New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-11-19

Total ,23i677 90
The capital of the bank originally 100000
Recently it was increased TO $l0OO,000, and il IS
understood that the entire amount, except IS, ,0e0y
has been paid in.
A well-known broker said this afternoon that hs
was not surprised at tho suspension, from the fact
that the Pacific National Bank not in tho
receipt of Clearing House privileges, and was
consequently liable to suffer from unusual demands.
lie did not believe there was any defaleation or
shortage in any officials accounts.
A ConCress-st Janker said that he was not SIR
prised at hearing that the bank had suspended.
Within the last twenty-four hours the bank lad
offered him its certificates of deposit at an eNtraoT-
dinarily high rate and he had refused to take Them
Beyond that he had had no dealings with the bank
and knew nothing relative to its affairs. he had
heard that the bank had 81 100000 Of its certih-
cafes of deposit scattered all over the city, ana tAat
this morninglt had suspended.
CAUSE OF TIE FAuURE.
Another account says: The present catastrophe
has been impending since last January,
when the Pacific Bank began TO carry
Theodore c. Weeks, a stock broker, who became
heavily indebted to the bank. At a meeting OF tho
creditors of the bank held last evening was found
that the Pacific National had cut about 100000
of overdue paper, all of which amount was held by
a single concern. Most OF this paper consisted OF
Wpaks's notes, and when lDleIfOAdlcu luc idciio
Rouk people admitted that they had no money wltn
which 10 meet them An effort 10 save TIE Oank
from, disaster was made this morning, Wnen
an offer of support was maze DY otaer
hank Dresidents to the amount OF S0OO,OOO, pro-
yGp1 satisfactory collateral could De Ontre. certain
oIIateral was offered by the Pacific National, but
an eyamlnatIOu It was not considered satisfactory
Ir, The hank presidents referred To, consequently,
aid not forthcoming from tins or any other quarter,
The Pacific Bank was obliged 10 suspend.
A prominent bank official said to-day that Weeks
mas been dealing extensively in the stock of the
Eastern Railroai Silver lslet mining stocks and
Erie bonds Weeks owes various DahAs, IN
Boston upward OF $l,00O,OOO, all supposed 10
have ample security, based on t0-days Fdiua-
ton except the Pacific. a nee rug vas
held later M the day at the Pacific Bank WIN z
view of inducing one of the weathIest directors VI
the hank Lewis Coleman, TO become its preSueho
unnn a new organization, which VIII lhciIde sono
a, rectors and the reduction OF ltS eNPlal STOCK
10 nnn- half of what IL now Is. ShOull lnIs oe SUI
cessful The five banks anOYe feleIIou ~ VIZ @
tbrir offer and put the bank IN PoslIion " I0oPen
HS M q''is esInitement has give rise 10 va
of Wild repOrts regardlng the
10y of tbis suspension upon other banks.
IIooC II the best authority for believing that none
80 Ibc ath.r banking institutions OF the city VIII
Va 80 t an extent sufficient TO impair their sound
@ SUI Should the collateral. which one or Two
ho,,s hold depTeciate largely, there would stlh DO
,''.Ir,jiu 10 meet the obligations OF the racine
~ 2 Eastern railroad stocks, which was largely
heId bv the Pacific National B INK, dropped rom 4o
IN AZ on sales OF about 900 shares, ana closed at
80 bid.