The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1882-05-23
THE PACIFIC BANK.
Suspends Once More and Will Nov
Wind Up Business.

Suspends Once More and Will Now
Wind Up Business.
BosToN, May 22.-The Pacific National
hank of this city which suspended some months
ago and resumed but few weeks since, stop
ned payment to-day and will wind up business,
its directors having voted to go into liquida-
tion and have applied for receiver The
suspension is considered due to lack of busi-
ness since resumption, public confidence not
having been great enough to warrant any
large dealings with the concern.
Rumors in connection with the suspension
concerning other banks seem to be without
foundation. The Central National is among
the creditors of the Pacific for $400, ,000, but the
Central has already assessed its stockholders to
this extent and is not uufavorable affected by
the suspension of the Pacific. 1t is believed
that the losses Of other banks will be COM
paratively small.
Mr.. John Shepard, one of the directors of
the Pacific bauk, stated in brief interview
this morning that the situation might easily be
explained. The steps taken by the directors
had been forced by the circumstances. There
was too much pressure on all side, and no
bank, he ventured to say, could go on doing
business if placed in the same position. This
uphill struggling it was impossible to further
continue. Besides Mr.. Coleman, the president,
on account of this very pressure, had refused
to act any longer. As at this peculiar time
change in the presidency would De injurious
the directors had deemed it the most advisable
afternoon it was voted to close up business,
and President Coleman and Michael Heyer
and VIM. j. Best, together with Mr.. Reed, one
of the heaviest stockholders, had been ap-
pointed committee to visit the comptroller OF
the treasury at Washington and consult in re-
gard to the final disposition Of the banks at
fairs. These gentlemen had started and would
endeavor to have Mr., Whitney, the new
cashier, appointed to take charge of the closing
of the business. OF course, SAID MIR. Shepard,
liquidation in full may be expected and at as
early date as possible.
An official statement from the directors
shows that from November 18th, the dates OF
the first suspension, to May Goth, the inclusive
liabilities were reduced So, ,285 ,363.75, of which
$742, 800 was paid by cash received from assess
ments on capital stock. The actual reduction
by realizations and the cancellations of alleged
obligations on the part of the bank by the
surrender of worthless notes and checks ap-
pearing in the assets November 1Sth is ST.
542, ,563.75. While laboring to produce the
above results, the directors, officers and coun-
sci have also succeeded in obtaining title to
real estate and the transfer of stocks, mort
cages, etc, now valued at nearly $500,000.
They have also compelled debtors of doubtful
responsibility to furnish collateral security or
give endorsers. By such means at least $780,
600 of notes which in November had little or
no value have been converted into good assets.
LATER.
Linus M. Prince of the Treasury Depart
ment has been appointed receiver OF the Pacl-
fc bank.