The Providence news. (Providence [R.I.]) 1891-1906, 1903-10-01
PACKARD
NATIONAL
BANK FAILS
Well Known G:esnyiIIe, Mass,
Institution Has Liabilities Of
S5O0,OOO-. Capital 100000

Greenfield. Mass. Oct. lit was an
nounced last night that the Packard Ma
tional bank. one OF the best known. insti-
tutions of the kind In western Massa-
chusetts, would not open its doors today.
One of the national bank commissioners.
F. L. Fish OF Vergennes, VT, IL is ex-
pected. will assume charge OF the banks
affairs.
There have been persistent rumors at
taclking the stability OF the bank for sew
eral weeks. but these. II Is said. have
been made light OF by the bank officials.
the proba bility OF suspension being stout
ly denied. The first public knowledge OF
serious trouble came yesterday. when rep
resentatives OF the other banking houses
I'm the city were hurriedly summoned TO
a conference.
At the conference IL was announced
that a draft Of the Packard National
bank, drawn on the National Bank OF
Redemption. It's Boston correspondent.
had yesterday been protested by the Bos-
ton bank The representatives at the
conference then made a careful examina-
ton Of the loans OF the Packard bank to
determine whether the assets held for the
loan would justify them In making ad-
vances 10 save the embarrassed institu-
tion.
Their decision was against offering any
Officers OF the Packard bank. the latter
communicated with the office OF the
comptroller OF the currency and decided
TO temporarily suspend.
STOCKHOLDERS THE LOSERS.
The Packard National bank has a capt
tai stock OF 100000 and his liabilities are
estimated at $500 900. Its emba rrass-
TO the inability TO realize promptly on
loans and so satisfy the demands OF de-
positors They declare that depositors
will not lose anything. the loss, II any,
falling upon the stockholders.
Local merchants and other business
men who have funds In the bank. IL Is
said. will he taken care OF by other in
stitutions, but just what this means Is
not explained as following the conference
Yesterday no definite statement OF any
such agreement was given out.
The recent ill-health OF William D.
Packard. the president OF the bank. and
the fear at that time that his mind was
some what affected, II connected with the
trouble OF the bank In the opinion OF
many Mr. Packard Is not only presi-
dent OF the National bank but Is treas
urer OF the Greenfield Savings institu-
ton and trustee OF many estates.
His many duties seemed 10 weigh
heavily upon him. and eliminated In
peculiar actions on his part
Three weeks ago Monday he left home
suddenly. taking the express train for
Boston. but, az he said. with no dennite
purpose IN view. He then went 90 New
York and was In that city several DAYS
before his people got any Communication
with him and persuaded him 20 come
home
During his absence all sorts Of rumors
were anoat. and affected the bank un-
favorably. shortly after the bank state
ment was issued. shaying a very small
resere. depositors began 10 withdraw
their deposits. and within the next two
DAYS deposits showed a shrinkage of be-
tween $4,000 and 10000
PACKARD FAMILY HELD SHARES.
The Packard National bank was estab-
Iished by Rufus u. Packard I'm 1870 The
policy has been 20 take so far az possible
local loans Its business I'm recent years
has consisted OF about 500 small accounts
~ depostors and borrowers, consisting
chiefly of farmers scattered all through
county. The loans we're mostly
small and not readily realized upon.
When seen last night Henry ~. Packard
-ashier OF the embarrassed institution.
said.
"our failure 10 due to our inability to
-eaiixe on our loans quickly enough 10
meet the demands % our depositors. our !
iirectors. after going over the matter |