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SPRINGFIELD BANK FAILS. The Pynchon National in the Hands of a Receiver. Washington, June 25.-The Pynchon National bank of Springfield, Mass, has been closed by direction of the comptroller of the currency upon a report from Bank Examiner John B. Cunningham, showing the bank to be insolvent. Ellis B. Pepper has been appointed temporary receiver and Examiner Cunningham will remain in charge of the bank pending the arrival of the receiver. The following is a statement of the resources and liabilities of the bank as shown by a special report of its condition at the close of business June 10, 1901: Capital stock, $200,000; surplus and undivided profits, $105,913; circulation, $106,500; due to trust companies and savings banks, $352,073; due to national banks, $40,674; due to reserve agents, $7,311; dividends unpaid, $12; deposits, $696,948; borrowed money, $333,553. Total liabilities, $1,842,988. Total resources, $1,842,988. The failure of the bank is due to the depression of securities and excessive loans to companies and individuals beyond their financial responsibility. It is not believed that the loss to depositors will be large. SURPRISE IN SPRINGFIELD. Springfield, Mass, June 25.-E. P. Chapin, president of the bank, said he could not understand why the authorities had closed the bank. He had received no report or intimation of anything of the kind; the news came as a thunderclap out of a clear sky. He had not heard of the E. B. Stebbins Manufacturing company's assignment, and said it could be connected in no way with the failure of the bank, since the company had done no business whatever with the bank. He had supposed that Examiner Cunningham had left the city at the conclusion of his examination Friday night. He said that nothing more than a constructive loss could be figured on the bonds of the American Writing Paper company held by the bank. There would be no actual loss. He was certain that no depositor would lose a cent. George R. Bond, cashier of the bank since 1889, had not heard the report of the bank's failure, and was as much at a loss to understand it as Mr Chapin had been. He was certain that no depositor would lose any money by the failure. The excessive loans mentioned in the news report were fully covered by securities, he said. He was confident that the writing paper bonds would return to their par value. The present depreciation in the stock he said was simply due to the depression of industrials, These bonds were taken by the bank at 95 and are now quoted at 721/2. In addition the bank holds some stock of the Writing Paper company, taken by it for debts. H. C. Rowley, one of the directors of the bank, was told the report of the bank's failure. He said he did not believe a word of it. He was down town at his place of business all the afternoon, and in fact took lunch with Mr Chapin at 1 o'clock and had anything like this been imminent he said he would certainly have been told of it.
