New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-23
THE PACIFIC NATIONAL BANK.
CLOSING ITS DOORS AFTER DOING BUSINESS ONLY
FEW We KS.

cIoeING ITS DOORS AFTER DOING BUSINESS ONLY
FEW WE rs.
BOSTON. May 22.-The Pacific National
Ysnk which suspended and resumed business again
few weeks ago. stopped payment to-day, and viii wind
I'D business directors have voted 10 90 into hquda-
1ion and have applied for receiver The suspension Is
considered due TO a lack OF business since resumption,
public confidence having been great enough to war
rant any large dealings with the The immediate
eause Of the suspension was the maturing Of paper
amounting TO 100000 on SATURDAY, which the bank
was unable pay. and which went to protest IL Is I'M
oerstood all deposors VIII be paid in full but that
the Original stockholders viii have their investment OF
S2,OOO.OO0 wiped out
The Central National Bank is among the creditors OF
The Pacific To the amount 500 OOO but the Central
nas already assessed stockholders TO this extent and
g. not avorably affected by the suspension OF the
Pacific It believed the losses Of the other banks will
he comparatively small The suspension has not caused
any excitement here nor much surprise One OF the
directors stated bank could doing business
ifplaced in the same position Mr.. Coleman had post
lively refused 70 act any longer ana change III the
presidency would be injurious 20 the bank Al meeting
on Satur ay had been voted 10 close up the business
In "a circular the directors say in regard 10 the
pension This action was nperatiyey necessary in
order protect the interest bOtA Of the creditors and
the stockholders. At the close Of business the bank
owed:
Demand certificates 1065222 ~
Banks and bankers l0i02s6 "a
1922 6s4 IS
From November TO May 30 inclusive the liabilities
wer- reduced b, 2s5.363 Is. OF which S742 500 was
paid by cash received from ssnents the capital
stock The actual reduction by reahZatOns and cancel
latons OF alleged allegations the part O the bank by
fhe surrender Of worthless and checks appearing
S. The assets November 1s Is 3D. 500 75 Al
$500 900 OF notes. which IN November had little
value have converted good In justice
o. the directors IL must be said that the failure OF the
bank in November directly chargeabe transac-
tons by the president, A. Kenyon. without the
knowledge OF the directors, and SO concealed 10
prevent discovery
sinus NJ Price, OF the Treasury Department, has been
appointed receiver OF the bank
wAsH1NGToN, May 22-Coutroller OF the Currency has
appointed Linus NJ Price Of the Pacific National
Bank VI Boston.
Deputy Sheriff DAILY has four attachments
against Pacific National Bank OF Boston. arising out
of the suspension OF the bank last November They were
demand certificates OF deposit and are in favor OF
the following Samuel Raynor Co., $1,000; the
Market National Bank Of New York, S24,677 William
Heath Co, $1,000; H. L. Horton * Coz $4,000.
FUNDS 10 the amount OF $50 100 IN the Continental and
fark National Banks were attached The attachment
CT me Market Bank was contested and vacated, aud
xnOtoh 10 Nacate the eXecut on denied by Judge
Barrett, OF the supreme Court. The carried
u The General Term, whioh Judge Barretts
decision. Thence II was taken the Court OF Appeals
but no decision Las yet been rendered