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BANK FAILURE IN BOSTON. CARRIED DOWN BY A SPECULATOR. THE PACIFIC NATIONAL BANK COMPELLED TO CLOSE ITS DOORS YESTERDAY-THEODORE C. WEEKS ALLOWED TO OVERDRAW HIS ACCOUNTS LARGELY -COMMENTS OF BOSTON BANKERS AND BROKERS. BOSTON, Nov. 18.-At 1:30 o'clock this afternoon the doors of the Pacific National Bank, on Devonshire-st., were closed, and the following note posted there: "Owing to failures in which the bank is involved, payment is temporarily suspended." This was read by some 200 or 300 men, who had been standing in and about the banking rooms for an hour or more awaiting the decision of the directors, which came in the form of the notice above quoted. The Pacific National Bank has from its inception labored under disadvantages. It has never been a member of the Clearing House. A. J. Benyou, its president, was unfortunate, when connected with the Exchange National Bank, in his transactions with the Rev. E. D. Winslow. As a consequence it is said of those transactions the bank, when organized, was not admitted to the Clearing House. For that reason it has been accustomed to meet drafts, etc., through the Eliot National Bank, which 18 a member of the Clearing House. On Thursday, the Merchants' Bank received from a country correspondent for collection a draft on the Pacific National Bank for $2,300. The check was presented at the Eliot Bank for payment as usual, but payment was refused on the ground that the bank drawn upon had no funds there. The check was then taken to the Pacific Bank, where it was stated that it could not be paid there, but would be paid before the close of anking hours. This promise was fulfilled. This morning, however, other drafts coming in under similar circumstances, a similar promise was made, but, unlike that of yesterday, the promise was not kept. The immediate cause of the suspension was the failure of Theodore C. Weeks, who had been allowed to overdraw his account. After the trouble of yesterday a meeting of the directors was called. It was held last evening, and arrangements were made which, it is thought, would tide the bank over its difficulties. The occurrences of the morning overthrew all the arrangements. It is stated that a large number of checks was given out this morning on the Eliot Bank, which merchants, instead of depositing, went immediately to the bank to draw; but the president of that institution stopped payment on such checks. He said that he took the course he did because the Pacific Bank had no funds there, and he was satisfied that it would be unwise to cash the checks. Concerning the general standing and the stability of the Pacific Bank, he did not wish to express an opinion. The payment of the checks having been refused at the Eliot Bank, those holding them presented them at the Pacific, and thereupon a small run began. As nearly as can be estimated, the amount paid out was $1,000, mostly small checks, up to 1:10 m., when payment was stopped altogether. Just previous to that hour a gentleman walked up and, expressing the belief that everything was right, deposited checks to the amount of $15,000, and his example was followed by others with smaller amounts. This morning Prescott & Hersey placed an attachment for $4,000 on the funds of the Pacific Bank, whatever they might be, in the hands of the Eliot. The capital of the bank is $1,000,000, and the following is the statement of its condition made on October 1: RESOURCES
