Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1882-05-23

The Pacific National Bank Goes into Liq-
uidation.
A Heavy Blow to Stockholders Who Had
Their Money in the Concern.

BosroS, May %.
The Pacific National Bank which suspend
ed some months ago, and resumed but Few
weeks since, stopped payment today, and VIII
will wind up business. its directors having
voted to 60 into liquidation, and have applied
for receivers The suspension is considered
due TO a lack of business since resumption,
public confidence not having been great
enough to warrant any large dealings with
the concern. :,
Rumors in connection with the Pacific
Rank suspension concerning other banks seem
to be without foundation. The Central
National is among the creditors of the Pacific
for $500. 600, but the Central has already
assessed its stockholders to this extent, and
is not unfavorably affected by the suspension
of the Pacific 1t is believed that the losses
of the other banks will be comparatively
small.
Mr.. John Shepard, one of the directors of
the Pacific Bank, stated in brief interview
this morning that the situation might easily
be explained. The step taken by the direc-
tors had been forced by the circumstances.
There was too much pressure on all sides.
and no bank, he ventured to say, could go on
doing business if placed in the same position.
This up hill struggling it was impossible to
further continue, besides, Mr.. Coleman, the
~
had positively refused to act any longer. As
at this peculiar time a change in the presi-
dency would be injurious. the directors had
deemed it the most advisable course to close
the bank.
Accordingly, at a meeting Saturday after
noon, it was voted to close up business, and
President Coleman, Micah kyer and William
j. Best, together with Mr.. Reed, one of the
heaviest stockholders, had been appointed a
committee to visit the comptroller of the
treasury at Washington, and consult in re-
gard to the final disposition of the banks
affairs. These gentlemen had stated they
would endeavor to have Mr.. Whitney, the
new cashier, appointed to take charge of the
closing of the business.
OF course, said Mr. Sharpe, liquidation in
full may be expected, and at as early date
as possible. The official statement from the
directors shows that from November 18th,
the date of the first suspension, to Nav Goth,
inclusive, the liabilities were reduced So, 1885,
1868 IS, of which $742, 800 was paid by cash
received from assessments on call. The cap
ital stock actual reduction by realiZations,
and cancellations of alleged obligations on
| the part of the bank by the surrender of
worthless notes and checks appearing in the
assets November 18th, is 81 ,542, 563. IS.
While laboring to produce the above result,
the directors, officers and counsel have also
succeeded in obtaining titles to real estate,
and the transfer of stocks, mortgages, etc.,
now valued at nearly 100000. They have
also compelled debtors of doubtful response
bility to furnish collateral security or give
indorsers. By such means at least $500, 600
of notes which in November had little or nc
| value, have been converted into good assets.
Linus Price, of the Treasury Department,
has been appointed receiver of the Pacific
Bank.