New-York tribune., 1881-11-20
AII Isl nIs MN.
ARrN on TIE CENTRAL NATIoNAL.

ITS DOORS CLOSED FOR TWO HOCRs-ITS DEBTS TO
OTHER BANKS PAGD PROMPTLY
BosToN, Nov. IA heavy run upon the Central
National Bank was begun by drpositors when the
doors were opened to-day. This bank promptly
paid over $50, 600 the amount of the balance due
other banks The ruu upon it, however, was
steadily mliniainrd aud its banking rooms were
crowded all morning The officers announced that
tn, bank would pay every dollar in full, and checks
were cashod fast presented mp to ll:3O a. IN
Al that hour the paying teller stopped cashing
checks, and the directors went into consultation rs
t. the best course of action. 1t was SIMPLY stated
that they were considering the situation, looking
over the balances, and that business would be re-
sumcd IN the ordinary way in "a brief period. BASED
upon these grounds. reports Of the suspension OF
the bank flew all over the city, quickly SweilihH
the crowd OF dcpositors with many other anxious
inquircrs
The Central National Bank. which stopped pay
mcnt at 1850 a. m, resumed payment at l:3O p
N. This has inspired "A marked feeling OF conn
dcnec, and there is a generally expressed opinion
that the worst is over.
Tie following will show how the Central National
Bank became involved The bank though doing
comparatively small business, has always had an
excellent reputation in New-England' ana
it's credit has been of the best Its Its
president is Charles J. Bishop. US
capital stock. all paid up. IL T3OOOoO, ana ny
NcwIOrk correspondents are the FIRST NdJlOhai anu
the National Park Banks.
In its last statement one item of its resources was
$i35, ,ls5 80 ' due from other National Banks. 90
far as can bc learned II appears that go9u portio
of this sum was money due collateral redscoun ed
for the Pacific Bank. The bulk of thus amount was
probably still due them yesterday When Ihe "Slllo
Banks suspension was announced; anu tlio tot,
entertained by the depostOrs ana 0thers InaI ~
would dnot be paid undoubtedly ledi large measure
to the scare of thlsmOrning AZ much ol tGs PaPSI
IL well lndOrsed, and as the makers OF ~ III
many instances, are good for every dollar OF
their obligations, 1t would seem thaI ihe
fears were, in part Mt least groundieSs Uhuoupo11
edly some of Weeks collateral is among the rest au
to that amount only il there the least danger.
That is very small when 1t IL consldered lhao lhao
the creditors of the Pacific Bank are In 40 way
likely tO lose anything as has been stated Oh soou
authority tonight.
SOME OF wEEKss OPERATIONS.
II has been n common practice with weeks 10
present tho time certificates of deposits given 10
HIM by the Pacific Bank on his collateral at the
Central Bank and, for a consideration, Obtain III
exchange n Central Bank certificate of deposit pay
able on the following day. With this and by pay
ing n very high rate he would get on the same day
n gold certificate which he would take 10
the Eliot Bank and thero deposit to meet a
check of the next day. This practice involved the
payment of double rate of heavy interest Ior
the sake of gaining one days use OF money
The result Of this and other things has been te COZ,
apse of Mr.. Weeks, the refusal of the Pacinc Dank
chec and tho consequent involving 0t the Ceh'rai
Bank. r. ..oo+s tha