and awaiting his call The directors
knowing nothing IF this thought the trouble obvl-
atcd. One director, learning later Of tins matter
dfcw his deposit of 100000. At the directors
meeting this morning Neckss Indebtedness was DIS
covered % Dee ~ 100000. The star further SAYS
that the president had no particular excuse To offer
for his mS,tatcWcntN
CARRIED ALL ~ MS HEAD.
Examiner Needham says II impossible for
any director official of the bank to have learned
by examination Of the books. that the bank had
been placed IN pcuous condition. as the president
concealed the transactions from every He had
made no record or entry of business with Weeks,
hui carried IL all IN his head - and II was only
when tho fact stared him in the face that he had
exhausted every dollar of tho dcpositors' money.
and had none on band to meet the ordinary drafts
oi customer, that he made known 10 the directors
the ruined condition OF the bank.